Calvert Management Series
11/26/2025 | Press release | Distributed by Public on 11/26/2025 13:29
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03101
Calvert Management Series
(Exact Name of Registrant as Specified in Charter)
2050 M Street NW, Suite 200, Washington, DC 20036
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(202) 238-2200
(Registrant's Telephone Number)
September 30
Date of Fiscal Year End
September 30, 2025
Date of Reporting Period
Item 1. Reports to Stockholders
(a)
Calvert Floating-Rate Advantage Fund
Class A CFOAX
Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Floating-Rate Advantage 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
|
$292
|
2.85%
|
How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar® LSTA® US Leveraged Loan Index℠ (the Index):
↓ The Fund experienced significant outflows during the period, and the resulting need to increase cash detracted from Index-relative performance
↓ Loan selection within the professional services, health care providers & services, and machinery industries detracted from Index-relative returns
↓ Selection within B-rated loans generally weighed on Index-relative performance
↑ The Fund's use of leverage ― not employed by the Index ― amplified the interest income of loans held in the Fund's underlying portfolio
↑ Loan selection within the automobile components, beverages, chemicals, and IT services industries aided Index-relative performance
↑ An underweight exposure to CCC-rated loans helped Index relative performance as lower-rated loans generally outperformed higher-rated loans during the period
Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.
|
Class A with Maximum Sales Charge
|
Bloomberg U.S. Universal Index
|
Morningstar® LSTA® US Leveraged Loan Index℠
|
|
|
10/17
|
$10,000
|
$10,000
|
$10,000
|
|
11/17
|
$9,669
|
$9,985
|
$10,048
|
|
12/17
|
$9,699
|
$10,029
|
$10,088
|
|
1/18
|
$9,773
|
$9,932
|
$10,185
|
|
2/18
|
$9,786
|
$9,838
|
$10,205
|
|
3/18
|
$9,804
|
$9,888
|
$10,234
|
|
4/18
|
$9,847
|
$9,822
|
$10,277
|
|
5/18
|
$9,844
|
$9,875
|
$10,294
|
|
6/18
|
$9,837
|
$9,861
|
$10,306
|
|
7/18
|
$9,900
|
$9,882
|
$10,382
|
|
8/18
|
$9,929
|
$9,930
|
$10,424
|
|
9/18
|
$9,989
|
$9,888
|
$10,495
|
|
10/18
|
$9,973
|
$9,805
|
$10,492
|
|
11/18
|
$9,871
|
$9,849
|
$10,397
|
|
12/18
|
$9,557
|
$10,003
|
$10,133
|
|
1/19
|
$9,842
|
$10,141
|
$10,391
|
|
2/19
|
$10,013
|
$10,152
|
$10,556
|
|
3/19
|
$9,970
|
$10,336
|
$10,538
|
|
4/19
|
$10,133
|
$10,350
|
$10,712
|
|
5/19
|
$10,084
|
$10,509
|
$10,689
|
|
6/19
|
$10,104
|
$10,657
|
$10,714
|
|
7/19
|
$10,189
|
$10,689
|
$10,800
|
|
8/19
|
$10,179
|
$10,931
|
$10,771
|
|
9/19
|
$10,231
|
$10,884
|
$10,821
|
|
10/19
|
$10,200
|
$10,919
|
$10,772
|
|
11/19
|
$10,248
|
$10,917
|
$10,835
|
|
12/19
|
$10,427
|
$10,933
|
$11,008
|
|
1/20
|
$10,475
|
$11,129
|
$11,070
|
|
2/20
|
$10,317
|
$11,296
|
$10,924
|
|
3/20
|
$9,121
|
$11,075
|
$9,572
|
|
4/20
|
$9,419
|
$11,297
|
$10,003
|
|
5/20
|
$9,745
|
$11,402
|
$10,383
|
|
6/20
|
$9,787
|
$11,497
|
$10,501
|
|
7/20
|
$9,993
|
$11,699
|
$10,707
|
|
8/20
|
$10,114
|
$11,632
|
$10,867
|
|
9/20
|
$10,124
|
$11,611
|
$10,935
|
|
10/20
|
$10,126
|
$11,570
|
$10,958
|
|
11/20
|
$10,360
|
$11,720
|
$11,202
|
|
12/20
|
$10,471
|
$11,761
|
$11,352
|
|
1/21
|
$10,582
|
$11,687
|
$11,487
|
|
2/21
|
$10,623
|
$11,536
|
$11,555
|
|
3/21
|
$10,601
|
$11,402
|
$11,554
|
|
4/21
|
$10,641
|
$11,498
|
$11,614
|
|
5/21
|
$10,697
|
$11,542
|
$11,681
|
|
6/21
|
$10,730
|
$11,626
|
$11,725
|
|
7/21
|
$10,719
|
$11,743
|
$11,723
|
|
8/21
|
$10,776
|
$11,735
|
$11,779
|
|
9/21
|
$10,831
|
$11,635
|
$11,854
|
|
10/21
|
$10,853
|
$11,625
|
$11,886
|
|
11/21
|
$10,817
|
$11,639
|
$11,867
|
|
12/21
|
$10,899
|
$11,631
|
$11,943
|
|
1/22
|
$10,897
|
$11,376
|
$11,986
|
|
2/22
|
$10,838
|
$11,221
|
$11,925
|
|
3/22
|
$10,818
|
$10,920
|
$11,930
|
|
4/22
|
$10,810
|
$10,513
|
$11,956
|
|
5/22
|
$10,489
|
$10,571
|
$11,650
|
|
6/22
|
$10,144
|
$10,359
|
$11,398
|
|
7/22
|
$10,450
|
$10,620
|
$11,641
|
|
8/22
|
$10,599
|
$10,344
|
$11,817
|
|
9/22
|
$10,250
|
$9,898
|
$11,548
|
|
10/22
|
$10,358
|
$9,790
|
$11,663
|
|
11/22
|
$10,503
|
$10,155
|
$11,802
|
|
12/22
|
$10,514
|
$10,120
|
$11,851
|
|
1/23
|
$10,844
|
$10,434
|
$12,167
|
|
2/23
|
$10,917
|
$10,178
|
$12,237
|
|
3/23
|
$10,921
|
$10,416
|
$12,233
|
|
4/23
|
$11,036
|
$10,480
|
$12,362
|
|
5/23
|
$10,969
|
$10,371
|
$12,339
|
|
6/23
|
$11,243
|
$10,355
|
$12,619
|
|
7/23
|
$11,413
|
$10,366
|
$12,781
|
|
8/23
|
$11,528
|
$10,303
|
$12,931
|
|
9/23
|
$11,583
|
$10,057
|
$13,055
|
|
10/23
|
$11,529
|
$9,906
|
$13,053
|
|
11/23
|
$11,710
|
$10,352
|
$13,212
|
|
12/23
|
$11,929
|
$10,745
|
$13,429
|
|
1/24
|
$12,019
|
$10,719
|
$13,520
|
|
2/24
|
$12,118
|
$10,591
|
$13,643
|
|
3/24
|
$12,227
|
$10,695
|
$13,759
|
|
4/24
|
$12,290
|
$10,445
|
$13,842
|
|
5/24
|
$12,393
|
$10,618
|
$13,972
|
|
6/24
|
$12,425
|
$10,715
|
$14,021
|
|
7/24
|
$12,515
|
$10,958
|
$14,116
|
|
8/24
|
$12,588
|
$11,119
|
$14,206
|
|
9/24
|
$12,676
|
$11,272
|
$14,307
|
|
10/24
|
$12,777
|
$11,016
|
$14,431
|
|
11/24
|
$12,901
|
$11,132
|
$14,550
|
|
12/24
|
$12,954
|
$10,964
|
$14,632
|
|
1/25
|
$13,032
|
$11,030
|
$14,733
|
|
2/25
|
$13,031
|
$11,258
|
$14,749
|
|
3/25
|
$12,951
|
$11,255
|
$14,703
|
|
4/25
|
$12,811
|
$11,295
|
$14,695
|
|
5/25
|
$13,024
|
$11,238
|
$14,923
|
|
6/25
|
$13,099
|
$11,413
|
$15,043
|
|
7/25
|
$13,186
|
$11,397
|
$15,175
|
|
8/25
|
$13,259
|
$11,533
|
$15,242
|
|
9/25
|
$13,293
|
$11,665
|
$15,309
|
Average Annual Total Returns (%)
|
Fund
|
1 Year
|
5 Years
|
Since 10/10/17 (Inception)
|
|
Class A
|
4.91%
|
5.60%
|
4.07%
|
|
Class A with 3.25% Maximum Sales Charge
|
1.51%
|
4.91%
|
3.63%
|
|
Bloomberg U.S. Universal Index
|
3.40%
|
0.08%
|
1.95%
|
|
Morningstar®LSTA®US Leveraged Loan Index℠
|
7.00%
|
6.96%
|
5.48%
|
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
|
$44,333,944
|
|
# of Portfolio Holdings
|
195
|
|
Portfolio Turnover Rate
|
19%
|
|
Total Advisory Fees Paid
|
$243,854
|
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)
|
Value
|
Value
|
|
OtherFootnote Reference†
|
0.7%
|
|
Corporate Bonds
|
2.5%
|
|
Short-Term Investments
|
13.2%
|
|
Senior Floating-Rate Loans
|
83.6%
|
| Footnote | Description |
|
Footnote†
|
Investment types less than 1% each |
Credit Quality (% of total investments)Footnote Referencea
|
Value
|
Value
|
|
Not Rated
|
1.7%
|
|
CCC or Lower
|
3.0%
|
|
B
|
59.2%
|
|
BB
|
28.8%
|
|
BBB
|
7.3%
|
| Footnote | Description |
|
Footnotea
|
Excludes Short-Term Investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"). Ratings range 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 S&P. |
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
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
CFOAX-TSR-AR
Calvert Floating-Rate Advantage Fund
Class I CFOIX
Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Floating-Rate Advantage 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
|
$263
|
2.56%
|
How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar® LSTA® US Leveraged Loan Index℠ (the Index):
↓ The Fund experienced significant outflows during the period, and the resulting need to increase cash detracted from Index-relative performance
↓ Loan selection within the professional services, health care providers & services, and machinery industries detracted from Index-relative returns
↓ Selection within B-rated loans generally weighed on Index-relative performance
↑ The Fund's use of leverage ― not employed by the Index ― amplified the interest income of loans held in the Fund's underlying portfolio
↑ Loan selection within the automobile components, beverages, chemicals, and IT services industries aided Index-relative performance
↑ An underweight exposure to CCC-rated loans helped Index relative performance as lower-rated loans generally outperformed higher-rated loans during the period
Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.
