# EDGAR Filing Document

**Accession Number:** 0000701039
**File Stem:** 0001193125-25-300030
**Filing Date:** 2025-11
**Character Count:** 1327649
**Document Hash:** 78d47aad92451fadae46ad4c5ca6c27d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300030.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-300030

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 96

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calvert Fund
- **CENTRAL INDEX KEY:** 0000701039

**ORGANIZATION NAME:**
- **EIN:** 526228948
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03416
- **FILM NUMBER:** 251528914

**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 FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Calvert Income Fund (Series ID: S000005148)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000014095 | Class A                      | CFICX           |
| C000014097 | Class C                      | CIFCX           |
| C000014098 | Class I                      | CINCX           |
| C000241867 | Calvert Income Fund Class R6 | CINRX           |

### Calvert Short Duration Income Fund (Series ID: S000005150)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000014103 | Class A                                     | CSDAX           |
| C000014104 | Class C                                     | CDICX           |
| C000014105 | Class I                                     | CDSIX           |
| C000211120 | Calvert Short Duration Income Fund Class R6 | CDSRX           |

### Calvert Core Bond Fund (Series ID: S000005151)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000014108 | Class I                         | CLDIX           |
| C000014109 | Class A                         | CLDAX           |
| C000225189 | Calvert Core Bond Fund Class R6 | CLDRX           |

### Calvert Ultra-Short Duration Income Fund (Series ID: S000013508)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000036621 | Class A                                          | CULAX           |
| C000139784 | Calvert Ultra-Short Duration Income Fund Class I | CULIX           |
| C000195935 | Class R6                                         | CULRX           |

### Calvert High Yield Bond Fund (Series ID: S000025875)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000077416 | Class A                               | CYBAX           |
| C000077417 | Class C                               | CHBCX           |
| C000077418 | Class I                               | CYBIX           |
| C000211121 | Calvert High Yield Bond Fund Class R6 | CYBRX           |

### Calvert Mortgage Access Fund (Series ID: S000076002)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000235421 | Calvert Mortgage Access Fund Class R6 | CMMRX           |
| C000235422 | Calvert Mortgage Access Fund Class A  | CMMAX           |
| C000235423 | Calvert Mortgage Access Fund Class C  | CMMCX           |
| C000235424 | Calvert Mortgage Access Fund Class I  | CMMIX           |

?xml version='1.0' encoding='ASCII'? Calvert Fund

### 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: 811-03416

## The Calvert Fund

#### (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)

#### September 30

#### Date of Fiscal Year End

#### September 30, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Calvert High Yield Bond Fund

# Class A CYBAX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert High Yield Bond Fund for the period of October 1, 2024 to September 30, 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 | $104 | 1.01% |

---

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

↓ The Fund's allocations by sector, especially within broadcasting, telecommunications and railroad hurt performance relative to the Index

↓ Selections within auto & auto parts and homebuilders & real estate were punitive

↓ Selections by credit rating hampered results, particularly in BB-rated and CCC-rated bonds

↓ Selections within credits with duration between 2 and 5 years and greater than 10 years detracted

↑ The Fund's selections by sector contributed to relative performance, particularly within paper, retail and railroad

↑ The Fund's significant underweight position in the energy sector was helpful along with the lack of exposure to the gaming sector and an overweight exposure within the services sector

↑ Allocations by credit rating aided relative performance, especially within credits rated CCC and lower. An underweight position within B-rated credits was also additive

↑ Selections within bonds with duration less than two years contributed to relative returns

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

![Growth of 10K Chart](g38842i44353fccc1f1c2d60ddf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $9889 | $10032 | $10273 |
| **11/15** | $9626 | $9995 | $10042 |
| **12/15** | $9569 | $9945 | $9783 |
| **1/16** | $9501 | $10055 | $9628 |
| **2/16** | $9496 | $10127 | $9673 |
| **3/16** | $9815 | $10251 | $10101 |
| **4/16** | $10026 | $10321 | $10504 |
| **5/16** | $10110 | $10329 | $10580 |
| **6/16** | $10157 | $10511 | $10695 |
| **7/16** | $10382 | $10597 | $10965 |
| **8/16** | $10537 | $10609 | $11209 |
| **9/16** | $10587 | $10611 | $11282 |
| **10/16** | $10624 | $10541 | $11317 |
| **11/16** | $10590 | $10304 | $11272 |
| **12/16** | $10688 | $10334 | $11494 |
| **1/17** | $10776 | $10371 | $11648 |
| **2/17** | $10877 | $10451 | $11830 |
| **3/17** | $10858 | $10447 | $11805 |
| **4/17** | $10962 | $10534 | $11939 |
| **5/17** | $11032 | $10615 | $12046 |
| **6/17** | $11105 | $10606 | $12058 |
| **7/17** | $11176 | $10659 | $12197 |
| **8/17** | $11169 | $10751 | $12194 |
| **9/17** | $11247 | $10713 | $12304 |
| **10/17** | $11274 | $10726 | $12351 |
| **11/17** | $11283 | $10710 | $12318 |
| **12/17** | $11306 | $10757 | $12354 |
| **1/18** | $11344 | $10654 | $12433 |
| **2/18** | $11262 | $10553 | $12317 |
| **3/18** | $11201 | $10606 | $12241 |
| **4/18** | $11194 | $10535 | $12323 |
| **5/18** | $11143 | $10592 | $12321 |
| **6/18** | $11127 | $10577 | $12363 |
| **7/18** | $11233 | $10599 | $12501 |
| **8/18** | $11315 | $10651 | $12592 |
| **9/18** | $11360 | $10606 | $12665 |
| **10/18** | $11214 | $10517 | $12458 |
| **11/18** | $11155 | $10564 | $12345 |
| **12/18** | $10984 | $10730 | $12074 |
| **1/19** | $11366 | $10878 | $12629 |
| **2/19** | $11523 | $10889 | $12842 |
| **3/19** | $11608 | $11086 | $12968 |
| **4/19** | $11742 | $11102 | $13149 |
| **5/19** | $11684 | $11272 | $12982 |
| **6/19** | $11901 | $11431 | $13300 |
| **7/19** | $11976 | $11465 | $13369 |
| **8/19** | $12052 | $11725 | $13421 |
| **9/19** | $12121 | $11674 | $13463 |
| **10/19** | $12163 | $11712 | $13494 |
| **11/19** | $12199 | $11709 | $13531 |
| **12/19** | $12362 | $11727 | $13814 |
| **1/20** | $12366 | $11937 | $13815 |
| **2/20** | $12247 | $12116 | $13601 |
| **3/20** | $11103 | $11879 | $12001 |
| **4/20** | $11481 | $12117 | $12457 |
| **5/20** | $11877 | $12230 | $13027 |
| **6/20** | $11916 | $12332 | $13154 |
| **7/20** | $12441 | $12549 | $13783 |
| **8/20** | $12496 | $12477 | $13918 |
| **9/20** | $12400 | $12454 | $13773 |
| **10/20** | $12467 | $12410 | $13838 |
| **11/20** | $12842 | $12572 | $14392 |
| **12/20** | $12996 | $12615 | $14666 |
| **1/21** | $13031 | $12536 | $14722 |
| **2/21** | $13024 | $12374 | $14773 |
| **3/21** | $13030 | $12230 | $14799 |
| **4/21** | $13144 | $12333 | $14961 |
| **5/21** | $13155 | $12380 | $15004 |
| **6/21** | $13318 | $12470 | $15209 |
| **7/21** | $13342 | $12595 | $15263 |
| **8/21** | $13391 | $12587 | $15347 |
| **9/21** | $13360 | $12479 | $15352 |
| **10/21** | $13314 | $12469 | $15324 |
| **11/21** | $13201 | $12484 | $15167 |
| **12/21** | $13437 | $12476 | $15453 |
| **1/22** | $13075 | $12202 | $15028 |
| **2/22** | $12915 | $12036 | $14893 |
| **3/22** | $12793 | $11713 | $14755 |
| **4/22** | $12335 | $11276 | $14218 |
| **5/22** | $12335 | $11338 | $14254 |
| **6/22** | $11618 | $11112 | $13284 |
| **7/22** | $12309 | $11391 | $14084 |
| **8/22** | $12004 | $11095 | $13747 |
| **9/22** | $11531 | $10617 | $13194 |
| **10/22** | $11828 | $10500 | $13569 |
| **11/22** | $12042 | $10892 | $13823 |
| **12/22** | $11961 | $10855 | $13719 |
| **1/23** | $12376 | $11192 | $14256 |
| **2/23** | $12182 | $10917 | $14071 |
| **3/23** | $12365 | $11173 | $14230 |
| **4/23** | $12462 | $11241 | $14367 |
| **5/23** | $12312 | $11124 | $14230 |
| **6/23** | $12472 | $11107 | $14462 |
| **7/23** | $12619 | $11118 | $14668 |
| **8/23** | $12627 | $11051 | $14710 |
| **9/23** | $12482 | $10788 | $14539 |
| **10/23** | $12336 | $10625 | $14359 |
| **11/23** | $12839 | $11104 | $15012 |
| **12/23** | $13250 | $11525 | $15566 |
| **1/24** | $13258 | $11497 | $15568 |
| **2/24** | $13256 | $11360 | $15615 |
| **3/24** | $13430 | $11471 | $15801 |
| **4/24** | $13331 | $11203 | $15643 |
| **5/24** | $13493 | $11389 | $15820 |
| **6/24** | $13633 | $11493 | $15973 |
| **7/24** | $13820 | $11754 | $16286 |
| **8/24** | $14019 | $11927 | $16545 |
| **9/24** | $14138 | $12090 | $16816 |
| **10/24** | $14080 | $11816 | $16723 |
| **11/24** | $14218 | $11940 | $16915 |
| **12/24** | $14167 | $11760 | $16842 |
| **1/25** | $14318 | $11831 | $17075 |
| **2/25** | $14400 | $12075 | $17186 |
| **3/25** | $14266 | $12073 | $17001 |
| **4/25** | $14379 | $12115 | $17002 |
| **5/25** | $14561 | $12054 | $17287 |
| **6/25** | $14786 | $12242 | $17608 |
| **7/25** | $14817 | $12224 | $17679 |
| **8/25** | $14963 | $12371 | $17894 |
| **9/25** | $15033 | $12502 | $18031 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 6.31% | 3.92% | 4.50% |
| Class A with 3.25% Maximum Sales Charge | 2.87% | 3.24% | 4.16% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| ICE BofA U.S. High Yield Index | 7.23% | 5.53% | 6.07% |

---

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 | $501317043 |
| # of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2156680 |

---

## 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)
![Credit Rating Chart](g38842ic54dd436a4419b672faf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Senior Floating-Rate Loans | 6.3% |
| Short-Term Investments | 7.5% |
| Corporate Bonds | 85.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g38842i6bdc4848c6e1d44b9114.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.9% |
| CCC or Lower | 11.7% |
| B | 38.1% |
| BB | 47.3% |
| BBB | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CYBAX-TSR-AR

# Calvert High Yield Bond Fund

# Class C CHBCX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert High Yield Bond Fund for the period of October 1, 2024 to September 30, 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 | $181 | 1.76% |

---

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

↓ The Fund's allocations by sector, especially within broadcasting, telecommunications and railroad hurt performance relative to the Index

↓ Selections within auto & auto parts and homebuilders & real estate were punitive

↓ Selections by credit rating hampered results, particularly in BB-rated and CCC-rated bonds

↓ Selections within credits with duration between 2 and 5 years and greater than 10 years detracted

↑ The Fund's selections by sector contributed to relative performance, particularly within paper, retail and railroad

↑ The Fund's significant underweight position in the energy sector was helpful along with the lack of exposure to the gaming sector and an overweight exposure within the services sector

↑ Allocations by credit rating aided relative performance, especially within credits rated CCC and lower. An underweight position within B-rated credits was also additive

↑ Selections within bonds with duration less than two years contributed to relative returns

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

![Growth of 10K Chart](g38842i51618e84e3abb81a5f15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10209 | $10032 | $10273 |
| **11/15** | $9929 | $9995 | $10042 |
| **12/15** | $9863 | $9945 | $9783 |
| **1/16** | $9786 | $10055 | $9628 |
| **2/16** | $9775 | $10127 | $9673 |
| **3/16** | $10095 | $10251 | $10101 |
| **4/16** | $10307 | $10321 | $10504 |
| **5/16** | $10386 | $10329 | $10580 |
| **6/16** | $10431 | $10511 | $10695 |
| **7/16** | $10652 | $10597 | $10965 |
| **8/16** | $10806 | $10609 | $11209 |
| **9/16** | $10850 | $10611 | $11282 |
| **10/16** | $10880 | $10541 | $11317 |
| **11/16** | $10839 | $10304 | $11272 |
| **12/16** | $10935 | $10334 | $11494 |
| **1/17** | $11013 | $10371 | $11648 |
| **2/17** | $11112 | $10451 | $11830 |
| **3/17** | $11086 | $10447 | $11805 |
| **4/17** | $11184 | $10534 | $11939 |
| **5/17** | $11247 | $10615 | $12046 |
| **6/17** | $11318 | $10606 | $12058 |
| **7/17** | $11381 | $10659 | $12197 |
| **8/17** | $11368 | $10751 | $12194 |
| **9/17** | $11439 | $10713 | $12304 |
| **10/17** | $11460 | $10726 | $12351 |
| **11/17** | $11465 | $10710 | $12318 |
| **12/17** | $11477 | $10757 | $12354 |
| **1/18** | $11507 | $10654 | $12433 |
| **2/18** | $11422 | $10553 | $12317 |
| **3/18** | $11350 | $10606 | $12241 |
| **4/18** | $11336 | $10535 | $12323 |
| **5/18** | $11277 | $10592 | $12321 |
| **6/18** | $11255 | $10577 | $12363 |
| **7/18** | $11354 | $10599 | $12501 |
| **8/18** | $11431 | $10651 | $12592 |
| **9/18** | $11469 | $10606 | $12665 |
| **10/18** | $11312 | $10517 | $12458 |
| **11/18** | $11246 | $10564 | $12345 |
| **12/18** | $11067 | $10730 | $12074 |
| **1/19** | $11447 | $10878 | $12629 |
| **2/19** | $11597 | $10889 | $12842 |
| **3/19** | $11674 | $11086 | $12968 |
| **4/19** | $11804 | $11102 | $13149 |
| **5/19** | $11736 | $11272 | $12982 |
| **6/19** | $11948 | $11431 | $13300 |
| **7/19** | $12016 | $11465 | $13369 |
| **8/19** | $12083 | $11725 | $13421 |
| **9/19** | $12145 | $11674 | $13463 |
| **10/19** | $12180 | $11712 | $13494 |
| **11/19** | $12205 | $11709 | $13531 |
| **12/19** | $12362 | $11727 | $13814 |
| **1/20** | $12359 | $11937 | $13815 |
| **2/20** | $12235 | $12116 | $13601 |
| **3/20** | $11085 | $11879 | $12001 |
| **4/20** | $11455 | $12117 | $12457 |
| **5/20** | $11843 | $12230 | $13027 |
| **6/20** | $11874 | $12332 | $13154 |
| **7/20** | $12391 | $12549 | $13783 |
| **8/20** | $12437 | $12477 | $13918 |
| **9/20** | $12337 | $12454 | $13773 |
| **10/20** | $12395 | $12410 | $13838 |
| **11/20** | $12759 | $12572 | $14392 |
| **12/20** | $12903 | $12615 | $14666 |
| **1/21** | $12930 | $12536 | $14722 |
| **2/21** | $12915 | $12374 | $14773 |
| **3/21** | $12914 | $12230 | $14799 |
| **4/21** | $13018 | $12333 | $14961 |
| **5/21** | $13021 | $12380 | $15004 |
| **6/21** | $13172 | $12470 | $15209 |
| **7/21** | $13188 | $12595 | $15263 |
| **8/21** | $13228 | $12587 | $15347 |
| **9/21** | $13186 | $12479 | $15352 |
| **10/21** | $13133 | $12469 | $15324 |
| **11/21** | $13016 | $12484 | $15167 |
| **12/21** | $13242 | $12476 | $15453 |
| **1/22** | $12873 | $12202 | $15028 |
| **2/22** | $12712 | $12036 | $14893 |
| **3/22** | $12582 | $11713 | $14755 |
| **4/22** | $12126 | $11276 | $14218 |
| **5/22** | $12114 | $11338 | $14254 |
| **6/22** | $11404 | $11112 | $13284 |
| **7/22** | $12075 | $11391 | $14084 |
| **8/22** | $11769 | $11095 | $13747 |
| **9/22** | $11297 | $10617 | $13194 |
| **10/22** | $11586 | $10500 | $13569 |
| **11/22** | $11781 | $10892 | $13823 |
| **12/22** | $11701 | $10855 | $13719 |
| **1/23** | $12094 | $11192 | $14256 |
| **2/23** | $11901 | $10917 | $14071 |
| **3/23** | $12075 | $11173 | $14230 |
| **4/23** | $12156 | $11241 | $14367 |
| **5/23** | $12006 | $11124 | $14230 |
| **6/23** | $12152 | $11107 | $14462 |
| **7/23** | $12286 | $11118 | $14668 |
| **8/23** | $12288 | $11051 | $14710 |
| **9/23** | $12142 | $10788 | $14539 |
| **10/23** | $11990 | $10625 | $14359 |
| **11/23** | $12470 | $11104 | $15012 |
| **12/23** | $12861 | $11525 | $15566 |
| **1/24** | $12862 | $11497 | $15568 |
| **2/24** | $12853 | $11360 | $15615 |
| **3/24** | $13011 | $11471 | $15801 |
| **4/24** | $12910 | $11203 | $15643 |
| **5/24** | $13057 | $11389 | $15820 |
| **6/24** | $13184 | $11493 | $15973 |
| **7/24** | $13353 | $11754 | $16286 |
| **8/24** | $13540 | $11927 | $16545 |
| **9/24** | $13647 | $12090 | $16816 |
| **10/24** | $13584 | $11816 | $16723 |
| **11/24** | $13708 | $11940 | $16915 |
| **12/24** | $13647 | $11760 | $16842 |
| **1/25** | $13787 | $11831 | $17075 |
| **2/25** | $13858 | $12075 | $17186 |
| **3/25** | $13723 | $12073 | $17001 |
| **4/25** | $13822 | $12115 | $17002 |
| **5/25** | $13987 | $12054 | $17287 |
| **6/25** | $14192 | $12242 | $17608 |
| **7/25** | $14214 | $12224 | $17679 |
| **8/25** | $14343 | $12371 | $17894 |
| **9/25** | $14621 | $12502 | $18031 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 5.51% | 3.14% | 3.87% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 4.51% | 3.14% | 3.87% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| ICE BofA U.S. High Yield Index | 7.23% | 5.53% | 6.07% |

---

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 | $501317043 |
| # of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2156680 |

---

## 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)
![Credit Rating Chart](g38842if3a3480b12e2fdaa038f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Senior Floating-Rate Loans | 6.3% |
| Short-Term Investments | 7.5% |
| Corporate Bonds | 85.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g38842ic0fd371ee6127c1fcb0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.9% |
| CCC or Lower | 11.7% |
| B | 38.1% |
| BB | 47.3% |
| BBB | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CHBCX-TSR-AR

# Calvert High Yield Bond Fund

# Class I CYBIX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert High Yield Bond Fund for the period of October 1, 2024 to September 30, 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 | $79 | 0.76% |

---

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

↓ The Fund's allocations by sector, especially within broadcasting, telecommunications and railroad hurt performance relative to the Index

↓ Selections within auto & auto parts and homebuilders & real estate were punitive

↓ Selections by credit rating hampered results, particularly in BB-rated and CCC-rated bonds

↓ Selections within credits with duration between 2 and 5 years and greater than 10 years detracted

↑ The Fund's selections by sector contributed to relative performance, particularly within paper, retail and railroad

↑ The Fund's significant underweight position in the energy sector was helpful along with the lack of exposure to the gaming sector and an overweight exposure within the services sector

↑ Allocations by credit rating aided relative performance, especially within credits rated CCC and lower. An underweight position within B-rated credits was also additive

↑ Selections within bonds with duration less than two years contributed to relative returns

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

![Growth of 10K Chart](g38842i39be6873c8f9c6a6d09c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Index** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $989795 | $994545 | $978295 |
| **3/16** | $1015975 | $1025077 | $1010058 |
| **6/16** | $1052393 | $1051051 | $1069464 |
| **9/16** | $1098101 | $1061107 | $1128151 |
| **12/16** | $1109595 | $1033436 | $1149385 |
| **3/17** | $1127614 | $1044733 | $1180514 |
| **6/17** | $1154706 | $1060629 | $1205825 |
| **9/17** | $1170217 | $1071325 | $1230373 |
| **12/17** | $1177142 | $1075709 | $1235397 |
| **3/18** | $1167227 | $1060578 | $1224122 |
| **6/18** | $1160687 | $1057711 | $1236333 |
| **9/18** | $1186074 | $1060582 | $1266519 |
| **12/18** | $1147405 | $1072968 | $1207416 |
| **3/19** | $1213684 | $1108612 | $1296778 |
| **6/19** | $1245340 | $1143113 | $1330040 |
| **9/19** | $1268321 | $1167378 | $1346322 |
| **12/19** | $1294421 | $1172661 | $1381420 |
| **3/20** | $1163576 | $1187915 | $1200139 |
| **6/20** | $1249669 | $1233232 | $1315423 |
| **9/20** | $1301263 | $1245411 | $1377328 |
| **12/20** | $1364860 | $1261494 | $1466606 |
| **3/21** | $1369151 | $1222990 | $1479864 |
| **6/21** | $1399962 | $1247003 | $1520916 |
| **9/21** | $1405153 | $1247936 | $1535169 |
| **12/21** | $1414520 | $1247580 | $1545268 |
| **3/22** | $1347496 | $1171300 | $1475517 |
| **6/22** | $1224554 | $1111162 | $1328380 |
| **9/22** | $1215893 | $1061685 | $1319374 |
| **12/22** | $1262387 | $1085489 | $1371922 |
| **3/23** | $1305650 | $1117271 | $1422950 |
| **6/23** | $1317667 | $1110713 | $1446206 |
| **9/23** | $1319910 | $1078770 | $1453878 |
| **12/23** | $1401755 | $1152499 | $1556552 |
| **3/24** | $1421665 | $1147110 | $1580051 |
| **6/24** | $1444119 | $1149285 | $1597270 |
| **9/24** | $1498429 | $1209032 | $1681557 |
| **12/24** | $1502154 | $1175995 | $1684203 |
| **3/25** | $1513983 | $1207254 | $1700112 |
| **6/25** | $1570074 | $1224153 | $1760826 |
| **9/25** | $1597122 | $1250196 | $1803081 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.59% | 4.18% | 4.79% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| ICE BofA U.S. High Yield Index | 7.23% | 5.53% | 6.07% |

---

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 | $501317043 |
| # of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2156680 |

---

## 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)
![Credit Rating Chart](g38842ia94e09ffab645fec96b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Senior Floating-Rate Loans | 6.3% |
| Short-Term Investments | 7.5% |
| Corporate Bonds | 85.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g38842i1696a61b7442d26656e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.9% |
| CCC or Lower | 11.7% |
| B | 38.1% |
| BB | 47.3% |
| BBB | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CYBIX-TSR-AR

# Calvert High Yield Bond Fund

# Class R6 CYBRX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert High Yield Bond Fund for the period of October 1, 2024 to September 30, 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 | $72 | 0.70% |

---

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

↓ The Fund's allocations by sector, especially within broadcasting, telecommunications and railroad hurt performance relative to the Index

↓ Selections within auto & auto parts and homebuilders & real estate were punitive

↓ Selections by credit rating hampered results, particularly in BB-rated and CCC-rated bonds

↓ Selections within credits with duration between 2 and 5 years and greater than 10 years detracted

↑ The Fund's selections by sector contributed to relative performance, particularly within paper, retail and railroad

↑ The Fund's significant underweight position in the energy sector was helpful along with the lack of exposure to the gaming sector and an overweight exposure within the services sector

↑ Allocations by credit rating aided relative performance, especially within credits rated CCC and lower. An underweight position within B-rated credits was also additive

↑ Selections within bonds with duration less than two years contributed to relative returns

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

![Growth of 10K Chart](g38842i0030399a994d841e6837.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **ICE BofA U.S. High Yield Index** |
| **9/15** | $5000000 | $5000000 | $5000000 |
| **10/15** | $5111420 | $5015983 | $5136298 |
| **11/15** | $4977219 | $4997691 | $5020990 |
| **12/15** | $4948975 | $4972724 | $4891474 |
| **1/16** | $4916856 | $5027618 | $4814108 |
| **2/16** | $4915474 | $5063331 | $4836497 |
| **3/16** | $5079877 | $5125385 | $5050289 |
| **4/16** | $5192133 | $5160305 | $5252086 |
| **5/16** | $5235694 | $5164336 | $5289984 |
| **6/16** | $5261967 | $5255253 | $5347321 |
| **7/16** | $5381522 | $5298558 | $5482381 |
| **8/16** | $5462485 | $5304274 | $5604497 |
| **9/16** | $5490503 | $5305534 | $5640755 |
| **10/16** | $5511396 | $5270337 | $5658383 |
| **11/16** | $5495085 | $5151874 | $5636067 |
| **12/16** | $5547974 | $5167178 | $5746927 |
| **1/17** | $5593863 | $5185408 | $5824098 |
| **2/17** | $5648551 | $5225417 | $5914981 |
| **3/17** | $5638068 | $5223667 | $5902571 |
| **4/17** | $5694736 | $5267009 | $5969450 |
| **5/17** | $5733127 | $5307646 | $6022768 |
| **6/17** | $5773529 | $5303146 | $6029125 |
| **7/17** | $5812163 | $5329560 | $6098667 |
| **8/17** | $5808347 | $5375542 | $6097086 |
| **9/17** | $5851085 | $5356623 | $6151863 |
| **10/17** | $5866533 | $5363055 | $6175603 |
| **11/17** | $5874496 | $5354939 | $6159032 |
| **12/17** | $5885712 | $5378546 | $6176983 |
| **1/18** | $5907401 | $5326789 | $6216589 |
| **2/18** | $5867312 | $5276280 | $6158631 |
| **3/18** | $5836137 | $5302892 | $6120611 |
| **4/18** | $5833959 | $5267509 | $6161322 |
| **5/18** | $5810180 | $5296234 | $6160393 |
| **6/18** | $5803435 | $5288553 | $6181666 |
| **7/18** | $5860288 | $5299621 | $6250743 |
| **8/18** | $5905635 | $5325731 | $6296011 |
| **9/18** | $5930368 | $5302910 | $6332597 |
| **10/18** | $5854272 | $5258549 | $6228892 |
| **11/18** | $5826417 | $5282199 | $6172368 |
| **12/18** | $5737023 | $5364842 | $6037078 |
| **1/19** | $5940824 | $5438812 | $6314358 |
| **2/19** | $6022926 | $5444740 | $6420975 |
| **3/19** | $6068998 | $5543060 | $6483890 |
| **4/19** | $6141308 | $5550818 | $6574602 |
| **5/19** | $6112123 | $5635849 | $6491035 |
| **6/19** | $6228451 | $5715564 | $6650202 |
| **7/19** | $6267553 | $5732577 | $6684253 |
| **8/19** | $6309263 | $5862290 | $6710338 |
| **9/19** | $6346950 | $5836892 | $6731611 |
| **10/19** | $6373041 | $5855751 | $6747242 |
| **11/19** | $6390882 | $5854580 | $6765667 |
| **12/19** | $6478541 | $5863304 | $6907099 |
| **1/20** | $6484478 | $5968538 | $6907393 |
| **2/20** | $6424890 | $6057906 | $6800335 |
| **3/20** | $5824844 | $5939573 | $6000697 |
| **4/20** | $6024885 | $6058552 | $6228745 |
| **5/20** | $6234684 | $6115138 | $6513625 |
| **6/20** | $6256681 | $6166162 | $6577113 |
| **7/20** | $6535198 | $6274476 | $6891371 |
| **8/20** | $6565520 | $6238296 | $6959184 |
| **9/20** | $6515928 | $6227053 | $6886638 |
| **10/20** | $6553071 | $6204796 | $6918840 |
| **11/20** | $6752488 | $6285765 | $7195782 |
| **12/20** | $6836082 | $6307471 | $7333030 |
| **1/21** | $6856218 | $6267825 | $7361096 |
| **2/21** | $6853752 | $6186952 | $7386744 |
| **3/21** | $6858806 | $6114952 | $7399322 |
| **4/21** | $6920942 | $6166371 | $7480486 |
| **5/21** | $6928440 | $6189892 | $7502077 |
| **6/21** | $7014330 | $6235017 | $7604579 |
| **7/21** | $7031182 | $6297624 | $7631647 |
| **8/21** | $7056583 | $6293421 | $7673269 |
| **9/21** | $7041858 | $6239678 | $7675843 |
| **10/21** | $7021476 | $6234578 | $7662189 |
| **11/21** | $6962330 | $6242109 | $7583668 |
| **12/21** | $7090002 | $6237900 | $7726342 |
| **1/22** | $6900571 | $6101139 | $7513950 |
| **2/22** | $6819085 | $6017957 | $7446483 |
| **3/22** | $6755854 | $5856502 | $7377583 |
| **4/22** | $6517293 | $5638069 | $7109215 |
| **5/22** | $6518604 | $5669091 | $7127014 |
| **6/22** | $6141063 | $5555809 | $6641902 |
| **7/22** | $6507421 | $5695493 | $7041939 |
| **8/22** | $6348544 | $5547431 | $6873302 |
| **9/22** | $6099211 | $5308427 | $6596869 |
| **10/22** | $6259599 | $5250182 | $6784660 |
| **11/22** | $6373111 | $5445942 | $6911665 |
| **12/22** | $6333547 | $5427445 | $6859610 |
| **1/23** | $6555382 | $5595807 | $7127792 |
| **2/23** | $6454830 | $5458308 | $7035553 |
| **3/23** | $6554613 | $5586356 | $7114750 |
| **4/23** | $6605207 | $5620482 | $7183420 |
| **5/23** | $6528943 | $5562210 | $7115215 |
| **6/23** | $6613414 | $5553566 | $7231032 |
| **7/23** | $6694163 | $5559087 | $7334003 |
| **8/23** | $6700172 | $5525611 | $7354930 |
| **9/23** | $6626369 | $5393852 | $7269390 |
| **10/23** | $6549453 | $5312738 | $7179417 |
| **11/23** | $6818916 | $5551837 | $7505953 |
| **12/23** | $7038673 | $5762497 | $7782759 |
| **1/24** | $7044614 | $5748706 | $7784202 |
| **2/24** | $7047867 | $5679782 | $7807252 |
| **3/24** | $7140118 | $5735549 | $7900255 |
| **4/24** | $7091294 | $5601518 | $7821249 |
| **5/24** | $7176888 | $5694370 | $7909994 |
| **6/24** | $7254310 | $5746426 | $7986352 |
| **7/24** | $7353335 | $5876857 | $8143072 |
| **8/24** | $7462337 | $5963370 | $8272598 |
| **9/24** | $7528631 | $6045161 | $8407785 |
| **10/24** | $7498835 | $5907858 | $8361514 |
| **11/24** | $7577874 | $5970143 | $8457267 |
| **12/24** | $7551915 | $5879976 | $8421013 |
| **1/25** | $7635001 | $5915408 | $8537300 |
| **2/25** | $7680881 | $6037713 | $8592796 |
| **3/25** | $7609484 | $6036272 | $8500562 |
| **4/25** | $7672045 | $6057592 | $8500763 |
| **5/25** | $7772545 | $6026869 | $8643722 |
| **6/25** | $7892890 | $6120766 | $8804132 |
| **7/25** | $7911314 | $6112028 | $8839441 |
| **8/25** | $7991843 | $6185444 | $8947091 |
| **9/25** | $8029877 | $6250980 | $9015404 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 6.66% | 4.26% | 4.85% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| ICE BofA U.S. High Yield Index | 7.23% | 5.53% | 6.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 2/1/19 is linked to Class I. This linked performance is adjusted for any applicable sales charge, but 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 | $501317043 |
| # of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $2156680 |

---

## 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)
![Credit Rating Chart](g38842i5fc20819db1684832874.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.9% |
| Senior Floating-Rate Loans | 6.3% |
| Short-Term Investments | 7.5% |
| Corporate Bonds | 85.3% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g38842idaf72294be3574ac42fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.9% |
| CCC or Lower | 11.7% |
| B | 38.1% |
| BB | 47.3% |
| BBB | 2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excludes Short-Term Investments. Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P rating 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CYBRX-TSR-AR

# Calvert Income Fund

# Class A CFICX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Income Fund for the period of October 1, 2024 to September 30, 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 | $91 | 0.89% |

---

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

↑ Out-of-index position in high yield corporates added meaningfully due to spreads tightening. Within investment grade, gains were supported by bottom-up security selection

↑ Out-of-index exposures to securitized credit contributed positively to excess returns, benefiting from spread tightening and total returns rivaling corporate peers

↓ An underweight to sovereign and government related debt detracted from performance, as the sector outperformed

↓ An underweight to U.S. Treasuries detracted from relative results, as U.S. yield curve steepened over the year

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

![Growth of 10K Chart](g38842i499f6e59ab6e82d0ae91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Credit Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $9708 | $10032 | $10047 |
| **11/15** | $9688 | $9995 | $10025 |
| **12/15** | $9627 | $9945 | $9948 |
| **1/16** | $9659 | $10055 | $10000 |
| **2/16** | $9715 | $10127 | $10084 |
| **3/16** | $9920 | $10251 | $10338 |
| **4/16** | $10039 | $10321 | $10464 |
| **5/16** | $10059 | $10329 | $10460 |
| **6/16** | $10281 | $10511 | $10698 |
| **7/16** | $10455 | $10597 | $10838 |
| **8/16** | $10484 | $10609 | $10860 |
| **9/16** | $10474 | $10611 | $10830 |
| **10/16** | $10388 | $10541 | $10737 |
| **11/16** | $10120 | $10304 | $10445 |
| **12/16** | $10167 | $10334 | $10508 |
| **1/17** | $10219 | $10371 | $10544 |
| **2/17** | $10330 | $10451 | $10661 |
| **3/17** | $10326 | $10447 | $10645 |
| **4/17** | $10431 | $10534 | $10751 |
| **5/17** | $10541 | $10615 | $10867 |
| **6/17** | $10618 | $10606 | $10895 |
| **7/17** | $10676 | $10659 | $10975 |
| **8/17** | $10734 | $10751 | $11067 |
| **9/17** | $10721 | $10713 | $11042 |
| **10/17** | $10762 | $10726 | $11079 |
| **11/17** | $10758 | $10710 | $11069 |
| **12/17** | $10835 | $10757 | $11157 |
| **1/18** | $10765 | $10654 | $11054 |
| **2/18** | $10620 | $10553 | $10886 |
| **3/18** | $10642 | $10606 | $10920 |
| **4/18** | $10538 | $10535 | $10820 |
| **5/18** | $10564 | $10592 | $10875 |
| **6/18** | $10531 | $10577 | $10824 |
| **7/18** | $10615 | $10599 | $10902 |
| **8/18** | $10647 | $10651 | $10957 |
| **9/18** | $10636 | $10606 | $10921 |
| **10/18** | $10482 | $10517 | $10768 |
| **11/18** | $10448 | $10564 | $10760 |
| **12/18** | $10471 | $10730 | $10922 |
| **1/19** | $10749 | $10878 | $11158 |
| **2/19** | $10843 | $10889 | $11182 |
| **3/19** | $11072 | $11086 | $11454 |
| **4/19** | $11158 | $11102 | $11511 |
| **5/19** | $11307 | $11272 | $11680 |
| **6/19** | $11511 | $11431 | $11944 |
| **7/19** | $11590 | $11465 | $12005 |
| **8/19** | $11911 | $11725 | $12381 |
| **9/19** | $11853 | $11674 | $12300 |
| **10/19** | $11934 | $11712 | $12370 |
| **11/19** | $11968 | $11709 | $12393 |
| **12/19** | $12015 | $11727 | $12429 |
| **1/20** | $12304 | $11937 | $12720 |
| **2/20** | $12430 | $12116 | $12893 |
| **3/20** | $11140 | $11879 | $12038 |
| **4/20** | $11537 | $12117 | $12589 |
| **5/20** | $11727 | $12230 | $12794 |
| **6/20** | $12069 | $12332 | $13027 |
| **7/20** | $12397 | $12549 | $13429 |
| **8/20** | $12402 | $12477 | $13259 |
| **9/20** | $12426 | $12454 | $13223 |
| **10/20** | $12448 | $12410 | $13193 |
| **11/20** | $12883 | $12572 | $13529 |
| **12/20** | $13006 | $12615 | $13591 |
| **1/21** | $12968 | $12536 | $13429 |
| **2/21** | $12828 | $12374 | $13196 |
| **3/21** | $12713 | $12230 | $12986 |
| **4/21** | $12858 | $12333 | $13124 |
| **5/21** | $12942 | $12380 | $13219 |
| **6/21** | $13152 | $12470 | $13418 |
| **7/21** | $13318 | $12595 | $13592 |
| **8/21** | $13313 | $12587 | $13559 |
| **9/21** | $13222 | $12479 | $13414 |
| **10/21** | $13241 | $12469 | $13444 |
| **11/21** | $13207 | $12484 | $13455 |
| **12/21** | $13227 | $12476 | $13444 |
| **1/22** | $12870 | $12202 | $13013 |
| **2/22** | $12621 | $12036 | $12767 |
| **3/22** | $12309 | $11713 | $12447 |
| **4/22** | $11765 | $11276 | $11794 |
| **5/22** | $11763 | $11338 | $11899 |
| **6/22** | $11353 | $11112 | $11588 |
| **7/22** | $11717 | $11391 | $11940 |
| **8/22** | $11440 | $11095 | $11602 |
| **9/22** | $10901 | $10617 | $11015 |
| **10/22** | $10778 | $10500 | $10901 |
| **11/22** | $11196 | $10892 | $11442 |
| **12/22** | $11168 | $10855 | $11393 |
| **1/23** | $11686 | $11192 | $11828 |
| **2/23** | $11433 | $10917 | $11472 |
| **3/23** | $11570 | $11173 | $11786 |
| **4/23** | $11584 | $11241 | $11879 |
| **5/23** | $11469 | $11124 | $11713 |
| **6/23** | $11547 | $11107 | $11750 |
| **7/23** | $11563 | $11118 | $11786 |
| **8/23** | $11511 | $11051 | $11701 |
| **9/23** | $11243 | $10788 | $11396 |
| **10/23** | $11039 | $10625 | $11194 |
| **11/23** | $11612 | $11104 | $11829 |
| **12/23** | $12122 | $11525 | $12325 |
| **1/24** | $12158 | $11497 | $12303 |
| **2/24** | $12034 | $11360 | $12126 |
| **3/24** | $12193 | $11471 | $12275 |
| **4/24** | $11928 | $11203 | $11969 |
| **5/24** | $12157 | $11389 | $12188 |
| **6/24** | $12262 | $11493 | $12269 |
| **7/24** | $12549 | $11754 | $12557 |
| **8/24** | $12746 | $11927 | $12752 |
| **9/24** | $12936 | $12090 | $12970 |
| **10/24** | $12671 | $11816 | $12656 |
| **11/24** | $12826 | $11940 | $12818 |
| **12/24** | $12671 | $11760 | $12575 |
| **1/25** | $12792 | $11831 | $12646 |
| **2/25** | $13032 | $12075 | $12903 |
| **3/25** | $12983 | $12073 | $12872 |
| **4/25** | $13045 | $12115 | $12880 |
| **5/25** | $13075 | $12054 | $12871 |
| **6/25** | $13313 | $12242 | $13107 |
| **7/25** | $13323 | $12224 | $13113 |
| **8/25** | $13492 | $12371 | $13252 |
| **9/25** | $13648 | $12502 | $13443 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 5.48% | 1.89% | 3.49% |
| Class A with 3.25% Maximum Sales Charge | 2.03% | 1.22% | 3.16% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Credit Index | 3.65% | 0.33% | 3.00% |

---

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 | $1214965230 |
| # of Portfolio Holdings | 420 |
| Portfolio Turnover Rate | 331% |
| Total Advisory Fees Paid | $3872874 |

---

## 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)
![Credit Rating Chart](g38842iee52b2607962fc48242f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.9% |
| Senior Floating-Rate Loans | 4.3% |
| Collateralized Mortgage Obligations | 5.6% |
| Commercial Mortgage-Backed Securities | 5.6% |
| U.S. Treasury Obligations | 5.8% |
| Asset-Backed Securities | 9.5% |
| Short-Term Investments | 10.5% |
| U.S. Government Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds | 43.8% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842if5419bfb2056ebeed339.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 2.5% |
| Not Rated | 7.7% |
| CCC or Lower | 1.8% |
| B | 5.8% |
| BB | 10.0% |
| BBB | 32.2% |
| A | 10.5% |
| AA | 25.5% |
| AAA | 4.0% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CFICX-TSR-AR

# Calvert Income Fund

# Class C CIFCX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Income Fund for the period of October 1, 2024 to September 30, 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 | $168 | 1.64% |

---

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

↑ Out-of-index position in high yield corporates added meaningfully due to spreads tightening. Within investment grade, gains were supported by bottom-up security selection

↑ Out-of-index exposures to securitized credit contributed positively to excess returns, benefiting from spread tightening and total returns rivaling corporate peers

↓ An underweight to sovereign and government related debt detracted from performance, as the sector outperformed

↓ An underweight to U.S. Treasuries detracted from relative results, as U.S. yield curve steepened over the year

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

![Growth of 10K Chart](g38842ic00c12da70545b93008e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Credit Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10028 | $10032 | $10047 |
| **11/15** | $10001 | $9995 | $10025 |
| **12/15** | $9932 | $9945 | $9948 |
| **1/16** | $9958 | $10055 | $10000 |
| **2/16** | $10010 | $10127 | $10084 |
| **3/16** | $10215 | $10251 | $10338 |
| **4/16** | $10332 | $10321 | $10464 |
| **5/16** | $10346 | $10329 | $10460 |
| **6/16** | $10567 | $10511 | $10698 |
| **7/16** | $10739 | $10597 | $10838 |
| **8/16** | $10761 | $10609 | $10860 |
| **9/16** | $10744 | $10611 | $10830 |
| **10/16** | $10649 | $10541 | $10737 |
| **11/16** | $10367 | $10304 | $10445 |
| **12/16** | $10408 | $10334 | $10508 |
| **1/17** | $10455 | $10371 | $10544 |
| **2/17** | $10562 | $10451 | $10661 |
| **3/17** | $10551 | $10447 | $10645 |
| **4/17** | $10651 | $10534 | $10751 |
| **5/17** | $10756 | $10615 | $10867 |
| **6/17** | $10827 | $10606 | $10895 |
| **7/17** | $10879 | $10659 | $10975 |
| **8/17** | $10930 | $10751 | $11067 |
| **9/17** | $10909 | $10713 | $11042 |
| **10/17** | $10945 | $10726 | $11079 |
| **11/17** | $10934 | $10710 | $11069 |
| **12/17** | $11005 | $10757 | $11157 |
| **1/18** | $10926 | $10654 | $11054 |
| **2/18** | $10779 | $10553 | $10886 |
| **3/18** | $10789 | $10606 | $10920 |
| **4/18** | $10677 | $10535 | $10820 |
| **5/18** | $10696 | $10592 | $10875 |
| **6/18** | $10656 | $10577 | $10824 |
| **7/18** | $10733 | $10599 | $10902 |
| **8/18** | $10766 | $10651 | $10957 |
| **9/18** | $10741 | $10606 | $10921 |
| **10/18** | $10579 | $10517 | $10768 |
| **11/18** | $10538 | $10564 | $10760 |
| **12/18** | $10555 | $10730 | $10922 |
| **1/19** | $10829 | $10878 | $11158 |
| **2/19** | $10918 | $10889 | $11182 |
| **3/19** | $11142 | $11086 | $11454 |
| **4/19** | $11215 | $11102 | $11511 |
| **5/19** | $11364 | $11272 | $11680 |
| **6/19** | $11562 | $11431 | $11944 |
| **7/19** | $11635 | $11465 | $12005 |
| **8/19** | $11950 | $11725 | $12381 |
| **9/19** | $11884 | $11674 | $12300 |
| **10/19** | $11957 | $11712 | $12370 |
| **11/19** | $11984 | $11709 | $12393 |
| **12/19** | $12016 | $11727 | $12429 |
| **1/20** | $12305 | $11937 | $12720 |
| **2/20** | $12424 | $12116 | $12893 |
| **3/20** | $11127 | $11879 | $12038 |
| **4/20** | $11516 | $12117 | $12589 |
| **5/20** | $11691 | $12230 | $12794 |
| **6/20** | $12025 | $12332 | $13027 |
| **7/20** | $12352 | $12549 | $13429 |
| **8/20** | $12350 | $12477 | $13259 |
| **9/20** | $12366 | $12454 | $13223 |
| **10/20** | $12372 | $12410 | $13193 |
| **11/20** | $12797 | $12572 | $13529 |
| **12/20** | $12918 | $12615 | $13591 |
| **1/21** | $12865 | $12536 | $13429 |
| **2/21** | $12719 | $12374 | $13196 |
| **3/21** | $12603 | $12230 | $12986 |
| **4/21** | $12739 | $12333 | $13124 |
| **5/21** | $12807 | $12380 | $13219 |
| **6/21** | $13008 | $12470 | $13418 |
| **7/21** | $13170 | $12595 | $13592 |
| **8/21** | $13157 | $12587 | $13559 |
| **9/21** | $13052 | $12479 | $13414 |
| **10/21** | $13063 | $12469 | $13444 |
| **11/21** | $13028 | $12484 | $13455 |
| **12/21** | $13039 | $12476 | $13444 |
| **1/22** | $12679 | $12202 | $13013 |
| **2/22** | $12427 | $12036 | $12767 |
| **3/22** | $12104 | $11713 | $12447 |
| **4/22** | $11568 | $11276 | $11794 |
| **5/22** | $11552 | $11338 | $11899 |
| **6/22** | $11149 | $11112 | $11588 |
| **7/22** | $11500 | $11391 | $11940 |
| **8/22** | $11213 | $11095 | $11602 |
| **9/22** | $10677 | $10617 | $11015 |
| **10/22** | $10557 | $10500 | $10901 |
| **11/22** | $10960 | $10892 | $11442 |
| **12/22** | $10925 | $10855 | $11393 |
| **1/23** | $11425 | $11192 | $11828 |
| **2/23** | $11164 | $10917 | $11472 |
| **3/23** | $11291 | $11173 | $11786 |
| **4/23** | $11305 | $11241 | $11879 |
| **5/23** | $11186 | $11124 | $11713 |
| **6/23** | $11247 | $11107 | $11750 |
| **7/23** | $11263 | $11118 | $11786 |
| **8/23** | $11205 | $11051 | $11701 |
| **9/23** | $10938 | $10788 | $11396 |
| **10/23** | $10732 | $10625 | $11194 |
| **11/23** | $11283 | $11104 | $11829 |
| **12/23** | $11763 | $11525 | $12325 |
| **1/24** | $11798 | $11497 | $12303 |
| **2/24** | $11671 | $11360 | $12126 |
| **3/24** | $11818 | $11471 | $12275 |
| **4/24** | $11546 | $11203 | $11969 |
| **5/24** | $11768 | $11389 | $12188 |
| **6/24** | $11862 | $11493 | $12269 |
| **7/24** | $12125 | $11754 | $12557 |
| **8/24** | $12316 | $11927 | $12752 |
| **9/24** | $12492 | $12090 | $12970 |
| **10/24** | $12220 | $11816 | $12656 |
| **11/24** | $12362 | $11940 | $12818 |
| **12/24** | $12212 | $11760 | $12575 |
| **1/25** | $12321 | $11831 | $12646 |
| **2/25** | $12537 | $12075 | $12903 |
| **3/25** | $12482 | $12073 | $12872 |
| **4/25** | $12534 | $12115 | $12880 |
| **5/25** | $12555 | $12054 | $12871 |
| **6/25** | $12776 | $12242 | $13107 |
| **7/25** | $12777 | $12224 | $13113 |
| **8/25** | $12940 | $12371 | $13252 |
| **9/25** | $13274 | $12502 | $13443 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.63% | 1.11% | 2.87% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.63% | 1.11% | 2.87% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Credit Index | 3.65% | 0.33% | 3.00% |

---

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 | $1214965230 |
| # of Portfolio Holdings | 420 |
| Portfolio Turnover Rate | 331% |
| Total Advisory Fees Paid | $3872874 |

---

## 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)
![Credit Rating Chart](g38842i03f2cedb745fd7ae48d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.9% |
| Senior Floating-Rate Loans | 4.3% |
| Collateralized Mortgage Obligations | 5.6% |
| Commercial Mortgage-Backed Securities | 5.6% |
| U.S. Treasury Obligations | 5.8% |
| Asset-Backed Securities | 9.5% |
| Short-Term Investments | 10.5% |
| U.S. Government Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds | 43.8% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842id2d4ab3e86bac462751b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 2.5% |
| Not Rated | 7.7% |
| CCC or Lower | 1.8% |
| B | 5.8% |
| BB | 10.0% |
| BBB | 32.2% |
| A | 10.5% |
| AA | 25.5% |
| AAA | 4.0% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CIFCX-TSR-AR

# Calvert Income Fund

# Class I CINCX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Income Fund for the period of October 1, 2024 to September 30, 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 | $66 | 0.64% |

---

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

↑ Out-of-index position in high yield corporates added meaningfully due to spreads tightening. Within investment grade, gains were supported by bottom-up security selection

↑ Out-of-index exposures to securitized credit contributed positively to excess returns, benefiting from spread tightening and total returns rivaling corporate peers

↓ An underweight to sovereign and government related debt detracted from performance, as the sector outperformed

↓ An underweight to U.S. Treasuries detracted from relative results, as U.S. yield curve steepened over the year

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

![Growth of 10K Chart](g38842if6d70b70ce98fe0757c0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Credit Index** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $996481 | $994545 | $994832 |
| **3/16** | $1027772 | $1025077 | $1033818 |
| **6/16** | $1066180 | $1051051 | $1069831 |
| **9/16** | $1087025 | $1061107 | $1082995 |
| **12/16** | $1055634 | $1033436 | $1050827 |
| **3/17** | $1073828 | $1044733 | $1064456 |
| **6/17** | $1104519 | $1060629 | $1089500 |
| **9/17** | $1117003 | $1071325 | $1104189 |
| **12/17** | $1129612 | $1075709 | $1115746 |
| **3/18** | $1110924 | $1060578 | $1091997 |
| **6/18** | $1100115 | $1057711 | $1082422 |
| **9/18** | $1111694 | $1060582 | $1092053 |
| **12/18** | $1095881 | $1072968 | $1092208 |
| **3/19** | $1159086 | $1108612 | $1145447 |
| **6/19** | $1205678 | $1143113 | $1194369 |
| **9/19** | $1243015 | $1167378 | $1229974 |
| **12/19** | $1259991 | $1172661 | $1242891 |
| **3/20** | $1169233 | $1187915 | $1203816 |
| **6/20** | $1267254 | $1233232 | $1302746 |
| **9/20** | $1305524 | $1245411 | $1322271 |
| **12/20** | $1367917 | $1261494 | $1359112 |
| **3/21** | $1337244 | $1222990 | $1298618 |
| **6/21** | $1384271 | $1247003 | $1341763 |
| **9/21** | $1392499 | $1247936 | $1341424 |
| **12/21** | $1393915 | $1247580 | $1344426 |
| **3/22** | $1297427 | $1171300 | $1244657 |
| **6/22** | $1198389 | $1111162 | $1158807 |
| **9/22** | $1150762 | $1061685 | $1101463 |
| **12/22** | $1179672 | $1085489 | $1139311 |
| **3/23** | $1222846 | $1117271 | $1178620 |
| **6/23** | $1221175 | $1110713 | $1174966 |
| **9/23** | $1189915 | $1078770 | $1139630 |
| **12/23** | $1283537 | $1152499 | $1232523 |
| **3/24** | $1292769 | $1147110 | $1227479 |
| **6/24** | $1300863 | $1149285 | $1226871 |
| **9/24** | $1373141 | $1209032 | $1296958 |
| **12/24** | $1345068 | $1175995 | $1257535 |
| **3/25** | $1378940 | $1207254 | $1287247 |
| **6/25** | $1414841 | $1224153 | $1310652 |
| **9/25** | $1450964 | $1250196 | $1344289 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.67% | 2.13% | 3.79% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Credit Index | 3.65% | 0.33% | 3.00% |

---

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 | $1214965230 |
| # of Portfolio Holdings | 420 |
| Portfolio Turnover Rate | 331% |
| Total Advisory Fees Paid | $3872874 |

---

## 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)
![Credit Rating Chart](g38842i61780b5ea5b3d08d0ca1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.9% |
| Senior Floating-Rate Loans | 4.3% |
| Collateralized Mortgage Obligations | 5.6% |
| Commercial Mortgage-Backed Securities | 5.6% |
| U.S. Treasury Obligations | 5.8% |
| Asset-Backed Securities | 9.5% |
| Short-Term Investments | 10.5% |
| U.S. Government Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds | 43.8% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842i4a6f125e05ba7bd39bd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 2.5% |
| Not Rated | 7.7% |
| CCC or Lower | 1.8% |
| B | 5.8% |
| BB | 10.0% |
| BBB | 32.2% |
| A | 10.5% |
| AA | 25.5% |
| AAA | 4.0% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CINCX-TSR-AR

# Calvert Income Fund

# Class R6 CINRX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Income Fund for the period of October 1, 2024 to September 30, 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 | $60 | 0.58% |

---

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

↑ Out-of-index position in high yield corporates added meaningfully due to spreads tightening. Within investment grade, gains were supported by bottom-up security selection

↑ Out-of-index exposures to securitized credit contributed positively to excess returns, benefiting from spread tightening and total returns rivaling corporate peers

↓ An underweight to sovereign and government related debt detracted from performance, as the sector outperformed

↓ An underweight to U.S. Treasuries detracted from relative results, as U.S. yield curve steepened over the year

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

![Growth of 10K Chart](g38842ib3254960242478f6112a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Credit Index** |
| **9/15** | $5000000 | $5000000 | $5000000 |
| **10/15** | $5019752 | $5015983 | $5023510 |
| **11/15** | $5008709 | $4997691 | $5012544 |
| **12/15** | $4982404 | $4972724 | $4974161 |
| **1/16** | $5000530 | $5027618 | $5000213 |
| **2/16** | $5028083 | $5063331 | $5041990 |
| **3/16** | $5138862 | $5125385 | $5169090 |
| **4/16** | $5202345 | $5160305 | $5232211 |
| **5/16** | $5211095 | $5164336 | $5229939 |
| **6/16** | $5330900 | $5255253 | $5349155 |
| **7/16** | $5419393 | $5298558 | $5419235 |
| **8/16** | $5438744 | $5304274 | $5429911 |
| **9/16** | $5435127 | $5305534 | $5414975 |
| **10/16** | $5389156 | $5270337 | $5368745 |
| **11/16** | $5255447 | $5151874 | $5222349 |
| **12/16** | $5278170 | $5167178 | $5254134 |
| **1/17** | $5307140 | $5185408 | $5271811 |
| **2/17** | $5369564 | $5225417 | $5330340 |
| **3/17** | $5369141 | $5223667 | $5322279 |
| **4/17** | $5421888 | $5267009 | $5375499 |
| **5/17** | $5484156 | $5307646 | $5433298 |
| **6/17** | $5522593 | $5303146 | $5447499 |
| **7/17** | $5558190 | $5329560 | $5487365 |
| **8/17** | $5590116 | $5375542 | $5533278 |
| **9/17** | $5585017 | $5356623 | $5520947 |
| **10/17** | $5607559 | $5363055 | $5539642 |
| **11/17** | $5607032 | $5354939 | $5534638 |
| **12/17** | $5648060 | $5378546 | $5578729 |
| **1/18** | $5616406 | $5326789 | $5526939 |
| **2/18** | $5541978 | $5276280 | $5443220 |
| **3/18** | $5554618 | $5302892 | $5459984 |
| **4/18** | $5501866 | $5267509 | $5410209 |
| **5/18** | $5512994 | $5296234 | $5437509 |
| **6/18** | $5500575 | $5288553 | $5412110 |
| **7/18** | $5545236 | $5299621 | $5450931 |
| **8/18** | $5563593 | $5325731 | $5478728 |
| **9/18** | $5558472 | $5302910 | $5460264 |
| **10/18** | $5479765 | $5258549 | $5383807 |
| **11/18** | $5462945 | $5282199 | $5380160 |
| **12/18** | $5479406 | $5364842 | $5461039 |
| **1/19** | $5624771 | $5438812 | $5579067 |
| **2/19** | $5674812 | $5444740 | $5591067 |
| **3/19** | $5795432 | $5543060 | $5727237 |
| **4/19** | $5841844 | $5550818 | $5755351 |
| **5/19** | $5920743 | $5635849 | $5839896 |
| **6/19** | $6028391 | $5715564 | $5971846 |
| **7/19** | $6071296 | $5732577 | $6002653 |
| **8/19** | $6244087 | $5862290 | $6190330 |
| **9/19** | $6215076 | $5836892 | $6149868 |
| **10/19** | $6258585 | $5855751 | $6184901 |
| **11/19** | $6277786 | $5854580 | $6196629 |
| **12/19** | $6299954 | $5863304 | $6214456 |
| **1/20** | $6456101 | $5968538 | $6359833 |
| **2/20** | $6523335 | $6057906 | $6446323 |
| **3/20** | $5846165 | $5939573 | $6019080 |
| **4/20** | $6055077 | $6058552 | $6294532 |
| **5/20** | $6155682 | $6115138 | $6396855 |
| **6/20** | $6336271 | $6166162 | $6513732 |
| **7/20** | $6509661 | $6274476 | $6714609 |
| **8/20** | $6513783 | $6238296 | $6629551 |
| **9/20** | $6527618 | $6227053 | $6611353 |
| **10/20** | $6540359 | $6204796 | $6596725 |
| **11/20** | $6770085 | $6285765 | $6764669 |
| **12/20** | $6839587 | $6307471 | $6795562 |
| **1/21** | $6817546 | $6267825 | $6714693 |
| **2/21** | $6745564 | $6186952 | $6598182 |
| **3/21** | $6686221 | $6114952 | $6493090 |
| **4/21** | $6767438 | $6166371 | $6562073 |
| **5/21** | $6809437 | $6189892 | $6609413 |
| **6/21** | $6921354 | $6235017 | $6708813 |
| **7/21** | $7009790 | $6297624 | $6795989 |
| **8/21** | $7012382 | $6293421 | $6779652 |
| **9/21** | $6962497 | $6239678 | $6707120 |
| **10/21** | $6974064 | $6234578 | $6721757 |
| **11/21** | $6957463 | $6242109 | $6727409 |
| **12/21** | $6969576 | $6237900 | $6722130 |
| **1/22** | $6783345 | $6101139 | $6506517 |
| **2/22** | $6653904 | $6017957 | $6383708 |
| **3/22** | $6487133 | $5856502 | $6223287 |
| **4/22** | $6206173 | $5638069 | $5897137 |
| **5/22** | $6202642 | $5669091 | $5949381 |
| **6/22** | $5991943 | $5555809 | $5794033 |
| **7/22** | $6185197 | $5695493 | $5969973 |
| **8/22** | $6036616 | $5547431 | $5801199 |
| **9/22** | $5753808 | $5308427 | $5507313 |
| **10/22** | $5690640 | $5250182 | $5450471 |
| **11/22** | $5911661 | $5445942 | $5721229 |
| **12/22** | $5898359 | $5427445 | $5696553 |
| **1/23** | $6176696 | $5595807 | $5913818 |
| **2/23** | $6041340 | $5458308 | $5735872 |
| **3/23** | $6114873 | $5586356 | $5893099 |
| **4/23** | $6127810 | $5620482 | $5939417 |
| **5/23** | $6069138 | $5562210 | $5856714 |
| **6/23** | $6107452 | $5553566 | $5874832 |
| **7/23** | $6121946 | $5559087 | $5892808 |
| **8/23** | $6095755 | $5525611 | $5850352 |
| **9/23** | $5951784 | $5393852 | $5698152 |
| **10/23** | $5845158 | $5312738 | $5596875 |
| **11/23** | $6153883 | $5551837 | $5914513 |
| **12/23** | $6420697 | $5762497 | $6162615 |
| **1/24** | $6445609 | $5748706 | $6151602 |
| **2/24** | $6382021 | $5679782 | $6062875 |
| **3/24** | $6467860 | $5735549 | $6137397 |
| **4/24** | $6324956 | $5601518 | $5984706 |
| **5/24** | $6452364 | $5694370 | $6093823 |
| **6/24** | $6509395 | $5746426 | $6134357 |
| **7/24** | $6658988 | $5876857 | $6278376 |
| **8/24** | $6769570 | $5963370 | $6375951 |
| **9/24** | $6872045 | $6045161 | $6484788 |
| **10/24** | $6733564 | $5907858 | $6328219 |
| **11/24** | $6812996 | $5970143 | $6408756 |
| **12/24** | $6736980 | $5879976 | $6287674 |
| **1/25** | $6802970 | $5915408 | $6323010 |
| **2/25** | $6932077 | $6037713 | $6451682 |
| **3/25** | $6903266 | $6036272 | $6436233 |
| **4/25** | $6938312 | $6057592 | $6440243 |
| **5/25** | $6960557 | $6026869 | $6435508 |
| **6/25** | $7084044 | $6120766 | $6553261 |
| **7/25** | $7095997 | $6112028 | $6556710 |
| **8/25** | $7187806 | $6185444 | $6625892 |
| **9/25** | $7266057 | $6250980 | $6721446 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 5.73% | 2.17% | 3.81% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Credit Index | 3.65% | 0.33% | 3.00% |

