# EDGAR Filing Document

**Accession Number:** 0000319676
**File Stem:** 0001193125-26-081324
**Filing Date:** 2026-2
**Character Count:** 637008
**Document Hash:** 5bfec42e4554dde2bb2661248aebdc55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-081324.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-081324

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03101
- **FILM NUMBER:** 26695946

**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 Responsible Municipal Income Fund (Series ID: S000005140)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014074 | Class A      | CTTLX           |
| C000160651 | Class C      | CTTCX           |
| C000160653 | Class I      | CTTIX           |

### Calvert Flexible Bond Fund (Series ID: S000046839)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000146359 | CLASS A                             | CUBAX           |
| C000146360 | CLASS C                             | CUBCX           |
| C000146362 | CLASS I                             | CUBIX           |
| C000213138 | Calvert Flexible Bond Fund Class R6 | CUBRX           |

### Calvert Emerging Markets Focused Growth Fund (Series ID: S000079266)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000240249 | Calvert Emerging Markets Focused Growth Fund Class R6 |  |
| C000240250 | Calvert Emerging Markets Focused Growth Fund Class A  |  |
| C000240251 | Calvert Emerging Markets Focused Growth Fund Class C  |  |
| C000240252 | Calvert Emerging Markets Focused Growth Fund Class I  |  |

### 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 |  |

?xml version='1.0' encoding='ASCII'? Calvert Management Series

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-03101

## Calvert Management Series

#### (Exact Name of Registrant as Specified in Charter)

#### 2050 M Street NW, Suite 200, Washington, DC 20036

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(202) 238-2200

#### (Registrant's Telephone Number)

#### December 31

#### Date of Fiscal Year End

#### December 31, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Calvert Emerging Markets Focused Growth Fund

# Class A CEMAX
![Image](g26309g34e28.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Emerging Markets Focused Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $134 | 1.23% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Index (the Index):

↓ The Fund's underweight allocations to Korea and Taiwan—and aggregate stock selection in Taiwan—detracted, as both tech-heavy markets outperformed, driven by surging artificial intelligence (AI) and semiconductor demand

↓ The Fund's allocation to Globant in Argentina detracted, as the stock suffered from disruption facing software service providers.

↓ The overweight allocation to India detracted as the market ended the year on a weak note after four years of outperformance. The market was impacted by the lingering U.S. trade issue, rupee weakness and the lack of AI-related trades

↓ Information technology, industrials and materials stocks that are thematically linked to AI accounted for a significant portion of the Fund's relative underperformance

↑ The Fund's overweight to Brazil contributed, led by the overweight selections to Localiza, Banco BTG Pactual, Nu Holdings and Raia Drogasil. We continue to find high quality businesses in Brazil at what we believe are very attractive valuations

↑ The Fund's overweight to Mexico, through the overweight selection to Grupo Financiero Banorte, contributed

↑ The zero allocations to Saudi Arabia and Thailand and underweight allocation to China contributed to returns. We remain underweight China, where the competitive intensity remains high and entry barriers remain weak, which are a precursor to reap benefits of any innovation

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g26309g72g58.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI Emerging Markets Index** |
| **5/23** | $10000 | $10000 |
| **6/23** | $9826 | $10380 |
| **7/23** | $10015 | $11026 |
| **8/23** | $9598 | $10347 |
| **9/23** | $9409 | $10076 |
| **10/23** | $9153 | $9685 |
| **11/23** | $10205 | $10460 |
| **12/23** | $10650 | $10869 |
| **1/24** | $10261 | $10364 |
| **2/24** | $10688 | $10857 |
| **3/24** | $10982 | $11126 |
| **4/24** | $10659 | $11176 |
| **5/24** | $10830 | $11239 |
| **6/24** | $11550 | $11682 |
| **7/24** | $11569 | $11717 |
| **8/24** | $11957 | $11906 |
| **9/24** | $11920 | $12701 |
| **10/24** | $11550 | $12136 |
| **11/24** | $11247 | $11700 |
| **12/24** | $10700 | $11684 |
| **1/25** | $10836 | $11893 |
| **2/25** | $10251 | $11951 |
| **3/25** | $10349 | $12026 |
| **4/25** | $11168 | $12184 |
| **5/25** | $11451 | $12704 |
| **6/25** | $12016 | $13468 |
| **7/25** | $11256 | $13730 |
| **8/25** | $11773 | $13906 |
| **9/25** | $12270 | $14901 |
| **10/25** | $12455 | $15524 |
| **11/25** | $12933 | $15153 |
| **12/25** | $12618 | $15606 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since 5/31/23 (Inception)* |
| Class A | 17.89% | 11.68% |
| Class A with 5.25% Maximum Sales Charge | 11.68% | 9.40% |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | 33.57% | 18.76% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6739369 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g26309g56z49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mexico | 4.9% |
| United States | 6.7% |
| Taiwan | 14.5% |
| India | 35.7% |
| Brazil | 38.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.7% |
| Localiza Rent a Car SA | 9.1% |
| Bharti Airtel Ltd. | 6.7% |
| NU Holdings Ltd., Class A | 5.1% |
| Banco BTG Pactual SA | 4.9% |
| Grupo Financiero Banorte SAB de CV, Class O | 4.9% |
| XP, Inc., Class A | 4.6% |
| Mahindra & Mahindra Ltd. | 4.0% |
| Eternal Ltd. | 3.8% |
| Raia Drogasil SA | 3.5% |
| Total | 57.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CEMAX-TSR-AR

# Calvert Emerging Markets Focused Growth Fund

# Class C CEMCX
![Image](g26309g34e28.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Emerging Markets Focused Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $215 | 1.98% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Index (the Index):

↓ The Fund's underweight allocations to Korea and Taiwan—and aggregate stock selection in Taiwan—detracted, as both tech-heavy markets outperformed, driven by surging artificial intelligence (AI) and semiconductor demand

↓ The Fund's allocation to Globant in Argentina detracted, as the stock suffered from disruption facing software service providers.

↓ The overweight allocation to India detracted as the market ended the year on a weak note after four years of outperformance. The market was impacted by the lingering U.S. trade issue, rupee weakness and the lack of AI-related trades

↓ Information technology, industrials and materials stocks that are thematically linked to AI accounted for a significant portion of the Fund's relative underperformance

↑ The Fund's overweight to Brazil contributed, led by the overweight selections to Localiza, Banco BTG Pactual, Nu Holdings and Raia Drogasil. We continue to find high quality businesses in Brazil at what we believe are very attractive valuations

↑ The Fund's overweight to Mexico, through the overweight selection to Grupo Financiero Banorte, contributed

↑ The zero allocations to Saudi Arabia and Thailand and underweight allocation to China contributed to returns. We remain underweight China, where the competitive intensity remains high and entry barriers remain weak, which are a precursor to reap benefits of any innovation

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g26309g26l37.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI Emerging Markets Index** |
| **5/23** | $10000 | $10000 |
| **6/23** | $10370 | $10380 |
| **7/23** | $10560 | $11026 |
| **8/23** | $10110 | $10347 |
| **9/23** | $9910 | $10076 |
| **10/23** | $9630 | $9685 |
| **11/23** | $10730 | $10460 |
| **12/23** | $11190 | $10869 |
| **1/24** | $10770 | $10364 |
| **2/24** | $11220 | $10857 |
| **3/24** | $11520 | $11126 |
| **4/24** | $11170 | $11176 |
| **5/24** | $11340 | $11239 |
| **6/24** | $12090 | $11682 |
| **7/24** | $12100 | $11717 |
| **8/24** | $12500 | $11906 |
| **9/24** | $12450 | $12701 |
| **10/24** | $12070 | $12136 |
| **11/24** | $11740 | $11700 |
| **12/24** | $11162 | $11684 |
| **1/25** | $11296 | $11893 |
| **2/25** | $10678 | $11951 |
| **3/25** | $10771 | $12026 |
| **4/25** | $11626 | $12184 |
| **5/25** | $11904 | $12704 |
| **6/25** | $12491 | $13468 |
| **7/25** | $11688 | $13730 |
| **8/25** | $12223 | $13906 |
| **9/25** | $12728 | $14901 |
| **10/25** | $12913 | $15524 |
| **11/25** | $13397 | $15153 |
| **12/25** | $13059 | $15606 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since 5/31/23 (Inception)* |
| Class C, with conversion to Class A after 8 years | 16.99% | 10.86% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 15.99% | 10.86% |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | 33.57% | 18.76% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6739369 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g26309g56z49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mexico | 4.9% |
| United States | 6.7% |
| Taiwan | 14.5% |
| India | 35.7% |
| Brazil | 38.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.7% |
| Localiza Rent a Car SA | 9.1% |
| Bharti Airtel Ltd. | 6.7% |
| NU Holdings Ltd., Class A | 5.1% |
| Banco BTG Pactual SA | 4.9% |
| Grupo Financiero Banorte SAB de CV, Class O | 4.9% |
| XP, Inc., Class A | 4.6% |
| Mahindra & Mahindra Ltd. | 4.0% |
| Eternal Ltd. | 3.8% |
| Raia Drogasil SA | 3.5% |
| Total | 57.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CEMCX-TSR-AR

# Calvert Emerging Markets Focused Growth Fund

# Class I CMEIX
![Image](g26309g34e28.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Emerging Markets Focused Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $107 | 0.98% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Index (the Index):

↓ The Fund's underweight allocations to Korea and Taiwan—and aggregate stock selection in Taiwan—detracted, as both tech-heavy markets outperformed, driven by surging artificial intelligence (AI) and semiconductor demand

↓ The Fund's allocation to Globant in Argentina detracted, as the stock suffered from disruption facing software service providers.

↓ The overweight allocation to India detracted as the market ended the year on a weak note after four years of outperformance. The market was impacted by the lingering U.S. trade issue, rupee weakness and the lack of AI-related trades

↓ Information technology, industrials and materials stocks that are thematically linked to AI accounted for a significant portion of the Fund's relative underperformance

↑ The Fund's overweight to Brazil contributed, led by the overweight selections to Localiza, Banco BTG Pactual, Nu Holdings and Raia Drogasil. We continue to find high quality businesses in Brazil at what we believe are very attractive valuations

↑ The Fund's overweight to Mexico, through the overweight selection to Grupo Financiero Banorte, contributed

↑ The zero allocations to Saudi Arabia and Thailand and underweight allocation to China contributed to returns. We remain underweight China, where the competitive intensity remains high and entry barriers remain weak, which are a precursor to reap benefits of any innovation

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g26309g55x45.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index** |
| **5/23** | $1000000 | $1000000 |
| **6/23** | $1037000 | $1037970 |
| **9/23** | $994000 | $1007607 |
| **12/23** | $1125349 | $1086853 |
| **3/24** | $1162394 | $1112593 |
| **6/24** | $1222466 | $1168213 |
| **9/24** | $1261512 | $1270110 |
| **12/24** | $1133610 | $1168412 |
| **3/25** | $1096510 | $1202618 |
| **6/25** | $1274796 | $1346788 |
| **9/25** | $1302621 | $1490127 |
| **12/25** | $1339272 | $1560602 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since 5/31/23 (Inception)* |
| Class I | 18.14% | 11.94% |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | 33.57% | 18.76% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6739369 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g26309g56z49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mexico | 4.9% |
| United States | 6.7% |
| Taiwan | 14.5% |
| India | 35.7% |
| Brazil | 38.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.7% |
| Localiza Rent a Car SA | 9.1% |
| Bharti Airtel Ltd. | 6.7% |
| NU Holdings Ltd., Class A | 5.1% |
| Banco BTG Pactual SA | 4.9% |
| Grupo Financiero Banorte SAB de CV, Class O | 4.9% |
| XP, Inc., Class A | 4.6% |
| Mahindra & Mahindra Ltd. | 4.0% |
| Eternal Ltd. | 3.8% |
| Raia Drogasil SA | 3.5% |
| Total | 57.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CMEIX-TSR-AR

# Calvert Emerging Markets Focused Growth Fund

# Class R6 CMERX
![Image](g26309g34e28.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Emerging Markets Focused Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $107 | 0.98% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI Emerging Markets Index (the Index):

↓ The Fund's underweight allocations to Korea and Taiwan—and aggregate stock selection in Taiwan—detracted, as both tech-heavy markets outperformed, driven by surging artificial intelligence (AI) and semiconductor demand

↓ The Fund's allocation to Globant in Argentina detracted, as the stock suffered from disruption facing software service providers.

↓ The overweight allocation to India detracted as the market ended the year on a weak note after four years of outperformance. The market was impacted by the lingering U.S. trade issue, rupee weakness and the lack of AI-related trades

↓ Information technology, industrials and materials stocks that are thematically linked to AI accounted for a significant portion of the Fund's relative underperformance

↑ The Fund's overweight to Brazil contributed, led by the overweight selections to Localiza, Banco BTG Pactual, Nu Holdings and Raia Drogasil. We continue to find high quality businesses in Brazil at what we believe are very attractive valuations

↑ The Fund's overweight to Mexico, through the overweight selection to Grupo Financiero Banorte, contributed

↑ The zero allocations to Saudi Arabia and Thailand and underweight allocation to China contributed to returns. We remain underweight China, where the competitive intensity remains high and entry barriers remain weak, which are a precursor to reap benefits of any innovation

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g26309g42o36.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Index** |
| **5/23** | $5000000 | $5000000 |
| **6/23** | $5185000 | $5189849 |
| **7/23** | $5285000 | $5512924 |
| **8/23** | $5065000 | $5173327 |
| **9/23** | $4970000 | $5038033 |
| **10/23** | $4835000 | $4842281 |
| **11/23** | $5390000 | $5229809 |
| **12/23** | $5626797 | $5434265 |
| **1/24** | $5421549 | $5181932 |
| **2/24** | $5651827 | $5428449 |
| **3/24** | $5807014 | $5562964 |
| **4/24** | $5636809 | $5587854 |
| **5/24** | $5726918 | $5619415 |
| **6/24** | $6112383 | $5841065 |
| **7/24** | $6122395 | $5858449 |
| **8/24** | $6327643 | $5953036 |
| **9/24** | $6307619 | $6350550 |
| **10/24** | $6117389 | $6068121 |
| **11/24** | $5957196 | $5850092 |
| **12/24** | $5668101 | $5842058 |
| **1/25** | $5745393 | $5946457 |
| **2/25** | $5436224 | $5975266 |
| **3/25** | $5487752 | $6013091 |
| **4/25** | $5920589 | $6092110 |
| **5/25** | $6075174 | $6352014 |
| **6/25** | $6374037 | $6733942 |
| **7/25** | $5972117 | $6865179 |
| **8/25** | $6250370 | $6953237 |
| **9/25** | $6513163 | $7450634 |
| **10/25** | $6611067 | $7762002 |
| **11/25** | $6868708 | $7576375 |
| **12/25** | $6702065 | $7803008 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since 5/31/23 (Inception)* |
| Class R6 | 18.24% | 11.98% |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | 33.57% | 18.76% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6739369 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (net of waiver) | $0 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g26309g56z49.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mexico | 4.9% |
| United States | 6.7% |
| Taiwan | 14.5% |
| India | 35.7% |
| Brazil | 38.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.7% |
| Localiza Rent a Car SA | 9.1% |
| Bharti Airtel Ltd. | 6.7% |
| NU Holdings Ltd., Class A | 5.1% |
| Banco BTG Pactual SA | 4.9% |
| Grupo Financiero Banorte SAB de CV, Class O | 4.9% |
| XP, Inc., Class A | 4.6% |
| Mahindra & Mahindra Ltd. | 4.0% |
| Eternal Ltd. | 3.8% |
| Raia Drogasil SA | 3.5% |
| Total | 57.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CMERX-TSR-AR

# Calvert Flexible Bond Fund

# Class A CUBAX
![Image](g26309g64q76.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Flexible Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $90 | 0.87% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 3-Month U.S. Treasury Bill Index (the Index):

↑ The Fund's sector allocations were a contributor to performance, led by exposure to 30-year fixed-rate passthrough agency residential mortgage-backed securities

↑ The Fund's allocations to asset-backed securities and commercial mortgage-backed securities also contributed positively to returns relative to the Index during the period

↑ The Fund's allocations to both investment-grade (IG) and high-yield corporate credit helped performance, with financials being the primary driver in IG credit

↓ The Fund's exposure to floating-rate loans was the sole sector detracting from performance, as the asset class underperformed other areas of corporate credit

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g26309g68z99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9626 | $10110 | $10000 |
| **2/16** | $9583 | $10182 | $10003 |
| **3/16** | $9736 | $10307 | $10007 |
| **4/16** | $9877 | $10377 | $10010 |
| **5/16** | $9943 | $10385 | $10011 |
| **6/16** | $9971 | $10568 | $10015 |
| **7/16** | $10080 | $10655 | $10017 |
| **8/16** | $10142 | $10667 | $10019 |
| **9/16** | $10188 | $10669 | $10024 |
| **10/16** | $10220 | $10598 | $10027 |
| **11/16** | $10238 | $10360 | $10028 |
| **12/16** | $10279 | $10391 | $10033 |
| **1/17** | $10336 | $10428 | $10037 |
| **2/17** | $10373 | $10508 | $10041 |
| **3/17** | $10394 | $10505 | $10043 |
| **4/17** | $10436 | $10592 | $10050 |
| **5/17** | $10469 | $10674 | $10055 |
| **6/17** | $10507 | $10664 | $10063 |
| **7/17** | $10533 | $10718 | $10072 |
| **8/17** | $10539 | $10810 | $10081 |
| **9/17** | $10552 | $10772 | $10090 |
| **10/17** | $10583 | $10785 | $10099 |
| **11/17** | $10580 | $10769 | $10107 |
| **12/17** | $10608 | $10816 | $10119 |
| **1/18** | $10619 | $10712 | $10131 |
| **2/18** | $10604 | $10610 | $10140 |
| **3/18** | $10615 | $10664 | $10154 |
| **4/18** | $10612 | $10593 | $10168 |
| **5/18** | $10632 | $10651 | $10183 |
| **6/18** | $10635 | $10635 | $10200 |
| **7/18** | $10685 | $10657 | $10216 |
| **8/18** | $10707 | $10710 | $10235 |
| **9/18** | $10716 | $10664 | $10251 |
| **10/18** | $10681 | $10575 | $10268 |
| **11/18** | $10675 | $10622 | $10289 |
| **12/18** | $10621 | $10789 | $10308 |
| **1/19** | $10804 | $10937 | $10329 |
| **2/19** | $10899 | $10949 | $10347 |
| **3/19** | $10966 | $11147 | $10370 |
| **4/19** | $11033 | $11163 | $10390 |
| **5/19** | $11064 | $11334 | $10413 |
| **6/19** | $11117 | $11494 | $10436 |
| **7/19** | $11153 | $11528 | $10455 |
| **8/19** | $11181 | $11789 | $10477 |
| **9/19** | $11208 | $11738 | $10495 |
| **10/19** | $11250 | $11776 | $10515 |
| **11/19** | $11283 | $11773 | $10528 |
| **12/19** | $11339 | $11791 | $10543 |
| **1/20** | $11410 | $12003 | $10557 |
| **2/20** | $11377 | $12182 | $10573 |
| **3/20** | $10291 | $11944 | $10604 |
| **4/20** | $10557 | $12184 | $10605 |
| **5/20** | $10742 | $12297 | $10605 |
| **6/20** | $10960 | $12400 | $10606 |
| **7/20** | $11090 | $12618 | $10608 |
| **8/20** | $11223 | $12545 | $10609 |
| **9/20** | $11255 | $12522 | $10610 |
| **10/20** | $11340 | $12478 | $10612 |
| **11/20** | $11636 | $12640 | $10612 |
| **12/20** | $11776 | $12684 | $10614 |
| **1/21** | $11889 | $12604 | $10615 |
| **2/21** | $11969 | $12442 | $10616 |
| **3/21** | $12038 | $12297 | $10616 |
| **4/21** | $12085 | $12400 | $10616 |
| **5/21** | $12128 | $12448 | $10617 |
| **6/21** | $12167 | $12538 | $10616 |
| **7/21** | $12187 | $12664 | $10617 |
| **8/21** | $12201 | $12656 | $10617 |
| **9/21** | $12234 | $12548 | $10618 |
| **10/21** | $12213 | $12538 | $10617 |
| **11/21** | $12150 | $12553 | $10618 |
| **12/21** | $12202 | $12544 | $10619 |
| **1/22** | $12104 | $12269 | $10618 |
| **2/22** | $11993 | $12102 | $10620 |
| **3/22** | $11880 | $11777 | $10623 |
| **4/22** | $11776 | $11338 | $10625 |
| **5/22** | $11762 | $11400 | $10632 |
| **6/22** | $11509 | $11173 | $10634 |
| **7/22** | $11717 | $11453 | $10640 |
| **8/22** | $11673 | $11156 | $10657 |
| **9/22** | $11465 | $10675 | $10683 |
| **10/22** | $11478 | $10558 | $10700 |
| **11/22** | $11685 | $10952 | $10735 |
| **12/22** | $11728 | $10914 | $10773 |
| **1/23** | $12033 | $11253 | $10807 |
| **2/23** | $11974 | $10977 | $10842 |
| **3/23** | $12023 | $11234 | $10889 |
| **4/23** | $12030 | $11303 | $10923 |
| **5/23** | $12023 | $11185 | $10966 |
| **6/23** | $12115 | $11168 | $11016 |
| **7/23** | $12193 | $11179 | $11060 |
| **8/23** | $12221 | $11112 | $11110 |
| **9/23** | $12147 | $10847 | $11161 |
| **10/23** | $12071 | $10684 | $11211 |
| **11/23** | $12424 | $11165 | $11261 |
| **12/23** | $12716 | $11588 | $11314 |
| **1/24** | $12815 | $11560 | $11362 |
| **2/24** | $12783 | $11422 | $11409 |
| **3/24** | $12912 | $11534 | $11460 |
| **4/24** | $12809 | $11264 | $11509 |
| **5/24** | $12966 | $11451 | $11564 |
| **6/24** | $13043 | $11556 | $11611 |
| **7/24** | $13265 | $11818 | $11663 |
| **8/24** | $13442 | $11992 | $11719 |
| **9/24** | $13591 | $12157 | $11770 |
| **10/24** | $13428 | $11881 | $11815 |
| **11/24** | $13567 | $12006 | $11860 |
| **12/24** | $13511 | $11824 | $11908 |
| **1/25** | $13631 | $11896 | $11952 |
| **2/25** | $13814 | $12142 | $11990 |
| **3/25** | $13785 | $12139 | $12030 |
| **4/25** | $13839 | $12182 | $12071 |
| **5/25** | $13915 | $12120 | $12115 |
| **6/25** | $14093 | $12309 | $12155 |
| **7/25** | $14132 | $12291 | $12197 |
| **8/25** | $14293 | $12439 | $12245 |
| **9/25** | $14398 | $12571 | $12286 |
| **10/25** | $14443 | $12654 | $12328 |
| **11/25** | $14537 | $12730 | $12362 |
| **12/25** | $14584 | $12721 | $12405 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 7.96% | 4.37% | 4.19% |
| Class A with 3.25% Maximum Sales Charge | 4.45% | 3.69% | 3.84% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $782750863 |
| # of Portfolio Holdings | 424 |
| Portfolio Turnover Rate | 394% |
| Total Advisory Fees Paid | $2164122 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g26309g46y04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 2.6% |
| Senior Floating-Rate Loans | 4.5% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 5.8% |
| Short-Term Investments | 11.5% |
| Asset-Backed Securities | 11.5% |
| U.S. Treasury Obligations | 14.0% |
| U.S. Government Agency Mortgage-Backed Securities | 18.7% |
| Corporate Bonds | 25.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g26309g25c79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 5.2% |
| Not Rated | 7.3% |
| CCC | 0.7% |
| B | 7.6% |
| BB | 10.7% |
| BBB | 24.0% |
| A | 5.3% |
| AA | 34.3% |
| AAA | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CUBAX-TSR-AR

# Calvert Flexible Bond Fund

# Class C CUBCX
![Image](g26309g64q76.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Flexible Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $167 | 1.61% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 3-Month U.S. Treasury Bill Index (the Index):

↑ The Fund's sector allocations were a contributor to performance, led by exposure to 30-year fixed-rate passthrough agency residential mortgage-backed securities

↑ The Fund's allocations to asset-backed securities and commercial mortgage-backed securities also contributed positively to returns relative to the Index during the period

↑ The Fund's allocations to both investment-grade (IG) and high-yield corporate credit helped performance, with financials being the primary driver in IG credit

↓ The Fund's exposure to floating-rate loans was the sole sector detracting from performance, as the asset class underperformed other areas of corporate credit

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g26309g90s15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9943 | $10110 | $10000 |
| **2/16** | $9886 | $10182 | $10003 |
| **3/16** | $10044 | $10307 | $10007 |
| **4/16** | $10183 | $10377 | $10010 |
| **5/16** | $10237 | $10385 | $10011 |
| **6/16** | $10266 | $10568 | $10015 |
| **7/16** | $10372 | $10655 | $10017 |
| **8/16** | $10430 | $10667 | $10019 |
| **9/16** | $10471 | $10669 | $10024 |
| **10/16** | $10498 | $10598 | $10027 |
| **11/16** | $10510 | $10360 | $10028 |
| **12/16** | $10546 | $10391 | $10033 |
| **1/17** | $10590 | $10428 | $10037 |
| **2/17** | $10627 | $10508 | $10041 |
| **3/17** | $10641 | $10505 | $10043 |
| **4/17** | $10675 | $10592 | $10050 |
| **5/17** | $10703 | $10674 | $10055 |
| **6/17** | $10741 | $10664 | $10063 |
| **7/17** | $10761 | $10718 | $10072 |
| **8/17** | $10755 | $10810 | $10081 |
| **9/17** | $10760 | $10772 | $10090 |
| **10/17** | $10787 | $10785 | $10099 |
| **11/17** | $10777 | $10769 | $10107 |
| **12/17** | $10800 | $10816 | $10119 |
| **1/18** | $10804 | $10712 | $10131 |
| **2/18** | $10790 | $10610 | $10140 |
| **3/18** | $10787 | $10664 | $10154 |
| **4/18** | $10777 | $10593 | $10168 |
| **5/18** | $10791 | $10651 | $10183 |
| **6/18** | $10781 | $10635 | $10200 |
| **7/18** | $10825 | $10657 | $10216 |
| **8/18** | $10839 | $10710 | $10235 |
| **9/18** | $10850 | $10664 | $10251 |
| **10/18** | $10807 | $10575 | $10268 |
| **11/18** | $10787 | $10622 | $10289 |
| **12/18** | $10726 | $10789 | $10308 |
| **1/19** | $10912 | $10937 | $10329 |
| **2/19** | $11001 | $10949 | $10347 |
| **3/19** | $11062 | $11147 | $10370 |
| **4/19** | $11115 | $11163 | $10390 |
| **5/19** | $11139 | $11334 | $10413 |
| **6/19** | $11185 | $11494 | $10436 |
| **7/19** | $11222 | $11528 | $10455 |
| **8/19** | $11243 | $11789 | $10477 |
| **9/19** | $11264 | $11738 | $10495 |
| **10/19** | $11298 | $11776 | $10515 |
| **11/19** | $11324 | $11773 | $10528 |
| **12/19** | $11373 | $11791 | $10543 |
| **1/20** | $11430 | $12003 | $10557 |
| **2/20** | $11397 | $12182 | $10573 |
| **3/20** | $10303 | $11944 | $10604 |
| **4/20** | $10555 | $12184 | $10605 |
| **5/20** | $10734 | $12297 | $10605 |
| **6/20** | $10952 | $12400 | $10606 |
| **7/20** | $11075 | $12618 | $10608 |
| **8/20** | $11201 | $12545 | $10609 |
| **9/20** | $11226 | $12522 | $10610 |
| **10/20** | $11303 | $12478 | $10612 |
| **11/20** | $11592 | $12640 | $10612 |
| **12/20** | $11723 | $12684 | $10614 |
| **1/21** | $11828 | $12604 | $10615 |
| **2/21** | $11901 | $12442 | $10616 |
| **3/21** | $11962 | $12297 | $10616 |
| **4/21** | $12001 | $12400 | $10616 |
| **5/21** | $12036 | $12448 | $10617 |
| **6/21** | $12067 | $12538 | $10616 |
| **7/21** | $12079 | $12664 | $10617 |
| **8/21** | $12085 | $12656 | $10617 |
| **9/21** | $12111 | $12548 | $10618 |
| **10/21** | $12082 | $12538 | $10617 |
| **11/21** | $12013 | $12553 | $10618 |
| **12/21** | $12048 | $12544 | $10619 |
| **1/22** | $11952 | $12269 | $10618 |
| **2/22** | $11835 | $12102 | $10620 |
| **3/22** | $11717 | $11777 | $10623 |
| **4/22** | $11607 | $11338 | $10625 |
| **5/22** | $11586 | $11400 | $10632 |
| **6/22** | $11330 | $11173 | $10634 |
| **7/22** | $11528 | $11453 | $10640 |
| **8/22** | $11477 | $11156 | $10657 |
| **9/22** | $11266 | $10675 | $10683 |
| **10/22** | $11271 | $10558 | $10700 |
| **11/22** | $11467 | $10952 | $10735 |
| **12/22** | $11503 | $10914 | $10773 |
| **1/23** | $11794 | $11253 | $10807 |
| **2/23** | $11730 | $10977 | $10842 |
| **3/23** | $11770 | $11234 | $10889 |
| **4/23** | $11770 | $11303 | $10923 |
| **5/23** | $11747 | $11185 | $10966 |
| **6/23** | $11838 | $11168 | $11016 |
| **7/23** | $11907 | $11179 | $11060 |
| **8/23** | $11926 | $11112 | $11110 |
| **9/23** | $11847 | $10847 | $11161 |
| **10/23** | $11766 | $10684 | $11211 |
| **11/23** | $12102 | $11165 | $11261 |
| **12/23** | $12379 | $11588 | $11314 |
| **1/24** | $12467 | $11560 | $11362 |
| **2/24** | $12429 | $11422 | $11409 |
| **3/24** | $12546 | $11534 | $11460 |
| **4/24** | $12430 | $11264 | $11509 |
| **5/24** | $12583 | $11451 | $11564 |
| **6/24** | $12650 | $11556 | $11611 |
| **7/24** | $12857 | $11818 | $11663 |
| **8/24** | $13020 | $11992 | $11719 |
| **9/24** | $13156 | $12157 | $11770 |
| **10/24** | $12990 | $11881 | $11815 |
| **11/24** | $13117 | $12006 | $11860 |
| **12/24** | $13055 | $11824 | $11908 |
| **1/25** | $13162 | $11896 | $11952 |
| **2/25** | $13331 | $12142 | $11990 |
| **3/25** | $13295 | $12139 | $12030 |
| **4/25** | $13339 | $12182 | $12071 |
| **5/25** | $13403 | $12120 | $12115 |
| **6/25** | $13566 | $12309 | $12155 |
| **7/25** | $13595 | $12291 | $12197 |
| **8/25** | $13742 | $12439 | $12245 |
| **9/25** | $13833 | $12571 | $12286 |
| **10/25** | $13869 | $12654 | $12328 |
| **11/25** | $13950 | $12730 | $12362 |
| **12/25** | $14200 | $12721 | $12405 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 7.16% | 3.60% | 3.57% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 6.16% | 3.60% | 3.57% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $782750863 |
| # of Portfolio Holdings | 424 |
| Portfolio Turnover Rate | 394% |
| Total Advisory Fees Paid | $2164122 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g26309g46y04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 2.6% |
| Senior Floating-Rate Loans | 4.5% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 5.8% |
| Short-Term Investments | 11.5% |
| Asset-Backed Securities | 11.5% |
| U.S. Treasury Obligations | 14.0% |
| U.S. Government Agency Mortgage-Backed Securities | 18.7% |
| Corporate Bonds | 25.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g26309g25c79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 5.2% |
| Not Rated | 7.3% |
| CCC | 0.7% |
| B | 7.6% |
| BB | 10.7% |
| BBB | 24.0% |
| A | 5.3% |
| AA | 34.3% |
| AAA | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CUBCX-TSR-AR

# Calvert Flexible Bond Fund

# Class I CUBIX
![Image](g26309g64q76.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Flexible Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $65 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 3-Month U.S. Treasury Bill Index (the Index):

↑ The Fund's sector allocations were a contributor to performance, led by exposure to 30-year fixed-rate passthrough agency residential mortgage-backed securities

↑ The Fund's allocations to asset-backed securities and commercial mortgage-backed securities also contributed positively to returns relative to the Index during the period

↑ The Fund's allocations to both investment-grade (IG) and high-yield corporate credit helped performance, with financials being the primary driver in IG credit