|
Class I
|
Bloomberg U.S. Universal Index
|
Morningstar® LSTA® US Leveraged Loan Index℠
|
|
|
10/17
|
$1,000,000
|
$1,000,000
|
$1,000,000
|
|
12/17
|
$1,003,334
|
$1,002,889
|
$1,008,816
|
|
3/18
|
$1,014,197
|
$988,782
|
$1,023,423
|
|
6/18
|
$1,017,181
|
$986,108
|
$1,030,572
|
|
9/18
|
$1,034,714
|
$988,785
|
$1,049,520
|
|
12/18
|
$990,714
|
$1,000,333
|
$1,013,269
|
|
3/19
|
$1,034,128
|
$1,033,564
|
$1,053,770
|
|
6/19
|
$1,047,600
|
$1,065,729
|
$1,071,440
|
|
9/19
|
$1,061,463
|
$1,088,352
|
$1,082,086
|
|
12/19
|
$1,083,324
|
$1,093,277
|
$1,100,834
|
|
3/20
|
$947,115
|
$1,107,498
|
$957,229
|
|
6/20
|
$1,016,978
|
$1,149,748
|
$1,050,106
|
|
9/20
|
$1,052,638
|
$1,161,102
|
$1,093,541
|
|
12/20
|
$1,089,425
|
$1,176,097
|
$1,135,230
|
|
3/21
|
$1,103,664
|
$1,140,199
|
$1,155,449
|
|
6/21
|
$1,117,761
|
$1,162,587
|
$1,172,460
|
|
9/21
|
$1,128,981
|
$1,163,456
|
$1,185,440
|
|
12/21
|
$1,136,719
|
$1,163,124
|
$1,194,289
|
|
3/22
|
$1,129,010
|
$1,092,009
|
$1,193,047
|
|
6/22
|
$1,059,196
|
$1,035,941
|
$1,139,813
|
|
9/22
|
$1,070,917
|
$989,814
|
$1,154,783
|
|
12/22
|
$1,099,199
|
$1,012,006
|
$1,185,079
|
|
3/23
|
$1,142,466
|
$1,041,637
|
$1,223,324
|
|
6/23
|
$1,176,834
|
$1,035,523
|
$1,261,857
|
|
9/23
|
$1,213,289
|
$1,005,742
|
$1,305,495
|
|
12/23
|
$1,250,297
|
$1,074,480
|
$1,342,947
|
|
3/24
|
$1,280,886
|
$1,069,456
|
$1,375,929
|
|
6/24
|
$1,303,865
|
$1,071,484
|
$1,402,086
|
|
9/24
|
$1,331,011
|
$1,127,186
|
$1,430,739
|
|
12/24
|
$1,361,057
|
$1,096,385
|
$1,463,207
|
|
3/25
|
$1,361,583
|
$1,125,529
|
$1,470,254
|
|
6/25
|
$1,377,893
|
$1,141,283
|
$1,504,293
|
|
9/25
|
$1,399,750
|
$1,166,546
|
$1,530,904
|
Average Annual Total Returns (%)
|
Fund
|
1 Year
|
5 Years
|
Since 10/10/17 (Inception)
|
|
Class I
|
5.16%
|
5.86%
|
4.31%
|
|
Bloomberg U.S. Universal Index
|
3.40%
|
0.08%
|
1.95%
|
|
Morningstar®LSTA®US Leveraged Loan Index℠
|
7.00%
|
6.96%
|
5.48%
|
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
|
$44,333,944
|
|
# of Portfolio Holdings
|
195
|
|
Portfolio Turnover Rate
|
19%
|
|
Total Advisory Fees Paid
|
$243,854
|
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)
|
Value
|
Value
|
|
OtherFootnote Reference†
|
0.7%
|
|
Corporate Bonds
|
2.5%
|
|
Short-Term Investments
|
13.2%
|
|
Senior Floating-Rate Loans
|
83.6%
|
| Footnote | Description |
|
Footnote†
|
Investment types less than 1% each |
Credit Quality (% of total investments)Footnote Referencea
|
Value
|
Value
|
|
Not Rated
|
1.7%
|
|
CCC or Lower
|
3.0%
|
|
B
|
59.2%
|
|
BB
|
28.8%
|
|
BBB
|
7.3%
|
| Footnote | Description |
|
Footnotea
|
Excludes Short-Term Investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"). Ratings range 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 S&P. |
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
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
CFOIX-TSR-AR
Calvert Floating-Rate Advantage Fund
Class R6 CFORX
Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Floating-Rate Advantage 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
|
$256
|
2.50%
|
How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar® LSTA® US Leveraged Loan Index℠ (the Index):
↓ The Fund experienced significant outflows during the period, and the resulting need to increase cash detracted from Index-relative performance
↓ Loan selection within the professional services, health care providers & services, and machinery industries detracted from Index-relative returns
↓ Selection within B-rated loans generally weighed on Index-relative performance
↑ The Fund's use of leverage ― not employed by the Index ― amplified the interest income of loans held in the Fund's underlying portfolio
↑ Loan selection within the automobile components, beverages, chemicals, and IT services industries aided Index-relative performance
↑ An underweight exposure to CCC-rated loans helped Index relative performance as lower-rated loans generally outperformed higher-rated loans during the period
Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.
|
Class R6
|
Bloomberg U.S. Universal Index
|
Morningstar® LSTA® US Leveraged Loan Index℠
|
|
|
10/17
|
$5,000,000
|
$5,000,000
|
$5,000,000
|
|
11/17
|
$4,995,499
|
$4,992,434
|
$5,024,180
|
|
12/17
|
$5,012,261
|
$5,014,443
|
$5,044,078
|
|
1/18
|
$5,056,611
|
$4,966,189
|
$5,092,626
|
|
2/18
|
$5,056,617
|
$4,919,099
|
$5,102,738
|
|
3/18
|
$5,071,476
|
$4,943,910
|
$5,117,117
|
|
4/18
|
$5,094,882
|
$4,910,922
|
$5,138,261
|
|
5/18
|
$5,093,904
|
$4,937,703
|
$5,146,923
|
|
6/18
|
$5,085,914
|
$4,930,542
|
$5,152,859
|
|
7/18
|
$5,119,201
|
$4,940,861
|
$5,190,941
|
|
8/18
|
$5,140,570
|
$4,965,202
|
$5,211,768
|
|
9/18
|
$5,167,178
|
$4,943,927
|
$5,247,600
|
|
10/18
|
$5,165,195
|
$4,902,569
|
$5,245,971
|
|
11/18
|
$5,113,664
|
$4,924,618
|
$5,198,643
|
|
12/18
|
$4,946,804
|
$5,001,666
|
$5,066,346
|
|
1/19
|
$5,100,705
|
$5,070,629
|
$5,195,367
|
|
2/19
|
$5,184,741
|
$5,076,155
|
$5,278,062
|
|
3/19
|
$5,168,954
|
$5,167,819
|
$5,268,848
|
|
4/19
|
$5,249,291
|
$5,175,052
|
$5,355,869
|
|
5/19
|
$5,224,888
|
$5,254,327
|
$5,344,253
|
|
6/19
|
$5,236,518
|
$5,328,646
|
$5,357,201
|
|
7/19
|
$5,286,845
|
$5,344,507
|
$5,400,146
|
|
8/19
|
$5,277,687
|
$5,465,439
|
$5,385,304
|
|
9/19
|
$5,305,798
|
$5,441,760
|
$5,410,428
|
|
10/19
|
$5,290,632
|
$5,459,342
|
$5,386,090
|
|
11/19
|
$5,322,034
|
$5,458,251
|
$5,417,735
|
|
12/19
|
$5,415,037
|
$5,466,384
|
$5,504,170
|
|
1/20
|
$5,435,793
|
$5,564,494
|
$5,534,924
|
|
2/20
|
$5,354,871
|
$5,647,813
|
$5,461,776
|
|
3/20
|
$4,734,346
|
$5,537,491
|
$4,786,144
|
|
4/20
|
$4,890,099
|
$5,648,415
|
$5,001,601
|
|
5/20
|
$5,060,646
|
$5,701,170
|
$5,191,438
|
|
6/20
|
$5,083,637
|
$5,748,740
|
$5,250,529
|
|
7/20
|
$5,191,771
|
$5,849,722
|
$5,353,290
|
|
8/20
|
$5,255,612
|
$5,815,991
|
$5,433,250
|
|
9/20
|
$5,261,928
|
$5,805,509
|
$5,467,703
|
|
10/20
|
$5,264,291
|
$5,784,759
|
$5,478,824
|
|
11/20
|
$5,381,066
|
$5,860,246
|
$5,600,781
|
|
12/20
|
$5,445,867
|
$5,880,483
|
$5,676,148
|
|
1/21
|
$5,504,776
|
$5,843,521
|
$5,743,639
|
|
2/21
|
$5,527,288
|
$5,768,123
|
$5,777,390
|
|
3/21
|
$5,517,105
|
$5,700,997
|
$5,777,246
|
|
4/21
|
$5,539,078
|
$5,748,935
|
$5,806,935
|
|
5/21
|
$5,569,106
|
$5,770,864
|
$5,840,664
|
|
6/21
|
$5,587,610
|
$5,812,934
|
$5,862,298
|
|
7/21
|
$5,582,902
|
$5,871,303
|
$5,861,522
|
|
8/21
|
$5,613,774
|
$5,867,384
|
$5,889,357
|
|
9/21
|
$5,643,729
|
$5,817,279
|
$5,927,198
|
|
10/21
|
$5,650,136
|
$5,812,525
|
$5,943,000
|
|
11/21
|
$5,638,764
|
$5,819,546
|
$5,933,522
|
|
12/21
|
$5,676,459
|
$5,815,622
|
$5,971,443
|
|
1/22
|
$5,682,620
|
$5,688,119
|
$5,993,158
|
|
2/22
|
$5,653,095
|
$5,610,568
|
$5,962,384
|
|
3/22
|
$5,644,083
|
$5,460,043
|
$5,965,233
|
|
4/22
|
$5,634,984
|
$5,256,397
|
$5,978,179
|
|
5/22
|
$5,474,190
|
$5,285,319
|
$5,825,245
|
|
6/22
|
$5,295,106
|
$5,179,705
|
$5,699,064
|
|
7/22
|
$5,456,207
|
$5,309,933
|
$5,820,594
|
|
8/22
|
$5,528,338
|
$5,171,895
|
$5,908,492
|
|
9/22
|
$5,353,300
|
$4,949,070
|
$5,773,916
|
|
10/22
|
$5,410,673
|
$4,894,768
|
$5,831,292
|
|
11/22
|
$5,487,661
|
$5,077,276
|
$5,901,143
|
|
12/22
|
$5,494,752
|
$5,060,031
|
$5,925,396
|
|
1/23
|
$5,668,501
|
$5,216,995
|
$6,083,448
|
|
2/23
|
$5,707,510
|
$5,088,805
|
$6,118,540
|
|
3/23
|
$5,710,913
|
$5,208,185
|
$6,116,618
|
|
4/23
|
$5,765,618
|
$5,240,000
|
$6,180,950
|
|
5/23
|
$5,738,434
|
$5,185,673
|
$6,169,597
|
|
6/23
|
$5,882,654
|
$5,177,614
|
$6,309,286
|
|
7/23
|
$5,966,645
|
$5,182,762
|
$6,390,381
|
|
8/23
|
$6,034,785
|
$5,151,551
|
$6,465,252
|
|
9/23
|
$6,064,888
|
$5,028,712
|
$6,527,474
|
|
10/23
|
$6,037,702
|
$4,953,089
|
$6,526,289
|
|
11/23
|
$6,133,788
|
$5,176,002
|
$6,605,890
|
|
12/23
|
$6,249,879
|
$5,372,402
|
$6,714,735
|
|
1/24
|
$6,298,020
|
$5,359,545
|
$6,760,064
|
|
2/24
|
$6,351,264
|
$5,295,286
|
$6,821,530
|
|
3/24
|
$6,402,952
|
$5,347,278
|
$6,879,645
|
|
4/24
|
$6,444,343
|
$5,222,320
|
$6,921,037
|
|
5/24
|
$6,492,447
|
$5,308,887
|
$6,986,030
|
|
6/24
|
$6,517,892
|
$5,357,419
|
$7,010,431
|
|
7/24
|
$6,558,781
|
$5,479,020
|
$7,058,240
|
|
8/24
|
$6,605,840
|
$5,559,676
|
$7,103,022
|
|
9/24
|
$6,653,495
|
$5,635,930
|
$7,153,697
|
|
10/24
|
$6,707,757
|
$5,507,922
|
$7,215,253
|
|
11/24
|
$6,774,364
|
$5,565,991
|
$7,274,895
|
|
12/24
|
$6,803,695
|
$5,481,927
|
$7,316,035
|
|
1/25
|
$6,846,079
|
$5,514,961
|
$7,366,585
|
|
2/25
|
$6,846,545
|
$5,628,987
|
$7,374,379
|
|
3/25
|
$6,806,234
|
$5,627,643
|
$7,351,270
|
|
4/25
|
$6,733,525
|
$5,647,520
|
$7,347,328
|
|
5/25
|
$6,847,134
|
$5,618,877
|
$7,461,447
|
|
6/25
|
$6,887,039
|
$5,706,417
|
$7,521,463
|
|
7/25
|
$6,934,090
|
$5,698,271
|
$7,587,286
|
|
8/25
|
$6,974,033
|
$5,766,717
|
$7,621,203
|
|
9/25
|
$6,995,769
|
$5,832,732
|
$7,654,521
|
Average Annual Total Returns (%)
|
Fund
|
1 Year
|
5 Years
|
Since 10/10/17 (Inception)
|
|
Class R6
|
5.14%
|
5.86%
|
4.30%
|
|
Bloomberg U.S. Universal Index
|
3.40%
|
0.08%
|
1.95%
|
|
Morningstar®LSTA®US Leveraged Loan Index℠
|
7.00%
|
6.96%
|
5.48%
|
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
|
$44,333,944
|
|
# of Portfolio Holdings
|
195
|
|
Portfolio Turnover Rate
|
19%
|
|
Total Advisory Fees Paid
|
$243,854
|
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)
|
Value
|
Value
|
|
OtherFootnote Reference†
|
0.7%
|
|
Corporate Bonds
|
2.5%
|
|
Short-Term Investments
|
13.2%
|
|
Senior Floating-Rate Loans
|
83.6%
|
| Footnote | Description |
|
Footnote†
|
Investment types less than 1% each |
Credit Quality (% of total investments)Footnote Referencea
|
Value
|
Value
|
|
Not Rated
|
1.7%
|
|
CCC or Lower
|
3.0%
|
|
B
|
59.2%
|
|
BB
|
28.8%
|
|
BBB
|
7.3%
|
| Footnote | Description |
|
Footnotea
|
Excludes Short-Term Investments and Equities. Ratings are categorized using S&P Global Ratings ("S&P"). Ratings range 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 S&P. |
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
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
CFORX-TSR-AR
Calvert Global Equity Fund
Class A CGLAX
Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Equity 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
|
$119
|
1.14%
|
How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index):
↓ IMCD, a Dutch specialty chemical formulation and distribution company, hurt as macroeconomic headwinds and political uncertainty are leading to a demand downcycle
↓ Danaher, a U.S. healthcare conglomerate, declined in value as the company faced challenges in the Chinese market and uncertainty in their bioproduction and life sciences segment
↓ Novo Nordisk, a Danish pharmaceuticals company, hampered returns due to weaker-than-expected performance from their new obesity drugs
↓ Among sectors, stock selections and an overweight position in health care, and stock selections in industrials hurt returns
↑ Alphabet, a U.S. technology giant, helped returns due to their artificial intelligence investment as well as a positive ruling in their anti-trust lawsuit
↑ Micron, a U.S.-based memory and storage solutions company, contributed to returns on the increase in demand for their memory solutions utilized by AI companies
↑ Taiwan Semiconductor Manufacturing Co., the global semiconductor manufacturer, increased in value on surging demand for high-end microchips powering AI applications
↑ Among sectors, stock selections within consumer staples and avoiding the real estate and energy sectors helped returns
Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.