---

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 | $1214965230 |
| # of Portfolio Holdings | 420 |
| Portfolio Turnover Rate | 331% |
| Total Advisory Fees Paid | $3872874 |

---

## 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)
![Credit Rating Chart](g38842i3cd210438c2e252d13b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.9% |
| Senior Floating-Rate Loans | 4.3% |
| Collateralized Mortgage Obligations | 5.6% |
| Commercial Mortgage-Backed Securities | 5.6% |
| U.S. Treasury Obligations | 5.8% |
| Asset-Backed Securities | 9.5% |
| Short-Term Investments | 10.5% |
| U.S. Government Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds | 43.8% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842i41fff508cbff0b5ef2df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 2.5% |
| Not Rated | 7.7% |
| CCC or Lower | 1.8% |
| B | 5.8% |
| BB | 10.0% |
| BBB | 32.2% |
| A | 10.5% |
| AA | 25.5% |
| AAA | 4.0% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CINRX-TSR-AR

# Calvert Core Bond Fund

# Class A CLDAX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Core Bond Fund for the period of October 1, 2024 to September 30, 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 | $73 | 0.72% |

---

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

↑ An out of index position in high yield corporates contributed to returns as spread tightened. Security selection in and an overweight to financials in investment grade also helped

↑ Overweight in securitized credit added meaningfully to excess returns through both sector allocation and security selection

↑ Agency mortgage-backed exposures also contributed positively, supported by an overweight stance and effective security selection

↓ An underweight to U.S. Treasuries detracted from relative results, as the sector performed well and the portfolio did not fully participate in the rally

↓ An underweight to sovereign debt detracted from performance, as the sector outperformed and the portfolio's lower exposure missed those gains

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

![Growth of 10K Chart](g38842ie933d314de9582c86c44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $9714 | $10032 | $10002 |
| **11/15** | $9655 | $9995 | $9975 |
| **12/15** | $9602 | $9945 | $9943 |
| **1/16** | $9767 | $10055 | $10080 |
| **2/16** | $9922 | $10127 | $10151 |
| **3/16** | $10184 | $10251 | $10244 |
| **4/16** | $10298 | $10321 | $10284 |
| **5/16** | $10321 | $10329 | $10286 |
| **6/16** | $10734 | $10511 | $10471 |
| **7/16** | $11001 | $10597 | $10537 |
| **8/16** | $11002 | $10609 | $10525 |
| **9/16** | $10933 | $10611 | $10519 |
| **10/16** | $10694 | $10541 | $10439 |
| **11/16** | $10192 | $10304 | $10192 |
| **12/16** | $10253 | $10334 | $10206 |
| **1/17** | $10277 | $10371 | $10226 |
| **2/17** | $10464 | $10451 | $10295 |
| **3/17** | $10423 | $10447 | $10290 |
| **4/17** | $10573 | $10534 | $10369 |
| **5/17** | $10773 | $10615 | $10449 |
| **6/17** | $10877 | $10606 | $10438 |
| **7/17** | $10930 | $10659 | $10483 |
| **8/17** | $11071 | $10751 | $10577 |
| **9/17** | $11001 | $10713 | $10527 |
| **10/17** | $11038 | $10726 | $10533 |
| **11/17** | $11056 | $10710 | $10519 |
| **12/17** | $11224 | $10757 | $10568 |
| **1/18** | $11072 | $10654 | $10446 |
| **2/18** | $10792 | $10553 | $10347 |
| **3/18** | $10862 | $10606 | $10413 |
| **4/18** | $10678 | $10535 | $10336 |
| **5/18** | $10726 | $10592 | $10410 |
| **6/18** | $10663 | $10577 | $10397 |
| **7/18** | $10737 | $10599 | $10399 |
| **8/18** | $10792 | $10651 | $10466 |
| **9/18** | $10690 | $10606 | $10399 |
| **10/18** | $10379 | $10517 | $10317 |
| **11/18** | $10362 | $10564 | $10378 |
| **12/18** | $10581 | $10730 | $10569 |
| **1/19** | $10898 | $10878 | $10681 |
| **2/19** | $10924 | $10889 | $10675 |
| **3/19** | $11375 | $11086 | $10880 |
| **4/19** | $11427 | $11102 | $10883 |
| **5/19** | $11765 | $11272 | $11076 |
| **6/19** | $12083 | $11431 | $11215 |
| **7/19** | $12195 | $11465 | $11240 |
| **8/19** | $12883 | $11725 | $11531 |
| **9/19** | $12700 | $11674 | $11470 |
| **10/19** | $12772 | $11712 | $11504 |
| **11/19** | $12816 | $11709 | $11498 |
| **12/19** | $12777 | $11727 | $11490 |
| **1/20** | $13341 | $11937 | $11711 |
| **2/20** | $13644 | $12116 | $11922 |
| **3/20** | $12553 | $11879 | $11852 |
| **4/20** | $13295 | $12117 | $12063 |
| **5/20** | $13411 | $12230 | $12119 |
| **6/20** | $13803 | $12332 | $12195 |
| **7/20** | $14463 | $12549 | $12377 |
| **8/20** | $14129 | $12477 | $12277 |
| **9/20** | $14123 | $12454 | $12271 |
| **10/20** | $14002 | $12410 | $12216 |
| **11/20** | $14572 | $12572 | $12336 |
| **12/20** | $14637 | $12615 | $12353 |
| **1/21** | $14392 | $12536 | $12264 |
| **2/21** | $14236 | $12374 | $12087 |
| **3/21** | $14101 | $12230 | $11936 |
| **4/21** | $14210 | $12333 | $12030 |
| **5/21** | $14254 | $12380 | $12070 |
| **6/21** | $14356 | $12470 | $12155 |
| **7/21** | $14495 | $12595 | $12290 |
| **8/21** | $14472 | $12587 | $12267 |
| **9/21** | $14375 | $12479 | $12161 |
| **10/21** | $14352 | $12469 | $12157 |
| **11/21** | $14332 | $12484 | $12193 |
| **12/21** | $14300 | $12476 | $12162 |
| **1/22** | $13991 | $12202 | $11900 |
| **2/22** | $13797 | $12036 | $11767 |
| **3/22** | $13410 | $11713 | $11441 |
| **4/22** | $12960 | $11276 | $11006 |
| **5/22** | $13009 | $11338 | $11077 |
| **6/22** | $12797 | $11112 | $10904 |
| **7/22** | $13062 | $11391 | $11170 |
| **8/22** | $12750 | $11095 | $10854 |
| **9/22** | $12250 | $10617 | $10385 |
| **10/22** | $12074 | $10500 | $10251 |
| **11/22** | $12475 | $10892 | $10628 |
| **12/22** | $12421 | $10855 | $10580 |
| **1/23** | $12828 | $11192 | $10905 |
| **2/23** | $12546 | $10917 | $10623 |
| **3/23** | $12830 | $11173 | $10893 |
| **4/23** | $12908 | $11241 | $10959 |
| **5/23** | $12756 | $11124 | $10840 |
| **6/23** | $12707 | $11107 | $10801 |
| **7/23** | $12709 | $11118 | $10794 |
| **8/23** | $12641 | $11051 | $10725 |
| **9/23** | $12344 | $10788 | $10452 |
| **10/23** | $12162 | $10625 | $10287 |
| **11/23** | $12682 | $11104 | $10753 |
| **12/23** | $13140 | $11525 | $11165 |
| **1/24** | $13162 | $11497 | $11134 |
| **2/24** | $12954 | $11360 | $10977 |
| **3/24** | $13067 | $11471 | $11078 |
| **4/24** | $12749 | $11203 | $10798 |
| **5/24** | $12974 | $11389 | $10982 |
| **6/24** | $13090 | $11493 | $11085 |
| **7/24** | $13385 | $11754 | $11344 |
| **8/24** | $13579 | $11927 | $11507 |
| **9/24** | $13758 | $12090 | $11661 |
| **10/24** | $13416 | $11816 | $11372 |
| **11/24** | $13560 | $11940 | $11493 |
| **12/24** | $13370 | $11760 | $11304 |
| **1/25** | $13453 | $11831 | $11364 |
| **2/25** | $13735 | $12075 | $11614 |
| **3/25** | $13725 | $12073 | $11619 |
| **4/25** | $13782 | $12115 | $11664 |
| **5/25** | $13684 | $12054 | $11581 |
| **6/25** | $13908 | $12242 | $11759 |
| **7/25** | $13878 | $12224 | $11728 |
| **8/25** | $14068 | $12371 | $11868 |
| **9/25** | $14186 | $12502 | $11998 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 3.13% | 0.09% | 3.90% |
| Class A with 3.25% Maximum Sales Charge | (0.20)% | (0.56)% | 3.56% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to February 1, 2021 reflects the Fund's performance under its former investment objective and principal investment strategies. Please see the Fund's prospectus for further information. |

---

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 | $1164456252 |
| # of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 421% |
| Total Advisory Fees Paid | $2435661 |

---

## 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)
![Credit Rating Chart](g38842i5bf7e2e76eee106eceee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.2% |
| Collateralized Mortgage Obligations | 3.9% |
| Short-Term Investments | 7.7% |
| Commercial Mortgage-Backed Securities | 8.1% |
| Asset-Backed Securities | 12.6% |
| U.S. Treasury Obligations | 17.9% |
| Corporate Bonds | 23.9% |
| U.S. Government Agency Mortgage-Backed Securities | 24.7% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842i83dd3ee75281d1151121.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | (1.5%) |
| Not Rated | 1.2% |
| B | 0.7% |
| BB | 0.5% |
| BBB | 14.3% |
| A | 13.8% |
| AA | 55.8% |
| AAA | 15.2% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CLDAX-TSR-AR

# Calvert Core Bond Fund

# Class I CLDIX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Core Bond Fund for the period of October 1, 2024 to September 30, 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 | $48 | 0.47% |

---

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

↑ An out of index position in high yield corporates contributed to returns as spread tightened. Security selection in and an overweight to financials in investment grade also helped

↑ Overweight in securitized credit added meaningfully to excess returns through both sector allocation and security selection

↑ Agency mortgage-backed exposures also contributed positively, supported by an overweight stance and effective security selection

↓ An underweight to U.S. Treasuries detracted from relative results, as the sector performed well and the portfolio did not fully participate in the rally

↓ An underweight to sovereign debt detracted from performance, as the sector outperformed and the portfolio's lower exposure missed those gains

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

![Growth of 10K Chart](g38842if06efb2af3d5198f01cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $994741 | $994545 | $994300 |
| **3/16** | $1056571 | $1025077 | $1024447 |
| **6/16** | $1115053 | $1051051 | $1047126 |
| **9/16** | $1136481 | $1061107 | $1051924 |
| **12/16** | $1067339 | $1033436 | $1020624 |
| **3/17** | $1086878 | $1044733 | $1028960 |
| **6/17** | $1135465 | $1060629 | $1043830 |
| **9/17** | $1149746 | $1071325 | $1052687 |
| **12/17** | $1173198 | $1075709 | $1056773 |
| **3/18** | $1136712 | $1060578 | $1041335 |
| **6/18** | $1116636 | $1057711 | $1039687 |
| **9/18** | $1120170 | $1060582 | $1039886 |
| **12/18** | $1110785 | $1072968 | $1056893 |
| **3/19** | $1194694 | $1108612 | $1087996 |
| **6/19** | $1269772 | $1143113 | $1121502 |
| **9/19** | $1334593 | $1167378 | $1146952 |
| **12/19** | $1343563 | $1172661 | $1149019 |
| **3/20** | $1320805 | $1187915 | $1185194 |
| **6/20** | $1453121 | $1233232 | $1219513 |
| **9/20** | $1488415 | $1245411 | $1227065 |
| **12/20** | $1543496 | $1261494 | $1235272 |
| **3/21** | $1487237 | $1222990 | $1193612 |
| **6/21** | $1515792 | $1247003 | $1215453 |
| **9/21** | $1518073 | $1247936 | $1216082 |
| **12/21** | $1511198 | $1247580 | $1216223 |
| **3/22** | $1418925 | $1171300 | $1144053 |
| **6/22** | $1355005 | $1111162 | $1090356 |
| **9/22** | $1297243 | $1061685 | $1038538 |
| **12/22** | $1316085 | $1085489 | $1057991 |
| **3/23** | $1361123 | $1117271 | $1089329 |
| **6/23** | $1348050 | $1110713 | $1080132 |
| **9/23** | $1311338 | $1078770 | $1045231 |
| **12/23** | $1395697 | $1152499 | $1116486 |
| **3/24** | $1389761 | $1147110 | $1107825 |
| **6/24** | $1392161 | $1149285 | $1108546 |
| **9/24** | $1464017 | $1209032 | $1166148 |
| **12/24** | $1423691 | $1175995 | $1130445 |
| **3/25** | $1462354 | $1207254 | $1161883 |
| **6/25** | $1482754 | $1224153 | $1175904 |
| **9/25** | $1513660 | $1250196 | $1199777 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 3.39% | 0.34% | 4.23% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to February 1, 2021 reflects the Fund's performance under its former investment objective and principal investment strategies. Please see the Fund's prospectus for further information. |

---

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 | $1164456252 |
| # of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 421% |
| Total Advisory Fees Paid | $2435661 |

---

## 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)
![Credit Rating Chart](g38842i9a0b11fedd19a5642a93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.2% |
| Collateralized Mortgage Obligations | 3.9% |
| Short-Term Investments | 7.7% |
| Commercial Mortgage-Backed Securities | 8.1% |
| Asset-Backed Securities | 12.6% |
| U.S. Treasury Obligations | 17.9% |
| Corporate Bonds | 23.9% |
| U.S. Government Agency Mortgage-Backed Securities | 24.7% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842ie3f8cad5ca39e8068c3e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | (1.5%) |
| Not Rated | 1.2% |
| B | 0.7% |
| BB | 0.5% |
| BBB | 14.3% |
| A | 13.8% |
| AA | 55.8% |
| AAA | 15.2% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CLDIX-TSR-AR

# Calvert Core Bond Fund

# Class R6 CLDRX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Core Bond Fund for the period of October 1, 2024 to September 30, 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 | $45 | 0.44% |

---

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

↑ An out of index position in high yield corporates contributed to returns as spread tightened. Security selection in and an overweight to financials in investment grade also helped

↑ Overweight in securitized credit added meaningfully to excess returns through both sector allocation and security selection

↑ Agency mortgage-backed exposures also contributed positively, supported by an overweight stance and effective security selection

↓ An underweight to U.S. Treasuries detracted from relative results, as the sector performed well and the portfolio did not fully participate in the rally

↓ An underweight to sovereign debt detracted from performance, as the sector outperformed and the portfolio's lower exposure missed those gains

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

![Growth of 10K Chart](g38842i43d9bf88ddede7894f91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/15** | $5000000 | $5000000 | $5000000 |
| **10/15** | $5023346 | $5015983 | $5000830 |
| **11/15** | $4998412 | $4997691 | $4987619 |
| **12/15** | $4973704 | $4972724 | $4971501 |
| **1/16** | $5061872 | $5027618 | $5039915 |
| **2/16** | $5144460 | $5063331 | $5075667 |
| **3/16** | $5282856 | $5125385 | $5122237 |
| **4/16** | $5344254 | $5160305 | $5141898 |
| **5/16** | $5358541 | $5164336 | $5143217 |
| **6/16** | $5575267 | $5255253 | $5235629 |
| **7/16** | $5713305 | $5298558 | $5268730 |
| **8/16** | $5719353 | $5304274 | $5262705 |
| **9/16** | $5682406 | $5305534 | $5259622 |
| **10/16** | $5560671 | $5270337 | $5219391 |
| **11/16** | $5302358 | $5151874 | $5095933 |
| **12/16** | $5336695 | $5167178 | $5103121 |
| **1/17** | $5351057 | $5185408 | $5113134 |
| **2/17** | $5453792 | $5225417 | $5147499 |
| **3/17** | $5434388 | $5223667 | $5144800 |
| **4/17** | $5514539 | $5267009 | $5184502 |
| **5/17** | $5617550 | $5307646 | $5224408 |
| **6/17** | $5677323 | $5303146 | $5219150 |
| **7/17** | $5703704 | $5329560 | $5241609 |
| **8/17** | $5783139 | $5375542 | $5288625 |
| **9/17** | $5748732 | $5356623 | $5263436 |
| **10/17** | $5765718 | $5363055 | $5266485 |
| **11/17** | $5776531 | $5354939 | $5259725 |
| **12/17** | $5865992 | $5378546 | $5283865 |
| **1/18** | $5791346 | $5326789 | $5223011 |
| **2/18** | $5642410 | $5276280 | $5173500 |
| **3/18** | $5683559 | $5302892 | $5206677 |
| **4/18** | $5588579 | $5267509 | $5167953 |
| **5/18** | $5614924 | $5296234 | $5204836 |
| **6/18** | $5583179 | $5288553 | $5198434 |
| **7/18** | $5623310 | $5299621 | $5199670 |
| **8/18** | $5656484 | $5325731 | $5233128 |
| **9/18** | $5600849 | $5302910 | $5199429 |
| **10/18** | $5442520 | $5258549 | $5158341 |
| **11/18** | $5434806 | $5282199 | $5189134 |
| **12/18** | $5553926 | $5364842 | $5284465 |
| **1/19** | $5717535 | $5438812 | $5340583 |
| **2/19** | $5735941 | $5444740 | $5337489 |
| **3/19** | $5973468 | $5543060 | $5439979 |
| **4/19** | $6002338 | $5550818 | $5441371 |
| **5/19** | $6177292 | $5635849 | $5537964 |
| **6/19** | $6348858 | $5715564 | $5607511 |
| **7/19** | $6405505 | $5732577 | $5619845 |
| **8/19** | $6767689 | $5862290 | $5765465 |
| **9/19** | $6672966 | $5836892 | $5734758 |
| **10/19** | $6712086 | $5855751 | $5752032 |
| **11/19** | $6736561 | $5854580 | $5749103 |
| **12/19** | $6717815 | $5863304 | $5745096 |
| **1/20** | $7015135 | $5968538 | $5855658 |
| **2/20** | $7176013 | $6057906 | $5961051 |
| **3/20** | $6604025 | $5939573 | $5925972 |
| **4/20** | $6995266 | $6058552 | $6031313 |
| **5/20** | $7057838 | $6115138 | $6059394 |
| **6/20** | $7265606 | $6166162 | $6097563 |
| **7/20** | $7614208 | $6274476 | $6188643 |
| **8/20** | $7443758 | $6238296 | $6138689 |
| **9/20** | $7442074 | $6227053 | $6135324 |
| **10/20** | $7380318 | $6204796 | $6107928 |
| **11/20** | $7681644 | $6285765 | $6167861 |
| **12/20** | $7717478 | $6307471 | $6176360 |
| **1/21** | $7590179 | $6267825 | $6132076 |
| **2/21** | $7505615 | $6186952 | $6043526 |
| **3/21** | $7436186 | $6114952 | $5968062 |
| **4/21** | $7498846 | $6166371 | $6015209 |
| **5/21** | $7519726 | $6189892 | $6034862 |
| **6/21** | $7578960 | $6235017 | $6077263 |
| **7/21** | $7653706 | $6297624 | $6145213 |
| **8/21** | $7643742 | $6293421 | $6133513 |
| **9/21** | $7590367 | $6239678 | $6080410 |
| **10/21** | $7584148 | $6234578 | $6078733 |
| **11/21** | $7574900 | $6242109 | $6096717 |
| **12/21** | $7555988 | $6237900 | $6081117 |
| **1/22** | $7398132 | $6101139 | $5950105 |
| **2/22** | $7297532 | $6017957 | $5883724 |
| **3/22** | $7094626 | $5856502 | $5720263 |
| **4/22** | $6858081 | $5638069 | $5503190 |
| **5/22** | $6881470 | $5669091 | $5538673 |
| **6/22** | $6775025 | $5555809 | $5451782 |
| **7/22** | $6912412 | $5695493 | $5584994 |
| **8/22** | $6748831 | $5547431 | $5427181 |
| **9/22** | $6486217 | $5308427 | $5192692 |
| **10/22** | $6394235 | $5250182 | $5125435 |
| **11/22** | $6607498 | $5445942 | $5313926 |
| **12/22** | $6580424 | $5427445 | $5289956 |
| **1/23** | $6801369 | $5595807 | $5452697 |
| **2/23** | $6649264 | $5458308 | $5311715 |
| **3/23** | $6805615 | $5586356 | $5446646 |
| **4/23** | $6844171 | $5620482 | $5479656 |
| **5/23** | $6764740 | $5562210 | $5419990 |
| **6/23** | $6740251 | $5553566 | $5400659 |
| **7/23** | $6738973 | $5559087 | $5396894 |
| **8/23** | $6708388 | $5525611 | $5362423 |
| **9/23** | $6552818 | $5393852 | $5226154 |
| **10/23** | $6457633 | $5312738 | $5143679 |
| **11/23** | $6735057 | $5551837 | $5376617 |
| **12/23** | $6979434 | $5762497 | $5582429 |
| **1/24** | $6992913 | $5748706 | $5567099 |
| **2/24** | $6884118 | $5679782 | $5488446 |
| **3/24** | $6945846 | $5735549 | $5539125 |
| **4/24** | $6778713 | $5601518 | $5399215 |
| **5/24** | $6899564 | $5694370 | $5490750 |
| **6/24** | $6962768 | $5746426 | $5542732 |
| **7/24** | $7121037 | $5876857 | $5672194 |
| **8/24** | $7221807 | $5963370 | $5753703 |
| **9/24** | $7318187 | $6045161 | $5830741 |
| **10/24** | $7143118 | $5907858 | $5686145 |
| **11/24** | $7220984 | $5970143 | $5746264 |
| **12/24** | $7121526 | $5879976 | $5652223 |
| **1/25** | $7167888 | $5915408 | $5682209 |
| **2/25** | $7319335 | $6037713 | $5807227 |
| **3/25** | $7315452 | $6036272 | $5809413 |
| **4/25** | $7343426 | $6057592 | $5832244 |
| **5/25** | $7297230 | $6026869 | $5790485 |
| **6/25** | $7418207 | $6120766 | $5879521 |
| **7/25** | $7404258 | $6112028 | $5864013 |
| **8/25** | $7507529 | $6185444 | $5934149 |
| **9/25** | $7573400 | $6250980 | $5998884 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 3.49% | 0.35% | 4.24% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to February 1, 2021 reflects the Fund's performance under its former investment objective and principal investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Class R6 performance prior to 6/30/23 is linked to Class I. This linked performance is adjusted for any applicable sales charge, but 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 | $1164456252 |
| # of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 421% |
| Total Advisory Fees Paid | $2435661 |

---

## 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)
![Credit Rating Chart](g38842i5cc0f9a6a2a38b16eea6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.2% |
| Collateralized Mortgage Obligations | 3.9% |
| Short-Term Investments | 7.7% |
| Commercial Mortgage-Backed Securities | 8.1% |
| Asset-Backed Securities | 12.6% |
| U.S. Treasury Obligations | 17.9% |
| Corporate Bonds | 23.9% |
| U.S. Government Agency Mortgage-Backed Securities | 24.7% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842i02a803f3bd84ec3cf67f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | (1.5%) |
| Not Rated | 1.2% |
| B | 0.7% |
| BB | 0.5% |
| BBB | 14.3% |
| A | 13.8% |
| AA | 55.8% |
| AAA | 15.2% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CLDRX-TSR-AR

# Calvert Mortgage Access Fund

# Class A CMMAX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Mortgage Access Fund for the period of October 1, 2024 to September 30, 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 | $180 | 1.76% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Mortgage Backed Securities Index (the Index):

↑ An allocation to non-agency mortgage-backed securities ― particularly MBS for borrowers not qualified for traditional government mortgage programs ― contributed to performance

↑ An allocation to agency mortgage-backed securities composed of loans originated by state housing finance authorities (HFAs) contributed to relative returns

↑ An allocation to fixed-rate collateralized mortgage obligations aided Fund performance as a result of price appreciation and higher coupon income

↓ The Fund's use of interest-rate hedges ― such as through U.S. Treasury futures ― detracted from Index-relative performance during the period

↓ A small allocation to interest-only securities weighed on Index-relative returns during the period

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

![Growth of 10K Chart](g38842i185cdd554eef48a6db65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Mortgage Backed Securties Index** |
| **5/22** | $9694 | $10055 | $10111 |
| **6/22** | $9684 | $9854 | $9949 |
| **7/22** | $9741 | $10102 | $10269 |
| **8/22** | $9698 | $9839 | $9917 |
| **9/22** | $9446 | $9415 | $9416 |
| **10/22** | $9403 | $9312 | $9282 |
| **11/22** | $9647 | $9659 | $9661 |
| **12/22** | $9658 | $9626 | $9618 |
| **1/23** | $9876 | $9925 | $9935 |
| **2/23** | $9750 | $9681 | $9673 |
| **3/23** | $9995 | $9908 | $9861 |
| **4/23** | $10039 | $9969 | $9912 |
| **5/23** | $9962 | $9865 | $9839 |
| **6/23** | $9915 | $9850 | $9797 |
| **7/23** | $9919 | $9860 | $9790 |
| **8/23** | $9903 | $9801 | $9710 |
| **9/23** | $9704 | $9567 | $9400 |
| **10/23** | $9524 | $9423 | $9206 |
| **11/23** | $9984 | $9847 | $9686 |
| **12/23** | $10309 | $10221 | $10103 |
| **1/24** | $10334 | $10196 | $10057 |
| **2/24** | $10087 | $10074 | $9893 |
| **3/24** | $10175 | $10173 | $9998 |
| **4/24** | $9883 | $9935 | $9695 |
| **5/24** | $10142 | $10100 | $9889 |
| **6/24** | $10285 | $10192 | $10005 |
| **7/24** | $10580 | $10424 | $10268 |
| **8/24** | $10777 | $10577 | $10434 |
| **9/24** | $10870 | $10722 | $10558 |
| **10/24** | $10521 | $10479 | $10259 |
| **11/24** | $10644 | $10589 | $10396 |
| **12/24** | $10559 | $10429 | $10225 |
| **1/25** | $10640 | $10492 | $10277 |
| **2/25** | $10902 | $10709 | $10539 |
| **3/25** | $10941 | $10706 | $10537 |
| **4/25** | $11051 | $10744 | $10567 |
| **5/25** | $10981 | $10690 | $10471 |
| **6/25** | $11183 | $10856 | $10657 |
| **7/25** | $11157 | $10841 | $10614 |
| **8/25** | $11416 | $10971 | $10785 |
| **9/25** | $11412 | $11087 | $10916 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since 4/29/22 (Inception)* |
| Class A | 5.03% | 4.95% |
| Class A with 3.25% Maximum Sales Charge | 1.58% | 3.93% |
| Bloomberg U.S. Universal Index | 3.40% | 3.06% |
| Bloomberg U.S. Mortgage Backed Securties Index | 3.39% | 2.59% |

---

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 | $101408651 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 311% |
| Total Advisory Fees Paid | $125035 |

---

## 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)
![Credit Rating Chart](g38842if1328095bfb7cfcaf021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.7% |
| Short-Term Investments | 2.2% |
| Government National Mortgage Association Participation Agreements | 2.9% |
| U.S. Government Agency Mortgage-Backed Securities | 43.4% |
| Collateralized Mortgage Obligations | 50.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g38842i7ad37f4ef0ff6d5a467a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| B | 9.5% |
| BB | 2.3% |
| BBB | 3.0% |
| A | 8.0% |
| AA | 77.1% |
| AAA | 0.1% |

---

---

| | |
|:---|:---|
| 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 Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities), or if unrated, considered to be of comparable credit quality by the Fund's investment adviser. 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at www.eatonvance.com/calvert-fund-documents.php or upon request by contacting us at 1-800-368-2745.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to financing activities.

## 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CMMAX-TSR-AR

# Calvert Mortgage Access Fund

# Class C CMMCX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Mortgage Access Fund for the period of October 1, 2024 to September 30, 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 | $256 | 2.51% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Mortgage Backed Securities Index (the Index):

↑ An allocation to non-agency mortgage-backed securities ― particularly MBS for borrowers not qualified for traditional government mortgage programs ― contributed to performance

↑ An allocation to agency mortgage-backed securities composed of loans originated by state housing finance authorities (HFAs) contributed to relative returns

↑ An allocation to fixed-rate collateralized mortgage obligations aided Fund performance as a result of price appreciation and higher coupon income

↓ The Fund's use of interest-rate hedges ― such as through U.S. Treasury futures ― detracted from Index-relative performance during the period

↓ A small allocation to interest-only securities weighed on Index-relative returns during the period

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

![Growth of 10K Chart](g38842i38535d4a90bb663735cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Mortgage Backed Securties Index** |
| **5/22** | $10020 | $10055 | $10111 |
| **6/22** | $9994 | $9854 | $9949 |
| **7/22** | $10046 | $10102 | $10269 |
| **8/22** | $9996 | $9839 | $9917 |
| **9/22** | $9730 | $9415 | $9416 |
| **10/22** | $9679 | $9312 | $9282 |
| **11/22** | $9924 | $9659 | $9661 |
| **12/22** | $9929 | $9626 | $9618 |
| **1/23** | $10147 | $9925 | $9935 |
| **2/23** | $10012 | $9681 | $9673 |
| **3/23** | $10267 | $9908 | $9861 |
| **4/23** | $10296 | $9969 | $9912 |
| **5/23** | $10221 | $9865 | $9839 |
| **6/23** | $10156 | $9850 | $9797 |
| **7/23** | $10153 | $9860 | $9790 |
| **8/23** | $10131 | $9801 | $9710 |
| **9/23** | $9920 | $9567 | $9400 |
| **10/23** | $9741 | $9423 | $9206 |
| **11/23** | $10204 | $9847 | $9686 |
| **12/23** | $10530 | $10221 | $10103 |
| **1/24** | $10538 | $10196 | $10057 |
| **2/24** | $10280 | $10074 | $9893 |
| **3/24** | $10374 | $10173 | $9998 |
| **4/24** | $10060 | $9935 | $9695 |
| **5/24** | $10317 | $10100 | $9889 |
| **6/24** | $10456 | $10192 | $10005 |
| **7/24** | $10759 | $10424 | $10268 |
| **8/24** | $10953 | $10577 | $10434 |
| **9/24** | $11040 | $10722 | $10558 |
| **10/24** | $10679 | $10479 | $10259 |
| **11/24** | $10798 | $10589 | $10396 |
| **12/24** | $10705 | $10429 | $10225 |
| **1/25** | $10780 | $10492 | $10277 |
| **2/25** | $11039 | $10709 | $10539 |
| **3/25** | $11061 | $10706 | $10537 |
| **4/25** | $11176 | $10744 | $10567 |
| **5/25** | $11099 | $10690 | $10471 |
| **6/25** | $11296 | $10856 | $10657 |
| **7/25** | $11251 | $10841 | $10614 |
| **8/25** | $11516 | $10971 | $10785 |
| **9/25** | $11510 | $11087 | $10916 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since 4/29/22 (Inception)* |
| Class C, with conversion to Class A after 8 years | 4.25% | 4.19% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.26% | 4.19% |
| Bloomberg U.S. Universal Index | 3.40% | 3.06% |
| Bloomberg U.S. Mortgage Backed Securties Index | 3.39% | 2.59% |

---

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 | $101408651 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 311% |
| Total Advisory Fees Paid | $125035 |

---

## 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)
![Credit Rating Chart](g38842i803af5c74bb202913153.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.7% |
| Short-Term Investments | 2.2% |
| Government National Mortgage Association Participation Agreements | 2.9% |
| U.S. Government Agency Mortgage-Backed Securities | 43.4% |
| Collateralized Mortgage Obligations | 50.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g38842ica743dc706154a29e58f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| B | 9.5% |
| BB | 2.3% |
| BBB | 3.0% |
| A | 8.0% |
| AA | 77.1% |
| AAA | 0.1% |

---

---

| | |
|:---|:---|
| 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 Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities), or if unrated, considered to be of comparable credit quality by the Fund's investment adviser. 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at www.eatonvance.com/calvert-fund-documents.php or upon request by contacting us at 1-800-368-2745.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to financing activities.

## 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CMMCX-TSR-AR

# Calvert Mortgage Access Fund

# Class I CMMIX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Mortgage Access Fund for the period of October 1, 2024 to September 30, 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 | $155 | 1.51% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Mortgage Backed Securities Index (the Index):

↑ An allocation to non-agency mortgage-backed securities ― particularly MBS for borrowers not qualified for traditional government mortgage programs ― contributed to performance

↑ An allocation to agency mortgage-backed securities composed of loans originated by state housing finance authorities (HFAs) contributed to relative returns

↑ An allocation to fixed-rate collateralized mortgage obligations aided Fund performance as a result of price appreciation and higher coupon income

↓ The Fund's use of interest-rate hedges ― such as through U.S. Treasury futures ― detracted from Index-relative performance during the period

↓ A small allocation to interest-only securities weighed on Index-relative returns 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](g38842ic16b298f23c418669da6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Mortgage Backed Securties Index** |
| **6/22** | $1001056 | $985410 | $994869 |
| **9/22** | $977010 | $941533 | $941647 |
| **12/22** | $999563 | $962642 | $961805 |
| **3/23** | $1036148 | $990828 | $986102 |
| **6/23** | $1027540 | $985012 | $979745 |
| **9/23** | $1006238 | $956684 | $940025 |
| **12/23** | $1070715 | $1022069 | $1010336 |
| **3/24** | $1057461 | $1017290 | $999781 |
| **6/24** | $1068489 | $1019219 | $1000472 |
| **9/24** | $1131025 | $1072204 | $1055793 |
| **12/24** | $1099422 | $1042906 | $1022453 |
| **3/25** | $1138767 | $1070627 | $1053697 |
| **6/25** | $1165827 | $1085614 | $1065685 |
| **9/25** | $1190873 | $1108709 | $1091566 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since 4/29/22 (Inception)* |
| Class I | 5.29% | 5.23% |
| Bloomberg U.S. Universal Index | 3.40% | 3.06% |
| Bloomberg U.S. Mortgage Backed Securties Index | 3.39% | 2.59% |

---

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 | $101408651 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 311% |
| Total Advisory Fees Paid | $125035 |

---

## 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)
![Credit Rating Chart](g38842i7e265d50d65865766221.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.7% |
| Short-Term Investments | 2.2% |
| Government National Mortgage Association Participation Agreements | 2.9% |
| U.S. Government Agency Mortgage-Backed Securities | 43.4% |
| Collateralized Mortgage Obligations | 50.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g38842i010677a8db3ec5b61cfd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| B | 9.5% |
| BB | 2.3% |
| BBB | 3.0% |
| A | 8.0% |
| AA | 77.1% |
| AAA | 0.1% |

---

---

| | |
|:---|:---|
| 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 Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities), or if unrated, considered to be of comparable credit quality by the Fund's investment adviser. 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at www.eatonvance.com/calvert-fund-documents.php or upon request by contacting us at 1-800-368-2745.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to financing activities.

## 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CMMIX-TSR-AR

# Calvert Mortgage Access Fund

# Class R6 CMMRX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Mortgage Access Fund for the period of October 1, 2024 to September 30, 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 R6 | $155 | 1.51% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Mortgage Backed Securities Index (the Index):

↑ An allocation to non-agency mortgage-backed securities ― particularly MBS for borrowers not qualified for traditional government mortgage programs ― contributed to performance

↑ An allocation to agency mortgage-backed securities composed of loans originated by state housing finance authorities (HFAs) contributed to relative returns

↑ An allocation to fixed-rate collateralized mortgage obligations aided Fund performance as a result of price appreciation and higher coupon income

↓ The Fund's use of interest-rate hedges ― such as through U.S. Treasury futures ― detracted from Index-relative performance during the period

↓ A small allocation to interest-only securities weighed on Index-relative returns during the period

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

![Growth of 10K Chart](g38842ifc97d28b5d69ad047b4e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Mortgage Backed Securties Index** |
| **5/22** | $5010778 | $5027511 | $5055285 |
| **6/22** | $5008438 | $4927049 | $4974343 |
| **7/22** | $5038967 | $5050925 | $5134264 |
| **8/22** | $5018025 | $4919619 | $4958695 |
| **9/22** | $4888131 | $4707664 | $4708235 |
| **10/22** | $4867177 | $4656010 | $4641163 |
| **11/22** | $4994496 | $4829616 | $4830329 |
| **12/22** | $5000975 | $4813212 | $4809024 |
| **1/23** | $5115365 | $4962520 | $4967456 |
| **2/23** | $5050894 | $4840583 | $4836288 |
| **3/23** | $5183955 | $4954139 | $4930508 |
| **4/23** | $5202726 | $4984403 | $4956024 |
| **5/23** | $5169128 | $4932726 | $4919721 |
| **6/23** | $5140857 | $4925060 | $4898723 |
| **7/23** | $5143617 | $4929956 | $4895080 |
| **8/23** | $5136731 | $4900268 | $4854809 |
| **9/23** | $5034113 | $4783421 | $4700123 |
| **10/23** | $4947128 | $4711487 | $4603012 |
| **11/23** | $5186801 | $4923527 | $4842969 |
| **12/23** | $5356682 | $5110346 | $5051682 |
| **1/24** | $5365523 | $5098116 | $5028316 |
| **2/24** | $5238160 | $5036992 | $4946512 |
| **3/24** | $5290362 | $5086448 | $4998906 |
| **4/24** | $5134486 | $4967585 | $4847664 |
| **5/24** | $5270023 | $5049929 | $4944524 |
| **6/24** | $5345523 | $5096094 | $5002359 |
| **7/24** | $5505287 | $5211764 | $5134238 |
| **8/24** | $5608823 | $5288486 | $5217085 |
| **9/24** | $5658355 | $5361020 | $5278963 |
| **10/24** | $5478109 | $5239256 | $5129517 |
| **11/24** | $5543300 | $5294492 | $5197903 |
| **12/24** | $5500198 | $5214529 | $5112265 |
| **1/25** | $5543482 | $5245952 | $5138380 |
| **2/25** | $5681103 | $5354415 | $5269409 |
| **3/25** | $5697003 | $5353137 | $5268487 |
| **4/25** | $5760998 | $5372044 | $5283605 |
| **5/25** | $5726004 | $5344799 | $5235370 |
| **6/25** | $5832387 | $5428069 | $5328424 |
| **7/25** | $5814068 | $5420320 | $5306850 |
| **8/25** | $5955981 | $5485427 | $5392287 |
| **9/25** | $5957652 | $5543547 | $5457830 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since 4/29/22 (Inception)* |
| Class R6 | 5.29% | 5.25% |
| Bloomberg U.S. Universal Index | 3.40% | 3.06% |
| Bloomberg U.S. Mortgage Backed Securties Index | 3.39% | 2.59% |

---

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 | $101408651 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 311% |
| Total Advisory Fees Paid | $125035 |

---

## 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)
![Credit Rating Chart](g38842i806b2554ffc069842f4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.7% |
| Short-Term Investments | 2.2% |
| Government National Mortgage Association Participation Agreements | 2.9% |
| U.S. Government Agency Mortgage-Backed Securities | 43.4% |
| Collateralized Mortgage Obligations | 50.8% |

---

---

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

---

### Credit Quality (% of total investments)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g38842i01345e248aeaa6ecc08f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| B | 9.5% |
| BB | 2.3% |
| BBB | 3.0% |
| A | 8.0% |
| AA | 77.1% |
| AAA | 0.1% |

---

---

| | |
|:---|:---|
| 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 Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities), or if unrated, considered to be of comparable credit quality by the Fund's investment adviser. 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. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at www.eatonvance.com/calvert-fund-documents.php or upon request by contacting us at 1-800-368-2745.

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to financing activities.

## 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CMMRX-TSR-AR

# Calvert Short Duration Income Fund

# Class A CSDAX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Short Duration Income Fund for the period of October 1, 2024 to September 30, 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 1-5 Year U.S. Credit Index (the Index):

↑ Overweight positions and security selection in securitized credit, especially Asset-Backed and Commercial Mortgage-Backed Securities, helped as they outperformed corporates

↑ Additional support came from agency and non-agency Residential Mortgage-Backed Securities, where allocation and selection decisions further enhanced results

↓ Underweight in investment grade corporates detracted from performance as it limited its exposure to the sector's spread tightening

↓ An underweight to government-related debt and sovereigns also detracted, as these sectors performed well and the portfolio's lower exposure missed those gains

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

![Growth of 10K Chart](g38842idd8e44ea0d15dc823d8e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **Bloomberg 1-5 Year U.S. Credit Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $9790 | $10032 | $10006 |
| **11/15** | $9768 | $9995 | $9994 |
| **12/15** | $9730 | $9945 | $9959 |
| **1/16** | $9753 | $10055 | $10011 |
| **2/16** | $9753 | $10127 | $10023 |
| **3/16** | $9851 | $10251 | $10132 |
| **4/16** | $9925 | $10321 | $10177 |
| **5/16** | $9936 | $10329 | $10171 |
| **6/16** | $10023 | $10511 | $10265 |
| **7/16** | $10077 | $10597 | $10299 |
| **8/16** | $10094 | $10609 | $10297 |
| **9/16** | $10117 | $10611 | $10308 |
| **10/16** | $10107 | $10541 | $10300 |
| **11/16** | $10036 | $10304 | $10202 |
| **12/16** | $10046 | $10334 | $10216 |
| **1/17** | $10075 | $10371 | $10254 |
| **2/17** | $10110 | $10451 | $10298 |
| **3/17** | $10126 | $10447 | $10307 |
| **4/17** | $10161 | $10534 | $10355 |
| **5/17** | $10196 | $10615 | $10397 |
| **6/17** | $10203 | $10606 | $10394 |
| **7/17** | $10243 | $10659 | $10447 |
| **8/17** | $10264 | $10751 | $10482 |
| **9/17** | $10261 | $10713 | $10467 |
| **10/17** | $10268 | $10726 | $10475 |
| **11/17** | $10255 | $10710 | $10443 |
| **12/17** | $10264 | $10757 | $10453 |
| **1/18** | $10244 | $10654 | $10408 |
| **2/18** | $10223 | $10553 | $10371 |
| **3/18** | $10224 | $10606 | $10380 |
| **4/18** | $10218 | $10535 | $10366 |
| **5/18** | $10248 | $10592 | $10413 |
| **6/18** | $10250 | $10577 | $10407 |
| **7/18** | $10281 | $10599 | $10430 |
| **8/18** | $10313 | $10651 | $10482 |
| **9/18** | $10321 | $10606 | $10473 |
| **10/18** | $10294 | $10517 | $10464 |
| **11/18** | $10280 | $10564 | $10475 |
| **12/18** | $10269 | $10730 | $10570 |
| **1/19** | $10409 | $10878 | $10675 |
| **2/19** | $10475 | $10889 | $10711 |
| **3/19** | $10561 | $11086 | $10822 |
| **4/19** | $10614 | $11102 | $10858 |
| **5/19** | $10680 | $11272 | $10941 |
| **6/19** | $10746 | $11431 | $11045 |
| **7/19** | $10757 | $11465 | $11051 |
| **8/19** | $10834 | $11725 | $11173 |
| **9/19** | $10831 | $11674 | $11171 |
| **10/19** | $10875 | $11712 | $11221 |
| **11/19** | $10878 | $11709 | $11225 |
| **12/19** | $10907 | $11727 | $11265 |
| **1/20** | $11002 | $11937 | $11365 |
| **2/20** | $11064 | $12116 | $11457 |
| **3/20** | $10435 | $11879 | $11127 |
| **4/20** | $10598 | $12117 | $11395 |
| **5/20** | $10760 | $12230 | $11541 |
| **6/20** | $10964 | $12332 | $11643 |
| **7/20** | $11037 | $12549 | $11726 |
| **8/20** | $11116 | $12477 | $11749 |
| **9/20** | $11133 | $12454 | $11738 |
| **10/20** | $11172 | $12410 | $11753 |
| **11/20** | $11319 | $12572 | $11809 |
| **12/20** | $11399 | $12615 | $11849 |
| **1/21** | $11443 | $12536 | $11845 |
| **2/21** | $11446 | $12374 | $11816 |
| **3/21** | $11442 | $12230 | $11782 |
| **4/21** | $11485 | $12333 | $11829 |
| **5/21** | $11522 | $12380 | $11869 |
| **6/21** | $11530 | $12470 | $11854 |
| **7/21** | $11558 | $12595 | $11897 |
| **8/21** | $11558 | $12587 | $11890 |
| **9/21** | $11564 | $12479 | $11865 |
| **10/21** | $11521 | $12469 | $11804 |
| **11/21** | $11479 | $12484 | $11782 |
| **12/21** | $11499 | $12476 | $11784 |
| **1/22** | $11400 | $12202 | $11647 |
| **2/22** | $11315 | $12036 | $11563 |
| **3/22** | $11166 | $11713 | $11354 |
| **4/22** | $11047 | $11276 | $11205 |
| **5/22** | $11057 | $11338 | $11293 |
| **6/22** | $10882 | $11112 | $11155 |
| **7/22** | $11018 | $11391 | $11307 |
| **8/22** | $10948 | $11095 | $11165 |
| **9/22** | $10755 | $10617 | $10933 |
| **10/22** | $10738 | $10500 | $10902 |
| **11/22** | $10884 | $10892 | $11116 |
| **12/22** | $10923 | $10855 | $11128 |
| **1/23** | $11130 | $11192 | $11294 |
| **2/23** | $11068 | $10917 | $11161 |
| **3/23** | $11160 | $11173 | $11321 |
| **4/23** | $11224 | $11241 | $11395 |
| **5/23** | $11208 | $11124 | $11347 |
| **6/23** | $11222 | $11107 | $11312 |
| **7/23** | $11297 | $11118 | $11381 |
| **8/23** | $11335 | $11051 | $11396 |
| **9/23** | $11309 | $10788 | $11340 |
| **10/23** | $11307 | $10625 | $11333 |
| **11/23** | $11529 | $11104 | $11580 |
| **12/23** | $11724 | $11525 | $11789 |
| **1/24** | $11806 | $11497 | $11834 |
| **2/24** | $11768 | $11360 | $11774 |
| **3/24** | $11829 | $11471 | $11850 |
| **4/24** | $11783 | $11203 | $11770 |
| **5/24** | $11892 | $11389 | $11890 |
| **6/24** | $11962 | $11493 | $11962 |
| **7/24** | $12120 | $11754 | $12148 |
| **8/24** | $12238 | $11927 | $12280 |
| **9/24** | $12348 | $12090 | $12405 |
| **10/24** | $12271 | $11816 | $12290 |
| **11/24** | $12333 | $11940 | $12363 |
| **12/24** | $12357 | $11760 | $12346 |
| **1/25** | $12435 | $11831 | $12418 |
| **2/25** | $12544 | $12075 | $12537 |
| **3/25** | $12575 | $12073 | $12591 |
| **4/25** | $12637 | $12115 | $12685 |
| **5/25** | $12651 | $12054 | $12698 |
| **6/25** | $12771 | $12242 | $12815 |
| **7/25** | $12786 | $12224 | $12824 |
| **8/25** | $12914 | $12371 | $12964 |
| **9/25** | $12967 | $12502 | $13016 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 5.03% | 3.10% | 2.87% |
| Class A with 2.25% Maximum Sales Charge | 2.69% | 2.63% | 2.63% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg 1-5 Year U.S. Credit Index | 4.93% | 2.09% | 2.67% |

---

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 | $2814234841 |
| # of Portfolio Holdings | 398 |
| Portfolio Turnover Rate | 150% |
| Total Advisory Fees Paid | $6978214 |

---

## 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)
![Credit Rating Chart](g38842i80b543d40de21a597da7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Senior Floating-Rate Loans | 1.3% |
| Short-Term Investments | 1.8% |
| U.S. Government Agency Mortgage-Backed Securities | 5.2% |
| Commercial Mortgage-Backed Securities | 8.4% |
| Collateralized Mortgage Obligations | 8.6% |
| U.S. Treasury Obligations | 13.7% |
| Asset-Backed Securities | 23.1% |
| Corporate Bonds | 37.3% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842if5ae644237f708d17034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.4% |
| Not Rated | 4.1% |
| CCC | 0.3% |
| B | 1.0% |
| BB | 3.3% |
| BBB | 22.3% |
| A | 22.0% |
| AA | 35.5% |
| AAA | 10.1% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CSDAX-TSR-AR

# Calvert Short Duration Income Fund

# Class C CDICX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Short Duration Income Fund for the period of October 1, 2024 to September 30, 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 1-5 Year U.S. Credit Index (the Index):

↓ Underweight in investment grade corporates detracted from performance as it limited its exposure to the sector's spread tightening

↓ An underweight to government-related debt and sovereigns also detracted, as these sectors performed well and the portfolio's lower exposure missed those gains

↑ Overweight positions and security selection in securitized credit, especially Asset-Backed and Commercial Mortgage-Backed Securities, helped as they outperformed corporates

↑ Additional support came from agency and non-agency Residential Mortgage-Backed Securities, where allocation and selection decisions further enhanced results

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

![Growth of 10K Chart](g38842iea3aeb512f41bce61a8c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Universal Index** | **Bloomberg 1-5 Year U.S. Credit Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10008 | $10032 | $10006 |
| **11/15** | $9980 | $9995 | $9994 |
| **12/15** | $9929 | $9945 | $9959 |
| **1/16** | $9953 | $10055 | $10011 |
| **2/16** | $9940 | $10127 | $10023 |
| **3/16** | $10034 | $10251 | $10132 |
| **4/16** | $10104 | $10321 | $10177 |
| **5/16** | $10109 | $10329 | $10171 |
| **6/16** | $10191 | $10511 | $10265 |
| **7/16** | $10240 | $10597 | $10299 |
| **8/16** | $10251 | $10609 | $10297 |
| **9/16** | $10267 | $10611 | $10308 |
| **10/16** | $10251 | $10541 | $10300 |
| **11/16** | $10172 | $10304 | $10202 |
| **12/16** | $10175 | $10334 | $10216 |
| **1/17** | $10198 | $10371 | $10254 |
| **2/17** | $10228 | $10451 | $10298 |
| **3/17** | $10238 | $10447 | $10307 |
| **4/17** | $10267 | $10534 | $10355 |
| **5/17** | $10296 | $10615 | $10397 |
| **6/17** | $10296 | $10606 | $10394 |
| **7/17** | $10330 | $10659 | $10447 |
| **8/17** | $10344 | $10751 | $10482 |
| **9/17** | $10334 | $10713 | $10467 |
| **10/17** | $10336 | $10726 | $10475 |
| **11/17** | $10315 | $10710 | $10443 |
| **12/17** | $10318 | $10757 | $10453 |
| **1/18** | $10291 | $10654 | $10408 |
| **2/18** | $10264 | $10553 | $10371 |
| **3/18** | $10259 | $10606 | $10380 |
| **4/18** | $10247 | $10535 | $10366 |
| **5/18** | $10270 | $10592 | $10413 |
| **6/18** | $10266 | $10577 | $10407 |
| **7/18** | $10291 | $10599 | $10430 |
| **8/18** | $10316 | $10651 | $10482 |
| **9/18** | $10318 | $10606 | $10473 |
| **10/18** | $10284 | $10517 | $10464 |
| **11/18** | $10264 | $10564 | $10475 |
| **12/18** | $10247 | $10730 | $10570 |
| **1/19** | $10380 | $10878 | $10675 |
| **2/19** | $10439 | $10889 | $10711 |
| **3/19** | $10519 | $11086 | $10822 |
| **4/19** | $10565 | $11102 | $10858 |
| **5/19** | $10625 | $11272 | $10941 |
| **6/19** | $10683 | $11431 | $11045 |
| **7/19** | $10688 | $11465 | $11051 |
| **8/19** | $10758 | $11725 | $11173 |
| **9/19** | $10747 | $11674 | $11171 |
| **10/19** | $10784 | $11712 | $11221 |
| **11/19** | $10781 | $11709 | $11225 |
| **12/19** | $10802 | $11727 | $11265 |
| **1/20** | $10884 | $11937 | $11365 |
| **2/20** | $10945 | $12116 | $11457 |
| **3/20** | $10320 | $11879 | $11127 |
| **4/20** | $10476 | $12117 | $11395 |
| **5/20** | $10623 | $12230 | $11541 |
| **6/20** | $10818 | $12332 | $11643 |
| **7/20** | $10877 | $12549 | $11726 |
| **8/20** | $10955 | $12477 | $11749 |
| **9/20** | $10966 | $12454 | $11738 |
| **10/20** | $10996 | $12410 | $11753 |
| **11/20** | $11135 | $12572 | $11809 |
| **12/20** | $11206 | $12615 | $11849 |
| **1/21** | $11236 | $12536 | $11845 |
| **2/21** | $11240 | $12374 | $11816 |
| **3/21** | $11228 | $12230 | $11782 |
| **4/21** | $11264 | $12333 | $11829 |
| **5/21** | $11293 | $12380 | $11869 |
| **6/21** | $11293 | $12470 | $11854 |
| **7/21** | $11314 | $12595 | $11897 |
| **8/21** | $11306 | $12587 | $11890 |
| **9/21** | $11298 | $12479 | $11865 |
| **10/21** | $11256 | $12469 | $11804 |
| **11/21** | $11208 | $12484 | $11782 |
| **12/21** | $11220 | $12476 | $11784 |
| **1/22** | $11116 | $12202 | $11647 |
| **2/22** | $11026 | $12036 | $11563 |
| **3/22** | $10874 | $11713 | $11354 |
| **4/22** | $10751 | $11276 | $11205 |
| **5/22** | $10753 | $11338 | $11293 |
| **6/22** | $10576 | $11112 | $11155 |
| **7/22** | $10702 | $11391 | $11307 |
| **8/22** | $10626 | $11095 | $11165 |
| **9/22** | $10432 | $10617 | $10933 |
| **10/22** | $10409 | $10500 | $10902 |
| **11/22** | $10544 | $10892 | $11116 |
| **12/22** | $10582 | $10855 | $11128 |
| **1/23** | $10769 | $11192 | $11294 |
| **2/23** | $10703 | $10917 | $11161 |
| **3/23** | $10793 | $11173 | $11321 |
| **4/23** | $10841 | $11241 | $11395 |
| **5/23** | $10826 | $11124 | $11347 |
| **6/23** | $10832 | $11107 | $11312 |
| **7/23** | $10891 | $11118 | $11381 |
| **8/23** | $10920 | $11051 | $11396 |
| **9/23** | $10888 | $10788 | $11340 |
| **10/23** | $10879 | $10625 | $11333 |
| **11/23** | $11087 | $11104 | $11580 |
| **12/23** | $11268 | $11525 | $11789 |
| **1/24** | $11340 | $11497 | $11834 |
| **2/24** | $11303 | $11360 | $11774 |
| **3/24** | $11347 | $11471 | $11850 |
| **4/24** | $11296 | $11203 | $11770 |
| **5/24** | $11393 | $11389 | $11890 |
| **6/24** | $11454 | $11493 | $11962 |
| **7/24** | $11597 | $11754 | $12148 |
| **8/24** | $11703 | $11927 | $12280 |
| **9/24** | $11802 | $12090 | $12405 |
| **10/24** | $11720 | $11816 | $12290 |
| **11/24** | $11773 | $11940 | $12363 |
| **12/24** | $11787 | $11760 | $12346 |
| **1/25** | $11855 | $11831 | $12418 |
| **2/25** | $11952 | $12075 | $12537 |
| **3/25** | $11974 | $12073 | $12591 |
| **4/25** | $12025 | $12115 | $12685 |
| **5/25** | $12031 | $12054 | $12698 |
| **6/25** | $12130 | $12242 | $12815 |
| **7/25** | $12144 | $12224 | $12824 |
| **8/25** | $12259 | $12371 | $12964 |
| **9/25** | $12487 | $12502 | $13016 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 4.25% | 2.33% | 2.24% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 3.25% | 2.33% | 2.24% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg 1-5 Year U.S. Credit Index | 4.93% | 2.09% | 2.67% |