↓ The Fund's exposure to floating-rate loans was the sole sector detracting from performance, as the asset class underperformed other areas of corporate credit

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g26309g53h18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $995308 | $1011039 | $1000030 |
| **2/16** | $991136 | $1018221 | $1000274 |
| **3/16** | $1007370 | $1030700 | $1000732 |
| **4/16** | $1022391 | $1037722 | $1001001 |
| **5/16** | $1028990 | $1038533 | $1001080 |
| **6/16** | $1032946 | $1056816 | $1001456 |
| **7/16** | $1044642 | $1065524 | $1001746 |
| **8/16** | $1051495 | $1066674 | $1001925 |
| **9/16** | $1056686 | $1066927 | $1002419 |
| **10/16** | $1060444 | $1059849 | $1002669 |
| **11/16** | $1062714 | $1036026 | $1002845 |
| **12/16** | $1067349 | $1039104 | $1003271 |
| **1/17** | $1072947 | $1042770 | $1003714 |
| **2/17** | $1077830 | $1050816 | $1004130 |
| **3/17** | $1080446 | $1050464 | $1004304 |
| **4/17** | $1084438 | $1059180 | $1004978 |
| **5/17** | $1089083 | $1067352 | $1005485 |
| **6/17** | $1093561 | $1066447 | $1006332 |
| **7/17** | $1096816 | $1071759 | $1007188 |
| **8/17** | $1098008 | $1081005 | $1008132 |
| **9/17** | $1098986 | $1077201 | $1008995 |
| **10/17** | $1102527 | $1078494 | $1009897 |
| **11/17** | $1103224 | $1076862 | $1010736 |
| **12/17** | $1105627 | $1081610 | $1011859 |
| **1/18** | $1107778 | $1071201 | $1013068 |
| **2/18** | $1106449 | $1061044 | $1014025 |
| **3/18** | $1107790 | $1066396 | $1015447 |
| **4/18** | $1107696 | $1059280 | $1016775 |
| **5/18** | $1110069 | $1065057 | $1018327 |
| **6/18** | $1110561 | $1063512 | $1020040 |
| **7/18** | $1116060 | $1065738 | $1021638 |
| **8/18** | $1118607 | $1070989 | $1023480 |
| **9/18** | $1119767 | $1066399 | $1025053 |
| **10/18** | $1116349 | $1057479 | $1026825 |
| **11/18** | $1115913 | $1062235 | $1028932 |
| **12/18** | $1110386 | $1078854 | $1030826 |
| **1/19** | $1129858 | $1093729 | $1032858 |
| **2/19** | $1140773 | $1094921 | $1034697 |
| **3/19** | $1147355 | $1114693 | $1037007 |
| **4/19** | $1154761 | $1116253 | $1038958 |
| **5/19** | $1158236 | $1133352 | $1041329 |
| **6/19** | $1164004 | $1149383 | $1043633 |
| **7/19** | $1168072 | $1152804 | $1045525 |
| **8/19** | $1171190 | $1178889 | $1047670 |
| **9/19** | $1174255 | $1173782 | $1049501 |
| **10/19** | $1178961 | $1177574 | $1051519 |
| **11/19** | $1182653 | $1177339 | $1052831 |
| **12/19** | $1188748 | $1179093 | $1054334 |
| **1/20** | $1196476 | $1200255 | $1055742 |
| **2/20** | $1193261 | $1218227 | $1057303 |
| **3/20** | $1079241 | $1194431 | $1060391 |
| **4/20** | $1107450 | $1218357 | $1060474 |
| **5/20** | $1127166 | $1229736 | $1060491 |
| **6/20** | $1150277 | $1239997 | $1060628 |
| **7/20** | $1165040 | $1261779 | $1060838 |
| **8/20** | $1178484 | $1254503 | $1060919 |
| **9/20** | $1182852 | $1252242 | $1061045 |
| **10/20** | $1191239 | $1247766 | $1061155 |
| **11/20** | $1223556 | $1264049 | $1061249 |
| **12/20** | $1237681 | $1268414 | $1061367 |
| **1/21** | $1249880 | $1260441 | $1061467 |
| **2/21** | $1258560 | $1244178 | $1061557 |
| **3/21** | $1266123 | $1229699 | $1061633 |
| **4/21** | $1271251 | $1240039 | $1061649 |
| **5/21** | $1276083 | $1244769 | $1061671 |
| **6/21** | $1280420 | $1253843 | $1061632 |
| **7/21** | $1282802 | $1266434 | $1061686 |
| **8/21** | $1284520 | $1265588 | $1061728 |
| **9/21** | $1288287 | $1254781 | $1061786 |
| **10/21** | $1286315 | $1253755 | $1061742 |
| **11/21** | $1279960 | $1255270 | $1061813 |
| **12/21** | $1284853 | $1254423 | $1061889 |
| **1/22** | $1275658 | $1226921 | $1061841 |
| **2/22** | $1264106 | $1210193 | $1061977 |
| **3/22** | $1252493 | $1177725 | $1062304 |
| **4/22** | $1241721 | $1133799 | $1062454 |
| **5/22** | $1240447 | $1140037 | $1063186 |
| **6/22** | $1213915 | $1117257 | $1063417 |
| **7/22** | $1236212 | $1145347 | $1063962 |
| **8/22** | $1231807 | $1115572 | $1065680 |
| **9/22** | $1210041 | $1067509 | $1068332 |
| **10/22** | $1211615 | $1055796 | $1070008 |
| **11/22** | $1233783 | $1095163 | $1073459 |
| **12/22** | $1238645 | $1091443 | $1077344 |
| **1/23** | $1271208 | $1125300 | $1080718 |
| **2/23** | $1265157 | $1097650 | $1084245 |
| **3/23** | $1270607 | $1123400 | $1088909 |
| **4/23** | $1271598 | $1130262 | $1092336 |
| **5/23** | $1271075 | $1118544 | $1096615 |
| **6/23** | $1281073 | $1116806 | $1101633 |
| **7/23** | $1289639 | $1117916 | $1106020 |
| **8/23** | $1292830 | $1111184 | $1111014 |
| **9/23** | $1285180 | $1084688 | $1116105 |
| **10/23** | $1277463 | $1068376 | $1121090 |
| **11/23** | $1315130 | $1116458 | $1126123 |
| **12/23** | $1346401 | $1158821 | $1131372 |
| **1/24** | $1357166 | $1156048 | $1136207 |
| **2/24** | $1354046 | $1142187 | $1140862 |
| **3/24** | $1367980 | $1153402 | $1145985 |
| **4/24** | $1357337 | $1126449 | $1150902 |
| **5/24** | $1374296 | $1145121 | $1156425 |
| **6/24** | $1382705 | $1155589 | $1161141 |
| **7/24** | $1406582 | $1181818 | $1166342 |
| **8/24** | $1425659 | $1199216 | $1171921 |
| **9/24** | $1441850 | $1215664 | $1177005 |
| **10/24** | $1424814 | $1188053 | $1181476 |
| **11/24** | $1439916 | $1200578 | $1185990 |
| **12/24** | $1434275 | $1182446 | $1190786 |
| **1/25** | $1447250 | $1189571 | $1195169 |
| **2/25** | $1466004 | $1214166 | $1198965 |
| **3/25** | $1464239 | $1213876 | $1202968 |
| **4/25** | $1470304 | $1218164 | $1207107 |
| **5/25** | $1478674 | $1211985 | $1211495 |
| **6/25** | $1497913 | $1230868 | $1215479 |
| **7/25** | $1502330 | $1229111 | $1219674 |
| **8/25** | $1519864 | $1243874 | $1224467 |
| **9/25** | $1531288 | $1257054 | $1228567 |
| **10/25** | $1536473 | $1265355 | $1232810 |
| **11/25** | $1546793 | $1272986 | $1236226 |
| **12/25** | $1552458 | $1272105 | $1240534 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 8.24% | 4.63% | 4.49% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $782750863 |
| # of Portfolio Holdings | 424 |
| Portfolio Turnover Rate | 394% |
| Total Advisory Fees Paid | $2164122 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g26309g46y04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 2.6% |
| Senior Floating-Rate Loans | 4.5% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 5.8% |
| Short-Term Investments | 11.5% |
| Asset-Backed Securities | 11.5% |
| U.S. Treasury Obligations | 14.0% |
| U.S. Government Agency Mortgage-Backed Securities | 18.7% |
| Corporate Bonds | 25.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g26309g25c79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 5.2% |
| Not Rated | 7.3% |
| CCC | 0.7% |
| B | 7.6% |
| BB | 10.7% |
| BBB | 24.0% |
| A | 5.3% |
| AA | 34.3% |
| AAA | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CUBIX-TSR-AR

# Calvert Flexible Bond Fund

# Class R6 CUBRX
![Image](g26309g64q76.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Flexible Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $54 | 0.52% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 3-Month U.S. Treasury Bill Index (the Index):

↑ The Fund's sector allocations were a contributor to performance, led by exposure to 30-year fixed-rate passthrough agency residential mortgage-backed securities

↑ The Fund's allocations to asset-backed securities and commercial mortgage-backed securities also contributed positively to returns relative to the Index during the period

↑ The Fund's allocations to both investment-grade (IG) and high-yield corporate credit helped performance, with financials being the primary driver in IG credit

↓ The Fund's exposure to floating-rate loans was the sole sector detracting from performance, as the asset class underperformed other areas of corporate credit

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g26309g18d29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **ICE BofA 3-Month U.S. Treasury Bill Index** |
| **12/15** | $5000000 | $5000000 | $5000000 |
| **1/16** | $4976540 | $5055195 | $5000152 |
| **2/16** | $4955678 | $5091105 | $5001370 |
| **3/16** | $5036852 | $5153498 | $5003659 |
| **4/16** | $5111953 | $5188610 | $5005007 |
| **5/16** | $5144951 | $5192663 | $5005398 |
| **6/16** | $5164729 | $5284079 | $5007282 |
| **7/16** | $5223211 | $5327621 | $5008731 |
| **8/16** | $5257477 | $5333368 | $5009623 |
| **9/16** | $5283430 | $5334636 | $5012094 |
| **10/16** | $5302219 | $5299245 | $5013347 |
| **11/16** | $5313569 | $5180132 | $5014224 |
| **12/16** | $5336745 | $5195521 | $5016354 |
| **1/17** | $5364737 | $5213851 | $5018572 |
| **2/17** | $5389149 | $5254080 | $5020651 |
| **3/17** | $5402228 | $5252319 | $5021521 |
| **4/17** | $5422192 | $5295899 | $5024890 |
| **5/17** | $5445416 | $5336759 | $5027426 |
| **6/17** | $5467804 | $5332234 | $5031658 |
| **7/17** | $5484079 | $5358794 | $5035940 |
| **8/17** | $5490039 | $5405027 | $5040658 |
| **9/17** | $5494932 | $5386005 | $5044976 |
| **10/17** | $5512634 | $5392472 | $5049483 |
| **11/17** | $5516121 | $5384312 | $5053679 |
| **12/17** | $5528136 | $5408048 | $5059294 |
| **1/18** | $5538890 | $5356007 | $5065338 |
| **2/18** | $5532245 | $5305221 | $5070127 |
| **3/18** | $5538952 | $5331979 | $5077236 |
| **4/18** | $5538480 | $5296402 | $5083873 |
| **5/18** | $5550346 | $5325285 | $5091634 |
| **6/18** | $5552805 | $5317562 | $5100198 |
| **7/18** | $5580300 | $5328690 | $5108191 |
| **8/18** | $5593033 | $5354943 | $5117401 |
| **9/18** | $5598836 | $5331997 | $5125262 |
| **10/18** | $5581745 | $5287393 | $5134124 |
| **11/18** | $5579566 | $5311173 | $5144660 |
| **12/18** | $5551929 | $5394269 | $5154131 |
| **1/19** | $5649288 | $5468645 | $5164290 |
| **2/19** | $5703865 | $5474605 | $5173485 |
| **3/19** | $5736773 | $5573464 | $5185035 |
| **4/19** | $5773805 | $5581265 | $5194788 |
| **5/19** | $5792030 | $5666762 | $5206643 |
| **6/19** | $5821008 | $5746914 | $5218164 |
| **7/19** | $5841767 | $5764021 | $5227627 |
| **8/19** | $5861670 | $5894445 | $5238352 |
| **9/19** | $5873529 | $5868908 | $5247503 |
| **10/19** | $5896783 | $5887870 | $5257597 |
| **11/19** | $5915655 | $5886693 | $5264155 |
| **12/19** | $5946616 | $5895465 | $5271669 |
| **1/20** | $5985638 | $6001276 | $5278712 |
| **2/20** | $5969885 | $6091134 | $5286516 |
| **3/20** | $5403718 | $5972153 | $5301957 |
| **4/20** | $5541082 | $6091783 | $5302370 |
| **5/20** | $5640268 | $6148680 | $5302457 |
| **6/20** | $5760552 | $6199984 | $5303139 |
| **7/20** | $5830819 | $6308893 | $5304189 |
| **8/20** | $5902394 | $6272513 | $5304595 |
| **9/20** | $5920633 | $6261209 | $5305225 |
| **10/20** | $5963075 | $6238830 | $5305776 |
| **11/20** | $6125203 | $6320243 | $5306247 |
| **12/20** | $6196494 | $6342068 | $5306834 |
| **1/21** | $6262073 | $6302205 | $5307334 |
| **2/21** | $6301865 | $6220888 | $5307783 |
| **3/21** | $6340154 | $6148493 | $5308167 |
| **4/21** | $6366206 | $6200195 | $5308247 |
| **5/21** | $6390764 | $6223844 | $5308356 |
| **6/21** | $6412661 | $6269217 | $5308160 |
| **7/21** | $6424968 | $6332168 | $5308428 |
| **8/21** | $6434121 | $6327941 | $5308638 |
| **9/21** | $6453359 | $6273903 | $5308928 |
| **10/21** | $6448111 | $6268776 | $5308711 |
| **11/21** | $6416829 | $6276348 | $5309066 |
| **12/21** | $6441883 | $6272116 | $5309443 |
| **1/22** | $6391994 | $6134605 | $5309204 |
| **2/22** | $6338652 | $6050966 | $5309885 |
| **3/22** | $6280823 | $5888626 | $5311522 |
| **4/22** | $6223059 | $5668995 | $5312269 |
| **5/22** | $6217891 | $5700187 | $5315928 |
| **6/22** | $6085235 | $5586283 | $5317087 |
| **7/22** | $6197514 | $5726734 | $5319812 |
| **8/22** | $6180232 | $5577860 | $5328398 |
| **9/22** | $6067300 | $5337544 | $5341659 |
| **10/22** | $6079884 | $5278979 | $5350042 |
| **11/22** | $6187145 | $5475814 | $5367295 |
| **12/22** | $6216845 | $5457215 | $5386722 |
| **1/23** | $6380691 | $5626500 | $5403591 |
| **2/23** | $6350828 | $5488248 | $5421227 |
| **3/23** | $6378699 | $5616998 | $5444545 |
| **4/23** | $6379669 | $5651311 | $5461682 |
| **5/23** | $6377498 | $5592720 | $5483073 |
| **6/23** | $6432913 | $5584028 | $5508166 |
| **7/23** | $6476382 | $5589579 | $5530099 |
| **8/23** | $6492891 | $5555919 | $5555069 |
| **9/23** | $6454977 | $5423438 | $5580525 |
| **10/23** | $6416726 | $5341879 | $5605451 |
| **11/23** | $6606395 | $5582290 | $5630617 |
| **12/23** | $6763874 | $5794105 | $5656862 |
| **1/24** | $6813757 | $5780239 | $5681035 |
| **2/24** | $6803273 | $5710937 | $5704309 |
| **3/24** | $6869000 | $5767009 | $5729924 |
| **4/24** | $6816034 | $5632243 | $5754510 |
| **5/24** | $6906461 | $5725605 | $5782124 |
| **6/24** | $6944316 | $5777946 | $5805703 |
| **7/24** | $7064787 | $5909092 | $5831709 |
| **8/24** | $7161137 | $5996080 | $5859606 |
| **9/24** | $7247360 | $6078319 | $5885025 |
| **10/24** | $7162230 | $5940264 | $5907380 |
| **11/24** | $7233569 | $6002890 | $5929951 |
| **12/24** | $7210987 | $5912228 | $5953928 |
| **1/25** | $7276924 | $5947855 | $5975847 |
| **2/25** | $7371615 | $6070831 | $5994825 |
| **3/25** | $7358237 | $6069382 | $6014838 |
| **4/25** | $7394201 | $6090818 | $6035533 |
| **5/25** | $7431704 | $6059927 | $6057474 |
| **6/25** | $7529259 | $6154339 | $6077394 |
| **7/25** | $7557111 | $6145554 | $6098371 |
| **8/25** | $7645805 | $6219372 | $6122334 |
| **9/25** | $7703752 | $6285268 | $6142833 |
| **10/25** | $7730320 | $6326774 | $6164049 |
| **11/25** | $7777518 | $6364929 | $6181128 |
| **12/25** | $7811658 | $6360523 | $6202671 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 8.33% | 4.74% | 4.56% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.43% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 5/1/19 is linked to Class I. This linked performance is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $782750863 |
| # of Portfolio Holdings | 424 |
| Portfolio Turnover Rate | 394% |
| Total Advisory Fees Paid | $2164122 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g26309g46y04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 2.6% |
| Senior Floating-Rate Loans | 4.5% |
| Collateralized Mortgage Obligations | 5.7% |
| Commercial Mortgage-Backed Securities | 5.8% |
| Short-Term Investments | 11.5% |
| Asset-Backed Securities | 11.5% |
| U.S. Treasury Obligations | 14.0% |
| U.S. Government Agency Mortgage-Backed Securities | 18.7% |
| Corporate Bonds | 25.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g26309g25c79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 5.2% |
| Not Rated | 7.3% |
| CCC | 0.7% |
| B | 7.6% |
| BB | 10.7% |
| BBB | 24.0% |
| A | 5.3% |
| AA | 34.3% |
| AAA | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CUBRX-TSR-AR

# Calvert Responsible Municipal Income Fund

# Class A CTTLX
![Image](g26309g64q76.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Responsible Municipal Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $77 | 0.75% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ Security selections in bonds with 22 years or more remaining to maturity hurt returns as longer-maturity bonds generally outperformed shorter-maturity bonds

↓ Security selections in the education sector hurt Index-relative returns

↓ Security selections in AAA-rated bonds detracted from Fund performance relative to the Index during the period

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns

↑ Security selections and an overweight exposure to bonds with 12-17 years remaining to maturity helped Fund performance relative to the Index

↑ Security selections within bonds with 4% coupon rates helped Fund performance relative to the Index

↑ Security selections and an overweight exposure to the housing sector contributed to Index-relative performance during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g26309g49k22.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg Municipal Bond Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9757 | $10119 |
| **2/16** | $9724 | $10135 |
| **3/16** | $9782 | $10167 |
| **4/16** | $9864 | $10242 |
| **5/16** | $9902 | $10270 |
| **6/16** | $10045 | $10433 |
| **7/16** | $10013 | $10440 |
| **8/16** | $10040 | $10454 |
| **9/16** | $9969 | $10401 |
| **10/16** | $9868 | $10292 |
| **11/16** | $9482 | $9908 |
| **12/16** | $9634 | $10025 |
| **1/17** | $9650 | $10091 |
| **2/17** | $9698 | $10161 |
| **3/17** | $9739 | $10183 |
| **4/17** | $9805 | $10257 |
| **5/17** | $9958 | $10420 |
| **6/17** | $9942 | $10382 |
| **7/17** | $9994 | $10466 |
| **8/17** | $10059 | $10546 |
| **9/17** | $10017 | $10492 |
| **10/17** | $10035 | $10518 |
| **11/17** | $10008 | $10462 |
| **12/17** | $10116 | $10571 |
| **1/18** | $9995 | $10447 |
| **2/18** | $9968 | $10415 |
| **3/18** | $10002 | $10454 |
| **4/18** | $9971 | $10416 |
| **5/18** | $10065 | $10536 |
| **6/18** | $10057 | $10545 |
| **7/18** | $10073 | $10570 |
| **8/18** | $10082 | $10597 |
| **9/18** | $10041 | $10529 |
| **10/18** | $9972 | $10464 |
| **11/18** | $10070 | $10580 |
| **12/18** | $10170 | $10707 |
| **1/19** | $10238 | $10787 |
| **2/19** | $10292 | $10845 |
| **3/19** | $10443 | $11017 |
| **4/19** | $10483 | $11058 |
| **5/19** | $10629 | $11211 |
| **6/19** | $10668 | $11252 |
| **7/19** | $10753 | $11343 |
| **8/19** | $10943 | $11522 |
| **9/19** | $10861 | $11429 |
| **10/19** | $10852 | $11450 |
| **11/19** | $10863 | $11478 |
| **12/19** | $10893 | $11513 |
| **1/20** | $11109 | $11720 |
| **2/20** | $11266 | $11871 |
| **3/20** | $10881 | $11441 |
| **4/20** | $10750 | $11297 |
| **5/20** | $11098 | $11656 |
| **6/20** | $11125 | $11752 |
| **7/20** | $11298 | $11950 |
| **8/20** | $11223 | $11894 |
| **9/20** | $11216 | $11897 |
| **10/20** | $11173 | $11861 |
| **11/20** | $11326 | $12040 |
| **12/20** | $11369 | $12113 |
| **1/21** | $11405 | $12191 |
| **2/21** | $11193 | $11997 |
| **3/21** | $11229 | $12071 |
| **4/21** | $11314 | $12172 |
| **5/21** | $11343 | $12208 |
| **6/21** | $11367 | $12242 |
| **7/21** | $11464 | $12344 |
| **8/21** | $11426 | $12298 |
| **9/21** | $11327 | $12209 |
| **10/21** | $11303 | $12174 |
| **11/21** | $11388 | $12277 |
| **12/21** | $11390 | $12297 |
| **1/22** | $11086 | $11961 |
| **2/22** | $11022 | $11918 |
| **3/22** | $10697 | $11531 |
| **4/22** | $10407 | $11212 |
| **5/22** | $10516 | $11379 |
| **6/22** | $10393 | $11193 |
| **7/22** | $10635 | $11488 |
| **8/22** | $10417 | $11237 |
| **9/22** | $10069 | $10805 |
| **10/22** | $10005 | $10715 |
| **11/22** | $10434 | $11217 |
| **12/22** | $10457 | $11249 |
| **1/23** | $10742 | $11572 |
| **2/23** | $10495 | $11310 |
| **3/23** | $10706 | $11561 |
| **4/23** | $10687 | $11535 |
| **5/23** | $10577 | $11435 |
| **6/23** | $10657 | $11549 |
| **7/23** | $10687 | $11595 |
| **8/23** | $10564 | $11428 |
| **9/23** | $10292 | $11093 |
| **10/23** | $10169 | $10999 |
| **11/23** | $10784 | $11697 |
| **12/23** | $11031 | $11969 |
| **1/24** | $11015 | $11908 |
| **2/24** | $11021 | $11923 |
| **3/24** | $11012 | $11923 |
| **4/24** | $10902 | $11775 |
| **5/24** | $10872 | $11740 |
| **6/24** | $11051 | $11920 |
| **7/24** | $11159 | $12029 |
| **8/24** | $11252 | $12124 |
| **9/24** | $11361 | $12244 |
| **10/24** | $11178 | $12065 |
| **11/24** | $11360 | $12274 |
| **12/24** | $11213 | $12095 |
| **1/25** | $11242 | $12156 |
| **2/25** | $11375 | $12276 |
| **3/25** | $11168 | $12068 |
| **4/25** | $11124 | $11971 |
| **5/25** | $11071 | $11978 |
| **6/25** | $11153 | $12053 |
| **7/25** | $11100 | $12029 |
| **8/25** | $11197 | $12133 |
| **9/25** | $11459 | $12414 |
| **10/25** | $11624 | $12568 |
| **11/25** | $11662 | $12597 |
| **12/25** | $11684 | $12608 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 4.21% | 0.55% | 1.90% |
| Class A with 3.25% Maximum Sales Charge | 0.84% | (0.12)% | 1.57% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $411486803 |
| # of Portfolio Holdings | 267 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $816597 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g26309g42y59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.0% |
| Bond Bank | 3.1% |
| Transportation | 5.2% |
| Special Tax Revenue | 5.2% |
| Lease Rev./Cert. of Participation | 5.8% |
| Education | 6.3% |
| Electric Utilities | 6.3% |
| Hospital | 8.0% |
| Other Revenue | 8.7% |
| Water and Sewer | 8.7% |
| General Obligations | 18.7% |
| Housing | 21.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g26309g75w85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.7% |
| B | 0.5% |
| BB | 2.7% |
| BBB | 7.9% |
| A | 21.1% |
| AA | 51.7% |
| AAA | 15.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CTTLX-TSR-AR

# Calvert Responsible Municipal Income Fund

# Class C CTTCX
![Image](g26309g64q76.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Responsible Municipal Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $153 | 1.50% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↓ Security selections in bonds with 22 years or more remaining to maturity hurt returns as longer-maturity bonds generally outperformed shorter-maturity bonds

↓ Security selections in the education sector hurt Index-relative returns

↓ Security selections in AAA-rated bonds detracted from Fund performance relative to the Index during the period

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns

↑ Security selections and an overweight exposure to bonds with 12-17 years remaining to maturity helped Fund performance relative to the Index

↑ Security selections within bonds with 4% coupon rates helped Fund performance relative to the Index

↑ Security selections and an overweight exposure to the housing sector contributed to Index-relative performance during the period

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g26309g57h63.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **Bloomberg Municipal Bond Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $10073 | $10119 |
| **2/16** | $10036 | $10135 |
| **3/16** | $10090 | $10167 |
| **4/16** | $10168 | $10242 |
| **5/16** | $10202 | $10270 |
| **6/16** | $10337 | $10433 |
| **7/16** | $10298 | $10440 |
| **8/16** | $10322 | $10454 |
| **9/16** | $10242 | $10401 |
| **10/16** | $10132 | $10292 |
| **11/16** | $9733 | $9908 |
| **12/16** | $9875 | $10025 |
| **1/17** | $9892 | $10091 |
| **2/17** | $9934 | $10161 |
| **3/17** | $9971 | $10183 |
| **4/17** | $10032 | $10257 |
| **5/17** | $10176 | $10420 |
| **6/17** | $10161 | $10382 |
| **7/17** | $10208 | $10466 |
| **8/17** | $10262 | $10546 |
| **9/17** | $10219 | $10492 |
| **10/17** | $10232 | $10518 |
| **11/17** | $10191 | $10462 |
| **12/17** | $10295 | $10571 |
| **1/18** | $10165 | $10447 |
| **2/18** | $10132 | $10415 |
| **3/18** | $10160 | $10454 |
| **4/18** | $10122 | $10416 |
| **5/18** | $10211 | $10536 |
| **6/18** | $10203 | $10545 |
| **7/18** | $10213 | $10570 |
| **8/18** | $10216 | $10597 |
| **9/18** | $10163 | $10529 |
| **10/18** | $10086 | $10464 |
| **11/18** | $10179 | $10580 |
| **12/18** | $10275 | $10707 |
| **1/19** | $10336 | $10787 |
| **2/19** | $10384 | $10845 |
| **3/19** | $10530 | $11017 |
| **4/19** | $10564 | $11058 |
| **5/19** | $10704 | $11211 |
| **6/19** | $10737 | $11252 |
| **7/19** | $10816 | $11343 |
| **8/19** | $10999 | $11522 |
| **9/19** | $10911 | $11429 |
| **10/19** | $10894 | $11450 |
| **11/19** | $10898 | $11478 |
| **12/19** | $10921 | $11513 |
| **1/20** | $11131 | $11720 |
| **2/20** | $11282 | $11871 |
| **3/20** | $10890 | $11441 |
| **4/20** | $10752 | $11297 |
| **5/20** | $11093 | $11656 |
| **6/20** | $11113 | $11752 |
| **7/20** | $11279 | $11950 |
| **8/20** | $11197 | $11894 |
| **9/20** | $11183 | $11897 |
| **10/20** | $11133 | $11861 |
| **11/20** | $11278 | $12040 |
| **12/20** | $11314 | $12113 |
| **1/21** | $11343 | $12191 |
| **2/21** | $11126 | $11997 |
| **3/21** | $11154 | $12071 |
| **4/21** | $11231 | $12172 |
| **5/21** | $11254 | $12208 |
| **6/21** | $11277 | $12242 |
| **7/21** | $11359 | $12344 |
| **8/21** | $11314 | $12298 |
| **9/21** | $11210 | $12209 |
| **10/21** | $11178 | $12174 |
| **11/21** | $11255 | $12277 |
| **12/21** | $11250 | $12297 |
| **1/22** | $10942 | $11961 |
| **2/22** | $10873 | $11918 |
| **3/22** | $10546 | $11531 |
| **4/22** | $10254 | $11212 |
| **5/22** | $10354 | $11379 |
| **6/22** | $10227 | $11193 |
| **7/22** | $10458 | $11488 |
| **8/22** | $10237 | $11237 |
| **9/22** | $9889 | $10805 |
| **10/22** | $9827 | $10715 |
| **11/22** | $10235 | $11217 |
| **12/22** | $10250 | $11249 |
| **1/23** | $10523 | $11572 |
| **2/23** | $10276 | $11310 |
| **3/23** | $10476 | $11561 |
| **4/23** | $10451 | $11535 |
| **5/23** | $10337 | $11435 |
| **6/23** | $10408 | $11549 |
| **7/23** | $10431 | $11595 |
| **8/23** | $10304 | $11428 |
| **9/23** | $10032 | $11093 |
| **10/23** | $9906 | $10999 |
| **11/23** | $10499 | $11697 |
| **12/23** | $10733 | $11969 |
| **1/24** | $10710 | $11908 |
| **2/24** | $10710 | $11923 |
| **3/24** | $10694 | $11923 |
| **4/24** | $10581 | $11775 |
| **5/24** | $10545 | $11740 |
| **6/24** | $10712 | $11920 |
| **7/24** | $10809 | $12029 |
| **8/24** | $10893 | $12124 |
| **9/24** | $10992 | $12244 |
| **10/24** | $10808 | $12065 |
| **11/24** | $10977 | $12274 |
| **12/24** | $10828 | $12095 |
| **1/25** | $10849 | $12156 |
| **2/25** | $10972 | $12276 |
| **3/25** | $10765 | $12068 |
| **4/25** | $10715 | $11971 |
| **5/25** | $10658 | $11978 |
| **6/25** | $10730 | $12053 |
| **7/25** | $10672 | $12029 |
| **8/25** | $10759 | $12133 |
| **9/25** | $11004 | $12414 |
| **10/25** | $11155 | $12568 |
| **11/25** | $11185 | $12597 |
| **12/25** | $11200 | $12608 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 3.43% | (0.20)% | 1.14% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 2.43% | (0.20)% | 1.14% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $411486803 |
| # of Portfolio Holdings | 267 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $816597 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g26309g42y59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.0% |
| Bond Bank | 3.1% |
| Transportation | 5.2% |
| Special Tax Revenue | 5.2% |
| Lease Rev./Cert. of Participation | 5.8% |
| Education | 6.3% |
| Electric Utilities | 6.3% |
| Hospital | 8.0% |
| Other Revenue | 8.7% |
| Water and Sewer | 8.7% |
| General Obligations | 18.7% |
| Housing | 21.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g26309g75w85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.7% |
| B | 0.5% |
| BB | 2.7% |
| BBB | 7.9% |
| A | 21.1% |
| AA | 51.7% |
| AAA | 15.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CTTCX-TSR-AR

# Calvert Responsible Municipal Income Fund

# Class I CTTIX
![Image](g26309g64q76.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Responsible Municipal Income Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $51 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg Municipal Bond Index (the Index):

↑ An out-of-Index allocation to taxable municipal bonds contributed to Index-relative returns

↑ Security selections and an overweight exposure to bonds with 12-17 years remaining to maturity helped Fund performance relative to the Index

↑ Security selections within bonds with 4% coupon rates helped Fund performance relative to the Index

↑ Security selections and an overweight exposure to the housing sector contributed to Index-relative performance during the period

↓ Security selections in bonds with 22 years or more remaining to maturity hurt returns as longer-maturity bonds generally outperformed shorter-maturity bonds

↓ Security selections in the education sector hurt Index-relative returns

↓ Security selections in AAA rated bonds detracted from Fund performance relative to the Index during the period

