# EDGAR Filing Document

**Accession Number:** 0000319676
**File Stem:** 0001193125-25-177082
**Filing Date:** 2025-8
**Character Count:** 4600
**Document Hash:** 593b625c22b32f6307f4a8f75aeac4e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-177082.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001193125-25-177082

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-69565
- **FILM NUMBER:** 251199322

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

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

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

## Series and Classes Contracts Data

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

---

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

---

## Series and Classes Contracts Data

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

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

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

------

#### CALVERT SMALL/MID-CAP FUND

#### Supplement to Summary Prospectus and Prospectus each dated May 1, 2025

#### as may be supplemented and/or revised from time to time
The following replaces the "Annual Fund Operating Expenses" table under "Fees and Expenses of the Fund":

---

| | | | |
|:---|:---|:---|:---|
| Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your<br>investment) | Class A | Class C | Class I |
|  Management Fees | 0.63% | 0.63% | 0.63% |
|  Distribution and Service (12b-1) Fees | 0.25% | 1.00% |  |
|  Other Expenses | 0.63% | 0.63% | 0.63% |
|  Total Annual Fund Operating Expenses | 1.51% | 2.26% | 1.26% |
|  Expense Reimbursement<sup>(1)</sup> | (0.37)% | (0.37)% | (0.37)% |
|  Total Annual Fund Operating Expenses After Expense Reimbursement | 1.14% | 1.89% | 0.89% |

---

<sup>(1)</sup> Calvert Research and Management ("CRM") has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 1.14% for Class A shares, 1.89% for Class C shares and 0.89% for Class I shares. This expense reimbursement will remain in effect through September 15, 2028. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the administrator during the same fiscal year to the extent actual expenses are less than any contractual expense cap during in place such year. Pursuant to this arrangement, CRM may recoup from the Fund any reimbursed expenses during the same fiscal year if such recoupment does not cause the Fund's Total Annual Operating Expenses after such recoupment to exceed (i) the expense limit in effect at the time of reimbursement; or (ii) the expense limit in effect at the time of recoupment.

The following replaces the "Example" table under "Fees and Expenses of the Fund":

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Expenses with Redemption | Expenses with Redemption | Expenses with Redemption | Expenses with Redemption | Expenses without Redemption | Expenses without Redemption | Expenses without Redemption | Expenses without Redemption |
|  | 1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
|  Class A shares | $635 | $868 | $1161 | $2101 | $635 | $868 | $1161 | $2101 |
|  Class C shares | $292 | $594 | $1063 | $2277 | $192 | $594 | $1063 | $2277 |
|  Class I shares | $91 | $284 | $537 | $1380 | $91 | $284 | $537 | $1380 |

---

---

| | |
|:---|:---|
| **August 8, 2025** | **48642-00 8.8.25** |

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