---

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 | $2814234841 |
| # of Portfolio Holdings | 398 |
| Portfolio Turnover Rate | 150% |
| Total Advisory Fees Paid | $6978214 |

---

## 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)
![Credit Rating Chart](g38842iaa0d3c5da8c3c6a1f28c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Senior Floating-Rate Loans | 1.3% |
| Short-Term Investments | 1.8% |
| U.S. Government Agency Mortgage-Backed Securities | 5.2% |
| Commercial Mortgage-Backed Securities | 8.4% |
| Collateralized Mortgage Obligations | 8.6% |
| U.S. Treasury Obligations | 13.7% |
| Asset-Backed Securities | 23.1% |
| Corporate Bonds | 37.3% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842id323eae4a04ea6e9189c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.4% |
| Not Rated | 4.1% |
| CCC | 0.3% |
| B | 1.0% |
| BB | 3.3% |
| BBB | 22.3% |
| A | 22.0% |
| AA | 35.5% |
| AAA | 10.1% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CDICX-TSR-AR

# Calvert Short Duration Income Fund

# Class I CDSIX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Short Duration Income Fund for the period of October 1, 2024 to September 30, 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 1-5 Year U.S. Credit Index (the Index):

↑ Overweight positions and security selection in securitized credit, especially Asset-Backed and Commercial Mortgage-Backed Securities, helped as they outperformed corporates

↑ Additional support came from agency and non-agency Residential Mortgage-Backed Securities, where allocation and selection decisions further enhanced results

↓ Underweight in investment grade corporates detracted from performance as it limited its exposure to the sector's spread tightening

↓ An underweight to government-related debt and sovereigns also detracted, as these sectors performed well and the portfolio's lower exposure missed those gains

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

![Growth of 10K Chart](g38842i88890d44b12739166fc0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg 1-5 Year U.S. Credit Index** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $996734 | $994545 | $995904 |
| **3/16** | $1010119 | $1025077 | $1013177 |
| **6/16** | $1028602 | $1051051 | $1026458 |
| **9/16** | $1039082 | $1061107 | $1030835 |
| **12/16** | $1032912 | $1033436 | $1021601 |
| **3/17** | $1042143 | $1044733 | $1030705 |
| **6/17** | $1050998 | $1060629 | $1039449 |
| **9/17** | $1057960 | $1071325 | $1046711 |
| **12/17** | $1058948 | $1075709 | $1045347 |
| **3/18** | $1056198 | $1060578 | $1037971 |
| **6/18** | $1058936 | $1057711 | $1040720 |
| **9/18** | $1067549 | $1060582 | $1047260 |
| **12/18** | $1063448 | $1072968 | $1056968 |
| **3/19** | $1094200 | $1108612 | $1082240 |
| **6/19** | $1113987 | $1143113 | $1104498 |
| **9/19** | $1123483 | $1167378 | $1117114 |
| **12/19** | $1132057 | $1172661 | $1126492 |
| **3/20** | $1084117 | $1187915 | $1112715 |
| **6/20** | $1139426 | $1233232 | $1164278 |
| **9/20** | $1157726 | $1245411 | $1173785 |
| **12/20** | $1185910 | $1261494 | $1184926 |
| **3/21** | $1191144 | $1222990 | $1178170 |
| **6/21** | $1201023 | $1247003 | $1185384 |
| **9/21** | $1205341 | $1247936 | $1186496 |
| **12/21** | $1199354 | $1247580 | $1178383 |
| **3/22** | $1164933 | $1171300 | $1135424 |
| **6/22** | $1136960 | $1111162 | $1115533 |
| **9/22** | $1123815 | $1061685 | $1093335 |
| **12/22** | $1142727 | $1085489 | $1112828 |
| **3/23** | $1168166 | $1117271 | $1132137 |
| **6/23** | $1175423 | $1110713 | $1131225 |
| **9/23** | $1184516 | $1078770 | $1134008 |
| **12/23** | $1229339 | $1152499 | $1178904 |
| **3/24** | $1241135 | $1147110 | $1184962 |
| **6/24** | $1255111 | $1149285 | $1196183 |
| **9/24** | $1297065 | $1209032 | $1240511 |
| **12/24** | $1298871 | $1175995 | $1234581 |
| **3/25** | $1322525 | $1207254 | $1259111 |
| **6/25** | $1343094 | $1224153 | $1281533 |
| **9/25** | $1365640 | $1250196 | $1301614 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.29% | 3.36% | 3.16% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg 1-5 Year U.S. Credit Index | 4.93% | 2.09% | 2.67% |

---

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 | $2814234841 |
| # of Portfolio Holdings | 398 |
| Portfolio Turnover Rate | 150% |
| Total Advisory Fees Paid | $6978214 |

---

## 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)
![Credit Rating Chart](g38842i45273fe9c894ec470f44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Senior Floating-Rate Loans | 1.3% |
| Short-Term Investments | 1.8% |
| U.S. Government Agency Mortgage-Backed Securities | 5.2% |
| Commercial Mortgage-Backed Securities | 8.4% |
| Collateralized Mortgage Obligations | 8.6% |
| U.S. Treasury Obligations | 13.7% |
| Asset-Backed Securities | 23.1% |
| Corporate Bonds | 37.3% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842i0660644e62de5b03eb19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.4% |
| Not Rated | 4.1% |
| CCC | 0.3% |
| B | 1.0% |
| BB | 3.3% |
| BBB | 22.3% |
| A | 22.0% |
| AA | 35.5% |
| AAA | 10.1% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CDSIX-TSR-AR

# Calvert Short Duration Income Fund

# Class R6 CDSRX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Short Duration Income Fund for the period of October 1, 2024 to September 30, 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 | $45 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 1-5 Year U.S. Credit Index (the Index):

↑ Overweight positions and security selection in securitized credit, especially Asset-Backed and Commercial Mortgage-Backed Securities, helped as they outperformed corporates

↑ Additional support came from agency and non-agency Residential Mortgage-Backed Securities, where allocation and selection decisions further enhanced results

↓ Underweight in investment grade corporates detracted from performance as it limited its exposure to the sector's spread tightening

↓ An underweight to government-related debt and sovereigns also detracted, as these sectors performed well and the portfolio's lower exposure missed those gains

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

![Growth of 10K Chart](g38842i81fe7cd3c5e108656256.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Bloomberg 1-5 Year U.S. Credit Index** |
| **9/15** | $5000000 | $5000000 | $5000000 |
| **10/15** | $5009822 | $5015983 | $5002872 |
| **11/15** | $5001317 | $4997691 | $4997023 |
| **12/15** | $4983670 | $4972724 | $4979519 |
| **1/16** | $4997425 | $5027618 | $5005722 |
| **2/16** | $4998980 | $5063331 | $5011304 |
| **3/16** | $5050595 | $5125385 | $5065884 |
| **4/16** | $5089837 | $5160305 | $5088621 |
| **5/16** | $5097130 | $5164336 | $5085521 |
| **6/16** | $5143012 | $5255253 | $5132291 |
| **7/16** | $5172320 | $5298558 | $5149506 |
| **8/16** | $5182544 | $5304274 | $5148523 |
| **9/16** | $5195408 | $5305534 | $5154175 |
| **10/16** | $5192307 | $5270337 | $5150072 |
| **11/16** | $5157669 | $5151874 | $5101181 |
| **12/16** | $5164561 | $5167178 | $5108005 |
| **1/17** | $5181201 | $5185408 | $5126807 |
| **2/17** | $5200847 | $5225417 | $5148950 |
| **3/17** | $5210717 | $5223667 | $5153523 |
| **4/17** | $5230083 | $5267009 | $5177724 |
| **5/17** | $5249838 | $5307646 | $5198614 |
| **6/17** | $5254990 | $5303146 | $5197247 |
| **7/17** | $5277312 | $5329560 | $5223451 |
| **8/17** | $5289762 | $5375542 | $5241023 |
| **9/17** | $5289798 | $5356623 | $5233555 |
| **10/17** | $5297644 | $5363055 | $5237608 |
| **11/17** | $5288841 | $5354939 | $5221690 |
| **12/17** | $5294739 | $5378546 | $5226737 |
| **1/18** | $5289224 | $5326789 | $5203813 |
| **2/18** | $5276160 | $5276280 | $5185583 |
| **3/18** | $5280992 | $5302892 | $5189854 |
| **4/18** | $5279249 | $5267509 | $5183226 |
| **5/18** | $5295642 | $5296234 | $5206400 |
| **6/18** | $5294679 | $5288553 | $5203598 |
| **7/18** | $5315009 | $5299621 | $5214868 |
| **8/18** | $5332514 | $5325731 | $5240994 |
| **9/18** | $5337745 | $5302910 | $5236299 |
| **10/18** | $5325085 | $5258549 | $5232218 |
| **11/18** | $5319029 | $5282199 | $5237739 |
| **12/18** | $5317239 | $5364842 | $5284841 |
| **1/19** | $5390832 | $5438812 | $5337487 |
| **2/19** | $5422329 | $5444740 | $5355498 |
| **3/19** | $5471434 | $5543060 | $5411202 |
| **4/19** | $5500281 | $5550818 | $5428779 |
| **5/19** | $5535906 | $5635849 | $5470655 |
| **6/19** | $5571078 | $5715564 | $5522491 |
| **7/19** | $5578391 | $5732577 | $5525571 |
| **8/19** | $5618370 | $5862290 | $5586434 |
| **9/19** | $5618019 | $5836892 | $5585571 |
| **10/19** | $5642233 | $5855751 | $5610743 |
| **11/19** | $5645336 | $5854580 | $5612429 |
| **12/19** | $5661586 | $5863304 | $5632459 |
| **1/20** | $5708859 | $5968538 | $5682269 |
| **2/20** | $5745559 | $6057906 | $5728680 |
| **3/20** | $5422577 | $5939573 | $5563576 |
| **4/20** | $5508125 | $6058552 | $5697693 |
| **5/20** | $5593453 | $6115138 | $5770606 |
| **6/20** | $5699924 | $6166162 | $5821388 |
| **7/20** | $5735688 | $6274476 | $5863216 |
| **8/20** | $5781636 | $6238296 | $5874492 |
| **9/20** | $5792406 | $6227053 | $5868924 |
| **10/20** | $5813667 | $6204796 | $5876689 |
| **11/20** | $5891580 | $6285765 | $5904509 |
| **12/20** | $5934236 | $6307471 | $5924628 |
| **1/21** | $5958797 | $6267825 | $5922741 |
| **2/21** | $5961872 | $6186952 | $5908119 |
| **3/21** | $5961182 | $6114952 | $5890852 |
| **4/21** | $5985222 | $6166371 | $5914304 |
| **5/21** | $6005758 | $6189892 | $5934741 |
| **6/21** | $6011461 | $6235017 | $5926922 |
| **7/21** | $6027598 | $6297624 | $5948256 |
| **8/21** | $6029087 | $6293421 | $5945109 |
| **9/21** | $6034050 | $6239678 | $5932478 |
| **10/21** | $6013478 | $6234578 | $5901919 |
| **11/21** | $5993043 | $6242109 | $5891005 |
| **12/21** | $6004886 | $6237900 | $5891916 |
| **1/22** | $5955146 | $6101139 | $5823672 |
| **2/22** | $5912626 | $6017957 | $5781544 |
| **3/22** | $5833610 | $5856502 | $5677122 |
| **4/22** | $5776927 | $5638069 | $5602528 |
| **5/22** | $5779985 | $5669091 | $5646347 |
| **6/22** | $5694406 | $5555809 | $5577665 |
| **7/22** | $5762749 | $5695493 | $5653421 |
| **8/22** | $5727863 | $5547431 | $5582282 |
| **9/22** | $5629704 | $5308427 | $5466675 |
| **10/22** | $5622395 | $5250182 | $5450805 |
| **11/22** | $5699599 | $5445942 | $5558021 |
| **12/22** | $5725303 | $5427445 | $5564139 |
| **1/23** | $5830819 | $5595807 | $5647136 |
| **2/23** | $5800051 | $5458308 | $5580288 |
| **3/23** | $5853611 | $5586356 | $5660684 |
| **4/23** | $5884708 | $5620482 | $5697490 |
| **5/23** | $5881920 | $5562210 | $5673495 |
| **6/23** | $5890787 | $5553566 | $5656124 |
| **7/23** | $5927659 | $5559087 | $5690297 |
| **8/23** | $5949241 | $5525611 | $5698186 |
| **9/23** | $5937306 | $5393852 | $5670038 |
| **10/23** | $5937738 | $5312738 | $5666610 |
| **11/23** | $6055627 | $5551837 | $5790000 |
| **12/23** | $6162905 | $5762497 | $5894520 |
| **1/24** | $6203762 | $5748706 | $5916811 |
| **2/24** | $6189269 | $5679782 | $5886754 |
| **3/24** | $6222940 | $5735549 | $5924809 |
| **4/24** | $6196784 | $5601518 | $5885078 |
| **5/24** | $6255257 | $5694370 | $5944996 |
| **6/24** | $6293967 | $5746426 | $5980913 |
| **7/24** | $6377977 | $5876857 | $6073757 |
| **8/24** | $6441692 | $5963370 | $6140232 |
| **9/24** | $6505377 | $6045161 | $6202553 |
| **10/24** | $6466780 | $5907858 | $6145239 |
| **11/24** | $6501329 | $5970143 | $6181473 |
| **12/24** | $6515459 | $5879976 | $6172906 |
| **1/25** | $6558363 | $5915408 | $6208786 |
| **2/25** | $6617206 | $6037713 | $6268289 |
| **3/25** | $6635119 | $6036272 | $6295553 |
| **4/25** | $6669455 | $6057592 | $6342587 |
| **5/25** | $6679014 | $6026869 | $6349107 |
| **6/25** | $6739420 | $6120766 | $6407666 |
| **7/25** | $6753417 | $6112028 | $6412028 |
| **8/25** | $6822747 | $6185444 | $6481793 |
| **9/25** | $6853572 | $6250980 | $6508070 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 5.35% | 3.42% | 3.20% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg 1-5 Year U.S. Credit Index | 4.93% | 2.09% | 2.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 2/1/19 is linked to Class I. This linked performance is adjusted for any applicable sales charge, but 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 | $2814234841 |
| # of Portfolio Holdings | 398 |
| Portfolio Turnover Rate | 150% |
| Total Advisory Fees Paid | $6978214 |

---

## 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)
![Credit Rating Chart](g38842ie1bc467f097ff50c8d52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.6% |
| Senior Floating-Rate Loans | 1.3% |
| Short-Term Investments | 1.8% |
| U.S. Government Agency Mortgage-Backed Securities | 5.2% |
| Commercial Mortgage-Backed Securities | 8.4% |
| Collateralized Mortgage Obligations | 8.6% |
| U.S. Treasury Obligations | 13.7% |
| Asset-Backed Securities | 23.1% |
| Corporate Bonds | 37.3% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842i64cca93111e154a63c45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.4% |
| Not Rated | 4.1% |
| CCC | 0.3% |
| B | 1.0% |
| BB | 3.3% |
| BBB | 22.3% |
| A | 22.0% |
| AA | 35.5% |
| AAA | 10.1% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CDSRX-TSR-AR

# Calvert Ultra-Short Duration Income Fund

# Class A CULAX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Ultra-Short Duration Income Fund for the period of October 1, 2024 to September 30, 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 | $73 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 9-12 Months Short Treasury Index (the Index):

↑ Overweight position and strong security selection in investment grade corporates, particularly within financials, were the largest contributor to relative performance

↑ Securitized credit exposures, especially Asset-Backed and Commercial Mortgage-Backed Securities, contributed to returns supported by consistent performance over the period

↓ Curve positioning was the only marginal detractor to relative performance. There were no sector-level detractors this year

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

![Growth of 10K Chart](g38842i0f2e1b63298b4de400a7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Bloomberg U.S. Universal Index** | **Bloomberg 9-12 Months Short Treasury Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10006 | $10032 | $9999 |
| **11/15** | $10020 | $9995 | $9987 |
| **12/15** | $10013 | $9945 | $9988 |
| **1/16** | $10009 | $10055 | $10006 |
| **2/16** | $9991 | $10127 | $10009 |
| **3/16** | $10032 | $10251 | $10021 |
| **4/16** | $10075 | $10321 | $10031 |
| **5/16** | $10097 | $10329 | $10028 |
| **6/16** | $10106 | $10511 | $10051 |
| **7/16** | $10137 | $10597 | $10051 |
| **8/16** | $10152 | $10609 | $10052 |
| **9/16** | $10168 | $10611 | $10059 |
| **10/16** | $10184 | $10541 | $10065 |
| **11/16** | $10187 | $10304 | $10061 |
| **12/16** | $10203 | $10334 | $10067 |
| **1/17** | $10213 | $10371 | $10081 |
| **2/17** | $10233 | $10451 | $10086 |
| **3/17** | $10238 | $10447 | $10082 |
| **4/17** | $10255 | $10534 | $10089 |
| **5/17** | $10264 | $10615 | $10092 |
| **6/17** | $10281 | $10606 | $10096 |
| **7/17** | $10291 | $10659 | $10111 |
| **8/17** | $10302 | $10751 | $10122 |
| **9/17** | $10313 | $10713 | $10126 |
| **10/17** | $10329 | $10726 | $10130 |
| **11/17** | $10336 | $10710 | $10130 |
| **12/17** | $10344 | $10757 | $10135 |
| **1/18** | $10356 | $10654 | $10145 |
| **2/18** | $10362 | $10553 | $10149 |
| **3/18** | $10364 | $10606 | $10165 |
| **4/18** | $10386 | $10535 | $10174 |
| **5/18** | $10405 | $10592 | $10195 |
| **6/18** | $10422 | $10577 | $10209 |
| **7/18** | $10442 | $10599 | $10225 |
| **8/18** | $10465 | $10651 | $10247 |
| **9/18** | $10483 | $10606 | $10256 |
| **10/18** | $10492 | $10517 | $10275 |
| **11/18** | $10482 | $10564 | $10298 |
| **12/18** | $10463 | $10730 | $10329 |
| **1/19** | $10523 | $10878 | $10358 |
| **2/19** | $10567 | $10889 | $10380 |
| **3/19** | $10602 | $11086 | $10412 |
| **4/19** | $10636 | $11102 | $10432 |
| **5/19** | $10659 | $11272 | $10462 |
| **6/19** | $10682 | $11431 | $10503 |
| **7/19** | $10704 | $11465 | $10513 |
| **8/19** | $10725 | $11725 | $10551 |
| **9/19** | $10741 | $11674 | $10564 |
| **10/19** | $10772 | $11712 | $10600 |
| **11/19** | $10791 | $11709 | $10607 |
| **12/19** | $10809 | $11727 | $10626 |
| **1/20** | $10827 | $11937 | $10650 |
| **2/20** | $10855 | $12116 | $10697 |
| **3/20** | $10339 | $11879 | $10788 |
| **4/20** | $10504 | $12117 | $10790 |
| **5/20** | $10613 | $12230 | $10790 |
| **6/20** | $10743 | $12332 | $10793 |
| **7/20** | $10719 | $12549 | $10798 |
| **8/20** | $10770 | $12477 | $10799 |
| **9/20** | $10779 | $12454 | $10801 |
| **10/20** | $10797 | $12410 | $10802 |
| **11/20** | $10849 | $12572 | $10805 |
| **12/20** | $10880 | $12615 | $10806 |
| **1/21** | $10899 | $12536 | $10810 |
| **2/21** | $10907 | $12374 | $10811 |
| **3/21** | $10903 | $12230 | $10814 |
| **4/21** | $10921 | $12333 | $10815 |
| **5/21** | $10927 | $12380 | $10817 |
| **6/21** | $10933 | $12470 | $10816 |
| **7/21** | $10938 | $12595 | $10818 |
| **8/21** | $10942 | $12587 | $10819 |
| **9/21** | $10946 | $12479 | $10819 |
| **10/21** | $10939 | $12469 | $10817 |
| **11/21** | $10922 | $12484 | $10814 |
| **12/21** | $10927 | $12476 | $10806 |
| **1/22** | $10899 | $12202 | $10782 |
| **2/22** | $10871 | $12036 | $10772 |
| **3/22** | $10832 | $11713 | $10740 |
| **4/22** | $10806 | $11276 | $10727 |
| **5/22** | $10794 | $11338 | $10750 |
| **6/22** | $10727 | $11112 | $10702 |
| **7/22** | $10777 | $11391 | $10719 |
| **8/22** | $10798 | $11095 | $10710 |
| **9/22** | $10775 | $10617 | $10681 |
| **10/22** | $10789 | $10500 | $10683 |
| **11/22** | $10841 | $10892 | $10716 |
| **12/22** | $10897 | $10855 | $10762 |
| **1/23** | $11002 | $11192 | $10802 |
| **2/23** | $11026 | $10917 | $10814 |
| **3/23** | $11042 | $11173 | $10895 |
| **4/23** | $11105 | $11241 | $10920 |
| **5/23** | $11135 | $11124 | $10932 |
| **6/23** | $11199 | $11107 | $10962 |
| **7/23** | $11254 | $11118 | $11015 |
| **8/23** | $11311 | $11051 | $11062 |
| **9/23** | $11356 | $10788 | $11103 |
| **10/23** | $11392 | $10625 | $11154 |
| **11/23** | $11473 | $11104 | $11224 |
| **12/23** | $11556 | $11525 | $11302 |
| **1/24** | $11616 | $11497 | $11346 |
| **2/24** | $11664 | $11360 | $11362 |
| **3/24** | $11724 | $11471 | $11408 |
| **4/24** | $11761 | $11203 | $11436 |
| **5/24** | $11822 | $11389 | $11492 |
| **6/24** | $11872 | $11493 | $11541 |
| **7/24** | $11946 | $11754 | $11619 |
| **8/24** | $12021 | $11927 | $11693 |
| **9/24** | $12081 | $12090 | $11769 |
| **10/24** | $12117 | $11816 | $11778 |
| **11/24** | $12164 | $11940 | $11817 |
| **12/24** | $12211 | $11760 | $11872 |
| **1/25** | $12258 | $11831 | $11913 |
| **2/25** | $12315 | $12075 | $11958 |
| **3/25** | $12349 | $12073 | $12004 |
| **4/25** | $12393 | $12115 | $12054 |
| **5/25** | $12437 | $12054 | $12070 |
| **6/25** | $12494 | $12242 | $12120 |
| **7/25** | $12525 | $12224 | $12144 |
| **8/25** | $12594 | $12371 | $12214 |
| **9/25** | $12637 | $12502 | $12265 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 4.60% | 3.23% | 2.37% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg 9-12 Months Short Treasury Index | 4.22% | 2.57% | 2.06% |

---

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 | $677342749 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 127% |
| Total Advisory Fees Paid | $1266383 |

---

## 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)
![Credit Rating Chart](g38842ia26f34dab6194753c25b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.1% |
| Commercial Mortgage-Backed Securities | 4.7% |
| Short-Term Investments | 6.0% |
| Collateralized Mortgage Obligations | 10.1% |
| U.S. Treasury Obligations | 16.2% |
| Asset-Backed Securities | 17.6% |
| Corporate Bonds | 44.3% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842ie02d3f7cb95e6f2322c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.9% |
| Not Rated | 0.5% |
| B | 0.2% |
| BB | 1.2% |
| BBB | 26.1% |
| A | 20.4% |
| AA | 35.9% |
| AAA | 13.8% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CULAX-TSR-AR

# Calvert Ultra-Short Duration Income Fund

# Class I CULIX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Ultra-Short Duration Income Fund for the period of October 1, 2024 to September 30, 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 | $47 | 0.46% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 9-12 Months Short Treasury Index (the Index):

↑ Overweight position and strong security selection in investment grade corporates, particularly within financials, were the largest contributor to relative performance

↑ Securitized credit exposures, especially Asset-Backed and Commercial Mortgage-Backed Securities, contributed to returns supported by consistent performance over the period

↓ Curve positioning was the only marginal detractor to relative performance. There were no sector-level detractors this year

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

![Growth of 10K Chart](g38842i2739eb7e20318a393fc1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg 9-12 Months Short Treasury Index** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $1002335 | $994545 | $998777 |
| **3/16** | $1005281 | $1025077 | $1002121 |
| **6/16** | $1013679 | $1051051 | $1005125 |
| **9/16** | $1020874 | $1061107 | $1005884 |
| **12/16** | $1024601 | $1033436 | $1006656 |
| **3/17** | $1029624 | $1044733 | $1008195 |
| **6/17** | $1034113 | $1060629 | $1009645 |
| **9/17** | $1038762 | $1071325 | $1012602 |
| **12/17** | $1042604 | $1075709 | $1013547 |
| **3/18** | $1045269 | $1060578 | $1016544 |
| **6/18** | $1051780 | $1057711 | $1020900 |
| **9/18** | $1058363 | $1060582 | $1025608 |
| **12/18** | $1057305 | $1072968 | $1032851 |
| **3/19** | $1071966 | $1108612 | $1041242 |
| **6/19** | $1080694 | $1143113 | $1050319 |
| **9/19** | $1087427 | $1167378 | $1056396 |
| **12/19** | $1094980 | $1172661 | $1062626 |
| **3/20** | $1048027 | $1187915 | $1078767 |
| **6/20** | $1089652 | $1233232 | $1079317 |
| **9/20** | $1093916 | $1245411 | $1080144 |
| **12/20** | $1104887 | $1261494 | $1080614 |
| **3/21** | $1107949 | $1222990 | $1081415 |
| **6/21** | $1111625 | $1247003 | $1081578 |
| **9/21** | $1113658 | $1247936 | $1081928 |
| **12/21** | $1112446 | $1247580 | $1080602 |
| **3/22** | $1103434 | $1171300 | $1073964 |
| **6/22** | $1093495 | $1111162 | $1070225 |
| **9/22** | $1100210 | $1061685 | $1068142 |
| **12/22** | $1112224 | $1085489 | $1076229 |
| **3/23** | $1127710 | $1117271 | $1089511 |
| **6/23** | $1144386 | $1110713 | $1096225 |
| **9/23** | $1161206 | $1078770 | $1110333 |
| **12/23** | $1182407 | $1152499 | $1130194 |
| **3/24** | $1200305 | $1147110 | $1140830 |
| **6/24** | $1216173 | $1149285 | $1154061 |
| **9/24** | $1238403 | $1209032 | $1176851 |
| **12/24** | $1252521 | $1175995 | $1187222 |
| **3/25** | $1267383 | $1207254 | $1200355 |
| **6/25** | $1283078 | $1224153 | $1212020 |
| **9/25** | $1298579 | $1250196 | $1226544 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 4.86% | 3.49% | 2.64% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg 9-12 Months Short Treasury Index | 4.22% | 2.57% | 2.06% |

---

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 | $677342749 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 127% |
| Total Advisory Fees Paid | $1266383 |

---

## 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)
![Credit Rating Chart](g38842i13e77302c5d3e9c56fd1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.1% |
| Commercial Mortgage-Backed Securities | 4.7% |
| Short-Term Investments | 6.0% |
| Collateralized Mortgage Obligations | 10.1% |
| U.S. Treasury Obligations | 16.2% |
| Asset-Backed Securities | 17.6% |
| Corporate Bonds | 44.3% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842i9fd92a7b4cd0bcee3405.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.9% |
| Not Rated | 0.5% |
| B | 0.2% |
| BB | 1.2% |
| BBB | 26.1% |
| A | 20.4% |
| AA | 35.9% |
| AAA | 13.8% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CULIX-TSR-AR

# Calvert Ultra-Short Duration Income Fund

# Class R6 CULRX
![Image](g38842i43625fce9841f4a59b00.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Ultra-Short Duration Income Fund for the period of October 1, 2024 to September 30, 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 | $43 | 0.42% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 9-12 Months Short Treasury Index (the Index):

↑ Overweight position and strong security selection in investment grade corporates, particularly within financials, were the largest contributor to relative performance

↑ Securitized credit exposures, especially Asset-Backed and Commercial Mortgage-Backed Securities, contributed to returns supported by consistent performance over the period

↓ Curve positioning was the only marginal detractor to relative performance. There were no sector-level detractors this year

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

![Growth of 10K Chart](g38842i25707c151cfb6b6d3ca6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Bloomberg 9-12 Months Short Treasury Index** |
| **9/15** | $5000000 | $5000000 | $5000000 |
| **10/15** | $5004813 | $5015983 | $4999348 |
| **11/15** | $5013276 | $4997691 | $4993473 |
| **12/15** | $5011673 | $4972724 | $4993886 |
| **1/16** | $5008136 | $5027618 | $5003239 |
| **2/16** | $5004274 | $5063331 | $5004324 |
| **3/16** | $5026403 | $5125385 | $5010603 |
| **4/16** | $5049475 | $5160305 | $5015695 |
| **5/16** | $5062210 | $5164336 | $5013841 |
| **6/16** | $5068393 | $5255253 | $5025627 |
| **7/16** | $5085424 | $5298558 | $5025666 |
| **8/16** | $5094824 | $5304274 | $5026035 |
| **9/16** | $5104370 | $5305534 | $5029419 |
| **10/16** | $5113827 | $5270337 | $5032337 |
| **11/16** | $5117096 | $5151874 | $5030296 |
| **12/16** | $5123007 | $5167178 | $5033279 |
| **1/17** | $5132636 | $5185408 | $5040452 |
| **2/17** | $5144358 | $5225417 | $5042938 |
| **3/17** | $5148120 | $5223667 | $5040975 |
| **4/17** | $5157992 | $5267009 | $5044273 |
| **5/17** | $5163902 | $5307646 | $5045908 |
| **6/17** | $5170566 | $5303146 | $5048223 |
| **7/17** | $5180199 | $5329560 | $5055525 |
| **8/17** | $5186890 | $5375542 | $5061082 |
| **9/17** | $5193808 | $5356623 | $5063012 |
| **10/17** | $5202907 | $5363055 | $5065041 |
| **11/17** | $5207993 | $5354939 | $5064853 |
| **12/17** | $5213653 | $5378546 | $5067736 |
| **1/18** | $5221225 | $5326789 | $5072615 |
| **2/18** | $5225200 | $5276280 | $5074495 |
| **3/18** | $5230592 | $5302892 | $5082718 |
| **4/18** | $5239940 | $5267509 | $5087158 |
| **5/18** | $5253971 | $5296234 | $5097593 |
| **6/18** | $5261625 | $5288553 | $5104498 |
| **7/18** | $5273106 | $5299621 | $5112367 |
| **8/18** | $5285458 | $5325731 | $5123332 |
| **9/18** | $5295573 | $5302910 | $5128039 |
| **10/18** | $5295997 | $5258549 | $5137578 |
| **11/18** | $5292214 | $5282199 | $5148973 |
| **12/18** | $5283908 | $5364842 | $5164257 |
| **1/19** | $5320804 | $5438812 | $5179042 |
| **2/19** | $5344518 | $5444740 | $5189772 |
| **3/19** | $5357879 | $5543060 | $5206211 |
| **4/19** | $5381706 | $5550818 | $5216164 |
| **5/19** | $5394846 | $5635849 | $5231091 |
| **6/19** | $5402081 | $5715564 | $5251593 |
| **7/19** | $5420136 | $5732577 | $5256391 |
| **8/19** | $5426807 | $5862290 | $5275408 |
| **9/19** | $5441753 | $5836892 | $5281981 |
| **10/19** | $5453122 | $5855751 | $5300088 |
| **11/19** | $5463882 | $5854580 | $5303743 |
| **12/19** | $5474613 | $5863304 | $5313132 |
| **1/20** | $5490563 | $5968538 | $5324821 |
| **2/20** | $5500529 | $6057906 | $5348274 |
| **3/20** | $5245648 | $5939573 | $5393834 |
| **4/20** | $5330679 | $6058552 | $5395186 |
| **5/20** | $5387313 | $6115138 | $5394791 |
| **6/20** | $5448979 | $6166162 | $5396585 |
| **7/20** | $5438164 | $6274476 | $5398805 |
| **8/20** | $5465486 | $6238296 | $5399586 |
| **9/20** | $5476431 | $6227053 | $5400719 |
| **10/20** | $5487295 | $6204796 | $5400958 |
| **11/20** | $5509521 | $6285765 | $5402598 |
| **12/20** | $5526352 | $6307471 | $5403072 |
| **1/21** | $5537479 | $6267825 | $5404936 |
| **2/21** | $5542827 | $6186952 | $5405618 |
| **3/21** | $5547827 | $6114952 | $5407073 |
| **4/21** | $5552455 | $6166371 | $5407638 |
| **5/21** | $5562490 | $6189892 | $5408617 |
| **6/21** | $5566827 | $6235017 | $5407888 |
| **7/21** | $5565269 | $6297624 | $5409038 |
| **8/21** | $5568765 | $6293421 | $5409680 |
| **9/21** | $5572004 | $6239678 | $5409638 |
| **10/21** | $5570061 | $6234578 | $5408742 |
| **11/21** | $5562627 | $6242109 | $5406905 |
| **12/21** | $5566500 | $6237900 | $5403008 |
| **1/22** | $5559160 | $6101139 | $5391024 |
| **2/22** | $5546072 | $6017957 | $5385857 |
| **3/22** | $5521879 | $5856502 | $5369819 |
| **4/22** | $5510207 | $5638069 | $5363687 |
| **5/22** | $5505116 | $5669091 | $5374754 |
| **6/22** | $5472604 | $5555809 | $5351123 |
| **7/22** | $5499479 | $5695493 | $5359619 |
| **8/22** | $5516831 | $5547431 | $5354833 |
| **9/22** | $5506748 | $5308427 | $5340709 |
| **10/22** | $5514868 | $5250182 | $5341503 |
| **11/22** | $5542927 | $5445942 | $5358207 |
| **12/22** | $5573167 | $5427445 | $5381144 |
| **1/23** | $5622003 | $5595807 | $5400924 |
| **2/23** | $5641500 | $5458308 | $5406810 |
| **3/23** | $5651317 | $5586356 | $5447553 |
| **4/23** | $5678783 | $5620482 | $5459873 |
| **5/23** | $5701241 | $5562210 | $5465774 |
| **6/23** | $5729621 | $5553566 | $5481123 |
| **7/23** | $5765158 | $5559087 | $5507428 |
| **8/23** | $5789627 | $5525611 | $5531027 |
| **9/23** | $5814405 | $5393852 | $5551663 |
| **10/23** | $5839844 | $5312738 | $5577192 |
| **11/23** | $5883187 | $5551837 | $5611905 |
| **12/23** | $5921197 | $5762497 | $5650972 |
| **1/24** | $5959330 | $5748706 | $5672853 |
| **2/24** | $5984946 | $5679782 | $5680822 |
| **3/24** | $6016488 | $5735549 | $5704149 |
| **4/24** | $6036713 | $5601518 | $5717831 |
| **5/24** | $6069786 | $5694370 | $5745858 |
| **6/24** | $6096612 | $5746426 | $5770303 |
| **7/24** | $6136411 | $5876857 | $5809320 |
| **8/24** | $6169932 | $5963370 | $5846432 |
| **9/24** | $6208688 | $6045161 | $5884255 |
| **10/24** | $6222327 | $5907858 | $5889118 |
| **11/24** | $6254272 | $5970143 | $5908249 |
| **12/24** | $6280026 | $5879976 | $5936109 |
| **1/25** | $6305566 | $5915408 | $5956390 |
| **2/25** | $6336415 | $6037713 | $5979124 |
| **3/25** | $6355126 | $6036272 | $6001773 |
| **4/25** | $6372949 | $6057592 | $6026837 |
| **5/25** | $6397494 | $6026869 | $6034833 |
| **6/25** | $6427966 | $6120766 | $6060099 |
| **7/25** | $6452167 | $6112028 | $6072090 |
| **8/25** | $6482779 | $6185444 | $6106911 |
| **9/25** | $6506294 | $6250980 | $6132718 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 4.79% | 3.50% | 2.67% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| Bloomberg 9-12 Months Short Treasury Index | 4.22% | 2.57% | 2.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 10/3/17 is linked to Class I. This linked performance is adjusted for any applicable sales charge, but 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 | $677342749 |
| # of Portfolio Holdings | 214 |
| Portfolio Turnover Rate | 127% |
| Total Advisory Fees Paid | $1266383 |

---

## 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)
![Credit Rating Chart](g38842i3e08b56bc524b9cda731.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 1.1% |
| Commercial Mortgage-Backed Securities | 4.7% |
| Short-Term Investments | 6.0% |
| Collateralized Mortgage Obligations | 10.1% |
| U.S. Treasury Obligations | 16.2% |
| Asset-Backed Securities | 17.6% |
| Corporate Bonds | 44.3% |

---

---

| | |
|:---|:---|
| 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>
![Group By Asset Type Chart](g38842ibbf257ea0bd67a72f5ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash | 1.9% |
| Not Rated | 0.5% |
| B | 0.2% |
| BB | 1.2% |
| BBB | 26.1% |
| A | 20.4% |
| AA | 35.9% |
| AAA | 13.8% |

---

---

| | |
|:---|:---|
| 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](g38842id2396cb99a1ad395a4a9.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 September 30, 2025

# CULRX-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 following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended September 30, 2024 and September 30, 2025 by its principal accountant for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by its principal accountant during such periods.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **9/30/24** | **%\*** | **9/30/25** | **%\*** |
|  Audit Fees | $188000 | 0% | $191800 | 0% |
|  Audit-Related Fees<sup>(1)</sup> | $0 | 0% | $0 | 0% |
|  Tax Fees<sup>(2)</sup> | $0 | 0% | $0 | 0% |
|  All Other Fees<sup>(3)</sup> | $0 | 0% | $0 | 0% |
|  Total | $188000 | 0% | $191800 | 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 the registrant:

---

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

------

![](g38842img735b06221.gif)

------

## Calvert

## Core Bond Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g38842imgbdfda4522.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 September 30, 2025
Calvert

Core Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_c24c4e40-6e9c-41ab-836d-658084f00a3f_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_7ab758ca-d621-4049-bf25-311eeb3e49d1_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_7ab758ca-d621-4049-bf25-311eeb3e49d1_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_d543ce1b-d8a0-4b0c-8108-6d1895c9a263_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_d543ce1b-d8a0-4b0c-8108-6d1895c9a263_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_d543ce1b-d8a0-4b0c-8108-6d1895c9a263_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_ec44c3fe-09ac-49d5-ae82-c66f457a8d90_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_0fde6918-af43-473b-98fd-e622e782950e_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_e0df9848-c408-40c6-b3b9-9cf14804c59c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| [Federal Tax Information](#xx_07e59db3-0b6b-4d51-8a1b-b2f06ce2455f_1) | &nbsp;&nbsp;27 |
| [Item 9 of Form N-CSR:](#xx_059549a6-427b-4240-bedb-9bcdedbb785d_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_059549a6-427b-4240-bedb-9bcdedbb785d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| [Item 11 of Form N-CSR:](#xx_2b3bfdeb-55e2-4032-b338-0f0969cd756a_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_2b3bfdeb-55e2-4032-b338-0f0969cd756a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments

------

Asset-Backed Securities — 14.8%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| AASET, Series 2024-1A, Class A1, 6.261%, 5/16/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | $3242963 |
| Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2, 6.09%, 12/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp; 924599 |
| Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, 1/21/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp; 1031555 |
| Auxilior Term Funding LLC, Series 2023-1A, Class A2, 6.18%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp; 601487 |
| Avis Budget Rental Car Funding AESOP LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A, 4.62%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp; 536270 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A, 5.23%, 12/20/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp; 1730100 |
| Cajun Global LLC, 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;1655 | &nbsp;&nbsp; 1701510 |
| Castlelake Aircraft Structured Trust, Series 2025-1A, Class A, 5.783%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp; 4705546 |
| Chase Auto Credit Linked Notes, Series 2025-1, Class B, 4.753%, 2/25/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3763709 |
| Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.52%, 5/15/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952669 |
| Clarus Capital Funding LLC, Series 2024-1A, Class A2, 4.71%, 8/20/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761723 |
| Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640552 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148460 |
| Cologix Data Centers U.S. Issuer LLC, Series 2021-1A, Class A2, 3.30%, 12/26/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929327 |
| Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.05%, 1/20/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268716 |
| DataBank Issuer II LLC, Series 2025-1A, Class A2, 5.18%, 9/27/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123901 |
| DataBank Issuer LLC, Series 2021-2A, Class A2, 2.40%, 10/25/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073652 |
| DB Master Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A2II, 4.03%, 11/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496787 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I, 2.045%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182491 |
| Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817514 |
| Diamond Issuer LLC, Series 2021-1A, Class A, 2.305%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466551 |
| Driven Brands Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2, 4.641%, 4/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609310 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A2, 3.981%, 10/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447771 |
| Enterprise Fleet Financing LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, 5.51%, 1/22/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677138 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, 5.23%, 3/20/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054453 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A2, 5.74%, 12/20/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839453 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A3, 5.61%, 4/20/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249413 |
| FHF Issuer Trust, Series 2023-2A, Class A2, 6.79%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868638 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| FIGRE Trust, Series 2025-HE5, Class A, 5.285%, 8/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | $1159076 |
| Gilead Aviation LLC, Series 2025-1A, Class A, 5.789%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp; 2708889 |
| GLS Auto Select Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2, 6.37%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp; 369725 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.24%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp; 973660 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 5.58%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp; 516394 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, 2.31%, 10/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp; 89538 |
| Goto Foods Funding LLC, Series 2017-1A, Class A2II, 5.093%, 4/30/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp; 412809 |
| Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, 5.375%, 9/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp; 3653061 |
| JP Morgan Mortgage Trust, Series 2024-HE1, Class A1, 5.889%, (30-day SOFR Average + 1.50%), 8/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405465 |
| LAD Auto Receivables Trust, Series 2024-1A, Class A3, 5.23%, 1/18/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986458 |
| Lendbuzz Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 6.19%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835136 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2, 4.97%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727997 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 5.10%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540074 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A2, 5.18%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5818447 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374247 |
| Mosaic Solar Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class C, 3.00%, 8/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441732 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class C, 5.95%, 1/21/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280267 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class B, 2.09%, 4/22/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826393 |
| Mosaic Solar Loans LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 4.45%, 6/20/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287845 |
| &nbsp;&nbsp;&nbsp;Series 2017-2A, Class A, 3.82%, 6/22/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037956 |
| 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;&nbsp;&nbsp;3481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490720 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A, 5.107%, 10/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313110 |
| Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.584%, 4/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746345 |
| NextGear Floorplan Master Owner Trust, Series 2024-1A, Class A2, 5.12%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744075 |
| NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82178 |
| OBX Trust, Series 2025-HE1, Class A1, 5.956%, (30-day SOFR Average + 1.60%), 2/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422617 |
| Octane Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A, 5.87%, 5/21/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38771 |
| &nbsp;&nbsp;&nbsp;Series 2024-RVM1, Class A, 5.01%, 1/22/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270740 |
| OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.13%, 5/14/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068795 |
| Oportun Funding Trust, Series 2024-3, Class A, 5.26%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409395 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Oportun Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class A, 1.47%, 5/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | $545787 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A, 2.18%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp; 507046 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class A, 5.01%, 2/8/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595 | &nbsp;&nbsp; 5603736 |
| Oscar U.S. Funding XVI LLC, Series 2024-1A, Class A2, 5.48%, 2/10/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp; 1046220 |
| Pagaya AI Debt Selection Trust, Series 2021-HG1, Class A, 1.22%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp; 410 |
| PEAC Solutions Receivables LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.79%, 6/21/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp; 1441962 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 4.74%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp; 1445821 |
| PFS Financing Corp., Series 2024-B, Class A, 4.95%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343335 |
| PK ALIFT Loan Funding 3 LP, Series 2024-1, Class A1, 5.842%, 9/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527309 |
| PK ALIFT Loan Funding 7 LP, Series 2025-2, Class A, 4.75%, 3/15/43<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373237 |
| 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;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566048 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2I, 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765724 |
| Post Road Equipment Finance LLC, Series 2024-1A, Class A2, 5.59%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692476 |
| Reach ABS Trust, Series 2024-2A, Class A, 5.88%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034519 |
| Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, 9/15/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554795 |
| ServiceMaster Funding LLC, Series 2020-1, Class A2II, 3.337%, 1/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284952 |
| SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.174%, 1/25/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548393 |
| Sierra Timeshare Receivables Funding LLC, Series 2024-1A, Class A, 5.15%, 1/20/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427782 |
| SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, 2/27/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923030 |
| 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;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429841 |
| Subway Funding LLC, Series 2024-3A, Class A2I, 5.246%, 7/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387663 |
| Sunnova Helios II Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-AA, Class A, 3.75%, 6/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882207 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class A, 1.62%, 7/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094728 |
| Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A, 2.98%, 6/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192817 |
| Sunnova Helios IX Issuer LLC, Series 2022-B, Class A, 5.00%, 8/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304707 |
| Sunnova Helios V Issuer LLC, Series 2021-A, Class A, 1.80%, 2/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229342 |
| Sunnova Helios VII Issuer LLC, Series 2021-C, Class B, 2.33%, 10/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397261 |
| Sunnova Helios XII Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-B, Class A, 5.30%, 8/22/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650265 |
| &nbsp;&nbsp;&nbsp;Series 2023-B, Class B, 5.60%, 8/22/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441559 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Sunnova Sol Issuer LLC, Series 2020-1A, Class B, 5.54%, 2/1/55<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | $1752467 |
| Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, 2.27%, 1/30/57<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp; 123219 |
| Sunrun Jupiter Issuer LLC, Series 2022-1A, Class A, 4.75%, 7/30/57<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp; 536764 |
| Tesla Auto Lease Trust, Series 2023-B, Class A3, 6.13%, 9/21/26<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp; 391381 |
| Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A3, 4.27%, 11/20/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp; 3907086 |
| Tricolor Auto Securitization Trust, Series 2024-2A, Class A, 6.36%, 12/15/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp; 378859 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728%, 9/26/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp; 2459743 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327 | &nbsp;&nbsp; 3984223 |
| Vantage Data Centers LLC, Series 2021-1A, Class A2, 2.165%, 10/15/46<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp; 136363 |
| Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.783%, 6/15/49<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618649 |
| Westlake Automobile Receivables Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, 5.55%, 11/15/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633281 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class C, 5.65%, 2/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936465 |
| Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, 9/19/39<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709644 |
| Wingspire Equipment Finance LLC, Series 2024-1A, Class A2, 4.99%, 9/20/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693588 |
| Total Asset-Backed Securities<br> (identified cost $171,443,388) |  |  | **$172782877** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Collateralized Mortgage Obligations — 4.6%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54<sup>(1)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | $399938 |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.741%, 11/25/59<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp; 1274726 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 8.04%, 10/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp; 3076628 |
| CHNGE Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class A3, 7.436% to 5/25/26, 6/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp; 331235 |
| &nbsp;&nbsp;&nbsp;Series 2023-4, Class A1, 7.573% to 8/25/26, 9/25/58<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp; 1008163 |
| FARM Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A1, 4.694%, 10/1/53<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp; 2404373 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 5.191%, 8/1/54<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237107 |
| 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;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129773 |
| &nbsp;&nbsp;&nbsp;Series 5483, Class FB, 5.786%, (30-day SOFR Average + 1.43%), 12/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342119 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 5529, Class AF, 5.356%, (30-day SOFR Average + 1.00%), 3/25/55<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986 | $4989285 |
| &nbsp;&nbsp;&nbsp;Series 5556, Class FA, 5.506%, (30-day SOFR Average + 1.15%), 7/25/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821 | &nbsp;&nbsp; 4830487 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M1A, 5.656%, (30-day SOFR Average + 1.30%), 2/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp; 54890 |
| &nbsp;&nbsp;&nbsp;Series 2024-HQA1, Class A1, 5.606%, (30-day SOFR Average + 1.25%), 3/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp; 2335340 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-33, Class KF, 5.306%, (30-day SOFR Average + 0.95%), 1/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp; 1506544 |
| &nbsp;&nbsp;&nbsp;Series 2025-75, Class FA, 5.406%, (30-day SOFR Average + 1.05%), 9/25/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403 | &nbsp;&nbsp; 3407981 |
| Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R07, Class 1M1, 7.306%, (30-day SOFR Average + 2.95%), 6/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891333 |
| 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;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482741 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513073 |
| &nbsp;&nbsp;&nbsp;Series 2023-101, Class FM, 5.289%, (30-day SOFR Average + 0.90%), 7/20/53<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040273 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class FB, 5.439%, (30-day SOFR Average + 1.05%), 12/20/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088759 |
| 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;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035801 |
| PNMAC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GT1, Class A, 7.358%, (1 mo. SOFR + 3.20%), 3/25/29<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742556 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.608%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338742 |
| Provident Funding Mortgage Trust, Series 2025-3, Class A3, 6.00%, 8/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504653 |
| Radian Mortgage Capital Trust, Series 2025-J3, Class A16, 6.00%, 12/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642000 |
| Total Collateralized Mortgage Obligations<br> (identified cost $53,219,979) |  | **$53608520** |

---

Commercial Mortgage-Backed Securities — 9.6%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| BAMLL Commercial Mortgage Securities Trust, 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;2875 | $2687718 |
| BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class A, 5.643%, (1 mo. SOFR + 1.493%), 11/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp; 1520338 |
| BFLD Mortgage Trust, Series 2024-VICT, Class A, 6.04%, (1 mo. SOFR + 1.89%), 7/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921 | &nbsp;&nbsp; 2934623 |
| BPR Trust, Series 2022-SSP, Class A, 7.15%, (1 mo. SOFR + 3.00%), 5/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp; 3750676 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| BX Commercial Mortgage Trust, Series 2021-VOLT, Class B, 5.215%, (1 mo. SOFR + 1.064%), 9/15/36<sup>(1)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | $1311403 |
| BX Trust, Series 2025-GW, Class B, 6.00%, (1 mo. SOFR + 1.85%), 7/15/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp; 3486287 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class C, 6.019%, 8/10/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp; 3234615 |
| Extended Stay America Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class A, 5.345%, (1 mo. SOFR + 1.194%), 7/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531 | &nbsp;&nbsp; 4534445 |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class B, 5.645%, (1 mo. SOFR + 1.494%), 7/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965 | &nbsp;&nbsp; 1966734 |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class C, 5.965%, (1 mo. SOFR + 1.814%), 7/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp; 2054085 |
| Federal Home Loan Mortgage Corp., Series 2024-P016, Class A1, 4.768%, 3/25/29<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 | &nbsp;&nbsp; 1817980 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-M13, Class A2, 3.032%, 9/25/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560725 |
| &nbsp;&nbsp;&nbsp;Series 2018-M4, Class A2, 3.159%, 3/25/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983731 |
| &nbsp;&nbsp;&nbsp;Series 2018-M13, Class A2, 3.875%, 9/25/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629718 |
| &nbsp;&nbsp;&nbsp;Series 2019-M1, Class A2, 3.661%, 9/25/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6421404 |
| &nbsp;&nbsp;&nbsp;Series 2019-M22, Class A2, 2.522%, 8/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264702 |
| &nbsp;&nbsp;&nbsp;Series 2020-M1, Class A2, 2.444%, 10/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742668 |
| &nbsp;&nbsp;&nbsp;Series 2023-M1S, Class A2, 4.648%, 4/25/33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421162 |
| 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;1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342519 |
| Great Wolf Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-WLF2, Class A, 5.841%, (1 mo. SOFR + 1.691%), 5/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750579 |
| &nbsp;&nbsp;&nbsp;Series 2024-WOLF, Class A, 5.692%, (1 mo. SOFR + 1.542%), 3/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076427 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, 5.543%, (1 mo. SOFR + 1.393%), 3/15/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234398 |
| HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class A, 5.792%, (1 mo. SOFR + 1.642%), 6/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353005 |
| HYT Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series-2024-RGCY, Class A, 5.992%, (1 mo. SOFR + 1.841%), 9/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208287 |
| &nbsp;&nbsp;&nbsp;Series-2024-RGCY, Class C, 6.99%, (1 mo. SOFR + 2.84%), 9/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723245 |
| INTOWN Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class B, 5.90%, (1 mo. SOFR + 1.75%), 3/15/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214831 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class C, 6.40%, (1 mo. SOFR + 2.25%), 3/15/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958178 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class C, 5.816%, (1 mo. SOFR + 1.664%), 4/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500915 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, Class B, 6.091%, (1 mo. SOFR + 1.941%), 6/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232679 |
| MHC Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class A, 5.065%, (1 mo. SOFR + 0.915%), 4/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498680 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| MHC Commercial Mortgage Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class B, 5.365%, (1 mo. SOFR + 1.215%), 4/15/38<sup>(1)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | $833337 |
| NRTH Mortgage Trust, Series 2024-PARK, Class A, 5.792%, (1 mo. SOFR + 1.641%), 3/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790 | &nbsp;&nbsp; 5785076 |
| NYC Trust, Series 2024-3ELV, Class A, 6.141%, (1 mo. SOFR + 1.991%), 8/15/29<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454 | &nbsp;&nbsp; 3475024 |
| ORL Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class A, 5.643%, (1 mo. SOFR + 1.493%), 12/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158 | &nbsp;&nbsp; 4165132 |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class B, 6.042%, (1 mo. SOFR + 1.892%), 12/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp; 1143718 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class A, 5.522%, 8/10/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp; 2394980 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, 5.542%, (1 mo. SOFR + 1.392%), 5/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3055 | &nbsp;&nbsp; 3050994 |
| TX Trust, Series 2024-HOU, Class A, 5.742%, (1 mo. SOFR + 1.591%), 6/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188970 |
| Willowbrook Mall, Series 2025-WBRK, Class C, 6.278%, 3/5/35<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348496 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $111,287,350) |  | **$111802484** |