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g26309g21p06.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** |
| **12/15** | $1000000 | $1000000 |
| **1/16** | $1008094 | $1011932 |
| **2/16** | $1005004 | $1013524 |
| **3/16** | $1011288 | $1016734 |
| **4/16** | $1020026 | $1024210 |
| **5/16** | $1024337 | $1026980 |
| **6/16** | $1039385 | $1043318 |
| **7/16** | $1036403 | $1043955 |
| **8/16** | $1039464 | $1045364 |
| **9/16** | $1032428 | $1040146 |
| **10/16** | $1022199 | $1029234 |
| **11/16** | $983281 | $990848 |
| **12/16** | $998650 | $1002481 |
| **1/17** | $1000604 | $1009090 |
| **2/17** | $1006437 | $1016097 |
| **3/17** | $1010368 | $1018303 |
| **4/17** | $1017476 | $1025692 |
| **5/17** | $1033653 | $1041970 |
| **6/17** | $1032336 | $1038233 |
| **7/17** | $1038146 | $1046633 |
| **8/17** | $1045221 | $1054598 |
| **9/17** | $1041828 | $1049236 |
| **10/17** | $1043875 | $1051797 |
| **11/17** | $1040606 | $1046165 |
| **12/17** | $1052044 | $1057100 |
| **1/18** | $1039722 | $1044655 |
| **2/18** | $1037140 | $1041533 |
| **3/18** | $1040883 | $1045378 |
| **4/18** | $1038547 | $1041647 |
| **5/18** | $1048515 | $1053575 |
| **6/18** | $1047910 | $1054474 |
| **7/18** | $1050439 | $1057033 |
| **8/18** | $1051647 | $1059748 |
| **9/18** | $1047612 | $1052887 |
| **10/18** | $1039905 | $1046403 |
| **11/18** | $1051062 | $1057985 |
| **12/18** | $1061669 | $1070652 |
| **1/19** | $1068922 | $1078746 |
| **2/19** | $1074857 | $1084522 |
| **3/19** | $1090917 | $1101665 |
| **4/19** | $1095426 | $1105806 |
| **5/19** | $1110813 | $1121051 |
| **6/19** | $1115197 | $1125190 |
| **7/19** | $1124310 | $1134258 |
| **8/19** | $1144320 | $1152150 |
| **9/19** | $1136041 | $1142914 |
| **10/19** | $1135981 | $1144962 |
| **11/19** | $1136658 | $1147826 |
| **12/19** | $1140043 | $1151330 |
| **1/20** | $1162844 | $1172016 |
| **2/20** | $1179512 | $1187129 |
| **3/20** | $1139588 | $1144069 |
| **4/20** | $1126082 | $1129710 |
| **5/20** | $1162751 | $1165648 |
| **6/20** | $1166470 | $1175242 |
| **7/20** | $1184086 | $1195035 |
| **8/20** | $1177224 | $1189428 |
| **9/20** | $1176000 | $1189681 |
| **10/20** | $1171800 | $1186107 |
| **11/20** | $1188003 | $1204006 |
| **12/20** | $1193503 | $1211341 |
| **1/21** | $1196846 | $1219060 |
| **2/21** | $1174867 | $1199691 |
| **3/21** | $1179621 | $1207089 |
| **4/21** | $1188719 | $1217214 |
| **5/21** | $1192062 | $1220846 |
| **6/21** | $1194771 | $1224198 |
| **7/21** | $1204531 | $1234351 |
| **8/21** | $1200779 | $1229821 |
| **9/21** | $1190668 | $1220946 |
| **10/21** | $1188323 | $1217376 |
| **11/21** | $1197480 | $1227739 |
| **12/21** | $1198022 | $1229720 |
| **1/22** | $1166304 | $1196059 |
| **2/22** | $1160582 | $1191774 |
| **3/22** | $1125990 | $1153140 |
| **4/22** | $1095810 | $1121245 |
| **5/22** | $1107432 | $1137901 |
| **6/22** | $1094030 | $1119264 |
| **7/22** | $1120393 | $1148837 |
| **8/22** | $1097718 | $1123659 |
| **9/22** | $1060668 | $1080532 |
| **10/22** | $1054922 | $1071546 |
| **11/22** | $1100244 | $1121666 |
| **12/22** | $1102844 | $1124877 |
| **1/23** | $1133105 | $1157189 |
| **2/23** | $1107352 | $1131023 |
| **3/23** | $1129805 | $1156117 |
| **4/23** | $1128080 | $1153476 |
| **5/23** | $1116739 | $1143481 |
| **6/23** | $1125403 | $1154935 |
| **7/23** | $1128799 | $1159504 |
| **8/23** | $1116021 | $1142811 |
| **9/23** | $1087629 | $1109317 |
| **10/23** | $1074126 | $1099877 |
| **11/23** | $1139999 | $1169699 |
| **12/23** | $1166281 | $1196885 |
| **1/24** | $1164803 | $1190772 |
| **2/24** | $1165653 | $1192301 |
| **3/24** | $1164944 | $1192264 |
| **4/24** | $1153654 | $1177498 |
| **5/24** | $1150682 | $1174044 |
| **6/24** | $1169111 | $1192039 |
| **7/24** | $1181463 | $1202904 |
| **8/24** | $1191608 | $1212391 |
| **9/24** | $1203363 | $1224374 |
| **10/24** | $1184276 | $1206521 |
| **11/24** | $1203790 | $1227363 |
| **12/24** | $1188500 | $1209494 |
| **1/25** | $1191832 | $1215556 |
| **2/25** | $1206163 | $1227608 |
| **3/25** | $1183718 | $1206803 |
| **4/25** | $1179244 | $1197081 |
| **5/25** | $1174708 | $1197849 |
| **6/25** | $1183676 | $1205307 |
| **7/25** | $1178302 | $1202872 |
| **8/25** | $1188012 | $1213327 |
| **9/25** | $1216857 | $1241426 |
| **10/25** | $1234565 | $1256823 |
| **11/25** | $1238863 | $1259706 |
| **12/25** | $1241592 | $1260840 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 4.47% | 0.79% | 2.19% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $411486803 |
| # of Portfolio Holdings | 267 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $816597 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g26309g42y59.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 3.0% |
| Bond Bank | 3.1% |
| Transportation | 5.2% |
| Special Tax Revenue | 5.2% |
| Lease Rev./Cert. of Participation | 5.8% |
| Education | 6.3% |
| Electric Utilities | 6.3% |
| Hospital | 8.0% |
| Other Revenue | 8.7% |
| Water and Sewer | 8.7% |
| General Obligations | 18.7% |
| Housing | 21.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sectors less than 3% each |

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](g26309g75w85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.7% |
| B | 0.5% |
| BB | 2.7% |
| BBB | 7.9% |
| A | 21.1% |
| AA | 51.7% |
| AAA | 15.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CTTIX-TSR-AR

# Calvert Small/Mid-Cap Fund

# Class A CMPAX
![Image](g26309g34e28.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Small/Mid-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $111 | 1.14% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2500™ Index (the Index):

↓ Security selections by the Fund ― especially in the information technology sector ― detracted from returns relative to the Index during the period

↓ The Fund's selections in the health care and financials sectors also detracted from performance relative to the Index during the period

↓ An overweight position in CBIZ, Inc. hurt returns as higher costs, increased leverage from a recent acquisition and weaker pricing pressured shares

↓ An overweight in AptarGroup, Inc. hurt returns as management warning of headwinds in pharmaceuticals and European cough/cold markets distressed investors

↑ Security selections in the consumer staples sector contributed to returns relative to the Index during the period

↑ Security selections and underweight exposure to real estate sector and a lack of exposure to the poor-performing energy sector helped Index-relative returns

↑ An overweight position in ESCO Technologies Inc. benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ An overweight position in Woodward, Inc., aided returns as shares rose on earnings from government aerospace and defense spending. The stock was sold by period end

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g26309g46u95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index** |
| **12/15** | $9475 | $10000 | $10000 |
| **1/16** | $8922 | $9436 | $9203 |
| **2/16** | $9024 | $9433 | $9267 |
| **3/16** | $9708 | $10097 | $10039 |
| **4/16** | $9645 | $10159 | $10187 |
| **5/16** | $9887 | $10341 | $10402 |
| **6/16** | $9876 | $10362 | $10398 |
| **7/16** | $10155 | $10774 | $10940 |
| **8/16** | $10244 | $10801 | $11027 |
| **9/16** | $10209 | $10818 | $11080 |
| **10/16** | $9946 | $10584 | $10631 |
| **11/16** | $10657 | $11058 | $11535 |
| **12/16** | $10938 | $11274 | $11759 |
| **1/17** | $11011 | $11486 | $11922 |
| **2/17** | $11327 | $11913 | $12209 |
| **3/17** | $11399 | $11921 | $12201 |
| **4/17** | $11467 | $12047 | $12295 |
| **5/17** | $11399 | $12171 | $12157 |
| **6/17** | $11648 | $12280 | $12461 |
| **7/17** | $11760 | $12512 | $12590 |
| **8/17** | $11603 | $12536 | $12486 |
| **9/17** | $12075 | $12842 | $13052 |
| **10/17** | $12180 | $13122 | $13254 |
| **11/17** | $12594 | $13521 | $13690 |
| **12/17** | $12620 | $13656 | $13736 |
| **1/18** | $12970 | $14375 | $14155 |
| **2/18** | $12498 | $13846 | $13573 |
| **3/18** | $12653 | $13568 | $13703 |
| **4/18** | $12698 | $13619 | $13735 |
| **5/18** | $13359 | $14004 | $14381 |
| **6/18** | $13515 | $14095 | $14485 |
| **7/18** | $13771 | $14563 | $14765 |
| **8/18** | $14221 | $15074 | $15399 |
| **9/18** | $14204 | $15099 | $15165 |
| **10/18** | $12959 | $13988 | $13626 |
| **11/18** | $13315 | $14268 | $13883 |
| **12/18** | $11995 | $12940 | $12362 |
| **1/19** | $13157 | $14051 | $13785 |
| **2/19** | $13871 | $14545 | $14436 |
| **3/19** | $13841 | $14757 | $14317 |
| **4/19** | $14398 | $15346 | $14819 |
| **5/19** | $13829 | $14353 | $13765 |
| **6/19** | $14749 | $15361 | $14741 |
| **7/19** | $14991 | $15590 | $14894 |
| **8/19** | $14698 | $15272 | $14299 |
| **9/19** | $14722 | $15540 | $14552 |
| **10/19** | $14716 | $15875 | $14831 |
| **11/19** | $15187 | $16478 | $15467 |
| **12/19** | $15368 | $16954 | $15794 |
| **1/20** | $15255 | $16935 | $15474 |
| **2/20** | $13996 | $15549 | $14176 |
| **3/20** | $11548 | $13410 | $11100 |
| **4/20** | $12813 | $15187 | $12715 |
| **5/20** | $13534 | $15999 | $13654 |
| **6/20** | $13617 | $16364 | $14049 |
| **7/20** | $14293 | $17294 | $14608 |
| **8/20** | $14845 | $18546 | $15270 |
| **9/20** | $14206 | $17871 | $14875 |
| **10/20** | $14519 | $17485 | $15144 |
| **11/20** | $16121 | $19613 | $17611 |
| **12/20** | $17337 | $20495 | $18952 |
| **1/21** | $17149 | $20404 | $19416 |
| **2/21** | $18158 | $21042 | $20683 |
| **3/21** | $18776 | $21796 | $21023 |
| **4/21** | $19486 | $22919 | $21863 |
| **5/21** | $19512 | $23024 | $21908 |
| **6/21** | $19532 | $23592 | $22167 |
| **7/21** | $19629 | $23991 | $21779 |
| **8/21** | $19688 | $24675 | $22273 |
| **9/21** | $18933 | $23568 | $21573 |
| **10/21** | $19903 | $25161 | $22631 |
| **11/21** | $19323 | $24778 | $21687 |
| **12/21** | $20610 | $25754 | $22398 |
| **1/22** | $19152 | $24239 | $20534 |
| **2/22** | $19678 | $23628 | $20765 |
| **3/22** | $19537 | $24395 | $21095 |
| **4/22** | $18102 | $22206 | $19298 |
| **5/22** | $17665 | $22176 | $19363 |
| **6/22** | $16511 | $20321 | $17513 |
| **7/22** | $17917 | $22227 | $19325 |
| **8/22** | $17037 | $21397 | $18811 |
| **9/22** | $15639 | $19413 | $17019 |
| **10/22** | $17133 | $21005 | $18652 |
| **11/22** | $17732 | $22102 | $19440 |
| **12/22** | $17088 | $20808 | $18284 |
| **1/23** | $18546 | $22241 | $20112 |
| **2/23** | $18414 | $21721 | $19640 |
| **3/23** | $18275 | $22302 | $18903 |
| **4/23** | $18313 | $22539 | $18657 |
| **5/23** | $17546 | $22627 | $18330 |
| **6/23** | $18624 | $24172 | $19891 |
| **7/23** | $19190 | $25039 | $20880 |
| **8/23** | $18577 | $24555 | $20060 |
| **9/23** | $17461 | $23386 | $18940 |
| **10/23** | $16584 | $22766 | $17790 |
| **11/23** | $18104 | $24888 | $19391 |
| **12/23** | $19386 | $26209 | $21469 |
| **1/24** | $19066 | $26499 | $20908 |
| **2/24** | $19979 | $27933 | $22045 |
| **3/24** | $20705 | $28835 | $22955 |
| **4/24** | $19386 | $27566 | $21417 |
| **5/24** | $19956 | $28868 | $22308 |
| **6/24** | $19737 | $29762 | $21973 |
| **7/24** | $20720 | $30315 | $23606 |
| **8/24** | $21165 | $30975 | $23545 |
| **9/24** | $21290 | $31616 | $23896 |
| **10/24** | $20775 | $31384 | $23674 |
| **11/24** | $22945 | $33471 | $26004 |
| **12/24** | $21373 | $32448 | $24044 |
| **1/25** | $21965 | $33473 | $24897 |
| **2/25** | $21273 | $32831 | $23728 |
| **3/25** | $20456 | $30916 | $22241 |
| **4/25** | $19697 | $30709 | $21782 |
| **5/25** | $20648 | $32655 | $23085 |
| **6/25** | $20873 | $34314 | $24150 |
| **7/25** | $20648 | $35070 | $24617 |
| **8/25** | $21465 | $35881 | $25909 |
| **9/25** | $20764 | $37120 | $26324 |
| **10/25** | $20289 | $37915 | $26500 |
| **11/25** | $20389 | $38019 | $26885 |
| **12/25** | $20182 | $38012 | $26907 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (5.59)% | 3.08% | 7.85% |
| Class A with 5.25% Maximum Sales Charge | (10.55)% | 1.97% | 7.27% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 2500™ Index | 11.91% | 7.26% | 10.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to September 16, 2023 is that of Eaton Vance Special Equities Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $206228363 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $346324 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g26309g42j27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Utilities | 1.6% |
| Consumer Staples | 3.3% |
| Materials | 5.5% |
| Real Estate | 6.0% |
| Health Care | 8.7% |
| Information Technology | 10.1% |
| Consumer Discretionary | 17.7% |
| Financials | 20.2% |
| Industrials | 26.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| CSW Industrials, Inc. | 3.3% |
| Donaldson Co., Inc. | 2.7% |
| Wyndham Hotels & Resorts, Inc. | 2.6% |
| Performance Food Group Co. | 2.3% |
| Burlington Stores, Inc. | 2.2% |
| Franklin Electric Co., Inc. | 2.2% |
| Dorman Products, Inc. | 2.2% |
| Aramark | 2.2% |
| A.O. Smith Corp. | 2.1% |
| Steven Madden Ltd. | 2.1% |
| Total | 23.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.eatonvance.com/calvert-fund-documents.php or upon request by contacting us at 1-800-368-2745.

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 purpose of the transaction was to combine two funds managed by Calvert Research and Management with substantially similar investment objectives and policies.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CMPAX-TSR-AR

# Calvert Small/Mid-Cap Fund

# Class C CMPCX
![Image](g26309g34e28.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Small/Mid-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $183 | 1.89% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2500™ Index (the Index):

↓ Security selections by the Fund ― especially in the information technology sector ― detracted from returns relative to the Index during the period

↓ The Fund's selections in the health care and financials sectors also detracted from performance relative to the Index during the period

↓ An overweight position in CBIZ, Inc. hurt returns as higher costs, increased leverage from a recent acquisition and weaker pricing pressured shares

↓ An overweight in AptarGroup, Inc. hurt returns as management warning of headwinds in pharmaceuticals and European cough/cold markets distressed investors

↑ Security selections in the consumer staples sector contributed to returns relative to the Index during the period

↑ Security selections and underweight exposure to real estate sector and a lack of exposure to the poor-performing energy sector helped Index-relative returns

↑ An overweight position in ESCO Technologies Inc. benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ An overweight position in Woodward, Inc., aided returns as shares rose on earnings from government aerospace and defense spending. The stock was sold by period end

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g26309g89m06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9410 | $9436 | $9203 |
| **2/16** | $9510 | $9433 | $9267 |
| **3/16** | $10223 | $10097 | $10039 |
| **4/16** | $10145 | $10159 | $10187 |
| **5/16** | $10401 | $10341 | $10402 |
| **6/16** | $10383 | $10362 | $10398 |
| **7/16** | $10669 | $10774 | $10940 |
| **8/16** | $10750 | $10801 | $11027 |
| **9/16** | $10709 | $10818 | $11080 |
| **10/16** | $10429 | $10584 | $10631 |
| **11/16** | $11162 | $11058 | $11535 |
| **12/16** | $11457 | $11274 | $11759 |
| **1/17** | $11523 | $11486 | $11922 |
| **2/17** | $11846 | $11913 | $12209 |
| **3/17** | $11912 | $11921 | $12201 |
| **4/17** | $11978 | $12047 | $12295 |
| **5/17** | $11900 | $12171 | $12157 |
| **6/17** | $12152 | $12280 | $12461 |
| **7/17** | $12258 | $12512 | $12590 |
| **8/17** | $12088 | $12536 | $12486 |
| **9/17** | $12574 | $12842 | $13052 |
| **10/17** | $12677 | $13122 | $13254 |
| **11/17** | $13096 | $13521 | $13690 |
| **12/17** | $13113 | $13656 | $13736 |
| **1/18** | $13470 | $14375 | $14155 |
| **2/18** | $12970 | $13846 | $13573 |
| **3/18** | $13126 | $13568 | $13703 |
| **4/18** | $13165 | $13619 | $13735 |
| **5/18** | $13839 | $14004 | $14381 |
| **6/18** | $13995 | $14095 | $14485 |
| **7/18** | $14247 | $14563 | $14765 |
| **8/18** | $14701 | $15074 | $15399 |
| **9/18** | $14675 | $15099 | $15165 |
| **10/18** | $13385 | $13988 | $13626 |
| **11/18** | $13742 | $14268 | $13883 |
| **12/18** | $12371 | $12940 | $12362 |
| **1/19** | $13556 | $14051 | $13785 |
| **2/19** | $14291 | $14545 | $14436 |
| **3/19** | $14248 | $14757 | $14317 |
| **4/19** | $14812 | $15346 | $14819 |
| **5/19** | $14220 | $14353 | $13765 |
| **6/19** | $15155 | $15361 | $14741 |
| **7/19** | $15397 | $15590 | $14894 |
| **8/19** | $15087 | $15272 | $14299 |
| **9/19** | $15102 | $15540 | $14552 |
| **10/19** | $15087 | $15875 | $14831 |
| **11/19** | $15557 | $16478 | $15467 |
| **12/19** | $15728 | $16954 | $15794 |
| **1/20** | $15608 | $16935 | $15474 |
| **2/20** | $14308 | $15549 | $14176 |
| **3/20** | $11800 | $13410 | $11100 |
| **4/20** | $13084 | $15187 | $12715 |
| **5/20** | $13812 | $15999 | $13654 |
| **6/20** | $13888 | $16364 | $14049 |
| **7/20** | $14571 | $17294 | $14608 |
| **8/20** | $15120 | $18546 | $15270 |
| **9/20** | $14460 | $17871 | $14875 |
| **10/20** | $14771 | $17485 | $15144 |
| **11/20** | $16388 | $19613 | $17611 |
| **12/20** | $17615 | $20495 | $18952 |
| **1/21** | $17413 | $20404 | $19416 |
| **2/21** | $18423 | $21042 | $20683 |
| **3/21** | $19045 | $21796 | $21023 |
| **4/21** | $19752 | $22919 | $21863 |
| **5/21** | $19759 | $23024 | $21908 |
| **6/21** | $19767 | $23592 | $22167 |
| **7/21** | $19860 | $23991 | $21779 |
| **8/21** | $19899 | $24675 | $22273 |
| **9/21** | $19130 | $23568 | $21573 |
| **10/21** | $20093 | $25161 | $22631 |
| **11/21** | $19503 | $24778 | $21687 |
| **12/21** | $20789 | $25754 | $22398 |
| **1/22** | $19304 | $24239 | $20534 |
| **2/22** | $19820 | $23628 | $20765 |
| **3/22** | $19666 | $24395 | $21095 |
| **4/22** | $18208 | $22206 | $19298 |
| **5/22** | $17765 | $22176 | $19363 |
| **6/22** | $16588 | $20321 | $17513 |
| **7/22** | $17991 | $22227 | $19325 |
| **8/22** | $17095 | $21397 | $18811 |
| **9/22** | $15682 | $19413 | $17019 |
| **10/22** | $17167 | $21005 | $18652 |
| **11/22** | $17756 | $22102 | $19440 |
| **12/22** | $17103 | $20808 | $18284 |
| **1/23** | $18552 | $22241 | $20112 |
| **2/23** | $18408 | $21721 | $19640 |
| **3/23** | $18254 | $22302 | $18903 |
| **4/23** | $18283 | $22539 | $18657 |
| **5/23** | $17506 | $22627 | $18330 |
| **6/23** | $18571 | $24172 | $19891 |
| **7/23** | $19118 | $25039 | $20880 |
| **8/23** | $18494 | $24555 | $20060 |
| **9/23** | $17372 | $23386 | $18940 |
| **10/23** | $16489 | $22766 | $17790 |
| **11/23** | $17995 | $24888 | $19391 |
| **12/23** | $19255 | $26209 | $21469 |
| **1/24** | $18926 | $26499 | $20908 |
| **2/24** | $19816 | $27933 | $22045 |
| **3/24** | $20522 | $28835 | $22955 |
| **4/24** | $19207 | $27566 | $21417 |
| **5/24** | $19758 | $28868 | $22308 |
| **6/24** | $19526 | $29762 | $21973 |
| **7/24** | $20483 | $30315 | $23606 |
| **8/24** | $20909 | $30975 | $23545 |
| **9/24** | $21025 | $31616 | $23896 |
| **10/24** | $20503 | $31384 | $23674 |
| **11/24** | $22630 | $33471 | $26004 |
| **12/24** | $21068 | $32448 | $24044 |
| **1/25** | $21635 | $33473 | $24897 |
| **2/25** | $20942 | $32831 | $23728 |
| **3/25** | $20123 | $30916 | $22241 |
| **4/25** | $19367 | $30709 | $21782 |
| **5/25** | $20280 | $32655 | $23085 |
| **6/25** | $20501 | $34314 | $24150 |
| **7/25** | $20259 | $35070 | $24617 |
| **8/25** | $21047 | $35881 | $25909 |
| **9/25** | $20354 | $37120 | $26324 |
| **10/25** | $19871 | $37915 | $26500 |
| **11/25** | $19955 | $38019 | $26885 |
| **12/25** | $19739 | $38012 | $26907 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (6.31)% | 2.30% | 7.03% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (7.20)% | 2.30% | 7.03% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 2500™ Index | 11.91% | 7.26% | 10.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to September 16, 2023 is that of Eaton Vance Special Equities Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $206228363 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $346324 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g26309g42j27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Utilities | 1.6% |
| Consumer Staples | 3.3% |
| Materials | 5.5% |
| Real Estate | 6.0% |
| Health Care | 8.7% |
| Information Technology | 10.1% |
| Consumer Discretionary | 17.7% |
| Financials | 20.2% |
| Industrials | 26.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| CSW Industrials, Inc. | 3.3% |
| Donaldson Co., Inc. | 2.7% |
| Wyndham Hotels & Resorts, Inc. | 2.6% |
| Performance Food Group Co. | 2.3% |
| Burlington Stores, Inc. | 2.2% |
| Franklin Electric Co., Inc. | 2.2% |
| Dorman Products, Inc. | 2.2% |
| Aramark | 2.2% |
| A.O. Smith Corp. | 2.1% |
| Steven Madden Ltd. | 2.1% |
| Total | 23.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.eatonvance.com/calvert-fund-documents.php or upon request by contacting us at 1-800-368-2745.

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 purpose of the transaction was to combine two funds managed by Calvert Research and Management with substantially similar investment objectives and policies.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CMPCX-TSR-AR

# Calvert Small/Mid-Cap Fund

# Class I CMCIX
![Image](g26309g34e28.jpg)

#### Annual Shareholder Report December 31, 2025
This annual shareholder report contains important information about the Calvert Small/Mid-Cap Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $87 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2500™ Index (the Index):

↓ Security selections by the Fund ― especially in the information technology sector ― detracted from returns relative to the Index during the period

↓ The Fund's selections in the health care and financials sectors also detracted from performance relative to the Index during the period

↓ An overweight position in CBIZ, Inc. hurt returns as higher costs, increased leverage from a recent acquisition and weaker pricing pressured shares

↓ An overweight in AptarGroup, Inc. hurt returns as management warning of headwinds in pharmaceuticals and European cough/cold markets distressed investors

↑ Security selections in the consumer staples sector contributed to returns relative to the Index during the period

↑ Security selections and underweight exposure to real estate sector and a lack of exposure to the poor-performing energy sector helped Index-relative returns

↑ An overweight position in ESCO Technologies Inc. benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ An overweight position in Woodward, Inc., aided returns as shares rose on earnings from government aerospace and defense spending. The stock was sold by period end

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g26309g04t21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index** |
| **12/15** | $1000000 | $1000000 | $1000000 |
| **1/16** | $941473 | $943575 | $920263 |
| **2/16** | $952573 | $943271 | $926728 |
| **3/16** | $1024723 | $1009683 | $1003927 |
| **4/16** | $1018163 | $1015940 | $1018733 |
| **5/16** | $1044400 | $1034116 | $1040211 |
| **6/16** | $1043271 | $1036242 | $1039794 |
| **7/16** | $1073300 | $1077368 | $1094022 |
| **8/16** | $1082620 | $1080116 | $1102746 |
| **9/16** | $1078996 | $1081814 | $1108033 |
| **10/16** | $1051555 | $1058408 | $1063060 |
| **11/16** | $1126629 | $1105774 | $1153495 |
| **12/16** | $1156900 | $1127351 | $1175890 |
| **1/17** | $1164986 | $1148570 | $1192207 |
| **2/17** | $1198410 | $1191287 | $1220928 |
| **3/17** | $1206496 | $1192098 | $1220061 |
| **4/17** | $1214044 | $1204734 | $1229474 |
| **5/17** | $1207036 | $1217063 | $1215729 |
| **6/17** | $1233451 | $1228046 | $1246103 |
| **7/17** | $1245650 | $1251201 | $1259007 |
| **8/17** | $1229289 | $1253612 | $1248559 |
| **9/17** | $1279464 | $1284185 | $1305186 |
| **10/17** | $1290917 | $1312208 | $1325416 |
| **11/17** | $1335093 | $1352054 | $1368958 |
| **12/17** | $1337733 | $1365567 | $1373565 |
| **1/18** | $1375839 | $1437547 | $1415457 |
| **2/18** | $1325609 | $1384560 | $1357251 |
| **3/18** | $1342352 | $1356766 | $1370279 |
| **4/18** | $1347548 | $1361923 | $1373525 |
| **5/18** | $1417986 | $1400370 | $1438113 |
| **6/18** | $1434729 | $1409528 | $1448505 |
| **7/18** | $1461865 | $1456305 | $1476531 |
| **8/18** | $1510363 | $1507447 | $1539863 |
| **9/18** | $1508630 | $1509942 | $1516533 |
| **10/18** | $1376993 | $1398761 | $1362569 |
| **11/18** | $1414521 | $1426776 | $1388304 |
| **12/18** | $1275193 | $1293987 | $1236179 |
| **1/19** | $1398760 | $1405055 | $1378499 |
| **2/19** | $1475284 | $1454470 | $1443603 |
| **3/19** | $1472148 | $1475708 | $1431713 |
| **4/19** | $1531109 | $1534635 | $1481882 |
| **5/19** | $1471521 | $1435326 | $1376451 |
| **6/19** | $1569999 | $1536139 | $1474104 |
| **7/19** | $1595716 | $1558974 | $1489438 |
| **8/19** | $1564718 | $1527193 | $1429854 |
| **9/19** | $1567884 | $1553997 | $1455202 |
| **10/19** | $1567884 | $1587450 | $1483060 |
| **11/19** | $1617909 | $1647792 | $1546712 |
| **12/19** | $1637385 | $1695370 | $1579418 |
| **1/20** | $1625600 | $1693518 | $1547350 |
| **2/20** | $1492043 | $1554864 | $1417602 |
| **3/20** | $1231476 | $1341042 | $1109987 |
| **4/20** | $1366342 | $1518650 | $1271501 |
| **5/20** | $1443596 | $1599865 | $1365418 |
| **6/20** | $1452762 | $1636441 | $1404852 |
| **7/20** | $1525432 | $1729364 | $1460832 |
| **8/20** | $1584461 | $1854647 | $1526972 |
| **9/20** | $1516433 | $1787117 | $1487492 |
| **10/20** | $1550117 | $1748545 | $1514430 |
| **11/20** | $1721838 | $1961261 | $1761137 |
| **12/20** | $1851964 | $2049495 | $1895195 |
| **1/21** | $1832399 | $2040379 | $1941635 |
| **2/21** | $1940346 | $2104155 | $2068303 |
| **3/21** | $2007138 | $2179574 | $2102321 |
| **4/21** | $2082701 | $2291930 | $2186309 |
| **5/21** | $2086074 | $2302392 | $2190837 |
| **6/21** | $2088773 | $2359167 | $2216732 |
| **7/21** | $2099567 | $2399062 | $2177903 |
| **8/21** | $2106314 | $2467478 | $2227340 |
| **9/21** | $2026029 | $2356767 | $2157285 |
| **10/21** | $2129927 | $2516142 | $2263062 |
| **11/21** | $2069207 | $2477843 | $2168652 |
| **12/21** | $2207280 | $2575418 | $2239782 |
| **1/22** | $2051580 | $2423890 | $2053354 |
| **2/22** | $2108060 | $2362834 | $2076480 |
| **3/22** | $2093558 | $2439475 | $2109495 |
| **4/22** | $1940147 | $2220551 | $1929761 |
| **5/22** | $1893590 | $2217574 | $1936276 |
| **6/22** | $1769946 | $2032055 | $1751281 |
| **7/22** | $1921830 | $2222698 | $1932482 |
| **8/22** | $1827188 | $2139748 | $1881115 |
| **9/22** | $1677594 | $1941331 | $1701937 |
| **10/22** | $1838637 | $2100532 | $1865225 |
| **11/22** | $1903512 | $2210172 | $1943969 |
| **12/22** | $1834067 | $2080759 | $1828351 |
| **1/23** | $1992163 | $2224067 | $2011159 |
| **2/23** | $1976992 | $2172084 | $1963958 |
| **3/23** | $1962619 | $2230164 | $1890338 |
| **4/23** | $1967410 | $2253925 | $1865677 |
| **5/23** | $1885967 | $2262694 | $1832964 |
| **6/23** | $2001744 | $2417203 | $1989107 |
| **7/23** | $2062427 | $2503852 | $2087999 |
| **8/23** | $1996953 | $2455518 | $2006019 |
| **9/23** | $1877184 | $2338552 | $1893987 |
| **10/23** | $1783764 | $2276560 | $1778951 |
| **11/23** | $1948247 | $2488845 | $1939091 |
| **12/23** | $2086643 | $2620858 | $2146910 |
| **1/24** | $2052093 | $2649904 | $2090756 |
| **2/24** | $2150921 | $2793345 | $2204484 |
| **3/24** | $2229663 | $2883451 | $2295465 |
| **4/24** | $2087446 | $2756574 | $2141686 |
| **5/24** | $2149314 | $2886814 | $2230772 |
| **6/24** | $2126817 | $2976182 | $2197343 |
| **7/24** | $2232877 | $3031507 | $2360595 |
| **8/24** | $2281085 | $3097499 | $2354527 |
| **9/24** | $2295548 | $3161573 | $2389581 |
| **10/24** | $2240108 | $3138356 | $2367410 |
| **11/24** | $2473921 | $3347132 | $2600404 |
| **12/24** | $2305299 | $3244826 | $2404432 |
| **1/25** | $2369645 | $3347260 | $2489664 |
| **2/25** | $2295862 | $3283113 | $2372798 |
| **3/25** | $2208351 | $3091607 | $2224068 |
| **4/25** | $2126846 | $3070866 | $2178158 |
| **5/25** | $2228942 | $3265516 | $2308527 |
| **6/25** | $2254680 | $3431413 | $2415017 |
| **7/25** | $2229800 | $3506982 | $2461690 |
| **8/25** | $2319884 | $3588140 | $2590878 |
| **9/25** | $2244385 | $3711972 | $2632367 |
| **10/25** | $2192908 | $3791527 | $2650019 |
| **11/25** | $2204062 | $3801940 | $2688483 |
| **12/25** | $2182664 | $3801166 | $2690737 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (5.32)% | 3.34% | 8.11% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.14% | 14.27% |
| Russell 2500™ Index | 11.91% | 7.26% | 10.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to September 16, 2023 is that of Eaton Vance Special Equities Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $206228363 |
| # of Portfolio Holdings | 77 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $346324 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g26309g42j27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.0%<sup>Footnote Reference\*</sup> |
| Utilities | 1.6% |
| Consumer Staples | 3.3% |
| Materials | 5.5% |
| Real Estate | 6.0% |
| Health Care | 8.7% |
| Information Technology | 10.1% |
| Consumer Discretionary | 17.7% |
| Financials | 20.2% |
| Industrials | 26.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount is less than 0.05% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| CSW Industrials, Inc. | 3.3% |
| Donaldson Co., Inc. | 2.7% |
| Wyndham Hotels & Resorts, Inc. | 2.6% |
| Performance Food Group Co. | 2.3% |
| Burlington Stores, Inc. | 2.2% |
| Franklin Electric Co., Inc. | 2.2% |
| Dorman Products, Inc. | 2.2% |
| Aramark | 2.2% |
| A.O. Smith Corp. | 2.1% |
| Steven Madden Ltd. | 2.1% |
| Total | 23.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 1, 2026 at www.eatonvance.com/calvert-fund-documents.php or upon request by contacting us at 1-800-368-2745.