|
Class A with Maximum Sales Charge
|
MSCI World Index
|
|
|
12/15
|
$10,000
|
$10,000
|
|
1/16
|
$8,963
|
$9,450
|
|
2/16
|
$8,565
|
$9,379
|
|
3/16
|
$9,077
|
$10,016
|
|
4/16
|
$9,238
|
$10,174
|
|
5/16
|
$9,371
|
$10,231
|
|
6/16
|
$9,077
|
$10,117
|
|
7/16
|
$9,617
|
$10,544
|
|
8/16
|
$9,522
|
$10,553
|
|
9/16
|
$9,503
|
$10,609
|
|
10/16
|
$9,276
|
$10,404
|
|
11/16
|
$9,276
|
$10,553
|
|
12/16
|
$9,467
|
$10,806
|
|
1/17
|
$9,773
|
$11,067
|
|
2/17
|
$9,945
|
$11,374
|
|
3/17
|
$10,059
|
$11,495
|
|
4/17
|
$10,327
|
$11,665
|
|
5/17
|
$10,461
|
$11,912
|
|
6/17
|
$10,489
|
$11,957
|
|
7/17
|
$10,805
|
$12,244
|
|
8/17
|
$10,728
|
$12,261
|
|
9/17
|
$11,024
|
$12,536
|
|
10/17
|
$11,120
|
$12,773
|
|
11/17
|
$11,301
|
$13,050
|
|
12/17
|
$11,441
|
$13,226
|
|
1/18
|
$12,085
|
$13,925
|
|
2/18
|
$11,510
|
$13,348
|
|
3/18
|
$11,550
|
$13,057
|
|
4/18
|
$11,689
|
$13,207
|
|
5/18
|
$11,709
|
$13,290
|
|
6/18
|
$11,709
|
$13,283
|
|
7/18
|
$11,996
|
$13,698
|
|
8/18
|
$12,125
|
$13,868
|
|
9/18
|
$12,174
|
$13,945
|
|
10/18
|
$11,134
|
$12,921
|
|
11/18
|
$11,421
|
$13,068
|
|
12/18
|
$10,548
|
$12,074
|
|
1/19
|
$11,239
|
$13,013
|
|
2/19
|
$11,627
|
$13,405
|
|
3/19
|
$11,972
|
$13,581
|
|
4/19
|
$12,446
|
$14,062
|
|
5/19
|
$11,648
|
$13,251
|
|
6/19
|
$12,554
|
$14,124
|
|
7/19
|
$12,554
|
$14,194
|
|
8/19
|
$12,425
|
$13,904
|
|
9/19
|
$12,597
|
$14,200
|
|
10/19
|
$13,018
|
$14,561
|
|
11/19
|
$13,396
|
$14,967
|
|
12/19
|
$13,900
|
$15,415
|
|
1/20
|
$13,812
|
$15,321
|
|
2/20
|
$12,799
|
$14,026
|
|
3/20
|
$10,860
|
$12,170
|
|
4/20
|
$12,080
|
$13,499
|
|
5/20
|
$12,756
|
$14,151
|
|
6/20
|
$13,039
|
$14,526
|
|
7/20
|
$13,442
|
$15,221
|
|
8/20
|
$14,205
|
$16,238
|
|
9/20
|
$13,802
|
$15,677
|
|
10/20
|
$13,213
|
$15,197
|
|
11/20
|
$15,011
|
$17,140
|
|
12/20
|
$15,829
|
$17,866
|
|
1/21
|
$15,588
|
$17,689
|
|
2/21
|
$16,102
|
$18,142
|
|
3/21
|
$16,594
|
$18,746
|
|
4/21
|
$17,523
|
$19,618
|
|
5/21
|
$17,862
|
$19,901
|
|
6/21
|
$18,026
|
$20,197
|
|
7/21
|
$18,529
|
$20,559
|
|
8/21
|
$19,239
|
$21,071
|
|
9/21
|
$18,332
|
$20,196
|
|
10/21
|
$19,513
|
$21,340
|
|
11/21
|
$18,857
|
$20,872
|
|
12/21
|
$19,771
|
$21,764
|
|
1/22
|
$18,947
|
$20,613
|
|
2/22
|
$18,446
|
$20,091
|
|
3/22
|
$18,387
|
$20,643
|
|
4/22
|
$16,883
|
$18,928
|
|
5/22
|
$16,883
|
$18,942
|
|
6/22
|
$15,523
|
$17,301
|
|
7/22
|
$16,919
|
$18,675
|
|
8/22
|
$15,881
|
$17,894
|
|
9/22
|
$14,342
|
$16,231
|
|
10/22
|
$15,332
|
$17,396
|
|
11/22
|
$16,704
|
$18,606
|
|
12/22
|
$16,070
|
$17,816
|
|
1/23
|
$17,272
|
$19,076
|
|
2/23
|
$16,677
|
$18,618
|
|
3/23
|
$17,490
|
$19,193
|
|
4/23
|
$17,927
|
$19,530
|
|
5/23
|
$17,782
|
$19,335
|
|
6/23
|
$18,595
|
$20,504
|
|
7/23
|
$18,874
|
$21,193
|
|
8/23
|
$18,473
|
$20,687
|
|
9/23
|
$17,393
|
$19,794
|
|
10/23
|
$17,017
|
$19,220
|
|
11/23
|
$18,643
|
$21,022
|
|
12/23
|
$19,633
|
$22,054
|
|
1/24
|
$19,781
|
$22,318
|
|
2/24
|
$20,511
|
$23,265
|
|
3/24
|
$20,869
|
$24,012
|
|
4/24
|
$20,239
|
$23,120
|
|
5/24
|
$20,968
|
$24,153
|
|
6/24
|
$21,302
|
$24,644
|
|
7/24
|
$21,191
|
$25,078
|
|
8/24
|
$21,636
|
$25,741
|
|
9/24
|
$21,994
|
$26,213
|
|
10/24
|
$21,277
|
$25,693
|
|
11/24
|
$21,871
|
$26,872
|
|
12/24
|
$21,347
|
$26,171
|
|
1/25
|
$22,066
|
$27,095
|
|
2/25
|
$21,796
|
$26,900
|
|
3/25
|
$20,666
|
$25,702
|
|
4/25
|
$20,756
|
$25,931
|
|
5/25
|
$22,413
|
$27,466
|
|
6/25
|
$23,196
|
$28,651
|
|
7/25
|
$23,081
|
$29,020
|
|
8/25
|
$23,325
|
$29,777
|
|
9/25
|
$23,861
|
$30,734
|
Average Annual Total Returns (%)Footnote Reference1,Footnote Reference2
|
Fund
|
1 Year
|
5 Years
|
Since 12/17/15 (Inception)
|
|
Class A
|
8.44%
|
11.56%
|
9.88%
|
|
Class A with 5.25% Maximum Sales Charge
|
2.73%
|
10.36%
|
9.29%
|
|
MSCI World Index (net of foreign withholding taxes)
|
17.25%
|
14.40%
|
12.15%
|
| Footnote | Description |
|
Footnote1
|
Performance prior to September 16, 2023 is that of Eaton Vance Focused Global Opportunities Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. |
|
Footnote2
|
Class A performance prior to 12/14/21 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.
THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
Key Fund Statistics
|
Total Net Assets
|
$10,304,931
|
|
# of Portfolio Holdings
|
44
|
|
Portfolio Turnover Rate
|
43%
|
|
Total Advisory Fees Paid (net of waiver)
|
$0
|
What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.
Country Allocation (% of total investments)
|
Value
|
Value
|
|
Other
|
3.3%
|
|
India
|
1.8%
|
|
Germany
|
2.0%
|
|
Taiwan
|
2.1%
|
|
Singapore
|
2.2%
|
|
Hong Kong
|
2.7%
|
|
Netherlands
|
5.2%
|
|
Switzerland
|
6.5%
|
|
France
|
9.8%
|
|
United Kingdom
|
9.9%
|
|
United States
|
54.5%
|
Top Ten Holdings (% of total investments)Footnote Referencea
|
Microsoft Corp.
|
6.9%
|
|
Alphabet, Inc., Class A
|
5.7%
|
|
Amazon.com, Inc.
|
5.3%
|
|
NVIDIA Corp.
|
4.6%
|
|
ASML Holding NV
|
3.6%
|
|
Nestle SA
|
3.2%
|
|
Compass Group PLC
|
2.8%
|
|
AIA Group Ltd.
|
2.7%
|
|
Reckitt Benckiser Group PLC
|
2.6%
|
|
Visa, Inc., Class A
|
2.5%
|
|
Total
|
39.9%
|
| Footnote | Description |
|
Footnotea
|
Excluding cash equivalents |
Additional Information
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
CGLAX-TSR-AR
Calvert Global Equity Fund
Class I CGLIX
Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Equity 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
|
$94
|
0.90%
|
How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Index (the Index):
↓ IMCD, a Dutch specialty chemical formulation and distribution company, hurt as macroeconomic headwinds and political uncertainty are leading to a demand downcycle
↓ Danaher, a U.S. healthcare conglomerate, declined in value as the company faced challenges in the Chinese market and uncertainty in their bioproduction and life sciences segment
↓ Novo Nordisk, a Danish pharmaceuticals company, hampered returns due to weaker-than-expected performance from their new obesity drugs
↓ Among sectors, stock selections and an overweight position in health care, and stock selections in industrials hurt returns
↑ Alphabet, a U.S. technology giant, helped returns due to their artificial intelligence investment as well as a positive ruling in their anti-trust lawsuit
↑ Micron, a U.S.-based memory and storage solutions company, contributed to returns on the increase in demand for their memory solutions utilized by AI companies
↑ Taiwan Semiconductor Manufacturing Co., the global semiconductor manufacturer, increased in value on surging demand for high-end microchips powering AI applications
↑ Among sectors, stock selections within consumer staples and avoiding the real estate and energy sectors helped returns
Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.