---

Corporate Bonds — 28.2%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Basic Materials — 0.0%<sup>†</sup> | Basic Materials — 0.0%<sup>†</sup> |  |
| South32 Treasury Ltd., 4.35%, 4/14/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $196001 |
|  |  | **$196001** |
| Communications — 0.8% | Communications — 0.8% |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital: |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 12/1/61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691 | $1172564 |
| &nbsp;&nbsp;&nbsp;4.80%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021 | &nbsp;&nbsp; 4771905 |
| McGraw-Hill Education, Inc., 7.375%, 9/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp; 1684498 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp; 2005767 |
|  |  | **$9634734** |
| Consumer, Cyclical — 2.2% | Consumer, Cyclical — 2.2% |  |
| AS Mileage Plan IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.021%, 10/20/29<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949 | $2951854 |
| &nbsp;&nbsp;&nbsp;5.308%, 10/20/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160269 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/20/25<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72723 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/20/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000012 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.303%, 9/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279382 |
| &nbsp;&nbsp;&nbsp;5.875%, 11/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389195 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Consumer, Cyclical (continued) | Consumer, Cyclical (continued) |  |
| Ford Motor Credit Co. LLC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;7.35%, 11/4/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | $508021 |
| &nbsp;&nbsp;&nbsp;7.35%, 3/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp; 1719571 |
| General Motors Financial Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.85%, 4/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp; 1940862 |
| &nbsp;&nbsp;&nbsp;5.95%, 4/4/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp; 812458 |
| Hyundai Capital America, 4.50%, 9/18/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 | &nbsp;&nbsp; 3867201 |
| Stellantis Finance U.S., Inc., 6.45%, 3/18/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp; 2897516 |
| Toyota Motor Credit Corp., 4.65%, 1/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052593 |
|  |  | **$25651657** |
| Consumer, Non-cyclical — 1.8% | Consumer, Non-cyclical — 1.8% |  |
| Biogen, Inc., 6.45%, 5/15/55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | $3091261 |
| Centene Corp., 2.50%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856762 |
| Conservation Fund, 3.474%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179158 |
| Ford Foundation, 2.415%, 6/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162914 |
| Kaiser Foundation Hospitals, 3.15%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221311 |
| LifePoint Health, Inc., 9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669649 |
| Merck & Co., Inc., 2.45%, 6/24/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355010 |
| Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108952 |
| Pfizer, Inc., 2.625%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431511 |
| Royalty Pharma PLC, 5.20%, 9/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868597 |
| Smithfield Foods, Inc., 5.20%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382517 |
|  |  | **$21327642** |
| Energy — 0.2% | Energy — 0.2% |  |
| TerraForm Power Operating LLC, 4.75%, 1/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894 | $1832059 |
|  |  | **$1832059** |
| Financial — 17.0% | Financial — 17.0% |  |
| ABN AMRO Bank NV, 4.988% to 12/3/27, 12/3/28<sup>(1)(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | $1422231 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716470 |
| Ally Financial, Inc., 5.543% to 1/17/30, 1/17/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007881 |
| American International Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 5/7/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239632 |
| &nbsp;&nbsp;&nbsp;5.45%, 5/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742083 |
| American National Global Funding: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/3/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607302 |
| &nbsp;&nbsp;&nbsp;5.55%, 1/28/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757687 |
| American National Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310398 |
| &nbsp;&nbsp;&nbsp;6.144%, 6/13/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922774 |
| Andrew W. Mellon Foundation, 0.947%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283496 |
| Apollo Global Management, Inc., 5.15%, 8/12/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754479 |
| Athene Global Funding, 4.86%, 8/27/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385532 |
| Athene Holding Ltd., 6.625%, 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248330 |
| Banco Santander SA: |  |  |
| &nbsp;&nbsp;&nbsp;1.722% to 9/14/26, 9/14/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975972 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| Banco Santander SA: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.175% to 3/24/27, 3/24/28<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $199745 |
| &nbsp;&nbsp;&nbsp;5.294%, 8/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 407768 |
| &nbsp;&nbsp;&nbsp;5.538% to 3/14/29, 3/14/30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp; 1865054 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.592% to 4/29/30, 4/29/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11444 | &nbsp;&nbsp; 10608332 |
| &nbsp;&nbsp;&nbsp;5.933% to 9/15/26, 9/15/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980 | &nbsp;&nbsp; 6080180 |
| Bank of New York Mellon, 4.729% to 4/20/28, 4/20/29<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp; 3700541 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico: |  |  |
| &nbsp;&nbsp;&nbsp;7.625% to 2/11/30, 2/11/35<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249582 |
| &nbsp;&nbsp;&nbsp;8.125% to 1/8/34, 1/8/39<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067437 |
| BNP Paribas SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.125% to 1/13/28, 1/13/29<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093946 |
| &nbsp;&nbsp;&nbsp;7.75% to 8/16/29<sup>(1)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259067 |
| Brookfield Asset Management Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.795%, 4/24/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311083 |
| &nbsp;&nbsp;&nbsp;6.077%, 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223088 |
| CaixaBank SA: |  |  |
| &nbsp;&nbsp;&nbsp;6.037% to 6/15/34, 6/15/35<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882472 |
| &nbsp;&nbsp;&nbsp;6.84% to 9/13/33, 9/13/34<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312140 |
| Charles Schwab Corp., 2.45%, 3/3/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037421 |
| CI Financial Corp., 7.50%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864837 |
| Citadel LP, 6.375%, 1/23/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051852 |
| Citigroup, Inc., 4.00% to 12/10/25<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708102 |
| Citizens Financial Group, Inc., 5.253% to 3/5/30, 3/5/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533087 |
| COPT Defense Properties LP, 2.75%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553528 |
| CTR Partnership LP/CareTrust Capital Corp., 3.875%, 6/30/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482299 |
| Danske Bank AS, 5.427% to 3/1/27, 3/1/28<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014395 |
| Enact Holdings, Inc., 6.25%, 5/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578103 |
| EPR Properties: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826582 |
| &nbsp;&nbsp;&nbsp;3.75%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394834 |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024991 |
| Essent Group Ltd., 6.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697027 |
| Fortitude Global Funding, 4.625%, 10/6/28<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815285 |
| Fortitude Group Holdings LLC, 6.25%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109623 |
| Global Atlantic Fin Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705042 |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981078 |
| &nbsp;&nbsp;&nbsp;7.95%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39429 |
| Goldman Sachs Group, Inc., 5.218% to 4/23/30, 4/23/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470125 |
| HA Sustainable Infrastructure Capital, Inc., 6.375%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7589697 |
| HAT Holdings I LLC/HAT Holdings II LLC: |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94093 |
| &nbsp;&nbsp;&nbsp;3.75%, 9/15/30<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553711 |
| Healthpeak OP LLC, 4.75%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977173 |
| ING Groep NV, 5.525% to 3/25/35, 3/25/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896993 |
| Intact Financial Corp., 5.459%, 9/22/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132567 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| Intesa Sanpaolo SpA: |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 11/21/25<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $401471 |
| &nbsp;&nbsp;&nbsp;8.248% to 11/21/32, 11/21/33<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3724 | &nbsp;&nbsp; 4396346 |
| Jefferies Financial Group, Inc., 6.20%, 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351 | &nbsp;&nbsp; 2500516 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.54% to 5/1/27, 5/1/28<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp; 1090803 |
| &nbsp;&nbsp;&nbsp;4.493% to 3/24/30, 3/24/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp; 806834 |
| &nbsp;&nbsp;&nbsp;5.103% to 4/22/30, 4/22/31<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162 | &nbsp;&nbsp; 4300715 |
| &nbsp;&nbsp;&nbsp;5.581% to 4/22/29, 4/22/30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990997 |
| LPL Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653349 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/31<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726440 |
| &nbsp;&nbsp;&nbsp;5.75%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216779 |
| Marex Group PLC, 6.404%, 11/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959305 |
| Metropolitan Life Global Funding I, 4.85%, 1/8/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077893 |
| Nationwide Building Society, 5.537% to 7/14/35, 7/14/36<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971108 |
| NLG Global Funding: |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772414 |
| &nbsp;&nbsp;&nbsp;5.40%, 1/23/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114025 |
| Nuveen LLC, 5.85%, 4/15/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892371 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/35, 1/29/36<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287040 |
| Principal Financial Group, Inc., 4.625%, 9/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282526 |
| Raymond James Financial, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 9/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679597 |
| &nbsp;&nbsp;&nbsp;5.65%, 9/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280540 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534936 |
| Royal Bank of Canada: |  |  |
| &nbsp;&nbsp;&nbsp;4.696% to 8/6/30, 8/6/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308776 |
| &nbsp;&nbsp;&nbsp;4.97% to 5/2/30, 5/2/31<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536737 |
| &nbsp;&nbsp;&nbsp;5.153% to 2/4/30, 2/4/31<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211602 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.512% to 5/22/30, 5/22/31<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748494 |
| &nbsp;&nbsp;&nbsp;6.10% to 4/13/32, 4/13/33<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009198 |
| Stellantis Financial Services U.S. Corp., 5.40%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553411 |
| Stifel Financial Corp., 4.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321612 |
| Swedbank AB: |  |  |
| &nbsp;&nbsp;&nbsp;5.337%, 9/20/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435429 |
| &nbsp;&nbsp;&nbsp;6.136%, 9/12/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069576 |
| Synovus Bank/Columbus, GA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 10/29/25, 10/29/30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318996 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623915 |
| Synovus Financial Corp., 6.168% to 11/1/29, 11/1/30<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341892 |
| Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506056 |
| UBS Group AG: |  |  |
| &nbsp;&nbsp;&nbsp;2.095% to 2/11/31, 2/11/32<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540113 |
| &nbsp;&nbsp;&nbsp;9.016% to 11/15/32, 11/15/33<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531408 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| Westpac New Zealand Ltd., 5.132%, 2/26/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419 | $2455427 |
|  |  | **$198215223** |
| Government - Multinational — 3.0% | Government - Multinational — 3.0% |  |
| Asian Infrastructure Investment Bank: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 1/18/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | $2787891 |
| &nbsp;&nbsp;&nbsp;4.25%, 3/13/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp; 4162610 |
| European Investment Bank, 3.25%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp; 12897323 |
| Inter-American Development Bank, 3.50%, 9/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp; 2182339 |
| International Bank for Reconstruction & Development: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 2/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271642 |
| &nbsp;&nbsp;&nbsp;4.00%, 1/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8065758 |
|  |  | **$34367563** |
| Industrial — 0.7% | Industrial — 0.7% |  |
| Hexcel Corp., 5.875%, 2/26/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | $3662250 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263022 |
| Westinghouse Air Brake Technologies Corp., 5.611%, 3/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718948 |
|  |  | **$7644220** |
| Technology — 1.2% | Technology — 1.2% |  |
| Apple, Inc., 3.45%, 2/9/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | $743614 |
| Fiserv, Inc., 5.35%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003457 |
| Foundry JV Holdco LLC, 5.90%, 1/25/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147225 |
| Kyndryl Holdings, Inc., 6.35%, 2/20/34<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175723 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 4/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781955 |
| &nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393006 |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422756 |
| Qorvo, Inc., 3.375%, 4/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896680 |
|  |  | **$14564416** |
| Utilities — 1.3% | Utilities — 1.3% |  |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 | $4931306 |
| Consolidated Edison Co. of New York, Inc., 4.00%, 11/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324250 |
| Engie SA, 5.625%, 4/10/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545558 |
| MidAmerican Energy Co., 5.35%, 1/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307526 |
| New England Power Co., 5.936%, 11/25/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522716 |
| NextEra Energy Capital Holdings, Inc., 5.45%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055276 |
| Northern States Power Co., 2.60%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124158 |
| Terraform Global Operating LP, 6.125%, 3/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85166 |
|  |  | **$14895956** |
| Total Corporate Bonds<br> (identified cost $319,918,306) |  | **$328329471** |

---

Exchange-Traded Funds — 0.4%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Fixed-Income Funds — 0.4% | Fixed-Income Funds — 0.4% |  |
| Calvert Ultra-Short Investment Grade ETF<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | $4817925 |
| Total Exchange-Traded Funds<br> (identified cost $4,831,100) |  | **$4817925** |

---

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>(10)(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | $2024520 |
| Total High Social Impact Investments<br> (identified cost $2,000,000) |  | **$2024520** |

---

Sovereign Government Bonds — 0.7%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Germany — 0.4% | Germany — 0.4% |  |
| Kreditanstalt fuer Wiederaufbau, 4.375%, 2/28/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539 | $4638428 |
|  |  | **$4638428** |
| Netherlands — 0.3% | Netherlands — 0.3% |  |
| Nederlandse Waterschapsbank NV, 1.00%, 5/28/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | $2991590 |
|  |  | **$2991590** |
| Total Sovereign Government Bonds<br> (identified cost $7,476,131) |  | **$7630018** |

---

Taxable Municipal Obligations — 0.2%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| General Obligations — 0.1% | General Obligations — 0.1% |  |
| Massachusetts, Green Bonds, 3.277%, 6/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $1037583 |
|  |  | **$1037583** |
| Special Tax Revenue — 0.0%<sup>†</sup> | Special Tax Revenue — 0.0%<sup>†</sup> |  |
| California Health Facilities Financing Authority, (No Place Like Home Program): |  |  |
| &nbsp;&nbsp;&nbsp;Social Bonds, 2.984%, 6/1/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $140179 |
| &nbsp;&nbsp;&nbsp;Social Bonds, 3.034%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp; 98025 |
|  |  | **$238204** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Water and Sewer — 0.1% | Water and Sewer — 0.1% |  |
| District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | $487149 |
|  |  | **$487149** |
| Total Taxable Municipal Obligations<br> (identified cost $2,215,394) |  | **$1762936** |

---

U.S. Government Agencies and Instrumentalities — 0.0%<sup>†</sup>

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. Department of Housing and Urban Development: |  |  |
| &nbsp;&nbsp;&nbsp;3.435%, 8/1/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | $132452 |
| &nbsp;&nbsp;&nbsp;3.485%, 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp; 77094 |
| &nbsp;&nbsp;&nbsp;3.585%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp; 134379 |
| Total U.S. Government Agencies and Instrumentalities<br> (identified cost $406,702) |  | **$343925** |

---

U.S. Government Agency Mortgage-Backed Securities — 29.2%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 4/1/51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | $174115 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12874 | &nbsp;&nbsp; 12788049 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63891 | &nbsp;&nbsp; 64496674 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp; 198176 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp; 106708 |
| &nbsp;&nbsp;&nbsp;3.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp; 88844 |
| &nbsp;&nbsp;&nbsp;4.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555 | &nbsp;&nbsp; 3468285 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16399284 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30144737 |
| &nbsp;&nbsp;&nbsp;7.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187803 |
| Government National Mortgage Association II: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, with various maturities to 2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400234 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600443 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353153 |
| &nbsp;&nbsp;&nbsp;7.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618015 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 30-Year, TBA<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9124535 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127993 | &nbsp;&nbsp;&nbsp;&nbsp;126948059 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72445930 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $340,088,147) |  | **$339543044** |

---

U.S. Treasury Obligations — 21.1%

&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;&nbsp;&nbsp;&nbsp;&nbsp;86 | $57405 |
| &nbsp;&nbsp;&nbsp;2.875%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040 | &nbsp;&nbsp; 3070952 |
| &nbsp;&nbsp;&nbsp;3.00%, 5/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp; 1851310 |
| &nbsp;&nbsp;&nbsp;3.875%, 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11690 | &nbsp;&nbsp; 10592055 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 | &nbsp;&nbsp; 1591511 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp; 62009 |
| &nbsp;&nbsp;&nbsp;4.50%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455 | &nbsp;&nbsp; 5336737 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp; 1797095 |
| &nbsp;&nbsp;&nbsp;4.75%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7278750 |
| &nbsp;&nbsp;&nbsp;4.75%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4498583 |
| &nbsp;&nbsp;&nbsp;4.75%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362650 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 8/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751613 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236866 |
| &nbsp;&nbsp;&nbsp;1.25%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11245 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17540643 |
| &nbsp;&nbsp;&nbsp;4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771917 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149058 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36551777 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14711917 |
| &nbsp;&nbsp;&nbsp;4.25%, 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11999450 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459480 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9120948 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065279 |
| &nbsp;&nbsp;&nbsp;4.875%, 11/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63727227 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33596530 |
| Total U.S. Treasury Obligations<br> (identified cost $245,165,864) |  | **$246193007** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 9.0% |  |  |
| Affiliated Fund — 8.6% | Affiliated Fund — 8.6% | Affiliated Fund — 8.6% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(13)</sup> | 100512062 | $100512062 |
| Total Affiliated Fund<br> (identified cost $100,512,062) |  | **$100512062** |
| 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;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4885638 | $4885638 |
| Total Securities Lending Collateral<br> (identified cost $4,885,638) |  | **$4885638** |
| Total Short-Term Investments<br> (identified cost $105,397,700) |  | **$105397700** |
| Total Investments — 118.0%<br> (identified cost $1,363,450,061) |  | **$1374236427** |
| Other Assets, Less Liabilities — (18.0)% |  | **$(209780175)** |
| Net Assets — 100.0% |  | **$1164456252** |

---

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities is $400,019,795 or 34.4% of the Fund's net assets. |

---

<sup>(2)</sup> Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2025.

<sup>(3)</sup> Variable rate security. The stated interest rate represents the rate in effect at September 30, 2025.

<sup>(4)</sup> When-issued security.

<sup>(5)</sup> Step coupon security. Interest rate represents the rate in effect at September 30, 2025.

<sup>(6)</sup> Security converts to variable rate after the indicated fixed-rate coupon period.

<sup>(7)</sup> Perpetual security with no stated maturity date but may be subject to calls by the issuer.

<sup>(8)</sup> All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $9,022,556.

<sup>(9)</sup> Affiliated fund (see Note 8).

<sup>(10)</sup> May be deemed to be an affiliated company (see Note 8).

<sup>(11)</sup> Restricted security. Total market value of restricted securities amounts to $2,024,520, which represents 0.2% of the net assets of the Fund as of September 30, 2025.

<sup>(12)</sup> TBA (To Be Announced) securities are purchased or sold 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>(13)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of September 30, 2025.

<sup>(14)</sup> Represents investment of cash collateral received in connection with securities lending.

#### 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)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;4037460 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3409988 | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;$16406 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$16406** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Schedule of Investments — continued

------

#### 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. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$187925134 | &nbsp;&nbsp;&nbsp;&nbsp;$121749 |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104580 |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87328719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702163 |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47412188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49020 |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98780860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68696) |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9965188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212997) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1695819** |

---

#### Restricted Securities

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquisition Date** | &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;$2000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$2000000** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| OTC | – Over-the-counter |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |
| TBA | – To Be Announced |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| USD | – United States Dollar |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $1,256,106,899) - including<br> $9,022,556 of securities on loan | &nbsp;&nbsp;$1266881920 |
| Investments in securities of affiliated issuers, at value (identified cost $107,343,162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107354507 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16406 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027783 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079241 |
| Deposits for forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36319269 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860450 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255441 |
| Dividends and interest receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599937 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82685 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65214 |
| **Total assets** | &nbsp;&nbsp;**$1430493771** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$155686 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7123448 |
| Payable for when-issued/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251248985 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777951 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42296 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885638 |
| 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;&nbsp;&nbsp;268733 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114555 |
| &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;28004 |
| &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;&nbsp;&nbsp;3673 |
| &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;65214 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323336 |
| **Total liabilities** | &nbsp;&nbsp;**$266037519** |
| **Net Assets** | &nbsp;&nbsp;**$1164456252** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1168688540 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4232288) |
| **Net Assets** | &nbsp;&nbsp;**$1164456252** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$136748428 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568563 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.96 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$16.50 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$868454985 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54340767 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.98 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$159252839 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9968263 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.98 |

---

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

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

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income - affiliated issuers | &nbsp;&nbsp;$7122427 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50267188 |
| Interest income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29175 |
| **Total investment income** | &nbsp;&nbsp;**$57518790** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$3402541 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361017 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315140 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62368 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41360 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800841 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252050 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83425 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93362 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92569 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116044 |
| **Total expenses** | &nbsp;&nbsp;**$6620717** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(966880) |
| **Net expenses** | &nbsp;&nbsp;**$5653837** |
| **Net investment income** | &nbsp;&nbsp;**$51864953** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3259881 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11263291) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87306 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139113) |
| **Net realized loss** | &nbsp;&nbsp;**$(8055217)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6480576) |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8235) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768308 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16406 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(4704092)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(12759309)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$39105644** |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &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;$51864953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41646693 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8055217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10119604 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4704092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43594019 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$39105644** | &nbsp;&nbsp;**$95360316** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5480302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3457668) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40214476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35217132) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6122619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2608932) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(51817397)** | &nbsp;&nbsp;**$(41283732)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39119779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34252384 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7173206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254681872 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50188146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106034294 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$82134719** | &nbsp;&nbsp;**$394968550** |
| **Net increase in net assets** | &nbsp;&nbsp;**$69422966** | &nbsp;&nbsp;**$449045134** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1095033286 | &nbsp;&nbsp;$645988152 |
| **At end of year** | &nbsp;&nbsp;**$1164456252** | &nbsp;&nbsp;**$1095033286** |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$16.16 | &nbsp;&nbsp;$15.16 | &nbsp;&nbsp;$15.59 | &nbsp;&nbsp;$19.49 | &nbsp;&nbsp;$19.97 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.68 | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;$0.57 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$1.70** | &nbsp;&nbsp;**$0.13** | &nbsp;&nbsp;**$(2.74)** | &nbsp;&nbsp;**$0.36** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.30) |
| 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;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Total distributions** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(1.16)** | &nbsp;&nbsp;**$(0.84)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.96** | &nbsp;&nbsp;**$16.16** | &nbsp;&nbsp;**$15.16** | &nbsp;&nbsp;**$15.59** | &nbsp;&nbsp;**$19.49** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.76%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.78)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$136748 | &nbsp;&nbsp;$98463 | &nbsp;&nbsp;$59235 | &nbsp;&nbsp;$43106 | &nbsp;&nbsp;$50647 |
| 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;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &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;0.97% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195%<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 0.02% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$16.18 | &nbsp;&nbsp;$15.18 | &nbsp;&nbsp;$15.61 | &nbsp;&nbsp;$19.51 | &nbsp;&nbsp;$20.00 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.72 | &nbsp;&nbsp;$0.74 | &nbsp;&nbsp;$0.63 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.36 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.52** | &nbsp;&nbsp;**$1.74** | &nbsp;&nbsp;**$0.17** | &nbsp;&nbsp;**$(2.69)** | &nbsp;&nbsp;**$0.40** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.72) | &nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.35) |
| 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;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| **Total distributions** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$(0.74)** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(1.21)** | &nbsp;&nbsp;**$(0.89)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.98** | &nbsp;&nbsp;**$16.18** | &nbsp;&nbsp;**$15.18** | &nbsp;&nbsp;**$15.61** | &nbsp;&nbsp;**$19.51** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(14.55)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.99%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$868455 | &nbsp;&nbsp;$887028 | &nbsp;&nbsp;$586705 | &nbsp;&nbsp;$132749 | &nbsp;&nbsp;$42399 |
| 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;0.56% | &nbsp;&nbsp;&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;&nbsp;&nbsp;0.59% | &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;0.72% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&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;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195%<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 0.02% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2023<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2023<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$16.17 | &nbsp;&nbsp;$15.18 | &nbsp;&nbsp;$15.79 |
| Income (Loss) From Operations |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.73 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.54** | &nbsp;&nbsp;**$1.73** | &nbsp;&nbsp;**$(0.44)** |
| Less Distributions |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.73) | &nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;$(0.17) |
| **Total distributions** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$(0.74)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$15.98** | &nbsp;&nbsp;**$16.17** | &nbsp;&nbsp;**$15.18** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.68%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.78)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$159253 | &nbsp;&nbsp;$109542 | &nbsp;&nbsp;$49 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%<sup>(6)(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%<sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226%<sup>(8)(9)</sup> |

---

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

<sup>(1)</sup> For the period from the commencement of operations, June 30, 2023, to September 30, 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 and in other affiliated funds (equal to 0.02% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the year ended September 30, 2024 and the period ended September 30, 2023).

<sup>(8)</sup> Includes the effect of To Be Announced (TBA) transactions.

<sup>(9)</sup> For the year ended September 30, 2023.

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Core Bond Fund (the Fund) is a diversified series of The Calvert Fund (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 total return with an emphasis on income. The Fund invests primarily in investment grade, U.S. dollar denominated securities.

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 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.**

**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 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.**

**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.**

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 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 September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$172782877 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$172782877 |
| 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;&nbsp;&nbsp;&nbsp;53608520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53608520 |
| 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;&nbsp;111802484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111802484 |
| Corporate 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;328329471 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328329471 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817925 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2024520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024520 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;7630018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7630018 |
| Taxable Municipal 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;&nbsp;&nbsp;&nbsp;&nbsp;1762936 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762936 |
| U.S. Government Agencies and Instrumentalities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343925 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;339543044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339543044 |
| 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;246193007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246193007 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;100512062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100512062 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885638 |
| **Total Investments** | &nbsp;&nbsp;**$110215625** | &nbsp;&nbsp;**$1264020802** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1374236427** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16406 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16406 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977512 |
| **Total** | &nbsp;&nbsp;**$112193137** | &nbsp;&nbsp;**$1264037208** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1376230345** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(281693) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(281693) |
| **Total** | &nbsp;&nbsp;**$(281693)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(281693)** |

---

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. 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. 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 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.

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

E 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 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.

F 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.

G 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.

H 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.

I 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.

J Federal Income 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.

K 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.

L Segment Reporting— During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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 0.30% of the Fund's average daily net assets and is payable monthly. For the year ended September 30, 2025, the investment advisory fee amounted to $3,402,541.

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 2025, the investment advisory fee paid was reduced by $238,883 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 0.74%, 0.49% and 0.46% for Class A, 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 February 1, 2026. For the year ended September 30, 2025, CRM waived and/or reimbursed expenses of $727,997.

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 I and Class R6 and is payable monthly. For the year ended September 30, 2025, CRM was paid administrative fees of $1,361,017.

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. Distribution and service fees paid or accrued for the year ended September 30, 2025 amounted to $315,140 for Class A shares.

The Fund was informed that EVD received $7,907 as its portion of the sales charge on sales of Class A shares and $2,457 of contingent deferred sales charges paid by Class A shareholders for the year ended September 30, 2025.

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 September 30, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $13,773 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 $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) 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 September 30, 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, were $486,500,723 and $464,157,899, respectively. Purchases and sales of U.S. government and agency securities, including paydowns and TBA transactions, were $4,784,522,806 and $4,717,397,148, respectively.

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$51817397 | &nbsp;&nbsp;&nbsp;&nbsp;$41283732 |

---

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[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(14809704) |
| Late year ordinary losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8199) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10627911 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42296) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4232288)** |

---

At September 30, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $14,809,704 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 September 30, 2025, $3,627,010 are short-term and $11,182,694 are long-term.

Additionally, at September 30, 2025, the Fund had a late year ordinary loss of $8,199 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$1363608522** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$15678933 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5051028) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$10627905** |

---

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 and futures 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 September 30, 2025 is included in the Schedule of Investments. At September 30, 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:

Foreign Exchange Risk: During the year ended September 30, 2025, the Fund entered into forward foreign currency exchange contracts to seek to hedge against fluctuations in currency exchange rates.

Interest Rate Risk: During the year ended September 30, 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 September 30, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

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

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

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.

At September 30, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &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;**Foreign<br> Exchange** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1977512<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1977512 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16406 |
| **Total Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**$16406** | &nbsp;&nbsp;&nbsp;&nbsp;**$1977512** | &nbsp;&nbsp;&nbsp;&nbsp;**$1993918** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1977512** | &nbsp;&nbsp;&nbsp;&nbsp;**$1977512** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$16406** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$16406** |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(281693)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(281693) |
| **Total Liability Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(281693)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(281693)** |

---

&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 table presents the Fund's derivative assets 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 as of September 30, 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>** |
| Bank of America, N.A. | &nbsp;&nbsp;$16406 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16406 |

---

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

<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.

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &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;$(139113) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(139113) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11263291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11263291) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$(139113)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11263291)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11402404)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$16406 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16406 |
| &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;1768308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768308 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$16406** | &nbsp;&nbsp;&nbsp;&nbsp;**$1768308** | &nbsp;&nbsp;&nbsp;&nbsp;**$1784714** |

---

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended September 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$327409000 | &nbsp;&nbsp;&nbsp;&nbsp;$17442000 | &nbsp;&nbsp;&nbsp;&nbsp;$1505000 |

---

&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 September 30, 2025, the total value of securities on loan, including accrued interest, was $9,174,720 and the total value of collateral received was $9,382,755, comprised of cash of $4,885,638 and U.S. government and/or agencies securities of $4,497,117.

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 September 30, 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** |
| Corporate Bonds | &nbsp;&nbsp;$4885638 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4885638 |

---

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

The carrying amount of the liability for deposits for securities loaned at September 30, 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 September 30, 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 21, 2025. 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 2024, 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 September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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 September 30, 2025, the value of the Fund's investment in the Notes and in funds that may be deemed to be affiliated was $107,354,507, which represents 9.2% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Interest/<br> Dividend<br> income** | **Principal amount ($)/<br> Shares,<br> end of period** |
| **Exchange-Traded Funds** |  |  |  |  |  |  |  |  |
| Calvert Ultra-Short Investment Grade ETF | $2535000 | $2288100 | $— | $— | $(5175) | $4817925 | $159749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 |
| **High Social Impact Investments** |  |  |  |  |  |  |  |  |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 2027580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;(3060) | &nbsp;&nbsp;&nbsp; 2024520 | &nbsp;&nbsp;&nbsp; 100000 | $2000000 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;145437143 | &nbsp;&nbsp;&nbsp;477866077 | &nbsp;&nbsp;&nbsp;(522791158) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;100512062 | &nbsp;&nbsp;&nbsp;6962678 | &nbsp;&nbsp;&nbsp;100512062 |
| **Total** |  |  |  | **$—** | **$(8235)** | **$107354507** | **$7222427** |  |

---

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

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

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;3592917 | &nbsp;&nbsp;&nbsp;&nbsp;$56681138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084822 | &nbsp;&nbsp;&nbsp;&nbsp;$48291028 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355742 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1460402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22948725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1111381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17394386) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2474595** | &nbsp;&nbsp;&nbsp;&nbsp;**$39119779** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2187540** | &nbsp;&nbsp;&nbsp;&nbsp;**$34252384** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22957342 | &nbsp;&nbsp;&nbsp;&nbsp;$361382390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33914555 | &nbsp;&nbsp;&nbsp;&nbsp;$532158935 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39788006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35195397 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(25962292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408343602) | &nbsp;&nbsp;&nbsp;&nbsp;(19974978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312672460) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(481320)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7173206)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16182581** | &nbsp;&nbsp;&nbsp;&nbsp;**$254681872** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415188 | &nbsp;&nbsp;&nbsp;&nbsp;$85055636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7477065 | &nbsp;&nbsp;&nbsp;&nbsp;$117154384 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6121524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608814 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2607547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40989014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13728904) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3195769** | &nbsp;&nbsp;&nbsp;&nbsp;**$50188146** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6769292** | &nbsp;&nbsp;&nbsp;&nbsp;**$106034294** |

---

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[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Core Bond Fund and Board of Trustees of The Calvert Fund:

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 Core Bond Fund (the "Fund"), one of the funds constituting The Calvert Fund, as of September 30, 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 September 30, 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 September 30, 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

November 20, 2025

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

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show 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 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended September 30, 2025, the Fund designates 86.96% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

------

The Calvert Fund held a Special Meeting of Shareholders on June 16, 2025 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to The Calvert Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Trustee** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;244920859 | &nbsp;&nbsp;2717563 |
| Von M. Hughes | &nbsp;&nbsp;242676853 | &nbsp;&nbsp;4961569 |
| Kim M. Keenan | &nbsp;&nbsp;244897013 | &nbsp;&nbsp;2741410 |
| Eddie Ramos | &nbsp;&nbsp;242768927 | &nbsp;&nbsp;4869495 |
| Carlton M. Waterhouse | &nbsp;&nbsp;242776862 | &nbsp;&nbsp;4861560 |

---

Results are rounded to the nearest whole number.

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Trustees reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Trustees were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Trustees reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

*•* *A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;* 

*•* *A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;* 

*•* *A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;* 

*•* *Data regarding investment performance in comparison to benchmark indices;* 

*•* *For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;* 

*•* *Profitability analyses for the Adviser with respect to each fund;* 

*Information about Portfolio Management and Trading*

*•* *Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;* 

*•* *Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;* 

*•* *Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";* 

*Information about the Adviser*

*•* *Reports detailing the financial results and condition of CRM;* 

*•* *Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;* 

*•* *Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;* 

*•* *A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;* 

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

*Other Relevant Information*

*•* *Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and* 

*•* *The terms of each investment advisory agreement.* 

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Trustees were assisted throughout the contract review process by their independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Trustees, concluded that the continuation of the investment advisory agreement of Calvert Core Bond Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and a comparative benchmark index. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31, 2024. This performance data indicated that the Fund had outperformed the median of the Fund's peer universe and its benchmark index for the one-, three- and five-year periods ended December 31, 2024. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its benchmark index.

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

Calvert

Core Bond Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (after taking into account waivers and/or reimbursements) (referred to collectively as "management fees") were below the median of the Fund's expense group and the Fund's total expenses (net of waivers and/or reimbursements) were above the median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board concluded that adding breakpoints to the advisory fee at specified asset levels was not necessary at this time. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_Calve_3230833d-fbea-48ad-ba09-c0f166d6f6a8_TOC)

CLDAX-NCSR 9.30.25

------

![](g38842imgf77aa3501.gif)

------

## Calvert

## Income Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g38842imga619e53d2.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 September 30, 2025
Calvert

Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_4e0b17f9-ea1c-4921-83b7-6dd918299668_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_624eab2d-7c6c-4c44-964c-71263803bcf2_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_624eab2d-7c6c-4c44-964c-71263803bcf2_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_33e2aefe-def0-49c4-b62b-9b8a8d9e3a49_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_33e2aefe-def0-49c4-b62b-9b8a8d9e3a49_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_33e2aefe-def0-49c4-b62b-9b8a8d9e3a49_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_e418352d-882e-434c-bb12-51b96f35af44_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_f1313515-6c97-4814-8d9d-32dc667377c8_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_84e7b6b3-4a1d-4a83-b409-f73d8aeaa29f_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| [Federal Tax Information](#xx_4f2676ff-e12c-4ef2-869b-3b41d2ede3a6_1) | &nbsp;&nbsp;35 |
| [Item 9 of Form N-CSR:](#xx_a767c0d4-6d80-4a92-b653-e4023d5c9962_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_a767c0d4-6d80-4a92-b653-e4023d5c9962_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| [Item 11 of Form N-CSR:](#xx_56e6b33a-8c59-4f4d-a430-4246c846b632_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_56e6b33a-8c59-4f4d-a430-4246c846b632_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments

------

Asset-Backed Securities — 10.3%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| AASET MT-1 Ltd., Series 2025-2A, Class B, 6.01%, 2/16/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | $2247988 |
| AASET Trust, Series 2025-1A, Class B, 6.576%, 2/16/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp; 1555963 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp; 2304355 |
| Cajun Global LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A2, 3.931%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849 | &nbsp;&nbsp; 2812413 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 6.554%, 2/20/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp; 1501030 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp; 2420688 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, 7.75%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp; 3308385 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, 6.303%, 8/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131912 |
| Cloud Capital Holdco LP, Series 2024-2A, Class A2, 5.923%, 11/22/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586487 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269564 |
| Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52<sup>(1)</sup> CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894831 |
| Cologix Data Centers U.S. Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 3.79%, 12/26/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905078 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 5.99%, 12/26/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872159 |
| 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;1945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953640 |
| DataBank Issuer LLC, Series 2021-2A, Class A2, 2.40%, 10/25/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020698 |
| 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;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728354 |
| Driven Brands Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2, 4.641%, 4/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337130 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A2, 3.981%, 10/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333524 |
| &nbsp;&nbsp;&nbsp;Seris 2020-2A, Class A2, 3.237%, 1/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375106 |
| 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;&nbsp;&nbsp;3229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252396 |
| Goddard Funding LLC, Series 2024-1A, Class A2, 6.834%, 10/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344566 |
| Goto Foods Funding LLC, Series 2017-1A, Class A2II, 5.093%, 4/30/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130092 |
| Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, 5.375%, 9/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542508 |
| 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;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332862 |
| LoanDepot GMSR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.997%, (1 mo. SOFR + 2.85%), 5/16/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833625 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class B, 7.697%, (1 mo. SOFR + 3.55%), 5/16/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449184 |
| Lunar Aircraft Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class B, 4.335%, 2/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208419 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class C, 6.413%, 2/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19151 |
| Mosaic Solar Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class B, 3.10%, 4/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60952 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Mosaic Solar Loan Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class D, 8.29%, 1/21/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583 | $426502 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153 | &nbsp;&nbsp; 2159380 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B, 6.09%, 8/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp; 1317435 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A, 5.107%, 10/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp; 1558835 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919 | &nbsp;&nbsp; 2769685 |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 7.308%, 1/30/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp; 855511 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179283 |
| &nbsp;&nbsp;&nbsp;Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085612 |
| &nbsp;&nbsp;&nbsp;Series 2024-FNT1, Class A, 7.398%, 11/25/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473307 |
| Oportun Funding Trust, Series 2024-3, Class B, 5.48%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315852 |
| Oportun Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class C, 3.61%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645122 |
| &nbsp;&nbsp;&nbsp;Series 2025-C, Class D, 5.91%, 7/8/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818687 |
| 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;1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073499 |
| &nbsp;&nbsp;&nbsp;Series 2021-5, Class C, 3.93%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176042 |
| 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;2427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332120 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2I, 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172052 |
| Prodigy Finance CM DAC, Series 2021-1A, Class D, 10.172%, (1 mo. SOFR + 6.014%), 7/25/51<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435181 |
| 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;&nbsp;&nbsp;3274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376858 |
| &nbsp;&nbsp;&nbsp;Seris 2025-1A, Class B, 5.727%, 8/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039020 |
| Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class F, 8.881%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870411 |
| 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;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577829 |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A2II, 3.337%, 1/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163969 |
| SERVPRO Master Issuer LLC, Series 2019-1A, Class A2, 3.882%, 10/25/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585538 |
| Sonic Capital LLC, Series 2020-1A, Class A2I, 3.845%, 1/20/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797994 |
| 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;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935225 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2II, 5.566%, 7/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611634 |
| Sunnova Helios II Issuer LLC, Series 2021-B, Class B, 2.01%, 7/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287359 |
| Sunnova Helios IV Issuer LLC, Series 2020-AA, Class B, 7.25%, 6/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543098 |
| Sunnova Helios V Issuer LLC, Series 2021-A, Class B, 3.15%, 2/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672575 |
| 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;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592987 |
| Sunnova Sol Issuer LLC, Series 2020-1A, Class B, 5.54%, 2/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131583 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | $284140 |
| Theorem Funding Trust, Series 2022-2A, Class B, 9.27%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp; 2553287 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390 | &nbsp;&nbsp; 3401597 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2545 | &nbsp;&nbsp; 2411981 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp; 1447843 |
| Wendy's Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | &nbsp;&nbsp; 1910660 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp; 542915 |
| &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;159 | &nbsp;&nbsp; 155855 |
| 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;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872362 |
| 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;1586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613964 |
| Total Asset-Backed Securities<br> (identified cost $128,909,976) |  | **$124907849** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Collateralized Mortgage Obligations — 6.0%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;3770 | $3832808 |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.978%, 7/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp; 1684790 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.741%, 11/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp; 1124718 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 8.293%, 1/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181 | &nbsp;&nbsp; 1233337 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 8.04%, 10/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881 | &nbsp;&nbsp; 4023367 |
| Eagle Re Ltd., Series 2021-2, Class M1C, 7.806%, (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;1257 | &nbsp;&nbsp; 1268887 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp; 188760 |
| &nbsp;&nbsp;&nbsp;Series 5413, Class MZ, 6.00%, 5/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452781 |
| &nbsp;&nbsp;&nbsp;Series 5483, Class FB, 5.786%, (30-day SOFR Average + 1.43%), 12/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3693129 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-DNA3, Class B2, 12.621%, (30-day SOFR Average + 8.264%), 7/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563326 |
| &nbsp;&nbsp;&nbsp;Series 2020-DNA6, Class B1, 7.356%, (30-day SOFR Average + 3.00%), 12/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963164 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA2, Class B2, 10.356%, (30-day SOFR Average + 6.00%), 8/25/33<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399853 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class B2, 12.856%, (30-day SOFR Average + 8.50%), 2/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062980 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class B2, 14.606%, (30-day SOFR Average + 10.25%), 5/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217513 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal National Mortgage Association Connecticut Avenue Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R01, Class 2B1, 8.821%, (30-day SOFR Average + 4.464%), 7/25/31<sup>(1)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 | $1154679 |
| &nbsp;&nbsp;&nbsp;Series 2019-R06, Class 2B1, 8.221%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp; 1550707 |
| &nbsp;&nbsp;&nbsp;Series 2019-R07, Class 1B1, 7.871%, (30-day SOFR Average + 3.514%), 10/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp; 3873049 |
| &nbsp;&nbsp;&nbsp;Series 2020-R02, Class 2B1, 7.471%, (30-day SOFR Average + 3.114%), 1/25/40<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp; 1534771 |
| &nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B2, 10.356%, (30-day SOFR Average + 6.00%), 10/25/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp; 4635745 |
| &nbsp;&nbsp;&nbsp;Series 2021-R02, Class 2B1, 7.656%, (30-day SOFR Average + 3.30%), 11/25/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp; 556021 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp; 744919 |
| &nbsp;&nbsp;&nbsp;Series 2023-84, Class MW, 6.00%, 6/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783166 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class BW, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865824 |
| &nbsp;&nbsp;&nbsp;Series 2023-99, Class AL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864524 |
| &nbsp;&nbsp;&nbsp;Series 2023-101, Class FM, 5.289%, (30-day SOFR Average + 0.90%), 7/20/53<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641019 |
| &nbsp;&nbsp;&nbsp;Series 2023-102, Class SG, 6.191%, (22.546% - 30-day SOFR Average x 3.727), 7/20/53<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861131 |
| &nbsp;&nbsp;&nbsp;Series 2023-116, Class CY, 6.00%, 8/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037157 |
| &nbsp;&nbsp;&nbsp;Series 2023-164, Class EL, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005201 |
| &nbsp;&nbsp;&nbsp;Series 2023-173, Class AX, 6.00%, 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886034 |
| &nbsp;&nbsp;&nbsp;Series 2024-46, Class AL, 6.00%, 3/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933879 |
| Home Re Ltd., Series 2021-1, Class M2, 7.321%, (30-day SOFR Average + 2.964%), 7/25/33<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160887 |
| LHOME Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL2, Class A1, 8.00% to 1/25/26, 6/25/28<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605821 |
| &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;1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084393 |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL4, Class A1, 7.628% to 10/25/25, 11/25/28<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983479 |
| &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;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602775 |
| 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;2713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759081 |
| 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;2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021420 |
| PNMAC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GT1, Class A, 7.358%, (1 mo. SOFR + 3.20%), 3/25/29<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631437 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.608%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424245 |
| Provident Funding Mortgage Trust, Series 2025-3, Class A3, 6.00%, 8/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755620 |
| Radian Mortgage Capital Trust, Series 2025-J3, Class A16, 6.00%, 12/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712012 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Triangle Re Ltd., Series 2021-3, Class B1, 9.306%, (30-day SOFR Average + 4.95%), 2/25/34<sup>(1)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202 | $2265974 |
| Total Collateralized Mortgage Obligations<br> (identified cost $71,312,022) |  | **$72644383** |

---

Commercial Mortgage-Backed Securities — 6.0%

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

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| BAMLL Commercial Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class ENM, 3.843%, 11/5/32<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11165 | $9440069 |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class FNM, 3.843%, 11/5/32<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545 | &nbsp;&nbsp; 3251852 |
| BFLD Trust, Series 2025-FPM, Class B, 5.593%, 10/10/30<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877 | &nbsp;&nbsp; 2887062 |
| BX Commercial Mortgage Trust, Series 2021-VOLT, Class D, 5.915%, (1 mo. SOFR + 1.764%), 9/15/36<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 | &nbsp;&nbsp; 4890973 |
| BX Trust, Series 2025-GW, Class E, 7.80%, (1 mo. SOFR + 3.65%), 7/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp; 3981162 |
| Caister Finance DAC, Series 1A, Class C, 6.817%, (SONIA + 2.84%), 8/17/35<sup>(1)(3)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp; 2832624 |
| CSMC Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-BPNY, Class A, 7.98%, (1 mo. SOFR + 3.829%), 8/15/26<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285 | &nbsp;&nbsp; 4072809 |
| &nbsp;&nbsp;&nbsp;Series 2022-CNTR, Class A, 8.095%, (1 mo. SOFR + 3.944%), 1/9/25<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884200 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class D, 7.018%, 8/10/42<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839135 |
| Extended Stay America Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class D, 6.515%, (1 mo. SOFR + 2.364%), 7/15/38<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948971 |
| &nbsp;&nbsp;&nbsp;Series 2025-151, Class F, (1 mo. SOFR + 4.10%), 10/15/42<sup>(1)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159796 |
| Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-01, Class M10, 7.721%, (30-day SOFR Average + 3.364%), 10/25/49<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066598 |
| &nbsp;&nbsp;&nbsp;Series 2020-01, Class M10, 8.221%, (30-day SOFR Average + 3.864%), 3/25/50<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814090 |
| Fontainebleau Miami Beach Mortgage Trust, Series 2024-FBLU, Class F, 8.40%, (1 mo. SOFR + 4.25%), 12/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042420 |
| Great Wolf Trust, Series 2024-WLF2, Class D, 7.09%, (1 mo. SOFR + 2.939%), 5/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975152 |
| HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class C, 6.69%, (1 mo. SOFR + 2.54%), 6/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316444 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class E, 6.901%, 1/13/40<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289927 |
| INTOWN Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class C, 6.40%, (1 mo. SOFR + 2.25%), 3/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030307 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class D, 7.00%, (1 mo. SOFR + 2.85%), 3/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804533 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 E, 8.00%, (1 mo. SOFR + 3.85%), 3/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | $1957292 |
| 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;2485 | &nbsp;&nbsp; 104344 |
| &nbsp;&nbsp;&nbsp;Series 2014-DSTY, Class C, 3.931%, 6/10/27<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp; 17628 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, 6.591%, (1 mo. SOFR + 2.441%), 2/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp; 1927649 |
| ORL Trust, Series 2024-GLKS, Class F, 8.589%, (1 mo. SOFR + 4.438%), 12/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp; 3055025 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class B, 6.125%, 8/10/42<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp; 1503797 |
| TX Trust, Series 2024-HOU, Class E, 8.538%, (1 mo. SOFR + 4.387%), 6/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908 | &nbsp;&nbsp; 2927720 |
| U.K. Logistics DAC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D, 7.986%, (SONIA + 4.00%), 5/17/34<sup>(1)(3)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761286 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class E, 8.986%, (SONIA + 5.00%), 5/17/34<sup>(1)(3)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879765 |
| 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;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885319 |
| &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;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946214 |
| Willowbrook Mall, Series 2025-WBRK, Class E, 6.278%, 3/5/35<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331242 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $78,254,227) |  |  | **$72825405** |

---

Common Stocks — 0.1%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Energy — 0.1% | Energy — 0.1% |  |
| Enviva LLC<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80778 | $1413615 |
| Total Common Stocks<br> (identified cost $485,071) |  | **$1413615** |

---

Convertible Bonds — 0.6%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Communications — 0.1% | Communications — 0.1% |  |
| Liberty Media Corp.-Liberty Formula One, 2.25%, 8/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | $511472 |
| Uber Technologies, Inc., 0.00%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp; 561430 |
|  |  | **$1072902** |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;510 | $477090 |
| Ionis Pharmaceuticals, Inc., 1.75%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp; 672028 |
| Jazz Investments I Ltd., 3.125%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp; 529105 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Consumer, Non-cyclical (continued) | Consumer, Non-cyclical (continued) |  |
| Shift4 Payments, Inc., 0.50%, 8/1/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | $429163 |
|  |  | **$2107386** |
| Energy — 0.0%<sup>†</sup> | Energy — 0.0%<sup>†</sup> |  |
| XPLR Infrastructure LP, 2.50%, 6/15/26<sup>(1)(9)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | $493638 |
|  |  | **$493638** |
| Financial — 0.1% | Financial — 0.1% |  |
| Barclays Bank PLC, 1.00%, 2/16/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | $543787 |
| Digital Realty Trust LP, 1.875%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp; 510463 |
| Federal Realty OP LP, 3.25%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478460 |
|  |  | **$1532710** |
| Technology — 0.2% | Technology — 0.2% |  |
| Akamai Technologies, Inc., 1.125%, 2/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | $460845 |
| Datadog, Inc., 0.00%, 12/1/29<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555800 |
| DigitalOcean Holdings, Inc., 0.00%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558440 |
| ON Semiconductor Corp., 0.50%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476463 |
| Parsons Corp., 2.625%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576963 |
|  |  | **$2628511** |
| Total Convertible Bonds<br> (identified cost $7,364,070) |  | **$7835147** |

---

Corporate Bonds — 47.2%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Basic Materials — 1.0% | Basic Materials — 1.0% |  |
| Celanese U.S. Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;6.85%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | $4259219 |
| &nbsp;&nbsp;&nbsp;7.20%, 11/15/33<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp; 2097149 |
| Compass Minerals International, Inc., 6.75%, 12/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp; 882218 |
| Olympus Water U.S. Holding Corp., 9.75%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp; 2394285 |
| South32 Treasury Ltd., 4.35%, 4/14/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 | &nbsp;&nbsp; 2494211 |
|  |  | **$12127082** |
| Communications — 2.5% | Communications — 2.5% |  |
| Arches Buyer, Inc., 4.25%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | $2206825 |
| Bell Telephone Co. of Canada or Bell Canada, 6.875% to 6/15/30, 9/15/55<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493072 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279749 |
| Charter Communications Operating LLC/Charter Communications Operating Capital: |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 12/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357012 |
| &nbsp;&nbsp;&nbsp;4.80%, 3/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5521651 |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280130 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Communications (continued) | Communications (continued) |  |
| Maya SAS/Paris France, 7.00%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | $2205477 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp; 2278088 |
| Sprint LLC, 7.625%, 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 3006774 |
| Videotron Ltd., 3.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp; 3103202 |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 1960830 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 | &nbsp;&nbsp; 1918328 |
|  |  | **$30611138** |
| Consumer, Cyclical — 3.2% | Consumer, Cyclical — 3.2% |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | $813549 |
| AS Mileage Plan IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.021%, 10/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558473 |
| &nbsp;&nbsp;&nbsp;5.308%, 10/20/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743811 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923906 |
| Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044866 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/20/25<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587170 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/20/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835028 |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139465 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;6.532%, 3/19/32<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390583 |
| &nbsp;&nbsp;&nbsp;7.35%, 3/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149026 |
| General Motors Co., 5.15%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871630 |
| General Motors Financial Co., Inc., 6.05%, 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001498 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238575 |
| Sonic Automotive, Inc., 4.875%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153175 |
| Stellantis Finance U.S., Inc., 6.45%, 3/18/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856490 |
|  |  | **$39307245** |
| Consumer, Non-cyclical — 3.0% | Consumer, Non-cyclical — 3.0% |  |
| Biogen, Inc., 6.45%, 5/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | $2907781 |
| Centene Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151580 |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077978 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521323 |
| Edgewell Personal Care Co., 4.125%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199522 |
| Fortrea Holdings, Inc., 7.50%, 7/1/30<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802510 |
| Herc Holdings, Inc., 7.25%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251322 |
| ICON Investments Six DAC, 5.809%, 5/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092648 |
| LifePoint Health, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921560 |
| &nbsp;&nbsp;&nbsp;10.00%, 6/1/32<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023577 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234560 |
| Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373977 |
| Royalty Pharma PLC, 5.20%, 9/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160462 |
| Smithfield Foods, Inc., 5.20%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224389 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **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) |  |
| 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;2132 | $2185795 |
|  |  |  | **$36128984** |
| Diversified — 0.2% | Diversified — 0.2% | Diversified — 0.2% |  |
| Inversiones La Construccion SA, 4.75%, 2/7/32<sup>(11)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962 | $2855730 |
|  |  |  | **$2855730** |
| Energy — 0.8% | Energy — 0.8% | Energy — 0.8% |  |
| Occidental Petroleum Corp., 5.375%, 1/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | $3765756 |
| Raizen Fuels Finance SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 1/17/35<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571754 |
| &nbsp;&nbsp;&nbsp;6.45%, 3/5/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909487 |
| &nbsp;&nbsp;&nbsp;6.95%, 3/5/54<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558825 |
| TerraForm Power Operating LLC, 4.75%, 1/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701658 |
|  |  |  | **$9507480** |
| Financial — 29.9% | Financial — 29.9% | Financial — 29.9% |  |
| ABN AMRO Bank NV, 4.988% to 12/3/27, 12/3/28<sup>(1)(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | $1625406 |
| AIB Group PLC, 5.32% to 5/15/30, 5/15/31<sup>(1)(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562519 |
| Aircastle Ltd./Aircastle Ireland DAC, 5.75%, 10/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5270442 |
| Ally Financial, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.70% to 5/15/26<sup>(9)(10)(12)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558357 |
| &nbsp;&nbsp;&nbsp;5.543% to 1/17/30, 1/17/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376096 |
| American Assets Trust LP, 3.375%, 2/1/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447769 |
| American International Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 5/7/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118217 |
| &nbsp;&nbsp;&nbsp;5.45%, 5/7/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5281653 |
| American National Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 7/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418876 |
| &nbsp;&nbsp;&nbsp;6.144%, 6/13/32<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764583 |
| &nbsp;&nbsp;&nbsp;7.00% to 12/1/30, 12/1/55<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679385 |
| Antares Holdings LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 7/15/27<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021195 |
| &nbsp;&nbsp;&nbsp;6.50%, 2/8/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525972 |
| Apollo Debt Solutions BDC, 5.875%, 8/30/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385237 |
| Apollo Global Management, Inc., 5.15%, 8/12/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955970 |
| ASR Nederland NV, 7.00% to 9/7/33, 12/7/43<sup>(10)(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730926 |
| Athene Holding Ltd., 6.625%, 5/19/55 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290378 |
| Azorra Finance Ltd., 7.75%, 4/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321922 |
| Banco Mercantil del Norte SA, 8.375% to 5/20/31<sup>(1)(9)(10)(12)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469372 |
| Banco Santander SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.35%, 3/14/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574063 |
| &nbsp;&nbsp;&nbsp;9.625% to 11/21/28<sup>(10)(12)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243844 |
| Bank of America Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.922% to 10/24/30, 10/24/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4886438 |
| &nbsp;&nbsp;&nbsp;2.592% to 4/29/30, 4/29/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13285443 |
| Bank of Montreal, 7.70% to 5/26/29, 5/26/84<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096908 |
| Bank of Nova Scotia, 8.00% to 1/27/29, 1/27/84<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276476 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| Barclays PLC, 8.00% to 3/15/29<sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 | $2957070 |
| 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)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897 | &nbsp;&nbsp; 4812404 |
| &nbsp;&nbsp;&nbsp;8.125% to 1/8/34, 1/8/39<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp; 2876956 |
| &nbsp;&nbsp;&nbsp;8.45% to 6/29/33, 6/29/38<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 | &nbsp;&nbsp; 2306209 |
| Belrose Funding Trust II, 6.792%, 5/15/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp; 5636335 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp; 886454 |
| &nbsp;&nbsp;&nbsp;6.65%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288056 |
| BNP Paribas SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.906% to 11/19/34, 11/19/35<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775536 |
| &nbsp;&nbsp;&nbsp;7.75% to 8/16/29<sup>(1)(10)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819843 |
| &nbsp;&nbsp;&nbsp;8.00% to 8/22/31<sup>(1)(10)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445398 |
| &nbsp;&nbsp;&nbsp;9.25% to 11/17/27<sup>(1)(10)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415911 |
| Broadstone Net Lease LLC, 2.60%, 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816313 |
| Brookfield Asset Management Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.795%, 4/24/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778698 |
| &nbsp;&nbsp;&nbsp;6.077%, 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654171 |
| Brookfield Finance, Inc., 6.30% to 10/15/34, 1/15/55<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873683 |
| CaixaBank SA: |  |  |
| &nbsp;&nbsp;&nbsp;6.037% to 6/15/34, 6/15/35<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592213 |
| &nbsp;&nbsp;&nbsp;6.84% to 9/13/33, 9/13/34<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816034 |
| Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, 10/28/85<sup>(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495795 |
| Charles Schwab Corp., 4.00% to 6/1/26<sup>(9)(10)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708491 |
| CI Financial Corp., 7.50%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535512 |
| Citadel LP, 6.375%, 1/23/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342811 |
| Citigroup, Inc., 4.00% to 12/10/25<sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762596 |
| COPT Defense Properties LP, 2.75%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626957 |
| Enact Holdings, Inc., 6.25%, 5/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938200 |
| EPR Properties: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782462 |
| &nbsp;&nbsp;&nbsp;3.75%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836856 |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546106 |
| Essent Group Ltd., 6.25%, 7/1/29<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293431 |
| Extra Space Storage LP, 2.55%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652702 |
| Fifth Third Bancorp, 6.361% to 10/27/27, 10/27/28<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129214 |
| Focus Financial Partners LLC, 6.75%, 9/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127338 |
| Fortitude Group Holdings LLC, 6.25%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913280 |
| Global Atlantic Fin Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6442770 |
| &nbsp;&nbsp;&nbsp;4.70% to 7/15/26, 10/15/51<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492630 |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810778 |
| &nbsp;&nbsp;&nbsp;7.95% to 7/15/29, 10/15/54<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105065 |
| HA Sustainable Infrastructure Capital, Inc., 6.375%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9539559 |
| HAT Holdings I LLC/HAT Holdings II LLC: |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133711 |
| &nbsp;&nbsp;&nbsp;3.75%, 9/15/30<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305835 |
| HSBC Holdings PLC, 7.39% to 11/3/27, 11/3/28<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257201 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| ING Groep NV, 8.00% to 5/16/30<sup>(10)(11)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | $1977764 |
| Intact Financial Corp., 5.459%, 9/22/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp; 1341620 |
| Intesa Sanpaolo SpA, 8.248% to 11/21/32, 11/21/33<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048 | &nbsp;&nbsp; 4778842 |
| Jefferies Financial Group, Inc., 6.20%, 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 | &nbsp;&nbsp; 4182063 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;5.103% to 4/22/30, 4/22/31<sup>(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12946 | &nbsp;&nbsp; 13377477 |
| &nbsp;&nbsp;&nbsp;6.087% to 10/23/28, 10/23/29<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | &nbsp;&nbsp; 6920894 |
| Jyske Realkredit AS, 3.50%, 10/1/56 DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651 | &nbsp;&nbsp; 1010687 |
| KKR & Co., Inc., 5.10%, 8/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896336 |
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926923 |
| LPL Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061547 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/31<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065445 |
| &nbsp;&nbsp;&nbsp;5.75%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294379 |
| Marex Group PLC, 6.404%, 11/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858492 |
| NatWest Group PLC, 5.115% to 5/23/30, 5/23/31<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5547373 |
| NMI Holdings, Inc., 6.00%, 8/15/29<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254166 |
| Nordea Kredit Realkreditaktieselskab: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/53 DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871046 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56 DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009629 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56 DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401194 |
| Nuveen LLC, 5.85%, 4/15/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333271 |
| Nykredit Realkredit AS: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 4/1/53<sup>(11)</sup> DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12534985 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/56<sup>(11)</sup> DKK | &nbsp;&nbsp;&nbsp;&nbsp;102177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15575155 |
| Oaktree Strategic Credit Fund: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 7/23/29<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679149 |
| &nbsp;&nbsp;&nbsp;8.40%, 11/14/28<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285651 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253371 |
| PNC Financial Services Group, Inc., 5.575% to 1/29/35, 1/29/36<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746303 |
| Raymond James Financial, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 9/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886576 |
| &nbsp;&nbsp;&nbsp;5.65%, 9/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779380 |
| Realkredit Danmark AS, 3.50%, 10/1/56<sup>(11)</sup> DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496236 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577931 |
| Royal Bank of Canada: |  |  |
| &nbsp;&nbsp;&nbsp;4.696% to 8/6/30, 8/6/31<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916757 |
| &nbsp;&nbsp;&nbsp;5.153% to 2/4/30, 2/4/31<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669943 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp;3.653% to 7/8/30, 7/8/35<sup>(1)(9)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390562 |
| &nbsp;&nbsp;&nbsp;6.10% to 4/13/32, 4/13/33<sup>(1)(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788505 |
| &nbsp;&nbsp;&nbsp;8.50% to 3/25/34<sup>(1)(10)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101449 |
| Stellantis Financial Services U.S. Corp., 5.40%, 9/15/30<sup>(1)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356555 |
| Stifel Financial Corp., 4.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376794 |
| Synovus Bank/Columbus, GA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 10/29/25, 10/29/30<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855011 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) | Financial (continued) |  |
| Synovus Bank/Columbus, GA: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 2/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | $862861 |
| Synovus Financial Corp., 6.168% to 11/1/29, 11/1/30<sup>(9)(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp; 2440474 |
| Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp; 3491539 |
| Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp; 7360482 |
| UBS Group AG: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.253%, 3/23/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp; 1685539 |
| &nbsp;&nbsp;&nbsp;9.25% to 11/13/28<sup>(1)(10)(12)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp; 3482936 |
| UniCredit SpA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.459% to 6/30/30, 6/30/35<sup>(1)(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734811 |
| &nbsp;&nbsp;&nbsp;5.861% to 6/19/27, 6/19/32<sup>(1)(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700661 |
| Westpac Banking Corp., 3.02% to 11/18/31, 11/18/36<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717133 |
|  |  |  | **$362553928** |
| 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;&nbsp;&nbsp;72800 | $3981172 |
|  |  |  | **$3981172** |
| Industrial — 1.3% | Industrial — 1.3% | Industrial — 1.3% |  |
| Calderys Financing LLC, 11.25%, 6/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | $2229314 |
| Clydesdale Acquisition Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 4/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615957 |
| &nbsp;&nbsp;&nbsp;8.75%, 4/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645109 |
| Hexcel Corp., 5.875%, 2/26/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957417 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373742 |
| Reworld Holding Corp., 4.875%, 12/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252032 |
| Seaspan Corp., 5.50%, 8/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171509 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396748 |
| 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;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274829 |
|  |  |  | **$15916657** |
| Technology — 3.2% | Technology — 3.2% | Technology — 3.2% |  |
| Broadcom, Inc., 3.137%, 11/15/35<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | $3237082 |
| Clarivate Science Holdings Corp., 4.875%, 7/1/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270265 |
| Cloud Software Group, Inc., 9.00%, 9/30/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414144 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967254 |
| Kyndryl Holdings, Inc., 6.35%, 2/20/34<sup>(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799764 |
| McAfee Corp., 7.375%, 2/15/30<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146356 |
| Oracle Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 4/1/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5753358 |
| &nbsp;&nbsp;&nbsp;5.20%, 9/26/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892784 |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490585 |
| Qorvo, Inc., 3.375%, 4/1/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506681 |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718469 |
|  |  |  | **$38196742** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Utilities — 1.8% | Utilities — 1.8% | Utilities — 1.8% |  |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 2/15/32<sup>(11)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $1593270 |
| &nbsp;&nbsp;&nbsp;6.375%, 2/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp; 1055395 |
| Clearway Energy Operating LLC, 3.75%, 1/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp; 1014235 |
| Constellation Energy Generation LLC, 5.75%, 3/15/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 2028634 |
| Dominion Energy, Inc., 6.00% to 11/15/30, 2/15/56<sup>(10)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp; 1915694 |
| Engie SA, 5.625%, 4/10/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp; 4327667 |
| NextEra Energy Capital Holdings, Inc., 5.45%, 3/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp; 3772053 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042495 |
| Terraform Global Operating LP, 6.125%, 3/1/26<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067544 |
| XPLR Infrastructure Operating Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/31<sup>(1)(9)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048780 |
| &nbsp;&nbsp;&nbsp;8.625%, 3/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413721 |
|  |  |  | **$22279488** |
| Total Corporate Bonds<br> (identified cost $559,590,411) |  |  | **$573465646** |