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 purpose of the transaction was to combine two funds managed by Calvert Research and Management with substantially similar investment objectives and policies.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g26309g15c79.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report December 31, 2025

# CMCIX-TSR-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics
The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-368-2745. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

------

#### Item 3. Audit Committee Financial Expert
The registrant's Board of Trustees has determined that Edward Ramos, an "independent" Trustee serving on the registrant's audit committee, is an "audit committee financial expert," as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

#### Item 4. Principal Accountant Fees and Services

#### (a)-(d)
The various Series comprising the Trust have differing fiscal year ends (September 30 and December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by its principal accountant for the last two fiscal years of each Series.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal**<br> **Years**<br> **Ended** | **9/30/24** | **%\*** | **12/31/24** | **%\*** | **9/30/25** | **%\*** | **12/31/25** | **%\*** |
|  Audit Fees | $103800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | $125300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | $105900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | $127700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |
|  Audit-Related Fees<sup>(1)</sup> | $0 | 0% | $0 | 0% | $0 | 0% | $0 | 0% |
|  Tax Fees<sup>(2)</sup> | $0 | 0% | $0 | 0% | $0 | 0% | $0 | 0% |
|  All Other Fees<sup>(3)</sup> | $0 | 0% | $0 | 0% | $0 | 0% | $0 | 0% |
|  Total | $103800 | 0% | $125300 | 0% | $105900 | 0% | $127700 | 0% |

---

\* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee's requirement to pre-approve). 

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

------

(e) The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment adviser in each instance.

(f) Not applicable.

(g) Aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the registrant, and rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of each Series:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Year ended 9/30/24** | **Fiscal Year ended 9/30/24** | **Fiscal Year ended 12/31/24** | **Fiscal Year ended 12/31/24** | **Fiscal Year ended 9/30/25** | **Fiscal Year ended 9/30/25** | **Fiscal Year ended 12/31/25** | **Fiscal Year ended 12/31/25** |
| $**%\*** | **%\*** | $**%\*** | **%\*** | $**%\*** | **%\*** | $**%\*** | **%\*** |
|  | 0% |  | 0% |  | 0% |  | 0% |

---

\* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee's requirement to pre-approve). 

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](g26309imgc4848b3f1.gif)

------

## Calvert

## Flexible Bond Fund

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g26309img439b7e4c2.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
Calvert

Flexible Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_f870f214-fa36-4cc4-b555-9249079cec31_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_7c197dd0-cb07-45c3-a005-49ae1de53b2a_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_7c197dd0-cb07-45c3-a005-49ae1de53b2a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_da54a157-8b7d-47ce-9a6b-803f96f5e59e_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_da54a157-8b7d-47ce-9a6b-803f96f5e59e_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_da54a157-8b7d-47ce-9a6b-803f96f5e59e_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_9bbf7443-a1c5-4b28-8433-680a5f803673_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_5439bb5f-ded7-4070-bfc2-99e0ca4fc692_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_f98234fd-01ac-4039-aaad-af7c544489ad_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| [Federal Tax Information](#xx_2ccff7e8-1bda-4f76-b85f-ab80ce648ee8_1) | &nbsp;&nbsp;34 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments

------

Asset-Backed Securities — 13.0%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| AASET Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class B, 3.538%, 1/15/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | $621964 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, 6.576%, 2/16/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp; 1616089 |
| ALTDE Trust, Series 2025-1A, Class A, 5.90%, 8/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp; 1728649 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class C, 6.11%, 12/20/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp; 1037662 |
| Cajun Global LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 6.554%, 2/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp; 904762 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A2, 5.912%, 11/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755 | &nbsp;&nbsp; 2772043 |
| Castlelake Aircraft Structured Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, 5.783%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453 | &nbsp;&nbsp;&nbsp;&nbsp;1478658 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, 7.75%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp;1938047 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, 6.303%, 8/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661160 |
| Cloud Capital Holdco LP: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.781%, 11/22/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1008142 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 5.923%, 11/22/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp;2142419 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1504194 |
| Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52<sup>(1)</sup> CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1073097 |
| Cologix Data Centers U.S. Issuer LLC, Series 2021-1A, Class B, 3.79%, 12/26/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;1281310 |
| DataBank Issuer II LLC, Series 2025-1A, Class B, 5.669%, 9/27/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650239 |
| Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.475%, 4/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283599 |
| Driven Brands Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A2, 3.981%, 10/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820304 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A2, 3.237%, 1/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337 | &nbsp;&nbsp;&nbsp;&nbsp;3237220 |
| FIGRE Trust, Series 2025-FL1, Class A1, 5.265% to 7/25/28, 7/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;&nbsp;1759621 |
| Gilead Aviation LLC, Series 2025-1A, Class A, 5.789%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;1370767 |
| Goddard Funding LLC, Series 2024-1A, Class A2, 6.834%, 10/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp;1547566 |
| Goto Foods Funding LLC, Series 2017-1A, Class A2II, 5.093%, 4/30/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp;1355862 |
| Harvest SBA Loan Trust, Series 2024-1, Class A, 6.25%, (30-day SOFR Average + 2.25%), 12/25/51<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp;1539814 |
| Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, 5.375%, 9/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp;2519391 |
| Jersey Mike's Funding LLC, Series 2019-1A, Class A2, 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398155 |
| Lendbuzz Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-3A, Class A2, 7.50%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513529 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class C, 5.90%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1384560 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, 5.28%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;1455995 |
| LoanDepot GMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.584%, (1 mo. SOFR + 2.85%), 5/16/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp;1156812 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| LoanDepot GMSR Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class B, 7.284%, (1 mo. SOFR + 3.55%), 5/16/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | $916398 |
| Loanpal Solar Loan Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1GS, Class C, 2.00%, 6/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp; 521044 |
| &nbsp;&nbsp;&nbsp;Series 2020-2GF, Class A, 2.75%, 7/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp; 699869 |
| &nbsp;&nbsp;&nbsp;Series 2021-1GS, Class A, 2.29%, 1/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp; 563623 |
| Lunar Aircraft Ltd., Series 2020-1A, Class B, 4.335%, 2/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp; 59608 |
| Mill City Solar Loan Ltd., Series 2020-1A, Class C, 2.00%, 6/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 | &nbsp;&nbsp; 1141740 |
| MMP Capital LLC, Series 2025-A, Class B, 5.72%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp; 965937 |
| Mosaic Solar Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A, 2.88%, 9/20/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;1198944 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class B, 3.28%, 9/20/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179163 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class B, 3.10%, 4/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377706 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class B, 2.21%, 8/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92304 |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class C, 1.77%, 6/20/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786165 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class D, 8.29%, 1/21/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129341 |
| Navigator Aviation Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 5.40%, 8/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp;1153226 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B, 6.09%, 8/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715881 |
| Neighborly Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 3.584%, 4/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 | &nbsp;&nbsp;&nbsp;&nbsp;2858431 |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, 3.695%, 1/30/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208040 |
| NRZ Excess Spread-Collateralized Notes: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-FHT1, Class A, 3.104%, 7/25/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;1482972 |
| &nbsp;&nbsp;&nbsp;Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434242 |
| &nbsp;&nbsp;&nbsp;Series 2024-FNT1, Class A, 7.398%, 11/25/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp;1256030 |
| Oportun Funding Trust, Series 2024-3, Class B, 5.48%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716520 |
| Oportun Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class B, 2.67%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp;1003878 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class C, 3.61%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580469 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class C, 5.89%, 2/8/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;2036659 |
| &nbsp;&nbsp;&nbsp;Series 2025-C, Class D, 5.91%, 7/8/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1064008 |
| Pagaya AI Debt Selection Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class C, 3.27%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550521 |
| &nbsp;&nbsp;&nbsp;Series 2021-5, Class C, 3.93%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276678 |
| Planet Fitness Master Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2, 3.858%, 12/5/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486978 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2I, 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163 | &nbsp;&nbsp;&nbsp;&nbsp;2199827 |
| Prodigy Finance, Series 2021-1A, Class C, 7.592%, (1 mo. SOFR + 3.864%), 7/25/51<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152772 |
| Retained Vantage Data Centers Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2B, 5.25%, 9/15/48<sup>(1)</sup> CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp;1054541 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, 5.727%, 8/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;1180285 |
| Santander Bank Auto Credit-Linked Notes: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-A, Class F, 13.752%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;1611227 |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class F, 8.881%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;1051531 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class E, 6.274%, 1/16/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2005935 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Service Experts Issuer LLC, Series 2025-1A, Class B, 7.62%, 1/20/37<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | $2154284 |
| ServiceMaster Funding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2I, 2.841%, 1/30/51<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp; 1529400 |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2II, 3.337%, 1/30/51<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp; 1198575 |
| SERVPRO Master Issuer LLC, Series 2025-1A, Class A2, 5.525%, 10/25/55<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp; 1905778 |
| Sonic Capital LLC, Series 2020-1A, Class A2I, 3.845%, 1/20/50<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp; 1278627 |
| Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.877%, 3/26/46<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp; 461620 |
| Stream Innovations Issuer Trust, Series 2024-1A, Class B, 7.89%, 7/15/44<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp; 1208249 |
| Subway Funding LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2I, 5.246%, 7/30/54<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp;1659126 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2II, 5.566%, 7/30/54<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565792 |
| Sunnova Helios V Issuer LLC, Series 2021-A, Class B, 3.15%, 2/20/48<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486229 |
| Sunnova Sol II Issuer LLC, Series 2020-2A, Class B, 5.47%, 11/1/55<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412923 |
| Sunnova Sol Issuer LLC, Series 2020-1A, Class B, 5.54%, 2/1/55<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 | &nbsp;&nbsp;&nbsp;&nbsp;2452207 |
| Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107114 |
| Theorem Funding Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, 9.27%, 12/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp;2381273 |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class B, 8.95%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712 | &nbsp;&nbsp;&nbsp;&nbsp;1722680 |
| Tricolor Auto Securitization Trust, Series 2024-3A, Class A, 5.22%, 6/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559625 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class C, 6.807%, 9/26/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp;1685000 |
| Vantage Data Centers Germany Borrower Lux SARL, Series 2025-1A, Class A2, 4.292%, 6/28/50<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp;2206677 |
| Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.992%, 9/15/45<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781203 |
| VB-S1 Issuer LLC, Series 2024-1A, Class F, 8.871%, 5/15/54<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657895 |
| Wendy's Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/48<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;1086081 |
| Willis Engine Structured Trust IX, Series 2025-B, Class B, 5.696%, 12/15/50<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162 | &nbsp;&nbsp;&nbsp;&nbsp;2171163 |
| Willis Engine Structured Trust V: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class B, 4.212%, 3/15/45<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182324 |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class C, 6.657%, 3/15/45<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64891 |
| Willis Engine Structured Trust VII, Series 2023-A, Class A, 8.00%, 10/15/48<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378954 |
| Willis Engine Structured Trust VIII, Series 2025-A, Class B, 6.07%, 6/15/50<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999909 |
| Total Asset-Backed Securities<br> (identified cost $104,456,185) |  |  | **$101771722** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Collateralized Mortgage Obligations — 6.4%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Bellemeade Re Ltd., Series 2025-1, Class M1C, 7.124%, (30-day SOFR Average + 3.25%), 10/25/35<sup>(1)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | $2312621 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp; 734024 |
| Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2024-RTL1, Class A1, 6.892% to 5/25/27, 10/25/29<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp; 2314262 |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.465%, 7/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp; 880416 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 9.60%, 11/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp; 919778 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 8.463%, 1/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp; 1089125 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 6.981%, 10/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp; 1617666 |
| Eagle Re Ltd., Series 2021-2, Class M1C, 7.324%, (30-day SOFR Average + 3.45%), 4/25/34<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp; 268864 |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 5324, Class MZ, 6.00%, 7/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90617 |
| &nbsp;&nbsp;&nbsp;Series 5402, Class BZ, 6.00%, 4/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341703 |
| &nbsp;&nbsp;&nbsp;Series 5413, Class MZ, 6.00%, 5/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667748 |
| &nbsp;&nbsp;&nbsp;Series 5483, Class FB, 5.304%, (30-day SOFR Average + 1.43%), 12/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp;1820601 |
| &nbsp;&nbsp;&nbsp;Series 5529, Class AF, 4.874%, (30-day SOFR Average + 1.00%), 3/25/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347 | &nbsp;&nbsp;&nbsp;&nbsp;2354074 |
| &nbsp;&nbsp;&nbsp;Series 5556, Class FA, 5.024%, (30-day SOFR Average + 1.15%), 7/25/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 | &nbsp;&nbsp;&nbsp;&nbsp;1376144 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-DNA3, Class B2, 12.139%, (30-day SOFR Average + 8.264%), 7/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1422460 |
| &nbsp;&nbsp;&nbsp;Series 2020-DNA6, Class B1, 6.874%, (30-day SOFR Average + 3.00%), 12/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294712 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B1, 7.274%, (30-day SOFR Average + 3.40%), 8/25/33<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901339 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B2, 9.874%, (30-day SOFR Average + 6.00%), 8/25/33<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;1123281 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class B2, 12.374%, (30-day SOFR Average + 8.50%), 2/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633455 |
| Federal National Mortgage Association, Series 2024-33, Class KF, 4.824%, (30-day SOFR Average + 0.95%), 1/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663312 |
| Federal National Mortgage Association Connecticut Avenue Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R01, Class 2B1, 8.339%, (30-day SOFR Average + 4.464%), 7/25/31<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675908 |
| &nbsp;&nbsp;&nbsp;Series 2019-R05, Class 1B1, 8.089%, (30-day SOFR Average + 4.214%), 7/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795574 |
| &nbsp;&nbsp;&nbsp;Series 2019-R06, Class 2B1, 7.739%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp;1311121 |
| &nbsp;&nbsp;&nbsp;Series 2019-R07, Class 1B1, 7.389%, (30-day SOFR Average + 3.514%), 10/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | &nbsp;&nbsp;&nbsp;&nbsp;1216629 |
| &nbsp;&nbsp;&nbsp;Series 2020-R02, Class 2B1, 6.989%, (30-day SOFR Average + 3.114%), 1/25/40<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503259 |
| &nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B2, 9.874%, (30-day SOFR Average + 6.00%), 10/25/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp;&nbsp;2366602 |
| &nbsp;&nbsp;&nbsp;Series 2021-R02, Class 2B1, 7.174%, (30-day SOFR Average + 3.30%), 11/25/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183497 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class DL, 6.00%, 6/20/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | $345183 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp; 362046 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class BW, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp; 401507 |
| &nbsp;&nbsp;&nbsp;Series 2023-99, Class AL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp; 401622 |
| &nbsp;&nbsp;&nbsp;Series 2023-101, Class FM, 4.818%, (30-day SOFR Average + 0.90%), 7/20/53<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp; 1708315 |
| &nbsp;&nbsp;&nbsp;Series 2023-102, Class SG, 7.946%, (22.546% - 30-day SOFR Average x 3.727), 7/20/53<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp; 355634 |
| &nbsp;&nbsp;&nbsp;Series 2023-133, Class S, 9.847%, (21.60% - 30-day SOFR Average x 3.00), 9/20/53<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp; 713513 |
| &nbsp;&nbsp;&nbsp;Series 2023-164, Class EL, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp; 469170 |
| &nbsp;&nbsp;&nbsp;Series 2023-173, Class AX, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411829 |
| &nbsp;&nbsp;&nbsp;Series 2024-44, Class LM, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;1704285 |
| &nbsp;&nbsp;&nbsp;Series 2024-46, Class AL, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423526 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class FB, 4.968%, (30-day SOFR Average + 1.05%), 12/20/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;2269517 |
| LHOME Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL3, Class A1, 8.00% to 3/25/26, 8/25/28<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289913 |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL4, Class A1, 7.628% to 1/25/26, 11/25/28<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441764 |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL1, Class A1, 7.017% to 8/25/26, 1/25/29<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;1281449 |
| LOANDEPOT GMSR Trust, Series 2025-FT1, Class A, 6.591%, (1 mo. SOFR + 2.75%), 12/19/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759497 |
| NRZ Excess Spread-Collateralized Notes, Series 2025-FHT1, Class A, 6.545%, 3/25/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832737 |
| NYMT Loan Trust, Series 2024-BPL1, Class A1, 7.154% to 7/25/26, 2/25/29<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872954 |
| PNMAC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GT1, Class A, 6.932%, (1 mo. SOFR + 3.20%), 3/25/29<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;1105908 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.182%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738300 |
| PRMI Securitization Trust, Series 2025-CMG1, Class A1, 5.428%, (30-day SOFR Average + 1.50%), 12/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;1662798 |
| Provident Funding Mortgage Trust, Series 2025-3, Class A3, 6.00%, 8/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;1490973 |
| Radian Mortgage Capital Trust, Series 2025-J3, Class A16, 6.00%, 12/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp;1407366 |
| Triangle Re Ltd., Series 2021-3, Class B1, 8.824%, (30-day SOFR Average + 4.95%), 2/25/34<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp;1182732 |
| Total Collateralized Mortgage Obligations<br> (identified cost $49,506,178) |  | **$50511330** |

---

Commercial Mortgage-Backed Securities — 6.6%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| BAMLL Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class BNM, 3.465%, 11/5/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $848542 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| BAMLL Commercial Mortgage Securities Trust: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class DNM, 3.719%, 11/5/32<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 | $2252479 |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class ENM, 3.719%, 11/5/32<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865 | &nbsp;&nbsp; 3297878 |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class FNM, 3.719%, 11/5/32<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp; 1259763 |
| BFLD Commercial Mortgage Trust, Series 2025-660F, Class D, 6.50%, (1 mo. SOFR + 2.75%), 11/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp; 1360377 |
| BFLD Trust, Series 2025-FPM, Class B, 5.593%, 10/10/40<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 | &nbsp;&nbsp; 1728136 |
| BX Trust, Series 2025-GW, Class E, 7.40%, (1 mo. SOFR + 3.65%), 7/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp; 2421296 |
| Caister Finance DAC, Series 1A, Class C, 6.696%, (SONIA + 2.84%), 8/17/35<sup>(1)(3)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp; 1679179 |
| CSMC Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-BPNY, Class A, 7.58%, (1 mo. SOFR + 3.829%), 8/15/26<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608 | &nbsp;&nbsp;&nbsp;&nbsp;3503494 |
| &nbsp;&nbsp;&nbsp;Series 2022-CNTR, Class A, 7.695%, (1 mo. SOFR + 3.944%), 1/9/25<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336961 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class D, 6.791%, 8/10/42<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654 | &nbsp;&nbsp;&nbsp;&nbsp;1712422 |
| Extended Stay America Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-151, Class F, 7.85%, (1 mo. SOFR + 4.10%), 10/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248066 |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class E, 7.10%, (1 mo. SOFR + 3.35%), 10/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;1963331 |
| Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-01, Class M10, 7.239%, (30-day SOFR Average + 3.364%), 10/25/49<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;1236248 |
| &nbsp;&nbsp;&nbsp;Series 2020-01, Class M10, 7.739%, (30-day SOFR Average + 3.864%), 3/25/50<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp;1965555 |
| Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class F, 8.00%, (1 mo. SOFR + 4.25%), 12/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp;1170346 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, 7.066%, 11/10/39<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675239 |
| Great Wolf Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-WLF2, Class A, 5.441%, (1 mo. SOFR + 1.691%), 5/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;1485936 |
| &nbsp;&nbsp;&nbsp;Series 2024-WLF2, Class D, 6.69%, (1 mo. SOFR + 2.939%), 5/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp;1355413 |
| &nbsp;&nbsp;&nbsp;Series 2024-WOLF, Class A, 5.292%, (1 mo. SOFR + 1.542%), 3/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541428 |
| &nbsp;&nbsp;&nbsp;Series 2024-WOLF, Class F, 8.188%, (1 mo. SOFR + 4.438%), 3/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;1143886 |
| HILT Commercial Mortgage Trust, Series 2024-ORL, Class B, 5.691%, (1 mo. SOFR + 1.941%), 5/15/37<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp;1567153 |
| HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class D, 7.089%, (1 mo. SOFR + 3.339%), 6/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1008846 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class E, 6.678%, 1/13/40<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786757 |
| HYT Commercial Mortgage Trust, Series 2024-RGCY, Class B, 6.091%, (1 mo. SOFR + 2.341%), 9/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278038 |
| INTOWN Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class C, 6.00%, (1 mo. SOFR + 2.25%), 3/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651126 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| INTOWN Mortgage Trust: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class D, 6.60%, (1 mo. SOFR + 2.85%), 3/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | $1139647 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class E, 7.60%, (1 mo. SOFR + 3.85%), 3/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp; 1239078 |
| JPMorgan Chase Commercial Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-DSTY, Class B, 3.771%, 6/10/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp; 25410 |
| &nbsp;&nbsp;&nbsp;Series 2025-PHNY, Class A, 5.394%, (1 mo. SOFR + 1.644%), 1/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp; 1132021 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, Class D, 6.939%, (1 mo. SOFR + 3.189%), 6/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp; 1163584 |
| NYC Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-3BP, Class D, 6.191%, (1 mo. SOFR + 2.441%), 2/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp; 1220337 |
| &nbsp;&nbsp;&nbsp;Series 2025-3BP, Class E, 7.29%, (1 mo. SOFR + 3.539%), 2/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929247 |
| ORL Trust, Series 2024-GLKS, Class F, 8.188%, (1 mo. SOFR + 4.438%), 12/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;1838816 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class B, 5.927%, 8/10/42<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913076 |
| SHR Trust, Series 2024-LXRY, Class A, 5.70%, (1 mo. SOFR + 1.95%), 10/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;1530636 |
| TX Trust, Series 2024-HOU, Class E, 8.137%, (1 mo. SOFR + 4.387%), 6/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;1355389 |
| U.K. Logistics DAC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D, 7.856%, (SONIA + 4.00%), 5/17/34<sup>(1)(3)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494413 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 8.856%, (SONIA + 5.00%), 5/17/34<sup>(1)(3)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288359 |
| Wells Fargo Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1918, Class B, 6.013%, 9/15/40<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522657 |
| &nbsp;&nbsp;&nbsp;Series 2025-1918, Class C, 6.692%, 9/15/40<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557904 |
| Willowbrook Mall, Series 2025-WBRK, Class E, 6.075%, 3/5/35<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854346 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $52,413,230) |  |  | **$51682815** |

---

Common Stocks — 0.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Energy — 0.1% | Energy — 0.1% |  |
| Enviva LLC<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36093 | $570269 |
| Total Common Stocks<br> (identified cost $216,742) |  | **$570269** |

---

Convertible Bonds — 0.6%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Communications — 0.1% | Communications — 0.1% |  |
| Alibaba Group Holding Ltd., 0.50%, 6/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $396652 |
| JD.com, Inc., 0.25%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 251125 |
| Liberty Media Corp.-Liberty Formula One, 2.25%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp; 272513 |
|  |  | **$920290** |
| Consumer, Non-cyclical — 0.2% | Consumer, Non-cyclical — 0.2% |  |
| Exact Sciences Corp., 1.75%, 4/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | $349267 |
| Ionis Pharmaceuticals, Inc., 0.00%, 12/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 320250 |
| Jazz Investments I Ltd., 3.125%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; 333375 |
| Shift4 Payments, Inc., 0.50%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236058 |
|  |  | **$1238950** |
| Energy — 0.0%<sup>†</sup> | Energy — 0.0%<sup>†</sup> |  |
| XPLR Infrastructure LP, 2.50%, 6/15/26<sup>(1)(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | $280383 |
|  |  | **$280383** |
| Financial — 0.1% | Financial — 0.1% |  |
| Barclays Bank PLC, 1.00%, 2/16/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | $296749 |
| Digital Realty Trust LP, 1.875%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310032 |
| Federal Realty OP LP, 3.25%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268180 |
|  |  | **$874961** |
| Technology — 0.2% | Technology — 0.2% |  |
| Akamai Technologies, Inc., 1.125%, 2/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $272388 |
| Datadog, Inc., 0.00%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310387 |
| DigitalOcean Holdings, Inc., 0.00%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354250 |
| ON Semiconductor Corp., 0.50%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275065 |
| Parsons Corp., 2.625%, 3/1/29<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273083 |
|  |  | **$1485173** |
| Total Convertible Bonds<br> (identified cost $4,410,281) |  | **$4799757** |

---

Corporate Bonds — 29.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Basic Materials — 0.6% | Basic Materials — 0.6% |  |
| Celanese U.S. Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;7.05%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | $1539565 |
| &nbsp;&nbsp;&nbsp;7.20%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp; 1232802 |
| Compass Minerals International, Inc., 6.75%, 12/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp; 155637 |
| Olympus Water U.S. Holding Corp., 7.25%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp; 1528894 |
|  |  | **$4456898** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Communications — 2.6% | Communications — 2.6% |  |
| Arches Buyer, Inc., 4.25%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | $1424194 |
| Bell Telephone Co. of Canada or Bell Canada, 6.875% to 6/15/30, 9/15/55<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp; 1382897 |
| Charter Communications Operating LLC/Charter Communications Operating Capital: |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 12/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp; 674366 |
| &nbsp;&nbsp;&nbsp;4.80%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp; 2785890 |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 | &nbsp;&nbsp; 1683378 |
| McGraw-Hill Education, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 9/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp; 1911038 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;1087104 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;1926774 |
| TELUS Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.375% to 3/9/31, 6/9/56<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp;1830808 |
| &nbsp;&nbsp;&nbsp;6.625% to 3/9/36, 6/9/56<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;&nbsp;&nbsp;1319290 |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp;1502178 |
| Vmed O2 U.K. Financing I PLC, 4.75%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;1912677 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;1138183 |
|  |  | **$20578777** |
| Consumer, Cyclical — 2.6% | Consumer, Cyclical — 2.6% |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | $718058 |
| Aptiv Swiss Holdings Ltd., 3.10%, 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | &nbsp;&nbsp;&nbsp;&nbsp;2570782 |
| Clarios Global LP/Clarios U.S. Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;1308200 |
| &nbsp;&nbsp;&nbsp;6.75%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570673 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;1524453 |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp;1274290 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.303%, 9/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423494 |
| &nbsp;&nbsp;&nbsp;7.35%, 3/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161 | &nbsp;&nbsp;&nbsp;&nbsp;3393960 |
| LCM Investments Holdings II LLC, 4.875%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976067 |
| Lithia Motors, Inc., 4.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp;1933163 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp;1478372 |
| PetSmart LLC/PetSmart Finance Corp., 7.50%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729525 |
| Sonic Automotive, Inc., 4.625%, 11/15/29<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;1522624 |
| Stellantis Finance U.S., Inc., 6.45%, 3/18/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;1690047 |
|  |  | **$20113708** |
| Consumer, Non-cyclical — 2.3% | Consumer, Non-cyclical — 2.3% |  |
| Centene Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | $1095725 |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616690 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870667 |
| Fortrea Holdings, Inc., 7.50%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946604 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;1487089 |
| HCA, Inc., 4.60%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659 | &nbsp;&nbsp;&nbsp;&nbsp;2635687 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Consumer, Non-cyclical (continued) | Consumer, Non-cyclical (continued) | Consumer, Non-cyclical (continued) |  |
| Herc Holdings, Inc., 7.00%, 6/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | $1916503 |
| LifePoint Health, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, 8/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 538971 |
| &nbsp;&nbsp;&nbsp;10.00%, 6/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp; 1036751 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp; 1528078 |
| Perrigo Finance Unlimited Co., 4.90%, 6/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp; 1878086 |
| Royalty Pharma PLC, 5.20%, 9/25/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp; 685013 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp; 625372 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;1927071 |
|  |  |  | **$17788307** |
| Diversified — 0.2% | Diversified — 0.2% | Diversified — 0.2% |  |
| Inversiones La Construccion SA, 4.75%, 2/7/32<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | $1322791 |
|  |  |  | **$1322791** |
| Energy — 0.8% | Energy — 0.8% | Energy — 0.8% |  |
| Occidental Petroleum Corp., 5.375%, 1/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | $2356610 |
| Raizen Fuels Finance SA, 5.70%, 1/17/35<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp;1047636 |
| TerraForm Power Operating LLC, 4.75%, 1/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;1765349 |
| WBI Operating LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50335 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp;1465219 |
|  |  |  | **$6685149** |
| Financial — 15.8% | Financial — 15.8% | Financial — 15.8% |  |
| Ally Financial, Inc., 4.70% to 5/15/26<sup>(9)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | $1518683 |
| American Assets Trust LP, 3.375%, 2/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404007 |
| American National Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 7/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 | &nbsp;&nbsp;&nbsp;&nbsp;1727046 |
| &nbsp;&nbsp;&nbsp;6.144%, 6/13/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924472 |
| &nbsp;&nbsp;&nbsp;7.00% to 12/1/30, 12/1/55<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp;1522260 |
| Apollo Debt Solutions BDC, 5.875%, 8/30/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp;1643351 |
| ASR Nederland NV, 7.00% to 9/7/33, 12/7/43<sup>(9)(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;1290239 |
| Athene Holding Ltd., 6.625%, 5/19/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844 | &nbsp;&nbsp;&nbsp;&nbsp;3918026 |
| Azorra Finance Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 1/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;1483020 |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1377719 |
| Banco Mercantil del Norte SA, 8.375% to 5/20/31<sup>(1)(8)(9)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp;2080424 |
| Banco Santander SA, 9.625% to 11/21/28<sup>(9)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1109181 |
| Bank of Montreal, 7.70% to 5/26/29, 5/26/84<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp;1523559 |
| Bank of Nova Scotia, 8.00% to 1/27/29, 1/27/84<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp;&nbsp;&nbsp;3929092 |
| Barclays PLC, 8.00% to 3/15/29<sup>(9)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp;2227901 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% to 1/18/28, 1/18/33<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp;2496567 |
| &nbsp;&nbsp;&nbsp;7.625% to 2/11/30, 2/11/35<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210500 |
| &nbsp;&nbsp;&nbsp;8.125% to 1/8/34, 1/8/39<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp;1240531 |
| &nbsp;&nbsp;&nbsp;8.45% to 6/29/33, 6/29/38<sup>(1)(8)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798996 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| Blue Owl Credit Income Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.60%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | $375950 |
| &nbsp;&nbsp;&nbsp;6.65%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp; 551701 |
| BNP Paribas SA, 7.75% to 8/16/29<sup>(1)(9)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 | &nbsp;&nbsp; 2948719 |
| Brookfield Finance, Inc., 6.30% to 10/15/34, 1/15/55<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp; 2283116 |
| Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, 10/28/85<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 2090164 |
| CI Financial Corp., 7.50%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp; 3136211 |
| CTR Partnership LP/CareTrust Capital Corp., 3.875%, 6/30/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp; 2368410 |
| EPR Properties: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844915 |
| &nbsp;&nbsp;&nbsp;3.75%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441497 |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp;1091866 |
| Essent Group Ltd., 6.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296626 |
| Focus Financial Partners LLC, 6.75%, 9/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722146 |
| Fortitude Group Holdings LLC, 6.25%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557 | &nbsp;&nbsp;&nbsp;&nbsp;2665276 |
| Global Atlantic Fin Co.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260 | &nbsp;&nbsp;&nbsp;&nbsp;3333340 |
| &nbsp;&nbsp;&nbsp;7.25% to 3/1/31, 3/1/56<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;1194133 |
| &nbsp;&nbsp;&nbsp;7.95% to 7/15/29, 10/15/54<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764013 |
| HA Sustainable Infrastructure Capital, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp;&nbsp;&nbsp;5244486 |
| &nbsp;&nbsp;&nbsp;8.00% to 3/1/31, 6/1/56<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;1251858 |
| Intact Financial Corp., 5.459%, 9/22/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518486 |
| Intesa Sanpaolo SpA, 8.248% to 11/21/32, 11/21/33<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp;3217853 |
| Jefferies Financial Group, Inc., 6.20%, 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp;2675576 |
| Jyske Realkredit AS, 3.50%, 10/1/56 DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191018 |
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp;3532754 |
| Marex Group PLC, 6.404%, 11/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 | &nbsp;&nbsp;&nbsp;&nbsp;2726644 |
| Midcap Financial Issuer Trust, 5.37%, 4/15/29<sup>(1)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;1438000 |
| NMI Holdings, Inc., 6.00%, 8/15/29<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371149 |
| Nordea Kredit Realkreditaktieselskab, 3.50%, 10/1/56 DKK | &nbsp;&nbsp;&nbsp;&nbsp;58659 | &nbsp;&nbsp;&nbsp;&nbsp;8869005 |
| Nykredit Realkredit AS: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 4/1/53<sup>(10)</sup> DKK | &nbsp;&nbsp;&nbsp;&nbsp;34255 | &nbsp;&nbsp;&nbsp;&nbsp;5243155 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56<sup>(10)</sup> DKK | &nbsp;&nbsp;&nbsp;&nbsp;28368 | &nbsp;&nbsp;&nbsp;&nbsp;4291705 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56<sup>(10)</sup> DKK | &nbsp;&nbsp;&nbsp;&nbsp;24570 | &nbsp;&nbsp;&nbsp;&nbsp;3670831 |
| Oaktree Strategic Credit Fund: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 7/23/29<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427704 |
| &nbsp;&nbsp;&nbsp;8.40%, 11/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;1304395 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597 | &nbsp;&nbsp;&nbsp;&nbsp;1655894 |
| Raymond James Financial, Inc., 5.65%, 9/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828712 |
| Realkredit Danmark AS, 3.50%, 10/1/56<sup>(10)</sup> DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830752 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp;1858865 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp;6.10% to 4/13/32, 4/13/33<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211440 |
| &nbsp;&nbsp;&nbsp;8.50% to 3/25/34<sup>(1)(8)(9)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | &nbsp;&nbsp;&nbsp;&nbsp;1675231 |
| Stellantis Financial Services U.S. Corp., 5.40%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2032040 |
| Synovus Bank/Columbus, GA, 5.625%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp;1483700 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) | Financial (continued) |  |
| Synovus Financial Corp., 6.168% to 11/1/29, 11/1/30<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | $1166406 |
| Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp; 969434 |
| Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp; 2976027 |
| UBS Group AG, 9.25% to 11/13/28<sup>(1)(9)(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp; 1947352 |
| UniCredit SpA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.459% to 6/30/30, 6/30/35<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp; 988296 |
| &nbsp;&nbsp;&nbsp;5.861% to 6/19/27, 6/19/32<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp; 1409608 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp; 1514311 |
| Westpac Banking Corp., 3.02% to 11/18/31, 11/18/36<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338785 |
|  |  |  | **$123395129** |
| Government - Multinational — 0.3% | Government - Multinational — 0.3% | Government - Multinational — 0.3% |  |
| International Bank for Reconstruction & Development, 8.50%, 4/6/26 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;45700 | $2545750 |
|  |  |  | **$2545750** |
| Industrial — 1.7% | Industrial — 1.7% | Industrial — 1.7% |  |
| Calderys Financing LLC, 11.25%, 6/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | $1201300 |
| Canpack SA/Canpack U.S. LLC, 3.875%, 11/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;1934509 |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;1903547 |
| Hexcel Corp., 5.875%, 2/26/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613628 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;1313133 |
| Reworld Holding Corp., 4.875%, 12/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;1914578 |
| Seaspan Corp., 5.50%, 8/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp;1280381 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;1880083 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 5/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1269411 |
|  |  |  | **$13310570** |
| Technology — 1.5% | Technology — 1.5% | Technology — 1.5% |  |
| Cloud Software Group, Inc., 9.00%, 9/30/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $1354861 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;1919998 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp;1948760 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1543224 |
| Oracle Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 4/1/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542531 |
| &nbsp;&nbsp;&nbsp;3.95%, 3/25/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248291 |
| &nbsp;&nbsp;&nbsp;5.20%, 9/26/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | &nbsp;&nbsp;&nbsp;&nbsp;1367694 |
| Qorvo, Inc., 3.375%, 4/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;1531916 |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;1182400 |
|  |  |  | **$11639675** |
| Utilities — 0.7% | Utilities — 0.7% | Utilities — 0.7% |  |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.375%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1003814 |
| Clearway Energy Operating LLC, 3.75%, 1/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366424 |
| Dominion Energy, Inc., 6.00% to 11/15/30, 2/15/56<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;1134910 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Utilities (continued) | Utilities (continued) |  |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | $898069 |
| XPLR Infrastructure Operating Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 525718 |
| &nbsp;&nbsp;&nbsp;8.625%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp; 1894859 |
|  |  | **$5823794** |
| Total Corporate Bonds<br> (identified cost $222,603,133) |  | **$227660548** |