|
Class I
|
MSCI World Index
|
|
|
12/15
|
$1,000,000
|
$1,000,000
|
|
12/15
|
$1,004,000
|
$1,005,085
|
|
3/16
|
$958,000
|
$1,001,570
|
|
6/16
|
$958,000
|
$1,011,668
|
|
9/16
|
$1,003,000
|
$1,060,892
|
|
12/16
|
$999,168
|
$1,080,572
|
|
3/17
|
$1,061,679
|
$1,149,469
|
|
6/17
|
$1,107,050
|
$1,195,748
|
|
9/17
|
$1,163,512
|
$1,253,608
|
|
12/17
|
$1,207,508
|
$1,322,623
|
|
3/18
|
$1,219,008
|
$1,305,679
|
|
6/18
|
$1,235,735
|
$1,328,325
|
|
9/18
|
$1,284,872
|
$1,394,483
|
|
12/18
|
$1,113,269
|
$1,207,403
|
|
3/19
|
$1,263,526
|
$1,358,084
|
|
6/19
|
$1,324,995
|
$1,412,417
|
|
9/19
|
$1,329,548
|
$1,419,968
|
|
12/19
|
$1,466,977
|
$1,541,492
|
|
3/20
|
$1,146,219
|
$1,216,983
|
|
6/20
|
$1,376,153
|
$1,452,576
|
|
9/20
|
$1,456,630
|
$1,567,747
|
|
12/20
|
$1,670,582
|
$1,786,628
|
|
3/21
|
$1,751,342
|
$1,874,560
|
|
6/21
|
$1,902,479
|
$2,019,728
|
|
9/21
|
$1,934,783
|
$2,019,585
|
|
12/21
|
$2,086,519
|
$2,176,421
|
|
3/22
|
$1,942,968
|
$2,064,270
|
|
6/22
|
$1,642,016
|
$1,730,137
|
|
9/22
|
$1,513,576
|
$1,623,082
|
|
12/22
|
$1,696,384
|
$1,781,584
|
|
3/23
|
$1,847,801
|
$1,919,313
|
|
6/23
|
$1,965,855
|
$2,050,392
|
|
9/23
|
$1,838,819
|
$1,979,412
|
|
12/23
|
$2,076,453
|
$2,205,372
|
|
3/24
|
$2,208,687
|
$2,401,222
|
|
6/24
|
$2,257,128
|
$2,464,412
|
|
9/24
|
$2,331,755
|
$2,621,267
|
|
12/24
|
$2,263,335
|
$2,617,135
|
|
3/25
|
$2,193,673
|
$2,570,229
|
|
6/25
|
$2,462,760
|
$2,865,082
|
|
9/25
|
$2,533,788
|
$3,073,382
|
Average Annual Total Returns (%)Footnote Reference1
|
Fund
|
1 Year
|
5 Years
|
Since 12/17/15 (Inception)
|
|
Class I
|
8.66%
|
11.70%
|
9.96%
|
|
MSCI World Index (net of foreign withholding taxes)
|
17.25%
|
14.40%
|
12.15%
|
| Footnote | Description |
|
Footnote1
|
Performance prior to September 16, 2023 is that of Eaton Vance Focused Global Opportunities Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. |
Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.
THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
Key Fund Statistics
|
Total Net Assets
|
$10,304,931
|
|
# of Portfolio Holdings
|
44
|
|
Portfolio Turnover Rate
|
43%
|
|
Total Advisory Fees Paid (net of waiver)
|
$0
|
What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.
Country Allocation (% of total investments)
|
Value
|
Value
|
|
Other
|
3.3%
|
|
India
|
1.8%
|
|
Germany
|
2.0%
|
|
Taiwan
|
2.1%
|
|
Singapore
|
2.2%
|
|
Hong Kong
|
2.7%
|
|
Netherlands
|
5.2%
|
|
Switzerland
|
6.5%
|
|
France
|
9.8%
|
|
United Kingdom
|
9.9%
|
|
United States
|
54.5%
|
Top Ten Holdings (% of total investments)Footnote Referencea
|
Microsoft Corp.
|
6.9%
|
|
Alphabet, Inc., Class A
|
5.7%
|
|
Amazon.com, Inc.
|
5.3%
|
|
NVIDIA Corp.
|
4.6%
|
|
ASML Holding NV
|
3.6%
|
|
Nestle SA
|
3.2%
|
|
Compass Group PLC
|
2.8%
|
|
AIA Group Ltd.
|
2.7%
|
|
Reckitt Benckiser Group PLC
|
2.6%
|
|
Visa, Inc., Class A
|
2.5%
|
|
Total
|
39.9%
|
| Footnote | Description |
|
Footnotea
|
Excluding cash equivalents |
Additional Information
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
CGLIX-TSR-AR
Calvert Global Small-Cap Equity Fund
Class A CSMAX
Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Small-Cap Equity 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
|
$130
|
1.31%
|
How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Small Cap Index (the Index):
↓ Amplifon SpA, an Italian hearing device manufacturer, detracted from relative returns as its share price dropped due to softening demand resulting in downward revisions in revenue
↓ CBIZ, Inc. detracted from returns as its shares came under pressure due to higher costs and leverage related to a recent acquisition, and weaker pricing impacting investor sentiment
↓ IMCD N.V., a distributor and formulator of specialty chemicals, detracted as its shares declined on weakening U.S. dollar, tariff discussions and softening demand from consumers
↑ Zegona Communications Plc helped returns as it benefited from its 2024 acquisition of Vodafone Spain, and its continuing focus on reinvestment and cost control implementation
↑ Babcock International Group Plc, an aerospace, defense and nuclear engineering firm, boosted results due to rising defense spending in Europe and securing government contracts
↑ Euronext NV, a Dutch investment banking firm offering trading and post trading services helped returns as it benefitted from its strong revenues in trading services
Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.
|
Class A with Maximum Sales Charge
|
MSCI World Index
|
MSCI World Small Cap Index
|
|
|
9/15
|
$10,000
|
$10,000
|
$10,000
|
|
10/15
|
$10,027
|
$10,792
|
$10,574
|
|
11/15
|
$10,106
|
$10,739
|
$10,692
|
|
12/15
|
$9,793
|
$10,550
|
$10,423
|
|
1/16
|
$9,157
|
$9,919
|
$9,613
|
|
2/16
|
$9,104
|
$9,845
|
$9,679
|
|
3/16
|
$9,784
|
$10,513
|
$10,493
|
|
4/16
|
$9,784
|
$10,679
|
$10,740
|
|
5/16
|
$9,981
|
$10,739
|
$10,868
|
|
6/16
|
$9,721
|
$10,619
|
$10,662
|
|
7/16
|
$10,079
|
$11,068
|
$11,250
|
|
8/16
|
$10,088
|
$11,077
|
$11,266
|
|
9/16
|
$10,222
|
$11,136
|
$11,434
|
|
10/16
|
$9,981
|
$10,920
|
$11,013
|
|
11/16
|
$10,303
|
$11,077
|
$11,474
|
|
12/16
|
$10,572
|
$11,342
|
$11,748
|
|
1/17
|
$10,795
|
$11,616
|
$12,018
|
|
2/17
|
$11,055
|
$11,938
|
$12,273
|
|
3/17
|
$11,243
|
$12,066
|
$12,364
|
|
4/17
|
$11,476
|
$12,244
|
$12,613
|
|
5/17
|
$11,655
|
$12,503
|
$12,693
|
|
6/17
|
$11,825
|
$12,551
|
$12,890
|
|
7/17
|
$12,138
|
$12,852
|
$13,182
|
|
8/17
|
$12,022
|
$12,870
|
$13,174
|
|
9/17
|
$12,442
|
$13,159
|
$13,694
|
|
10/17
|
$12,541
|
$13,407
|
$13,893
|
|
11/17
|
$12,917
|
$13,698
|
$14,196
|
|
12/17
|
$13,023
|
$13,883
|
$14,410
|
|
1/18
|
$13,519
|
$14,616
|
$14,920
|
|
2/18
|
$12,959
|
$14,011
|
$14,323
|
|
3/18
|
$13,106
|
$13,705
|
$14,330
|
|
4/18
|
$13,225
|
$13,863
|
$14,462
|
|
5/18
|
$13,584
|
$13,950
|
$14,848
|
|
6/18
|
$13,584
|
$13,943
|
$14,798
|
|
7/18
|
$13,740
|
$14,378
|
$14,978
|
|
8/18
|
$13,942
|
$14,556
|
$15,307
|
|
9/18
|
$13,923
|
$14,637
|
$15,088
|
|
10/18
|
$12,647
|
$13,563
|
$13,593
|
|
11/18
|
$12,849
|
$13,717
|
$13,680
|
|
12/18
|
$11,816
|
$12,674
|
$12,413
|
|
1/19
|
$12,796
|
$13,660
|
$13,692
|
|
2/19
|
$13,311
|
$14,070
|
$14,205
|
|
3/19
|
$13,301
|
$14,255
|
$14,116
|
|
4/19
|
$13,755
|
$14,761
|
$14,556
|
|
5/19
|
$13,179
|
$13,909
|
$13,604
|
|
6/19
|
$14,028
|
$14,826
|
$14,395
|
|
7/19
|
$14,109
|
$14,899
|
$14,477
|
|
8/19
|
$13,856
|
$14,594
|
$13,983
|
|
9/19
|
$13,997
|
$14,905
|
$14,271
|
|
10/19
|
$14,189
|
$15,284
|
$14,665
|
|
11/19
|
$14,735
|
$15,710
|
$15,140
|
|
12/19
|
$15,177
|
$16,180
|
$15,664
|
|
1/20
|
$14,947
|
$16,082
|
$15,229
|
|
2/20
|
$13,725
|
$14,723
|
$13,829
|
|
3/20
|
$11,239
|
$12,774
|
$10,956
|
|
4/20
|
$12,597
|
$14,170
|
$12,428
|
|
5/20
|
$13,516
|
$14,854
|
$13,306
|
|
6/20
|
$13,631
|
$15,247
|
$13,649
|
|
7/20
|
$14,237
|
$15,977
|
$14,183
|
|
8/20
|
$14,884
|
$17,044
|
$14,991
|
|
9/20
|
$14,560
|
$16,456
|
$14,667
|
|
10/20
|
$14,613
|
$15,951
|
$14,664
|
|
11/20
|
$16,138
|
$17,991
|
$16,919
|
|
12/20
|
$17,345
|
$18,754
|
$18,165
|
|
1/21
|
$17,050
|
$18,567
|
$18,540
|
|
2/21
|
$17,778
|
$19,043
|
$19,466
|
|
3/21
|
$18,231
|
$19,677
|
$19,877
|
|
4/21
|
$19,118
|
$20,592
|
$20,648
|
|
5/21
|
$19,297
|
$20,889
|
$20,823
|
|
6/21
|
$19,170
|
$21,200
|
$20,866
|
|
7/21
|
$19,540
|
$21,580
|
$20,724
|
|
8/21
|
$19,856
|
$22,117
|
$21,228
|
|
9/21
|
$19,002
|
$21,199
|
$20,568
|
|
10/21
|
$19,856
|
$22,400
|
$21,311
|
|
11/21
|
$19,149
|
$21,909
|
$20,276
|
|
12/21
|
$20,271
|
$22,845
|
$21,026
|
|
1/22
|
$18,555
|
$21,636
|
$19,438
|
|
2/22
|
$18,641
|
$21,089
|
$19,480
|
|
3/22
|
$18,285
|
$21,668
|
$19,660
|
|
4/22
|
$16,851
|
$19,868
|
$18,125
|
|
5/22
|
$16,582
|
$19,883
|
$18,087
|
|
6/22
|
$15,172
|
$18,161
|
$16,282
|
|
7/22
|
$16,582
|
$19,602
|
$17,765
|
|
8/22
|
$15,589
|
$18,783
|
$17,187
|
|
9/22
|
$14,192
|
$17,037
|
$15,423
|
|
10/22
|
$15,381
|
$18,260
|
$16,663
|
|
11/22
|
$16,521
|
$19,530
|
$17,690
|
|
12/22
|
$15,962
|
$18,701
|
$17,083
|
|
1/23
|
$17,301
|
$20,024
|
$18,666
|
|
2/23
|
$16,969
|
$19,542
|
$18,286
|
|
3/23
|
$16,982
|
$20,146
|
$17,815
|
|
4/23
|
$17,161
|
$20,499
|
$17,797
|
|
5/23
|
$16,523
|
$20,295
|
$17,302
|
|
6/23
|
$17,326
|
$21,522
|
$18,389
|
|
7/23
|
$17,862
|
$22,245
|
$19,291
|
|
8/23
|
$17,148
|
$21,714
|
$18,556
|
|
9/23
|
$16,102
|
$20,777
|
$17,582
|
|
10/23
|
$15,312
|
$20,174
|
$16,503
|
|
11/23
|
$16,906
|
$22,066
|
$18,040
|
|
12/23
|
$18,220
|
$23,149
|
$19,775
|
|
1/24
|
$17,733
|
$23,427
|
$19,228
|
|
2/24
|
$18,272
|
$24,420
|
$19,869
|
|
3/24
|
$18,824
|
$25,205
|
$20,643
|
|
4/24
|
$17,759
|
$24,268
|
$19,577
|
|
5/24
|
$18,323
|
$25,352
|
$20,468
|
|
6/24
|
$18,015
|
$25,868
|
$20,070
|
|
7/24
|
$19,119
|
$26,324
|
$21,445
|
|
8/24
|
$19,568
|
$27,020
|
$21,551
|
|
9/24
|
$19,747
|
$27,514
|
$21,954
|
|
10/24
|
$18,849
|
$26,969
|
$21,363
|
|
11/24
|
$20,119
|
$28,206
|
$22,744
|
|
12/24
|
$18,972
|
$27,471
|
$21,387
|
|
1/25
|
$19,473
|
$28,440
|
$22,128
|
|
2/25
|
$19,053
|
$28,236
|
$21,395
|
|
3/25
|
$18,512
|
$26,979
|
$20,589
|
|
4/25
|
$18,471
|
$27,218
|
$20,733
|
|
5/25
|
$19,405
|
$28,830
|
$21,937
|
|
6/25
|
$19,690
|
$30,074
|
$22,974
|
|
7/25
|
$19,216
|
$30,461
|
$23,250
|
|
8/25
|
$19,974
|
$31,255
|
$24,449
|
|
9/25
|
$19,562
|
$32,260
|
$24,933
|
Average Annual Total Returns (%)Footnote Reference1
|
Fund
|
1 Year
|
5 Years
|
10 Years
|
|
Class A
|
(0.91)%
|
6.09%
|
7.52%
|
|
Class A with 5.25% Maximum Sales Charge
|
(6.10)%
|
4.95%
|
6.93%
|
|
MSCI World Index (net of foreign withholding taxes)
|
17.25%
|
14.40%
|
12.42%
|
|
MSCI World Small Cap Index (net of foreign withholding taxes)
|
13.57%
|
11.19%
|
9.56%
|
| Footnote | Description |
|
Footnote1
|
Effective August 7, 2015 and March 1, 2018, the Fund changed its investment objective and principal investment strategies. Performance prior to March 1, 2018 reflects the Fund's performance under its former investment objectives and policies. Please see the Fund's prospectus for further information. Performance prior to September 16, 2023 is that of Eaton Vance Global Small-Cap Equity Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. |
Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.
THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
Key Fund Statistics
|
Total Net Assets
|
$20,958,100
|
|
# of Portfolio Holdings
|
136
|
|
Portfolio Turnover Rate
|
51%
|
|
Total Advisory Fees Paid (net of waiver)
|
$24,955
|
What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.
Country Allocation (% of total investments)
|
Value
|
Value
|
|
Other
|
3.2%
|
|
Bermuda
|
0.8%
|
|
Sweden
|
1.0%
|
|
Germany
|
1.6%
|
|
Netherlands
|
2.2%
|
|
Australia
|
2.8%
|
|
Canada
|
3.0%
|
|
Italy
|
3.7%
|
|
United Kingdom
|
10.8%
|
|
Japan
|
11.4%
|
|
United States
|
59.5%
|
Top Ten Holdings (% of total investments)Footnote Referencea
|
Commerce Bancshares, Inc.
|
1.9%
|
|
Dorman Products, Inc.
|
1.6%
|
|
Performance Food Group Co.
|
1.5%
|
|
Donaldson Co., Inc.
|
1.5%
|
|
AptarGroup, Inc.
|
1.5%
|
|
Babcock International Group PLC
|
1.4%
|
|
Southstate Bank Corp.
|
1.4%
|
|
Burlington Stores, Inc.
|
1.4%
|
|
A.O. Smith Corp.
|
1.3%
|
|
CBIZ, Inc.
|
1.3%
|
|
Total
|
14.8%
|
| Footnote | Description |
|
Footnotea
|
Excluding cash equivalents |
Additional Information
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
CSMAX-TSR-AR
Calvert Global Small-Cap Equity Fund
Class C CSQCX
Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Small-Cap Equity 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
|
$204
|
2.06%
|
How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Small Cap Index (the Index):
↓ Amplifon SpA, an Italian hearing device manufacturer, detracted from relative returns as its share price dropped due to softening demand resulting in downward revisions in revenue
↓ CBIZ, Inc. detracted from returns as its shares came under pressure due to higher costs and leverage related to a recent acquisition, and weaker pricing impacting investor sentiment
↓ IMCD N.V., a distributor and formulator of specialty chemicals, detracted as its shares declined on weakening U.S. dollar, tariff discussions and softening demand from consumers
↑ Zegona Communications Plc helped returns as it benefited from its 2024 acquisition of Vodafone Spain, and its continuing focus on reinvestment and cost control implementation
↑ Babcock International Group Plc, an aerospace, defense and nuclear engineering firm, boosted results due to rising defense spending in Europe and securing government contracts
↑ Euronext NV, a Dutch investment banking firm offering trading and post trading services helped returns as it benefitted from its strong revenues in trading services
Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.
|
Class C
|
MSCI World Index
|
MSCI World Small Cap Index
|
|
|
9/15
|
$10,000
|
$10,000
|
$10,000
|
|
10/15
|
$10,572
|
$10,792
|
$10,574
|
|
11/15
|
$10,655
|
$10,739
|
$10,692
|
|
12/15
|
$10,311
|
$10,550
|
$10,423
|
|
1/16
|
$9,634
|
$9,919
|
$9,613
|
|
2/16
|
$9,574
|
$9,845
|
$9,679
|
|
3/16
|
$10,287
|
$10,513
|
$10,493
|
|
4/16
|
$10,287
|
$10,679
|
$10,740
|
|
5/16
|
$10,477
|
$10,739
|
$10,868
|
|
6/16
|
$10,192
|
$10,619
|
$10,662
|
|
7/16
|
$10,560
|
$11,068
|
$11,250
|
|
8/16
|
$10,572
|
$11,077
|
$11,266
|
|
9/16
|
$10,703
|
$11,136
|
$11,434
|
|
10/16
|
$10,441
|
$10,920
|
$11,013
|
|
11/16
|
$10,774
|
$11,077
|
$11,474
|
|
12/16
|
$11,047
|
$11,342
|
$11,748
|
|
1/17
|
$11,273
|
$11,616
|
$12,018
|
|
2/17
|
$11,546
|
$11,938
|
$12,273
|
|
3/17
|
$11,736
|
$12,066
|
$12,364
|
|
4/17
|
$11,962
|
$12,244
|
$12,613
|
|
5/17
|
$12,140
|
$12,503
|
$12,693
|
|
6/17
|
$12,318
|
$12,551
|
$12,890
|
|
7/17
|
$12,627
|
$12,852
|
$13,182
|
|
8/17
|
$12,496
|
$12,870
|
$13,174
|
|
9/17
|
$12,924
|
$13,159
|
$13,694
|
|
10/17
|
$13,031
|
$13,407
|
$13,893
|
|
11/17
|
$13,411
|
$13,698
|
$14,196
|
|
12/17
|
$13,515
|
$13,883
|
$14,410
|
|
1/18
|
$14,015
|
$14,616
|
$14,920
|
|
2/18
|
$13,430
|
$14,011
|
$14,323
|
|
3/18
|
$13,564
|
$13,705
|
$14,330
|
|
4/18
|
$13,686
|
$13,863
|
$14,462
|
|
5/18
|
$14,052
|
$13,950
|
$14,848
|
|
6/18
|
$14,040
|
$13,943
|
$14,798
|
|
7/18
|
$14,186
|
$14,378
|
$14,978
|
|
8/18
|
$14,393
|
$14,556
|
$15,307
|
|
9/18
|
$14,369
|
$14,637
|
$15,088
|
|
10/18
|
$13,039
|
$13,563
|
$13,593
|
|
11/18
|
$13,234
|
$13,717
|
$13,680
|
|
12/18
|
$12,158
|
$12,674
|
$12,413
|
|
1/19
|
$13,172
|
$13,660
|
$13,692
|
|
2/19
|
$13,693
|
$14,070
|
$14,205
|
|
3/19
|
$13,665
|
$14,255
|
$14,116
|
|
4/19
|
$14,131
|
$14,761
|
$14,556
|
|
5/19
|
$13,528
|
$13,909
|
$13,604
|
|
6/19
|
$14,392
|
$14,826
|
$14,395
|
|
7/19
|
$14,460
|
$14,899
|
$14,477
|
|
8/19
|
$14,200
|
$14,594
|
$13,983
|
|
9/19
|
$14,323
|
$14,905
|
$14,271
|
|
10/19
|
$14,515
|
$15,284
|
$14,665
|
|
11/19
|
$15,063
|
$15,710
|
$15,140
|
|
12/19
|
$15,511
|
$16,180
|
$15,664
|
|
1/20
|
$15,269
|
$16,082
|
$15,229
|
|
2/20
|
$14,016
|
$14,723
|
$13,829
|
|
3/20
|
$11,466
|
$12,774
|
$10,956
|
|
4/20
|
$12,834
|
$14,170
|
$12,428
|
|
5/20
|
$13,774
|
$14,854
|
$13,306
|
|
6/20
|
$13,888
|
$15,247
|
$13,649
|
|
7/20
|
$14,486
|
$15,977
|
$14,183
|
|
8/20
|
$15,141
|
$17,044
|
$14,991
|
|
9/20
|
$14,799
|
$16,456
|
$14,667
|
|
10/20
|
$14,842
|
$15,951
|
$14,664
|
|
11/20
|
$16,380
|
$17,991
|
$16,919
|
|
12/20
|
$17,592
|
$18,754
|
$18,165
|
|
1/21
|
$17,289
|
$18,567
|
$18,540
|
|
2/21
|
$18,010
|
$19,043
|
$19,466
|
|
3/21
|
$18,458
|
$19,677
|
$19,877
|
|
4/21
|
$19,353
|
$20,592
|
$20,648
|
|
5/21
|
$19,511
|
$20,889
|
$20,823
|
|
6/21
|
$19,381
|
$21,200
|
$20,866
|
|
7/21
|
$19,742
|
$21,580
|
$20,724
|
|
8/21
|
$20,031
|
$22,117
|
$21,228
|
|
9/21
|
$19,165
|
$21,199
|
$20,568
|
|
10/21
|
$20,016
|
$22,400
|
$21,311
|
|
11/21
|
$19,295
|
$21,909
|
$20,276
|
|
12/21
|
$20,417
|
$22,845
|
$21,026
|
|
1/22
|
$18,670
|
$21,636
|
$19,438
|
|
2/22
|
$18,741
|
$21,089
|
$19,480
|
|
3/22
|
$18,370
|
$21,668
|
$19,660
|
|
4/22
|
$16,923
|
$19,868
|
$18,125
|
|
5/22
|
$16,641
|
$19,883
|
$18,087
|
|
6/22
|
$15,211
|
$18,161
|
$16,282
|
|
7/22
|
$16,623
|
$19,602
|
$17,765
|
|
8/22
|
$15,617
|
$18,783
|
$17,187
|
|
9/22
|
$14,206
|
$17,037
|
$15,423
|
|
10/22
|
$15,388
|
$18,260
|
$16,663
|
|
11/22
|
$16,517
|
$19,530
|
$17,690
|
|
12/22
|
$15,945
|
$18,701
|
$17,083
|
|
1/23
|
$17,269
|
$20,024
|
$18,666
|
|
2/23
|
$16,933
|
$19,542
|
$18,286
|
|
3/23
|
$16,933
|
$20,146
|
$17,815
|
|
4/23
|
$17,101
|
$20,499
|
$17,797
|
|
5/23
|
$16,467
|
$20,295
|
$17,302
|
|
6/23
|
$17,251
|
$21,522
|
$18,389
|
|
7/23
|
$17,773
|
$22,245
|
$19,291
|
|
8/23
|
$17,045
|
$21,714
|
$18,556
|
|
9/23
|
$16,001
|
$20,777
|
$17,582
|
|
10/23
|
$15,199
|
$20,174
|
$16,503
|
|
11/23
|
$16,784
|
$22,066
|
$18,040
|
|
12/23
|
$18,070
|
$23,149
|
$19,775
|
|
1/24
|
$17,584
|
$23,427
|
$19,228
|
|
2/24
|
$18,107
|
$24,420
|
$19,869
|
|
3/24
|
$18,631
|
$25,205
|
$20,643
|
|
4/24
|
$17,565
|
$24,268
|
$19,577
|
|
5/24
|
$18,126
|
$25,352
|
$20,468
|
|
6/24
|
$17,808
|
$25,868
|
$20,070
|
|
7/24
|
$18,874
|
$26,324
|
$21,445
|
|
8/24
|
$19,304
|
$27,020
|
$21,551
|
|
9/24
|
$19,473
|
$27,514
|
$21,954
|
|
10/24
|
$18,575
|
$26,969
|
$21,363
|
|
11/24
|
$19,810
|
$28,206
|
$22,744
|
|
12/24
|
$18,666
|
$27,471
|
$21,387
|
|
1/25
|
$19,170
|
$28,440
|
$22,128
|
|
2/25
|
$18,727
|
$28,236
|
$21,395
|
|
3/25
|
$18,182
|
$26,979
|
$20,589
|
|
4/25
|
$18,142
|
$27,218
|
$20,733
|
|
5/25
|
$19,049
|
$28,830
|
$21,937
|
|
6/25
|
$19,311
|
$30,074
|
$22,974
|
|
7/25
|
$18,827
|
$30,461
|
$23,250
|
|
8/25
|
$19,553
|
$31,255
|
$24,449
|
|
9/25
|
$19,150
|
$32,260
|
$24,933
|
Average Annual Total Returns (%)Footnote Reference1
|
Fund
|
1 Year
|
5 Years
|
10 Years
|
|
Class C, with conversion to Class A after 8 years
|
(1.66)%
|
5.29%
|
6.71%
|
|
Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years
|
(2.57)%
|
5.29%
|
6.71%
|
|
MSCI World Index (net of foreign withholding taxes)
|
17.25%
|
14.40%
|
12.42%
|
|
MSCI World Small Cap Index (net of foreign withholding taxes)
|
13.57%
|
11.19%
|
9.56%
|
| Footnote | Description |
|
Footnote1
|
Effective August 7, 2015 and March 1, 2018, the Fund changed its investment objective and principal investment strategies. Performance prior to March 1, 2018 reflects the Fund's performance under its former investment objectives and policies. Please see the Fund's prospectus for further information. Performance prior to September 16, 2023 is that of Eaton Vance Global Small-Cap Equity Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. |
Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.
THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
Key Fund Statistics
|
Total Net Assets
|
$20,958,100
|
|
# of Portfolio Holdings
|
136
|
|
Portfolio Turnover Rate
|
51%
|
|
Total Advisory Fees Paid (net of waiver)
|
$24,955
|
What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.
Country Allocation (% of total investments)
|
Value
|
Value
|
|
Other
|
3.2%
|
|
Bermuda
|
0.8%
|
|
Sweden
|
1.0%
|
|
Germany
|
1.6%
|
|
Netherlands
|
2.2%
|
|
Australia
|
2.8%
|
|
Canada
|
3.0%
|
|
Italy
|
3.7%
|
|
United Kingdom
|
10.8%
|
|
Japan
|
11.4%
|
|
United States
|
59.5%
|
Top Ten Holdings (% of total investments)Footnote Referencea
|
Commerce Bancshares, Inc.
|
1.9%
|
|
Dorman Products, Inc.
|
1.6%
|
|
Performance Food Group Co.
|
1.5%
|
|
Donaldson Co., Inc.
|
1.5%
|
|
AptarGroup, Inc.
|
1.5%
|
|
Babcock International Group PLC
|
1.4%
|
|
Southstate Bank Corp.
|
1.4%
|
|
Burlington Stores, Inc.
|
1.4%
|
|
A.O. Smith Corp.
|
1.3%
|
|
CBIZ, Inc.
|
1.3%
|
|
Total
|
14.8%
|
| Footnote | Description |
|
Footnotea
|
Excluding cash equivalents |
Additional Information
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
CSQCX-TSR-AR
Calvert Global Small-Cap Equity Fund
Class I CSPIX
Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Small-Cap Equity 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
|
$106
|
1.06%
|
How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Small Cap Index (the Index):
↓ Amplifon SpA, an Italian hearing device manufacturer, detracted from relative returns as its share price dropped due to softening demand resulting in downward revisions in revenue
↓ CBIZ, Inc. detracted from returns as its shares came under pressure due to higher costs and leverage related to a recent acquisition, and weaker pricing impacting investor sentiment
↓ IMCD N.V., a distributor and formulator of specialty chemicals, detracted as its shares declined on weakening U.S. dollar, tariff discussions and softening demand from consumers
↑ Zegona Communications Plc helped returns as it benefited from its 2024 acquisition of Vodafone Spain, and its continuing focus on reinvestment and cost control implementation
↑ Babcock International Group Plc, an aerospace, defense and nuclear engineering firm, boosted results due to rising defense spending in Europe and securing government contracts
↑ Euronext NV, a Dutch investment banking firm offering trading and post trading services helped returns as it benefitted from its strong revenues in trading services
Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.
|
Class I
|
MSCI World Index
|
MSCI World Small Cap Index
|
|
|
9/15
|
$1,000,000
|
$1,000,000
|
$1,000,000
|
|
12/15
|
$1,034,382
|
$1,054,998
|
$1,042,280
|
|
3/16
|
$1,033,463
|
$1,051,309
|
$1,049,295
|
|
6/16
|
$1,027,946
|
$1,061,909
|
$1,066,189
|
|
9/16
|
$1,082,193
|
$1,113,576
|
$1,143,413
|
|
12/16
|
$1,119,891
|
$1,134,234
|
$1,174,773
|
|
3/17
|
$1,191,608
|
$1,206,552
|
$1,236,388
|
|
6/17
|
$1,254,131
|
$1,255,130
|
$1,288,995
|
|
9/17
|
$1,319,412
|
$1,315,864
|
$1,369,409
|
|
12/17
|
$1,383,178
|
$1,388,306
|
$1,440,977
|
|
3/18
|
$1,391,681
|
$1,370,520
|
$1,433,024
|
|
6/18
|
$1,443,645
|
$1,394,290
|
$1,479,836
|
|
9/18
|
$1,481,437
|
$1,463,734
|
$1,508,819
|
|
12/18
|
$1,257,248
|
$1,267,364
|
$1,241,318
|
|
3/19
|
$1,416,091
|
$1,425,528
|
$1,411,591
|
|
6/19
|
$1,494,994
|
$1,482,558
|
$1,439,455
|
|
9/19
|
$1,491,879
|
$1,490,485
|
$1,427,104
|
|
12/19
|
$1,619,950
|
$1,618,044
|
$1,566,422
|
|
3/20
|
$1,200,719
|
$1,277,419
|
$1,095,566
|
|
6/20
|
$1,456,558
|
$1,524,712
|
$1,364,855
|
|
9/20
|
$1,557,603
|
$1,645,603
|
$1,466,681
|
|
12/20
|
$1,855,604
|
$1,875,354
|
$1,816,466
|
|
3/21
|
$1,951,321
|
$1,967,652
|
$1,987,683
|
|
6/21
|
$2,053,564
|
$2,120,030
|
$2,086,622
|
|
9/21
|
$2,036,161
|
$2,119,879
|
$2,056,814
|
|
12/21
|
$2,174,332
|
$2,284,504
|
$2,102,613
|
|
3/22
|
$1,961,557
|
$2,166,784
|
$1,965,972
|
|
6/22
|
$1,629,175
|
$1,816,057
|
$1,628,202
|
|
9/22
|
$1,524,676
|
$1,703,686
|
$1,542,313
|
|
12/22
|
$1,716,447
|
$1,870,059
|
$1,708,275
|
|
3/23
|
$1,826,593
|
$2,014,628
|
$1,781,549
|
|
6/23
|
$1,865,931
|
$2,152,217
|
$1,838,851
|
|
9/23
|
$1,734,805
|
$2,077,712
|
$1,758,192
|
|
12/23
|
$1,965,311
|
$2,314,892
|
$1,977,497
|
|
3/24
|
$2,030,116
|
$2,520,469
|
$2,064,285
|
|
6/24
|
$1,944,150
|
$2,586,797
|
$2,006,997
|
|
9/24
|
$2,133,275
|
$2,751,441
|
$2,195,387
|
|
12/24
|
$2,050,720
|
$2,747,104
|
$2,138,715
|
|
3/25
|
$2,001,860
|
$2,697,869
|
$2,058,923
|
|
6/25
|
$2,130,291
|
$3,007,364
|
$2,297,446
|
|
9/25
|
$2,119,123
|
$3,226,008
|
$2,493,337
|
Average Annual Total Returns (%)Footnote Reference1
|
Fund
|
1 Year
|
5 Years
|
10 Years
|
|
Class I
|
(0.66)%
|
6.35%
|
7.79%
|
|
MSCI World Index (net of foreign withholding taxes)
|
17.25%
|
14.40%
|
12.42%
|
|
MSCI World Small Cap Index (net of foreign withholding taxes)
|
13.57%
|
11.19%
|
9.56%
|
| Footnote | Description |
|
Footnote1
|
Effective August 7, 2015 and March 1, 2018, the Fund changed its investment objective and principal investment strategies. Performance prior to March 1, 2018 reflects the Fund's performance under its former investment objectives and policies. Please see the Fund's prospectus for further information. Performance prior to September 16, 2023 is that of Eaton Vance Global Small-Cap Equity Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. |
Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.
THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
Key Fund Statistics
|
Total Net Assets
|
$20,958,100
|
|
# of Portfolio Holdings
|
136
|
|
Portfolio Turnover Rate
|
51%
|
|
Total Advisory Fees Paid (net of waiver)
|
$24,955
|
What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.
Country Allocation (% of total investments)
|
Value
|
Value
|
|
Other
|
3.2%
|
|
Bermuda
|
0.8%
|
|
Sweden
|
1.0%
|
|
Germany
|
1.6%
|
|
Netherlands
|
2.2%
|
|
Australia
|
2.8%
|
|
Canada
|
3.0%
|
|
Italy
|
3.7%
|
|
United Kingdom
|
10.8%
|
|
Japan
|
11.4%
|
|
United States
|
59.5%
|
Top Ten Holdings (% of total investments)Footnote Referencea
|
Commerce Bancshares, Inc.
|
1.9%
|
|
Dorman Products, Inc.
|
1.6%
|
|
Performance Food Group Co.
|
1.5%
|
|
Donaldson Co., Inc.
|
1.5%
|
|
AptarGroup, Inc.
|
1.5%
|
|
Babcock International Group PLC
|
1.4%
|
|
Southstate Bank Corp.
|
1.4%
|
|
Burlington Stores, Inc.
|
1.4%
|
|
A.O. Smith Corp.
|
1.3%
|
|
CBIZ, Inc.
|
1.3%
|
|
Total
|
14.8%
|
| Footnote | Description |
|
Footnotea
|
Excluding cash equivalents |
Additional Information
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
CSPIX-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-CSRduring 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-CSRduring the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant's Board of Trustees has determined that Edward Ramos, an "independent" Trustee serving on the registrant's audit committee, is an "audit committee financial expert," as defined in Item 3 of Form N-CSR.Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services
(a)-(d)
The various Series comprising the Trust have differing fiscal year ends (September 30 and December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by its principal accountant for the last two fiscal years of each Series.