---

Exchange-Traded Funds — 0.4%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Fixed-Income Funds — 0.4% | Fixed-Income Funds — 0.4% |  |
| Calvert Ultra-Short Investment Grade ETF<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | $4817925 |
| Total Exchange-Traded Funds<br> (identified cost $4,830,400) |  | **$4817925** |

---

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>(8)(14)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1012260 |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 9/20/29<sup>(8)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1013440 |
| Total High Social Impact Investments<br> (identified cost $2,000,000) |  | **$2025700** |

---

Preferred Stocks — 0.5%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Insurance — 0.1% | Insurance — 0.1% |  |
| Aspen Insurance Holdings Ltd., 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29664 | $747830 |
|  |  | **$747830** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% |  |
| Brookfield Property Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70736 | $947862 |
| &nbsp;&nbsp;&nbsp;Series A2, 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp; 3194840 |
|  |  | **$4142702** |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |  |
| T-Mobile USA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7793 | $178070 |
| &nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21145 | &nbsp;&nbsp; 524396 |
|  |  | **$702466** |
| Total Preferred Stocks<br> (identified cost $8,515,939) |  | **$5592998** |

---

Senior Floating-Rate Loans — 4.6%<sup>(15)</sup>

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

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Aerospace and Defense — 0.2% | Aerospace and Defense — 0.2% |  |
| Dynasty Acquisition Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 10/31/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | $1440201 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp; 547806 |
|  |  | **$1988007** |
| Capital Markets — 0.1% | Capital Markets — 0.1% |  |
| Focus Financial Partners LLC, Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 9/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | $1490790 |
|  |  | **$1490790** |
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |  |
| MV Holding GmbH, Term Loan, 6.413%, (1 mo. USD Term SOFR + 2.25%), 3/17/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494 | $2499984 |
| Reworld Holding Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.386%, (1 mo. USD Term SOFR + 2.25%), 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837394 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.386%, (1 mo. USD Term SOFR + 2.25%), 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142228 |
|  |  | **$4479606** |
| Construction & Engineering — 0.2% | Construction & Engineering — 0.2% |  |
| APi Group DE, Inc., Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 1/3/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 | $2390244 |
|  |  | **$2390244** |
| Consumer Finance — 0.2% | Consumer Finance — 0.2% |  |
| CPI Holdco B LLC, Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | $2475000 |
|  |  | **$2475000** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Diversified Consumer Services — 0.4% | Diversified Consumer Services — 0.4% |  |
| Belron Finance 2019 LLC, Term Loan, 6.742%, (3 mo. USD Term SOFR + 2.50%), 10/16/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | $2490528 |
| KUEHG Corp., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 6/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp; 1986057 |
|  |  | **$4476585** |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |  |
| Lumen Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.628%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | $670175 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.628%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp; 670084 |
|  |  | **$1340259** |
| Entertainment — 0.2% | Entertainment — 0.2% |  |
| Delta 2 (LUX) SARL, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 9/30/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | $2505088 |
|  |  | **$2505088** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |  |
| Medline Borrower LP, Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 10/23/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | $1971221 |
|  |  | **$1971221** |
| Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% |  |
| CNT Holdings I Corp., Term Loan, 6.558%, (3 mo. USD Term SOFR + 2.25%), 11/8/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | $1493298 |
| Raven Acquisition Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 7.163%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394121 |
| &nbsp;&nbsp;&nbsp;Term Loan, 11/19/31<sup>(16)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100081 |
|  |  | **$2987500** |
| Insurance — 0.8% | Insurance — 0.8% |  |
| Alliant Holdings Intermediate LLC, Term Loan, 6.666%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | $1971754 |
| AmWINS Group, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 1/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466173 |
| HUB International Ltd., Term Loan, 6.575%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689520 |
| Ryan Specialty Group LLC, Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988107 |
| USI, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969795 |
|  |  | **$10085349** |
| IT Services — 0.4% | IT Services — 0.4% |  |
| Informatica LLC, Term Loan, 6.413%, (1 mo. USD Term SOFR + 2.25%), 10/27/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474 | $2482092 |

---

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| IT Services (continued) | IT Services (continued) |  |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | $1974731 |
|  |  | **$4456823** |
| Machinery — 0.5% | Machinery — 0.5% |  |
| Alliance Laundry Systems LLC, Term Loan, 6.385%, (1 mo. USD Term SOFR + 2.25%), 8/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | $1402445 |
| Gates Global LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 6/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp; 2474814 |
| TK Elevator Midco GmbH, Term Loan, 7.197%, (6 mo. USD Term SOFR + 3.00%), 4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp; 1977309 |
|  |  | **$5854568** |
| Professional Services — 0.2% | Professional Services — 0.2% |  |
| Trans Union LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481 | $2482168 |
|  |  | **$2482168** |
| Software — 0.3% | Software — 0.3% |  |
| CCC Intelligent Solutions, Inc., Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 1/23/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | $985042 |
| Epicor Software Corp., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492302 |
| McAfee LLC, Term Loan, 7.223%, (1 mo. USD Term SOFR + 3.00%), 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426409 |
|  |  | **$3903753** |
| Specialty Retail — 0.2% | Specialty Retail — 0.2% |  |
| Les Schwab Tire Centers, Term Loan, 6.663% - 6.699%, (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;1980 | $1978199 |
|  |  | **$1978199** |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |  |
| KKR Apple Bidco LLC, Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | $1490276 |
|  |  | **$1490276** |
| Total Senior Floating-Rate Loans<br> (identified cost $56,192,766) |  | **$56355436** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

Sovereign Government Bonds — 0.3%

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

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Romania — 0.3% | Romania — 0.3% | Romania — 0.3% |  |
| Romania Government International Bonds, 5.625%, 2/22/36<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | $3206818 |
|  |  |  | **$3206818** |
| Total Sovereign Government Bonds<br> (identified cost $3,102,987) |  |  | **$3206818** |

---

U.S. Government Agency Mortgage-Backed Securities — 14.0%

&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;11935 | $11845955 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54408 | &nbsp;&nbsp; 54908190 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 | &nbsp;&nbsp; 3773305 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26904 | &nbsp;&nbsp; 27161492 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 30-Year, TBA<sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850 | &nbsp;&nbsp; 9284779 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17606 | &nbsp;&nbsp; 17462175 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46078302 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $170,886,842) |  | **$170514198** |

---

U.S. Treasury Obligations — 6.2%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 8/15/45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 | $7360404 |
| &nbsp;&nbsp;&nbsp;3.00%, 2/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44066 | &nbsp;&nbsp; 33003885 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123 | &nbsp;&nbsp; 1879187 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 2/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13150 | &nbsp;&nbsp; 13304615 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp; 3821218 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896 | &nbsp;&nbsp; 4005955 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11455 | &nbsp;&nbsp; 11906936 |
| Total U.S. Treasury Obligations<br> (identified cost $74,463,153) |  | **$75282200** |

---

Miscellaneous — 0.0%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | **Value** |
| Energy — 0.0% | Energy — 0.0% |  |
| Enviva LLC, Escrow Certificates<sup>(7)(18)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2538000 | $0 |
| Total Miscellaneous<br> (identified cost $0) |  | **$0** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 11.3% |  |  |
| Affiliated Fund — 9.1% | Affiliated Fund — 9.1% | Affiliated Fund — 9.1% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(19)</sup> | 110595346 | $110595346 |
| Total Affiliated Fund<br> (identified cost $110,595,346) |  | **$110595346** |
| Securities Lending Collateral — 2.2% | Securities Lending Collateral — 2.2% | Securities Lending Collateral — 2.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(20)</sup> | 27103490 | $27103490 |
| Total Securities Lending Collateral<br> (identified cost $27,103,490) |  | **$27103490** |
| Total Short-Term Investments<br> (identified cost $137,698,836) |  | **$137698836** |
| Total Investments — 107.7%<br> (identified cost $1,303,606,700) |  | **$1308586156** |
| Less Unfunded Loan Commitments — (0.0)%<sup>†</sup> |  | $**(100000)** |

---

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

---

| | |
|:---|:---|
| Net Investments — 107.7%<br> (identified cost $1,303,506,700) | **$1308486156** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — (7.7)% | **$(93520926)** |
| Net Assets — 100.0% | **$1214965230** |

---

---

| | |
|:---|:---|
| 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 September 30, 2025, the aggregate value of these securities is $510,096,730 or 42.0% of the Fund's net assets. |
| <sup>(2)</sup> | Step coupon security. Interest rate represents the rate in effect at<br> September 30, 2025. |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

<sup>(3)</sup> Variable rate security. The stated interest rate represents the rate in effect at September 30, 2025.

<sup>(4)</sup> Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 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 September 30, 2025.

<sup>(6)</sup> When-issued, variable rate security whose interest rate will be determined after September 30, 2025.

<sup>(7)</sup> Non-income producing security.

<sup>(8)</sup> Restricted security. Total market value of restricted securities amounts to $3,439,315, which represents 0.3% of the net assets of the Fund as of September 30, 2025.

<sup>(9)</sup> All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $44,692,874.

<sup>(10)</sup> Security converts to variable rate after the indicated fixed-rate coupon period.

<sup>(11)</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 September 30, 2025, the aggregate value of these securities is $39,764,066 or 3.2% of the Fund's net assets.

<sup>(12)</sup> Perpetual security with no stated maturity date but may be subject to calls by the issuer.

<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> Unfunded or partially unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion, if any. At September 30, 2025, the total value of unfunded loan commitments is $100,081. See Note 1F for description.

<sup>(17)</sup> TBA (To Be Announced) securities are purchased or sold 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>(18)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(19)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of September 30, 2025.

<sup>(20)</sup> Represents investment of cash collateral received in connection with securities lending.

#### 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)** |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7256129 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4806987 | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1280) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127196 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83886 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677018 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124807 | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65249880 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12025189 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148842 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55595 | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124082823 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6023292 | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(28043) |
| DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052919 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324516 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &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; — |
| EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24722364 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493436 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280794229 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5623758 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24639371 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73592 | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| HUF | &nbsp;&nbsp;&nbsp;&nbsp;2003132873 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996084 | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13116911 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147055 | &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) |
| INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422340028 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783284 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50684) |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;8303565106 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6042472 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108127) |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840456 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45193 | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147416279 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7950612 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34068 | &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;203 | &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;159 | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327523 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5947496 | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962371 | &nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18632339 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872180 | &nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11780771 | &nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351059 | &nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33831232 | &nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20235 | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271502 | &nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8012383 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19632065 | &nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123629982 | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355563 | &nbsp;&nbsp;&nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33832030 | &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983155 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519535 | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506232 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060472 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969517 | &nbsp;&nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;8295837185 | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$365906** | &nbsp;&nbsp;&nbsp;&nbsp;**$(188293)** |

---

#### 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;173 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$36052930 | &nbsp;&nbsp;&nbsp;&nbsp;$13210 |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;1344 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146758501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26108) |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58296875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950379 |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122788359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239185 |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17212500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52983 |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26533813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19681 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1249330** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

#### Credit Default Swaps - Sell Protection (Centrally Cleared)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | &nbsp;&nbsp;**Notional<br> Amount<sup>\*</sup><br> (000's omitted)** | &nbsp;&nbsp;**Current<br> Market Annual<br> Fixed Rate\*\*\*** | &nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unamortized<br> Upfront<br> Receipts<br> (Payments)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| Markit CDX North America High Yield Index (CDX.NA.HY.44.V1) | &nbsp;&nbsp;$9270 &nbsp;&nbsp;5.00%<br> (pays quarterly)<sup>(1)</sup> | &nbsp;&nbsp;3.02% | &nbsp;&nbsp;6/20/30 | &nbsp;&nbsp;$745016 | &nbsp;&nbsp;$(493677) | &nbsp;&nbsp;$251339 |
| **Total** | &nbsp;&nbsp;**$9270** |  |  | &nbsp;&nbsp;**$745016** | &nbsp;&nbsp;**$(493677)** | &nbsp;&nbsp;**$251339** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
\* 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 September 30, 2025, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $9,270,000.

\*\* 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.

\*\*\* 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>(1)</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;$1000000 |
| 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;485071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$2485071** |

---

#### &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:** |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| CZK | – Czech Republic Koruna |
| 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 |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Schedule of Investments — continued

------

 <br> SGD – Singapore Dollar <br> USD – United States Dollar

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $1,186,080,954) - including<br> $44,692,874 of securities on loan | &nbsp;&nbsp;$1191047185 |
| Investments in securities of affiliated issuers, at value (identified cost $117,425,746) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117438971 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365906 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552353 |
| Cash denominated in foreign currency, at value (cost $171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
| Deposits for forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452004 |
| &nbsp;&nbsp;&nbsp;Centrally cleared derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644873 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33159734 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845406 |
| Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11065238 |
| Dividends and interest receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603715 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13309 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416777 |
| **Total assets** | &nbsp;&nbsp;**$1363030914** |
| Liabilities |  |
| Cash collateral due to broker | &nbsp;&nbsp;$90000 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188293 |
| Payable for variation margin on open centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11457619 |
| Payable for when-issued/delayed delivery/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106088017 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600409 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308703 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27103490 |
| 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;&nbsp;&nbsp;374587 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118144 |
| &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;48335 |
| &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;&nbsp;&nbsp;6487 |
| &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;416777 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261173 |
| **Total liabilities** | &nbsp;&nbsp;**$148065684** |
| **Net Assets** | &nbsp;&nbsp;**$1214965230** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1493593836 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278628606) |
| **Net Assets** | &nbsp;&nbsp;**$1214965230** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$204093313 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13214232 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.44 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$15.96 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$8179282 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530112 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.43 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$731959963 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47281251 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.48 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$270732672 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17485135 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.48 |

---

&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. |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $55,902) | &nbsp;&nbsp;$532343 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596381 |
| Interest income (net of foreign taxes withheld of $2,194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54393660 |
| Interest income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100139 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151300 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201835 |
| **Total investment income** | &nbsp;&nbsp;**$60975658** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$4109129 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232739 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489814 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73492 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57216 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43372 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628638 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225931 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73643 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116788 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94962 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75059 |
| **Total expenses** | &nbsp;&nbsp;**$7220783** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(236255) |
| **Net expenses** | &nbsp;&nbsp;**$6984528** |
| **Net investment income** | &nbsp;&nbsp;**$53991130** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(140806) |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536212) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10758964) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522528 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48475 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034961 |
| **Net realized loss** | &nbsp;&nbsp;**$(9830018)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15189083 |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69249 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057580 |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251339 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24814 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302188 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$16894253** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$7064235** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$61055365** |

---

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &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;$53991130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45989031 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9830018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5414607) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16894253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75211655 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$61055365** | &nbsp;&nbsp;**$115786079** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9852894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(10225602) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269751) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32005227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28501072) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11565685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6700234) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(53738201)** | &nbsp;&nbsp;**$(45696659)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5705193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3337870) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012065 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161179082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7403347) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86951639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173041723 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$255059288** | &nbsp;&nbsp;**$163312571** |
| **Net increase in net assets** | &nbsp;&nbsp;**$262376452** | &nbsp;&nbsp;**$233401991** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$952588778 | &nbsp;&nbsp;$719186787 |
| **At end of year** | &nbsp;&nbsp;**$1214965230** | &nbsp;&nbsp;**$952588778** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$15.40 | &nbsp;&nbsp;$14.12 | &nbsp;&nbsp;$14.36 | &nbsp;&nbsp;$17.98 | &nbsp;&nbsp;$17.37 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.76 | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;$0.70 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$0.49 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.80** | &nbsp;&nbsp;**$2.07** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$(3.11)** | &nbsp;&nbsp;**$1.10** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.79) | &nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.49) |
| **Total distributions** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.49)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.44** | &nbsp;&nbsp;**$15.40** | &nbsp;&nbsp;**$14.12** | &nbsp;&nbsp;**$14.36** | &nbsp;&nbsp;**$17.98** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.14%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17.56)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.41%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$204093 | &nbsp;&nbsp;$197783 | &nbsp;&nbsp;$184563 | &nbsp;&nbsp;$196638 | &nbsp;&nbsp;$272840 |
| 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;0.91% | &nbsp;&nbsp;&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;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&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;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(4)</sup> | &nbsp;&nbsp;&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;&nbsp;&nbsp;0.91%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

&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 0.02% of average daily net assets for the year ended September 30, 2025, less than 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

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

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$15.39 | &nbsp;&nbsp;$14.11 | &nbsp;&nbsp;$14.34 | &nbsp;&nbsp;$17.96 | &nbsp;&nbsp;$17.36 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.65 | &nbsp;&nbsp;$0.69 | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.69** | &nbsp;&nbsp;**$1.96** | &nbsp;&nbsp;**$0.36** | &nbsp;&nbsp;**$(3.23)** | &nbsp;&nbsp;**$0.96** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.65) | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(0.36) |
| **Total distributions** | &nbsp;&nbsp;**$(0.65)** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.43** | &nbsp;&nbsp;**$15.39** | &nbsp;&nbsp;**$14.11** | &nbsp;&nbsp;**$14.34** | &nbsp;&nbsp;**$17.96** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.63%** | &nbsp;&nbsp;&nbsp;&nbsp;**14.21%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44%** | &nbsp;&nbsp;&nbsp;&nbsp;**(18.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.55%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$8179 | &nbsp;&nbsp;$6923 | &nbsp;&nbsp;$5402 | &nbsp;&nbsp;$5613 | &nbsp;&nbsp;$8218 |
| 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;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68%<sup>(4)</sup> | &nbsp;&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;1.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

&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 0.02% of average daily net assets for the year ended September 30, 2025, less than 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

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

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$15.44 | &nbsp;&nbsp;$14.15 | &nbsp;&nbsp;$14.39 | &nbsp;&nbsp;$18.02 | &nbsp;&nbsp;$17.41 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.80 | &nbsp;&nbsp;$0.84 | &nbsp;&nbsp;$0.73 | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.53 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.84** | &nbsp;&nbsp;**$2.12** | &nbsp;&nbsp;**$0.50** | &nbsp;&nbsp;**$(3.07)** | &nbsp;&nbsp;**$1.15** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.80) | &nbsp;&nbsp;$(0.83) | &nbsp;&nbsp;$(0.74) | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.54) |
| **Total distributions** | &nbsp;&nbsp;**$(0.80)** | &nbsp;&nbsp;**$(0.83)** | &nbsp;&nbsp;**$(0.74)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.54)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.48** | &nbsp;&nbsp;**$15.44** | &nbsp;&nbsp;**$14.15** | &nbsp;&nbsp;**$14.39** | &nbsp;&nbsp;**$18.02** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17.36)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.66%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$731960 | &nbsp;&nbsp;$566650 | &nbsp;&nbsp;$529174 | &nbsp;&nbsp;$463602 | &nbsp;&nbsp;$502756 |
| 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;0.66% | &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;0.68% | &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;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<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;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% |

---

&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 0.02% of average daily net assets for the year ended September 30, 2025, less than 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

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

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2023<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2023<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$15.44 | &nbsp;&nbsp;$14.15 | &nbsp;&nbsp;$15.30 |
| Income (Loss) From Operations |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.81 | &nbsp;&nbsp;$0.85 | &nbsp;&nbsp;$0.51 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.85** | &nbsp;&nbsp;**$2.13** | &nbsp;&nbsp;**$(0.64)** |
| Less Distributions |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.81) | &nbsp;&nbsp;$(0.84) | &nbsp;&nbsp;$(0.51) |
| **Total distributions** | &nbsp;&nbsp;**$(0.81)** | &nbsp;&nbsp;**$(0.84)** | &nbsp;&nbsp;**$(0.51)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$15.48** | &nbsp;&nbsp;**$15.44** | &nbsp;&nbsp;**$14.15** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.46%** | &nbsp;&nbsp;&nbsp;&nbsp;**(4.22)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$270733 | &nbsp;&nbsp;$181233 | &nbsp;&nbsp;$48 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>(6)(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &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;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%<sup>(6)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153%<sup>(8)(9)</sup> |

---

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

<sup>(1)</sup> For the period from the commencement of operations, February 1, 2023, to September 30, 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 and in other affiliated funds (equal to 0.02% of average daily net assets for the year ended September 30, 2025, less than 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the period ended September 30, 2023).

<sup>(8)</sup> Includes the effect of To Be Announced (TBA) transactions.

<sup>(9)</sup> For the year ended September 30, 2023.

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Income Fund (the Fund) is a diversified series of The Calvert Fund (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 to maximize income, to the extent consistent with preservation of capital, through investment in bonds and income-producing securities. The Fund invests primarily in investment grade, U.S. dollar-denominated debt securities.

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:

**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.**

**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.**

**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_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 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 September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3<sup>(1)</sup>** | &nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$124907849 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$124907849 |
| 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;&nbsp;&nbsp;&nbsp;72644383 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72644383 |
| 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;&nbsp;&nbsp;&nbsp;72825405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72825405 |
| 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;1413615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413615 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;7835147 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7835147 |
| Corporate 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;573465646 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573465646 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817925 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;2025700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025700 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592998 |
| 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;&nbsp;&nbsp;&nbsp;56255436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56255436 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;3206818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206818 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;170514198 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170514198 |
| 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;&nbsp;&nbsp;75282200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75282200 |
| 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;&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;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;110595346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110595346 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27103490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27103490 |
| **Total Investments** | &nbsp;&nbsp;**$148109759** | &nbsp;&nbsp;**$1160376397** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$1308486156** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$365906 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$365906 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275438 |
| 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;&nbsp;745016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745016 |
| **Total** | &nbsp;&nbsp;**$149385197** | &nbsp;&nbsp;**$1161487319** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$1310872516** |

---

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 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;$— | &nbsp;&nbsp;$(188293) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(188293) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26108) |
| **Total** | &nbsp;&nbsp;**$(26108)** | &nbsp;&nbsp;**$(188293)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(214401)** |

---

<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 fiscal year ended September 30, 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. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends and interest, 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. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income.

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 September 30, 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.

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 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 Income 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.

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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.

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— During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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 following annual rates 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 and including $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.400% |
| Over $2 billion up to and including $7.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.375% |
| Over $7.5 billion up to and including $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.350% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.325% |

---

For the year ended September 30, 2025, the investment advisory fee amounted to $4,109,129 or 0.40% 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, 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 September 30, 2025, the investment advisory fee paid was reduced by $236,255 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 0.95%, 1.70%, 0.70% 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 February 1, 2026. For the year ended September 30, 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 September 30, 2025, CRM was paid administrative fees of $1,232,739.

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

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 2025 amounted to $489,814 and $73,492 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $14,607 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 2025. The Fund was also informed that EVD received $3,039 and $5,277 of contingent deferred sales charges paid by each of 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 September 30, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $39,946 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 $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) 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 September 30, 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 maturities, paydowns and principal repayments on senior floating-rate loans, were $808,494,431 and $707,222,482, respectively. Purchases and sales of U.S. government and agency securities, including paydowns and TBA transactions, were $2,759,168,196 and $2,678,185,394, respectively.

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$53738201 | &nbsp;&nbsp;&nbsp;&nbsp;$45696659 |

---

During the year ended September 30, 2025, accumulated loss was increased by $172,930 and paid-in capital was increased by $172,930 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 September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$786013 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284214399) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108483 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308703) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(278628606)** |

---

At September 30, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $284,214,399 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.

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 2025, $7,165,337 are short-term and $277,049,062 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$1303433945** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$24870317 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19775873) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$5094444** |

---

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, swap contracts and futures 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 September 30, 2025 is included in the Schedule of Investments. At September 30, 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 September 30, 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 September 30, 2025, the Fund entered into forward foreign currency exchange contracts to seek to hedge against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: During the year ended September 30, 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 September 30, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $188,293. The aggregate fair value of assets pledged as collateral by the Fund for such liability was $30,000 at September 30, 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") with its derivative counterparties. The ISDA Master Agreement is a bilateral agreement between the Fund and the 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 ISDA Master Agreement. Under the 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 counterparty 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, 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 the 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 the 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. 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

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 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 September 30, 2025.

At September 30, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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** |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$745016<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1275438<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$2020454 |
| 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;&nbsp;365906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365906 |
| **Total Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**$745016** | &nbsp;&nbsp;&nbsp;&nbsp;**$365906** | &nbsp;&nbsp;&nbsp;&nbsp;**$1275438** | &nbsp;&nbsp;&nbsp;&nbsp;**$2386360** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$745016** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1275438** | &nbsp;&nbsp;&nbsp;&nbsp;**$2020454** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$365906** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$365906** |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(26108)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(26108) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188293) |
| **Total Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(188293)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(26108)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(214401)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(26108)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(26108)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(188293)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(188293)** |

---

&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 and centrally cleared swap 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 September 30, 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>** |
| Bank of America, N.A. | &nbsp;&nbsp;$53388 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(53388) | &nbsp;&nbsp;$— |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38605 |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22126 |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12440 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;138232 | &nbsp;&nbsp;&nbsp;&nbsp;(138232) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| State Street Bank and Trust Company | &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;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;100921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28043) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72878 |
|  | &nbsp;&nbsp;**$365906** | &nbsp;&nbsp;**$(166439)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(53388)** | &nbsp;&nbsp;**$146079** |

---

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 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>** |
| BNP Paribas | &nbsp;&nbsp;$(1351) | &nbsp;&nbsp;$143 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1208) |
| Goldman Sachs International | &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;21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;(158811) | &nbsp;&nbsp;&nbsp;&nbsp;138232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;20579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28043 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;**$(188293)** | &nbsp;&nbsp;**$166439** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$20579** | &nbsp;&nbsp;**$(1275)** |

---

<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 September 30, 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;$1034961 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1034961 |
| &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;(10758964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10758964) |
| &nbsp;&nbsp;&nbsp;Swap contracts (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522528 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$522528** | &nbsp;&nbsp;&nbsp;&nbsp;**$1034961** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10758964)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9201475)** |
| Change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$302188 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$302188 |
| &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;&nbsp;&nbsp;&nbsp;1057580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057580 |
| &nbsp;&nbsp;&nbsp;Swap contracts (centrally cleared) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251339 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$251339** | &nbsp;&nbsp;&nbsp;&nbsp;**$302188** | &nbsp;&nbsp;&nbsp;&nbsp;**$1057580** | &nbsp;&nbsp;&nbsp;&nbsp;**$1611107** |

---

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended September 30, 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;$313396000 | &nbsp;&nbsp;&nbsp;&nbsp;$5638000 | &nbsp;&nbsp;&nbsp;&nbsp;$26832000 | &nbsp;&nbsp;&nbsp;&nbsp;$5527000 |

---

&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.

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 2025, the total value of securities on loan, including accrued interest, was $45,365,324 and the total value of collateral received was $46,592,242, comprised of cash of $27,103,490 and U.S. government and/or agencies securities of $19,488,752.

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 September 30, 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;$761745 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$761745 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;26341745 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;26341745 |
| **Total** | &nbsp;&nbsp;**$27103490** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$27103490** |

---

The carrying amount of the liability for deposits for securities loaned at September 30, 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 September 30, 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 21, 2025. 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 2024, 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 September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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.

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

At September 30, 2025, the value of the Fund's investment in the Notes and in funds that may be deemed to be affiliated was $117,438,971, which represents 9.7% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Interest/<br> Dividend<br> income** | **Principal amount ($)/<br> Shares,<br> end of period** |
| **Exchange-Traded Funds** |  |  |  |  |  |  |  |  |
| Calvert Ultra-Short Investment Grade ETF | $2535000 | $2289150 | $— | $— | $(6225) | $4817925 | $159978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 |
| **High Social Impact Investments** |  |  |  |  |  |  |  |  |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 1013790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1530) | &nbsp;&nbsp;&nbsp; 1012260 | &nbsp;&nbsp;&nbsp; 50000 | $1000000 |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 1015060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1620) | &nbsp;&nbsp;&nbsp; 1013440 | &nbsp;&nbsp;&nbsp; 50139 | $1000000 |
| **Mutual Funds** | **Mutual Funds** | **Mutual Funds** |  |  |  |  |  |  |
| Calvert Floating-Rate Advantage Fund, Class R6 | &nbsp;&nbsp;&nbsp;15092039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14634451) | &nbsp;&nbsp;&nbsp;(536212) | &nbsp;&nbsp;&nbsp;78624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 616193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;17083242 | &nbsp;&nbsp;&nbsp;654622276 | &nbsp;&nbsp;&nbsp;(561110172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;110595346 | &nbsp;&nbsp;&nbsp;4820210 | &nbsp;&nbsp;&nbsp;110595346 |
| **Total** |  |  |  | **$(536212)** | **$69249** | **$117438971** | **$5696520** |  |

---

&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> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;2097614 | &nbsp;&nbsp;&nbsp;&nbsp;$31721046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361231 | &nbsp;&nbsp;&nbsp;&nbsp;$20185064 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132170 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2305131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34776343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2206489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32655104) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**371247** | &nbsp;&nbsp;&nbsp;&nbsp;**$5705193** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(228183)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3337870)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213068 | &nbsp;&nbsp;&nbsp;&nbsp;$3228673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145999 | &nbsp;&nbsp;&nbsp;&nbsp;$2182863 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254408 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2304963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1425206) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80161** | &nbsp;&nbsp;&nbsp;&nbsp;**$1223374** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67041** | &nbsp;&nbsp;&nbsp;&nbsp;**$1012065** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21491238 | &nbsp;&nbsp;&nbsp;&nbsp;$325979518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16342941 | &nbsp;&nbsp;&nbsp;&nbsp;$242280021 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29706447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26656310 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(12877759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194506883) | &nbsp;&nbsp;&nbsp;&nbsp;(18819612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276339678) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10570663** | &nbsp;&nbsp;&nbsp;&nbsp;**$161179082** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(678669)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7403347)** |

---

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;7929537 | &nbsp;&nbsp;&nbsp;&nbsp;$119959887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13328714 | &nbsp;&nbsp;&nbsp;&nbsp;$196878044 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11436577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681448 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2936411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44444825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2038929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30517769) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5746122** | &nbsp;&nbsp;&nbsp;&nbsp;**$86951639** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11735629** | &nbsp;&nbsp;&nbsp;&nbsp;**$173041723** |

---

------

[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Income Fund and Board of Trustees of The Calvert Fund:

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 Income Fund (the "Fund"), one of the funds constituting The Calvert Fund, as of September 30, 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 September 30, 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 September 30, 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

November 20, 2025

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

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show 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 September 30, 2025, the Fund designates approximately $86,240, 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 September 30, 2025, the Fund designates 88.42% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

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The Calvert Fund held a Special Meeting of Shareholders on June 16, 2025 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the The Calvert Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Trustee** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;244920859 | &nbsp;&nbsp;2717563 |
| Von M. Hughes | &nbsp;&nbsp;242676853 | &nbsp;&nbsp;4961569 |
| Kim M. Keenan | &nbsp;&nbsp;244897013 | &nbsp;&nbsp;2741410 |
| Eddie Ramos | &nbsp;&nbsp;242768927 | &nbsp;&nbsp;4869495 |
| Carlton M. Waterhouse | &nbsp;&nbsp;242776862 | &nbsp;&nbsp;4861560 |

---

Results are rounded to the nearest whole number.

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Board of Trustees' Contract Approval

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Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Trustees reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Trustees were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Trustees reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

• A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices;

• For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for the Adviser with respect to each fund;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;

• Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

*Information about the Adviser*

• Reports detailing the financial results and condition of CRM;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Board of Trustees' Contract Approval

------

*Other Relevant Information*

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and

• The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Trustees were assisted throughout the contract review process by their independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Trustees, concluded that the continuation of the investment advisory agreement of Calvert Income Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and a comparative benchmark index. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31,

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

Calvert

Income Fund

September 30, 2025

Board of Trustees' Contract Approval

------

2024. This performance data indicated that the Fund had outperformed the median of the Fund's peer universe and its benchmark index for the one-, three- and five-year periods ended December 31, 2024. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its benchmark index.

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (referred to collectively as "management fees") and the Fund's total expenses were each above the respective median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board also took into account the breakpoints in the advisory fee schedule for the Fund that would reduce the advisory fee rate on assets above specific asset levels. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

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[**Table of Contents**](#JOB_Calve_edd009b5-c800-4874-be24-f8f3b2298c5d_TOC)

CFICX-NCSR 9.30.25

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![](g38842img2c4c6a6c1.gif)

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## Calvert

## High Yield Bond Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g38842img6cef5a982.gif)

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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 September 30, 2025
Calvert

High Yield Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_3d21c5d3-bb5b-4f6d-8747-0084fcd53a5b_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_e629d640-8da4-429d-9813-feddf1c4f49b_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_e629d640-8da4-429d-9813-feddf1c4f49b_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_f7175b6c-21b0-42cb-8d47-6eef30dc6f98_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_f7175b6c-21b0-42cb-8d47-6eef30dc6f98_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_f7175b6c-21b0-42cb-8d47-6eef30dc6f98_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_7de6e77f-0959-4a9d-a479-0064185c62af_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_0a5ed575-a829-4b9a-b538-e9ba98e9ba1d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_7da0ba17-6d69-42e8-8bb5-673811142397_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| [Federal Tax Information](#xx_9d737219-c5bb-425b-baa4-6925d9f8dfd0_1) | &nbsp;&nbsp;27 |
| [Item 9 of Form N-CSR:](#xx_44059892-a10e-432a-b407-a2238239e231_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_44059892-a10e-432a-b407-a2238239e231_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| [Item 11 of Form N-CSR:](#xx_c60a9fca-a96e-4c19-8604-44e4a09da938_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_c60a9fca-a96e-4c19-8604-44e4a09da938_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Schedule of Investments

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Common Stocks — 0.6%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Environmental — 0.4% | Environmental — 0.4% | Environmental — 0.4% |
| GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47500 | $2250550 |
|  |  | **$2250550** |
| Paper — 0.2% | Paper — 0.2% | Paper — 0.2% |
| Enviva LLC<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46181 | $808167 |
|  |  | **$808167** |
| Total Common Stocks<br> (identified cost $1,425,142) |  | **$3058717** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Convertible Bonds — 0.3%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Homebuilders/Real Estate — 0.3% | Homebuilders/Real Estate — 0.3% | Homebuilders/Real Estate — 0.3% |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | $1531377 |
| Total Convertible Bonds<br> (identified cost $1,480,226) |  | **$1531377** |

---

Corporate Bonds — 89.7%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Aerospace — 1.7% | Aerospace — 1.7% | Aerospace — 1.7% |
| Amentum Holdings, Inc., 7.25%, 8/1/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682 | $2787030 |
| Axon Enterprise, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 3/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp; 489025 |
| &nbsp;&nbsp;&nbsp;6.25%, 3/15/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp; 371447 |
| Moog, Inc., 4.25%, 12/15/27<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 | &nbsp;&nbsp; 1338761 |
| Science Applications International Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 4/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434 | &nbsp;&nbsp; 2411468 |
| &nbsp;&nbsp;&nbsp;5.875%, 11/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp; 905847 |
|  |  | **$8303578** |
| Automotive & Auto Parts — 3.0% | Automotive & Auto Parts — 3.0% | Automotive & Auto Parts — 3.0% |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 | $2317864 |
| Clarios Global LP/Clarios U.S. Finance Co.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 2/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238 | &nbsp;&nbsp;&nbsp;&nbsp;3347461 |
| &nbsp;&nbsp;&nbsp;6.75%, 9/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp;1324507 |
| Ford Motor Co., 4.75%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp;1682455 |
| Ford Motor Credit Co. LLC, 7.20%, 6/10/30<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1390385 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp;1457454 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp;3735739 |
|  |  | **$15255865** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Broadcasting — 0.7% | Broadcasting — 0.7% | Broadcasting — 0.7% | Broadcasting — 0.7% |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 | $1734219 |
| Univision Communications, Inc., 9.375%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp; 1151828 |
| Warnermedia Holdings, Inc., 5.05%, 3/15/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp; 829305 |
|  |  |  | **$3715352** |
| Building Materials — 4.8% | Building Materials — 4.8% | Building Materials — 4.8% | Building Materials — 4.8% |
| AmeriTex HoldCo Intermediate LLC, 7.625%, 8/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | $2520995 |
| Builders FirstSource, Inc., 6.375%, 3/1/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp; 3609746 |
| CP Atlas Buyer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 7/15/30<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;1241134 |
| &nbsp;&nbsp;&nbsp;12.75%, (7.00% cash and 5.75% PIK), 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp;1562250 |
| JH North America Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 1/31/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093 | &nbsp;&nbsp;&nbsp;&nbsp;2126916 |
| &nbsp;&nbsp;&nbsp;6.125%, 7/31/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776034 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088 | &nbsp;&nbsp;&nbsp;&nbsp;2160581 |
| Park River Holdings, Inc., 8.00%, 3/15/31<sup>(3)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638404 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;3347839 |
| Standard Industries, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 11/21/26<sup>(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990690 |
| &nbsp;&nbsp;&nbsp;3.375%, 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp;1016117 |
| &nbsp;&nbsp;&nbsp;4.375%, 7/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp;2041666 |
| &nbsp;&nbsp;&nbsp;4.75%, 1/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1984447 |
|  |  |  | **$24016819** |
| Cable/Satellite TV — 2.4% | Cable/Satellite TV — 2.4% | Cable/Satellite TV — 2.4% | Cable/Satellite TV — 2.4% |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 2/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | $1093322 |
| &nbsp;&nbsp;&nbsp;4.25%, 1/15/34<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp;1707881 |
| &nbsp;&nbsp;&nbsp;4.50%, 8/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;1487579 |
| &nbsp;&nbsp;&nbsp;4.75%, 3/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129 | &nbsp;&nbsp;&nbsp;&nbsp;3004926 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991195 |
| &nbsp;&nbsp;&nbsp;5.375%, 6/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682938 |
| CSC Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604399 |
| &nbsp;&nbsp;&nbsp;4.125%, 12/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398644 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702995 |
| &nbsp;&nbsp;&nbsp;11.75%, 1/31/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp;1174830 |
|  |  |  | **$11848709** |
| Capital Goods — 3.9% | Capital Goods — 3.9% | Capital Goods — 3.9% | Capital Goods — 3.9% |
| Arcosa, Inc., 6.875%, 8/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | $2388552 |
| Calderys Financing II LLC, 11.75%, (11.75% cash or 12.50% PIK), 6/1/28<sup>(3)(7)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | &nbsp;&nbsp;&nbsp;&nbsp;1650179 |
| Calderys Financing LLC, 11.25%, 6/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2123156 |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;1489365 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 | &nbsp;&nbsp;&nbsp;&nbsp;3184342 |
| Esab Corp., 6.25%, 4/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp;1588086 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp;1632675 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Capital Goods (continued) | Capital Goods (continued) | Capital Goods (continued) | Capital Goods (continued) |
| Madison IAQ LLC, 5.875%, 6/30/29<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | $2063563 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp; 3241113 |
|  |  |  | **$19361031** |
| Chemicals — 3.9% | Chemicals — 3.9% | Chemicals — 3.9% | Chemicals — 3.9% |
| Avient Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 11/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | $884158 |
| &nbsp;&nbsp;&nbsp;7.125%, 8/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183 | &nbsp;&nbsp; 2245135 |
| Celanese U.S. Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 4/15/30<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503682 |
| &nbsp;&nbsp;&nbsp;7.20%, 11/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278 | &nbsp;&nbsp;&nbsp;&nbsp;2369696 |
| Compass Minerals International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 12/1/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;&nbsp;1046818 |
| &nbsp;&nbsp;&nbsp;8.00%, 7/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp;1328454 |
| Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716958 |
| Olympus Water U.S. Holding Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1014410 |
| &nbsp;&nbsp;&nbsp;7.25%, 2/15/33<sup>(3)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 | &nbsp;&nbsp;&nbsp;&nbsp;3475783 |
| &nbsp;&nbsp;&nbsp;9.75%, 11/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327 | &nbsp;&nbsp;&nbsp;&nbsp;3493766 |
| SNF Group SACA: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 2/1/29<sup>(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp;1482983 |
| &nbsp;&nbsp;&nbsp;2.625%, 2/1/29<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115049 |
| WR Grace Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 6/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764197 |
| &nbsp;&nbsp;&nbsp;7.375%, 3/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347010 |
|  |  |  | **$19788099** |
| Consumer Products — 2.2% | Consumer Products — 2.2% | Consumer Products — 2.2% | Consumer Products — 2.2% |
| Acushnet Co., 7.375%, 10/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 | $2762411 |
| Edgewell Personal Care Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 4/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;1269798 |
| &nbsp;&nbsp;&nbsp;5.50%, 6/1/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953443 |
| Somnigroup International, Inc., 3.875%, 10/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110 | &nbsp;&nbsp;&nbsp;&nbsp;3769559 |
| Spectrum Brands, Inc., 3.875%, 3/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;2479832 |
|  |  |  | **$11235043** |
| Containers — 2.6% | Containers — 2.6% | Containers — 2.6% | Containers — 2.6% |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/29<sup>(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | $923523 |
| &nbsp;&nbsp;&nbsp;4.00%, 9/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;1854496 |
| Ball Corp., 6.875%, 3/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817936 |
| Canpack SA/Canpack U.S. LLC, 3.875%, 11/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp;1677447 |
| Clydesdale Acquisition Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 4/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp;1562478 |
| &nbsp;&nbsp;&nbsp;8.75%, 4/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp;2576652 |
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;1160103 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Containers (continued) | Containers (continued) | Containers (continued) |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, 5/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | $2249336 |
|  |  | **$12821971** |
| Diversified Financial Services — 6.8% | Diversified Financial Services — 6.8% | Diversified Financial Services — 6.8% |
| Ally Financial, Inc., 4.70% to 5/15/26<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959 | $2886483 |
| Azorra Finance Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 1/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp; 1047966 |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp; 918214 |
| Boost Newco Borrower LLC, 7.50%, 1/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp; 1615815 |
| CI Financial Corp., 4.10%, 6/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798467 |
| Compass Group Diversified Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 1/15/32<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657897 |
| &nbsp;&nbsp;&nbsp;5.25%, 4/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp;1322801 |
| CrossCountry Intermediate HoldCo LLC, 6.50%, 10/1/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp;2462078 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp;2743860 |
| Focus Financial Partners LLC, 6.75%, 9/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;2380733 |
| Hightower Holding LLC, 9.125%, 1/31/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;2128051 |
| MSCI, Inc., 3.875%, 2/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;1375431 |
| Phoenix Aviation Capital Ltd., 9.25%, 7/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp;2427924 |
| Rocket Cos., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 8/1/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;1088678 |
| &nbsp;&nbsp;&nbsp;6.375%, 8/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;1643049 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 3/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699 | &nbsp;&nbsp;&nbsp;&nbsp;1621741 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/33<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724813 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 8/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 | &nbsp;&nbsp;&nbsp;&nbsp;1895398 |
| UWM Holdings LLC, 6.25%, 3/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp;1241840 |
| Walker & Dunlop, Inc., 6.625%, 4/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp;3106252 |
|  |  | **$34087491** |
| Diversified Media — 2.2% | Diversified Media — 2.2% | Diversified Media — 2.2% |
| Arches Buyer, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 6/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | $554158 |
| &nbsp;&nbsp;&nbsp;6.125%, 12/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp;1464905 |
| Cars.com, Inc., 6.375%, 11/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp;1961810 |
| Clear Channel Outdoor Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 2/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp;1127487 |
| &nbsp;&nbsp;&nbsp;7.50%, 3/15/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428977 |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp;1046028 |
| &nbsp;&nbsp;&nbsp;7.875%, 4/1/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695597 |
| Snap, Inc., 6.875%, 3/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;2174308 |
| Stagwell Global LLC, 5.625%, 8/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | &nbsp;&nbsp;&nbsp;&nbsp;1387406 |
|  |  | **$10840676** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Energy — 0.3% | Energy — 0.3% | Energy — 0.3% |
| WBI Operating LLC: |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 10/15/30<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | $890000 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/33<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp; 725000 |
|  |  | **$1615000** |
| Entertainment/Film — 0.3% | Entertainment/Film — 0.3% | Entertainment/Film — 0.3% |
| Cinemark USA, Inc., 5.25%, 7/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | $1509948 |
|  |  | **$1509948** |
| Environmental — 1.7% | Environmental — 1.7% | Environmental — 1.7% |
| Clean Harbors, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 7/15/27<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $499998 |
| &nbsp;&nbsp;&nbsp;5.125%, 7/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992560 |
| &nbsp;&nbsp;&nbsp;6.375%, 2/1/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286972 |
| GFL Environmental, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 9/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631 | &nbsp;&nbsp;&nbsp;&nbsp;1592481 |
| &nbsp;&nbsp;&nbsp;4.00%, 8/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1465868 |
| &nbsp;&nbsp;&nbsp;4.75%, 6/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp;1327947 |
| Reworld Holding Corp., 4.875%, 12/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948 | &nbsp;&nbsp;&nbsp;&nbsp;1833804 |
| Wrangler Holdco Corp., 6.625%, 4/1/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589636 |
|  |  | **$8589266** |
| Food & Drug Retail — 0.9% | Food & Drug Retail — 0.9% | Food & Drug Retail — 0.9% |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 2/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | $2073661 |
| &nbsp;&nbsp;&nbsp;5.875%, 2/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp;2297672 |
|  |  | **$4371333** |
| Food, Beverage & Tobacco — 4.7% | Food, Beverage & Tobacco — 4.7% | Food, Beverage & Tobacco — 4.7% |
| BellRing Brands, Inc., 7.00%, 3/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 | $2100694 |
| Chobani Holdco II LLC, 9.50% PIK to 4/1/26, 10/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp;4587582 |
| Chobani LLC/Chobani Finance Corp., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;1502739 |
| &nbsp;&nbsp;&nbsp;7.625%, 7/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;1894854 |
| Darling Ingredients, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 4/15/27<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499294 |
| &nbsp;&nbsp;&nbsp;6.00%, 6/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718559 |
| Froneri Lux FinCo SARL, 6.00%, 8/1/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;1754216 |
| Performance Food Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 8/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp;2427289 |
| &nbsp;&nbsp;&nbsp;6.125%, 9/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;1320922 |
| Pilgrim's Pride Corp., 3.50%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1832267 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., 6.25%, 4/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 | &nbsp;&nbsp;&nbsp;&nbsp;1456916 |
| U.S. Foods, Inc., 4.75%, 2/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp;2455628 |
| Viking Baked Goods Acquisition Corp., 8.625%, 11/1/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773094 |
|  |  | **$23324054** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Healthcare — 9.2% | Healthcare — 9.2% | Healthcare — 9.2% | Healthcare — 9.2% |
| AHP Health Partners, Inc., 5.75%, 7/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | $470859 |
| AMN Healthcare, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 4/15/29<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp; 975161 |
| &nbsp;&nbsp;&nbsp;4.625%, 10/1/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp; 122027 |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp; 6502008 |
| Avantor Funding, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 7/15/28<sup>(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 703443 |
| &nbsp;&nbsp;&nbsp;4.625%, 7/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp; 1006233 |
| Concentra Health Services, Inc., 6.875%, 7/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;1248598 |
| Encompass Health Corp., 4.75%, 2/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp;1233563 |
| Fortrea Holdings, Inc., 7.50%, 7/1/30<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;1163430 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2059870 |
| HealthEquity, Inc., 4.50%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp;2447576 |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 4/30/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765882 |
| IQVIA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 5/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592887 |
| &nbsp;&nbsp;&nbsp;6.25%, 6/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;1672760 |
| LifePoint Health, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 1/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679 | &nbsp;&nbsp;&nbsp;&nbsp;2554239 |
| &nbsp;&nbsp;&nbsp;10.00%, 6/1/32<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678030 |
| Medline Borrower LP, 5.25%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489 | &nbsp;&nbsp;&nbsp;&nbsp;5445600 |
| Molina Healthcare, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 11/15/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp;2317166 |
| &nbsp;&nbsp;&nbsp;3.875%, 5/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684735 |
| &nbsp;&nbsp;&nbsp;6.25%, 1/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570779 |
| Option Care Health, Inc., 4.375%, 10/31/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp;2285891 |
| Perrigo Finance Unlimited Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 6/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;1976245 |
| &nbsp;&nbsp;&nbsp;4.90%, 12/15/44 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414972 |
| Prestige Brands, Inc., 3.75%, 4/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp;1031522 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp;1728902 |
| Team Health Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 6/30/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824071 |
| &nbsp;&nbsp;&nbsp;13.50%, (9.00% cash and 4.50% PIK), 6/30/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;1604688 |
| U.S. Acute Care Solutions LLC, 9.75%, 5/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;2415447 |
| Varex Imaging Corp., 7.875%, 10/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555589 |
|  |  |  | **$46052173** |
| Homebuilders/Real Estate — 5.9% | Homebuilders/Real Estate — 5.9% | Homebuilders/Real Estate — 5.9% | Homebuilders/Real Estate — 5.9% |
| Ashton Woods USA LLC/Ashton Woods Finance Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 8/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | $299033 |
| &nbsp;&nbsp;&nbsp;4.625%, 4/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;1899988 |
| Cushman & Wakefield U.S. Borrower LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 5/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 | &nbsp;&nbsp;&nbsp;&nbsp;2052088 |
| &nbsp;&nbsp;&nbsp;8.875%, 9/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp;1663050 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489 | &nbsp;&nbsp;&nbsp;&nbsp;5806868 |
| K Hovnanian Enterprises, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 4/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749030 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Homebuilders/Real Estate (continued) | Homebuilders/Real Estate (continued) | Homebuilders/Real Estate (continued) | Homebuilders/Real Estate (continued) |
| K Hovnanian Enterprises, Inc.: (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 10/1/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | $748890 |
| KB Home: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 6/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp; 70489 |
| &nbsp;&nbsp;&nbsp;4.80%, 11/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp; 1438256 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp; 2282462 |
| New Home Co., Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.50%, 11/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp; 671395 |
| &nbsp;&nbsp;&nbsp;9.25%, 10/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794 | &nbsp;&nbsp;&nbsp;&nbsp;2937287 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 3/15/30<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp;2324062 |
| &nbsp;&nbsp;&nbsp;7.375%, 2/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp;1253114 |
| Taylor Morrison Communities, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 8/1/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;2303679 |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/28<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310531 |
| TopBuild Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 3/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959604 |
| &nbsp;&nbsp;&nbsp;4.125%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp;&nbsp;&nbsp;1924259 |
|  |  |  | **$29694085** |
| Insurance — 3.6% | Insurance — 3.6% | Insurance — 3.6% | Insurance — 3.6% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 10/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | $324507 |
| &nbsp;&nbsp;&nbsp;6.75%, 10/15/27<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251 | &nbsp;&nbsp;&nbsp;&nbsp;4263515 |
| &nbsp;&nbsp;&nbsp;7.00%, 1/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;1141556 |
| &nbsp;&nbsp;&nbsp;7.375%, 10/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237287 |
| AmWINS Group, Inc., 4.875%, 6/30/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp;&nbsp;&nbsp;2596711 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc., 7.50%, 7/15/33<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627 | &nbsp;&nbsp;&nbsp;&nbsp;3731244 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp;2464657 |
| Ryan Specialty LLC, 5.875%, 8/1/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212 | &nbsp;&nbsp;&nbsp;&nbsp;3250354 |
|  |  |  | **$18009831** |
| Leisure — 0.4% | Leisure — 0.4% | Leisure — 0.4% | Leisure — 0.4% |
| Motion Finco SARL, 8.375%, 2/15/32<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | $1803080 |
|  |  |  | **$1803080** |
| Metals/Mining — 1.7% | Metals/Mining — 1.7% | Metals/Mining — 1.7% | Metals/Mining — 1.7% |
| Constellium SE: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 7/15/29<sup>(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | $1317577 |
| &nbsp;&nbsp;&nbsp;3.75%, 4/15/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804718 |
| &nbsp;&nbsp;&nbsp;5.625%, 6/15/28<sup>(3)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999303 |
| Hudbay Minerals, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/26<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp;1716867 |
| &nbsp;&nbsp;&nbsp;6.125%, 4/1/29<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;1003932 |
| Novelis Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 8/15/31<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;1902600 |
| &nbsp;&nbsp;&nbsp;4.75%, 1/30/30<sup>(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895012 |
|  |  |  | **$8640009** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Publishing/Printing — 1.2% | Publishing/Printing — 1.2% | Publishing/Printing — 1.2% |
| Cimpress PLC, 7.375%, 9/15/32<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 | $1640325 |
| McGraw-Hill Education, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 8/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp; 1345353 |
| &nbsp;&nbsp;&nbsp;7.375%, 9/1/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp; 894240 |
| &nbsp;&nbsp;&nbsp;8.00%, 8/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306 | &nbsp;&nbsp; 2350458 |
|  |  | **$6230376** |
| Railroad — 0.5% | Railroad — 0.5% | Railroad — 0.5% |
| Watco Cos. LLC/Watco Finance Corp., 7.125%, 8/1/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 | $2662302 |
|  |  | **$2662302** |
| Restaurants — 0.3% | Restaurants — 0.3% | Restaurants — 0.3% |
| Yum! Brands, Inc., 3.625%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | $1705535 |
|  |  | **$1705535** |
| Services — 6.7% | Services — 6.7% | Services — 6.7% |
| Adtalem Global Education, Inc., 5.50%, 3/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102 | $3094352 |
| APi Group DE, Inc., 4.75%, 10/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp;2530420 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.375%, 6/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983979 |
| Clarivate Science Holdings Corp., 4.875%, 7/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp;1223105 |
| EquipmentShare.com, Inc., 8.625%, 5/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp;1707812 |
| Herc Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 6/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992762 |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;1117826 |
| Imola Merger Corp., 4.75%, 5/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607 | &nbsp;&nbsp;&nbsp;&nbsp;3511413 |
| Korn Ferry, 4.625%, 12/15/27<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp;2351842 |
| LBM Acquisition LLC, 9.50%, 6/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;1761163 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp;1455404 |
| RB Global Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 3/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp;1539488 |
| &nbsp;&nbsp;&nbsp;7.75%, 3/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363362 |
| Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, 10/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp;3019712 |
| VT Topco, Inc., 8.50%, 8/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | &nbsp;&nbsp;&nbsp;&nbsp;2475040 |
| WESCO Distribution, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;1399433 |
| &nbsp;&nbsp;&nbsp;7.25%, 6/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864810 |
| Windsor Holdings III LLC, 8.50%, 6/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793 | &nbsp;&nbsp;&nbsp;&nbsp;2955997 |
|  |  | **$33347920** |
| Steel — 0.5% | Steel — 0.5% | Steel — 0.5% |
| TMS International Corp., 6.25%, 4/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790 | $2707910 |
|  |  | **$2707910** |
| Super Retail — 5.0% | Super Retail — 5.0% | Super Retail — 5.0% |
| Asbury Automotive Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | $683089 |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386583 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Super Retail (continued) | Super Retail (continued) | Super Retail (continued) |
| Asbury Automotive Group, Inc.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | $1089776 |
| &nbsp;&nbsp;&nbsp;5.00%, 2/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp; 155681 |
| Bath & Body Works, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 10/1/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp; 445321 |
| &nbsp;&nbsp;&nbsp;6.75%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp; 201978 |
| &nbsp;&nbsp;&nbsp;6.95%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp; 1302050 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp; 1616568 |
| Cougar JV Subsidiary LLC, 8.00%, 5/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp;&nbsp;2513610 |
| Group 1 Automotive, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 8/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761 | &nbsp;&nbsp;&nbsp;&nbsp;1712821 |
| &nbsp;&nbsp;&nbsp;6.375%, 1/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389465 |
| Hanesbrands, Inc., 9.00%, 2/15/31<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;1080994 |
| Ken Garff Automotive LLC, 4.875%, 9/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;1460099 |
| LCM Investments Holdings II LLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 5/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;1220726 |
| &nbsp;&nbsp;&nbsp;8.25%, 8/1/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;1279574 |
| Lithia Motors, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 6/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915776 |
| &nbsp;&nbsp;&nbsp;4.375%, 1/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp;1258300 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/27<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp;1162337 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp;2333706 |
| PetSmart LLC/PetSmart Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 9/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461834 |
| &nbsp;&nbsp;&nbsp;10.00%, 9/15/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470421 |
| Sonic Automotive, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/29<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129 | &nbsp;&nbsp;&nbsp;&nbsp;2069185 |
| &nbsp;&nbsp;&nbsp;4.875%, 11/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780885 |
|  |  | **$24990779** |
| Technology — 4.1% | Technology — 4.1% | Technology — 4.1% |
| Ciena Corp., 4.00%, 1/31/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | $1339789 |
| Cloud Software Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 3/31/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282 | &nbsp;&nbsp;&nbsp;&nbsp;1294974 |
| &nbsp;&nbsp;&nbsp;9.00%, 9/30/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446 | &nbsp;&nbsp;&nbsp;&nbsp;2539783 |
| Coherent Corp., 5.00%, 12/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982442 |
| Fair Isaac Corp., 4.00%, 6/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;1996134 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp;2063205 |
| McAfee Corp., 7.375%, 2/15/30<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp;1734917 |
| ON Semiconductor Corp., 3.875%, 9/1/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804 | &nbsp;&nbsp;&nbsp;&nbsp;1753058 |
| Open Text Holdings, Inc., 4.125%, 2/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp;1282435 |
| Seagate Data Storage Technology Pte. Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;4.091%, 6/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318137 |
| &nbsp;&nbsp;&nbsp;9.625%, 12/1/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp;1503933 |
| Sensata Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 2/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;&nbsp;&nbsp;1395837 |
| &nbsp;&nbsp;&nbsp;4.375%, 2/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192310 |
| VM Consolidated, Inc., 5.50%, 4/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 | &nbsp;&nbsp;&nbsp;&nbsp;2309999 |
|  |  | **$20706953** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Telecommunications — 2.5% | Telecommunications — 2.5% | Telecommunications — 2.5% |
| Level 3 Financing, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 10/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $187034 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp; 620029 |
| &nbsp;&nbsp;&nbsp;7.00%, 3/31/34<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp; 433532 |
| Maya SAS/Paris France: |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 4/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp; 811738 |
| &nbsp;&nbsp;&nbsp;8.50%, 4/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp; 622527 |
| Sable International Finance Ltd., 7.125%, 10/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp; 957230 |
| Virgin Media Secured Finance PLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 8/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462423 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp;1095288 |
| Vmed O2 U.K. Financing I PLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 7/15/31<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp;1450482 |
| &nbsp;&nbsp;&nbsp;7.75%, 4/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546982 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;2160767 |
| Zegona Finance PLC, 8.625%, 7/15/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 | &nbsp;&nbsp;&nbsp;&nbsp;2886555 |
| Ziggo BV, 4.875%, 1/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478034 |
|  |  | **$12712621** |
| Transport Excluding Air & Rail — 0.4% | Transport Excluding Air & Rail — 0.4% | Transport Excluding Air & Rail — 0.4% |
| Seaspan Corp., 5.50%, 8/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 | $1808626 |
|  |  | **$1808626** |
| Utilities — 5.6% | Utilities — 5.6% | Utilities — 5.6% |
| Atlantica Sustainable Infrastructure Ltd., 4.125%, 6/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | $562947 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.375%, 2/15/32<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 | &nbsp;&nbsp;&nbsp;&nbsp;5579541 |
| Clearway Energy Operating LLC, 4.75%, 3/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp;&nbsp;&nbsp;1207221 |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp;1612283 |
| Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp;2304089 |
| NRG Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;1023937 |
| &nbsp;&nbsp;&nbsp;5.75%, 1/15/34<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847664 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp;1052914 |
| &nbsp;&nbsp;&nbsp;6.00%, 1/15/36<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848652 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/1/34<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725181 |
| &nbsp;&nbsp;&nbsp;10.25% to 3/15/28<sup>(3)(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp;1480154 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp;2165396 |
| TerraForm Power Operating LLC: |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 1/15/30<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;1015661 |
| &nbsp;&nbsp;&nbsp;5.00%, 1/31/28<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;1392926 |
| TransAlta Corp., 7.75%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;2337055 |
| XPLR Infrastructure Operating Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/15/27<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907120 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Utilities (continued) | Utilities (continued) | Utilities (continued) |
| XPLR Infrastructure Operating Partners LP: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 1/15/31<sup>(3)(4)</sup> | 1347 | $1412707 |
| &nbsp;&nbsp;&nbsp;8.625%, 3/15/33<sup>(3)</sup> | 1341 | &nbsp;&nbsp; 1407304 |
|  |  | **$27882752** |
| Total Corporate Bonds<br> (identified cost $445,821,592) |  | **$449639187** |