---

Exchange-Traded Funds — 0.8%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Fixed-Income Funds — 0.8% | Fixed-Income Funds — 0.8% |  |
| Calvert Ultra-Short Investment Grade ETF<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119000 | $6039250 |
| Total Exchange-Traded Funds<br> (identified cost $6,036,680) |  | **$6039250** |

---

High Social Impact Investments — 0.2%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 12/15/28<sup>(7)(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $506930 |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 9/20/29<sup>(7)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1014490 |
| Total High Social Impact Investments<br> (identified cost $1,500,000) |  | **$1521420** |

---

Preferred Stocks — 0.8%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Banks — 0.1% | Banks — 0.1% |  |
| Citizens Financial Group, Inc., Series I, 6.50% to 10/6/30<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36722 | $932372 |
|  |  | **$932372** |
| Insurance — 0.3% | Insurance — 0.3% |  |
| Aspen Insurance Holdings Ltd., 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93404 | $2313617 |
|  |  | **$2313617** |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |  |
| Brookfield Property Partners LP, Series A, 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77941 | $1036615 |
|  |  | **$1036615** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% |  |
| T-Mobile USA, Inc., 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72800 | $1823640 |
|  |  | **$1823640** |
| Total Preferred Stocks<br> (identified cost $7,033,515) |  | **$6106244** |

---

Senior Floating-Rate Loans — 5.1%<sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Aerospace and Defense — 0.1% | Aerospace and Defense — 0.1% |  |
| Dynasty Acquisition Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 10/31/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | $720707 |
| &nbsp;&nbsp;&nbsp;Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp; 274134 |
|  |  | **$994841** |
| Capital Markets — 0.1% | Capital Markets — 0.1% |  |
| Focus Financial Partners LLC, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 9/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | $992788 |
|  |  | **$992788** |
| Chemicals — 0.3% | Chemicals — 0.3% |  |
| Charter NEX U.S., Inc., Term Loan, 11/29/30<sup>(16)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $2006650 |
|  |  | **$2006650** |
| Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% |  |
| MV Holding GmbH, Term Loan, 5.721%, (1 mo. USD Term SOFR + 2.00%), 3/17/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | $1500599 |
| Prime Security Services Borrower LLC, Term Loan, 10/13/30<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2005440 |
|  |  | **$3506039** |
| Diversified Consumer Services — 0.2% | Diversified Consumer Services — 0.2% |  |
| Belron Finance 2019 LLC, Term Loan, 6.12%, (3 mo. USD Term SOFR + 2.25%), 10/16/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | $1491490 |
| KUEHG Corp., Term Loan, 6.422%, (3 mo. USD Term SOFR + 2.75%), 6/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337004 |
|  |  | **$1828494** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |  |
| Lumen Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.181%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | $205383 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.181%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205313 |
|  |  | **$410696** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Entertainment — 0.1% | Entertainment — 0.1% |  |
| Delta 2 (LUX) SARL, Term Loan, 5.422%, (3 mo. USD Term SOFR + 1.75%), 9/30/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1004750 |
|  |  | **$1004750** |
| Financial Services — 0.1% | Financial Services — 0.1% |  |
| CPI Holdco B LLC, Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | $988222 |
|  |  | **$988222** |
| Food Products — 0.3% | Food Products — 0.3% |  |
| Froneri Lux Finco SARL, Term Loan, 9/30/31<sup>(16)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $2001470 |
|  |  | **$2001470** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |  |
| Medline Borrower LP, Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 10/23/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | $888625 |
|  |  | **$888625** |
| Health Care Providers & Services — 0.3% | Health Care Providers & Services — 0.3% |  |
| CNT Holdings I Corp., Term Loan, 6.09%, (3 mo. USD Term SOFR + 2.25%), 11/8/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 | $1497709 |
| Raven Acquisition Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837381 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11/19/31<sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60265 |
|  |  | **$2395355** |
| Insurance — 1.0% | Insurance — 1.0% |  |
| Alliant Holdings Intermediate LLC, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | $1991775 |
| AmWINS Group, Inc., Term Loan, 5.966%, (1 mo. USD Term SOFR + 2.25%), 1/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp;1383330 |
| HUB International Ltd., Term Loan, 6.12%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp;1767177 |
| Ryan Specialty Group LLC, Term Loan, 5.716%, (1 mo. USD Term SOFR + 2.00%), 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992995 |
| USI, Inc., Term Loan, 5.922%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 | &nbsp;&nbsp;&nbsp;&nbsp;1888448 |
|  |  | **$8023725** |
| IT Services — 0.1% | IT Services — 0.1% |  |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | $791404 |
|  |  | **$791404** |
| Machinery — 0.7% | Machinery — 0.7% |  |
| Alliance Laundry Systems LLC, Term Loan, 5.984% - 6.107%, (1 mo. USD Term SOFR + 2.25%, 3 mo. USD Term SOFR + 2.25%), 8/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | $661463 |

---

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Machinery (continued) | Machinery (continued) |  |
| Gates Global LLC, Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 6/4/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | $991099 |
| Madison IAQ LLC, Term Loan, 6/21/28<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 2011920 |
| TK Elevator Midco GmbH, Term Loan, 4/30/30<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 2014710 |
|  |  | **$5679192** |
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |  |
| Jazz Financing Lux SARL, Term Loan, 5/5/28<sup>(16)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $2010970 |
|  |  | **$2010970** |
| Professional Services — 0.2% | Professional Services — 0.2% |  |
| Trans Union LLC, Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | $1489492 |
|  |  | **$1489492** |
| Software — 0.4% | Software — 0.4% |  |
| Epicor Software Corp., Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | $994331 |
| McAfee LLC, Term Loan, 6.716%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916873 |
| Open Text Corp., Term Loan, 5.466%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876436 |
|  |  | **$2787640** |
| Specialty Retail — 0.1% | Specialty Retail — 0.1% |  |
| Les Schwab Tire Centers, Term Loan, 6.216% - 6.323%, (1 mo. USD Term SOFR + 2.50%, 3 mo. USD Term SOFR + 2.50%), 4/23/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | $992567 |
|  |  | **$992567** |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |  |
| KKR Apple Bidco LLC, Term Loan, 6.216%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | $996222 |
|  |  | **$996222** |
| Total Senior Floating-Rate Loans<br> (identified cost $39,778,603) |  | **$39789142** |

---

Sovereign Government Bonds — 0.4%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Romania — 0.4% | Romania — 0.4% | Romania — 0.4% |  |
| Romania Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 4/14/33<sup>(10)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | $292305 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Romania (continued) | Romania (continued) | Romania (continued) |  |
| Romania Government International Bonds: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 2/7/34<sup>(10)</sup> | EUR | &nbsp;&nbsp;537 | $570256 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/22/36<sup>(1)</sup> | EUR | 1720 | &nbsp;&nbsp; 2003256 |
|  |  |  | **$2865817** |
| Total Sovereign Government Bonds<br> (identified cost $2,746,161) |  |  | **$2865817** |

---

U.S. Government Agency Mortgage-Backed Securities — 21.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6835 | $6829906 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41450 | &nbsp;&nbsp; 42077585 |
| Federal National Mortgage Association, 5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30122 | &nbsp;&nbsp; 30583049 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 30-Year, TBA<sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5780 | &nbsp;&nbsp; 5483324 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72751 | &nbsp;&nbsp; 72580750 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967 | &nbsp;&nbsp; 8079633 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $164,877,431) |  | **$165634247** |

---

U.S. Treasury Obligations — 15.8%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 8/15/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | $179084 |
| &nbsp;&nbsp;&nbsp;2.50%, 5/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp; 151965 |
| &nbsp;&nbsp;&nbsp;2.875%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743 | &nbsp;&nbsp; 5059884 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp; 4511655 |
| &nbsp;&nbsp;&nbsp;0.625%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746 | &nbsp;&nbsp; 4130503 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp; 3302271 |
| &nbsp;&nbsp;&nbsp;1.25%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp; 622198 |
| &nbsp;&nbsp;&nbsp;1.375%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347629 |
| &nbsp;&nbsp;&nbsp;1.625%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441 | &nbsp;&nbsp;&nbsp;&nbsp;1345393 |
| &nbsp;&nbsp;&nbsp;3.875%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249 | &nbsp;&nbsp;&nbsp;&nbsp;6154167 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645130 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68999 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398 | &nbsp;&nbsp;&nbsp;&nbsp;1407611 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;47200 | &nbsp;&nbsp;&nbsp;48023235 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;46716 | &nbsp;&nbsp;&nbsp;47046447 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14119 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. Treasury Notes: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/35 | $547 | $567908 |
| Total U.S. Treasury Obligations<br> (identified cost $122,087,391) |  | **$123578198** |

---

Miscellaneous — 0.0%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | **Value** |
| Energy — 0.0% | Energy — 0.0% |  |
| Enviva LLC, Escrow Certificates<sup>(6)(19)</sup> | $1134000 | $0 |
| Total Miscellaneous<br> (identified cost $0) |  | **$0** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 13.0% |  |  |
| Affiliated Fund — 12.4% | Affiliated Fund — 12.4% | Affiliated Fund — 12.4% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(20)</sup> | 96716220 | $96716220 |
| Total Affiliated Fund<br> (identified cost $96,716,220) |  | **$96716220** |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Collateral — 0.4% | Securities Lending Collateral — 0.4% | Securities Lending Collateral — 0.4% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.83%<sup>(21)</sup> | 3453084 | $3453084 |
| Total Securities Lending Collateral<br> (identified cost $3,453,084) |  | **$3453084** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| U.S. Treasury Obligations — 0.2% | U.S. Treasury Obligations — 0.2% | U.S. Treasury Obligations — 0.2% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| U.S. Treasury Bills, 0.00%, 4/2/26<sup>(22)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | $1516427 |
| Total U.S. Treasury Obligations<br> (identified cost $1,515,640) |  | **$1516427** |
| Total Short-Term Investments<br> (identified cost $101,684,944) |  | **$101685731** |
| Total Investments — 113.0%<br> (identified cost $879,350,474) |  | **$884216490** |
| Less Unfunded Loan Commitments — (0.0)%<sup>†</sup> |  | $**(60000)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Investments — 113.0%<br> (identified cost $879,290,474) | **$884156490** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — (13.0)% | **$(101405627)** |
| Net Assets — 100.0% | **$782750863** |

---

---

| | |
|:---|:---|
| 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>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2025, the aggregate value of these securities is $309,913,238 or 39.6% of the Fund's net assets. |
| <sup>(2)</sup> | Step coupon security. Interest rate represents the rate in effect at<br> December 31, 2025. |
| <sup>(3)</sup> | Variable rate security. The stated interest rate represents the rate in effect at December 31, 2025. |
| <sup>(4)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at December 31, 2025. |
| <sup>(5)</sup> | Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at December 31, 2025. |
| <sup>(6)</sup> | Non-income producing security. |
| <sup>(7)</sup> | Restricted security. Total market value of restricted securities amounts to $2,091,689, which represents 0.3% of the net assets of the Fund as of December 31, 2025. |
| <sup>(8)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $4,228,862. |

---

<sup>(9)</sup> Security converts to variable rate after the indicated fixed-rate coupon period.

<sup>(10)</sup> Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At December 31, 2025, the aggregate value of these securities is $17,512,034 or 2.3% of the Fund's net assets.

<sup>(11)</sup> Perpetual security with no stated maturity date but may be subject to calls by the issuer.

<sup>(12)</sup> When-issued security.

<sup>(13)</sup> Affiliated fund (see Note 8).

<sup>(14)</sup> May be deemed to be an affiliated company (see Note 8).

<sup>(15)</sup> Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate"). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

<sup>(16)</sup> This Senior Loan will settle after December 31, 2025, at which time the interest rate will be determined.

<sup>(17)</sup> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At December 31, 2025, the total value of unfunded loan commitments is $60,265. See Note 1F for description.

<sup>(18)</sup> TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount, which is not expected to differ significantly from the commitment amount, and maturity date are determined upon settlement.

<sup>(19)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(20)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of December 31, 2025.

<sup>(21)</sup> Represents investment of cash collateral received in connection with securities lending.

<sup>(22)</sup> Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

#### Forward Foreign Currency Exchange Contracts (OTC)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186846175 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799231 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;$31988 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42036187 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572041 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29157) |
| DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47807985 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7556484 | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2726) |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370668 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497818 | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HUF | &nbsp;&nbsp;&nbsp;&nbsp;2077790877 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261896 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274929573 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035062 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151448 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95398368 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5191399 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127215 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933875 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17282) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30798437 | &nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196504805 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249718) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500870 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557130 | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51891) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920411 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194294 | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36847) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6259085 | &nbsp;&nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;2078364673 | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65648) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006009 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274929573 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32963) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$167587** | &nbsp;&nbsp;&nbsp;&nbsp;**$(486232)** |

---

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;$12109766 | &nbsp;&nbsp;&nbsp;&nbsp;$(6379) |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50608071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150585) |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(174) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19564125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131666 |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(195) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22428047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137727 |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213216 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$325645** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Schedule of Investments — continued

------

#### Credit Default Swaps - Sell Protection (OTC)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<sup>(1)</sup><br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market<br> Annual<br> Fixed Rate<sup>(3)</sup>** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| U.S. Land Banking | &nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;$1500 &nbsp;&nbsp;5.50%<br> (pays monthly)<sup>(4)</sup> | &nbsp;&nbsp;5.42% | &nbsp;&nbsp;10/10/29 | &nbsp;&nbsp;$11250 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11250 |
| **Total** |  | &nbsp;&nbsp;**$1500** |  |  | &nbsp;&nbsp;**$11250** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$11250** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
<sup>(1)</sup> If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At December 31, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $1,500,000.

<sup>(2)</sup> The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) or paid by the Fund (as a buyer of protection) on the notional amount of the credit default swap contract.

<sup>(3)</sup> Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market's perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as "Defaulted" indicates a credit event has occurred for the reference entity.

<sup>(4)</sup> Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

#### Restricted Securities

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquisition Dates** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;12/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;$500000 |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 9/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/20/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| Enviva LLC | &nbsp;&nbsp;&nbsp;&nbsp;12/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1716742** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| OTC | – Over-the-counter |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Index Average |
| STACR | – Structured Agency Credit Risk |
| TBA | – To Be Announced |
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| DKK | – Denmark Krone |
| EGP | – Egyptian Pound |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| HUF | – Hungarian Forint |
| INR | – Indian Rupee |
| KRW | – South Korean Won |
| MXN | – Mexican Peso |
| SGD | – Singapore Dollar |
| USD | – United States Dollar |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $775,037,574) - including<br> $4,228,862 of securities on loan | &nbsp;&nbsp;$779879600 |
| Investments in securities of affiliated issuers, at value (identified cost $104,252,900) | &nbsp;&nbsp;&nbsp;&nbsp;104276890 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44228 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167587 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325558 |
| Cash denominated in foreign currency, at value (cost $8,316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326 |
| Deposits for forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949000 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149000 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546929 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161990 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355044 |
| Dividends and interest receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257892 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133160 |
| **Total assets** | &nbsp;&nbsp;**$893534001** |
| Liabilities |  |
| Cash collateral due to broker | &nbsp;&nbsp;$260000 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486232 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17155842 |
| Payable for when-issued/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87243984 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411875 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78024 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453084 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218014 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77900 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12828 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133160 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249910 |
| **Total liabilities** | &nbsp;&nbsp;**$110783138** |
| **Net Assets** | &nbsp;&nbsp;**$782750863** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$777778952 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971911 |
| **Net Assets** | &nbsp;&nbsp;**$782750863** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$48619489 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238754 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.01 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$15.51 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$3055832 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203432 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.02 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$695642015 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46469512 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$14.97 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$35433527 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365517 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$14.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 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. |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $14,713) | &nbsp;&nbsp;$246301 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513087 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;32577559 |
| Interest income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75139 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92962 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86270 |
| **Total investment income** | &nbsp;&nbsp;**$37591318** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$2349312 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805478 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108885 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31389 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36586 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31974 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604089 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145282 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104096 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103067 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35966 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68971 |
| **Total expenses** | &nbsp;&nbsp;**$4425095** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(185190) |
| **Net expenses** | &nbsp;&nbsp;**$4239905** |
| **Net investment income** | &nbsp;&nbsp;**$33351413** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5328301 |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645183) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427280) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388916 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238610 |
| **Net realized gain** | &nbsp;&nbsp;**$5891387** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13445968 |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86063 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155430) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24561 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309721) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$13102691** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$18994078** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$52345491** |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33351413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23979366 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5891387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268956 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13102691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585249 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$52345491** | &nbsp;&nbsp;**$25833571** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2080408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2223064) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84900) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28975247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19272881) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2440909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2192857) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(33622774)** | &nbsp;&nbsp;**$(23773702)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7913169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2106886 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123054 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188385634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216438058 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16722018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18570219 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$179786949** | &nbsp;&nbsp;**$238238217** |
| **Net increase in net assets** | &nbsp;&nbsp;**$198509666** | &nbsp;&nbsp;**$240298086** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$584241197 | &nbsp;&nbsp;$343943111 |
| **At end of year** | &nbsp;&nbsp;**$782750863** | &nbsp;&nbsp;**$584241197** |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.58 | &nbsp;&nbsp;$14.46 | &nbsp;&nbsp;$14.04 | &nbsp;&nbsp;$15.35 | &nbsp;&nbsp;$15.31 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.70 | &nbsp;&nbsp;$0.77 | &nbsp;&nbsp;$0.72 | &nbsp;&nbsp;$0.46 | &nbsp;&nbsp;$0.34 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.14** | &nbsp;&nbsp;**$0.88** | &nbsp;&nbsp;**$1.15** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$0.55** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.71) | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;$(0.34) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.71)** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$(0.51)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.01** | &nbsp;&nbsp;**$14.58** | &nbsp;&nbsp;**$14.46** | &nbsp;&nbsp;**$14.04** | &nbsp;&nbsp;**$15.35** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.96%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.88)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.62%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$48619 | &nbsp;&nbsp;$39466 | &nbsp;&nbsp;$36834 | &nbsp;&nbsp;$30574 | &nbsp;&nbsp;$30844 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96%<sup>(5)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund and in other affiliated funds (equal to 0.03%, 0.04%, less than 0.005% and less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(5)</sup> Includes the effect of To Be Announced (TBA) transactions.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.59 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$14.05 | &nbsp;&nbsp;$15.35 | &nbsp;&nbsp;$15.32 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.66 | &nbsp;&nbsp;$0.62 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.03** | &nbsp;&nbsp;**$0.78** | &nbsp;&nbsp;**$1.04** | &nbsp;&nbsp;**$(0.69)** | &nbsp;&nbsp;**$0.43** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.66) | &nbsp;&nbsp;$(0.62) | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;**$(0.40)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.02** | &nbsp;&nbsp;**$14.59** | &nbsp;&nbsp;**$14.47** | &nbsp;&nbsp;**$14.05** | &nbsp;&nbsp;**$15.35** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.61%** | &nbsp;&nbsp;&nbsp;&nbsp;**(4.53)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.77%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3056 | &nbsp;&nbsp;$2753 | &nbsp;&nbsp;$1618 | &nbsp;&nbsp;$1333 | &nbsp;&nbsp;$1249 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96%<sup>(5)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund and in other affiliated funds (equal to 0.03%, 0.04%, less than 0.005% and less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(5)</sup> Includes the effect of To Be Announced (TBA) transactions.

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.54 | &nbsp;&nbsp;$14.42 | &nbsp;&nbsp;$14.00 | &nbsp;&nbsp;$15.30 | &nbsp;&nbsp;$15.27 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.74 | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;$0.76 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$0.38 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.17** | &nbsp;&nbsp;**$0.92** | &nbsp;&nbsp;**$1.18** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$0.58** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;$(0.80) | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$(0.38) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.74)** | &nbsp;&nbsp;**$(0.80)** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.75)** | &nbsp;&nbsp;**$(0.55)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$14.97** | &nbsp;&nbsp;**$14.54** | &nbsp;&nbsp;**$14.42** | &nbsp;&nbsp;**$14.00** | &nbsp;&nbsp;**$15.30** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.81%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$695642 | &nbsp;&nbsp;$491225 | &nbsp;&nbsp;$273495 | &nbsp;&nbsp;$229808 | &nbsp;&nbsp;$200170 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96%<sup>(5)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund and in other affiliated funds (equal to 0.03%, 0.04%, less than 0.005% and less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(5)</sup> Includes the effect of To Be Announced (TBA) transactions.

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.55 | &nbsp;&nbsp;$14.43 | &nbsp;&nbsp;$14.01 | &nbsp;&nbsp;$15.31 | &nbsp;&nbsp;$15.27 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;$0.82 | &nbsp;&nbsp;$0.77 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.39 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.19** | &nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;**$1.20** | &nbsp;&nbsp;**$(0.53)** | &nbsp;&nbsp;**$0.60** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.81) | &nbsp;&nbsp;$(0.78) | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.39) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.81)** | &nbsp;&nbsp;**$(0.78)** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$(0.56)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$14.98** | &nbsp;&nbsp;**$14.55** | &nbsp;&nbsp;**$14.43** | &nbsp;&nbsp;**$14.01** | &nbsp;&nbsp;**$15.31** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.33%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.61%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.96%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$35434 | &nbsp;&nbsp;$50797 | &nbsp;&nbsp;$31997 | &nbsp;&nbsp;$38166 | &nbsp;&nbsp;$47590 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96%<sup>(5)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund and in other affiliated funds (equal to 0.03%, 0.04%, less than 0.005% and less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022, respectively).

<sup>(5)</sup> Includes the effect of To Be Announced (TBA) transactions.

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Flexible Bond Fund (the Fund) is a diversified series of Calvert Management Series (the Trust). The Trust is a Massachusetts business trust 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 positive absolute returns over a full market cycle, regardless of market conditions. The Fund invests primarily in bonds and/or instruments that provide exposure to bonds, including debt securities of any maturity.

The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 0.75% 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 1.00% 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 Trustees (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 by the

Board's valuation designee.

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:

**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.**

**Senior Floating-Rate Loans. Interests in senior floating-rate loans for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service, and are categorized as Level 2 in the hierarchy.**

**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.**

**Other Securities. Exchange-traded funds are valued at the official 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. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.**

**Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund's forward foreign currency exchange contracts are valued at an**

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service and are categorized as Level 2 in the hierarchy. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract, and in the case of credit default swaps, based on credit spread quotations obtained from broker/dealers and expected default recovery rates determined by the pricing service using proprietary models. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Swaps are categorized as Level 2 in the hierarchy.

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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 December 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3<sup>(1)</sup>** | &nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$101771722 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$101771722 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50511330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50511330 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51682815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51682815 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570269 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570269 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799757 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;227660548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;227660548 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039250 |
| High Social Impact Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521420 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521420 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6106244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6106244 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39729142 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39729142 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865817 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;165634247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;165634247 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;123578198 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;123578198 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96716220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96716220 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453084 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516427 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516427 |
| **Total Investments** | &nbsp;&nbsp;**$112314798** | &nbsp;&nbsp;**$771841692** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$884156490** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$167587 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$167587 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482609 |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 |
| **Total** | &nbsp;&nbsp;**$112797407** | &nbsp;&nbsp;**$772020529** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$884817936** |

---

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liability Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(486232) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(486232) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156964) |
| **Total** | &nbsp;&nbsp;**$(156964)** | &nbsp;&nbsp;**$(486232)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(643196)** |

---

<sup>(1)</sup> None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2025 is not presented.

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. 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. The Fund may earn certain fees in connection with its investments in senior floating-rate loans. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned.

C Share Class Accounting— Realized and unrealized gains and losses 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. 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 Senior Floating-Rate Loans— The Fund may invest in direct debt instruments, which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Fund's investment in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the lender) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower of the loan. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of such payments by the lender from the borrower. The Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is issuing the participation interest.

F Unfunded Loan Commitments— The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. The commitments, if any, are disclosed in the accompanying Schedule of Investments. At December 31, 2025, the Fund had sufficient cash and/or securities to cover these commitments.

G Futures Contracts— The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund's ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts' terms. Futures contracts are designed by boards of trade, which are designated "contracts markets" by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

H Forward Foreign Currency Exchange Contracts— The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the

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[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

I Credit Default Swaps— Swap contracts are privately negotiated agreements between the Fund and a counterparty. Certain swap contracts may be centrally cleared ("centrally cleared swaps"), whereby all payments made or received by the Fund pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Fund is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. When the Fund is the buyer of a credit default swap contract, the Fund is entitled to receive the par (or other agreed-upon) value of a referenced debt obligation (or basket of debt obligations) from the counterparty (or CCP in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/ moratorium. If the Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may create economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments and receipts, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments or receipts for non-centrally cleared swaps are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments or receipts, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

J 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.

K Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund declares income distributions daily to shareholders of record at the time of declaration and generally pays them monthly. The Fund makes distributions of net realized capital gains, if any, 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.

L 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.

M Indemnifications— Under the Trust's organizational document, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and provides that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders or former shareholders. 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.

N Federal and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state,

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[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

O When-Issued Securities and Delayed Delivery Transactions— The Fund may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.

P Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (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 0.35% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $2,349,312.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley, and in other affiliated funds. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund and in other affiliated funds. For the year ended December 31, 2025, the investment advisory fee paid was reduced by $185,190 relating to the Fund's investment in the Liquidity Fund and in other affiliated funds.

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 0.93%, 1.68%, 0.68% and 0.65% for Class A, Class C, Class I and Class R6, respectively, of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, no expenses were waived and/or reimbursed by CRM.

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 year ended December 31, 2025, CRM was paid administrative fees of $805,478.

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 year ended December 31, 2025 amounted to $108,885 and $31,389 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $3,797 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. The Fund was also informed that EVD received $232 and $2,238 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $7,812 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Trustee of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $250,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 annual fee and the special equities liaison

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Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

receives an additional $2,500 annual fee. Eligible Trustees 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 Trustees. 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. Trustees' fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Trustees of the Fund who are employees of CRM or its affiliates are paid by CRM.

3 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than U.S. government and agency securities and short-term securities and including paydowns and principal repayments on senior floating-rate loans, were $500,396,191 and $388,054,559, respectively. Purchases and sales of U.S. government and agency securities, including paydowns and TBA transactions, were $2,397,306,776 and $2,325,154,136, respectively.

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$33622774 | &nbsp;&nbsp;&nbsp;&nbsp;$23773702 |

---

During the year ended December 31, 2025, distributable earnings was increased by $231,534 and paid-in capital was decreased by $231,534 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$649278 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306654) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4707311 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78024) |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$4971911** |

---

At December 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $306,654 which would reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2025, $306,654 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$879503294** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$12146258 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7449823) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$4696435** |

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[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

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5 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at December 31, 2025 is included in the Schedule of Investments. At December 31, 2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Credit Risk: During the year ended December 31, 2025, the Fund entered into credit default swap contracts to manage certain investment risks and/or to enhance total return or as a substitute for the purchase or sale of securities.