|
Fiscal Years Ended |
12/31/23 | %* | 9/30/24 | %* | 12/31/24 | %* | 9/30/25 | %* | ||||||||||||||||||||||||
|
Audit Fees |
$ | 145,400 | 0 | % | $ | 103,800 | 0 | % | $ | 125,300 | 0 | % | $ | 105,900 | 0 | % | ||||||||||||||||
|
Audit-Related Fees(1) |
$ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||||||||||
|
Tax Fees(2) |
$ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||||||||||
|
All Other Fees(3) |
$ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||||||||||
|
Total |
$ | 145,400 | 0 | % | $ | 103,800 | 0 | % | $ | 125,300 | 0 | % | $ | 105,900 | 0 | % | ||||||||||||||||
| * |
Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01of Reg. S-X(statutory de minimis waiver of Committee's requirement to pre-approve). |
| (1) |
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. |
| (2) |
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. |
| (3) |
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-approveall audit and non-auditservices 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-auditservices, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approvecertain 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-auditservices not exceeding $25,000 in each instance. In addition, the Committee has pre-approvedthe retention of the auditors to provide tax-relatedservices 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-auditfees billed by the registrant's principal accountant for services rendered to the registrant, and rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of each Series:
|
Fiscal Year ended 12/31/23 |
Fiscal Year ended 9/30/24 | Fiscal Year ended 12/31/24 | Fiscal Year ended 9/30/25 | |||||||||||
|
$ |
%* | $ | %* | $ | %* | $ | %* | |||||||
|
$52,836 |
0% | $18,490 | 0% | $18,490 | 0% | $18,490 | 0% | |||||||
| * |
Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01of 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-auditservices 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-approvedpursuant to Rule 2-01(c)(7)(ii)of Regulation S-Xis 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-EndManagement Investment Companies
Calvert
Floating-Rate Advantage Fund
Annual Financial Statements and
Additional Information
September 30, 2025
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 InformationSeptember 30, 2025
Calvert
Floating-Rate Advantage Fund
| Table of Contents | |
| Items 6 and 7 of Form N-CSR: | |
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 8 |
| Statement of Operations | 10 |
| Statements of Changes in Net Assets | 11 |
| Statement of Cash Flows | 12 |
| Financial Highlights | 13 |
| Notes to Financial Statements | 16 |
| Report of Independent Registered Public Accounting Firm | 22 |
| Federal Tax Information | 23 |
| Item 9 of Form N-CSR: | |
| Special Meeting of Shareholders | 24 |
| Item 11 of Form N-CSR: | |
| Board of Trustees' Contract Approval | 25 |
Items 8 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Schedule of Investments
| Common Stocks - 0.9% |
| Security | Shares | Value | |
| Containers & Packaging - 0.1% | |||
| LG Parent Holding Co.(1)(2) | 6,015 | $ 18,421 | |
| $ 18,421 | |||
| Electronic Equipment, Instruments & Components - 0.5% | |||
| Range Red Acquisitions LLC, Class A1(1)(2)(3) | 108 | $ 214,150 | |
| $ 214,150 | |||
| Financial Services - 0.0% | |||
| Aegletes BV(1)(2)(3) | 1,076 | $ 0 | |
| $ 0 | |||
| Household Durables - 0.3% | |||
| Serta Simmons Bedding, Inc.(1)(2) | 15,129 | $143,725 | |
| Serta SSB Equipment Co.(1)(2)(3) | 15,129 | 0 | |
| $143,725 | |||
| Professional Services - 0.0%† | |||
| Skillsoft Corp.(1) | 299 | $3,894 | |
| $3,894 | |||
|
Total Common Stocks (identified cost $586,972) |
$380,190 | ||
| Corporate Bonds - 3.4% |
| Security |
Principal Amount (000's omitted) |
Value | |
| Air Transport - 1.1% | |||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(4) | $ | 500 | $ 502,288 |
| $ 502,288 | |||
| Building and Development - 1.2% | |||
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28(4) | $ | 500 | $ 504,943 |
| $ 504,943 | |||
| Commercial Services & Supplies - 1.1% | |||
| ADT Security Corp., 4.875%, 7/15/32(4) | $ | 500 | $ 484,871 |
| $ 484,871 | |||
|
Total Corporate Bonds (identified cost $1,482,886) |
$1,492,102 | ||
| Preferred Stocks - 0.1% |
| Security | Shares | Value | |
| IT Services - 0.1% | |||
| Cohesity Global, Inc.: | |||
| Series G(1) | 1,381 | $ 32,799 | |
| Series G1(1) | 955 | 22,681 | |
|
Total Preferred Stocks (identified cost $47,888) |
$ 55,480 | ||
| Senior Floating Rate Loans - 112.8%(5) |
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Airlines - 1.4% | |||
| American Airlines, Inc., Term Loan, 6.575%, (3 mo. USD Term SOFR + 2.25%), 4/20/28 | $ | 632 | $ 631,948 |
| $ 631,948 | |||
| Auto Components - 1.5% | |||
| Autokiniton U.S. Holdings, Inc., Term Loan, 8.278%, (1 mo. USD Term SOFR + 4.00%), 4/6/28 | $ | 118 | $ 116,760 |
| Clarios Global LP, Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 1/28/32 | 350 | 350,656 | |
| DexKo Global, Inc., Term Loan, 8.028%, (1 mo. USD Term SOFR + 3.75%), 10/4/28 | 154 | 152,174 | |
| RealTruck Group, Inc., Term Loan, 1/31/28(6) | 60 | 54,662 | |
| $ 674,252 | |||
| Automobiles - 0.3% | |||
| MajorDrive Holdings IV LLC, Term Loan, 8.263%, (3 mo. USD Term SOFR + 4.00%), 6/1/28 | $ | 140 | $137,046 |
| $137,046 | |||
| Beverages - 1.4% | |||
| Celsius Holdings, Inc., Term Loan, 7.291%, (3 mo. USD Term SOFR + 3.00%), 4/1/32 | $ | 150 | $150,186 |
| Primo Brands Corp., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 3/31/28 | 491 | 491,632 | |
| $641,818 | |||
| Broadline Retail - 0.7% | |||
| Peer Holding III BV, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 7/1/31 | $ | 298 | $298,433 |
| $298,433 | |||
| Building Products - 1.6% | |||
| LBM Acquisition LLC: | |||
| Term Loan, (1 mo. USD Term SOFR + 3.75%), 6/6/31 | $ | 100 | $97,531 |
| Term Loan, 6/6/31(6) | 100 | 99,821 | |
1
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Schedule of Investments - continued
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Building Products (continued) | |||
| MI Windows & Doors LLC, Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 3/28/31 | $ | 516 | $ 518,757 |
| $ 716,109 | |||
| Capital Markets - 9.2% | |||
| Advisor Group, Inc., Term Loan, 7.163%, (1 mo. USD Term SOFR + 3.00%), 7/30/32 | $ | 333 | $ 333,314 |
| AllSpring Buyer LLC, Term Loan, 6.813%, (3 mo. USD Term SOFR + 2.75%), 11/1/30 | 355 | 356,445 | |
| Aretec Group, Inc., Term Loan, 7.663%, (1 mo. USD Term SOFR + 3.50%), 8/9/30 | 295 | 295,090 | |
| Citco Funding LLC, Term Loan, 6.806%, (3 mo. USD Term SOFR + 2.75%), 4/27/28 | 123 | 122,979 | |
| Clipper Acquisitions Corp., Term Loan, 6.04%, (1 mo. USD Term SOFR + 1.75%), 3/3/28 | 101 | 98,571 | |
| Edelman Financial Center LLC, Term Loan, 7.163%, (1 mo. USD Term SOFR + 3.00%), 4/7/28 | 130 | 130,169 | |
| FinCo I LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 6/27/29 | 221 | 220,226 | |
| Focus Financial Partners LLC, Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 9/15/31 | 777 | 778,194 | |
| Franklin Square Holdings LP, Term Loan, 6.413%, (1 mo. USD Term SOFR + 2.25%), 4/25/31 | 197 | 197,994 | |
| Guggenheim Partners LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 11/26/31 | 496 | 498,483 | |
| HighTower Holdings LLC, Term Loan, 7.071%, (3 mo. USD Term SOFR + 2.75%), 2/3/32 | 432 | 432,080 | |
| Mariner Wealth Advisors LLC, Term Loan, 6.502%, (3 mo. USD Term SOFR + 2.50%), 12/31/30 | 329 | 330,630 | |
| Orion Advisor Solutions, Inc., Term Loan, 7.569%, (3 mo. USD Term SOFR + 3.25%), 9/24/30 | 124 | 124,272 | |
| Saphilux SARL, Term Loan, 7/18/28(6) | 150 | 150,797 | |
| $4,069,244 | |||
| Chemicals - 3.6% | |||
| Axalta Coating Systems U.S. Holdings, Inc., Term Loan, 5.752%, (3 mo. USD Term SOFR + 1.75%), 12/20/29 | $ | 299 | $300,653 |
| Charter NEX U.S., Inc., Term Loan, 6.925%, (1 mo. USD Term SOFR + 2.75%), 11/29/30 | 491 | 492,988 | |
| Momentive Performance Materials, Inc., Term Loan, 8.163%, (1 mo. USD Term SOFR + 4.00%), 3/29/28 | 250 | 251,252 | |
| Olympus Water U.S. Holding Corp., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 6/20/31 | 397 | 393,818 | |
| Rohm Holding GmbH, Term Loan, 9.697%, (6 mo. USD Term SOFR + 5.50%), 1/31/29 | 166 | 148,250 | |
| $1,586,961 | |||
| Commercial Services & Supplies - 4.7% | |||
| Garda World Security Corp., Term Loan, 7.174%, (1 mo. USD Term SOFR + 3.00%), 2/1/29 | $ | 591 | $592,477 |
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Commercial Services & Supplies (continued) | |||
| Harsco Corp., Term Loan, 6.528%, (1 mo. USD Term SOFR + 2.25%), 6/9/28 | $ | 181 | $ 180,610 |
| Heritage-Crystal Clean, Inc., Term Loan, 7.885%, (1 mo. USD Term SOFR + 3.75%), 10/17/30 | 320 | 321,671 | |
| Prime Security Services Borrower LLC, Term Loan, 6.129%, (6 mo. USD Term SOFR + 2.00%), 10/13/30 | 640 | 639,320 | |
| Reworld Holding Corp.: | |||
| Term Loan, 6.386%, (1 mo. USD Term SOFR + 2.25%), 11/30/28 | 317 | 317,306 | |
| Term Loan, 6.386%, (1 mo. USD Term SOFR + 2.25%), 11/30/28 | 24 | 24,562 | |
| $ 2,075,946 | |||
| Communications Equipment - 0.3% | |||
| Ciena Corp., Term Loan, 5.885%, (1 mo. USD Term SOFR + 1.75%), 10/24/30 | $ | 122 | $122,628 |
| $122,628 | |||
| Construction & Engineering - 2.9% | |||
| American Residential Services LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 2/2/32 | $ | 472 | $472,141 |
| Azuria Water Solutions, Inc., Term Loan, 7.163%, (1 mo. USD Term SOFR + 3.00%), 5/17/28 | 360 | 361,300 | |
| Crown Subsea Communications Holding, Inc., Term Loan, 7.663%, (1 mo. USD Term SOFR + 3.50%), 1/30/31 | 199 | 200,007 | |
| Northstar Group Services, Inc., Term Loan, 8.881%, (6 mo. USD Term SOFR + 4.75%), 5/31/30 | 246 | 247,819 | |
| $1,281,267 | |||
| Consumer Finance - 2.2% | |||
| CPI Holdco B LLC, Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 5/19/31 | $ | 996 | $995,611 |
| $995,611 | |||
| Consumer Staples Distribution & Retail - 0.4% | |||
| Boots Group Bidco Ltd., Term Loan, 7.705%, (3 mo. USD Term SOFR + 3.50%), 8/30/32 | $ | 175 | $175,692 |
| $175,692 | |||
| Containers & Packaging - 1.1% | |||
| Clydesdale Acquisition Holdings, Inc., Term Loan, 7.338%, (1 mo. USD Term SOFR + 3.18%), 4/13/29 | $ | 471 | $471,378 |
| $471,378 | |||
| Diversified Consumer Services - 2.5% | |||
| Ascend Learning LLC, Term Loan, 7.163%, (1 mo. USD Term SOFR + 3.00%), 12/11/28 | $ | 428 | $428,369 |
| KUEHG Corp., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 6/12/30 | 277 | 277,078 | |
2
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Schedule of Investments - continued
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Diversified Consumer Services (continued) | |||
| Spring Education Group, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/4/30 | $ | 397 | $ 398,768 |
| $ 1,104,215 | |||
| Diversified Telecommunication Services - 1.1% | |||