---

Senior Floating-Rate Loans — 6.6%<sup>(10)</sup>

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

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Automotive & Auto Parts — 0.2% | Automotive & Auto Parts — 0.2% | Automotive & Auto Parts — 0.2% |
| Clarios Global LP, Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 5/6/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | $1073744 |
|  |  | **$1073744** |
| Broadcasting — 0.1% | Broadcasting — 0.1% | Broadcasting — 0.1% |
| E.W. Scripps Co., Term Loan, 10.015%, (1 mo. USD Term SOFR + 5.75%), 6/30/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | $432724 |
|  |  | **$432724** |
| Building Materials — 0.6% | Building Materials — 0.6% | Building Materials — 0.6% |
| Associated Materials, Inc., Term Loan, 10.163%, (1 mo. USD Term SOFR + 6.00%), 3/8/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377 | $2203637 |
| CP Atlas Buyer, Inc., Term Loan, 7/8/30<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp; 319312 |
| Park River Holdings, Inc., Term Loan, 9/25/31<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419337 |
|  |  | **$2942286** |
| Cable/Satellite TV — 0.1% | Cable/Satellite TV — 0.1% | Cable/Satellite TV — 0.1% |
| E.W. Scripps Co., Term Loan, 7.615%, (1 mo. USD Term SOFR + 3.35%), 11/30/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | $687911 |
|  |  | **$687911** |
| Capital Goods — 0.5% | Capital Goods — 0.5% | Capital Goods — 0.5% |
| EMRLD Borrower LP, Term Loan, 6.449%, (3 mo. USD Term SOFR + 2.25%), 5/31/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | $2305049 |
|  |  | **$2305049** |
| Diversified Media — 0.1% | Diversified Media — 0.1% | Diversified Media — 0.1% |
| CMG Media Corp., Term Loan, 7.602%, (3 mo. USD Term SOFR + 3.50%), 6/18/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | $721770 |
|  |  | **$721770** |
| Food, Beverage & Tobacco — 0.5% | Food, Beverage & Tobacco — 0.5% | Food, Beverage & Tobacco — 0.5% |
| Primo Brands Corp., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767 | $2769499 |
|  |  | **$2769499** |

---

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Healthcare — 0.3% | Healthcare — 0.3% | Healthcare — 0.3% |
| LifePoint Health, Inc., Term Loan, 8.068%, (3 mo. USD Term SOFR + 3.75%), 5/19/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | $712797 |
| Team Health Holdings, Inc., Term Loan, 6/30/28<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp; 1021798 |
|  |  | **$1734595** |
| Homebuilders/Real Estate — 0.2% | Homebuilders/Real Estate — 0.2% | Homebuilders/Real Estate — 0.2% |
| Signal Parent, Inc., Term Loan, 7.908%, (3 mo. USD Term SOFR + 3.50%), 4/3/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 | $863699 |
|  |  | **$863699** |
| Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% |
| Truist Insurance Holdings LLC, Term Loan - Second Lien, 8.752%, (3 mo. USD Term SOFR + 4.75%), 5/6/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | $1817496 |
|  |  | **$1817496** |
| Restaurants — 0.6% | Restaurants — 0.6% | Restaurants — 0.6% |
| IRB Holding Corp., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859 | $2863035 |
|  |  | **$2863035** |
| Services — 0.3% | Services — 0.3% | Services — 0.3% |
| LBM Acquisition LLC, Term Loan, 6/6/31<sup>(11)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | $1276682 |
|  |  | **$1276682** |
| Super Retail — 1.7% | Super Retail — 1.7% | Super Retail — 1.7% |
| Evergreen Acqco 1 LP, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 9/17/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 | $1856863 |
| Hanesbrands, Inc., Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;1073587 |
| Mavis Tire Express Services Corp., Term Loan, 7.199%, (3 mo. USD Term SOFR + 3.00%), 5/4/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;1706840 |
| Petco Health & Wellness Co., Inc., Term Loan, 7.513%, (3 mo. USD Term SOFR + 3.25%), 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | &nbsp;&nbsp;&nbsp;&nbsp;1198356 |
| PetSmart, Inc., Term Loan, 8.136%, (1 mo. USD Term SOFR + 4.00%), 8/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751 | &nbsp;&nbsp;&nbsp;&nbsp;2713105 |
|  |  | **$8548751** |
| Technology — 0.8% | Technology — 0.8% | Technology — 0.8% |
| Fortress Intermediate 3, Inc., Term Loan, 7.255%, (1 mo. USD Term SOFR + 3.00%), 6/27/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183 | $4209534 |
|  |  | **$4209534** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Telecommunications — 0.2% | Telecommunications — 0.2% | Telecommunications — 0.2% |
| Lumen Technologies, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.628%, (1 mo. USD Term SOFR + 2.35%), 4/16/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | $506921 |
| &nbsp;&nbsp;&nbsp;Term Loan, 6.628%, (1 mo. USD Term SOFR + 2.35%), 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp; 640495 |
|  |  | **$1147416** |
| Total Senior Floating-Rate Loans<br> (identified cost $33,591,553) |  | **$33394191** |

---

Miscellaneous — 0.0%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount** | **Value** |
| Diversified Media — 0.0% |  |  |
| National CineMedia, Inc., Escrow Certificates<sup>(1)(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;679000 | $0 |
|  |  | **$0** |
| Paper — 0.0% |  |  |
| Enviva LLC, Escrow Certificates<sup>(1)(12)</sup> | 1451000 | $0 |
|  |  | **$0** |
| Total Miscellaneous<br> (identified cost $0) |  | **$0** |

---

Short-Term Investments — 7.9%

---

| | | |
|:---|:---|:---|
| Affiliated Fund — 3.9% |  |  |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(13)</sup> | 19229557 | $19229557 |
| Total Affiliated Fund<br> (identified cost $19,229,557) |  | **$19229557** |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Collateral — 4.0% |  |  |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(14)</sup> | 20218948 | $20218948 |
| Total Securities Lending Collateral<br> (identified cost $20,218,948) |  | **$20218948** |
| Total Short-Term Investments<br> (identified cost $39,448,505) |  | **$39448505** |
| Total Investments — 105.1%<br> (identified cost $521,767,018) |  | **$527071977** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — (5.1)% | **$(25754934)** |

---

---

| | |
|:---|:---|
| Net Assets — 100.0% | **$501317043** |

---

---

| | |
|:---|:---|
| 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. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Restricted security. Total market value of restricted securities amounts to $808,167, which represents 0.2% of the net assets of the Fund as of September 30, 2025. |
| <sup>(3)</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 September 30, 2025, the aggregate value of these securities is $416,473,247 or 83.1% of the Fund's net assets. |
| <sup>(4)</sup> | All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $19,602,547. |
| <sup>(5)</sup> | When-issued security. |
| <sup>(6)</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 September 30, 2025, the aggregate value of these securities is $5,418,216 or 1.1% of the Fund's net assets. |
| <sup>(7)</sup> | Represents a payment-in-kind security which may pay interest in additional principal at the issuer's discretion. |
| <sup>(8)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |
| <sup>(9)</sup> | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Schedule of Investments — continued

------

<sup>(10)</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>(11)</sup> This Senior Loan will settle after September 30, 2025, at which time the interest rate will be determined.

<sup>(12)</sup> Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

<sup>(13)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of September 30, 2025.

<sup>(14)</sup> Represents investment of cash collateral received in connection with securities lending.

#### 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)** |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101328 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135203 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$1095 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177503 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238747 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35244 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30286 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;5819529 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;5021802 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86721) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369409 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276272 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1110** | &nbsp;&nbsp;&nbsp;&nbsp;**$(89337)** |

---

#### Restricted Securities

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquisition Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** |
| Enviva LLC | &nbsp;&nbsp;&nbsp;&nbsp;12/6/24 | &nbsp;&nbsp;&nbsp;&nbsp;$326038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$326038** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| OTC | – Over-the-counter |
| PIK | – Payment In Kind |
| SOFR | – Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – United States Dollar |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $502,537,461) - including<br> $19,602,547 of securities on loan | &nbsp;&nbsp;$507842420 |
| Investments in securities of affiliated issuers, at value (identified cost $19,229,557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19229557 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238836 |
| Cash denominated in foreign currency, at value (cost $364,765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364234 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332741 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249189 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7437782 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76200 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11088 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32259 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153481 |
| **Total assets** | &nbsp;&nbsp;**$535968897** |
| Liabilities |  |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;$89337 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335152 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570866 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570515 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257455 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20218948 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194072 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49177 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17168 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14924 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153481 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180759 |
| **Total liabilities** | &nbsp;&nbsp;**$34651854** |
| **Net Assets** | &nbsp;&nbsp;**$501317043** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$548030481 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46713438) |
| **Net Assets** | &nbsp;&nbsp;**$501317043** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$69324589 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750302 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$25.21 |
| **Maximum Offering Price Per Share <br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$26.06 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$3710634 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144946 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$25.60 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$341416969 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13741198 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$24.85 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$86864851 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494381 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$24.86 |

---

&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. |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $419) | &nbsp;&nbsp;$171307 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737660 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;29598932 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224752 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146974 |
| **Total investment income** | &nbsp;&nbsp;**$30879625** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$2278236 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569559 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159708 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31402 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26156 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13282 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495583 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108690 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60645 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70954 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48708 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29920 |
| **Total expenses** | &nbsp;&nbsp;**$3892843** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(121556) |
| **Net expenses** | &nbsp;&nbsp;**$3771287** |
| **Net investment income** | &nbsp;&nbsp;**$27108338** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(982942) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12675) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301327) |
| **Net realized loss** | &nbsp;&nbsp;**$(1296944)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3880540 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155763 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$4035764** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$2738820** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$29847158** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &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;$27108338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24338839 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1296944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12888682) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43278495 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$29847158** | &nbsp;&nbsp;**$54728652** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3539883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3016468) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87800) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19187083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17335690) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4465868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4369934) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(27343254)** | &nbsp;&nbsp;**$(24809892)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7669456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9248981 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(555140) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11754564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842424 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6654456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727770 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$27797788** | &nbsp;&nbsp;**$14264035** |
| **Net increase in net assets** | &nbsp;&nbsp;**$30301692** | &nbsp;&nbsp;**$44182795** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$471015351 | &nbsp;&nbsp;$426832556 |
| **At end of year** | &nbsp;&nbsp;**$501317043** | &nbsp;&nbsp;**$471015351** |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$25.06 | &nbsp;&nbsp;$23.37 | &nbsp;&nbsp;$22.73 | &nbsp;&nbsp;$27.47 | &nbsp;&nbsp;$26.56 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.37 | &nbsp;&nbsp;$1.31 | &nbsp;&nbsp;$1.19 | &nbsp;&nbsp;$1.03 | &nbsp;&nbsp;$1.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.53** | &nbsp;&nbsp;**$3.03** | &nbsp;&nbsp;**$1.86** | &nbsp;&nbsp;**$(3.68)** | &nbsp;&nbsp;**$2.03** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.38) | &nbsp;&nbsp;$(1.34) | &nbsp;&nbsp;$(1.22) | &nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;$(1.12) |
| **Total distributions** | &nbsp;&nbsp;**$(1.38)** | &nbsp;&nbsp;**$(1.34)** | &nbsp;&nbsp;**$(1.22)** | &nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;**$(1.12)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$25.21** | &nbsp;&nbsp;**$25.06** | &nbsp;&nbsp;**$23.37** | &nbsp;&nbsp;**$22.73** | &nbsp;&nbsp;**$27.47** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.31%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.24%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.69)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.74%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$69325 | &nbsp;&nbsp;$61223 | &nbsp;&nbsp;$48172 | &nbsp;&nbsp;$46982 | &nbsp;&nbsp;$55740 |
| 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;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &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;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

&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 0.01%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022, respectively).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$25.45 | &nbsp;&nbsp;$23.74 | &nbsp;&nbsp;$23.08 | &nbsp;&nbsp;$27.89 | &nbsp;&nbsp;$26.98 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.20 | &nbsp;&nbsp;$1.14 | &nbsp;&nbsp;$1.03 | &nbsp;&nbsp;$0.84 | &nbsp;&nbsp;$0.89 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.36** | &nbsp;&nbsp;**$2.88** | &nbsp;&nbsp;**$1.72** | &nbsp;&nbsp;**$(3.92)** | &nbsp;&nbsp;**$1.84** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.21) | &nbsp;&nbsp;$(1.17) | &nbsp;&nbsp;$(1.06) | &nbsp;&nbsp;$(0.89) | &nbsp;&nbsp;$(0.93) |
| **Total distributions** | &nbsp;&nbsp;**$(1.21)** | &nbsp;&nbsp;**$(1.17)** | &nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;**$(0.89)** | &nbsp;&nbsp;**$(0.93)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$25.60** | &nbsp;&nbsp;**$25.45** | &nbsp;&nbsp;**$23.74** | &nbsp;&nbsp;**$23.08** | &nbsp;&nbsp;**$27.89** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.51%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.48%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.33)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.88%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$3711 | &nbsp;&nbsp;$1970 | &nbsp;&nbsp;$2396 | &nbsp;&nbsp;$2998 | &nbsp;&nbsp;$5199 |
| 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;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

&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 0.01%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022, respectively).

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$24.70 | &nbsp;&nbsp;$23.04 | &nbsp;&nbsp;$22.40 | &nbsp;&nbsp;$27.07 | &nbsp;&nbsp;$26.18 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.41 | &nbsp;&nbsp;$1.35 | &nbsp;&nbsp;$1.23 | &nbsp;&nbsp;$1.07 | &nbsp;&nbsp;$1.13 |
| 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;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.57** | &nbsp;&nbsp;**$3.04** | &nbsp;&nbsp;**$1.90** | &nbsp;&nbsp;**$(3.56)** | &nbsp;&nbsp;**$2.06** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.42) | &nbsp;&nbsp;$(1.38) | &nbsp;&nbsp;$(1.26) | &nbsp;&nbsp;$(1.11) | &nbsp;&nbsp;$(1.17) |
| **Total distributions** | &nbsp;&nbsp;**$(1.42)** | &nbsp;&nbsp;**$(1.38)** | &nbsp;&nbsp;**$(1.26)** | &nbsp;&nbsp;**$(1.11)** | &nbsp;&nbsp;**$(1.17)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$24.85** | &nbsp;&nbsp;**$24.70** | &nbsp;&nbsp;**$23.04** | &nbsp;&nbsp;**$22.40** | &nbsp;&nbsp;**$27.07** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.98%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$341417 | &nbsp;&nbsp;$328004 | &nbsp;&nbsp;$302348 | &nbsp;&nbsp;$299339 | &nbsp;&nbsp;$380659 |
| 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;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

&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 0.01%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022, respectively).

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$24.71 | &nbsp;&nbsp;$23.05 | &nbsp;&nbsp;$22.41 | &nbsp;&nbsp;$27.08 | &nbsp;&nbsp;$26.19 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$1.43 | &nbsp;&nbsp;$1.37 | &nbsp;&nbsp;$1.25 | &nbsp;&nbsp;$1.11 | &nbsp;&nbsp;$1.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.59** | &nbsp;&nbsp;**$3.06** | &nbsp;&nbsp;**$1.92** | &nbsp;&nbsp;**$(3.54)** | &nbsp;&nbsp;**$2.09** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(1.44) | &nbsp;&nbsp;$(1.40) | &nbsp;&nbsp;$(1.28) | &nbsp;&nbsp;$(1.13) | &nbsp;&nbsp;$(1.20) |
| **Total distributions** | &nbsp;&nbsp;**$(1.44)** | &nbsp;&nbsp;**$(1.40)** | &nbsp;&nbsp;**$(1.28)** | &nbsp;&nbsp;**$(1.13)** | &nbsp;&nbsp;**$(1.20)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$24.86** | &nbsp;&nbsp;**$24.71** | &nbsp;&nbsp;**$23.05** | &nbsp;&nbsp;**$22.41** | &nbsp;&nbsp;**$27.08** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.64%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.39)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.07%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$86865 | &nbsp;&nbsp;$79819 | &nbsp;&nbsp;$73917 | &nbsp;&nbsp;$85082 | &nbsp;&nbsp;$51035 |
| 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;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

&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 0.01%, less than 0.01%, less than 0.01% and less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022, respectively).

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert High Yield Bond Fund (the Fund) is a diversified series of The Calvert Fund (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 high current income and capital appreciation, secondarily. The Fund invests primarily in high-yield, high-risk bonds, with varying maturities.

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:

**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.**

**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.**

**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.**

**Derivatives. 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 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.**

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

**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 September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3<sup>(1)</sup>** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$2250550 | &nbsp;&nbsp;$808167 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3058717 |
| 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;1531377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531377 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;449639187 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;449639187 |
| Senior Floating-Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33394191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33394191 |
| 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;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;19229557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19229557 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;20218948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20218948 |
| **Total Investments** | &nbsp;&nbsp;**$41699055** | &nbsp;&nbsp;**$485372922** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$527071977** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1110 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1110 |
| **Total** | &nbsp;&nbsp;**$41699055** | &nbsp;&nbsp;**$485374032** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$527073087** |
| **Liability Description** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(89337) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(89337) |
| **Total** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(89337)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(89337)** |

---

<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 September 30, 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. 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. 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

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[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

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.

G 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 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.

H 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.

I 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.

J 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.

K Federal Income 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.

L 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.

M Segment Reporting— During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 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 0.48% of the Fund's average daily net assets and is payable monthly. For the year ended September 30, 2025, the investment advisory fee amounted to $2,278,236.

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 September 30, 2025, the investment advisory fee paid was reduced by $24,433 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 1.02%, 1.77%, 0.77% and 0.71% 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 February 1, 2026. For the year ended September 30, 2025, CRM waived and/or reimbursed expenses of $97,123.

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 September 30, 2025, CRM was paid administrative fees of $569,559.

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 September 30, 2025 amounted to $159,708 and $31,402 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $2,620 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 2025. The Fund was also informed that EVD received less than $100 and $3,937 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 September 30, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $54,196 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 $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) 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 September 30, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities and including maturities and principal repayments on senior floating-rate loans, were $201,433,788 and $160,791,410, respectively.

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$27343254 | &nbsp;&nbsp;&nbsp;&nbsp;$24809892 |

---

During the year ended September 30, 2025, accumulated loss was increased by $14,685 and paid-in capital was increased by $14,685 primarily 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 September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$9718 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51067474) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968435 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257455) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633338 |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(46713438)** |

---

At September 30, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $51,067,474 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 September 30, 2025, $8,733,079 are short-term and $42,334,395 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$523104836** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$9740932 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5773791) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$3967141** |

---

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 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 September 30, 2025 is included in the Schedule of Investments. At September 30, 2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objectives. During the year ended September 30, 2025, the Fund entered into forward foreign currency exchange contracts to seek to hedge against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar.

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

The Fund enters into forward foreign currency exchange contracts 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 September 30, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $89,337. At September 30, 2025, there were no assets pledged by the Fund for such liability.

The over-the-counter (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") with its derivative counterparty. The ISDA Master Agreement is a bilateral agreement between the Fund and the 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 ISDA Master Agreement. Under the 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. The ISDA Master Agreement allows the counterparty 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, 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 the 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 the 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. 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.

At September 30, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivative<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative<sup>(2)</sup>** |  |
| Forward foreign currency exchange contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;$1110 | &nbsp;&nbsp;&nbsp;&nbsp;$(89337) |  |
| **Total Derivatives subject to master netting agreement** | &nbsp;&nbsp;&nbsp;&nbsp;**$1110** | &nbsp;&nbsp;&nbsp;&nbsp;**$(89337)** |  |  |

---

<sup>(1)</sup> Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts. <br> <sup>(2)</sup> Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Fund's derivative assets and liabilities at fair value by type, 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 September 30, 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>** |
| State Street Bank and Trust Company | &nbsp;&nbsp;$1110 | &nbsp;&nbsp;$(1110) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

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

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[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 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>** |
| State Street Bank and Trust Company | &nbsp;&nbsp;$(89337) | &nbsp;&nbsp;$1110 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(88227) |

---

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

<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 and whose primary underlying risk exposure is foreign exchange risk for the year ended September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(301327) | &nbsp;&nbsp;&nbsp;&nbsp;$155763 |

---

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

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Forward foreign currency exchange contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation): Forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the year ended September 30, 2025, which is indicative of the volume of this derivative type, was approximately $7,863,000.

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 September 30, 2025, the total value of securities on loan, including accrued interest, was $19,925,038 and the total value of collateral received was $20,218,948, comprised of cash.

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 September 30, 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** |
| Corporate Bonds | &nbsp;&nbsp;$20218948 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20218948 |

---

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[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

The carrying amount of the liability for deposits for securities loaned at September 30, 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 September 30, 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 21, 2025. 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 2024, 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 September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

8 Affiliated Investments

At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $19,229,557, which represents 3.9% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $21244985 | $152286951 | $(154302379) | $— | $— | $19229557 | $737660 | 19229557 |

---

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> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;779582 | &nbsp;&nbsp;&nbsp;&nbsp;$19380672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822322 | &nbsp;&nbsp;&nbsp;&nbsp;$19867780 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898220 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(609104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15122600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13517019) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**307293** | &nbsp;&nbsp;&nbsp;&nbsp;**$7669456** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**382055** | &nbsp;&nbsp;&nbsp;&nbsp;**$9248981** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99399 | &nbsp;&nbsp;&nbsp;&nbsp;$2517029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21690 | &nbsp;&nbsp;&nbsp;&nbsp;$542352 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86605 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1184097) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67563** | &nbsp;&nbsp;&nbsp;&nbsp;**$1719312** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(23534)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(555140)** |

---

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;3412441 | &nbsp;&nbsp;&nbsp;&nbsp;$83732050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532872 | &nbsp;&nbsp;&nbsp;&nbsp;$84538494 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17180903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15582480 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(3648492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89158389) | &nbsp;&nbsp;&nbsp;&nbsp;(4026919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95278550) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**463073** | &nbsp;&nbsp;&nbsp;&nbsp;**$11754564** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**155269** | &nbsp;&nbsp;&nbsp;&nbsp;**$4842424** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296171 | &nbsp;&nbsp;&nbsp;&nbsp;$31843716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601745 | &nbsp;&nbsp;&nbsp;&nbsp;$14585415 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3941891 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1178382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28800539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(742934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17799536) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**264636** | &nbsp;&nbsp;&nbsp;&nbsp;**$6654456** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23054** | &nbsp;&nbsp;&nbsp;&nbsp;**$727770** |

---

10 Risks and Uncertainties

#### Credit Risk
The Fund primarily invests in securities rated below investment grade and comparable unrated investments. These investments can involve a substantial risk of loss and are considered speculative with respect to the issuer's ability to pay interest and principal. These investments also have a higher risk of issuer default, are subject to greater price volatility than investment grade securities and may be illiquid.

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert High Yield Bond Fund and Board of Trustees of The Calvert Fund:

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 High Yield Bond Fund (the "Fund"), one of the funds constituting The Calvert Fund, as of September 30, 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 September 30, 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 September 30, 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

November 20, 2025

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

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[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show 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 September 30, 2025, the Fund designates approximately $117,465, 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 September 30, 2025, the Fund designates 87.87% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

------

The Calvert Fund held a Special Meeting of Shareholders on June 16, 2025 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to The Calvert Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Trustee** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;244920859 | &nbsp;&nbsp;2717563 |
| Von M. Hughes | &nbsp;&nbsp;242676853 | &nbsp;&nbsp;4961569 |
| Kim M. Keenan | &nbsp;&nbsp;244897013 | &nbsp;&nbsp;2741410 |
| Eddie Ramos | &nbsp;&nbsp;242768927 | &nbsp;&nbsp;4869495 |
| Carlton M. Waterhouse | &nbsp;&nbsp;242776862 | &nbsp;&nbsp;4861560 |

---

Results are rounded to the nearest whole number.

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[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Trustees reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Trustees were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Trustees reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

• A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices;

• For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for the Adviser with respect to each fund;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;

• Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

*Information about the Adviser*

• Reports detailing the financial results and condition of CRM;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

*Other Relevant Information*

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and

• The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Trustees were assisted throughout the contract review process by their independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Trustees, concluded that the continuation of the investment advisory agreement of Calvert High Yield Bond Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and a comparative benchmark index. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31, 2024. This performance data indicated that the Fund had underperformed the median of its peer universe and its benchmark index for the one-, three- and five-year periods ended December 31, 2024. The Board took into account management's discussion of the Fund's performance. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its benchmark index.

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (referred to collectively as "management fees") and the Fund's total expenses were each above the respective median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

Calvert

High Yield Bond Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board concluded that adding breakpoints to the advisory fee at specified asset levels was not necessary at this time. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

------

[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

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[**Table of Contents**](#JOB_Calve_97b1a166-b875-40e1-ad66-d720c8b5e7f5_TOC)

CYBAX-NCSR 9.30.25

------

![](g38842img19e8aea81.gif)

------

## Calvert

## Short Duration Income Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g38842img5fea418c2.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 September 30, 2025
Calvert

Short Duration Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_338e99bb-5a7e-4b39-bf9f-9dc93d50d2e5_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_a47edfe4-cba2-489e-85e8-f2fe8f1dca6f_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_a47edfe4-cba2-489e-85e8-f2fe8f1dca6f_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_e6fe3f6e-9c46-47aa-b25b-8a18ae18bdba_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_e6fe3f6e-9c46-47aa-b25b-8a18ae18bdba_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_e6fe3f6e-9c46-47aa-b25b-8a18ae18bdba_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_a23b1787-9493-494a-8a64-20568c4dc2a6_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_d5d1d4fb-a70a-4559-a853-da2dbc8a8a19_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_4c813b73-1f1b-43c6-89fd-a022fc497880_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| [Federal Tax Information](#xx_d0dadf15-c867-4d95-b442-f6445b2af742_1) | &nbsp;&nbsp;30 |
| [Item 9 of Form N-CSR:](#xx_075ffa93-b149-4638-a75b-3dced96c46d9_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_075ffa93-b149-4638-a75b-3dced96c46d9_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| [Item 11 of Form N-CSR:](#xx_27e4bd86-7c9a-476b-a4ea-eb5d43cf5f35_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_27e4bd86-7c9a-476b-a4ea-eb5d43cf5f35_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments

------

Asset-Backed Securities — 23.2%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| AASET, Series 2024-1A, Class A1, 6.261%, 5/16/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948 | $8223022 |
| ALTDE Trust, Series 2025-1A, Class A, 5.90%, 8/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp; 2277207 |
| Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2, 6.09%, 12/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp; 493840 |
| Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, 1/21/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801 | &nbsp;&nbsp; 2833060 |
| Auxilior Term Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.18%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp; 1849565 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.84%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp; 1147354 |
| BHG Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class B, 1.67%, 10/17/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643 | &nbsp;&nbsp; 2603960 |
| &nbsp;&nbsp;&nbsp;Series 2024-1CON, Class A, 5.81%, 4/17/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654489 |
| Castlelake Aircraft Structured Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, 5.783%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18472906 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, 6.303%, 8/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811233 |
| Chase Auto Credit Linked Notes: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class B, 4.753%, 2/25/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9758103 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class C, 4.851%, 2/25/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947046 |
| Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.52%, 5/15/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5262992 |
| Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10195998 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253167 |
| Cologix Data Centers U.S. Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 3.30%, 12/26/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13748309 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 3.79%, 12/26/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11944656 |
| Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.05%, 1/20/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551436 |
| Crossroads Asset Trust, Series 2024-A, Class A2, 5.90%, 8/20/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681611 |
| DataBank Issuer II LLC, Series 2025-1A, Class A2, 5.18%, 9/27/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10545046 |
| DataBank Issuer LLC, Series 2021-2A, Class A2, 2.40%, 10/25/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912372 |
| DB Master Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A2II, 4.03%, 11/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574894 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I, 2.045%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8816296 |
| Diamond Infrastructure Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, 1.76%, 4/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037499 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 2.355%, 4/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889750 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 3.475%, 4/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442276 |
| Diamond Issuer LLC, Series 2021-1A, Class A, 2.305%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12388366 |
| Driven Brands Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2, 4.641%, 4/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14911673 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A2, 3.981%, 10/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12821141 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2, 3.786%, 7/20/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772282 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Driven Brands Funding LLC: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Seris 2020-2A, Class A2, 3.237%, 1/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | $3966021 |
| Enterprise Fleet Financing LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, 5.51%, 1/22/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp; 2462223 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, 5.23%, 3/20/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp; 2907546 |
| FHF Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2, 6.79%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747 | &nbsp;&nbsp; 2781856 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.69%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp; 1278870 |
| 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;&nbsp;&nbsp;6059 | &nbsp;&nbsp; 6103578 |
| Gilead Aviation LLC, Series 2025-1A, Class A, 5.789%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285819 |
| GLS Auto Select Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2, 6.37%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204689 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.24%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744784 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 5.58%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860656 |
| Goddard Funding LLC, Series 2024-1A, Class A2, 6.834%, 10/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9497468 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, 2.31%, 10/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119229 |
| GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1, 5.906%, (30-day SOFR Average + 1.55%), 10/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840288 |
| Horizon Aircraft Finance II Ltd., Series 2019-1, Class A, 3.721%, 7/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277111 |
| Horizon Aircraft Finance III Ltd., Series 2019-2, Class A, 3.425%, 11/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332385 |
| Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A, 5.375%, 9/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8363587 |
| Jersey Mike's Funding, Series 2021-1A, Class A2I, 2.891%, 2/15/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867335 |
| LAD Auto Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A, 5.21%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81494 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A3, 5.23%, 1/18/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656272 |
| Lendbuzz Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 6.19%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674738 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2, 4.97%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715992 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 5.10%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715081 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A2, 5.18%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14786882 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, 5.13%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768902 |
| LoanDepot GMSR Trust, Series 2025-GT1, Class A, 6.997%, (1 mo. SOFR + 2.85%), 5/16/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9744577 |
| Lunar Aircraft Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class B, 4.335%, 2/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443969 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class C, 6.413%, 2/15/45<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42642 |
| Marlette Funding Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, 4.95%, 7/16/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13454249 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, 5.26%, 7/16/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524001 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13518935 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78%, 12/16/30<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | $6770767 |
| MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219 | &nbsp;&nbsp; 4253212 |
| Mosaic Solar Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class B, 2.00%, 6/22/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp; 1836750 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class B, 3.28%, 9/20/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp; 1151827 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class B, 3.10%, 4/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp; 449884 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A, 1.44%, 8/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp; 2185939 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class B, 2.21%, 8/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp; 1636968 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 2.05%, 12/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758 | &nbsp;&nbsp; 2210638 |
| &nbsp;&nbsp;&nbsp;Series 2021-3A, Class A, 1.44%, 6/20/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423439 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class C, 5.95%, 1/21/53<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142289 |
| MVW LLC, Series 2020-1A, Class A, 1.74%, 10/20/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178744 |
| Navigator Aviation Ltd., Series 2024-1, Class A, 5.40%, 8/15/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000993 |
| Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.584%, 4/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6177062 |
| Newtek Small Business Loan Trust, Series 2023-1, Class A, 6.75%, (U.S. (Fed) Prime Rate - 0.50%), 7/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4604244 |
| NextGear Floorplan Master Owner Trust, Series 2024-1A, Class A2, 5.12%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706962 |
| 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;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509267 |
| &nbsp;&nbsp;&nbsp;Series 2021-GNT1, Class A, 3.474%, 11/25/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324958 |
| &nbsp;&nbsp;&nbsp;Series 2024-FNT1, Class A, 7.398%, 11/25/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296134 |
| OBX Trust, Series 2025-HE1, Class A1, 5.956%, (30-day SOFR Average + 1.60%), 2/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10232844 |
| Octane Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A, 5.87%, 5/21/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289847 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2, 4.94%, 5/20/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972264 |
| OneMain Financial Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 1.95%, 6/16/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7850576 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, 5.24%, 10/14/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906345 |
| &nbsp;&nbsp;&nbsp;Series 2022-S1, Class A, 4.13%, 5/14/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550084 |
| Oportun Funding Trust, Series 2024-3, Class B, 5.48%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554550 |
| Oportun Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class A, 1.47%, 5/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064990 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class B, 1.96%, 5/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715138 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A, 2.18%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212790 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class B, 2.67%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940925 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class A, 5.01%, 2/8/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8830767 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class B, 5.30%, 2/8/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092037 |
| &nbsp;&nbsp;&nbsp;Series 2025-C, Class B, 4.93%, 7/8/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171735 |
| Oscar U.S. Funding XVI LLC, Series 2024-1A, Class A2, 5.48%, 2/10/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744865 |
| Oscar U.S. Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5372104 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2, 5.156%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916 | $3953078 |
| Pagaya AI Debt Selection Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, 3.00%, 1/25/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp; 89665 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class C, 3.27%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 591334 |
| &nbsp;&nbsp;&nbsp;Series 2021-HG1, Class A, 1.22%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp; 17660 |
| PEAC Solutions Receivables LLC, Series 2024-1A, Class A2, 5.79%, 6/21/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589 | &nbsp;&nbsp; 3621186 |
| PFS Financing Corp., Series 2024-B, Class A, 4.95%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 | &nbsp;&nbsp; 7633740 |
| PK ALIFT Loan Funding 3 LP, Series 2024-1, Class A1, 5.842%, 9/15/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp; 3824223 |
| Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I, 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8926 | &nbsp;&nbsp; 9109677 |
| Post Road Equipment Finance LLC, Series 2024-1A, Class A2, 5.59%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861448 |
| Prodigy Finance CM DAC, Series 2021-1A, Class A, 5.522%, (1 mo. SOFR + 1.364%), 7/25/51<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478535 |
| Reach ABS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, 7.33%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157586 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, 6.30%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199207 |
| Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, 9/15/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9019240 |
| 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;2972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804195 |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A2I, 2.865%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157723 |
| SERVPRO Master Issuer LLC, Series 2019-1A, Class A2, 3.882%, 10/25/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13307398 |
| SoFi Consumer Loan Program Trust, Series 2025-2, Class B, 4.97%, 6/25/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6629573 |
| SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786293 |
| Stream Innovations Issuer Trust, Series 2024-1A, Class A, 6.27%, 7/15/44<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097488 |
| 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;5419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5429692 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2II, 5.566%, 7/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088638 |
| Sunnova Helios II Issuer LLC, Series 2021-B, Class B, 2.01%, 7/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983415 |
| Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A, 2.98%, 6/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203627 |
| Sunnova Helios IX Issuer LLC, Series 2022-B, Class A, 5.00%, 8/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047072 |
| Sunnova Helios V Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 1.80%, 2/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715993 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class B, 3.15%, 2/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867380 |
| Sunnova Sol II Issuer LLC, Series 2020-2A, Class B, 5.47%, 11/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5432812 |
| Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, 2.27%, 1/30/57<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449638 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A3, 4.27%, 11/20/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | $9517262 |
| Theorem Funding Trust, Series 2022-3A, Class B, 8.95%, 4/15/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11681 | &nbsp;&nbsp; 11843025 |
| Towd Point Mortgage Trust, Series 2025-HE2, Class A1A, 5.69%, (30-day SOFR Average + 1.35%), 9/25/65<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7060 | &nbsp;&nbsp; 7087555 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728%, 9/26/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8391 | &nbsp;&nbsp; 8407258 |
| Upstart Securitization Trust, Series 2021-2, Class C, 3.61%, 6/20/31<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp; 256082 |
| UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, 1/25/47<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp; 1489399 |
| 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;&nbsp;&nbsp;8137 | &nbsp;&nbsp; 9744401 |
| Vantage Data Centers LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A2, 1.992%, 9/15/45<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10045 | &nbsp;&nbsp; 9519980 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2, 2.165%, 10/15/46<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565881 |
| Vivint Solar Financing VII LLC, Series 2020-1A, Class A, 2.21%, 7/31/51<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5226131 |
| Wendy's Funding LLC, Series 2018-1A, Class A2II, 3.884%, 3/15/48<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066154 |
| Westlake Automobile Receivables Trust, Series 2024-1A, Class B, 5.55%, 11/15/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408449 |
| 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;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532607 |
| &nbsp;&nbsp;&nbsp;Series 2020-A, Class C, 6.657%, 3/15/45<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469020 |
| Willis Engine Structured Trust VIII, Series 2025-A, Class A, 5.582%, 6/15/50<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103148 |
| Wingspire Equipment Finance LLC, Series 2024-1A, Class A2, 4.99%, 9/20/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104784 |
| Total Asset-Backed Securities<br> (identified cost $667,318,470) |  |  | **$654103318** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Collateralized Mortgage Obligations — 8.7%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.978%, 7/25/59<sup>(1)(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721 | $4905163 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.741%, 11/25/59<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077 | &nbsp;&nbsp; 3220035 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 8.293%, 1/25/60<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp; 2795564 |
| CHNGE Mortgage Trust, Series 2023-4, Class A1, 7.573% to 8/25/26, 9/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp; 2553657 |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 406, Class F12, 5.656%, (30-day SOFR Average + 1.30%), 10/25/53<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp; 4778979 |
| &nbsp;&nbsp;&nbsp;Series 5410, Class FE, 5.456%, (30-day SOFR Average + 1.10%), 5/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8436 | &nbsp;&nbsp; 8477083 |
| &nbsp;&nbsp;&nbsp;Series 5443, Class FA, 5.556%, (30-day SOFR Average + 1.20%), 8/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8027 | &nbsp;&nbsp; 8053923 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 5483, Class FB, 5.786%, (30-day SOFR Average + 1.43%), 12/25/54<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;12815 | $12883911 |
| &nbsp;&nbsp;&nbsp;Series 5513, Class FA, 5.356%, (30-day SOFR Average + 1.00%), 3/25/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 | &nbsp;&nbsp; 1831917 |
| &nbsp;&nbsp;&nbsp;Series 5529, Class AF, 5.356%, (30-day SOFR Average + 1.00%), 3/25/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11707 | &nbsp;&nbsp; 11713627 |
| &nbsp;&nbsp;&nbsp;Series 5556, Class FA, 5.506%, (30-day SOFR Average + 1.15%), 7/25/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10519 | &nbsp;&nbsp; 10539437 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B2, 12.156%, (30-day SOFR Average + 7.80%), 11/25/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp; 2723861 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M1A, 5.656%, (30-day SOFR Average + 1.30%), 2/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp; 1466051 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class B2, 14.606%, (30-day SOFR Average + 10.25%), 5/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 4484338 |
| &nbsp;&nbsp;&nbsp;Series 2024-HQA1, Class A1, 5.606%, (30-day SOFR Average + 1.25%), 3/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182273 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-33, Class KF, 5.306%, (30-day SOFR Average + 0.95%), 1/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474751 |
| &nbsp;&nbsp;&nbsp;Series 2025-31, Class FB, 5.506%, (30-day SOFR Average + 1.15%), 6/25/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048177 |
| &nbsp;&nbsp;&nbsp;Series 2025-75, Class FA, 5.406%, (30-day SOFR Average + 1.05%), 9/25/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13472176 |
| Federal National Mortgage Association Connecticut Avenue Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R05, Class 1B1, 8.571%, (30-day SOFR Average + 4.214%), 7/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980763 |
| &nbsp;&nbsp;&nbsp;Series 2019-R06, Class 2B1, 8.221%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9253199 |
| &nbsp;&nbsp;&nbsp;Series 2019-R07, Class 1B1, 7.871%, (30-day SOFR Average + 3.514%), 10/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7763523 |
| &nbsp;&nbsp;&nbsp;Series 2020-R02, Class 2B1, 7.471%, (30-day SOFR Average + 3.114%), 1/25/40<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316401 |
| &nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B2, 10.356%, (30-day SOFR Average + 6.00%), 10/25/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155639 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-40, Class FX, 4.35%, (1 mo. SOFR + 0.214%), 9/20/41<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11733387 |
| &nbsp;&nbsp;&nbsp;Series 2023-101, Class FM, 5.289%, (30-day SOFR Average + 0.90%), 7/20/53<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12014604 |
| &nbsp;&nbsp;&nbsp;Series 2024-43, Class FB, 5.339%, (30-day SOFR Average + 0.95%), 3/20/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5119197 |
| &nbsp;&nbsp;&nbsp;Series 2024-146, Class FE, 5.389%, (30-day SOFR Average + 1.00%), 9/20/64<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7056860 |
| &nbsp;&nbsp;&nbsp;Series 2024-197, Class GF, 5.389%, (30-day SOFR Average + 1.00%), 12/20/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024503 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class FB, 5.439%, (30-day SOFR Average + 1.05%), 12/20/54<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11885824 |
| &nbsp;&nbsp;&nbsp;Series 2025-134, Class FL, 5.389%, (30-day SOFR Average + 1.00%), 6/20/55<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3493877 |
| &nbsp;&nbsp;&nbsp;Series 2025-139, Class FE, 5.489%, (30-day SOFR Average + 1.10%), 8/20/65<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7073038 |
| Home Re Ltd., Series 2021-1, Class M2, 7.321%, (30-day SOFR Average + 2.964%), 7/25/33<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936199 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| JPMorgan Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-HE2, Class A1, 6.089%, (30-day SOFR Average + 1.70%), 3/20/54<sup>(1)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 | $2479690 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE2, Class A1, 5.589%, (30-day SOFR Average + 1.20%), 10/20/54<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp; 1002259 |
| 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;2500 | &nbsp;&nbsp; 2510170 |
| &nbsp;&nbsp;&nbsp;Series 2023-RTL4, Class A1, 7.628% to 10/25/25, 11/25/28<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 3026090 |
| &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;3440 | &nbsp;&nbsp; 3467639 |
| 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;2370 | &nbsp;&nbsp; 2410758 |
| PNMAC GMSR Issuer Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GT1, Class A, 7.358%, (1 mo. SOFR + 3.20%), 3/25/29<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646817 |
| &nbsp;&nbsp;&nbsp;Series 2025-GT1, Class A, 6.608%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306178 |
| Provident Funding Mortgage Trust, Series 2025-3, Class A3, 6.00%, 8/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993098 |
| Radian Mortgage Capital Trust, Series 2025-J3, Class A16, 6.00%, 12/25/55<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934883 |
| Radnor Re Ltd., Series 2023-1, Class M1A, 7.056%, (30-day SOFR Average + 2.70%), 7/25/33<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939479 |
| Total Collateralized Mortgage Obligations<br> (identified cost $243,432,566) |  | **$245128998** |

---

Commercial Mortgage-Backed Securities — 8.5%

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

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| BAMLL Commercial Mortgage Securities Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class DNM, 3.843%, 11/5/32<sup>(1)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10820 | $9541541 |
| &nbsp;&nbsp;&nbsp;Series 2019-BPR, Class ENM, 3.843%, 11/5/32<sup>(1)(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285 | &nbsp;&nbsp; 5314002 |
| BFLD Mortgage Trust, Series 2024-VICT, Class A, 6.04%, (1 mo. SOFR + 1.89%), 7/15/41<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247 | &nbsp;&nbsp; 8285463 |
| BPR Trust, Series 2022-SSP, Class A, 7.15%, (1 mo. SOFR + 3.00%), 5/15/39<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp; 8019206 |
| BX Commercial Mortgage Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class B, 5.215%, (1 mo. SOFR + 1.064%), 9/15/36<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964 | &nbsp;&nbsp; 9936038 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class C, 5.365%, (1 mo. SOFR + 1.214%), 9/15/36<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp; 2391886 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class D, 5.915%, (1 mo. SOFR + 1.764%), 9/15/36<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 | &nbsp;&nbsp; 8047824 |
| BX Trust, Series 2025-GW, Class B, 6.00%, (1 mo. SOFR + 1.85%), 7/15/42<sup>(1)(3)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8148065 |
| Caister Finance DAC, Series 1A, Class B, 6.427%, (SONIA + 2.45%), 8/17/35<sup>(1)(3)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6977258 |
| COMM Mortgage Trust, Series 2025-167G, Class A, 5.503%, 8/10/40<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016541 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| CSMC Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-BPNY, Class A, 7.98%, (1 mo. SOFR + 3.829%), 8/15/26<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845 | $8406594 |
| &nbsp;&nbsp;&nbsp;Series 2022-CNTR, Class A, 8.095%, (1 mo. SOFR + 3.944%), 1/9/25<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp; 672602 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class D, 7.018%, 8/10/42<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971 | &nbsp;&nbsp; 4089302 |
| Extended Stay America Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class A, 5.345%, (1 mo. SOFR + 1.194%), 7/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208 | &nbsp;&nbsp; 3210316 |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class B, 5.645%, (1 mo. SOFR + 1.494%), 7/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp; 3458245 |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class C, 5.965%, (1 mo. SOFR + 1.814%), 7/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8558 | &nbsp;&nbsp; 8568398 |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class D, 6.515%, (1 mo. SOFR + 2.364%), 7/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp; 2889152 |
| Federal National Mortgage Association, Series 2017-M13, Class A2, 3.032%, 9/25/27<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689710 |
| Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-01, Class M10, 7.721%, (30-day SOFR Average + 3.364%), 10/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451046 |
| &nbsp;&nbsp;&nbsp;Series 2020-01, Class M10, 8.221%, (30-day SOFR Average + 3.864%), 3/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132165 |
| FS Commercial Mortgage Trust, Series 2023-4SZN, Class A, 7.066%, 11/10/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404118 |
| Great Wolf Trust, Series 2024-WOLF, Class A, 5.692%, (1 mo. SOFR + 1.542%), 3/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9340385 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, 5.543%, (1 mo. SOFR + 1.393%), 3/15/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205245 |
| HILT Commercial Mortgage Trust, Series 2024-ORL, Class B, 6.091%, (1 mo. SOFR + 1.941%), 5/15/37<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021787 |
| HLTN Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DPLO, Class A, 5.792%, (1 mo. SOFR + 1.642%), 6/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499930 |
| &nbsp;&nbsp;&nbsp;Series 2024-DPLO, Class B, 6.141%, (1 mo. SOFR + 1.991%), 6/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6301929 |
| HYT Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series-2024-RGCY, Class A, 5.992%, (1 mo. SOFR + 1.841%), 9/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383327 |
| &nbsp;&nbsp;&nbsp;Series-2024-RGCY, Class C, 6.99%, (1 mo. SOFR + 2.84%), 9/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201224 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class C, 6.40%, (1 mo. SOFR + 2.25%), 3/15/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13168919 |
| 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;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176356 |
| &nbsp;&nbsp;&nbsp;Series 2014-DSTY, Class C, 3.931%, 6/10/27<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30220 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, Class B, 6.091%, (1 mo. SOFR + 1.941%), 6/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682544 |
| NRTH Commercial Mortgage Trust, Series 2025-PARK, Class A, (1 mo. SOFR + 1.393%), 10/15/40<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848458 |
| NRTH Mortgage Trust, Series 2024-PARK, Class A, 5.792%, (1 mo. SOFR + 1.641%), 3/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7218855 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| NYC Trust, Series 2024-3ELV, Class A, 6.141%, (1 mo. SOFR + 1.991%), 8/15/29<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784 | $7831380 |
| ORL Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class A, 5.643%, (1 mo. SOFR + 1.493%), 12/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12874 | &nbsp;&nbsp; 12895952 |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class B, 6.042%, (1 mo. SOFR + 1.892%), 12/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102 | &nbsp;&nbsp; 4111773 |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class D, 6.941%, (1 mo. SOFR + 2.791%), 12/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp; 3185788 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class A, 5.522%, 8/10/42<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp; 5656230 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B, 5.891%, (1 mo. SOFR + 1.741%), 5/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313 | &nbsp;&nbsp; 5307502 |
| TX Trust, Series 2024-HOU, Class A, 5.742%, (1 mo. SOFR + 1.591%), 6/15/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp; 4843436 |
| TYSN Mortgage Trust, Series 2023-CRNR, Class A, 6.799%, 12/10/33<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp; 4718193 |
| Willowbrook Mall, Series 2025-WBRK, Class C, 6.278%, 3/5/35<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466327 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $245,523,818) |  | **$238745232** |

---

Corporate Bonds — 37.6%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Basic Materials — 0.4% | Basic Materials — 0.4% |  |
| Celanese U.S. Holdings LLC, 6.85%, 11/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11537 | $11982105 |
|  |  | **$11982105** |
| Communications — 1.7% | Communications — 1.7% |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 2/1/28<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733 | $2708937 |
| &nbsp;&nbsp;&nbsp;5.125%, 5/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13645 | &nbsp;&nbsp; 13564217 |
| Sprint LLC, 7.625%, 3/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 4009032 |
| T-Mobile USA, Inc., 2.55%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450 | &nbsp;&nbsp; 13133741 |
| Uber Technologies, Inc., 4.50%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6343893 |
| Videotron Ltd., 3.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339856 |
|  |  | **$48099676** |
| Consumer, Cyclical — 2.9% | Consumer, Cyclical — 2.9% |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787 | $2790598 |
| AS Mileage Plan IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;5.021%, 10/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5420240 |
| &nbsp;&nbsp;&nbsp;5.308%, 10/20/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961999 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/20/25<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722129 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/20/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13614729 |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467342 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Consumer, Cyclical (continued) | Consumer, Cyclical (continued) |  |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 11/13/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | $2410652 |
| &nbsp;&nbsp;&nbsp;7.35%, 11/4/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8644 | &nbsp;&nbsp; 9017113 |
| General Motors Financial Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 4/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268 | &nbsp;&nbsp; 3245146 |
| &nbsp;&nbsp;&nbsp;5.45%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp; 3897327 |
| Hyundai Capital America: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/18/30<sup>(1)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9468 | &nbsp;&nbsp; 9427049 |
| &nbsp;&nbsp;&nbsp;4.90%, 6/23/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13955289 |
| Lithia Motors, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198628 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468184 |
| Stellantis Finance U.S., Inc., 6.375%, 9/12/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491008 |
|  |  | **$81087433** |
| Consumer, Non-cyclical — 1.2% | Consumer, Non-cyclical — 1.2% |  |
| Biogen, Inc., 5.05%, 1/15/31<sup>(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | $8330930 |
| Centene Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563457 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9265708 |
| ICON Investments Six DAC, 5.809%, 5/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277945 |
| JDE Peet's NV, 1.375%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4372022 |
|  |  | **$33810062** |
| Energy — 0.4% | Energy — 0.4% |  |
| Raizen Fuels Finance SA, 6.25%, 7/8/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888 | $4776798 |
| TerraForm Power Operating LLC, 5.00%, 1/31/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961168 |
|  |  | **$10737966** |
| Financial — 26.7% | Financial — 26.7% |  |
| ABN AMRO Bank NV, 4.988% to 12/3/27, 12/3/28<sup>(1)(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | $7822268 |
| AIB Group PLC, 6.608% to 9/13/28, 9/13/29<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6716278 |
| Aircastle Ltd./Aircastle Ireland DAC, 5.75%, 10/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449737 |
| Ally Financial, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.543% to 1/17/30, 1/17/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073112 |
| &nbsp;&nbsp;&nbsp;5.737% to 5/15/28, 5/15/29<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303559 |
| &nbsp;&nbsp;&nbsp;6.848% to 1/3/29, 1/3/30<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200006 |
| American Assets Trust LP, 3.375%, 2/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866174 |
| American International Group, Inc., 3.40%, 6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7957617 |
| American National Global Funding: |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 6/3/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622807 |
| &nbsp;&nbsp;&nbsp;5.55%, 1/28/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773091 |
| American National Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635042 |
| &nbsp;&nbsp;&nbsp;6.144%, 6/13/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586707 |
| Antares Holdings LP: |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240931 |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| Antares Holdings LP: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 7/15/27<sup>(1)(7)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 | $4898818 |
| Athene Global Funding: |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 1/7/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10511 | &nbsp;&nbsp; 10605312 |
| &nbsp;&nbsp;&nbsp;5.38%, 1/7/30<sup>(1)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp; 4697027 |
| &nbsp;&nbsp;&nbsp;5.62%, 5/8/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp; 12104313 |
| Azorra Finance Ltd., 7.75%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp; 5488179 |
| Banco Santander SA: |  |  |
| &nbsp;&nbsp;&nbsp;4.175% to 3/24/27, 3/24/28<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998724 |
| &nbsp;&nbsp;&nbsp;5.294%, 8/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631074 |
| &nbsp;&nbsp;&nbsp;5.588%, 8/8/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9356289 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.376% to 4/27/27, 4/27/28<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22661066 |
| &nbsp;&nbsp;&nbsp;5.162% to 1/24/30, 1/24/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34172147 |
| Bank of New York Mellon, 4.729% to 4/20/28, 4/20/29<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8666790 |
| Bank of New York Mellon Corp., 4.942% to 2/11/30, 2/11/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438656 |
| Blue Owl Credit Income Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.60%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934814 |
| &nbsp;&nbsp;&nbsp;6.65%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966161 |
| BNP Paribas SA, 5.125% to 1/13/28, 1/13/29<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11046410 |
| BPCE SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.876% to 1/14/30, 1/14/31<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4286363 |
| &nbsp;&nbsp;&nbsp;6.714% to 10/19/28, 10/19/29<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451621 |
| CaixaBank SA, 5.673% to 3/15/29, 3/15/30<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13747928 |
| Canadian Imperial Bank of Commerce: |  |  |
| &nbsp;&nbsp;&nbsp;4.58% to 9/8/30, 9/8/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12124777 |
| &nbsp;&nbsp;&nbsp;4.857% to 3/30/28, 3/30/29<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977969 |
| Charles Schwab Corp., 5.875%, 8/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305276 |
| CI Financial Corp., 7.50%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10754374 |
| Citadel LP, 6.00%, 1/23/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11838571 |
| Citigroup, Inc., 4.00% to 12/10/25<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5769538 |
| Citizens Financial Group, Inc., 5.253% to 3/5/30, 3/5/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671023 |
| COPT Defense Properties LP: |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 1/15/29<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497926 |
| &nbsp;&nbsp;&nbsp;2.75%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363411 |
| Credit Agricole SA, 5.222% to 5/27/30, 5/27/31<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876968 |
| CTR Partnership LP/CareTrust Capital Corp., 3.875%, 6/30/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417428 |
| DOC DR LLC, 2.625%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028109 |
| Enact Holdings, Inc., 6.25%, 5/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;12050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12607058 |
| EPR Properties: |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325302 |
| &nbsp;&nbsp;&nbsp;3.75%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537928 |
| &nbsp;&nbsp;&nbsp;4.95%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6493275 |
| Essent Group Ltd., 6.25%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255262 |
| Extra Space Storage LP, 2.55%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740238 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| Fortitude Global Funding, 4.625%, 10/6/28<sup>(1)(4)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8467 | $8476892 |
| Fortitude Group Holdings LLC, 6.25%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340 | &nbsp;&nbsp; 5548115 |
| Global Atlantic Fin Co.: |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp; 3342904 |
| &nbsp;&nbsp;&nbsp;4.40%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11745 | &nbsp;&nbsp; 11574546 |
| Goldman Sachs Group, Inc., 5.218% to 4/23/30, 4/23/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19805 | &nbsp;&nbsp; 20484599 |
| HA Sustainable Infrastructure Capital, Inc., 6.375%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13698 | &nbsp;&nbsp; 13947367 |
| HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30<sup>(1)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp; 1350132 |
| HSBC Holdings PLC, 7.39% to 11/3/27, 11/3/28<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10477304 |
| ING Groep NV, 5.066% to 3/25/30, 3/25/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13884046 |
| Intact Financial Corp., 5.459%, 9/22/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259232 |
| Intesa Sanpaolo SpA, 5.71%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18456445 |
| Jefferies Financial Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284343 |
| &nbsp;&nbsp;&nbsp;2.75%, 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779886 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;5.103% to 4/22/30, 4/22/31<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563460 |
| &nbsp;&nbsp;&nbsp;6.087% to 10/23/28, 10/23/29<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37540863 |
| KeyBank NA, 5.85%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5993793 |
| LPL Holdings, Inc., 4.00%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6573262 |
| Macquarie Bank Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;3.624%, 6/3/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989193 |
| &nbsp;&nbsp;&nbsp;5.391%, 12/7/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762558 |
| Marex Group PLC, 6.404%, 11/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9509346 |
| National Bank of Canada, 4.702% to 3/5/26, 3/5/27<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199472 |
| NatWest Group PLC, 5.115% to 5/23/30, 5/23/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15035760 |
| NLG Global Funding: |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7622158 |
| &nbsp;&nbsp;&nbsp;5.40%, 1/23/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343113 |
| Oaktree Strategic Credit Fund: |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 7/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338138 |
| &nbsp;&nbsp;&nbsp;8.40%, 11/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247635 |
| PNC Financial Services Group, Inc., 4.899% to 5/13/30, 5/13/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15280663 |
| Radian Group, Inc., 4.875%, 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;14583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14628272 |
| Raymond James Financial, Inc., 4.90%, 9/11/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934075 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863580 |
| &nbsp;&nbsp;&nbsp;3.875%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673369 |
| Royal Bank of Canada: |  |  |
| &nbsp;&nbsp;&nbsp;4.696% to 8/6/30, 8/6/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26199057 |
| &nbsp;&nbsp;&nbsp;4.97% to 5/2/30, 5/2/31<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064060 |
| &nbsp;&nbsp;&nbsp;5.153% to 2/4/30, 2/4/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11924980 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp;5.249% to 5/22/28, 5/22/29<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564592 |
| &nbsp;&nbsp;&nbsp;5.512% to 5/22/30, 5/22/31<sup>(1)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9624435 |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| Stellantis Financial Services U.S. Corp., 5.40%, 9/15/30<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6317 | $6333142 |
| Swedbank AB: |  |  |
| &nbsp;&nbsp;&nbsp;5.337%, 9/20/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp; 2689417 |
| &nbsp;&nbsp;&nbsp;6.136%, 9/12/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11147 | &nbsp;&nbsp; 11358720 |
| Synchrony Financial, 5.019% to 7/29/28, 7/29/29<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846 | &nbsp;&nbsp; 2871386 |
| Synovus Bank/Columbus, GA: |  |  |
| &nbsp;&nbsp;&nbsp;4.00% to 10/29/25, 10/29/30<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp; 2138267 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp; 4186664 |
| Synovus Financial Corp., 6.168% to 11/1/29, 11/1/30<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774208 |
| Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3853311 |
| Truist Financial Corp., 6.047% to 6/8/26, 6/8/27<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250595 |
| UBS Group AG, 4.253%, 3/23/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28259043 |
| Westpac New Zealand Ltd., 5.132%, 2/26/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252762 |
|  |  | **$752292614** |
| Industrial — 0.5% | Industrial — 0.5% |  |
| BAE Systems PLC, 5.00%, 3/26/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | $5313325 |
| Hexcel Corp., 4.20%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878212 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486291 |
|  |  | **$14677828** |
| Technology — 1.8% | Technology — 1.8% |  |
| Broadcom, Inc., 2.45%, 2/15/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | $5367928 |
| Foundry JV Holdco LLC, 5.90%, 1/25/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13805792 |
| Kyndryl Holdings, Inc., 3.15%, 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;11720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10659807 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 9/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;11464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11481665 |
| &nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41241 |
| Qorvo, Inc., 3.375%, 4/1/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906165 |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6372846 |
|  |  | **$50635444** |
| Utilities — 2.0% | Utilities — 2.0% |  |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;12053 | $12142397 |
| Engie SA, 5.25%, 4/10/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8156098 |
| NextEra Energy Capital Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.685%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;12954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13097371 |
| &nbsp;&nbsp;&nbsp;4.90%, 2/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8447091 |
| Niagara Mohawk Power Corp., 4.278%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406764 |
| XPLR Infrastructure Operating Partners LP, 3.875%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7028139 |
|  |  | **$55277860** |
| Total Corporate Bonds<br> (identified cost $1,036,502,963) |  | **$1058600988** |