Foreign Exchange Risk: During the year ended December 31, 2025, the Fund entered into forward foreign currency exchange contracts to seek to hedge against fluctuations in currency exchange rates and/or to obtain exposures to select currencies.

Interest Rate Risk: During the year ended December 31, 2025, the Fund used futures contracts to hedge interest rate risk and to manage duration.

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At December 31, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $486,232. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $149,000 at December 31, 2025.

The OTC derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow the counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement(s), which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master

Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of the liability for cash collateral due to broker at December 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2025.

At December 31, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure was as follows:

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[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;&nbsp;&nbsp;**Credit** | &nbsp;&nbsp;&nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$482609<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$482609 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167587 |
| Receivable for open swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 |
| **Total Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**$11250** | &nbsp;&nbsp;&nbsp;&nbsp;**$167587** | &nbsp;&nbsp;&nbsp;&nbsp;**$482609** | &nbsp;&nbsp;&nbsp;&nbsp;**$661446** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$482609** | &nbsp;&nbsp;&nbsp;&nbsp;**$482609** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$11250** | &nbsp;&nbsp;&nbsp;&nbsp;**$167587** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$178837** |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(156964)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(156964) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486232) |
| **Total Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(486232)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(156964)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(643196)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(156964)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(156964)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(486232)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(486232)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Only the current day's variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The Fund's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Citibank, N.A. | &nbsp;&nbsp;$32030 | &nbsp;&nbsp;$(32030) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;11250 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;133823 | &nbsp;&nbsp;&nbsp;&nbsp;(133823) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1734) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;**$178837** | &nbsp;&nbsp;**$(167587)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$11250** |

---

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** |
| Barclays Bank PLC | &nbsp;&nbsp;$(36847) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(36847) |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65648) |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47372) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;(249718) | &nbsp;&nbsp;&nbsp;&nbsp;133823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;115895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52883) |
|  | &nbsp;&nbsp;**$(486232)** | &nbsp;&nbsp;**$167587** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$115895** | &nbsp;&nbsp;**$(202750)** |

---

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;&nbsp;&nbsp;**Credit** | &nbsp;&nbsp;&nbsp;&nbsp;**Foreign Exchange** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1238610 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1238610 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427280) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388916 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$388916** | &nbsp;&nbsp;&nbsp;&nbsp;**$1238610** | &nbsp;&nbsp;&nbsp;&nbsp;**$(427280)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1200246** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(309721) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(309721) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155430) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$11250** | &nbsp;&nbsp;&nbsp;&nbsp;**$(309721)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(155430)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(453901)** |

---

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended December 31, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Futures Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward Foreign Currency Exchange Contracts\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67557000 | &nbsp;&nbsp;&nbsp;&nbsp;$50438000 | &nbsp;&nbsp;&nbsp;&nbsp;$37009000 | &nbsp;&nbsp;&nbsp;&nbsp;$3261000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

6 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 December 31, 2025, the total value of securities on loan, including accrued interest, was $4,293,151 and the total value of collateral received was $4,369,618, comprised of cash of $3,453,084 and U.S. government and/or agencies securities of $916,534.

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 December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Convertible Bonds | &nbsp;&nbsp;$560425 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$560425 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;2782278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;2782278 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110381 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110381 |
| **Total** | &nbsp;&nbsp;**$3453084** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$3453084** |

---

The carrying amount of the liability for deposits for securities loaned at December 31, 2025 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 December 31, 2025.

7 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

8 Affiliated Investments

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. An officer of CRM's affiliate serves on the CIC Board.

At December 31, 2025, the value of the Fund's investment in the Notes and in funds that may be deemed to be affiliated was $104,276,890, which represents 13.3% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 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** | **Interest/<br> Dividend<br> income** | **Principal amount ($)/<br> Shares,<br> end of period** |
| **Exchange-Traded Funds** |  |  |  |  |  |  |  |  |
| Calvert Ultra-Short Investment Grade ETF | $4766270 | $1269750 | $— | $— | $3230 | $6039250 | $274417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 |
| **High Social Impact Investments** |  |  |  |  |  |  |  |  |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 494275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;12655 | &nbsp;&nbsp;&nbsp; 506930 | &nbsp;&nbsp;&nbsp; 25000 | $500000 |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 985350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;29140 | &nbsp;&nbsp;&nbsp; 1014490 | &nbsp;&nbsp;&nbsp; 50139 | $1000000 |
| **Mutual Funds** | **Mutual Funds** | **Mutual Funds** |  |  |  |  |  |  |
| Calvert Floating-Rate Advantage Fund, Class R6 | &nbsp;&nbsp;&nbsp; 17114347 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; (17510202) | &nbsp;&nbsp;&nbsp;(645183) | &nbsp;&nbsp;&nbsp;41038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 374785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;100126219 | &nbsp;&nbsp;&nbsp;418558247 | &nbsp;&nbsp;&nbsp;(421968246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 96716220 | &nbsp;&nbsp;&nbsp;3863885 | &nbsp;&nbsp;&nbsp;96716220 |
| **Total** |  |  |  | **$(645183)** | **$86063** | **$104276890** | **$4588226** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Restricted security.

9 Capital Shares

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes.

Transactions in capital shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037993 | &nbsp;&nbsp;&nbsp;&nbsp;$15361791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325947 | &nbsp;&nbsp;&nbsp;&nbsp;$19242503 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107283 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9415191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1311315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19242900) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**532773** | &nbsp;&nbsp;&nbsp;&nbsp;**$7913169** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**159453** | &nbsp;&nbsp;&nbsp;&nbsp;**$2106886** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51750 | &nbsp;&nbsp;&nbsp;&nbsp;$763819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96721 | &nbsp;&nbsp;&nbsp;&nbsp;$1412047 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81728 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370721) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14766** | &nbsp;&nbsp;&nbsp;&nbsp;**$210164** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76905** | &nbsp;&nbsp;&nbsp;&nbsp;**$1123054** |

---

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20792472 | &nbsp;&nbsp;&nbsp;&nbsp;$307743056 | &nbsp;&nbsp;&nbsp;&nbsp;19743488 | &nbsp;&nbsp;&nbsp;&nbsp;$287966834 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28301466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18834985 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(10007722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147658888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6225824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90363761) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12694754** | &nbsp;&nbsp;&nbsp;&nbsp;**$188385634** | &nbsp;&nbsp;&nbsp;&nbsp;**14813652** | &nbsp;&nbsp;&nbsp;&nbsp;**$216438058** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199341 | &nbsp;&nbsp;&nbsp;&nbsp;$2944702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438934 | &nbsp;&nbsp;&nbsp;&nbsp;$20979440 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190906 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1489504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22103622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4600127) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1125576)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16722018)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1273568** | &nbsp;&nbsp;&nbsp;&nbsp;**$18570219** |

---

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Flexible Bond Fund and Board of Trustees of Calvert Management Series:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Flexible Bond Fund (the "Fund"), one of the funds constituting Calvert Management Series, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of December 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

Calvert

Flexible Bond Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and 163(j) interest dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $78,472, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**163(j) Interest Dividends. For the fiscal year ended December 31, 2025, the Fund designates 80.91% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_Calve_893929d4-fb6a-47cb-bbf3-2147d82ddeae_TOC)

CUBAX-NCSR 12.31.25

------

![](g26309imgbe9885d81.gif)

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## Calvert

## Responsible Municipal Income Fund

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g26309img22f4befc2.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
Calvert

Responsible Municipal Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_dc7a771c-db36-4d9f-b48e-001bb52ffeb2_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_a4b850ce-fa8a-4596-96bf-64d5f7d17b2e_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_a4b850ce-fa8a-4596-96bf-64d5f7d17b2e_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_48550faf-d81b-43e7-8a19-f895d6bfb8ee_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_48550faf-d81b-43e7-8a19-f895d6bfb8ee_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_48550faf-d81b-43e7-8a19-f895d6bfb8ee_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_45726837-8471-4115-9310-73504bb8db33_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_0132cfaa-8bad-406c-84e1-4ba60daab3d6_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_46cc400a-2954-4707-ac85-1019dea6ba0c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| [Federal Tax Information](#xx_eb74b443-80c9-4fa9-81d6-51189d1e527e_1) | &nbsp;&nbsp;20 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Schedule of Investments

------

Corporate Bonds — 2.3%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Consumer, Non-cyclical — 0.8% | Consumer, Non-cyclical — 0.8% |  |
| Conservation Fund, 3.474%, 12/15/29 | $3453 | $3313820 |
|  |  | **$3313820** |
| Financial — 1.2% | Financial — 1.2% |  |
| BlueHub Loan Fund, Inc., 3.099%, 1/1/30 | $5000 | $4698075 |
|  |  | **$4698075** |
| Other Revenue — 0.3% | Other Revenue — 0.3% |  |
| Nature Conservancy, Series A, 0.944%, 7/1/26 | $1285 | $1260226 |
|  |  | **$1260226** |
| Total Corporate Bonds<br> (identified cost $9,696,130) |  | **$9272121** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Tax-Exempt Mortgage-Backed Securities — 3.3%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Housing — 3.3% | Housing — 3.3% |  |
| National Finance Authority, NH, Municipal Certificates: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class A, 4.375%, 9/20/36 | $2860 | $2914031 |
| &nbsp;&nbsp;&nbsp;Series 2022-2, Class A, 4.00%, 10/20/36 | 2868 | &nbsp;&nbsp; 2847271 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 3.625%, 8/20/39 | 1483 | &nbsp;&nbsp; 1425246 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 4.034%, 10/1/51<sup>(1)</sup> | 2478 | &nbsp;&nbsp; 2459070 |
| Washington Housing Finance Commission, Municipal Certificates, Series 2024-1, Class A, 4.084%, 3/20/40<sup>(1)</sup> | 3968 | &nbsp;&nbsp; 3894136 |
| Total Tax-Exempt Mortgage-Backed Securities<br> (identified cost $12,978,441) |  | **$13539754** |

---

Tax-Exempt Municipal Obligations — 87.5%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Bond Bank — 3.0% | Bond Bank — 3.0% |  |
| Indianapolis Local Public Improvement Bond Bank, IN: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/53 | $3510 | $3611663 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 1/1/52 | 2000 | &nbsp;&nbsp; 2075831 |
| Michigan Finance Authority, (Clean Water Revolving Fund), 3.00%, 10/1/37 | 1390 | &nbsp;&nbsp; 1307713 |
| New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.25%, 9/15/52 | 2490 | &nbsp;&nbsp; 2636176 |
| Oklahoma Water Resources Board, 4.00%, 10/1/44 | 2710 | &nbsp;&nbsp; 2644812 |
|  |  | **$12276195** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Education — 5.2% | Education — 5.2% |  |
| Arizona State University: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/42 | $2000 | $2004375 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 7/1/43 | 1850 | &nbsp;&nbsp; 1913601 |
| Build NYC Resource Corp., NY, (Academic Leadership Charter School): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp; 119729 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp; 80521 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/30 | &nbsp;&nbsp;100 | &nbsp;&nbsp; 100075 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/31 | &nbsp;&nbsp;100 | &nbsp;&nbsp; 99875 |
| California Enterprise Development Authority, (Rocklin Academy), 5.00%, 6/1/34<sup>(2)</sup> | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524686 |
| Connecticut Health and Educational Facilities Authority, (Area Cooperative Educational Services): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/41 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357700 |
| &nbsp;&nbsp;&nbsp;5.00%, 7/1/42 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353682 |
| Grand Valley State University, MI, 5.00%, 12/1/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1006968 |
| Maricopa County Industrial Development Authority, AZ, (Arizona Autism Charter Schools), Social Bonds, 4.00%, 7/1/31<sup>(2)</sup> | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249909 |
| Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools), 3.00%, 7/1/31<sup>(2)</sup> | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478229 |
| Maryland Health and Higher Educational Facilities Authority, (Loyola University Maryland), 4.25%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24418 |
| Massachusetts Development Finance Agency, (Worcester Polytechnic Institute), 5.00%, 9/1/59 | 2480 | &nbsp;&nbsp;&nbsp;&nbsp;2490798 |
| Navajo County Unified School District No. 27, AZ, 5.50%, 7/1/35 | 1105 | &nbsp;&nbsp;&nbsp;&nbsp;1279655 |
| New York Dormitory Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 7/1/41 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249919 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 7/1/42 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275193 |
| Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;4150113 |
| Pennsylvania Higher Educational Facilities Authority: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/36 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;1160025 |
| &nbsp;&nbsp;&nbsp;Escrowed to Maturity, 4.00%, 6/15/36 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251613 |
| &nbsp;&nbsp;&nbsp;Prerefunded to 6/15/26, 4.00%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20096 |
| Public Finance Authority, WI, (Coral Academy of Science Las Vegas), 4.00%, 7/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908951 |
| Public Finance Authority, WI, (Roseman University of Health Sciences), 4.00%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755310 |
| University of California, 5.25%, 5/15/40 | &nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978652 |
| University of South Carolina, 5.00%, 5/1/46 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp;1499656 |
|  |  | **$21333749** |
| Electric Utilities — 4.4% | Electric Utilities — 4.4% |  |
| American Municipal Power, Inc., OH, (Greenup Hydroelectric): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/42 | $&nbsp;&nbsp;500 | $542437 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1075570 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/44 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1595211 |
| Douglas County Public Utility District No. 1, WA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2053559 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Electric Utilities (continued) | Electric Utilities (continued) |  |
| Douglas County Public Utility District No. 1, WA: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/40 | $2000 | $2038557 |
| Grant County Public Utility District No. 2, WA, (Priest Rapids Hydroelectric Project), 5.00%, 1/1/40 | 1525 | &nbsp;&nbsp; 1664245 |
| Mesa, AZ, Utility Systems Revenue, 4.00%, 7/1/37 | 1035 | &nbsp;&nbsp; 1035305 |
| Missouri Joint Municipal Electric Utility Commission, Green Bonds, 5.25%, 12/1/43 | 2000 | &nbsp;&nbsp; 2159321 |
| Tacoma, WA, Electric System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 1/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp; 887923 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 1/1/49 | 3000 | &nbsp;&nbsp; 3116531 |
| Trinity Public Utilities District Authority, CA, Green Bonds, 4.00%, 4/1/29 | 1120 | &nbsp;&nbsp;&nbsp;&nbsp;1102258 |
| Utah Associated Municipal Power Systems, 5.00%, 9/1/30 | &nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683808 |
|  |  | **$17954725** |
| Escrowed/Prerefunded — 0.0%<sup>†</sup> | Escrowed/Prerefunded — 0.0%<sup>†</sup> |  |
| Public Finance Authority, WI, (Roseman University of Health Sciences), Escrowed to Maturity, 4.00%, 4/1/32<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;10 | $10316 |
|  |  | **$10316** |
| General Obligations — 15.7% | General Obligations — 15.7% |  |
| Antelope Valley Community College District, CA, (Election of 2016), 5.25%, 8/1/42 | $3000 | $3322811 |
| Athens Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/45 | 3510 | &nbsp;&nbsp;&nbsp;&nbsp;3703639 |
| Atlanta, GA, Social Bonds, 5.00%, 12/1/37 | 3500 | &nbsp;&nbsp;&nbsp;&nbsp;3914967 |
| California, 4.00%, 9/1/32 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1007735 |
| Canton Independent School District, TX, (PSF Guaranteed), 5.25%, 2/15/42 | 2070 | &nbsp;&nbsp;&nbsp;&nbsp;2304455 |
| Cass County Joint Water Resource District, ND, 3.45%, 4/1/27 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1250262 |
| Chicago Board of Education, IL: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 12/1/34 | 2160 | &nbsp;&nbsp;&nbsp;&nbsp;2161942 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/36 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;4070472 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/1/39 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1996553 |
| Detroit, MI: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.25%, 5/1/31 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660850 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.25%, 5/1/32 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668895 |
| Groton, CT, Green Bonds, 4.125%, 4/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1013592 |
| Hawaii, 4.00%, 10/1/34 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2011217 |
| Howell Public Schools, MI, 5.00%, 5/1/41 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387004 |
| Jackson County Consolidated School District No. 4, MO, 5.00%, 3/1/36 | 3400 | &nbsp;&nbsp;&nbsp;&nbsp;3477103 |
| Kern Community College District, CA, (Election of 2016): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/38 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2292609 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/40 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;1355747 |
| Lake Stevens School District No. 4, WA, 4.00%, 12/1/35 | 2180 | &nbsp;&nbsp;&nbsp;&nbsp;2187931 |
| Los Angeles Unified School District, CA, Sustainability Bonds, 5.00%, 7/1/36 | 2035 | &nbsp;&nbsp;&nbsp;&nbsp;2385814 |
| Manteca Unified School District, CA, (Election of 2020), 5.25%, 8/1/45 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;2565006 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| General Obligations (continued) | General Obligations (continued) |  |
| Metropolitan Water Reclamation District of Greater Chicago, IL, Green Bonds, 5.00%, 12/1/45 | $3000 | $3009182 |
| Oregon City School District No. 62, OR: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/42 | 1750 | &nbsp;&nbsp; 1935912 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/45 | &nbsp;&nbsp;705 | &nbsp;&nbsp; 759837 |
| Pasadena, CA, (Central Library), 5.00%, 9/1/51 | 2980 | &nbsp;&nbsp; 3185561 |
| Passaic County Improvement Authority, NJ, (Paterson Board of Education), Green Bonds, 3.00%, 2/1/42 | 1145 | &nbsp;&nbsp; 983234 |
| Peoria County Community Unit School District No. 323, IL, 5.00%, 4/1/41 | 4550 | &nbsp;&nbsp; 4916082 |
| Renton School District No. 403, WA, 4.00%, 12/1/39 | 1225 | &nbsp;&nbsp; 1243561 |
| Salem-Keizer School District No. 24J, OR, 4.00%, 6/15/37 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2556337 |
| San Francisco Bay Area Rapid Transit District, CA, (Election of 2016), Green Bonds, 5.00%, 8/1/42 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3405320 |
|  |  | **$64733630** |
| Hospital — 7.7% | Hospital — 7.7% |  |
| Brookhaven Development Authority, GA, (Children's Healthcare of Atlanta, Inc.), 4.00%, 7/1/49 | $1965 | $1812470 |
| Collier County Industrial Development Authority, FL, (NHC Healthcare System), 5.00% to 10/1/31 (Put Date), 10/1/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3260144 |
| Huntsville Health Care Authority, AL, (HH Health System), 5.00% to 6/1/30 (Put Date), 6/1/53 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;5402114 |
| Indiana Finance Authority, (Good Samaritan Hospital): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/35 | 1205 | &nbsp;&nbsp;&nbsp;&nbsp;1195650 |
| &nbsp;&nbsp;&nbsp;4.00%, 4/1/36 | 2520 | &nbsp;&nbsp;&nbsp;&nbsp;2488769 |
| Indiana Finance Authority, (Indiana University Health), 5.00%, 10/1/41 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1351195 |
| Massachusetts Development Finance Agency, (Dana-Farber Cancer Institute), 5.00%, 12/1/34 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508171 |
| Michigan Finance Authority, (Beaumont Health Credit Group), 4.00%, 11/1/46 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;1723846 |
| Michigan Finance Authority, (Henry Ford Health Detroit): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 2/29/40 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654846 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 2/28/41 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;1188984 |
| Missouri Health and Educational Facilities Authority, (Mercy Health): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/47 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;1611201 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/49 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971397 |
| New York Dormitory Authority, (Montefiore Obligated Group): |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/40 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1084639 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/1/41 | &nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939345 |
| Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00% to 11/15/30 (Put Date), 11/15/52 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2176556 |
| University of Wisconsin Hospitals and Clinics Authority, Green Bonds, 4.00%, 4/1/44 | 1460 | &nbsp;&nbsp;&nbsp;&nbsp;1413783 |
| Wisconsin Health and Educational Facilities Authority, (Ascension Health Credit Group), 4.00%, 11/15/39 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;3918491 |
|  |  | **$31701601** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Housing — 16.7% | Housing — 16.7% |  |
| Build NYC Resource Corp., NY, (Urban Resource Institute), 5.375%, 12/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | $535767 |
| California Municipal Finance Authority, (Caritas Corp.), Mobile Home Park Revenue, Social Bonds, 4.00%, 8/15/44 | 1000 | &nbsp;&nbsp; 927103 |
| California Municipal Finance Authority, (Terry Manor Apartments), (FNMA), Sustainability Bonds, 4.20%, 8/1/40 | 3960 | &nbsp;&nbsp; 4051880 |
| Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31 | 1250 | &nbsp;&nbsp; 1133989 |
| Denver City and County Housing Authority, CO, Sustainability Bonds, 4.50%, 7/1/41 | 2000 | &nbsp;&nbsp; 2025401 |
| Denver City and County Housing Authority, CO, (4965 Washington Street), 5.00%, 12/1/45 | 1250 | &nbsp;&nbsp; 1262284 |
| EP Cimarron Ventanas PFC, TX, (Lifestyles at Los Paseos and Lifestyles on the Reserve), 4.125%, 12/1/39 | 2000 | &nbsp;&nbsp; 2017466 |
| EP Tuscany Zaragosa PFC, TX, (Tuscany at Mesa Hills and Villas at Zaragosa), 4.00%, 12/1/33 | 5000 | &nbsp;&nbsp; 5012535 |
| FW Texas Street Public Facility Corp., TX, 5.00%, 5/1/38 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2652430 |
| Independent Cities Finance Authority, CA, (Union City Tropics): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/31 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp;1048087 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/15/34 | 1145 | &nbsp;&nbsp;&nbsp;&nbsp;1165262 |
| Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.00%, 6/1/38 | &nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841630 |
| Indiana Housing and Community Development Authority, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.35%, 7/1/37 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1029794 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.60%, 7/1/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1032172 |
| Los Angeles Housing Authority, CA, (FNMA), 3.75%, 4/1/34 | 1975 | &nbsp;&nbsp;&nbsp;&nbsp;1988368 |
| Maine Housing Authority, Social Bonds, 4.15%, 11/15/42 | 1590 | &nbsp;&nbsp;&nbsp;&nbsp;1597799 |
| Maryland Community Development Administration, (Villages at Marley Station), (FNMA), Sustainability Bonds, 4.35%, 2/1/44 | 3970 | &nbsp;&nbsp;&nbsp;&nbsp;3904265 |
| Maryland Community Development Administration, Department of Housing and Community Development: |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 7/1/40 | 1575 | &nbsp;&nbsp;&nbsp;&nbsp;1575000 |
| &nbsp;&nbsp;&nbsp;4.35%, 7/1/50 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534699 |
| Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.625%, 7/1/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1068270 |
| Massachusetts Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), 3.30%, 12/1/28 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545879 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.40%, 12/1/38 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp;1518382 |
| &nbsp;&nbsp;&nbsp;(FHLMC), (FNMA), (GNMA), Social Bonds, 4.70%, 12/1/43 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2041532 |
| New Jersey Housing and Mortgage Finance Agency, SFMR, Social Bonds, 3.85%, 4/1/32 | 3190 | &nbsp;&nbsp;&nbsp;&nbsp;3268820 |
| New York City Housing Development Corp., NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 1.70%, 5/1/32 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp;1851173 |
| &nbsp;&nbsp;&nbsp;Sustainable Development Bonds, 1.75%, 11/1/32 | &nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866457 |
| &nbsp;&nbsp;&nbsp;Sustainable Neighborhood Bonds, 3.80%, 11/1/30 | &nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965585 |
| New York Housing Finance Agency: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (FHLMC), (FNMA), (GNMA), (SONYMA), 2.85%, 11/1/39 | 1980 | &nbsp;&nbsp;&nbsp;&nbsp;1726446 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Housing (continued) | Housing (continued) |  |
| New York Housing Finance Agency: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, (SONYMA), 2.50% to 5/1/27 (Put Date), 11/1/60 | $&nbsp;&nbsp;745 | $738269 |
| Oregon Housing and Community Services Department, (Redmond Landing Apartments), (FNMA), 4.33%, 11/1/43 | 2145 | &nbsp;&nbsp; 2170330 |
| Pennsylvania Housing Finance Agency, SFMR: |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp; 930037 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 0.95%, 10/1/28 | &nbsp;&nbsp;450 | &nbsp;&nbsp; 417309 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.30%, 10/1/42 | 2560 | &nbsp;&nbsp; 2568423 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 4.40%, 10/1/38 | 1500 | &nbsp;&nbsp; 1549127 |
| Public Finance Authority, WI, (Aggie Apartment Life Holding Corp., II LLC): |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/34 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;1182180 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/39 | &nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;1017650 |
| Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/28 | &nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685723 |
| Seattle Housing Authority, WA, (Juniper Apartments): |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 12/1/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1021823 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/1/27 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506301 |
| Utah Housing Corp., 4.00%, 1/1/36 | &nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755077 |
| Virginia Housing Development Authority, 4.10%, 10/1/27 | 3775 | &nbsp;&nbsp;&nbsp;&nbsp;3777419 |
| Washington Housing Finance Commission, (Radford Court and Nordheim Court), 5.50%, 7/1/44 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1037350 |
| Waterbury Housing Authority, CT, (Laurel Estates Preservation LLC), (FHLMC), 4.50%, 2/1/42 | 1495 | &nbsp;&nbsp;&nbsp;&nbsp;1515194 |
| Wisconsin Housing and Economic Development Authority, 3.875% to 5/1/27 (Put Date), 11/1/54 | &nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485232 |
|  |  | **$68545919** |
| Industrial Development Revenue — 1.7% | Industrial Development Revenue — 1.7% |  |
| California Municipal Finance Authority, (Republic Services, Inc.), (AMT), 4.375% to 9/1/33 (Put Date), 9/1/53 | $1000 | $1041189 |
| Henderson, KY, (Pratt Paper, LLC), (AMT), 3.70%, 1/1/32<sup>(2)</sup> | 1415 | &nbsp;&nbsp;&nbsp;&nbsp;1414941 |
| Iowa Finance Authority, (LOC: Citibank, N.A.), (AMT), Green Bonds, 3.875% to 4/1/26 (Put Date), 1/1/42 | 1445 | &nbsp;&nbsp;&nbsp;&nbsp;1443538 |
| Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42<sup>(2)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1761540 |
| Valparaiso, IN, (Pratt Paper (IN) LLC), (AMT), 4.875%, 1/1/44<sup>(2)</sup> | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1252415 |
|  |  | **$6913623** |
| Insured - Education — 0.2% | Insured - Education — 0.2% |  |
| Eastern Michigan University, (BAM), 5.00%, 3/1/45 | $&nbsp;&nbsp;730 | $764375 |
|  |  | **$764375** |
| Insured - Electric Utilities — 0.7% | Insured - Electric Utilities — 0.7% |  |
| New York Power Authority: |  |  |
| &nbsp;&nbsp;&nbsp;(AG), Green Bonds, 5.25%, 11/15/41 | $1500 | $1700865 |
| &nbsp;&nbsp;&nbsp;(AG), Green Bonds, 5.25%, 11/15/42 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1120099 |
|  |  | **$2820964** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Insured - General Obligations — 1.3% | Insured - General Obligations — 1.3% |  |
| Maricopa County Elementary School District No. 8, AZ: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/41 | $&nbsp;&nbsp;&nbsp;&nbsp;850 | $942478 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 7/1/43 | 1300 | &nbsp;&nbsp; 1408499 |
| Pontiac, MI, (BAM), 5.00%, 4/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp; 255610 |
| Sparta Area School District, WI, (AG), 3.00%, 3/1/40 | 1300 | &nbsp;&nbsp; 1165218 |
| Whatcom County Public Utility District No. 1, WA: |  |  |
| &nbsp;&nbsp;&nbsp;(AMT), (BAM), 5.25%, 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp; 712732 |
| &nbsp;&nbsp;&nbsp;(AMT), (BAM), 5.50%, 12/1/41 | 1000 | &nbsp;&nbsp; 1091751 |
|  |  | **$5576288** |
| Insured - Housing — 0.4% | Insured - Housing — 0.4% |  |
| Rhode Island Health and Educational Building Corp., RI, (PRG-RI Properties LLC), (AG), 5.00%, 7/1/45 | $1500 | $1536224 |
|  |  | **$1536224** |
| Insured - Solid Waste — 0.0%<sup>†</sup> | Insured - Solid Waste — 0.0%<sup>†</sup> |  |
| South Bayside Waste Management Authority, CA, (Shoreway Environmental Center): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), Escrowed to Maturity, 5.00%, 9/1/28 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | $15804 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AG), (AMT), Escrowed to Maturity, 5.00%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16083 |
|  |  | **$31887** |
| Insured - Special Tax Revenue — 0.6% | Insured - Special Tax Revenue — 0.6% |  |
| Big Sky Resort Area District, MT, (1% Resort Tax - Cold Smoke Project): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/43<sup>(3)</sup> | $&nbsp;&nbsp;450 | $489637 |
| &nbsp;&nbsp;&nbsp;(AG), 5.00%, 7/1/47<sup>(3)</sup> | &nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711807 |
| Gilbert Community School District, IA, Infrastructure Sales Services and Use Tax Revenue, (AG), 4.375%, 6/1/43 | 1345 | &nbsp;&nbsp;&nbsp;&nbsp;1357035 |
|  |  | **$2558479** |
| Insured - Transportation — 0.0%<sup>†</sup> | Insured - Transportation — 0.0%<sup>†</sup> |  |
| Ohio, (Portsmouth Gateway Group, LLC), (AG), (AMT), 5.00%, 12/31/30 | $&nbsp;&nbsp;215 | $215371 |
|  |  | **$215371** |
| Insured - Water and Sewer — 3.1% | Insured - Water and Sewer — 3.1% |  |
| Atlanta, GA, Water and Wastewater Revenue, (BAM), Green Bonds, 4.00%, 11/1/43 | $1350 | $1337159 |
| Berkeley County Public Service District, WV, Water Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 4.25%, 12/1/49 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1232945 |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 12/1/38 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548355 |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 12/1/39 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359581 |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 12/1/40 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541326 |
| Carmel, IN, Waterworks Revenue, (BAM), 5.25%, 5/1/51 | &nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818466 |
| Chicago, IL, Wastewater Transmission Revenue, (AG), 5.00%, 1/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1078418 |
| Chicago, IL, Water Revenue, (AG), 5.00%, 11/1/38 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1081500 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Insured - Water and Sewer (continued) | Insured - Water and Sewer (continued) |  |
| Eagle River Water and Sanitation District, CO, (AG), 4.00%, 12/1/52 | $1820 | $1662585 |
| Erie Sewer Authority, PA, (BAM), 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp; 874251 |
| Grand Prairie Water Commission, IL: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp; 1052467 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 1/1/43 | &nbsp;&nbsp;250 | &nbsp;&nbsp; 267165 |
| &nbsp;&nbsp;&nbsp;(BAM), 5.00%, 1/1/44 | &nbsp;&nbsp;725 | &nbsp;&nbsp; 768891 |
| Stockton-East Water District, CA: |  |  |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp; 396703 |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 3/1/44 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375899 |
| &nbsp;&nbsp;&nbsp;(BAM), Green Bonds, 5.00%, 3/1/45 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373222 |
|  |  | **$12768933** |
| Lease Revenue/Certificates of Participation — 5.3% | Lease Revenue/Certificates of Participation — 5.3% |  |
| Avon Community School Building Corp., IN, 5.50%, 7/15/41 | $1000 | $1111034 |
| Battery Park City Authority, NY: |  |  |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/45 | &nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794807 |
| &nbsp;&nbsp;&nbsp;Sustainability Bonds, 5.00%, 11/1/53 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;4166675 |
| College of Western Idaho: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/45 | &nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524029 |
| &nbsp;&nbsp;&nbsp;5.25%, 8/1/50 | &nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502878 |
| Columbus Multi School Building Corp., IN, 5.00%, 7/15/42 | &nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879067 |
| Connecticut Health and Educational Facilities Authority, (State Supported Child Care), 4.00%, 7/1/38 | 1145 | &nbsp;&nbsp;&nbsp;&nbsp;1145041 |
| IPS Multi-School Building Corp., IN: |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 7/15/42 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp;1241347 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 5.00%, 7/15/43 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;1385722 |
| Kansas City, MO, Special Obligation Bonds, 4.00%, 10/1/35 | &nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400183 |
| New Jersey Economic Development Authority, (Portal North Bridge), 5.00%, 11/1/35 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;1342730 |
| University of North Dakota, Certificates of Participation, Green Certificates, 5.00%, 4/1/48 | 1465 | &nbsp;&nbsp;&nbsp;&nbsp;1486304 |
| Vail, CO, Certificates of Participation, 5.25%, 12/1/50 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;1324666 |
| Wasatch County School District Local Building Authority, UT, 5.50%, 6/1/47 | 3355 | &nbsp;&nbsp;&nbsp;&nbsp;3560723 |
| Westfield High School Building Corp., IN, 5.00%, 7/15/38 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp;1802207 |
|  |  | **$21667413** |
| Other Revenue — 5.8% | Other Revenue — 5.8% |  |
| California Community Choice Financing Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 10/1/32 (Put Date), 8/1/55 | $4300 | $4557867 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;4171418 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1572753 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25% to 4/1/30 (Put Date), 11/1/54 | 1660 | &nbsp;&nbsp;&nbsp;&nbsp;1764014 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 4905 | &nbsp;&nbsp;&nbsp;&nbsp;5354885 |
| Center City, MN, (Hazelden Betty Ford Foundation), 5.00%, 11/1/44 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;1198714 |
| Fairfax County Economic Development Authority, VA, (National Wildlife Federation): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/1/34 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp;1381708 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Other Revenue (continued) | Other Revenue (continued) |  |
| Fairfax County Economic Development Authority, VA, (National Wildlife Federation): (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 9/1/36 | $1445 | $1517202 |
| Illinois Educational Facilities Authority, (Field Museum of Natural History): |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/36 | 1000 | &nbsp;&nbsp; 1012923 |
| &nbsp;&nbsp;&nbsp;4.45%, 11/1/36 | 1000 | &nbsp;&nbsp; 1016396 |
| Massachusetts Development Finance Agency, (Seven Hills Foundation and Affiliates Issue), 6.00%, 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 538517 |
|  |  | **$24086397** |
| Senior Living/Life Care — 0.9% | Senior Living/Life Care — 0.9% |  |
| California Municipal Finance Authority, (HumanGood - California Obligated Group), 5.25%, 10/1/45 | $2240 | $2323041 |
| Franklin County, OH, (Ohio Living), 4.00%, 7/1/33 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1499651 |
|  |  | **$3822692** |
| Solid Waste — 0.4% | Solid Waste — 0.4% |  |
| Ecomaine, ME, Green Bonds, (AMT), 5.25%, 10/15/44 | $1450 | $1520458 |
|  |  | **$1520458** |
| Special Tax Revenue — 4.0% | Special Tax Revenue — 4.0% |  |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/50 | $1000 | $1025908 |
| Metropolitan Transportation Authority, NY, Green Bonds, 5.00%, 11/15/44 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2674211 |
| Regional Transportation District, CO, Sales Tax Revenue, Green Bonds, 4.00%, 11/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1025092 |
| Sales Tax Securitization Corp., IL, Social Bonds, 4.00%, 1/1/42 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;2967702 |
| Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/39 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3333593 |
| Triborough Bridge and Tunnel Authority, NY, Green Bonds, 5.25%, 11/15/40 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3362406 |
| Village of Bellwood, IL, (Bellwood Workforce Housing), 5.00%, 12/1/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1002371 |
| Washington Metropolitan Area Transit Authority, D.C., Green Bonds, 4.125%, 7/15/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946316 |
|  |  | **$16337599** |
| Student Loan — 0.0%<sup>†</sup> | Student Loan — 0.0%<sup>†</sup> |  |
| Massachusetts Educational Financing Authority, (AMT), 5.00%, 7/1/30 | $&nbsp;&nbsp;100 | $105775 |
|  |  | **$105775** |
| Transportation — 5.0% | Transportation — 5.0% |  |
| Atlanta, GA, Airport Passenger Facility Charge Revenue, Green Bonds, (AMT), 5.25%, 7/1/41 | $1500 | $1626282 |
| Atlanta, GA, Department of Aviation: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1093668 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Transportation (continued) | Transportation (continued) |  |
| Atlanta, GA, Department of Aviation: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/42 | $1500 | $1623821 |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.00%, 5/15/37 | 1760 | &nbsp;&nbsp; 1940872 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.50%, 5/15/39 | 3200 | &nbsp;&nbsp; 3541729 |
| Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53 | 1000 | &nbsp;&nbsp; 1035856 |
| Metropolitan Transportation Authority, NY, Green Bonds, 4.00%, 11/15/45 | 2000 | &nbsp;&nbsp; 1819048 |
| Port of Portland, OR, (Portland International Airport): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/39 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1656668 |
| &nbsp;&nbsp;&nbsp;Green Bonds, (AMT), 5.25%, 7/1/45 | 5860 | &nbsp;&nbsp;&nbsp;&nbsp;6174582 |
|  |  | **$20512526** |
| Water and Sewer — 5.4% | Water and Sewer — 5.4% |  |
| Allegheny County Sanitary Authority, PA, 4.125%, 12/1/42 | $2190 | $2213865 |
| Clairton Municipal Authority, PA, Sewer Revenue, 4.00%, 12/1/38 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;1755646 |
| District of Columbia Water and Sewer Authority: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/41 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1109662 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/42 | 1290 | &nbsp;&nbsp;&nbsp;&nbsp;1415026 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.00%, 10/1/43 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2713629 |
| Florence, SC, Combined Waterworks and Sewerage System Revenue, 4.00%, 9/1/55 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1847255 |
| Great Lakes Water Authority, MI, Water Supply System Revenue, 5.25%, 7/1/48 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1068249 |
| Honolulu City and County, HI, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/1/46 | &nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502016 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/1/47 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652755 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/1/50 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540552 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.25%, 7/1/55 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538057 |
| Jefferson County, AL, Sewer Revenue, 5.25%, 10/1/40 | 1420 | &nbsp;&nbsp;&nbsp;&nbsp;1558492 |
| Massachusetts Clean Water Trust, Sustainability Bonds, 5.00%, 2/1/42 | &nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759834 |
| New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.00%, 6/15/47 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1039590 |
| Oklahoma Water Resources Board, (Clean Water Program), 5.00%, 4/1/41 | &nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686594 |
| Santa Clara Valley Water District, CA, Sustainability Bonds, 5.00%, 8/1/47 | &nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606684 |
| Tacoma, WA, Sewer Revenue, 4.00%, 12/1/48 | 2325 | &nbsp;&nbsp;&nbsp;&nbsp;2211942 |
| Virginia Beach, Storm Water Utility Revenue, 4.00%, 11/15/45 | 1140 | &nbsp;&nbsp;&nbsp;&nbsp;1120935 |
|  |  | **$22340783** |
| Total Tax-Exempt Municipal Obligations<br> (identified cost $356,259,707) |  | **$360135922** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Schedule of Investments — continued