---

Exchange-Traded Funds — 0.2%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Fixed-Income Funds — 0.2% | Fixed-Income Funds — 0.2% |  |
| Calvert Ultra-Short Investment Grade ETF<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | $4817925 |
| Total Exchange-Traded Funds<br> (identified cost $4,826,100) |  | **$4817925** |

---

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>(11)(12)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | $3542910 |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 9/20/29<sup>(11)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1520160 |
| Total High Social Impact Investments<br> (identified cost $5,000,000) |  | **$5063070** |

---

Senior Floating-Rate Loans — 1.3%<sup>(13)</sup>

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

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |  |
| Medline Borrower LP, Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 10/23/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | $3942442 |
|  |  | **$3942442** |
| Insurance — 0.4% | Insurance — 0.4% |  |
| AmWINS Group, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 1/30/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939 | $3941785 |
| HUB International Ltd., Term Loan, 6.575%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371 | &nbsp;&nbsp; 3379041 |
| USI, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | &nbsp;&nbsp; 3939589 |
|  |  | **$11260415** |
| IT Services — 0.3% | IT Services — 0.3% |  |
| Informatica LLC, Term Loan, 6.413%, (1 mo. USD Term SOFR + 2.25%), 10/27/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939 | $3951084 |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949463 |
|  |  | **$7900547** |
| Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% |  |
| Avantor Funding, Inc., Term Loan, 6.263%, (1 mo. USD Term SOFR + 2.00%), 11/8/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | $420997 |
| ICON Luxembourg SARL, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 7/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995952 |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Life Sciences Tools & Services (continued) | Life Sciences Tools & Services (continued) |  |
| PRA Health Sciences, Inc., Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 7/3/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | $248142 |
|  |  | **$1665091** |
| Machinery — 0.1% | Machinery — 0.1% |  |
| TK Elevator Midco GmbH, Term Loan, 7.197%, (6 mo. USD Term SOFR + 3.00%), 4/30/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 | $3954618 |
|  |  | **$3954618** |
| Professional Services — 0.1% | Professional Services — 0.1% |  |
| Trans Union LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 | $3951611 |
|  |  | **$3951611** |
| Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% |  |
| Avolon TLB Borrower 1 (U.S.) LLC, Term Loan, 5.885%, (1 mo. USD Term SOFR + 1.75%), 6/24/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 | $3955591 |
|  |  | **$3955591** |
| Total Senior Floating-Rate Loans<br> (identified cost $36,587,610) |  | **$36630315** |

---

Sovereign Government Bonds — 0.2%

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

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Romania — 0.2% | Romania — 0.2% | Romania — 0.2% |  |
| Romania Government International Bonds, 5.125%, 9/24/31<sup>(14)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 | $5385313 |
|  |  |  | **$5385313** |
| Total Sovereign Government Bonds<br> (identified cost $5,310,151) |  |  | **$5385313** |

---

U.S. Government Agency Mortgage-Backed Securities — 5.2%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp., 5.50%, with various maturities to 2055 | $&nbsp;&nbsp;&nbsp;&nbsp;100448 | $101371835 |
| Federal National Mortgage Association, 5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45805 | &nbsp;&nbsp; 46225678 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $148,003,275) |  | **$147597513** |

---

U.S. Treasury Obligations — 13.8%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 2/28/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23384 | $23526953 |
| &nbsp;&nbsp;&nbsp;4.375%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;115345 | &nbsp;&nbsp; 115953712 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp; 17832031 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;21339 | &nbsp;&nbsp; 21941243 |
| &nbsp;&nbsp;&nbsp;4.625%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;17386 | &nbsp;&nbsp; 17532829 |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;136559 | &nbsp;&nbsp; 137908587 |
| &nbsp;&nbsp;&nbsp;4.875%, 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;54004 | &nbsp;&nbsp; 54323427 |
| Total U.S. Treasury Obligations<br> (identified cost $387,072,253) |  | **$389018782** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 1.8% |  |  |
| Affiliated Fund — 1.4% | Affiliated Fund — 1.4% | Affiliated Fund — 1.4% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(15)</sup> | 39294570 | $39294570 |
| Total Affiliated Fund<br> (identified cost $39,294,570) |  | **$39294570** |

---

---

| | | |
|:---|:---|:---|
| Commercial Paper — 0.1% | Commercial Paper — 0.1% | Commercial Paper — 0.1% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| International Flavors & Fragrances, Inc., 4.528%, 11/14/25<sup>(16)(17)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | $2203122 |
| Total Commercial Paper<br> (identified cost $2,202,818) |  | **$2203122** |
| Securities Lending Collateral — 0.3% | Securities Lending Collateral — 0.3% | Securities Lending Collateral — 0.3% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(18)</sup> | 8611940 | $8611940 |
| Total Securities Lending Collateral<br> (identified cost $8,611,940) |  | **$8611940** |
| Total Short-Term Investments<br> (identified cost $50,109,328) |  | **$50109632** |
| Total Investments — 100.7%<br> (identified cost $2,829,686,534) |  | **$2835201086** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| TBA Sale Commitments — (1.7)% | TBA Sale Commitments — (1.7)% | TBA Sale Commitments — (1.7)% |
| U.S. Government Agency Mortgage-Backed Securities — (1.7)% | U.S. Government Agency Mortgage-Backed Securities — (1.7)% | U.S. Government Agency Mortgage-Backed Securities — (1.7)% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Uniform Mortgage-Backed Security 5.50%, 30-Year, TBA<sup>(19)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;(48595) | $(48972751) |
| Total U.S. Government Agency Mortgage-Backed Securities (proceeds $49,012,613) |  | **$(48972751)** |
| Total TBA Sale Commitments<br> (proceeds $49,012,613) |  | **$(48972751)** |
| Other Assets, Less Liabilities — 1.0% |  | **$28006506** |
| Net Assets — 100.0% |  | **$2814234841** |

---

---

| | |
|:---|:---|
| 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. |
| \* | 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 September 30, 2025, the aggregate value of these securities is $1,454,382,742 or 51.7% of the Fund's net assets. |
| <sup>(2)</sup> | Step coupon security. Interest rate represents the rate in effect at<br> September 30, 2025. |
| <sup>(3)</sup> | Variable rate security. The stated interest rate represents the rate in effect at September 30, 2025. |
| <sup>(4)</sup> | When-issued security. |
| <sup>(5)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2025. |
| <sup>(6)</sup> | When-issued, variable rate security whose interest rate will be determined after September 30, 2025. |
| <sup>(7)</sup> | All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $17,678,426. |
| <sup>(8)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |
| <sup>(9)</sup> | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |

---

<sup>(10)</sup> Affiliated fund (see Note 8).

<sup>(11)</sup> May be deemed to be an affiliated company (see Note 8).

<sup>(12)</sup> Restricted security. Total market value of restricted securities amounts to $5,063,070, which represents 0.2% of the net assets of the Fund as of September 30, 2025.

<sup>(13)</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>(14)</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 September 30, 2025, the aggregate value of these securities is $5,385,313 or 0.2% of the Fund's net assets.

<sup>(15)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of September 30, 2025.

<sup>(16)</sup> Security exempt from registration under Section 4(2) of the Securities Act of 1933, as amended. Such securities may be sold in transactions exempt from registration only to dealers in that program or other "accredited investors". At September 30, 2025, the aggregate value of these securities is $2,203,122, representing 0.1% of the Fund's net assets.

<sup>(17)</sup> Rate shown is the discount rate at date of purchase.

<sup>(18)</sup> Represents investment of cash collateral received in connection with securities lending.

<sup>(19)</sup> TBA (To Be Announced) securities are purchased or sold 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.

#### 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)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;15558815 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;13140780 | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;$63223 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996022 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159091 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$120084** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

#### 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;2576 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$536834376 | &nbsp;&nbsp;&nbsp;&nbsp;$(85496) |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;2794 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305091705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106844) |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62027109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518361) |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(871) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97987500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267276) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(977977)** |

---

#### 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;$3500000 |
| 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;1500000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$5000000** |

---

#### &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 |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – United States Dollar |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $2,780,565,864) - including<br> $17,678,426 of securities on loan | &nbsp;&nbsp;$2786025521 |
| Investments in securities of affiliated issuers, at value (identified cost $49,120,670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49175565 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418501 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120084 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605944 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623000 |
| &nbsp;&nbsp;&nbsp;OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67913250 |
| Receivable for TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49012613 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8892479 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22389611 |
| Dividends and interest receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473133 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57716 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92738 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156628 |
| **Total assets** | &nbsp;&nbsp;**$2997208235** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$250000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10010558 |
| Payable for when-issued/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79635225 |
| TBA sale commitments, at value (proceeds receivable $49,012,613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48972751 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31784568 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987593 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611940 |
| 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;&nbsp;&nbsp;630133 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278488 |
| &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;63908 |
| &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;10235 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156628 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581367 |
| **Total liabilities** | &nbsp;&nbsp;**$182973394** |
| **Net Assets** | &nbsp;&nbsp;**$2814234841** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$2891970549 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77735708) |
| **Net Assets** | &nbsp;&nbsp;**$2814234841** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$264092015 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16662124 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.85 |
| **Maximum Offering Price Per Share <br> (100 ÷ 97.75 of net asset value per share)** | &nbsp;&nbsp;$16.21 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$11745028 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743864 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.79 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$2123341730 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133062453 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.96 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$415056068 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26009483 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.96 |

---

&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. |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income - affiliated issuers | &nbsp;&nbsp;$6419058 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;131453305 |
| Interest income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250208 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110785 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275218 |
| **Total investment income** | &nbsp;&nbsp;**$138508574** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$7301164 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169599 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772533 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120560 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189972 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59629 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665397 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483488 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129949 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94722 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163244 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150557 |
| **Total expenses** | &nbsp;&nbsp;**$14300814** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(322950) |
| **Net expenses** | &nbsp;&nbsp;**$13977864** |
| **Net investment income** | &nbsp;&nbsp;**$124530710** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8291796 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305012) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63494 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393943) |
| **Net realized gain** | &nbsp;&nbsp;**$7656335** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7305927 |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12960) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1911612) |
| &nbsp;&nbsp;&nbsp;TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39862 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120084 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$5541125** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$13197460** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$137728170** |

---

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &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;$124530710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$115643213 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7656335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10844612) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105902515 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$137728170** | &nbsp;&nbsp;**$210701116** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(13836657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(13243729) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450221) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92814502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88469294) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16954922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12642014) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(124055277)** | &nbsp;&nbsp;**$(114805258)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(67677799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87174284 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344605) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266159483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102447930 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123716035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65175360 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$322074083** | &nbsp;&nbsp;**$254452969** |
| **Net increase in net assets** | &nbsp;&nbsp;**$335746976** | &nbsp;&nbsp;**$350348827** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$2478487865 | &nbsp;&nbsp;$2128139038 |
| **At end of year** | &nbsp;&nbsp;**$2814234841** | &nbsp;&nbsp;**$2478487865** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$15.78 | &nbsp;&nbsp;$15.14 | &nbsp;&nbsp;$14.94 | &nbsp;&nbsp;$16.47 | &nbsp;&nbsp;$16.21 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;$0.73 | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.28 | &nbsp;&nbsp;$0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.77** | &nbsp;&nbsp;**$1.36** | &nbsp;&nbsp;**$0.76** | &nbsp;&nbsp;**$(1.13)** | &nbsp;&nbsp;**$0.62** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;$(0.72) | &nbsp;&nbsp;$(0.56) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.27) |
| 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;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Total distributions** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.36)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.85** | &nbsp;&nbsp;**$15.78** | &nbsp;&nbsp;**$15.14** | &nbsp;&nbsp;**$14.94** | &nbsp;&nbsp;**$16.47** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.99)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.87%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$264092 | &nbsp;&nbsp;$331201 | &nbsp;&nbsp;$232643 | &nbsp;&nbsp;$260829 | &nbsp;&nbsp;$301929 |
| 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;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &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;0.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89%<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 less than 0.01% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$15.72 | &nbsp;&nbsp;$15.08 | &nbsp;&nbsp;$14.88 | &nbsp;&nbsp;$16.40 | &nbsp;&nbsp;$16.15 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.61 | &nbsp;&nbsp;$0.44 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.14 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.65** | &nbsp;&nbsp;**$1.24** | &nbsp;&nbsp;**$0.65** | &nbsp;&nbsp;**$(1.24)** | &nbsp;&nbsp;**$0.49** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.58) | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.15) |
| 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;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Total distributions** | &nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.79** | &nbsp;&nbsp;**$15.72** | &nbsp;&nbsp;**$15.08** | &nbsp;&nbsp;**$14.88** | &nbsp;&nbsp;**$16.40** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.37%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.67)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$11745 | &nbsp;&nbsp;$11822 | &nbsp;&nbsp;$11702 | &nbsp;&nbsp;$15646 | &nbsp;&nbsp;$22935 |
| 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;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&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;&nbsp;&nbsp;1.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89%<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 less than 0.01% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$15.89 | &nbsp;&nbsp;$15.24 | &nbsp;&nbsp;$15.04 | &nbsp;&nbsp;$16.58 | &nbsp;&nbsp;$16.32 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;$0.77 | &nbsp;&nbsp;$0.59 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &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;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.82** | &nbsp;&nbsp;**$1.42** | &nbsp;&nbsp;**$0.80** | &nbsp;&nbsp;**$(1.10)** | &nbsp;&nbsp;**$0.67** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.75) | &nbsp;&nbsp;$(0.77) | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.32) |
| 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;&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;(0.09) |
| **Total distributions** | &nbsp;&nbsp;**$(0.75)** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.41)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.96** | &nbsp;&nbsp;**$15.89** | &nbsp;&nbsp;**$15.24** | &nbsp;&nbsp;**$15.04** | &nbsp;&nbsp;**$16.58** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.76)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$2123342 | &nbsp;&nbsp;$1846586 | &nbsp;&nbsp;$1670416 | &nbsp;&nbsp;$1906319 | &nbsp;&nbsp;$1928347 |
| 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;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&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;&nbsp;&nbsp;0.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;4.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89%<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 less than 0.01% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$15.89 | &nbsp;&nbsp;$15.24 | &nbsp;&nbsp;$15.04 | &nbsp;&nbsp;$16.58 | &nbsp;&nbsp;$16.32 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.76 | &nbsp;&nbsp;$0.78 | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.30 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.83** | &nbsp;&nbsp;**$1.42** | &nbsp;&nbsp;**$0.81** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$0.67** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.76) | &nbsp;&nbsp;$(0.77) | &nbsp;&nbsp;$(0.61) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.32) |
| 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;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Total distributions** | &nbsp;&nbsp;**$(0.76)** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$(0.61)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.41)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.96** | &nbsp;&nbsp;**$15.89** | &nbsp;&nbsp;**$15.24** | &nbsp;&nbsp;**$15.04** | &nbsp;&nbsp;**$16.58** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.35%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.57%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.70)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.17%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$415056 | &nbsp;&nbsp;$288879 | &nbsp;&nbsp;$213378 | &nbsp;&nbsp;$222373 | &nbsp;&nbsp;$116503 |
| 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;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89%<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 less than 0.01% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Short Duration Income Fund (the Fund) is a diversified series of The Calvert Fund (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 to maximize income, to the extent consistent with preservation of capital, through investment in short-term bonds and income- producing securities. The Fund invests primarily in investment grade, U.S. dollar denominated debt securities.

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 0.25% 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.**

**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 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.**

**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**

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$654103318 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$654103318 |
| 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;245128998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245128998 |
| 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;238745232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238745232 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1058600988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1058600988 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817925 |
| 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;&nbsp;&nbsp;5063070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063070 |
| Senior Floating-Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36630315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36630315 |
| 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;&nbsp;&nbsp;5385313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385313 |
| 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;&nbsp;&nbsp;147597513 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147597513 |
| 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;389018782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389018782 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;39294570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39294570 |
| &nbsp;&nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203122 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611940 |
| **Total Investments** | &nbsp;&nbsp;**$52724435** | &nbsp;&nbsp;**$2782476651** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$2835201086** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$120084 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$120084 |
| **Total** | &nbsp;&nbsp;**$52724435** | &nbsp;&nbsp;**$2782596735** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$2835321170** |
| **Liability Description** |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(48972751) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(48972751) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977977) |
| **Total** | &nbsp;&nbsp;**$(977977)** | &nbsp;&nbsp;**$(48972751)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(49950728)** |

---

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. 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.

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

D 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.

E 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.

F 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 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.

G 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.

H 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.

I 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.

J 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.

K Federal Income 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.

L 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

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 also 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.

M Forward Sale Commitments— The Fund may enter into forward sale commitments to sell generic U.S. government agency mortgage-backed securities to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as an asset and a corresponding liability, which is subsequently valued at approximately the current market value of the underlying security in accordance with the Fund's policies on investment valuations discussed above. The Fund records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Fund realizes a gain or loss on investments based on the price established when the Fund entered into the commitment. If the Fund enters into a forward sale commitment for the delivery of a security that it does not own or has the right to obtain, it is subject to the risk of loss if the purchase price to settle the commitment is higher than the price at which it was sold.

N Segment Reporting— During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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 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 and including $750 million | &nbsp;&nbsp;&nbsp;&nbsp;0.280% |
| Over $750 million | &nbsp;&nbsp;&nbsp;&nbsp;0.275% |

---

For the year ended September 30, 2025, the investment advisory fee amounted to $7,301,164 or 0.28% 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, 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 September 30, 2025, the investment advisory fee paid was reduced by $215,961 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 0.76%, 1.51%, 0.51% and 0.46% 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 February 1, 2026. For the year ended September 30, 2025, CRM waived and/or reimbursed expenses of $106,989.

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 September 30, 2025, CRM was paid administrative fees of $3,169,599.

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

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 2025 amounted to $772,533 and $120,560 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $9,302 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 2025. The Fund was also informed that EVD received $1,413 and $1,734 of contingent deferred sales charges paid by Class A and Class C shareholders, respectively, for the same period. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of CRM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended September 30, 2025 in the amount of $280.

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 September 30, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $39,813 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 $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) 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 September 30, 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 maturities, paydowns and principal repayments on senior floating-rate loans, were $1,387,940,589 and $1,250,293,661, respectively. Purchases and sales of U.S. government and agency securities, including maturities, paydowns and TBA transactions, were $2,697,984,121 and $2,517,931,680, respectively.

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$124055277 | &nbsp;&nbsp;&nbsp;&nbsp;$114805258 |

---

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;$(81742815) |
| Late year ordinary losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75193) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069893 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(987593) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(77735708)** |

---

At September 30, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $81,742,815 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 September 30, 2025, $14,644,875 are short-term and $67,097,940 are long-term.

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

Additionally, at September 30, 2025, the Fund had a late year ordinary loss of $75,193 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts and TBA sale commitments, of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$2781158266** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$34922367 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29852298) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$5070069** |

---

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 and futures 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 September 30, 2025 is included in the Schedule of Investments. At September 30, 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:

Foreign Exchange Risk: During the year ended September 30, 2025, the Fund entered into forward foreign currency exchange contracts to seek to hedge against fluctuations in currency exchange rates.

Interest Rate Risk: During the year ended September 30, 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 September 30, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

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.

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

At September 30, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &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;**Foreign<br> Exchange** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$120084 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$120084 |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$120084** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$120084** |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(977977)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(977977) |
| **Total Liability Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(977977)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(977977)** |

---

&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 table presents the Fund's derivative assets 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 as of September 30, 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>** |
| Bank of America, N.A. | &nbsp;&nbsp;$63223 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(63223) | &nbsp;&nbsp;$— |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56861) | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;**$120084** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(120084)** | &nbsp;&nbsp;**$—** |

---

<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.

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 September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &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;$(393943) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(393943) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305012) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$(393943)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(305012)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(698955)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$120084 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$120084 |
| &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;(1911612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1911612) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$120084** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1911612)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1791528)** |

---

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 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 September 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$879727000 | &nbsp;&nbsp;&nbsp;&nbsp;$177263000 | &nbsp;&nbsp;&nbsp;&nbsp;$6059000 |

---

&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 September 30, 2025, the total value of securities on loan, including accrued interest, was $18,016,097 and the total value of collateral received was $18,427,417, comprised of cash of $8,611,940 and U.S. government and/or agencies securities of $9,815,477.

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 September 30, 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** |
| Corporate Bonds | &nbsp;&nbsp;$8611940 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8611940 |

---

The carrying amount of the liability for deposits for securities loaned at September 30, 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 September 30, 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 21, 2025. 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 2024, 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 September 30, 2025. The Fund did not have any significant borrowings or allocated fees during the year ended September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 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 September 30, 2025, the value of the Fund's investment in the Notes and in funds that may be deemed to be affiliated was $49,175,565, which represents 1.8% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Interest/<br> Dividend<br> income** | **Principal amount ($)/<br> Shares,<br> end of period** |
| **Exchange-Traded Funds** |  |  |  |  |  |  |  |  |
| Calvert Ultra-Short Investment Grade ETF | $2535000 | $2288100 | $— | $— | $(5175) | $4817925 | $159749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 |
| **High Social Impact Investments** |  |  |  |  |  |  |  |  |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 3548265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5355) | &nbsp;&nbsp;&nbsp; 3542910 | &nbsp;&nbsp;&nbsp; 175000 | $3500000 |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 1522590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2430) | &nbsp;&nbsp;&nbsp; 1520160 | &nbsp;&nbsp;&nbsp; 75208 | $1500000 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;78208905 | &nbsp;&nbsp;&nbsp;1131385315 | &nbsp;&nbsp;&nbsp;(1170299650) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;39294570 | &nbsp;&nbsp;&nbsp;6259309 | &nbsp;&nbsp;&nbsp;39294570 |
| **Total** |  |  |  | **$—** | **$(12960)** | **$49175565** | **$6669266** |  |

---

&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> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;4495177 | &nbsp;&nbsp;&nbsp;&nbsp;$70584117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9501155 | &nbsp;&nbsp;&nbsp;&nbsp;$147081783 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12754365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12099899 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9629547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151016281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4662086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72007398) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4322398)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(67677799)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5619839** | &nbsp;&nbsp;&nbsp;&nbsp;**$87174284** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206722 | &nbsp;&nbsp;&nbsp;&nbsp;$3233004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249331 | &nbsp;&nbsp;&nbsp;&nbsp;$3854835 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407531 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3745748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4606971) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8067)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(123636)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(23877)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(344605)** |

---

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;51205422 | &nbsp;&nbsp;&nbsp;&nbsp;$809267818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48970260 | &nbsp;&nbsp;&nbsp;&nbsp;$761622564 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85005774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5081310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79223977 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(39727639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628114109) | &nbsp;&nbsp;&nbsp;&nbsp;(47415418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738398611) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16848354** | &nbsp;&nbsp;&nbsp;&nbsp;**$266159483** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6636152** | &nbsp;&nbsp;&nbsp;&nbsp;**$102447930** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14227489 | &nbsp;&nbsp;&nbsp;&nbsp;$224823035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8726634 | &nbsp;&nbsp;&nbsp;&nbsp;$135643491 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14607737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12210819 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7321955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115714737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5326253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82678950) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7828518** | &nbsp;&nbsp;&nbsp;&nbsp;**$123716035** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4183159** | &nbsp;&nbsp;&nbsp;&nbsp;**$65175360** |

---

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

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To the Shareholders of Calvert Short Duration Income Fund and Board of Trustees of The Calvert Fund:

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 Short Duration Income Fund (the "Fund"), one of the funds constituting The Calvert Fund, as of September 30, 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 September 30, 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 September 30, 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

November 20, 2025

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

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show 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 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended September 30, 2025, the Fund designates 93.08% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

------

The Calvert Fund held a Special Meeting of Shareholders on June 16, 2025 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to The Calvert Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Trustee** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;244920859 | &nbsp;&nbsp;2717563 |
| Von M. Hughes | &nbsp;&nbsp;242676853 | &nbsp;&nbsp;4961569 |
| Kim M. Keenan | &nbsp;&nbsp;244897013 | &nbsp;&nbsp;2741410 |
| Eddie Ramos | &nbsp;&nbsp;242768927 | &nbsp;&nbsp;4869495 |
| Carlton M. Waterhouse | &nbsp;&nbsp;242776862 | &nbsp;&nbsp;4861560 |

---

Results are rounded to the nearest whole number.

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Trustees reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Trustees were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Trustees reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

• A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices;

• For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for the Adviser with respect to each fund;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;

• Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

*Information about the Adviser*

• Reports detailing the financial results and condition of CRM;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

*Other Relevant Information*

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and

• The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Trustees were assisted throughout the contract review process by their independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Trustees, concluded that the continuation of the investment advisory agreement of Calvert Short Duration Income Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and a comparative benchmark index. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31, 2024. This performance data indicated that the Fund had outperformed the median of its peer universe and its benchmark index for the one-, three- and five-year periods ended December 31, 2024. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its benchmark index.

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (referred to collectively as "management fees") and the Fund's total expenses (net of waivers and/or reimbursements) were each above the respective median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

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[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

Calvert

Short Duration Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board also took into account the breakpoint in the advisory fee schedule for the Fund that would reduce the advisory fee rate on assets above a specific asset level. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

------

[**Table of Contents**](#JOB_Calve_e75bdb2d-f157-48fb-8171-eebde12f7de1_TOC)

CSDAX-NCSR 9.30.25

------

![](g38842img1ab6479e1.gif)

------

## Calvert

## Ultra-Short Duration Income Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g38842imge54c90bb2.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 September 30, 2025
Calvert

Ultra-Short Duration Income Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_d62597a8-3405-404d-bc8b-2263176efd5b_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_50b36e20-190a-4284-9003-2f3bb1e33c4a_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_50b36e20-190a-4284-9003-2f3bb1e33c4a_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_f9d26c32-975a-4c02-9508-2ce856c2b305_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_f9d26c32-975a-4c02-9508-2ce856c2b305_3) | &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_f9d26c32-975a-4c02-9508-2ce856c2b305_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_036f527a-c3f1-41ad-bc84-46ba5d172e81_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_48ed7f6b-109c-43b6-bb18-65e793173fd7_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_1a3b0ea5-9d8d-4b54-a3c2-802d4143e053_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| [Federal Tax Information](#xx_4fb61aa0-2962-463a-bd98-a399e5182704_1) | &nbsp;&nbsp;22 |
| [Item 9 of Form N-CSR:](#xx_9a01033d-75e6-41cf-821e-beb289de9a6b_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_9a01033d-75e6-41cf-821e-beb289de9a6b_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| [Item 11 of Form N-CSR:](#xx_2fa0705b-7ddb-4d76-bf26-26cd1893e723_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_2fa0705b-7ddb-4d76-bf26-26cd1893e723_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Schedule of Investments

------

Asset-Backed Securities — 17.6%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Ally Bank Auto Credit-Linked Notes: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A2, 5.681%, 5/17/32<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | $1377040 |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class B, 5.827%, 5/17/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp; 2341170 |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class C, 6.022%, 5/17/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp; 1212077 |
| Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2, 6.09%, 12/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp; 2600771 |
| Auxilior Term Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, 6.18%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp; 63082 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.84%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp; 908264 |
| BHG Securitization Trust, Series 2022-C, Class B, 5.93%, 10/17/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp; 1340543 |
| Blue Owl Asset Leasing Trust LLC, Series 2024-1A, Class A2, 5.05%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891507 |
| Cajun Global LLC, Series 2021-1, Class A2, 3.931%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093 | &nbsp;&nbsp;&nbsp;&nbsp;2066553 |
| Chase Auto Credit Linked Notes, Series 2025-1, Class B, 4.753%, 2/25/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010 | &nbsp;&nbsp;&nbsp;&nbsp;3024736 |
| Chesapeake Funding II LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A1, 6.16%, 10/15/35<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399752 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.142%, (30-day SOFR Average + 0.77%), 5/15/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 | &nbsp;&nbsp;&nbsp;&nbsp;1831668 |
| Clarus Capital Funding LLC, Series 2024-1A, Class A2, 4.71%, 8/20/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;1454296 |
| Coinstar Funding LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;1849780 |
| Cologix Data Centers U.S. Issuer LLC, Series 2021-1A, Class A2, 3.30%, 12/26/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;1664834 |
| Crossroads Asset Trust, Series 2025-A, Class A2, 4.91%, 2/20/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;2315842 |
| DB Master Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2II, 4.021%, 5/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp;1266741 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I, 2.045%, 11/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129 | &nbsp;&nbsp;&nbsp;&nbsp;4021468 |
| DLLMT LLC, Series 2024-1A, Class A2, 5.08%, 2/22/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;1316389 |
| Driven Brands Funding LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2, 4.641%, 4/20/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734 | &nbsp;&nbsp;&nbsp;&nbsp;5733715 |
| &nbsp;&nbsp;&nbsp;Seris 2020-2A, Class A2, 3.237%, 1/20/51<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp;2343558 |
| Enterprise Fleet Financing LLC, Series 2024-2, Class A2, 5.74%, 12/20/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;1497654 |
| FHF Issuer Trust, Series 2023-2A, Class A2, 6.79%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689 | &nbsp;&nbsp;&nbsp;&nbsp;1709797 |
| FIGRE Trust, Series 2025-FL1, Class A1, 5.265% to 7/25/28, 7/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;1399033 |
| GLS Auto Select Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2, 6.37%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529319 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.24%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;1376522 |
| GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1, 5.906%, (30-day SOFR Average + 1.55%), 10/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;1638769 |
| Hilton Grand Vacations Trust, Series 2020-AA, Class A, 2.74%, 2/25/39<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288959 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.21%, 6/15/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $116754 |
| Lendbuzz Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2, 7.09%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 304933 |
| &nbsp;&nbsp;&nbsp;Series 2023-3A, Class A2, 7.50%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162 | &nbsp;&nbsp; 3220838 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 6.19%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 | &nbsp;&nbsp; 1914168 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2, 4.97%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517 | &nbsp;&nbsp; 2519995 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 | &nbsp;&nbsp; 2722941 |
| MMP Capital LLC, Series 2025-A, Class A, 5.36%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp; 1013551 |
| MVW LLC, Series 2020-1A, Class A, 1.74%, 10/20/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp; 62340 |
| Newtek Small Business Loan Trust, Series 2023-1, Class A, 6.75%, (U.S. (Fed) Prime Rate - 0.50%), 7/25/50<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062 | &nbsp;&nbsp;&nbsp;&nbsp;2077899 |
| OBX Trust, Series 2025-HE1, Class A1, 5.956%, (30-day SOFR Average + 1.60%), 2/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;3100588 |
| Octane Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A, 5.87%, 5/21/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101305 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 5.80%, 7/20/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;2205725 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2, 4.94%, 5/20/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485099 |
| OneMain Financial Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 1.95%, 6/16/36<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;1052597 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, 5.24%, 10/14/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450 | &nbsp;&nbsp;&nbsp;&nbsp;3446775 |
| Oportun Funding Trust, Series 2024-3, Class A, 5.26%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp;2141727 |
| Oportun Issuance Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class B, 1.96%, 5/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134671 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, 6.546%, 4/8/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563086 |
| Oscar U.S. Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;&nbsp;&nbsp;2595570 |
| Pagaya AI Debt Grantor Trust, Series 2024-9, Class A, 5.065%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp;1473420 |
| Pagaya AI Debt Selection Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, 3.00%, 1/25/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39411 |
| &nbsp;&nbsp;&nbsp;Series 2021-HG1, Class A, 1.22%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7766 |
| PEAC Solutions Receivables LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 5.79%, 6/21/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp;1095474 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, 4.74%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp;1338723 |
| Prodigy Finance CM DAC, Series 2021-1A, Class A, 5.522%, (1 mo. SOFR + 1.364%), 7/25/51<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;&nbsp;3429947 |
| Prosper Marketplace Issuance Trust, Series 2024-1A, Class A, 6.12%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50110 |
| Reach ABS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, 6.30%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580040 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, 5.88%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583376 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, 4.96%, 8/16/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356971 |
| SoFi Consumer Loan Program Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A, 4.80%, 2/27/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp;2568200 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 4.82%, 6/25/34<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;1006333 |
| SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949103 |
| Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.877%, 3/26/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp;3987777 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Taco Bell Funding LLC, Series 2021-1A, Class A2I, 1.946%, 8/25/51<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | $520330 |
| Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A2, 4.14%, 6/20/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp; 3359073 |
| Theorem Funding Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class B, 8.95%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324 | &nbsp;&nbsp; 4383528 |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A, 7.58%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp; 239399 |
| Towd Point Mortgage Trust, Series 2025-HE2, Class A1A, 5.69%, (30-day SOFR Average + 1.35%), 9/25/65<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp; 2359172 |
| Tricolor Auto Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, 6.36%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp; 380291 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A, 5.22%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp; 1195262 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728%, 9/26/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;2838919 |
| Upstart Securitization Trust, Series 2021-2, Class C, 3.61%, 6/20/31<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78326 |
| Verdant Receivables LLC, Series 2025-1A, Class A2, 4.85%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 | &nbsp;&nbsp;&nbsp;&nbsp;4018131 |
| Westlake Automobile Receivables Trust, Series 2024-1A, Class A3, 5.44%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 | &nbsp;&nbsp;&nbsp;&nbsp;1816876 |
| Wingspire Equipment Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, 4.99%, 9/20/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp;1238520 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, 4.33%, 9/20/33<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1130384 |
| Total Asset-Backed Securities<br> (identified cost $118,995,942) |  | **$119269263** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Collateralized Mortgage Obligations — 10.1%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 406, Class F12, 5.656%, (30-day SOFR Average + 1.30%), 10/25/53<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | $1139971 |
| &nbsp;&nbsp;&nbsp;Series 5370, Class FB, 5.756%, (30-day SOFR Average+ 1.40%), 1/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp; 2343874 |
| &nbsp;&nbsp;&nbsp;Series 5410, Class FD, 5.606%, (30-day SOFR Average + 1.25%), 5/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356 | &nbsp;&nbsp; 3372384 |
| &nbsp;&nbsp;&nbsp;Series 5410, Class FE, 5.456%, (30-day SOFR Average + 1.10%), 5/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp; 2336065 |
| &nbsp;&nbsp;&nbsp;Series 5483, Class FB, 5.786%, (30-day SOFR Average + 1.43%), 12/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714 | &nbsp;&nbsp; 4738878 |
| &nbsp;&nbsp;&nbsp;Series 5513, Class FA, 5.356%, (30-day SOFR Average + 1.00%), 3/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp; 2225779 |
| &nbsp;&nbsp;&nbsp;Series 5529, Class AF, 5.356%, (30-day SOFR Average + 1.00%), 3/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076 | &nbsp;&nbsp; 3078156 |
| &nbsp;&nbsp;&nbsp;Series 5556, Class FA, 5.506%, (30-day SOFR Average + 1.15%), 7/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776 | &nbsp;&nbsp; 2781454 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M1A, 5.656%, (30-day SOFR Average + 1.30%), 2/25/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;1175635 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA1, Class M1A, 6.456%, (30-day SOFR Average + 2.10%), 3/25/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417981 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DNA1, Class M1, 5.706%, (30-day SOFR Average + 1.35%), 2/25/44<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | $2002909 |
| &nbsp;&nbsp;&nbsp;Series 2024-HQA1, Class A1, 5.606%, (30-day SOFR Average + 1.25%), 3/25/44<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252 | &nbsp;&nbsp; 5287563 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-46, Class FG, 4.721%, (30-day SOFR Average + 0.364%), 6/25/36<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp; 558968 |
| &nbsp;&nbsp;&nbsp;Series 2024-33, Class KF, 5.306%, (30-day SOFR Average + 0.95%), 1/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp; 1484487 |
| &nbsp;&nbsp;&nbsp;Series 2024-36, Class FB, 5.506%, (30-day SOFR Average + 1.15%), 6/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp; 1624716 |
| &nbsp;&nbsp;&nbsp;Series 2025-31, Class FB, 5.506%, (30-day SOFR Average + 1.15%), 6/25/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp; 882189 |
| &nbsp;&nbsp;&nbsp;Series 2025-75, Class FA, 5.406%, (30-day SOFR Average + 1.05%), 9/25/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214 | &nbsp;&nbsp; 3219187 |
| Federal National Mortgage Association Connecticut Avenue Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R06, Class 2B1, 8.221%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp;1281851 |
| &nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M1, 5.356%, (30-day SOFR Average + 1.00%), 12/25/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402341 |
| &nbsp;&nbsp;&nbsp;Series 2025-R05, Class 2A1, 5.356%, (30-day SOFR Average + 1.00%), 7/25/45<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057 | &nbsp;&nbsp;&nbsp;&nbsp;2063782 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2011-44, Class KF, 4.65%, (1 mo. SOFR + 0.514%), 3/20/41<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911801 |
| &nbsp;&nbsp;&nbsp;Series 2023-101, Class FM, 5.289%, (30-day SOFR Average + 0.90%), 7/20/53<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp;3135518 |
| &nbsp;&nbsp;&nbsp;Series 2024-43, Class FB, 5.339%, (30-day SOFR Average + 0.95%), 3/20/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;&nbsp;&nbsp;1340742 |
| &nbsp;&nbsp;&nbsp;Series 2024-146, Class FE, 5.389%, (30-day SOFR Average + 1.00%), 9/20/64<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517 | &nbsp;&nbsp;&nbsp;&nbsp;2529096 |
| &nbsp;&nbsp;&nbsp;Series 2024-197, Class GF, 5.389%, (30-day SOFR Average + 1.00%), 12/20/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp;1159054 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class FB, 5.439%, (30-day SOFR Average + 1.05%), 12/20/54<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139 | &nbsp;&nbsp;&nbsp;&nbsp;3145450 |
| &nbsp;&nbsp;&nbsp;Series 2025-134, Class FL, 5.389%, (30-day SOFR Average + 1.00%), 6/20/55<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829226 |
| &nbsp;&nbsp;&nbsp;Series 2025-139, Class FE, 5.489%, (30-day SOFR Average + 1.10%), 8/20/65<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696 | &nbsp;&nbsp;&nbsp;&nbsp;1699722 |
| JPMorgan Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-HE2, Class A1, 6.089%, (30-day SOFR Average + 1.70%), 3/20/54<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 | &nbsp;&nbsp;&nbsp;&nbsp;2416424 |
| &nbsp;&nbsp;&nbsp;Series 2023-HE3, Class A1, 5.989%, (30-day SOFR Average + 1.60%), 5/20/54<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;&nbsp;&nbsp;1732779 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE2, Class A1, 5.589%, (30-day SOFR Average + 1.20%), 10/20/54<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976226 |
| Oceanview Mortgage Trust, Series 2025-3, Class AF1, 5.298%, (30-day SOFR Average + 0.95%), 5/25/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455 | &nbsp;&nbsp;&nbsp;&nbsp;5469391 |
| Radnor Re Ltd., Series 2023-1, Class M1A, 7.056%, (30-day SOFR Average + 2.70%), 7/25/33<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995889 |
| Total Collateralized Mortgage Obligations<br> (identified cost $68,536,659) |  | **$68759488** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

Commercial Mortgage-Backed Securities — 4.7%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| BPR Trust, Series 2022-SSP, Class A, 7.15%, (1 mo. SOFR + 3.00%), 5/15/39<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | $3016629 |
| BX Commercial Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class B, 5.215%, (1 mo. SOFR + 1.064%), 9/15/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001 | &nbsp;&nbsp; 3989487 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class C, 5.365%, (1 mo. SOFR + 1.214%), 9/15/36<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp; 1677599 |
| Extended Stay America Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class A, 5.345%, (1 mo. SOFR + 1.194%), 7/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7243 | &nbsp;&nbsp; 7248529 |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class B, 5.645%, (1 mo. SOFR + 1.494%), 7/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 | &nbsp;&nbsp; 2703626 |
| &nbsp;&nbsp;&nbsp;Series 2025-ESH, Class A, (1 mo. SOFR + 1.30%), 10/15/42<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp; 1922400 |
| HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class A, 5.792%, (1 mo. SOFR + 1.642%), 6/15/41<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp; 2632623 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class B, 5.90%, (1 mo. SOFR + 1.75%), 3/15/42<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;2414664 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class B, 5.566%, (1 mo. SOFR + 1.414%), 4/15/38<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900193 |
| NRTH Commercial Mortgage Trust, Series 2025-PARK, Class A, (1 mo. SOFR + 1.393%), 10/15/40<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440825 |
| ORL Trust, Series 2024-GLKS, Class A, 5.643%, (1 mo. SOFR + 1.493%), 12/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452 | &nbsp;&nbsp;&nbsp;&nbsp;2456206 |
| TX Trust, Series 2024-HOU, Class A, 5.742%, (1 mo. SOFR + 1.591%), 6/15/39<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp;2624153 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $31,971,043) |  | **$32026934** |

---

Corporate Bonds — 44.5%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Basic Materials — 0.1% | Basic Materials — 0.1% |  |
| Celanese U.S. Holdings LLC, 1.40%, 8/5/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | $581740 |
|  |  | **$581740** |
| Communications — 0.4% | Communications — 0.4% |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010 | $2992180 |
|  |  | **$2992180** |
| Consumer, Cyclical — 5.1% | Consumer, Cyclical — 5.1% |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | $2409356 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/20/25<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp;2809789 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/20/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;1785720 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Consumer, Cyclical (continued) | Consumer, Cyclical (continued) |  |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 11/13/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6635 | $6623055 |
| &nbsp;&nbsp;&nbsp;4.389%, 1/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp; 2749226 |
| &nbsp;&nbsp;&nbsp;6.95%, 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3650 | &nbsp;&nbsp; 3679477 |
| Hyundai Capital America, 4.875%, 6/23/27<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510 | &nbsp;&nbsp; 6568431 |
| Stellantis Finance U.S., Inc., 1.711%, 1/29/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp; 2158454 |
| Volkswagen Group of America Finance LLC, 4.90%, 8/14/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630 | &nbsp;&nbsp; 5657653 |
|  |  | **$34441161** |
| Consumer, Non-cyclical — 1.4% | Consumer, Non-cyclical — 1.4% |  |
| Centene Corp., 4.25%, 12/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | $5061509 |
| Smithfield Foods, Inc., 4.25%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593 | &nbsp;&nbsp;&nbsp;&nbsp;4563417 |
|  |  | **$9624926** |
| Financial — 30.4% | Financial — 30.4% |  |
| Air Lease Corp., 5.30%, 6/25/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | $2315809 |
| Ally Financial, Inc., 5.75%, 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897 | &nbsp;&nbsp;&nbsp;&nbsp;4900031 |
| American National Group, Inc., 5.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp;4983393 |
| Athene Global Funding, 4.86%, 8/27/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167 | &nbsp;&nbsp;&nbsp;&nbsp;3188471 |
| Australia & New Zealand Banking Group Ltd., 4.745%, (SOFR + 0.56%), 3/18/26<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690 | &nbsp;&nbsp;&nbsp;&nbsp;7702929 |
| Aviation Capital Group LLC, 4.875%, 10/1/25<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp;2942000 |
| Banco Santander SA, 4.175% to 3/24/27, 3/24/28<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;6591575 |
| Bank of America Corp., 1.734% to 7/22/26, 7/22/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13485 | &nbsp;&nbsp;&nbsp;&nbsp;13217131 |
| Bank of Ireland Group PLC, 2.029% to 9/30/26, 9/30/27<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6804 | &nbsp;&nbsp;&nbsp;&nbsp;6651427 |
| Bank of New York Mellon, 4.587% to 4/20/26, 4/20/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp;3621353 |
| Bank of Nova Scotia, 4.50%, 12/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;3401286 |
| Barclays PLC: |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, 5/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;3416756 |
| &nbsp;&nbsp;&nbsp;7.325% to 11/2/25, 11/2/26<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp;4131583 |
| Blue Owl Credit Income Corp., 3.125%, 9/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1972014 |
| BPCE SA, 5.975% to 1/18/26, 1/18/27<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;4517215 |
| CaixaBank SA, 6.684% to 9/13/26, 9/13/27<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp;3397858 |
| Citadel LP, 4.875%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869 | &nbsp;&nbsp;&nbsp;&nbsp;2875736 |
| COPT Defense Properties LP, 2.25%, 3/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp;3603425 |
| EPR Properties, 4.75%, 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507 | &nbsp;&nbsp;&nbsp;&nbsp;4519087 |
| Fortitude Global Funding, 4.625%, 10/6/28<sup>(1)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;2357751 |
| GA Global Funding Trust, 2.25%, 1/6/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp;1431344 |
| Goldman Sachs Bank USA, 5.414% to 5/21/26, 5/21/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13159 | &nbsp;&nbsp;&nbsp;&nbsp;13262331 |
| HAT Holdings I LLC/HAT Holdings II LLC: |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 6/15/26<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 | &nbsp;&nbsp;&nbsp;&nbsp;4729405 |
| &nbsp;&nbsp;&nbsp;3.75%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628462 |
| ING Groep NV, 6.083% to 9/11/26, 9/11/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 | &nbsp;&nbsp;&nbsp;&nbsp;6459398 |
| Intesa Sanpaolo SpA, 5.71%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425 | &nbsp;&nbsp;&nbsp;&nbsp;6439460 |
| Jefferies Financial Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715 | &nbsp;&nbsp;&nbsp;&nbsp;3722962 |
| &nbsp;&nbsp;&nbsp;4.75%, 8/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345 | &nbsp;&nbsp;&nbsp;&nbsp;3352381 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;1.04% to 2/4/26, 2/4/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp;&nbsp;7047196 |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) |  |
| JPMorgan Chase & Co.: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;1.045% to 11/19/25, 11/19/26<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | $6720050 |
| Lloyds Banking Group PLC, 4.582%, 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 | &nbsp;&nbsp; 1263316 |
| Marex Group PLC, 5.829%, 5/8/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp; 2537014 |
| National Bank of Canada, 4.702% to 3/5/26, 3/5/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | &nbsp;&nbsp; 5157881 |
| Protective Life Global Funding, 5.031%, (SOFR + 0.70%), 4/10/26<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp; 4058742 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp; 2436118 |
| Royal Bank of Canada, 5.069% to 7/23/26, 7/23/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575 | &nbsp;&nbsp; 6624951 |
| Santander U.K. Group Holdings PLC, 6.833% to 11/21/25, 11/21/26<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;6419178 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp;1.488% to 12/14/25, 12/14/26<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp;2380304 |
| &nbsp;&nbsp;&nbsp;5.25%, 2/19/27<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp;2072943 |
| &nbsp;&nbsp;&nbsp;5.519% to 1/19/27, 1/19/28<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;2103199 |
| Stellantis Financial Services U.S. Corp., 4.95%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;1489854 |
| Truist Bank, 4.42% to 7/24/27, 7/24/28<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537 | &nbsp;&nbsp;&nbsp;&nbsp;4557291 |
| U.S. Bank NA, 4.73% to 5/14/27, 5/15/28<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | &nbsp;&nbsp;&nbsp;&nbsp;2290438 |
| UBS Group AG: |  |  |
| &nbsp;&nbsp;&nbsp;1.305% to 2/2/26, 2/2/27<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp;2524736 |
| &nbsp;&nbsp;&nbsp;1.494% to 8/10/26, 8/10/27<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273 | &nbsp;&nbsp;&nbsp;&nbsp;4172876 |
| &nbsp;&nbsp;&nbsp;4.703% to 8/5/26, 8/5/27<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698393 |
| &nbsp;&nbsp;&nbsp;5.711% to 1/12/26, 1/12/27<sup>(1)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682450 |
| Wachovia Corp., 6.605%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;2250000 |
| Wells Fargo & Co., 3.196% to 6/17/26, 6/17/27<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8075 | &nbsp;&nbsp;&nbsp;&nbsp;8018841 |
|  |  | **$205838344** |
| Industrial — 1.9% | Industrial — 1.9% |  |
| Berry Global, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;1.57%, 1/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | $1524898 |
| &nbsp;&nbsp;&nbsp;4.875%, 7/15/26<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;3400566 |
| Hexcel Corp., 4.20%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;1394682 |
| Vontier Corp., 1.80%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp;6545381 |
|  |  | **$12865527** |
| Technology — 1.7% | Technology — 1.7% |  |
| Concentrix Corp., 6.65%, 8/2/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | $4237931 |
| Dell International LLC/EMC Corp., 4.90%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356059 |
| Intel Corp., 4.875%, 2/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3433 | &nbsp;&nbsp;&nbsp;&nbsp;3440383 |
| Kyndryl Holdings, Inc., 2.05%, 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253 | &nbsp;&nbsp;&nbsp;&nbsp;3178199 |
|  |  | **$11212572** |
| Utilities — 3.5% | Utilities — 3.5% |  |
| AES Corp., 1.375%, 1/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | $2804172 |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp;3772777 |
| Enel Finance International NV, 7.05%, 10/14/25<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp;4829273 |
| NextEra Energy Capital Holdings, Inc., 4.685%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176 | &nbsp;&nbsp;&nbsp;&nbsp;5233287 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Utilities (continued) | Utilities (continued) |  |
| NRG Energy, Inc., 2.00%, 12/2/25<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023 | $6986341 |
|  |  | **$23625850** |
| Total Corporate Bonds<br> (identified cost $300,171,176) |  | **$301182300** |

---

High Social Impact Investments — 0.1%

&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>(8)(9)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1012260 |
| Total High Social Impact Investments<br> (identified cost $1,000,000) |  | **$1012260** |

---

Senior Floating-Rate Loans — 1.0%<sup>(10)</sup>

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

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |  |
| Aramark Services, Inc., Term Loan, 6.163% - 6.199%, (1 mo. USD Term SOFR + 2.00%, 3 mo. USD Term SOFR + 2.00%), 6/22/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | $1676569 |
|  |  | **$1676569** |
| Life Sciences Tools & Services — 0.1% | Life Sciences Tools & Services — 0.1% |  |
| Avantor Funding, Inc., Term Loan, 6.263%, (1 mo. USD Term SOFR + 2.00%), 11/8/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | $184186 |
| ICON Luxembourg SARL, Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 7/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp; 436821 |
| PRA Health Sciences, Inc., Term Loan, 6.002%, (3 mo. USD Term SOFR + 2.00%), 7/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp; 108834 |
|  |  | **$729841** |
| Professional Services — 0.3% | Professional Services — 0.3% |  |
| Trans Union LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | $1728830 |
|  |  | **$1728830** |
| Software — 0.1% | Software — 0.1% |  |
| Open Text Corp., Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | $661648 |
|  |  | **$661648** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Borrower/Description** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Trading Companies & Distributors — 0.3% | Trading Companies & Distributors — 0.3% |  |
| Avolon TLB Borrower 1 (U.S.) LLC, Term Loan, 5.885%, (1 mo. USD Term SOFR + 1.75%), 6/24/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728 | $1730571 |
|  |  | **$1730571** |
| Total Senior Floating-Rate Loans<br> (identified cost $6,531,039) |  | **$6527459** |

---

U.S. Treasury Obligations — 16.3%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, 6/30/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33930 | $33457298 |
| &nbsp;&nbsp;&nbsp;2.75%, 4/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp; 16668945 |
| &nbsp;&nbsp;&nbsp;4.125%, 10/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp; 19586074 |
| &nbsp;&nbsp;&nbsp;4.875%, 5/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;30399 | &nbsp;&nbsp; 30603333 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 10006413 |
| Total U.S. Treasury Obligations<br> (identified cost $110,076,934) |  | **$110322063** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 6.0% |  |  |
| Affiliated Fund — 2.6% | Affiliated Fund — 2.6% | Affiliated Fund — 2.6% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(11)</sup> | 17436791 | $17436791 |
| Total Affiliated Fund<br> (identified cost $17,436,791) |  | **$17436791** |

---

---

| | | |
|:---|:---|:---|
| Commercial Paper — 2.9% | Commercial Paper — 2.9% | Commercial Paper — 2.9% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Brookfield BRP Holdings Canada, Inc., 4.834%, 10/1/25<sup>(12)(13)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310 | $3309612 |
| CVS Health Corp., 4.507%, 10/6/25<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp; 6694881 |
| HA Sustainable Infrastructure Capital, Inc., 4.873%, 10/14/25<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4625 | &nbsp;&nbsp; 4615746 |
| International Flavors & Fragrances, Inc., 4.528%, 11/14/25<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp; 3332036 |
| Sonoco Products Co., 4.54%, 10/10/25<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp; 1577928 |
| Total Commercial Paper<br> (identified cost $19,532,482) |  | **$19530203** |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Collateral — 0.5% | Securities Lending Collateral — 0.5% | Securities Lending Collateral — 0.5% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(14)</sup> | 3553845 | $3553845 |
| Total Securities Lending Collateral<br> (identified cost $3,553,845) |  | **$3553845** |
| Total Short-Term Investments<br> (identified cost $40,523,118) |  | **$40520839** |
| Total Investments — 100.3%<br> (identified cost $677,805,911) |  | **$679620606** |

---

---

| | |
|:---|:---|
| Other Assets, Less Liabilities — (0.3)% | **$(2277857)** |
| Net Assets — 100.0% | **$677342749** |

---

---

| | |
|:---|:---|
| 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> | 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 September 30, 2025, the aggregate value of these securities is $289,161,821 or 42.7% of the Fund's net assets. |
| <sup>(2)</sup> | Variable rate security. The stated interest rate represents the rate in effect at September 30, 2025. |
| <sup>(3)</sup> | Step coupon security. Interest rate represents the rate in effect at<br> September 30, 2025. |
| <sup>(4)</sup> | When-issued, variable rate security whose interest rate will be determined after September 30, 2025. |
| <sup>(5)</sup> | All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $3,441,074. |
| <sup>(6)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |
| <sup>(7)</sup> | When-issued security. |
| <sup>(8)</sup> | May be deemed to be an affiliated company (see Note 8). |
| <sup>(9)</sup> | Restricted security. Total market value of restricted securities amounts to $1,012,260, which represents 0.1% of the net assets of the Fund as of September 30, 2025. |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Schedule of Investments — continued

------

<sup>(10)</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>(11)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of September 30, 2025.

<sup>(12)</sup> Security exempt from registration under Section 4(2) of the Securities Act of 1933, as amended. Such securities may be sold in transactions exempt from registration only to dealers in that program or other "accredited investors". At September 30, 2025, the aggregate value of these securities is $19,530,203, representing 2.9% of the Fund's net assets.

<sup>(13)</sup> Rate shown is the discount rate at date of purchase.

<sup>(14)</sup> Represents investment of cash collateral received in connection with securities lending.

#### 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;(19) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(3959570) | &nbsp;&nbsp;&nbsp;&nbsp;$(2830) |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1091953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5613 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$2783** |

---

#### Restricted Securities

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquisition Date** | &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;$1000000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1000000** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $659,369,120) - including<br> $3,441,074 of securities on loan | &nbsp;&nbsp;$661171555 |
| Investments in securities of affiliated issuers, at value (identified cost $18,436,791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18449051 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8313946 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201523 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586710 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879836 |
| Dividends and interest receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135815 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38930 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779616 |
| **Total assets** | &nbsp;&nbsp;**$699717835** |
| Liabilities |  |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;$2420 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8271246 |
| Payable for when-issued securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7907733 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229885 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136488 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553845 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139657 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65992 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48602 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14417 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779616 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225185 |
| **Total liabilities** | &nbsp;&nbsp;**$22375086** |
| **Net Assets** | &nbsp;&nbsp;**$677342749** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$695484634 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18141885) |
| **Net Assets** | &nbsp;&nbsp;**$677342749** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$237744522 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23970853 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.92 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$381894113 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38499895 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.92 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$57704114 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819803 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.92 |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income - affiliated issuers | &nbsp;&nbsp;$1564845 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;33248158 |
| Interest income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12405 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296 |
| **Total investment income** | &nbsp;&nbsp;**$34882704** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$1788864 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825630 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547087 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37133 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18043 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543897 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159912 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118242 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80108 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65398 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44001 |
| **Total expenses** | &nbsp;&nbsp;**$4228315** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(522481) |
| **Net expenses** | &nbsp;&nbsp;**$3705834** |
| **Net investment income** | &nbsp;&nbsp;**$31176870** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1054894 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164641 |
| **Net realized gain** | &nbsp;&nbsp;**$1219535** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(525487) |
| &nbsp;&nbsp;&nbsp;Investment securities - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(524234)** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$695301** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$31872171** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &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;$31176870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44882854 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698650 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9175592 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$31872171** | &nbsp;&nbsp;**$54757096** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9624792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(10853525) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18881699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24858132) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2977327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8164239) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(31483818)** | &nbsp;&nbsp;**$(43875896)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24844068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(18160431) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102838120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8512998 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19280486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152457843) |
| **Net decrease in net assets from capital share transactions** | &nbsp;&nbsp;**$(97274538)** | &nbsp;&nbsp;**$(162105276)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(96886185)** | &nbsp;&nbsp;**$(151224076)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$774228934 | &nbsp;&nbsp;$925453010 |
| **At end of year** | &nbsp;&nbsp;**$677342749** | &nbsp;&nbsp;**$774228934** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$9.91 | &nbsp;&nbsp;$9.79 | &nbsp;&nbsp;$9.68 | &nbsp;&nbsp;$9.94 | &nbsp;&nbsp;$9.86 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.43 | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.45** | &nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$0.51** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$0.15** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;$(0.49) | &nbsp;&nbsp;$(0.40) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.07) |
| **Total distributions** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.07)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.92** | &nbsp;&nbsp;**$9.91** | &nbsp;&nbsp;**$9.79** | &nbsp;&nbsp;**$9.68** | &nbsp;&nbsp;**$9.94** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.39%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.56)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.55%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$237745 | &nbsp;&nbsp;$212680 | &nbsp;&nbsp;$228165 | &nbsp;&nbsp;$281960 | &nbsp;&nbsp;$331648 |
| 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;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92%<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 (equal to less than 0.01% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$9.91 | &nbsp;&nbsp;$9.79 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$9.94 | &nbsp;&nbsp;$9.86 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.46 | &nbsp;&nbsp;$0.53 | &nbsp;&nbsp;$0.43 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$0.64** | &nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.18** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.10) |
| **Total distributions** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.10)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.92** | &nbsp;&nbsp;**$9.91** | &nbsp;&nbsp;**$9.79** | &nbsp;&nbsp;**$9.69** | &nbsp;&nbsp;**$9.94** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.65%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.54%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.21)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.80%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$381894 | &nbsp;&nbsp;$484618 | &nbsp;&nbsp;$470263 | &nbsp;&nbsp;$487115 | &nbsp;&nbsp;$605831 |
| 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;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92%<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 (equal to less than 0.01% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 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 September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &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;$9.91 | &nbsp;&nbsp;$9.78 | &nbsp;&nbsp;$9.68 | &nbsp;&nbsp;$9.93 | &nbsp;&nbsp;$9.86 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.46 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$0.65** | &nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$0.17** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.43) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.10) |
| **Total distributions** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.10)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$9.92** | &nbsp;&nbsp;**$9.91** | &nbsp;&nbsp;**$9.78** | &nbsp;&nbsp;**$9.68** | &nbsp;&nbsp;**$9.93** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.59%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.17)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.75%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$57704 | &nbsp;&nbsp;$76930 | &nbsp;&nbsp;$227025 | &nbsp;&nbsp;$85422 | &nbsp;&nbsp;$83675 |
| 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;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92%<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 (equal to less than 0.01% of average daily net assets for the year ended September 30, 2025 and less than 0.005% of average daily net assets for the years ended September 30, 2024, 2023 and 2022).

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

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Ultra-Short Duration Income Fund (the Fund) is a diversified series of The Calvert Fund (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 to maximize income, to the extent consistent with preservation of capital, through investment in short-term bonds and income-producing securities. The Fund invests primarily in investment grade, U.S. dollar denominated debt securities.

The Fund offers three classes of shares. Class A shares are sold at net asset value and are not subject to a sales charge. 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.**

**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.**

**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.**

**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_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$119269263 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$119269263 |
| 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;68759488 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68759488 |
| 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;32026934 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32026934 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;301182300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;301182300 |
| 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;1012260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012260 |
| Senior Floating-Rate Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527459 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6527459 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;110322063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;110322063 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;17436791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17436791 |
| &nbsp;&nbsp;&nbsp;Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19530203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19530203 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553845 |
| **Total Investments** | &nbsp;&nbsp;**$20990636** | &nbsp;&nbsp;**$658629970** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$679620606** |
| Futures Contracts | &nbsp;&nbsp;$5613 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5613 |
| **Total** | &nbsp;&nbsp;**$20996249** | &nbsp;&nbsp;**$658629970** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$679626219** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(2830) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2830) |
| **Total** | &nbsp;&nbsp;**$(2830)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(2830)** |

---

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. 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 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.

E 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

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

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.

F 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.

G 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.

H 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.

I 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.

J Federal Income 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.

K 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 also 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.

L Segment Reporting— During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 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 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 and including $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.260% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.250% |

---

For the year ended September 30, 2025, the investment advisory fee amounted to $1,788,864 or 0.26% 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 September 30, 2025, the investment advisory fee paid was reduced by $52,573 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 0.72%, 0.47% and 0.43% for Class A, 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 February 1, 2026. For the year ended September 30, 2025, CRM waived and/or reimbursed expenses of $469,908.

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 I and Class R6 and is payable monthly. For the year ended September 30, 2025, CRM was paid administrative fees of $825,630.

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. Distribution and service fees paid or accrued for the year ended September 30, 2025 amounted to $547,087 for Class A shares.

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 September 30, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $56,377 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 $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) 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 September 30, 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 maturities, paydowns and principal repayments on senior floating-rate loans, were $410,399,405 and $523,039,029, respectively. Purchases and sales of U.S. government and agency securities, including paydowns and TBA transactions, were $255,625,655 and $119,972,381, respectively.

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$31483818 | &nbsp;&nbsp;&nbsp;&nbsp;$43875896 |

---

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$92152 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19674297) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576748 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136488) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(18141885)** |

---

At September 30, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $19,674,297 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 September 30, 2025, $8,915,104 are short-term and $10,759,193 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$678043858** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$2384497 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(807749) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$1576748** |

---

5 Financial Instruments

A summary of futures contracts outstanding at September 30, 2025 is included in the Schedule of Investments. During the year ended September 30, 2025, the Fund used futures contracts to hedge interest rate risk and to manage duration.

At September 30, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivative<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative<sup>(1)</sup>** |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$5613 | &nbsp;&nbsp;&nbsp;&nbsp;$(2830) |  |  |

---

&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.

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[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income<sup>(2)</sup>** |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$164641 | &nbsp;&nbsp;&nbsp;&nbsp;$2783 |

---

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

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss) – Futures contracts. <br> <sup>(2)</sup> Statement of Operations location: Change in unrealized appreciation (depreciation) – Futures contracts.

The average notional cost of futures contracts (long) and futures contracts (short) outstanding during the year ended September 30, 2025 was approximately $5,558,000 and $2,120,000, respectively.

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 September 30, 2025, the total value of securities on loan, including accrued interest, was $3,484,897 and the total value of collateral received was $3,553,845, comprised of cash.

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 September 30, 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** |
| Corporate Bonds | &nbsp;&nbsp;$3553845 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3553845 |

---

The carrying amount of the liability for deposits for securities loaned at September 30, 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 September 30, 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 21, 2025. 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 2024, 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.

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Notes to Financial Statements — continued

------

The Fund had no borrowings outstanding pursuant to its line of credit at September 30, 2025. The Fund did not have any significant borrowings or allocated fees during the year ended September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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 September 30, 2025, the value of the Fund's investment in the Notes and in funds that may be deemed to be affiliated was $18,449,051, which represents 2.7% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Interest/<br> Dividend<br> income** | **Principal amount ($)/<br> Shares,<br> end of period** |
| **High Social Impact Investments** |  |  |  |  |  |  |  |  |
| Calvert Impact Capital, Inc., Community Investment Notes, 5.00%, 12/15/28<sup>(1)</sup> | $1013790 | $— | $— | $— | $(1530) | $1012260 | $50000 | $1000000 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;52819253 | &nbsp;&nbsp;&nbsp;617091054 | &nbsp;&nbsp;&nbsp;(652473516) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;17436791 | &nbsp;&nbsp;&nbsp;1564845 | &nbsp;&nbsp;&nbsp;17436791 |
| **Total** |  |  |  | **$—** | **$(1530)** | **$18449051** | **$1614845** |  |

---

&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 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;6098970 | &nbsp;&nbsp;&nbsp;&nbsp;$60388771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085579 | &nbsp;&nbsp;&nbsp;&nbsp;$20555576 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10283663 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4512599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44683541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4979499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48999670) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2509023** | &nbsp;&nbsp;&nbsp;&nbsp;**$24844068** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1850258)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(18160431)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22372287 | &nbsp;&nbsp;&nbsp;&nbsp;$221521652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24553338 | &nbsp;&nbsp;&nbsp;&nbsp;$241884574 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18062532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24129152 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(34593292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342422304) | &nbsp;&nbsp;&nbsp;&nbsp;(26146252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257500728) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10397326)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(102838120)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**855381** | &nbsp;&nbsp;&nbsp;&nbsp;**$8512998** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4259466 | &nbsp;&nbsp;&nbsp;&nbsp;$42141250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26430015 | &nbsp;&nbsp;&nbsp;&nbsp;$259813341 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7786389 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6468280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64026370) | &nbsp;&nbsp;&nbsp;&nbsp;(42662964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420057573) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1945705)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19280486)** | &nbsp;&nbsp;&nbsp;&nbsp;**(15441429)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(152457843)** |

---

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Ultra-Short Duration Income Fund and Board of Trustees of The Calvert Fund:

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 Ultra-Short Duration Income Fund (the "Fund"), one of the funds constituting The Calvert Fund, as of September 30, 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 September 30, 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 September 30, 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

November 20, 2025

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

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show 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 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended September 30, 2025, the Fund designates 93.57% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

------

The Calvert Fund held a Special Meeting of Shareholders on June 16, 2025 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to The Calvert Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Trustee** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;244920859 | &nbsp;&nbsp;2717563 |
| Von M. Hughes | &nbsp;&nbsp;242676853 | &nbsp;&nbsp;4961569 |
| Kim M. Keenan | &nbsp;&nbsp;244897013 | &nbsp;&nbsp;2741410 |
| Eddie Ramos | &nbsp;&nbsp;242768927 | &nbsp;&nbsp;4869495 |
| Carlton M. Waterhouse | &nbsp;&nbsp;242776862 | &nbsp;&nbsp;4861560 |

---

Results are rounded to the nearest whole number.

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Trustees reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Trustees were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Trustees reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

• A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices;

• For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for the Adviser with respect to each fund;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;

• Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

*Information about the Adviser*

• Reports detailing the financial results and condition of CRM;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

*Other Relevant Information*

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and

• The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Trustees were assisted throughout the contract review process by their independent legal counsel. The Independent Trustees relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Trustees, concluded that the continuation of the investment advisory agreement of Calvert Ultra-Short Duration Income Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and a comparative benchmark index. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31, 2024. This performance data indicated that the Fund had outperformed the median of its peer universe and its benchmark index for the one-, three- and five-year periods ended December 31, 2024. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its benchmark index.

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (after taking into account waivers and/or reimbursements) (referred to collectively as "management fees") and the Fund's total expenses (net of waivers and/or reimbursements) were each above the respective median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

Calvert

Ultra-Short Duration Income Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board also took into account the breakpoint in the advisory fee schedule for the Fund that would reduce the advisory fee rate on assets above a specific asset level. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

------

[**Table of Contents**](#JOB_Calve_f3263690-fc85-4b0a-a847-5b285b4a1c19_TOC)

CULAX-NCSR 9.30.25

------

![](g38842imgdb84266d1.gif)

------

## Calvert

## Mortgage Access Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g38842img5ebdbedc2.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 September 30, 2025
Calvert

Mortgage Access Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_552e7b8b-9e7b-4cd1-9fc0-b5b5a78e71f1_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_88e866f5-9050-458d-b6eb-2d47db78057c_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_88e866f5-9050-458d-b6eb-2d47db78057c_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_0c4eef69-9d65-4ebb-95f2-3e222b2e661d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_0c4eef69-9d65-4ebb-95f2-3e222b2e661d_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_0c4eef69-9d65-4ebb-95f2-3e222b2e661d_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Cash Flows](#xx_0c4eef69-9d65-4ebb-95f2-3e222b2e661d_5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_b84f88d4-265e-45fa-a4b2-9f7927f32a34_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_23286d9d-cde8-4c37-bb95-e02ca13d8507_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_29332532-897c-4a01-9fcb-38b16a1aa0f6_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| [Federal Tax Information](#xx_11bd12d3-75e0-483b-a10c-424bc933eb17_1) | &nbsp;&nbsp;25 |
| [Item 9 of Form N-CSR:](#xx_a53a8ffb-fe4f-46bf-9cff-3d0ac45c54d4_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_a53a8ffb-fe4f-46bf-9cff-3d0ac45c54d4_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| [Item 11 of Form N-CSR:](#xx_896a8a84-9a0b-41b0-bb17-9881e4edc684_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_896a8a84-9a0b-41b0-bb17-9881e4edc684_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Schedule of Investments

------

Asset-Backed Securities — 1.0%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| NRZ Excess Spread-Collateralized Notes, Series 2024-FNT1, Class A, 7.398%, 11/25/31<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | $989323 |
| Total Asset-Backed Securities<br> (identified cost $971,132) |  | **$989323** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Collateralized Mortgage Obligations — 70.9%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Angel Oak Mortgage Trust, Series 2021-5, Class A2, 1.208%, 7/25/66<sup>(1)(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $44408 |
| Bellemeade Re Ltd., Series 2022-2, Class M1A, 8.356%, (30-day SOFR Average + 4.00%), 9/27/32<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp; 29893 |
| BRAVO Residential Funding Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A3, 1.332%, 2/25/49<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp; 45898 |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A3, 1.956%, 4/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp; 69243 |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM1, Class B1, 8.042%, 12/1/63<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp; 114270 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp; 799877 |
| Champs Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A, 8.978%, 7/25/59<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp; 1243387 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A, 8.741%, 11/25/59<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp;1369936 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, 8.293%, 1/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp;1644449 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A, 8.677%, 4/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1773 | &nbsp;&nbsp;&nbsp;&nbsp;1857672 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, 8.04%, 10/25/60<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp;2130120 |
| CHNGE Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class A3, 5.82% to 10/25/25, 6/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64094 |
| &nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class M1, 5.82% to 10/25/25, 6/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503296 |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A1, 7.065% to 2/25/26, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158781 |
| &nbsp;&nbsp;&nbsp;Series 2023-4, Class A3, 8.38% to 8/25/26, 9/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444925 |
| Cross Mortgage Trust, Series 2024-H2, Class B1B, 8.253%, 4/25/69<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477094 |
| FARM Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class B, 3.231%, 7/25/51<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1502 | &nbsp;&nbsp;&nbsp;&nbsp;1178004 |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class B, 2.956%, 1/25/52<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;&nbsp;1554245 |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class B, 3.039%, 3/25/52<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682646 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B, 5.094%, 10/1/53<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777460 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class B, 5.631%, 8/1/55<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp;1033005 |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 5489, Class S, 6.037%, (15.62% - 30-day SOFR Average x 2.2), 1/25/55<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;1227278 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class DS, 7.932%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524383 |
| &nbsp;&nbsp;&nbsp;Series 5508, Class SC, 7.932%, (21.00% - 30-day SOFR Average x 3.00), 2/25/55<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;1025000 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-HQA3, Class B2, 11.971%, (30-day SOFR Average + 7.614%), 9/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283749 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA1, Class B2, 9.356%, (30-day SOFR Average + 5.00%), 8/25/33<sup>(1)(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;2250 | $2608645 |
| &nbsp;&nbsp;&nbsp;Series 2021-HQA2, Class B2, 9.806%, (30-day SOFR Average + 5.45%), 12/25/33<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp; 1542448 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1B, 8.356%, (30-day SOFR Average + 4.00%), 7/25/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 527076 |
| &nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1B, 7.706%, (30-day SOFR Average + 3.35%), 6/25/43<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp; 780200 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-12, Class LW, 6.00%, 4/25/53<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 517509 |
| &nbsp;&nbsp;&nbsp;Series 2024-102, Class SA, 6.037%, (15.62% - 30-day SOFR Average x 2.2), 1/25/55<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp; 1200980 |
| Federal National Mortgage Association Connecticut Avenue Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-R06, Class 2B1, 8.221%, (30-day SOFR Average + 3.864%), 9/25/39<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188005 |
| &nbsp;&nbsp;&nbsp;Series 2023-R03, Class 2M2, 8.256%, (30-day SOFR Average + 3.90%), 4/25/43<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528778 |
| GCAT Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-NQM4, Class A3, 5.73% to 10/25/25, 8/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73079 |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM2, Class A2, 6.243% to 2/25/26, 11/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324616 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-160, Class DI, 3.00%, 9/20/51<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91249 |
| &nbsp;&nbsp;&nbsp;Series 2022-126, Class AS, 0.00%, (3.69% - 30-day SOFR Average, Floor 0.00%), 7/20/52<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9965 |
| &nbsp;&nbsp;&nbsp;Series 2022-173, Class S, 6.641%, (22.733% - 30-day SOFR Average x 3.667), 10/20/52<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188063 |
| &nbsp;&nbsp;&nbsp;Series 2022-175, Class SB, 6.641%, (22.733% - 30-day SOFR Average x 3.667), 10/20/52<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761858 |
| &nbsp;&nbsp;&nbsp;Series 2022-195, Class AS, 6.886%, (23.125% - 30-day SOFR Average x 3.70), 11/20/52<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225162 |
| &nbsp;&nbsp;&nbsp;Series 2022-197, Class SW, 5.787%, (16.32% - 30-day SOFR Average x 2.40), 11/20/52<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146563 |
| &nbsp;&nbsp;&nbsp;Series 2023-13, Class SA, 1.011%, (5.40% - 30-day SOFR Average), 1/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39166 |
| &nbsp;&nbsp;&nbsp;Series 2023-19, Class SD, 1.911%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37395 |
| &nbsp;&nbsp;&nbsp;Series 2023-22, Class ES, 1.911%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36965 |
| &nbsp;&nbsp;&nbsp;Series 2023-24, Class SB, 0.761%, (5.15% - 30-day SOFR Average), 2/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42555 |
| &nbsp;&nbsp;&nbsp;Series 2023-24, Class SG, 1.911%, (6.30% - 30-day SOFR Average), 2/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36965 |
| &nbsp;&nbsp;&nbsp;Series 2023-38, Class LS, 1.911%, (6.30% - 30-day SOFR Average), 3/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35947 |
| &nbsp;&nbsp;&nbsp;Series 2023-47, Class HS, 1.911%, (6.30% - 30-day SOFR Average), 3/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12581 |
| &nbsp;&nbsp;&nbsp;Series 2023-47, Class SC, 1.861%, (6.25% - 30-day SOFR Average), 3/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17755 |
| &nbsp;&nbsp;&nbsp;Series 2023-65, Class G, 6.458%, (22.55% - 30-day SOFR Average x 3.667), 5/20/53<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444943 |
| &nbsp;&nbsp;&nbsp;Series 2023-89, Class SE, 1.661%, (6.05% - 30-day SOFR Average), 6/20/53<sup>(5)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102533 |
| &nbsp;&nbsp;&nbsp;Series 2023-96, Class BL, 6.00%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675994 |

---

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-96, Class DB, 6.00%, 7/20/53 | $&nbsp;&nbsp;750 | $779344 |
| &nbsp;&nbsp;&nbsp;Series 2023-98, Class BW, 6.00%, 7/20/53 | &nbsp;&nbsp;250 | &nbsp;&nbsp; 260163 |
| &nbsp;&nbsp;&nbsp;Series 2023-99, Class AL, 6.00%, 7/20/53<sup>(6)</sup> | 1000 | &nbsp;&nbsp; 1039091 |
| &nbsp;&nbsp;&nbsp;Series 2023-100, Class AY, 6.00%, 7/20/53<sup>(6)</sup> | 2000 | &nbsp;&nbsp; 2080179 |
| &nbsp;&nbsp;&nbsp;Series 2023-100, Class JL, 6.00%, 7/20/53 | &nbsp;&nbsp;500 | &nbsp;&nbsp; 519649 |
| &nbsp;&nbsp;&nbsp;Series 2023-102, Class SG, 6.191%, (22.546% - 30-day SOFR Average x 3.727), 7/20/53<sup>(5)</sup> | &nbsp;&nbsp;224 | &nbsp;&nbsp; 242085 |
| &nbsp;&nbsp;&nbsp;Series 2023-133, Class S, 8.434%, (21.60% - 30-day SOFR Average x 3.00), 9/20/53<sup>(5)</sup> | &nbsp;&nbsp;415 | &nbsp;&nbsp; 466832 |
| &nbsp;&nbsp;&nbsp;Series 2023-149, Class S, 8.284%, (21.45% - 30-day SOFR Average x 3.00), 10/20/53<sup>(5)</sup> | &nbsp;&nbsp;289 | &nbsp;&nbsp; 323608 |
| &nbsp;&nbsp;&nbsp;Series 2023-153, Class SM, 10.445%, (28.00% - 30-day SOFR Average x 4.00), 10/20/53<sup>(5)</sup> | &nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219441 |
| &nbsp;&nbsp;&nbsp;Series 2023-164, Class EL, 6.00%, 11/20/53 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1554435 |
| &nbsp;&nbsp;&nbsp;Series 2023-165, Class DY, 6.00%, 11/20/53 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1030507 |
| &nbsp;&nbsp;&nbsp;Series 2023-165, Class EY, 6.50%, 11/20/53<sup>(6)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1043503 |
| &nbsp;&nbsp;&nbsp;Series 2023-173, Class AX, 6.00%, 11/20/53<sup>(6)</sup> | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1554445 |
| &nbsp;&nbsp;&nbsp;Series 2023-182, Class EL, 6.00%, 12/20/53 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517682 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class GL, 6.00%, 1/20/54 | &nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520085 |
| &nbsp;&nbsp;&nbsp;Series 2024-44, Class LM, 6.00%, 3/20/54<sup>(6)</sup> | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1039534 |
| &nbsp;&nbsp;&nbsp;Series 2024-59, Class LG, 6.00%, 4/20/54<sup>(6)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;2080265 |
| &nbsp;&nbsp;&nbsp;Series 2024-64, Class EI, 6.50%, 4/20/64<sup>(7)</sup> | &nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105243 |
| &nbsp;&nbsp;&nbsp;Series 2024-112, Class EZ, 6.00%, 7/20/54 | &nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556936 |
| &nbsp;&nbsp;&nbsp;Series 2024-148, Class LZ, 5.50%, 9/20/54 | 2113 | &nbsp;&nbsp;&nbsp;&nbsp;2160270 |
| &nbsp;&nbsp;&nbsp;Series 2024-183, Class ZA, 6.00%, 8/20/54 | 1577 | &nbsp;&nbsp;&nbsp;&nbsp;1637702 |
| &nbsp;&nbsp;&nbsp;Series 2024-196, Class Z, 5.50%, 12/20/54 | &nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520415 |
| &nbsp;&nbsp;&nbsp;Series 2024-197, Class JY, 6.50%, 12/20/54 | &nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617057 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class BY, 6.50%, 1/20/55 | &nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778195 |
| &nbsp;&nbsp;&nbsp;Series 2025-39, Class CM, 8.289%, (30-day SOFR Average + 3.90%), 3/20/55<sup>(3)</sup> | 1471 | &nbsp;&nbsp;&nbsp;&nbsp;1527767 |
| &nbsp;&nbsp;&nbsp;Series 2025-41, Class MT, 7.322%, (30-day SOFR Average + 2.933%), 3/20/65<sup>(3)</sup> | &nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641989 |
| &nbsp;&nbsp;&nbsp;Series 2025-41, Class NT, 7.322%, (30-day SOFR Average + 2.933%), 3/20/55<sup>(3)</sup> | &nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746927 |
| &nbsp;&nbsp;&nbsp;Series 2025-41, Class QM, 8.289%, (30-day SOFR Average + 3.90%), 3/20/55<sup>(3)</sup> | &nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753699 |
| &nbsp;&nbsp;&nbsp;Series 2025-62, Class FM, 8.434%, (30-day SOFR Average + 4.20%), 4/20/55<sup>(3)</sup> | &nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763462 |
| &nbsp;&nbsp;&nbsp;Series 2025-63, Class FT, 8.00%, (26.40% - 30-day SOFR Average x 4.00), 4/20/55<sup>(5)</sup> | &nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760721 |
| &nbsp;&nbsp;&nbsp;Series 2025-64, Class FM, 8.494%, (30-day SOFR Average + 4.26%), 4/20/55<sup>(3)</sup> | &nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764394 |
| &nbsp;&nbsp;&nbsp;Series 2025-69, Class VN, 10.00%, (68.67% - 30-day SOFR Average x 13.33), 4/20/55<sup>(5)</sup> | &nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775118 |
| &nbsp;&nbsp;&nbsp;Series 2025-82, Class FL, 8.445%, (30-day SOFR Average + 4.50%), 5/20/55<sup>(3)</sup> | &nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;1024363 |
| &nbsp;&nbsp;&nbsp;Series 2025-83, Class MU, 8.245%, (30-day SOFR Average + 4.30%), 4/20/55<sup>(3)</sup> | &nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;1012664 |
| &nbsp;&nbsp;&nbsp;Series 2025-90, Class MB, 8.245%, (30-day SOFR Average + 4.30%), 5/20/55<sup>(3)</sup> | &nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;1014124 |
| &nbsp;&nbsp;&nbsp;Series 2025-105, Class TM, 8.134%, (21.30% - 30-day SOFR Average x 3.00), 6/20/55<sup>(5)</sup> | &nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;1040784 |
| &nbsp;&nbsp;&nbsp;Series 2025-139, Class MT, 7.689%, (30-day SOFR Average + 3.30%), 4/20/55<sup>(3)</sup> | &nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;1013553 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-174, Class TC, (26.40% - 30-day SOFR Average x 4.00), 10/20/55<sup>(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $1038760 |
| JP Morgan Mortgage Trust, Series 2025-NQM2, Class M1B, 6.902%, 9/25/65<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp; 592508 |
| Mello Warehouse Securitization Trust, Series 2025-1, Class F, 10.658%, (1 mo. SOFR + 6.50%), 5/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1024624 |
| New Residential Mortgage Loan Trust, Series 2021-NQM2R, Class M1, 2.201%, 10/25/58<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp; 118722 |
| PNMAC GMSR Issuer Trust, Series 2025-GT1, Class A, 6.608%, (1 mo. SOFR + 2.45%), 8/26/30<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 1005911 |
| PRPM Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class B2, 6.903%, 8/25/68<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 1607041 |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM4, Class B1, 7.605%, 12/26/69<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp; 1481004 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM2, Class M1B, 7.077%, 4/25/70<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;1018816 |
| Total Collateralized Mortgage Obligations<br> (identified cost $69,435,138) |  | **$71853725** |

---

---

| | | |
|:---|:---|:---|
| Government National Mortgage Association Participation Agreements — 4.1% | Government National Mortgage Association Participation Agreements — 4.1% | Government National Mortgage Association Participation Agreements — 4.1% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Government National Mortgage Association Participation Agreements, 5.884%, 1/1/59<sup>(9)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139 | $4160506 |
| Total Government National Mortgage Association Participation Agreements<br> (identified cost $4,138,913) |  | **$4160506** |

---

U.S. Government Agency Mortgage-Backed Securities — 60.6%

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

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 1/1/55<sup>(6)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 | $1227173 |
| &nbsp;&nbsp;&nbsp;6.50%, 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp; 214235 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp; 585605 |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp; 652055 |
| &nbsp;&nbsp;&nbsp;6.50%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp; 903076 |
| &nbsp;&nbsp;&nbsp;7.00%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp; 243317 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763848 |
| &nbsp;&nbsp;&nbsp; 4.50%, with various maturities to 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349906 |
| &nbsp;&nbsp;&nbsp; 5.00%, with various maturities to 2052<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6426 | &nbsp;&nbsp;&nbsp;&nbsp;6444988 |
| &nbsp;&nbsp;&nbsp; 5.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;5272688 |
| &nbsp;&nbsp;&nbsp; 5.50%, with various maturities to 2062<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3519 | &nbsp;&nbsp;&nbsp;&nbsp;3598389 |
| &nbsp;&nbsp;&nbsp; 5.50%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp;5642426 |
| &nbsp;&nbsp;&nbsp; 6.00%, with various maturities to 2054<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6935 | &nbsp;&nbsp;&nbsp;&nbsp;7170311 |

---

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Government National Mortgage Association: (continued) |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, with various maturities to 2063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6352 | $6609021 |
| &nbsp;&nbsp;&nbsp; 7.00%, with various maturities to 2062<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 | &nbsp;&nbsp; 4666931 |
| &nbsp;&nbsp;&nbsp; 7.50%, 6/20/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp; 250442 |
| Government National Mortgage Association II: |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, with various maturities to 2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp; 973372 |
| &nbsp;&nbsp;&nbsp;6.50%, 7/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp; 617355 |
| Uniform Mortgage-Backed Security: |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7780 | &nbsp;&nbsp; 6835763 |
| &nbsp;&nbsp;&nbsp;5.00%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4959180 |
| &nbsp;&nbsp;&nbsp;5.50%, 30-Year, TBA<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;3529668 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $61,278,306) |  | **$61509749** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 3.0% |  |  |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(11)</sup> | 3081710 | $3081710 |
| Total Short-Term Investments<br> (identified cost $3,081,710) |  | **$3081710** |
| Total Purchased Swaptions — 0.0%<sup>†</sup><br> (identified cost $18,000) |  | **$11244** |
| Total Investments — 139.6%<br> (identified cost $138,923,199) |  | **$141606257** |

---

---

| | | |
|:---|:---|:---|
| TBA Sale Commitments — (6.9)% | TBA Sale Commitments — (6.9)% | TBA Sale Commitments — (6.9)% |
| U.S. Government Agency Mortgage-Backed Securities — (6.9)% | U.S. Government Agency Mortgage-Backed Securities — (6.9)% | U.S. Government Agency Mortgage-Backed Securities — (6.9)% |
| **Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Government National Mortgage Association 3.00%, 30-Year, TBA<sup>(10)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;(7780) | $(6951396) |
| Total U.S. Government Agency Mortgage-Backed Securities (proceeds $6,973,476) |  | **$(6951396)** |
| Total TBA Sale Commitments<br> (proceeds $6,973,476) |  | **$(6951396)** |
| Other Assets, Less Liabilities — (32.7)% |  | **$(33246210)** |
| Net Assets — 100.0% |  | **$101408651** |

---

---

| | |
|:---|:---|
| 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> | 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 September 30, 2025, the aggregate value of these securities is $30,917,248 or 30.5% of the Fund's net assets. |
| <sup>(2)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2025. |
| <sup>(3)</sup> | Variable rate security. The stated interest rate represents the rate in effect at September 30, 2025. |
| <sup>(4)</sup> | Step coupon security. Interest rate represents the rate in effect at<br> September 30, 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 September 30, 2025. |
| <sup>(6)</sup> | Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements. |
| <sup>(7)</sup> | Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated. |
| <sup>(8)</sup> | When-issued, variable rate security whose interest rate will be determined after September 30, 2025. |
| <sup>(9)</sup> | Represents a participation interest, through a participation agreement with a financial institution, in mortgage loans guaranteed by Government National Mortgage Association. |
| <sup>(10)</sup> | TBA (To Be Announced) securities are purchased or sold 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>(11)</sup> | May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of September 30, 2025. |

---

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Schedule of Investments — continued

------

#### Purchased Swaptions (OTC) — 0.0%<sup>†</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Option to enter into interest rate swap expiring 5/6/28 to pay 3.64% and receive SOFR | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;5/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;$11244 |
| &nbsp;&nbsp;**Total** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$11244** |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |

---

#### 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. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$52850531 | &nbsp;&nbsp;&nbsp;&nbsp;$56346 |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3121625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77242) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(20896)** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| OTC | – Over-the-counter |
| SOFR | – Secured Overnight Financing Rate |
| STACR | – Structured Agency Credit Risk |
| TBA | – To Be Announced |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | – United States Dollar |

---

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $135,841,489) | &nbsp;&nbsp;$138524547 |
| Investments in securities of affiliated issuers, at value (identified cost $3,081,710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081710 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33547 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18435 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569762 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19544583 |
| Receivable for TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973476 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64519 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529988 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| **Total assets** | &nbsp;&nbsp;**$169352756** |
| Liabilities |  |
| Payable for reverse repurchase agreements*,* including accrued interest of $36,948 | &nbsp;&nbsp;$13868306 |
| Payable for when-issued/delayed delivery/forward commitment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46954136 |
| TBA sale commitments, at value (proceeds receivable $6,973,476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6951396 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90791 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 |
| 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;22785 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9828 |
| &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;&nbsp;&nbsp;882 |
| &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;&nbsp;&nbsp;239 |
| &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;&nbsp;&nbsp;506 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44050 |
| **Total liabilities** | &nbsp;&nbsp;**$67944105** |
| **Net Assets** | &nbsp;&nbsp;**$101408651** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$100077075 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331576 |
| **Net Assets** | &nbsp;&nbsp;**$101408651** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$4203834 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424246 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.91 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$10.24 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$57523 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.92 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$97087781 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9790216 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.92 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$59513 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6002 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$9.92 |

---

&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. |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income - affiliated issuers | &nbsp;&nbsp;$61271 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;5654070 |
| **Total investment income** | &nbsp;&nbsp;**$5715341** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$221866 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95084 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9830 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17491 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44663 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59483 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 |
| Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812584 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22032 |
| **Total expenses** | &nbsp;&nbsp;**$1300117** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(96831) |
| **Net expenses** | &nbsp;&nbsp;**$1203286** |
| **Net investment income** | &nbsp;&nbsp;**$4512055** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$178688 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261313) |
| &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111946) |
| **Net realized loss** | &nbsp;&nbsp;**$(194571)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$756742 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94722) |
| &nbsp;&nbsp;&nbsp;TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21818 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$683838** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$489267** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5001322** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &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;$4512055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3191185 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296635) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818495 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5001322** | &nbsp;&nbsp;**$6713045** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(34092) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2459) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4738868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3205802) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3041) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(4836327)** | &nbsp;&nbsp;**$(3245394)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3333910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$681168 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37122939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508103 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 |
| **Net increase in net assets from capital share transactions** | &nbsp;&nbsp;**$40463094** | &nbsp;&nbsp;**$5194552** |
| **Net increase in net assets** | &nbsp;&nbsp;**$40628089** | &nbsp;&nbsp;**$8662203** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$60780562 | &nbsp;&nbsp;$52118359 |
| **At end of year** | &nbsp;&nbsp;**$101408651** | &nbsp;&nbsp;**$60780562** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Statement of Cash Flows

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Cash Flows From Operating Activities |  |
| Net increase in net assets from operations | &nbsp;&nbsp;$5001322 |
| Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349261764) |
| &nbsp;&nbsp;&nbsp;Investments sold and principal repayments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318714547 |
| &nbsp;&nbsp;&nbsp;Increase in short-term investments, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2849670) |
| &nbsp;&nbsp;&nbsp;Net amortization/accretion of premium (discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464491 |
| &nbsp;&nbsp;&nbsp;Increase in interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100569) |
| &nbsp;&nbsp;&nbsp;Increase in dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3994) |
| &nbsp;&nbsp;&nbsp;Increase in receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33547) |
| &nbsp;&nbsp;&nbsp;Increase in receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7075) |
| &nbsp;&nbsp;&nbsp;Increase in Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108) |
| &nbsp;&nbsp;&nbsp;Decrease in payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117179) |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliate for investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8827 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliate for administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3838 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliate for distribution and services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliate for sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;Increase in payable to affiliate for Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;Decrease in payable to affiliate for other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44452) |
| &nbsp;&nbsp;&nbsp;Decrease in accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8460) |
| &nbsp;&nbsp;&nbsp;Increase in accrued interest on reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23055 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments, including TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (778560) |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178688) |
| **Net cash used in operating activities** | &nbsp;&nbsp;**$(29167054)** |
| Cash Flows From Financing Activities |  |
| Cash distributions paid to shareholders | &nbsp;&nbsp;$(5301) |
| Proceeds from capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47057993 |
| Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (11419386) |
| Decrease in reverse repurchase agreements, net | &nbsp;&nbsp;&nbsp;&nbsp; (6067202) |
| Decrease in due to custodian | &nbsp;&nbsp;&nbsp;&nbsp; (256942) |
| **Net cash provided by financing activities** | &nbsp;&nbsp;**$29309162** |
| **Net increase in cash and restricted cash** | &nbsp;&nbsp;**$142108** |
| **Cash and restricted cash at beginning of period** | &nbsp;&nbsp;**$446089** |
| **Cash and restricted cash at end of period** | &nbsp;&nbsp;**$588197** |
| Supplemental disclosure of cash flow information: |  |
| Noncash financing activities not included herein consist of: |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends and distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4829840 |
| Cash paid for interest and fees on borrowings and reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789862 |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Statement of Cash Flows — continued

------

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18435 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 569762 |
| **Total cash and restricted cash as shown on the Statement of Cash Flows** | &nbsp;&nbsp;**$588197** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 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;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2022<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2022<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$9.43 | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;$10.00 |
| Income (Loss) From Operations |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**$1.11** | &nbsp;&nbsp;**$0.27** | &nbsp;&nbsp;**$(0.24)** |
| Less Distributions |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.57) | &nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.09) |
| **Total distributions** | &nbsp;&nbsp;**$(0.57)** | &nbsp;&nbsp;**$(0.53)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.09)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.91** | &nbsp;&nbsp;**$10.01** | &nbsp;&nbsp;**$9.43** | &nbsp;&nbsp;**$9.67** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.73%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.37)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$4204 | &nbsp;&nbsp;$854 | &nbsp;&nbsp;$142 | &nbsp;&nbsp;$65 |
| 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;1.88%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(7)(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%<sup>(7)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155%<sup>(4)(9)</sup> |

---

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

<sup>(1)</sup> For the period from the commencement of operations, April 29, 2022, to September 30, 2022.

<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> Includes interest expense of 1.02%, 0.82% and 0.40% of average daily net assets for the years ended September 30, 2025, 2024 and 2023, respectively.

<sup>(7)</sup> Annualized.

<sup>(8)</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%, less than 0.005%, less than 0.01% and 0.08% of average daily net assets for the years ended September 30, 2025, 2024 and 2023 and the period ended September 30, 2022, respectively).

<sup>(9)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 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;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2022<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2022<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$9.43 | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;$10.00 |
| Income (Loss) From Operations |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.46 | &nbsp;&nbsp;$0.45 | &nbsp;&nbsp;$0.44 | &nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.40** | &nbsp;&nbsp;**$1.05** | &nbsp;&nbsp;**$0.20** | &nbsp;&nbsp;**$(0.27)** |
| Less Distributions |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.50) | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.44) | &nbsp;&nbsp;$(0.06) |
| **Total distributions** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(0.06)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.92** | &nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;**$9.43** | &nbsp;&nbsp;**$9.67** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.25%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.96%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.70)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$58 | &nbsp;&nbsp;$55 | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$49 |
| 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;2.63%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41%<sup>(7)(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%<sup>(7)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155%<sup>(4)(9)</sup> |

---

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

<sup>(1)</sup> For the period from the commencement of operations, April 29, 2022, to September 30, 2022.

<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> Includes interest expense of 1.02%, 0.82% and 0.40% of average daily net assets for the years ended September 30, 2025, 2024 and 2023, respectively.

<sup>(7)</sup> Annualized.

<sup>(8)</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%, less than 0.005%, less than 0.01% and 0.08% of average daily net assets for the years ended September 30, 2025, 2024 and 2023 and the period ended September 30, 2022, respectively).

<sup>(9)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 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;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2022<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2022<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$9.43 | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;$10.00 |
| Income (Loss) From Operations |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;**$1.14** | &nbsp;&nbsp;**$0.30** | &nbsp;&nbsp;**$(0.23)** |
| Less Distributions |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(0.10) |
| **Total distributions** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;**$(0.10)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.92** | &nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;**$9.43** | &nbsp;&nbsp;**$9.67** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.29%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2.30)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$97088 | &nbsp;&nbsp;$59814 | &nbsp;&nbsp;$51876 | &nbsp;&nbsp;$24479 |
| 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;&nbsp;&nbsp;1.63%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41%<sup>(7)(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42%<sup>(7)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155%<sup>(4)(9)</sup> |

---

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

<sup>(1)</sup> For the period from the commencement of operations, April 29, 2022, to September 30, 2022.

<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> Includes interest expense of 1.02%, 0.82% and 0.40% of average daily net assets for the years ended September 30, 2025, 2024 and 2023, respectively.

<sup>(7)</sup> Annualized.

<sup>(8)</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%, less than 0.005%, less than 0.01% and 0.08% of average daily net assets for the years ended September 30, 2025, 2024 and 2023 and the period ended September 30, 2022, respectively).

<sup>(9)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 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;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2022<sup>(1)</sup>** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**Period Ended<br> September 30,<br> 2022<sup>(1)</sup>** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$10.02 | &nbsp;&nbsp;$9.43 | &nbsp;&nbsp;$9.67 | &nbsp;&nbsp;$10.00 |
| Income (Loss) From Operations |  |  |  |  |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.54 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;**$1.14** | &nbsp;&nbsp;**$0.29** | &nbsp;&nbsp;**$(0.22)** |
| Less Distributions |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.59) | &nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;$(0.53) | &nbsp;&nbsp;$(0.11) |
| **Total distributions** | &nbsp;&nbsp;**$(0.59)** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$(0.53)** | &nbsp;&nbsp;**$(0.11)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$9.92** | &nbsp;&nbsp;**$10.02** | &nbsp;&nbsp;**$9.43** | &nbsp;&nbsp;**$9.67** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.29%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.99%** | &nbsp;&nbsp;&nbsp;&nbsp;**(2.24)%<sup>(4)</sup>** |
| Ratios/Supplemental Data |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$60 | &nbsp;&nbsp;$57 | &nbsp;&nbsp;$51 | &nbsp;&nbsp;$49 |
| 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;1.63%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34%<sup>(7)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41%<sup>(7)(8)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42%<sup>(7)</sup> |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392%<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155%<sup>(4)(9)</sup> |

---

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

<sup>(1)</sup> For the period from the commencement of operations, April 29, 2022, to September 30, 2022.

<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> Includes interest expense of 1.02%, 0.82% and 0.40% of average daily net assets for the years ended September 30, 2025, 2024 and 2023, respectively.

<sup>(7)</sup> Annualized.

<sup>(8)</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%, less than 0.005%, less than 0.01% and 0.08% of average daily net assets for the years ended September 30, 2025, 2024 and 2023 and the period ended September 30, 2022, respectively).

<sup>(9)</sup> Includes the effect of To-Be-Announced (TBA) transactions.

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Mortgage Access Fund (the Fund) is a non-diversified series of The Calvert Fund (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 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:

**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.**

**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.**

**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. Options on interest rate swaps ("swaptions") 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. Swaptions may be valued at the valuation provided by a broker/dealer (usually the counterparty to the option), so determined using similar techniques as those employed by the pricing service. Swaptions 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.**

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 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 September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$989323 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$989323 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71853725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71853725 |
| Government National Mortgage Association Participation Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160506 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160506 |
| 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;61509749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61509749 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3081710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081710 |
| Purchased Swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11244 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11244 |
| **Total Investments** | &nbsp;&nbsp;**$3081710** | &nbsp;&nbsp;**$138524547** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$141606257** |
| Futures Contracts | &nbsp;&nbsp;$56346 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$56346 |
| **Total** | &nbsp;&nbsp;**$3138056** | &nbsp;&nbsp;**$138524547** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$141662603** |
| **Liability Description** |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(6951396) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(6951396) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77242) |
| **Total** | &nbsp;&nbsp;**$(77242)** | &nbsp;&nbsp;**$(6951396)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(7028638)** |

---

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. 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 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 Income 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.

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Notes to Financial Statements — continued

------

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.

H 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.

I Interest Rate 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. Pursuant to interest rate swap agreements, the Fund either makes floating-rate payments to the counterparty (or CCP in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or the Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, if any (which are amortized over the life of the swap contract), are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. 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. The value of the swap is determined by changes in the relationship between two rates of interest. The Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

J Swaptions— A purchased swaption contract grants the Fund, in return for payment of the purchase price, the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. When the Fund purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to reflect the current value of the swaption. A written swaption gives the Fund the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement. When the Fund writes a swaption, the premium received by the Fund is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The Fund's risk for purchased swaptions is limited to the premium paid. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

K 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.

L Forward Sale Commitments— The Fund may enter into forward sale commitments to sell generic U.S. government agency mortgage-backed securities to hedge its portfolio positions and/or to enhance return. The proceeds to be received from the forward sale commitment are recorded as an asset and a corresponding liability, which is subsequently valued at approximately the current market value of the underlying security in accordance with the Fund's policies on investment valuations discussed above. The Fund records an unrealized gain or loss on investments to the extent of the difference between the proceeds to be received and the value of the open forward sale commitment on the day of determination. If the forward sale commitment is closed through the acquisition of an offsetting purchase commitment or the delivery of securities, the Fund realizes a gain or loss on investments based on the price established when the Fund entered into the commitment. If the Fund enters into a forward sale commitment for the delivery of a security that it does not own or has the right to obtain, it is subject to the risk of loss if the purchase price to settle the commitment is higher than the price at which it was sold.

M Reverse Repurchase Agreements— Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio security to another party, such as a bank or broker/dealer, in return for cash. At the same time, the Fund agrees to repurchase the security at an agreed upon time and price,

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Notes to Financial Statements — continued

------

which reflects an interest payment. In periods of increased demand for a security, the Fund may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Fund retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Fund may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the securities transferred to another party or the securities in which the proceeds may be invested would affect the market value of the Fund's assets. Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds (and the counterparty making a loan), they constitute a form of leverage. The Fund segregates cash or liquid assets equal to its obligation to repurchase the security. During the term of the agreement, the Fund may also be obligated to pledge additional cash and/or securities in the event of a decline in the fair value of the transferred security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Fund may be delayed or the Fund may incur a loss equal to the amount by which the value of the security transferred by the Fund exceeds the repurchase price payable by the Fund.

N Segment Reporting— During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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 0.28% of the Fund's average daily net assets and is payable monthly. For the year ended September 30, 2025, the investment advisory fee amounted to $221,866.

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 September 30, 2025, the investment advisory fee paid was reduced by $1,992 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 0.74%, 1.49%, 0.49% and 0.49% 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 February 1, 2026. For the year ended September 30, 2025, CRM waived and/or reimbursed expenses of $94,839.

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 September 30, 2025, CRM was paid administrative fees of $95,084.

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 September 30, 2025 amounted to $3,870 and $550 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $84 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 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 September 30, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $667 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 $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) annual

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 September 30, 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, were $23,352,094 and $8,575,088, respectively. Purchases and sales of U.S. government and agency securities, including paydowns and TBA transactions, were $360,334,280 and $333,792,330, respectively.

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4836327 | &nbsp;&nbsp;&nbsp;&nbsp;$3245394 |

---

During the year ended September 30, 2025, distributable earnings was decreased by $12,271 and paid-in capital was increased by $12,271 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 September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$42828 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1407073) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697007 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1186) |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$1331576** |

---

At September 30, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $1,407,073 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 September 30, 2025, $614,245 are short-term and $792,828 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, TBA sale commitments and reverse repurchase agreements, of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$118126496** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$2946583 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249576) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$2697007** |

---

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Notes to Financial Statements — continued

------

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 swap contracts and futures 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 September 30, 2025 is included in the Schedule of Investments. At September 30, 2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

During the year ended September 30, 2025, the Fund entered into futures contracts, interest rate swaps and swaptions 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 September 30, 2025, the Fund had no open derivatives with credit-related contingent features in a net liability position.

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 all 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 Agreements, 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.

At September 30, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | |  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56346<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(77242)<sup>(1)</sup> |  |  |
| Purchased swaptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11244<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$67590** | &nbsp;&nbsp;&nbsp;&nbsp;**$(77242)** |  |  |
| **Derivatives not subject to master netting agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$56346** | &nbsp;&nbsp;&nbsp;&nbsp;**$(77242)** |  |  |
| **Total Derivatives subject to master netting agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$11244** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |  |  |

---

<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.

<sup>(2)</sup> Statement of Assets and Liabilities location: Investments in securities of unaffiliated issuers, at value.

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Notes to Financial Statements — continued

------

The Fund's derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund's derivative assets 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 as of September 30, 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>** |
| Goldman Sachs International | &nbsp;&nbsp;$11244 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11244 |

---

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

<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.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended September 30, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss) on<br> Derivatives Recognized<br> in Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income** |
| Investment securities<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(6756) |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94722) |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$(373259)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(101478)** |

---

<sup>(1)</sup> Relates to purchased swaptions.

The average notional cost of futures contracts (long) and futures contracts (short) and average notional amounts of other derivative contracts outstanding during the year ended September 30, 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;**Swap Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchased Swaptions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55896000 | &nbsp;&nbsp;&nbsp;&nbsp;$7293000 | &nbsp;&nbsp;&nbsp;&nbsp;$1538000 | &nbsp;&nbsp;&nbsp;&nbsp;$1077000 |

---

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 21, 2025. 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 2024, 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 September 30, 2025. The Fund did not have any significant borrowings or allocated fees during the year ended September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Notes to Financial Statements — continued

------

7 Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of September 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Trade<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate Paid<br> (Received)** | &nbsp;&nbsp;&nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value<br> Including<br> Accrued<br> Interest** |
| &nbsp;&nbsp;MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5108332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5130553 |
| &nbsp;&nbsp;MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968335 |
| &nbsp;&nbsp;TD Securities (USA), LLC | &nbsp;&nbsp;&nbsp;&nbsp;9/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771561 |
| &nbsp;&nbsp;TD Securities (USA), LLC | &nbsp;&nbsp;&nbsp;&nbsp;9/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Demand<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997857 |
| &nbsp;&nbsp;**Total Investments** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$13831358** | &nbsp;&nbsp;&nbsp;&nbsp;**$13868306** |

---

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

<sup>(1)</sup> Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

At September 30, 2025, the remaining contractual maturity of all open reverse repurchase agreements was less than 30 days. The type of securities pledged as collateral for all open reverse repurchase agreements was U.S. Government Agency Mortgage-Backed Securities and Collateralized Mortgage Obligations.

For the year ended September 30, 2025, the average borrowings under settled reverse repurchase agreements and the average annual interest rate paid were approximately $16,988,000 and 4.69%, respectively. Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at September 30, 2025. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at September 30, 2025.

Reverse repurchase agreements entered into by the Fund are subject to Master Repurchase Agreements (MRA), which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

The following table presents the Fund's reverse repurchase agreements net of amounts available for offset under an MRA and net of the related collateral pledged by the Fund as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Reverse<br> Repurchase<br> Agreements\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets<br> Available For<br> Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(b)</sup>** |
| &nbsp;&nbsp;TD Securities (USA), LLC | &nbsp;&nbsp;&nbsp;&nbsp;$(6769418) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6769418 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;MUFG Securities Americas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;$(7098888) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7098888 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

\* Including accrued interest

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

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

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Notes to Financial Statements — continued

------

8 Affiliated Investments

At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,081,710, which represents 3.0% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $232040 | $67267051 | $(64417381) | $— | $— | $3081710 | $61271 | 3081710 |

---

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> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 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;353954 | &nbsp;&nbsp;&nbsp;&nbsp;$3481921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102109 | &nbsp;&nbsp;&nbsp;&nbsp;$987571 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31350 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337753) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**338908** | &nbsp;&nbsp;&nbsp;&nbsp;**$3333910** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70257** | &nbsp;&nbsp;&nbsp;&nbsp;**$681168** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;$2799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;$2459 |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**286** | &nbsp;&nbsp;&nbsp;&nbsp;**$2799** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**255** | &nbsp;&nbsp;&nbsp;&nbsp;**$2459** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490899 | &nbsp;&nbsp;&nbsp;&nbsp;$43636753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488242 | &nbsp;&nbsp;&nbsp;&nbsp;$4712847 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205559 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1155433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11252682) | &nbsp;&nbsp;&nbsp;&nbsp;(349564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3410303) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3819949** | &nbsp;&nbsp;&nbsp;&nbsp;**$37122939** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**470438** | &nbsp;&nbsp;&nbsp;&nbsp;**$4508103** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;$138 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &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;&nbsp;&nbsp;(357) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**353** | &nbsp;&nbsp;&nbsp;&nbsp;**$3446** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**291** | &nbsp;&nbsp;&nbsp;&nbsp;**$2822** |

---

At September 30, 2025, EVM, Calvert Conservative Allocation Fund, Calvert Moderate Allocation Fund, Calvert Growth Allocation Fund, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 74.0% of the value of the outstanding shares of the Fund.

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Mortgage Access Fund and Board of Trustees of The Calvert Fund:

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 Mortgage Access Fund (the "Fund"), one of the funds constituting The Calvert Fund, as of September 30, 2025, the related statements of operations and cash flows 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 three years in the period then ended and for the period from April 29, 2022 (commencement of operations) to September 30, 2022, 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 September 30, 2025, and the results of its operations and its cash flows 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 three years in the period then ended and for the period from April 29, 2022 (commencement of operations) to September 30, 2022, 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 September 30, 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

November 20, 2025

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

------

[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show 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 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended September 30, 2025, the Fund designates 100% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

------

The Calvert Fund held a Special Meeting of Shareholders on June 16, 2025 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the The Calvert Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Trustee** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;244920859 | &nbsp;&nbsp;2717563 |
| Von M. Hughes | &nbsp;&nbsp;242676853 | &nbsp;&nbsp;4961569 |
| Kim M. Keenan | &nbsp;&nbsp;244897013 | &nbsp;&nbsp;2741410 |
| Eddie Ramos | &nbsp;&nbsp;242768927 | &nbsp;&nbsp;4869495 |
| Carlton M. Waterhouse | &nbsp;&nbsp;242776862 | &nbsp;&nbsp;4861560 |

---

Results are rounded to the nearest whole number.

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Board of Trustees' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Directors"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Directors, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Directors reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Directors were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Directors reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

*•* *A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;* 

*•* *A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;* 

*•* *A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;* 

*•* *Data regarding investment performance in comparison to benchmark indices;* 

*•* *For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;* 

*•* *Profitability analyses for the Adviser with respect to each fund;* 

*Information about Portfolio Management and Trading*

*•* *Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;* 

*•* *Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;* 

*•* *Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";* 

*Information about the Adviser*

*•* *Reports detailing the financial results and condition of CRM;* 

*•* *Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;* 

*•* *Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;* 

*•* *A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;* 

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

*Other Relevant Information*

*•* *Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and* 

*•* The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Directors participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Directors held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Directors were assisted throughout the contract review process by their independent legal counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Directors, concluded that the continuation of the investment advisory agreement of Calvert Mortgage Access Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Directors, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and a comparative benchmark index. The Board's review included comparative performance data for the one-year period ended December 31, 2024. This performance data indicated that the Fund had outperformed the median of its peer universe and its benchmark index for the one-year period ended December 31, 2024. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its benchmark index.

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (after taking into account waivers and/or reimbursements) (referred to collectively as "management fees") and the Fund's total expenses (net of waivers and/or reimbursements) were each below the respective median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

Calvert

Mortgage Access Fund

September 30, 2025

Board of Trustees' Contract Approval — continued

------

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board concluded that adding breakpoints to the advisory fee at specified asset levels was not necessary at this time. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

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[**Table of Contents**](#JOB_Calve_ad28c333-a43e-4513-981f-11aeefa151e1_TOC)

CMMAX-NCSR 9.30.25

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#### 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.

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 7 of this Form N-CSR.

#### 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

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| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d38842dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d38842dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d38842dex99906cert.htm) |

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#### 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>The Calvert Fund</u> 

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| | |
|:---|:---|
| By: | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |
| Date: | November 24, 2025 |

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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.

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| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | November 24, 2025 |
| By: | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |
| Date: | November 24, 2025 |

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## Ex-99.Cert

**The Calvert Fund** 

**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 The Calvert Fund;

&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.

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| | |
|:---|:---|
| Date: November 24, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

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**The Calvert Fund** 

**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 The Calvert Fund;

&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.

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| | |
|:---|:---|
| Date: November 24, 2025 | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |

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## 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 The Calvert Fund (the "**Trust**") that:

(a) the Report of the **Trust** on Form N-CSR for the period ended
September 30, 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.** 

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| |
|:---|
| The Calvert Fund |
| Date: November 24, 2025 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: November 24, 2025 |
| /s/ Von M. Hughes |
| Von M. Hughes |
| Principal Executive Officer |

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