------

Taxable Municipal Obligations — 4.7%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Education — 0.8% | Education — 0.8% |  |
| San Antonio Education Facilities Corp., TX, (University of the Incarnate Word): |  |  |
| &nbsp;&nbsp;&nbsp;1.99%, 4/1/26 | $&nbsp;&nbsp;&nbsp;&nbsp;550 | $545769 |
| &nbsp;&nbsp;&nbsp;2.19%, 4/1/27 | &nbsp;&nbsp;600 | &nbsp;&nbsp; 578850 |
| &nbsp;&nbsp;&nbsp;2.38%, 4/1/28 | 1190 | &nbsp;&nbsp; 1118421 |
| &nbsp;&nbsp;&nbsp;2.50%, 4/1/29 | 1000 | &nbsp;&nbsp; 915003 |
|  |  | **$3158043** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% |  |
| Confederated Tribes of Warm Springs Reservation, OR, (Pelton-Round Butte Hydroelectric Project), Green Bonds, 2.52%, 11/1/28<sup>(2)</sup> | $1205 | $1140755 |
| Connecticut Green Bank: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.375%, 11/15/32 | 1536 | &nbsp;&nbsp;&nbsp;&nbsp;1547248 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.60%, 11/15/35 | &nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570016 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.65%, 11/15/36 | &nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745074 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 4.70%, 11/15/37 | &nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639957 |
|  |  | **$4643050** |
| General Obligations — 1.2% | General Obligations — 1.2% |  |
| Detroit, MI, Social Bonds, 2.96%, 4/1/27 | $&nbsp;&nbsp;750 | $739758 |
| Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014): |  |  |
| &nbsp;&nbsp;&nbsp;1.702%, 8/1/30 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377928 |
| &nbsp;&nbsp;&nbsp;1.802%, 8/1/31 | &nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356861 |
| Los Angeles, CA, Social Bonds, 5.00%, 9/1/26 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;3027174 |
| Tustin Unified School District, CA, 1.554%, 8/1/29 | &nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494893 |
|  |  | **$4996614** |
| Hospital — 0.1% | Hospital — 0.1% |  |
| University of Wisconsin Hospitals and Clinics Authority, 2.09%, 4/1/28 | $&nbsp;&nbsp;590 | $567262 |
|  |  | **$567262** |
| Housing — 0.1% | Housing — 0.1% |  |
| Independent Cities Finance Authority, CA, (Sahara Mobile Home Park), 2.51%, 6/15/31 | $&nbsp;&nbsp;500 | $460101 |
|  |  | **$460101** |
| Insured - Housing — 0.1% | Insured - Housing — 0.1% |  |
| Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University): |  |  |
| &nbsp;&nbsp;&nbsp;(AG), 2.005%, 7/1/27 | $&nbsp;&nbsp;185 | $178445 |
| &nbsp;&nbsp;&nbsp;(AG), 2.429%, 7/1/29 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255367 |
| &nbsp;&nbsp;&nbsp;(AG), 2.679%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80449 |
|  |  | **$514261** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Lease Revenue/Certificates of Participation — 0.4% | Lease Revenue/Certificates of Participation — 0.4% |  |
| New Jersey Economic Development Authority, (Offshore Wind Port): |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.198%, 3/1/31 | $&nbsp;&nbsp;&nbsp;&nbsp;500 | $518248 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.298%, 3/1/32 | &nbsp;&nbsp;500 | &nbsp;&nbsp; 520255 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 5.398%, 3/1/33 | &nbsp;&nbsp;500 | &nbsp;&nbsp; 520858 |
|  |  | **$1559361** |
| Other Revenue — 0.4% | Other Revenue — 0.4% |  |
| Arizona Industrial Development Authority, (Reinvestment Fund, Inc.), 5.259%, 10/1/33 | $1500 | $1517068 |
|  |  | **$1517068** |
| Special Tax Revenue — 0.5% | Special Tax Revenue — 0.5% |  |
| California Health Facilities Financing Authority, (No Place Like Home Program), Social Bonds, 2.361%, 6/1/26 | $2000 | $1989433 |
|  |  | **$1989433** |
| Total Taxable Municipal Obligations<br> (identified cost $19,760,256) |  | **$19405193** |
| Total Investments — 97.8%<br> (identified cost $398,694,534) |  | **$402352990** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — 2.2% | **$9133813** |
| Net Assets — 100.0% | **$411486803** |

---

---

| | |
|:---|:---|
| 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>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at December 31, 2025. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2025, the aggregate value of these securities is $7,588,101 or 1.8% of the Fund's net assets. |
| <sup>(3)</sup> | When-issued security. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Schedule of Investments — continued

------

---

| |
|:---|
| At December 31, 2025, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: |
| &nbsp;&nbsp;&nbsp;California16.1% |
| &nbsp;&nbsp;&nbsp;Others, representing less than 10% individually79.4% |
| The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At December 31, 2025, 6.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 3.1% to 3.5% of total investments. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | – Assured Guaranty Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| LOC | – Letter of Credit |
| PSF | – Permanent School Fund |
| SFMR | – Single Family Mortgage Revenue |
| SONYMA | – State of New York Mortgage Agency |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $398,694,534) | &nbsp;&nbsp;$402352990 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338596 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765940 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126138 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194460 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73963 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129779 |
| **Total assets** | &nbsp;&nbsp;**$413981866** |
| Liabilities |  |
| Payable for when-issued securities | &nbsp;&nbsp;$1196755 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556790 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247495 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121696 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41724 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20207 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129779 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171425 |
| **Total liabilities** | &nbsp;&nbsp;**$2495063** |
| **Net Assets** | &nbsp;&nbsp;**$411486803** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$465334260 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53847457) |
| **Net Assets** | &nbsp;&nbsp;**$411486803** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$92346112 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5997262 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.40 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$15.92 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$712856 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46296 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.40 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$318427835 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20627659 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| On sales of $100,000 or more, the offering price of Class A shares is reduced. | On sales of $100,000 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. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income - affiliated issuers | &nbsp;&nbsp;$63453 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;15719952 |
| **Total investment income** | &nbsp;&nbsp;**$15783405** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$1417426 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485975 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235244 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7189 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21386 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315997 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95854 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102592 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66211 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14106 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97331 |
| **Total expenses** | &nbsp;&nbsp;**$2866522** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(600829) |
| **Net expenses** | &nbsp;&nbsp;**$2265693** |
| **Net investment income** | &nbsp;&nbsp;**$13517712** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1332421) |
| **Net realized loss** | &nbsp;&nbsp;**$(1332421)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4809462 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$4809462** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$3477041** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$16994753** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13517712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13761580 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1332421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155892 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4809462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7135267) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$16994753** | &nbsp;&nbsp;**$7782205** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2967356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3034082) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19019) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10551761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10715592) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(13536374)** | &nbsp;&nbsp;**$(13768693)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5047847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(7141102) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512994) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8892900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7865221) |
| **Net decrease in net assets from capital share transactions** | &nbsp;&nbsp;**$(13889449)** | &nbsp;&nbsp;**$(15519317)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(10431070)** | &nbsp;&nbsp;**$(21505805)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$421917873 | &nbsp;&nbsp;$443423678 |
| **At end of year** | &nbsp;&nbsp;**$411486803** | &nbsp;&nbsp;**$421917873** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$15.25 | &nbsp;&nbsp;$15.46 | &nbsp;&nbsp;$15.06 | &nbsp;&nbsp;$16.69 | &nbsp;&nbsp;$16.83 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.48 | &nbsp;&nbsp;$0.46 | &nbsp;&nbsp;$0.41 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.63** | &nbsp;&nbsp;**$0.25** | &nbsp;&nbsp;**$0.81** | &nbsp;&nbsp;**$(1.37)** | &nbsp;&nbsp;**$0.03** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.26) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.41)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.40** | &nbsp;&nbsp;**$15.25** | &nbsp;&nbsp;**$15.46** | &nbsp;&nbsp;**$15.06** | &nbsp;&nbsp;**$16.69** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.21%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.65%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.19%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$92346 | &nbsp;&nbsp;$96625 | &nbsp;&nbsp;$105114 | &nbsp;&nbsp;$109974 | &nbsp;&nbsp;$128437 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$15.25 | &nbsp;&nbsp;$15.46 | &nbsp;&nbsp;$15.06 | &nbsp;&nbsp;$16.69 | &nbsp;&nbsp;$16.83 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;**$0.70** | &nbsp;&nbsp;**$(1.48)** | &nbsp;&nbsp;**$(0.09)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.36) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.05) |
| **Total distributions** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.05)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.40** | &nbsp;&nbsp;**$15.25** | &nbsp;&nbsp;**$15.46** | &nbsp;&nbsp;**$15.06** | &nbsp;&nbsp;**$16.69** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.43%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.71%** | &nbsp;&nbsp;&nbsp;&nbsp;**(8.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.56)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$713 | &nbsp;&nbsp;$653 | &nbsp;&nbsp;$1179 | &nbsp;&nbsp;$1462 | &nbsp;&nbsp;$2258 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$15.29 | &nbsp;&nbsp;$15.50 | &nbsp;&nbsp;$15.10 | &nbsp;&nbsp;$16.73 | &nbsp;&nbsp;$16.88 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.67** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$0.85** | &nbsp;&nbsp;**$(1.33)** | &nbsp;&nbsp;**$0.06** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.21) |
| **Total distributions** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.21)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.44** | &nbsp;&nbsp;**$15.29** | &nbsp;&nbsp;**$15.50** | &nbsp;&nbsp;**$15.10** | &nbsp;&nbsp;**$16.73** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.47%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.91%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.94)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.38%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$318428 | &nbsp;&nbsp;$324640 | &nbsp;&nbsp;$337131 | &nbsp;&nbsp;$314760 | &nbsp;&nbsp;$304069 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022).

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Responsible Municipal Income Fund (the Fund) is a diversified series of Calvert Management Series (the Trust). The Trust is a Massachusetts business trust 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 provide current income exempt from regular federal income tax. The Fund invests primarily in municipal bonds whose issuers the investment adviser determines operate in a manner consistent with or promote the Calvert Principles for Responsible Investment.

The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 0.75% 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 1.00% 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 Trustees (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 by the

Board's valuation designee.

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:

**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.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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.

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Notes to Financial Statements — continued

------

The following table summarizes the market value of the Fund's holdings as of December 31, 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** |
| Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9272121 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9272121 |
| Tax-Exempt Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13539754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13539754 |
| Tax-Exempt Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;360135922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;360135922 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19405193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19405193 |
| **Total Investments** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$402352990** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$402352990** |

---

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. 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 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. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Expenses arising in connection with a specific class are charged directly to that class.

D Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund declares income distributions daily to shareholders of record at the time of declaration and generally pays them monthly. The Fund makes distributions of net realized capital gains, if any, 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.

E 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.

F Indemnifications— Under the Trust's organizational document, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and provides that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders or former shareholders. 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.

G Federal and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

H When-Issued Securities and Delayed Delivery Transactions— The Fund may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Fund maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

I Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Notes to Financial Statements — continued

------

2 Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (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 0.35% of the Fund's average daily net assets and is payable monthly. For the year ended December 31, 2025, the investment advisory fee amounted to $1,417,426.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, the investment advisory fee paid was reduced by $2,199 relating to the Fund's investment in the Liquidity 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 0.75%, 1.50% and 0.50% 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 May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $598,630.

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 year ended December 31, 2025, CRM was paid administrative fees of $485,975.

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 year ended December 31, 2025 amounted to $235,244 and $7,189 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $6,610 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. The Fund was also informed that EVD received $2,924 and less than $100 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $27,910 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Trustee of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $250,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 annual fee and the special equities liaison receives an additional $2,500 annual fee. Eligible Trustees 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 Trustees. 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. Trustees' fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Trustees of the Fund who are employees of CRM or its affiliates are paid by CRM.

3 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities and including maturities and paydowns, were $155,959,674 and $174,727,808, respectively.

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Notes to Financial Statements — continued

------

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$12619725 | &nbsp;&nbsp;&nbsp;&nbsp;$12925931 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$916649 | &nbsp;&nbsp;&nbsp;&nbsp;$842762 |

---

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp;$537398 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57632497) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495137 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247495) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(53847457)** |

---

At December 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $57,632,497 which would reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2025, $8,819,662 are short-term and $48,812,835 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$398857853** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$7748584 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4253447) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$3495137** |

---

5 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 December 31, 2025. The Fund did not have any significant borrowings or allocated fees during the year ended December 31, 2025.

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Notes to Financial Statements — continued

------

6 Affiliated Investments

Transactions in the Fund's investment in funds that may be deemed to be affiliated for the year ended December 31, 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 | $4672 | $34436703 | $(34441375) | $— | $— | $— | $63453 |  |

---

7 Capital Shares

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes.

Transactions in capital shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577915 | &nbsp;&nbsp;&nbsp;&nbsp;$8749206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462346 | &nbsp;&nbsp;&nbsp;&nbsp;$7111559 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754940 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1093023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16489434) | &nbsp;&nbsp;&nbsp;&nbsp;(1107593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17007601) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(337188)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5047847)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(465518)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7141102)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080 | &nbsp;&nbsp;&nbsp;&nbsp;$165149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp;$17298 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18842 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549134) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3501** | &nbsp;&nbsp;&nbsp;&nbsp;**$51298** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(33443)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(512994)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902635 | &nbsp;&nbsp;&nbsp;&nbsp;$89294182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5953717 | &nbsp;&nbsp;&nbsp;&nbsp;$91623300 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7933999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7972779 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(7026459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106121081) | &nbsp;&nbsp;&nbsp;&nbsp;(6997766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107461300) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(600961)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8892900)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(525273)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7865221)** |

---

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Responsible Municipal Income Fund and Board of Trustees of Calvert Management Series:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Responsible Municipal Income Fund (the "Fund"), one of the funds constituting Calvert Management Series, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

Calvert

Responsible Municipal Income Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of exempt-interest dividends.

#### Exempt-Interest Dividends. For the fiscal year ended December 31, 2025, the Fund designates 93.23% of distributions from net investment income as an exempt-interest dividend.

------

[**Table of Contents**](#JOB_Calve_c876c424-c5f4-4b4c-9e76-8c3f80fb928e_TOC)

CTTLX-NCSR 12.31.25

------

![](g26309imgfce6297f1.gif)

------

## Calvert

## Emerging Markets Focused Growth Fund

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g26309imga471c3842.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
Calvert

Emerging Markets Focused Growth Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_30856f2d-d76e-4ab4-81de-6ec7cf97a956_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_1f3df3ae-6459-420b-908a-bfb9a0379952_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_1f3df3ae-6459-420b-908a-bfb9a0379952_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_29ddda21-4469-4ff9-9ca7-6f048ee717fa_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_29ddda21-4469-4ff9-9ca7-6f048ee717fa_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_29ddda21-4469-4ff9-9ca7-6f048ee717fa_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_6aaa15e3-7e87-4b35-9586-3fc4ea6e94d8_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_890bec87-f134-4153-a77b-56384cb43ddc_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_3e94b14a-a09a-4278-b7c2-62be4f15d17d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| [Federal Tax Information](#xx_7bf36316-7a7e-4177-96bc-05e182d21b2b_1) | &nbsp;&nbsp;17 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Schedule of Investments

------

Common Stocks — 95.0%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Brazil — 38.9% | Brazil — 38.9% |  |
| Banco Bradesco SA | 33974 | $96123 |
| Banco BTG Pactual SA | 35357 | &nbsp;&nbsp; 338715 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 7089 | &nbsp;&nbsp; 170652 |
| Itau Unibanco Holding SA, PFC Shares | 27513 | &nbsp;&nbsp; 196632 |
| Localiza Rent a Car SA | 78960 | &nbsp;&nbsp; 624933 |
| Localiza Rent a Car SA, PFC Shares<sup>(1)</sup> | 3036 | &nbsp;&nbsp; 22993 |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp; 185312 |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 20862 | &nbsp;&nbsp; 349230 |
| Raia Drogasil SA | 56450 | &nbsp;&nbsp;&nbsp;&nbsp;240759 |
| Sendas Distribuidora SA | 40631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53849 |
| TOTVS SA | 4388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33534 |
| XP, Inc., Class A | 19125 | &nbsp;&nbsp;&nbsp;&nbsp;313076 |
|  |  | **$2625808** |
| India — 36.4% | India — 36.4% |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;767 | $60147 |
| AU Small Finance Bank Ltd.<sup>(2)</sup> | 19270 | &nbsp;&nbsp;&nbsp;&nbsp;213301 |
| Bajaj Finance Ltd. | 8446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92881 |
| Bharti Airtel Ltd. | 19423 | &nbsp;&nbsp;&nbsp;&nbsp;455887 |
| Cholamandalam Investment & Finance Co. Ltd. | 12188 | &nbsp;&nbsp;&nbsp;&nbsp;231178 |
| Eternal Ltd.<sup>(1)</sup> | 84662 | &nbsp;&nbsp;&nbsp;&nbsp;262366 |
| Global Health Ltd. | 12900 | &nbsp;&nbsp;&nbsp;&nbsp;170407 |
| HDFC Bank Ltd. | 14372 | &nbsp;&nbsp;&nbsp;&nbsp;158766 |
| HDFC Bank Ltd. ADR | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73884 |
| ICICI Bank Ltd. | 15695 | &nbsp;&nbsp;&nbsp;&nbsp;234900 |
| Laurus Labs Ltd.<sup>(2)</sup> | 18247 | &nbsp;&nbsp;&nbsp;&nbsp;224918 |
| Mahindra & Mahindra Ltd. | 6609 | &nbsp;&nbsp;&nbsp;&nbsp;272945 |
|  |  | **$2451580** |
| Mexico — 5.0% | Mexico — 5.0% |  |
| Grupo Financiero Banorte SAB de CV, Class O | 36175 | $335162 |
|  |  | **$335162** |
| Taiwan — 14.7% | Taiwan — 14.7% |  |
| E Ink Holdings, Inc. | 31000 | $194771 |
| eMemory Technology, Inc. | 1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59864 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;737359 |
|  |  | **$991994** |
| Total Common Stocks<br> (identified cost $5,303,821) |  | **$6404544** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Short-Term Investments — 6.9%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(3)</sup> | 460430 | $460430 |
| Total Short-Term Investments<br> (identified cost $460,430) |  | **$460430** |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Total Investments — 101.9%<br> (identified cost $5,764,251) | **$6864974** |
| Other Assets, Less Liabilities — (1.9)% | **$(125605)** |
| Net Assets — 100.0% | **$6739369** |

---

---

| | |
|:---|:---|
| 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> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2025, the aggregate value of these securities is $438,219 or 6.5% of the Fund's net assets. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

At December 31, 2025, the concentration of the Fund's investments in the various sectors, determined as a percentage of net assets, was as follows:

---

| | |
|:---|:---|
| **Economic Sectors** | &nbsp;&nbsp;**% of Net Assets** |
| Financials | &nbsp;&nbsp;&nbsp;39.1% |
| Information Technology | &nbsp;&nbsp;&nbsp;15.2 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;10.7 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| **Total** | &nbsp;&nbsp;**95.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| PFC Shares | – Preference Shares |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $5,303,821) | &nbsp;&nbsp;$6404544 |
| Investments in securities of affiliated issuers, at value (identified cost $460,430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460430 |
| Cash denominated in foreign currency, at value (cost $870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19936 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38044 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| **Total assets** | &nbsp;&nbsp;**$6925184** |
| Liabilities |  |
| Due to custodian | &nbsp;&nbsp;$765 |
| Payable for foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99195 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Payable for professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65526 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15264 |
| **Total liabilities** | &nbsp;&nbsp;**$185815** |
| **Net Assets** | &nbsp;&nbsp;**$6739369** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$5737939 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;1001430 |
| **Net Assets** | &nbsp;&nbsp;**$6739369** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$98491 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.82 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$12.47 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$69940 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.63 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$6498123 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547679 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$11.86 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$72815 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6137 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding, including fractional shares)** | &nbsp;&nbsp;$11.87 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $19,414) | &nbsp;&nbsp;$124239 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18309 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| **Total investment income** | &nbsp;&nbsp;**$142562** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$46067 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7371 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11902 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86503 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63589 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10584 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12313 |
| **Total expenses** | &nbsp;&nbsp;**$246611** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(185614) |
| **Net expenses** | &nbsp;&nbsp;**$60997** |
| **Net investment income** | &nbsp;&nbsp;**$81565** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities (net of foreign capital gains taxes of $26,415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$246359 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7426) |
| **Net realized gain** | &nbsp;&nbsp;**$238933** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities (including net increase in payable for foreign capital gains taxes of $62,403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$710905 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$711290** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$950223** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1031788** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025,** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$81565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16146 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449751 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425247) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$1031788** | &nbsp;&nbsp;**$40650** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(8216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1885) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1636) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(552300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158883) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1760) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(572336)** | &nbsp;&nbsp;**$(164164)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10882 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158883 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$597578** | &nbsp;&nbsp;**$177737** |
| **Net increase in net assets** | &nbsp;&nbsp;**$1057030** | &nbsp;&nbsp;**$54223** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$5682339 | &nbsp;&nbsp;$5628116 |
| **At end of year** | &nbsp;&nbsp;**$6739369** | &nbsp;&nbsp;**$5682339** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Financial Highlights

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> December 31,<br> 2023<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> December 31,<br> 2023<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.97 | &nbsp;&nbsp;$11.24 | &nbsp;&nbsp;$10.00 |
| Income (Loss) From Operations |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| **Total income from operations** | &nbsp;&nbsp;**$1.93** | &nbsp;&nbsp;**$0.06** | &nbsp;&nbsp;**$1.24** |
| Less Distributions |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(1.08)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.82** | &nbsp;&nbsp;**$10.97** | &nbsp;&nbsp;**$11.24** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**17.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.47%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.40%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$98 | &nbsp;&nbsp;$65 | &nbsp;&nbsp;$56 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(6)(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30%<sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%<sup>(4)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> For the period from the commencement of operations, May 31, 2023, to December 31, 2023.

<sup>(2)</sup> Computed using average shares outstanding.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> 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.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended December 31, 2025 and 2024 and the period ended December 31, 2023, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> December 31,<br> 2023<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> December 31,<br> 2023<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.84 | &nbsp;&nbsp;$11.19 | &nbsp;&nbsp;$10.00 |
| Income (Loss) From Operations |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.03) |
| Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.81** | &nbsp;&nbsp;**$(0.02)** | &nbsp;&nbsp;**$1.19** |
| Less Distributions |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(1.02) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$— |
| **Total distributions** | &nbsp;&nbsp;**$(1.02)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.63** | &nbsp;&nbsp;**$10.84** | &nbsp;&nbsp;**$11.19** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**16.99%** | &nbsp;&nbsp;&nbsp;&nbsp;**(0.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.90%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$56 | &nbsp;&nbsp;$56 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(6)(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45)%<sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%<sup>(4)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> For the period from the commencement of operations, May 31, 2023, to December 31, 2023.

<sup>(2)</sup> Computed using average shares outstanding.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> 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.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended December 31, 2025 and 2024 and the period ended December 31, 2023, respectively).

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> December 31,<br> 2023<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> December 31,<br> 2023<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$11.00 | &nbsp;&nbsp;$11.24 | &nbsp;&nbsp;$10.00 |
| Income (Loss) From Operations |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$0.03 |
| Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| **Total income from operations** | &nbsp;&nbsp;**$1.96** | &nbsp;&nbsp;**$0.09** | &nbsp;&nbsp;**$1.25** |
| Less Distributions |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(1.10)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.01)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.86** | &nbsp;&nbsp;**$11.00** | &nbsp;&nbsp;**$11.24** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**18.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.73%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.53%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$6498 | &nbsp;&nbsp;$5500 | &nbsp;&nbsp;$5460 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(6)(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%<sup>(4)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> For the period from the commencement of operations, May 31, 2023, to December 31, 2023.

<sup>(2)</sup> Computed using average shares outstanding.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> 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.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended December 31, 2025 and 2024 and the period ended December 31, 2023, respectively).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> December 31,<br> 2023<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> December 31,<br> 2023<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$11.00 | &nbsp;&nbsp;$11.24 | &nbsp;&nbsp;$10.00 |
| Income (Loss) From Operations |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$0.03 |
| Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| **Total income from operations** | &nbsp;&nbsp;**$1.97** | &nbsp;&nbsp;**$0.09** | &nbsp;&nbsp;**$1.25** |
| Less Distributions |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(1.10)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.01)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$11.87** | &nbsp;&nbsp;**$11.00** | &nbsp;&nbsp;**$11.24** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**18.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.73%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.54%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$73 | &nbsp;&nbsp;$61 | &nbsp;&nbsp;$56 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(6)(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29%<sup>(4)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> For the period from the commencement of operations, May 31, 2023, to December 31, 2023.

<sup>(2)</sup> Computed using average shares outstanding.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> 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.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended December 31, 2025 and 2024 and the period ended December 31, 2023, respectively).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Emerging Markets Focused Growth Fund (the Fund) is a non-diversified series of Calvert Management Series (the Trust). The Trust is a Massachusetts business trust 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 total return. The Fund invests primarily in equity securities of companies located in emerging market countries.

The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 1.00% 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 1.00% on shares redeemed within 12 months of purchase. Class C shares are only available for purchase through a financial intermediary. 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 Trustees (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 by the

Board's valuation designee.

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.**

**Other Securities. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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.**

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Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

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 December 31, 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;&nbsp;Brazil | &nbsp;&nbsp;$870611 | &nbsp;&nbsp;$1755197 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2625808 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73884 | &nbsp;&nbsp;&nbsp;&nbsp;2377696 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;2451580 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335162 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991994 |
| **Total Common Stocks** | &nbsp;&nbsp;**$1279657** | &nbsp;&nbsp;**$5124887<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$6404544** |
| Short-Term Investments | &nbsp;&nbsp;$460430 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$460430 |
| **Total Investments** | &nbsp;&nbsp;**$1740087** | &nbsp;&nbsp;**$5124887** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$6864974** |

---

<sup>(1)</sup> 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.

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.

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 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.

F 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.

G Indemnifications— Under the Trust's organizational document, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and provides that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders or former shareholders. 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.

H Federal and Other Taxes— No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated

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Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

I Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (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 year ended December 31, 2025, the investment advisory fee amounted to $46,067.

Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Morgan Stanley Investment Management Company (MSIM Company). CRM pays MSIM Company a portion of its investment advisory fee for sub-advisory services provided to the Fund. MSIM Company is a wholly-owned subsidiary of Morgan Stanley.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, the investment advisory fee paid was reduced by $639 relating to the Fund's investment in the Liquidity 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 1.24%, 1.99%, 0.99% and 0.99% for Class A, Class C, Class I and Class R6, respectively, of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after May 1, 2026. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $184,975.

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 year ended December 31, 2025, CRM was paid administrative fees of $7,371.

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 year ended December 31, 2025 amounted to $194 and $633 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received no sales charge on sales of Class A shares for the year ended December 31, 2025 and no contingent deferred sales charges paid by Class A and Class C shareholders 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $3,192 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Trustee of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $250,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 annual fee and the special equities liaison receives an additional $2,500 annual fee. Eligible Trustees may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan

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Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Trustees. 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. Trustees' fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Trustees of the Fund who are employees of CRM or its affiliates are paid by CRM.

3 Investment Activity

During the year ended December 31, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $4,520,934 and $4,362,715, respectively.

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$41275 | &nbsp;&nbsp;&nbsp;&nbsp;$221 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$531061 | &nbsp;&nbsp;&nbsp;&nbsp;$163943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4715 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8025 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998223 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9533) |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$1001430** |

---

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$5767604** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$1253658 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156288) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$1097370** |

---

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.

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Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

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 December 31, 2025.

6 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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 year ended December 31, 2025.

7 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $460,430, which represents 6.9% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 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 | $513863 | $3117240 | $(3170673) | $— | $— | $460430 | $18309 | 460430 |

---

8 Capital Shares

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;$20448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;$8997 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2389** | &nbsp;&nbsp;&nbsp;&nbsp;**$28634** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**944** | &nbsp;&nbsp;&nbsp;&nbsp;**$10882** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp;$4113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**866** | &nbsp;&nbsp;&nbsp;&nbsp;**$9758** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**149** | &nbsp;&nbsp;&nbsp;&nbsp;**$1636** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;47860 | &nbsp;&nbsp;&nbsp;&nbsp;$552300 | &nbsp;&nbsp;&nbsp;&nbsp;14237 | &nbsp;&nbsp;&nbsp;&nbsp;$158883 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;**47860** | &nbsp;&nbsp;&nbsp;&nbsp;**$552300** | &nbsp;&nbsp;&nbsp;&nbsp;**14237** | &nbsp;&nbsp;&nbsp;&nbsp;**$158883** |

---

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[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;$1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp;$4576 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**600** | &nbsp;&nbsp;&nbsp;&nbsp;**$6886** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**531** | &nbsp;&nbsp;&nbsp;&nbsp;**$6336** |

---

At December 31, 2025, EVM owned 99.3% of the value of the outstanding shares of the Fund.

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, and by acts of terrorism and war. 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.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

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Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

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To the Shareholders of Calvert Emerging Markets Focused Growth Fund and Board of Trustees of Calvert Management Series:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Emerging Markets Focused Growth Fund (the "Fund"), one of the funds constituting Calvert Management Series, as of December 31, 2025, related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from May 31, 2023 (commencement of operations) to December 31, 2023, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, and the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from May 31, 2023 to December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

Calvert

Emerging Markets Focused Growth Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, 163(j) interest dividends, the foreign tax credit and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $60,872, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**163(j) Interest Dividends. For the fiscal year ended December 31, 2025, the Fund designates 100.00% of distributions from net investment income as a 163(j) interest dividend.**

#### Foreign Tax Credit. For the fiscal year ended December 31, 2025, the Fund paid foreign taxes of $45,530 and recognized foreign source income of $99,952.
**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $272,785 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

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------

[**Table of Contents**](#JOB_Calve_f5686e93-bdce-4292-9535-0950815913a0_TOC)

CEMAX-NCSR 12.31.25

------

![](g26309img09c34d351.gif)

------

## Calvert

## Small/Mid-Cap Fund

## Annual Financial Statements and

## Additional Information
December 31, 2025

------

![](g26309img1ee180d62.gif)

------

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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information December 31, 2025
Calvert

Small/Mid-Cap Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_fc17d313-1ef9-4cc7-a65e-3e962cd8b07c_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_21e2320d-faef-4e01-bfbd-a1c3dc66d4c1_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_21e2320d-faef-4e01-bfbd-a1c3dc66d4c1_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_c88a3503-3595-4a28-bb5c-7f682ea39958_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_c88a3503-3595-4a28-bb5c-7f682ea39958_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_c88a3503-3595-4a28-bb5c-7f682ea39958_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_d66b9eed-b77f-49f4-a638-d5f8115e4f43_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_b53c9df5-a57a-4b8f-bfed-707416f487e7_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_50c48acb-202c-4d8a-ad94-d6c54670f828_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| [Federal Tax Information](#xx_5850a87e-a941-4ba5-a83c-9cd1ff82f31b_1) | &nbsp;&nbsp;19 |

---

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Schedule of Investments

------

Common Stocks — 100.3%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Aerospace & Defense — 1.1% | Aerospace & Defense — 1.1% |  |
| Hexcel Corp. | 30206 | $2232223 |
|  |  | **$2232223** |
| Automobile Components — 2.2% | Automobile Components — 2.2% |  |
| Dorman Products, Inc.<sup>(1)</sup> | 37127 | $4573675 |
|  |  | **$4573675** |
| Banks — 8.3% | Banks — 8.3% |  |
| Citizens Financial Group, Inc. | 19360 | $1130818 |
| Commerce Bancshares, Inc. | 40315 | &nbsp;&nbsp; 2110087 |
| Community Financial System, Inc. | 37188 | &nbsp;&nbsp;&nbsp;&nbsp;2136079 |
| First Financial Bankshares, Inc. | 44735 | &nbsp;&nbsp;&nbsp;&nbsp;1336234 |
| Huntington Bancshares, Inc. | 63213 | &nbsp;&nbsp;&nbsp;&nbsp;1096746 |
| Old National Bancorp | 146430 | &nbsp;&nbsp;&nbsp;&nbsp;3266853 |
| SouthState Bank Corp. | 42830 | &nbsp;&nbsp;&nbsp;&nbsp;4030731 |
| Webster Financial Corp. | 33757 | &nbsp;&nbsp;&nbsp;&nbsp;2124666 |
|  |  | **$17232214** |
| Biotechnology — 2.4% | Biotechnology — 2.4% |  |
| Caris Life Sciences, Inc.<sup>(1)</sup> | 52758 | $1423411 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 25154 | &nbsp;&nbsp;&nbsp;&nbsp;3567592 |
|  |  | **$4991003** |
| Building Products — 10.3% | Building Products — 10.3% |  |
| A.O. Smith Corp. | 65891 | $4406790 |
| AAON, Inc.<sup>(2)</sup> | 25102 | &nbsp;&nbsp;&nbsp;&nbsp;1914028 |
| Advanced Drainage Systems, Inc. | 20252 | &nbsp;&nbsp;&nbsp;&nbsp;2933097 |
| AZZ, Inc. | 32246 | &nbsp;&nbsp;&nbsp;&nbsp;3456126 |
| CSW Industrials, Inc. | 23414 | &nbsp;&nbsp;&nbsp;&nbsp;6872711 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 109601 | &nbsp;&nbsp;&nbsp;&nbsp;1693336 |
|  |  | **$21276088** |
| Capital Markets — 2.5% | Capital Markets — 2.5% |  |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;6235 | $2226955 |
| Tradeweb Markets, Inc., Class A | 27526 | &nbsp;&nbsp;&nbsp;&nbsp;2960146 |
|  |  | **$5187101** |
| Chemicals — 3.1% | Chemicals — 3.1% |  |
| Balchem Corp. | 19739 | $3027173 |
| Quaker Chemical Corp. | 24101 | &nbsp;&nbsp;&nbsp;&nbsp;3309308 |
|  |  | **$6336481** |
| Construction Materials — 0.7% | Construction Materials — 0.7% |  |
| Knife River Corp.<sup>(1)</sup> | 19602 | $1379001 |
|  |  | **$1379001** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Consumer Staples Distribution & Retail — 2.3% | Consumer Staples Distribution & Retail — 2.3% |  |
| Performance Food Group Co.<sup>(1)</sup> | 51992 | $4675121 |
|  |  | **$4675121** |
| Containers & Packaging — 1.8% | Containers & Packaging — 1.8% |  |
| AptarGroup, Inc. | 30110 | $3672216 |
|  |  | **$3672216** |
| Diversified Consumer Services — 2.0% | Diversified Consumer Services — 2.0% |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 40628 | $4119679 |
|  |  | **$4119679** |
| Diversified REITs — 1.1% | Diversified REITs — 1.1% |  |
| Essential Properties Realty Trust, Inc. | 76127 | $2257927 |
|  |  | **$2257927** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% |  |
| IDACORP, Inc. | 13427 | $1699321 |
|  |  | **$1699321** |
| Electronic Equipment, Instruments & Components — 2.7% | Electronic Equipment, Instruments & Components — 2.7% |  |
| Badger Meter, Inc. | 21283 | $3711968 |
| CDW Corp. | 14172 | &nbsp;&nbsp;&nbsp;&nbsp;1930226 |
|  |  | **$5642194** |
| Financial Services — 1.6% | Financial Services — 1.6% |  |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 44135 | $3359115 |
|  |  | **$3359115** |
| Food Products — 1.0% | Food Products — 1.0% |  |
| Post Holdings, Inc.<sup>(1)</sup> | 20766 | $2056872 |
|  |  | **$2056872** |
| Ground Transportation — 0.9% | Ground Transportation — 0.9% |  |
| Lyft, Inc., Class A<sup>(1)</sup> | 98998 | $1917591 |
|  |  | **$1917591** |
| Health Care Providers & Services — 2.5% | Health Care Providers & Services — 2.5% |  |
| Addus HomeCare Corp.<sup>(1)</sup> | 29331 | $3149856 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;4531 | &nbsp;&nbsp;&nbsp;&nbsp;1938634 |
|  |  | **$5088490** |
| Health Care Technology — 1.0% | Health Care Technology — 1.0% |  |
| Certara, Inc.<sup>(1)</sup> | 137340 | $1209966 |
| HeartFlow, Inc.<sup>(1)</sup> | 29675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865026 |
|  |  | **$2074992** |
| Hotels, Restaurants & Leisure — 6.0% | Hotels, Restaurants & Leisure — 6.0% |  |
| Aramark | 121893 | $4492976 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;6222 | &nbsp;&nbsp;&nbsp;&nbsp;2593454 |

---

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |  |
| Wyndham Hotels & Resorts, Inc. | 70626 | $5336500 |
|  |  | **$12422930** |
| Household Durables — 1.4% | Household Durables — 1.4% |  |
| Meritage Homes Corp. | 14557 | $957851 |
| NVR, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp; 2056561 |
|  |  | **$3014412** |
| Industrial REITs — 2.0% | Industrial REITs — 2.0% |  |
| EastGroup Properties, Inc. | 14378 | $2561297 |
| Rexford Industrial Realty, Inc. | 38794 | &nbsp;&nbsp;&nbsp;&nbsp;1502104 |
|  |  | **$4063401** |
| Insurance — 7.8% | Insurance — 7.8% |  |
| Arch Capital Group Ltd.<sup>(1)</sup> | 12435 | $1192765 |
| Cincinnati Financial Corp. | 21692 | &nbsp;&nbsp;&nbsp;&nbsp;3542738 |
| First American Financial Corp. | 31793 | &nbsp;&nbsp;&nbsp;&nbsp;1953362 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 114602 | &nbsp;&nbsp;&nbsp;&nbsp;3197396 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp;1988845 |
| Ryan Specialty Holdings, Inc. | 39194 | &nbsp;&nbsp;&nbsp;&nbsp;2023586 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp;2138293 |
|  |  | **$16036985** |
| IT Services — 0.3% | IT Services — 0.3% |  |
| Wix.com Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;6681 | $694089 |
|  |  | **$694089** |
| Life Sciences Tools & Services — 1.1% | Life Sciences Tools & Services — 1.1% |  |
| Bio-Techne Corp. | 37453 | $2202611 |
|  |  | **$2202611** |
| Machinery — 10.9% | Machinery — 10.9% |  |
| Atmus Filtration Technologies, Inc. | 61111 | $3172272 |
| Donaldson Co., Inc. | 63132 | &nbsp;&nbsp;&nbsp;&nbsp;5597283 |
| ESCO Technologies, Inc. | 10877 | &nbsp;&nbsp;&nbsp;&nbsp;2125257 |
| Franklin Electric Co., Inc. | 48327 | &nbsp;&nbsp;&nbsp;&nbsp;4616678 |
| Graco, Inc. | 46792 | &nbsp;&nbsp;&nbsp;&nbsp;3835540 |
| Nordson Corp. | 12867 | &nbsp;&nbsp;&nbsp;&nbsp;3093613 |
|  |  | **$22440643** |
| Multi-Utilities — 0.8% | Multi-Utilities — 0.8% |  |
| NiSource, Inc. | 39626 | $1654782 |
|  |  | **$1654782** |
| Pharmaceuticals — 1.8% | Pharmaceuticals — 1.8% |  |
| Royalty Pharma PLC, Class A | 96812 | $3740816 |
|  |  | **$3740816** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Professional Services — 1.9% | Professional Services — 1.9% |  |
| CBIZ, Inc.<sup>(1)</sup> | 76573 | $3863108 |
|  |  | **$3863108** |
| Residential REITs — 1.5% | Residential REITs — 1.5% |  |
| Equity LifeStyle Properties, Inc. | 49799 | $3018317 |
|  |  | **$3018317** |
| Semiconductors & Semiconductor Equipment — 3.0% | Semiconductors & Semiconductor Equipment — 3.0% |  |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 56180 | $1482029 |
| Diodes, Inc.<sup>(1)</sup> | 52174 | &nbsp;&nbsp; 2574265 |
| ON Semiconductor Corp.<sup>(1)</sup> | 39641 | &nbsp;&nbsp;&nbsp;&nbsp;2146560 |
|  |  | **$6202854** |
| Software — 4.1% | Software — 4.1% |  |
| CCC Intelligent Solutions Holdings, Inc.<sup>(1)</sup> | 383544 | $3049175 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 23186 | &nbsp;&nbsp;&nbsp;&nbsp;2032485 |
| Manhattan Associates, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;8304 | &nbsp;&nbsp;&nbsp;&nbsp;1439166 |
| SPS Commerce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;7963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709742 |
| Tyler Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;2634 | &nbsp;&nbsp;&nbsp;&nbsp;1195704 |
|  |  | **$8426272** |
| Specialized REITs — 1.4% | Specialized REITs — 1.4% |  |
| Lamar Advertising Co., Class A | 23712 | $3001465 |
|  |  | **$3001465** |
| Specialty Retail — 4.0% | Specialty Retail — 4.0% |  |
| Burlington Stores, Inc.<sup>(1)</sup> | 16015 | $4625933 |
| Valvoline, Inc.<sup>(1)</sup> | 123258 | &nbsp;&nbsp;&nbsp;&nbsp;3581877 |
|  |  | **$8207810** |
| Textiles, Apparel & Luxury Goods — 2.1% | Textiles, Apparel & Luxury Goods — 2.1% |  |
| Steven Madden Ltd. | 102828 | $4281758 |
|  |  | **$4281758** |
| Trading Companies & Distributors — 1.9% | Trading Companies & Distributors — 1.9% |  |
| Core & Main, Inc., Class A<sup>(1)</sup> | 74084 | $3850144 |
|  |  | **$3850144** |
| Total Common Stocks<br> (identified cost $195,427,059) |  | **$206893701** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 0.0%<sup>†</sup> |  |  |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.69%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1274 | $1274 |
| Total Short-Term Investments<br> (identified cost $1,274) |  | **$1274** |
| Total Investments — 100.3%<br> (identified cost $195,428,333) |  | **$206894975** |
| Other Assets, Less Liabilities — (0.3)% |  | **$(666612)** |
| Net Assets — 100.0% |  | **$206228363** |

---

---

| | |
|:---|:---|
| 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>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at December 31, 2025. The aggregate market value of securities on loan at December 31, 2025 was $1,894,813. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of December 31, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $195,427,059) - including<br> $1,894,813 of securities on loan | &nbsp;&nbsp;$206893701 |
| Investments in securities of affiliated issuers, at value (identified cost $1,274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152947 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85665 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181365 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22800 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170157 |
| **Total assets** | &nbsp;&nbsp;**$207510531** |
| Liabilities |  |
| Payable for line of credit | &nbsp;&nbsp;$360000 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453530 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91089 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21668 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35516 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5339 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170157 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144869 |
| **Total liabilities** | &nbsp;&nbsp;**$1282168** |
| **Net Assets** | &nbsp;&nbsp;**$206228363** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$196186440 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10041923 |
| **Net Assets** | &nbsp;&nbsp;**$206228363** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$153302156 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603745 |
| **Net Asset Value and Redemption Price Per Share <br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$23.21 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$24.50 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2370514 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132870 |
| **Net Asset Value and Offering Price Per Share\* <br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$17.84 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$50555693 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069726 |
| **Net Asset Value, Offering Price and Redemption Price Per Share <br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$24.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | 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. |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$1061386 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19668 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877 |
| **Total investment income** | &nbsp;&nbsp;**$1083931** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$435126 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103396 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164319 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7851 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6864 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110369 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22088 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74713 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54759 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30053 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14925 |
| **Total expenses** | &nbsp;&nbsp;**$1028558** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(88802) |
| **Net expenses** | &nbsp;&nbsp;**$939756** |
| **Net investment income** | &nbsp;&nbsp;**$144175** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2586716 |
| **Net realized gain** | &nbsp;&nbsp;**$2586716** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(13008126) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(13008126)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(10421410)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(10277235)** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77072 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9376199<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13008126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2429597) |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(10277235)** | &nbsp;&nbsp;**$7023674** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6539364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1829477) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5404) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2115104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400591) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(8780916)** | &nbsp;&nbsp;**$(2235472)** |
| Capital share transactions (see Note 8): |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140941232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1474258) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7854) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49218335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31961062) |
| **Net increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp;**$192716383** | &nbsp;&nbsp;**$(33443174)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$173658232** | &nbsp;&nbsp;**$(28654972)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$32570131 | &nbsp;&nbsp;$61225103 |
| **At end of year** | &nbsp;&nbsp;**$206228363** | &nbsp;&nbsp;**$32570131** |

---

<sup>(1)</sup> Includes $615,678 of net realized gains from redemptions in-kind.

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$25.63 | &nbsp;&nbsp;$24.84 | &nbsp;&nbsp;$22.04 | &nbsp;&nbsp;$27.86 | &nbsp;&nbsp;$26.63 |
| Income (Loss) From Operations<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup> |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.00<sup>(2)</sup> | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.41)** | &nbsp;&nbsp;**$2.63** | &nbsp;&nbsp;**$2.96** | &nbsp;&nbsp;**$(4.73)** | &nbsp;&nbsp;**$4.93** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) |
| **Total distributions** | &nbsp;&nbsp;**$(1.01)** | &nbsp;&nbsp;**$(1.84)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$(3.70)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$23.21** | &nbsp;&nbsp;**$25.63** | &nbsp;&nbsp;**$24.84** | &nbsp;&nbsp;**$22.04** | &nbsp;&nbsp;**$27.86** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.44%** | &nbsp;&nbsp;&nbsp;&nbsp;**(17.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.87%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$153302 | &nbsp;&nbsp;$26529 | &nbsp;&nbsp;$27175 | &nbsp;&nbsp;$26123 | &nbsp;&nbsp;$35483 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> | Computed using average shares outstanding. |
| <sup>(2)</sup> | Amount is less than $0.005 or $(0.005), as applicable. |
| <sup>(3)</sup> | 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. |
| <sup>(4)</sup> | 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. |
| <sup>(5)</sup> | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022). |
| <sup>(6)</sup> | Includes interest expense of 0.01% of average daily net assets for the year ended December 31, 2024. |
| Financial information from January 1, 2020 through the close of business on September 15, 2023 is for the Eaton Vance Special Equities Fund, which was reorganized into the Calvert Small/Mid-Cap Fund as of the close of business on September 15, 2023. See Note 1 to Financial Statements. | Financial information from January 1, 2020 through the close of business on September 15, 2023 is for the Eaton Vance Special Equities Fund, which was reorganized into the Calvert Small/Mid-Cap Fund as of the close of business on September 15, 2023. See Note 1 to Financial Statements. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$20.07 | &nbsp;&nbsp;$19.91 | &nbsp;&nbsp;$17.83 | &nbsp;&nbsp;$22.96 | &nbsp;&nbsp;$22.67 |
| Income (Loss) From Operations<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup> |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.26) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.24)** | &nbsp;&nbsp;**$1.96** | &nbsp;&nbsp;**$2.24** | &nbsp;&nbsp;**$(4.04)** | &nbsp;&nbsp;**$3.99** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(0.99) | &nbsp;&nbsp;$(1.80) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(1.09) | &nbsp;&nbsp;$(3.70) |
| **Total distributions** | &nbsp;&nbsp;**$(0.99)** | &nbsp;&nbsp;**$(1.80)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$(3.70)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$17.84** | &nbsp;&nbsp;**$20.07** | &nbsp;&nbsp;**$19.91** | &nbsp;&nbsp;**$17.83** | &nbsp;&nbsp;**$22.96** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(6.31)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.41%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.58%** | &nbsp;&nbsp;&nbsp;&nbsp;**(17.73)%** | &nbsp;&nbsp;&nbsp;&nbsp;**18.02%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2371 | &nbsp;&nbsp;$58 | &nbsp;&nbsp;$67 | &nbsp;&nbsp;$206 | &nbsp;&nbsp;$594 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> | Computed using average shares outstanding. |
| <sup>(2)</sup> | 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. |
| <sup>(3)</sup> | 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. |
| <sup>(4)</sup> | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022). |
| <sup>(5)</sup> | Includes interest expense of 0.01% of average daily net assets for the year ended December 31, 2024. |
| Financial information from January 1, 2020 through the close of business on September 15, 2023 is for the Eaton Vance Special Equities Fund, which was reorganized into the Calvert Small/Mid-Cap Fund as of the close of business on September 15, 2023. See Note 1 to Financial Statements. | Financial information from January 1, 2020 through the close of business on September 15, 2023 is for the Eaton Vance Special Equities Fund, which was reorganized into the Calvert Small/Mid-Cap Fund as of the close of business on September 15, 2023. See Note 1 to Financial Statements. |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$26.88 | &nbsp;&nbsp;$25.97 | &nbsp;&nbsp;$22.97 | &nbsp;&nbsp;$28.92 | &nbsp;&nbsp;$27.45 |
| Income (Loss) From Operations<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup> |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$(0.01) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.42)** | &nbsp;&nbsp;**$2.82** | &nbsp;&nbsp;**$3.16** | &nbsp;&nbsp;**$(4.86)** | &nbsp;&nbsp;**$5.17** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.70) |
| **Total distributions** | &nbsp;&nbsp;**$(1.03)** | &nbsp;&nbsp;**$(1.91)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$(3.70)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$24.43** | &nbsp;&nbsp;**$26.88** | &nbsp;&nbsp;**$25.97** | &nbsp;&nbsp;**$22.97** | &nbsp;&nbsp;**$28.92** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.32)%** | &nbsp;&nbsp;&nbsp;&nbsp;**10.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.77%** | &nbsp;&nbsp;&nbsp;&nbsp;**(16.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.19%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$50556 | &nbsp;&nbsp;$5983 | &nbsp;&nbsp;$33984 | &nbsp;&nbsp;$25757 | &nbsp;&nbsp;$32497 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(1)</sup> | Computed using average shares outstanding. |
| <sup>(2)</sup> | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| <sup>(3)</sup> | 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. |
| <sup>(4)</sup> | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2025, 2024, 2023 and 2022). |
| <sup>(5)</sup> | Includes interest expense of 0.01% of average daily net assets for the year ended December 31, 2024. |
| Financial information from January 1, 2020 through the close of business on September 15, 2023 is for the Eaton Vance Special Equities Fund, which was reorganized into the Calvert Small/Mid-Cap Fund as of the close of business on September 15, 2023. See Note 1 to Financial Statements. | Financial information from January 1, 2020 through the close of business on September 15, 2023 is for the Eaton Vance Special Equities Fund, which was reorganized into the Calvert Small/Mid-Cap Fund as of the close of business on September 15, 2023. See Note 1 to Financial Statements. |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Small/Mid-Cap Fund (the Fund) is a diversified series of Calvert Management Series (the Trust). The Trust is a Massachusetts business trust 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 provide growth of capital. The Fund is the accounting successor to the Eaton Vance Special Equities Fund (the "Predecessor Fund") pursuant to a reorganization (the "Reorganization") that took place at the close of business on September 15, 2023. The Fund also inherited the Predecessor Fund's historical performance. The Predecessor Fund was managed using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. The Fund had no investment operations prior to the Reorganization. Financial information included for periods prior to the Reorganization is that of the Predecessor Fund.

The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 1.00% 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 1.00% 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 Trustees (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 by the

Board's valuation designee.

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.**

**Other Securities. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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.

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

The following table summarizes the market value of the Fund's holdings as of December 31, 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;$206893701<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$206893701 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274 |
| **Total Investments** | &nbsp;&nbsp;**$206894975** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$206894975** |

---

<sup>(1)</sup> 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. Non-cash dividends are recorded at the fair value of the securities received. 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.

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 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.

E 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.

F Indemnifications— Under the Trust's organizational document, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and provides that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders or former shareholders. 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.

G Federal and Other 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.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

H Segment Reporting— The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

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[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

2 Related Party Transactions

Pursuant to an advisory agreement between the Fund and Calvert Research and Management (CRM), an indirect, wholly-owned subsidiary of Morgan Stanley, the Fund pays CRM a fee as compensation for investment advisory services provided to the Fund. The fee is computed at an annual rate as a percentage of the Fund's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee<br> Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.505% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.480% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.455% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.435% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.420% |

---

For the year ended December 31, 2025, the investment advisory fee amounted to $435,126 or 0.505% of the Fund's average daily net assets.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, the investment advisory fee paid was reduced by $600 relating to the Fund's investment in the Liquidity Fund.

CRM has agreed to reimburse the Fund's operating expenses to the extent that total annual operating expenses (related 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 1.14%, 1.89% and 0.89% for Class A, Class C and Class I, respectively, of such class's average daily net assets. This expense reimbursement will remain in effect through September 15, 2028. For the year ended December 31, 2025, CRM waived and/or reimbursed expenses of $88,202.

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 year ended December 31, 2025, the administrative fee amounted to $103,396.

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 year ended December 31, 2025 amounted to $164,319 and $7,851 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $2,417 as its portion of the sales charge on sales of Class A shares for the year ended December 31, 2025. The Fund was also informed that EVD received less than $100 of contingent deferred sales charges paid by Class A and Class C shareholders 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 year ended December 31, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $7,279 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Trustee of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $250,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $75,000 ($55,000 prior to January 1, 2026) annual fee, Committee chairs receive an additional $20,000 annual fee and the special equities liaison receives an additional $2,500 annual fee. Eligible Trustees 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 Trustees. The Fund purchases

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

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. Trustees' fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Trustees of the Fund who are employees of CRM or its affiliates are paid by CRM.

3 Investment Activity

Purchases and sales of investments, other than short-term obligations, aggregated $42,384,074 and $56,741,926, respectively, for the year ended December 31, 2025.

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$677611 | &nbsp;&nbsp;&nbsp;&nbsp;$66752 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$8103305 | &nbsp;&nbsp;&nbsp;&nbsp;$2168720 |

---

During the year ended December 31, 2025, distributable earnings was decreased by $498,815 and paid-in capital was increased by $498,815 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Post October capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(1156267) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11198190 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$10041923** |

---

At December 31, 2025, the Fund had a net capital loss of $1,156,267 attributable to security transactions incurred after October 31, 2025 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund's taxable year ending December 31, 2026.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$195696785** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$22048317 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10850127) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$11198190** |

---

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[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

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 December 31, 2025, the total value of securities on loan was $1,894,813 and the total value of collateral received was $1,995,431, comprised of U.S. government and/or agencies securities.

6 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally 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 2025, 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.

At December 31, 2025, the Fund had a balance outstanding pursuant to this line of credit of $360,000 at an annual interest rate of 4.64%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at December 31, 2025. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at December 31, 2025. The Fund's average borrowings and allocated fees for the year ended December 31, 2025 were not significant.

7 Affiliated Investments

At December 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,274, which represents less than 0.05% of the Fund's net assets. Transactions in such investments by the Fund for the year ended December 31, 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 | $416828 | $25324009 | $(25739563) | $— | $— | $1274 | $19668 | 1274 |

---

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[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

8 Capital Shares

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in capital shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276443 | &nbsp;&nbsp;&nbsp;&nbsp;$6996126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18290 | &nbsp;&nbsp;&nbsp;&nbsp;$487887 |
| &nbsp;&nbsp;&nbsp;Issued in connection with tax-free reorganization (see Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;5547427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140284552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530783 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12560610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3492928) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**5568835** | &nbsp;&nbsp;&nbsp;&nbsp;**$140941232** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(58962)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1474258)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14341 | &nbsp;&nbsp;&nbsp;&nbsp;$274679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;$35848 |
| &nbsp;&nbsp;&nbsp;Issued in connection with tax-free reorganization (see Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49106) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**129979** | &nbsp;&nbsp;&nbsp;&nbsp;**$2556816** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(452)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7854)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295689 | &nbsp;&nbsp;&nbsp;&nbsp;$7625491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254952 | &nbsp;&nbsp;&nbsp;&nbsp;$7085069 |
| &nbsp;&nbsp;&nbsp;Issued in connection with tax-free reorganization (see Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;2031307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53949712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393873 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14458004) | &nbsp;&nbsp;&nbsp;&nbsp;(1355016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39440004) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**1847099** | &nbsp;&nbsp;&nbsp;&nbsp;**$49218335** | &nbsp;&nbsp;&nbsp;&nbsp;**(1086122)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(31961062)** |

---

9 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 purpose of the transaction was to combine two funds managed by CRM with substantially similar investment objectives and policies. The reorganization was accomplished by a tax-free exchange of 5,547,427 shares of Class A of the Fund (valued at $140,284,552) for the 4,446,226 shares of Class A of Calvert Mid-Cap Fund, 125,188 shares of Class C of the Fund (valued at $2,465,317) for the 155,735 shares of Class C of Calvert Mid-Cap Fund and 2,031,307 shares of Class I of the Fund (valued at $53,949,712) for the 1,325,404 shares of Class I of Calvert Mid-Cap Fund, each outstanding on September 12, 2025.

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 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, including $44,870 of accumulated net realized losses and $15,869,374 of unrealized appreciation, were combined with those of the Fund, resulting in combined net assets of $231,693,997.

Assuming the acquisition had been completed on January 1, 2025, the beginning of the Fund's annual reporting period, the Fund's pro forma results of operations for the year ended December 31, 2025 are as follows:

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Notes to Financial Statements — continued

------

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$313422 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$(39657771) |
| Net decrease in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;$(39344349) |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of Calvert Mid-Cap Fund that have been included in the Fund's Statement of Operations since September 12, 2025.

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Small/Mid-Cap Fund and Board of Trustees of Calvert Management Series:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Small/Mid-Cap Fund (the "Fund"), one of the funds constituting Calvert Management Series, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2026

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

Calvert

Small/Mid-Cap Fund

December 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2026 showed the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended December 31, 2025, the Fund designates approximately $765,875, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 73.01% qualifies for the corporate dividends received deduction.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $3,841,387 or, if subsequently determined to be different, the net capital gain of such year.**

------

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This Page Intentionally Left Blank

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[**Table of Contents**](#JOB_Calve_3cf43bd4-f38d-47e9-b347-4deb7d70c027_TOC)

CMPAX-NCSR 12.31.25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

#### Item 16. Controls and Procedures
(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d26309dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d26309dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d26309dex99906cert.htm) |

---

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| <u>Calvert Management Series</u> | <u>Calvert Management Series</u> |
| By: | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |
| Date: | February 24, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | February 24, 2026 |
| By: | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |
| Date: | February 24, 2026 |

---

## Ex-99.Cert

**Calvert Management Series** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Calvert Management Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 24, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Calvert Management Series** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Von M. Hughes, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Calvert Management Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 24, 2026 | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Calvert Management Series (the "**Trust**") that:

(a) the Report of the **Trust** on Form N-CSR for the period ended
December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

---

| |
|:---|
| Calvert Management Series |
| Date: February 24, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: February 24, 2026 |
| /s/ Von M. Hughes |
| Von M. Hughes |
| Principal Executive Officer |

---