| Level 3 Financing, Inc., Term Loan, 7.416%, (1 mo. USD Term SOFR + 3.25%), 3/29/32 | $ | 140 | $ 140,130 |
| Virgin Media Bristol LLC, Term Loan, 7.515%, (1 mo. USD Term SOFR + 3.25%), 1/31/29 | 325 | 325,250 | |
| $ 465,380 | |||
| Electric Utilities - 1.1% | |||
| Kohler Energy Co. LLC, Term Loan, 7.752%, (3 mo. USD Term SOFR + 3.75%), 5/1/31 | $ | 229 | $ 229,632 |
| MRP Buyer LLC: | |||
| Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32 | 244 | 240,217 | |
| Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 6/4/32(7) | 31 | 30,573 | |
| $500,422 | |||
| Electrical Equipment - 0.5% | |||
| WEC U.S. Holdings Ltd., Term Loan, 6.53%, (1 mo. USD Term SOFR + 2.25%), 1/27/31 | $ | 220 | $220,827 |
| $220,827 | |||
| Electronic Equipment, Instruments & Components - 1.0% | |||
| Creation Technologies, Inc., Term Loan, 10.047%, (3 mo. USD Term SOFR + 5.50%), 10/5/28 | $ | 220 | $219,617 |
| Range Red Operating, Inc.: | |||
| Term Loan, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 | 39 | 39,589 | |
| Term Loan - Second Lien, 12.401%, (3 mo. USD Term SOFR + 8.00%), 10/1/29 | 165 | 166,069 | |
| $425,275 | |||
| Energy Equipment & Services - 0.6% | |||
| PG Investment Co. 59 SARL, Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 3/26/31 | $ | 272 | $273,514 |
| $273,514 | |||
| Entertainment - 1.0% | |||
| Delta 2 (LUX) SARL, Term Loan, 9/30/31(6) | $ | 300 | $300,610 |
| Pretzel Parent, Inc., Term Loan, 10/1/31(6) | 125 | 125,118 | |
| $425,728 | |||
| Financial Services - 3.6% | |||
| NCR Atleos LLC, Term Loan, 7.026%, (3 mo. USD Term SOFR + 3.00%), 4/16/29 | $ | 289 | $289,261 |
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Financial Services (continued) | |||
| Planet U.S. Buyer LLC, Term Loan, 7.198%, (3 mo. USD Term SOFR + 3.00%), 2/7/31 | $ | 395 | $ 397,609 |
| Synechron, Inc., Term Loan, 8.058%, (3 mo. USD Term SOFR + 3.75%), 10/3/31 | 199 | 198,502 | |
| Walker & Dunlop, Inc., Term Loan, 6.136%, (1 mo. USD Term SOFR + 2.00%), 3/14/32 | 149 | 149,437 | |
| WEX, Inc.: | |||
| Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 3/31/28 | 369 | 369,079 | |
| Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 3/5/32 | 174 | 173,635 | |
| $ 1,577,523 | |||
| Food Products - 2.0% | |||
| Froneri Lux Finco SARL, Term Loan, 6.197%, (6 mo. USD Term SOFR + 2.00%), 9/30/31 | $ | 590 | $585,747 |
| Monogram Food Solutions LLC, Term Loan, 8.278%, (1 mo. USD Term SOFR + 4.00%), 8/28/28 | 96 | 96,851 | |
| Nomad Foods U.S. LLC, Term Loan, 6.535%, (6 mo. USD Term SOFR + 2.50%), 11/12/29 | 220 | 220,517 | |
| $903,115 | |||
| Health Care Equipment & Supplies - 1.1% | |||
| Journey Personal Care Corp., Term Loan, 7.913%, (1 mo. USD Term SOFR + 3.75%), 3/1/28 | $ | 180 | $179,422 |
| Medline Borrower LP, Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 10/23/30 | 295 | 295,215 | |
| $474,637 | |||
| Health Care Providers & Services - 8.6% | |||
| AEA International Holdings (Lux) SARL, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 9/7/28 | $ | 324 | $324,604 |
| CCRR Parent, Inc., Term Loan, 8.71%, (3 mo. USD Term SOFR + 4.25%), 3/6/28 | 480 | 163,166 | |
| CNT Holdings I Corp., Term Loan, 6.558%, (3 mo. USD Term SOFR + 2.25%), 11/8/32 | 493 | 492,788 | |
| Ensemble RCM LLC, Term Loan, 7.308%, (3 mo. USD Term SOFR + 3.00%), 8/1/29 | 492 | 493,950 | |
| MED ParentCo LP, Term Loan, 7.413%, (1 mo. USD Term SOFR + 3.25%), 4/15/31 | 199 | 199,636 | |
| Midwest Physician Administrative Services LLC, Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 3/12/28 | 99 | 92,967 | |
| Pacific Dental Services LLC, Term Loan, 6.643%, (1 mo. USD Term SOFR + 2.50%), 3/15/31 | 567 | 567,187 | |
| Radnet Management, Inc., Term Loan, 6.448%, (3 mo. USD Term SOFR + 2.25%), 4/18/31 | 123 | 123,729 | |
| Raven Acquisition Holdings LLC: | |||
| Term Loan, 7.163%, (1 mo. USD Term SOFR + 3.00%), 11/19/31 | 488 | 487,942 | |
| Term Loan, 11/19/31(7) | 35 | 35,028 | |
3
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Schedule of Investments - continued
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Health Care Providers & Services (continued) | |||
| Select Medical Corp., Term Loan, 6.163%, (1 mo. USD Term SOFR + 2.00%), 12/3/31 | $ | 198 | $ 199,121 |
| Surgery Center Holdings, Inc., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 12/19/30 | 542 | 542,783 | |
| TTF Holdings LLC, Term Loan, 7.794%, (6 mo. USD Term SOFR + 3.75%), 7/18/31 | 116 | 109,803 | |
| $ 3,832,704 | |||
| Health Care Technology - 2.6% | |||
| athenahealth Group, Inc., Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 2/15/29 | $ | 125 | $ 124,596 |
| Cotiviti Corp., Term Loan, 7.03%, (1 mo. USD Term SOFR + 2.75%), 5/1/31 | 394 | 387,780 | |
| Imprivata, Inc., Term Loan, 7.002%, (3 mo. USD Term SOFR + 3.00%), 12/1/27 | 361 | 362,757 | |
| PointClickCare Technologies, Inc., Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 11/3/31 | 124 | 124,662 | |
| Symplr Software, Inc., Term Loan, 8.908%, (3 mo. USD Term SOFR + 4.50%), 12/22/27 | 160 | 143,937 | |
| $1,143,732 | |||
| Hotels, Restaurants & Leisure - 1.6% | |||
| Horizon U.S. Finco LP, Term Loan, 8.808%, (3 mo. USD Term SOFR + 4.50%), 10/31/31 | $ | 199 | $195,382 |
| IRB Holding Corp., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 12/15/27 | 360 | 360,875 | |
| Turquoise Topco Ltd., Term Loan, 8/13/32(6) | 150 | 150,282 | |
| $706,539 | |||
| Household Durables - 1.9% | |||
| Libbey Glass, Inc., Term Loan, 10.964%, (3 mo. USD Term SOFR + 6.50%), 11/22/27 | $ | 334 | $322,637 |
| Serta Simmons Bedding LLC: | |||
| Term Loan, 11.616%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 | 221 | 208,368 | |
| Term Loan, 11.94%, (3 mo. USD Term SOFR + 7.50%), 6/29/28 | 24 | 24,050 | |
| Somnigroup International, Inc., Term Loan, 6.37%, (1 mo. USD Term SOFR + 2.25%), 10/24/31 | 304 | 305,953 | |
| $861,008 | |||
| Household Products - 0.8% | |||
| Energizer Holdings, Inc., Term Loan, 6.135%, (1 mo. USD Term SOFR + 2.00%), 3/19/32 | $ | 374 | $375,308 |
| $375,308 | |||
| Insurance - 6.1% | |||
| Alera Group, Inc., Term Loan, 7.413%, (1 mo. USD Term SOFR + 3.25%), 5/31/32 | $ | 250 | $251,214 |
| Alliant Holdings Intermediate LLC, Term Loan, 6.666%, (1 mo. USD Term SOFR + 2.50%), 9/19/31 | 490 | 489,145 | |
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Insurance (continued) | |||
| AmWINS Group, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 1/30/32 | $ | 719 | $ 719,696 |
| Broadstreet Partners, Inc., Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 6/13/31 | 245 | 245,585 | |
| HUB International Ltd., Term Loan, 6.575%, (3 mo. USD Term SOFR + 2.25%), 6/20/30 | 499 | 499,690 | |
| IMA Financial Group, Inc., Term Loan, 7.163%, (1 mo. USD Term SOFR + 3.00%), 11/1/28 | 75 | 74,770 | |
| USI, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 11/21/29 | 418 | 418,294 | |
| $ 2,698,394 | |||
| Interactive Media & Services - 0.9% | |||
| Aragorn Parent Corp., Term Loan, 7.663%, (1 mo. USD Term SOFR + 3.50%), 12/15/28 | $ | 283 | $ 284,898 |
| Foundational Education Group, Inc., Term Loan, 8.528%, (1 mo. USD Term SOFR + 4.25%), 8/31/28 | 136 | 121,641 | |
| $406,539 | |||
| IT Services - 4.2% | |||
| Asurion LLC: | |||
| Term Loan, 7.528%, (1 mo. USD Term SOFR + 3.25%), 7/31/27 | $ | 38 | $38,217 |
| Term Loan, 8.413%, (1 mo. USD Term SOFR + 4.25%), 9/19/30 | 219 | 218,045 | |
| Term Loan - Second Lien, 9.528%, (1 mo. USD Term SOFR + 5.25%), 1/31/28 | 150 | 146,437 | |
| Gainwell Acquisition Corp., Term Loan, 8.102%, (3 mo. USD Term SOFR + 4.00%), 10/1/27 | 212 | 209,260 | |
| Informatica LLC, Term Loan, 6.413%, (1 mo. USD Term SOFR + 2.25%), 10/27/28 | 531 | 532,408 | |
| Rackspace Finance LLC, Term Loan - Second Lien, 7.04%, (1 mo. USD Term SOFR + 2.75%), 5/15/28 | 81 | 36,668 | |
| Sedgwick Claims Management Services, Inc., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 7/31/31 | 689 | 688,929 | |
| $1,869,964 | |||
| Leisure Products - 1.2% | |||
| Hayward Industries, Inc., Term Loan, 6.778%, (1 mo. USD Term SOFR + 2.50%), 5/30/28 | $ | 200 | $200,961 |
| Recess Holdings, Inc., Term Loan, 8.069%, (3 mo. USD Term SOFR + 3.75%), 2/20/30 | 343 | 344,653 | |
| $545,614 | |||
| Life Sciences Tools & Services - 0.3% | |||
| Avantor Funding, Inc., Term Loan, 6.263%, (1 mo. USD Term SOFR + 2.00%), 11/8/27 | $ | 114 | $114,633 |
| $114,633 | |||
4
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Schedule of Investments - continued
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Machinery - 10.6% | |||
| AI Aqua Merger Sub, Inc., Term Loan, 7.28%, (1 mo. USD Term SOFR + 3.00%), 7/31/28 | $ | 336 | $ 337,373 |
| Apex Tool Group LLC: | |||
| Term Loan, 14.458%, (3 mo. USD Term SOFR + 10.00%), 7.50% cash, 6.958% PIK, 2/8/30 | 189 | 140,766 | |
| Term Loan - Second Lien, 9.708%, (3 mo. USD Term SOFR + 5.25%), 2/8/29 | 79 | 66,205 | |
| Conair Holdings LLC, Term Loan, 8.028%, (1 mo. USD Term SOFR + 3.75%), 5/17/28 | 480 | 305,400 | |
| CPM Holdings, Inc., Term Loan, 8.78%, (1 mo. USD Term SOFR + 4.50%), 9/28/28 | 379 | 378,892 | |
| Crown Equipment Corp., Term Loan, 6.53%, (1 mo. USD Term SOFR + 2.25%), 10/10/31 | 224 | 224,505 | |
| Engineered Machinery Holdings, Inc., Term Loan, 7.763%, (3 mo. USD Term SOFR + 3.50%), 5/19/28 | 523 | 526,194 | |
| Filtration Group Corp., Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 10/21/28 | 440 | 442,214 | |
| Gates Global LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 6/4/31 | 716 | 716,204 | |
| Madison IAQ LLC, Term Loan, 6.702%, (6 mo. USD Term SOFR + 2.50%), 6/21/28 | 218 | 218,282 | |
| SPX Flow, Inc., Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 4/5/29 | 227 | 227,998 | |
| Terex Corp., Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 10/8/31 | 473 | 473,928 | |
| TK Elevator Midco GmbH, Term Loan, 7.197%, (6 mo. USD Term SOFR + 3.00%), 4/30/30 | 631 | 633,588 | |
| $4,691,549 | |||
| Media - 1.2% | |||
| ABG Intermediate Holdings 2 LLC, Term Loan, 6.413%, (1 mo. USD Term SOFR + 2.25%), 2/13/32 | $ | 124 | $124,350 |
| Charter Communications Operating LLC, Term Loan, 6.541%, (3 mo. USD Term SOFR + 2.25%), 12/15/31 | 124 | 124,152 | |
| Fleet Midco I Ltd., Term Loan, 6.542%, (6 mo. USD Term SOFR + 2.50%), 2/21/31 | 272 | 272,186 | |
| $520,688 | |||
| Metals/Mining - 0.6% | |||
| WireCo WorldGroup, Inc., Term Loan, 8.082%, (3 mo. USD Term SOFR + 4.331%), 11/13/28 | $ | 278 | $272,537 |
| $272,537 | |||
| Oil, Gas & Consumable Fuels - 1.1% | |||
| ITT Holdings LLC, Term Loan, 6.638%, (1 mo. USD Term SOFR + 2.48%), 10/11/30 | $ | 491 | $492,202 |
| $492,202 | |||
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Passenger Airlines - 0.4% | |||
| WestJet Loyalty LP, Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 2/14/31 | $ | 194 | $ 194,484 |
| $ 194,484 | |||
| Pharmaceuticals - 0.4% | |||
| Jazz Financing Lux SARL, Term Loan, 6.413%, (1 mo. USD Term SOFR + 2.25%), 5/5/28 | $ | 155 | $ 155,050 |
| $ 155,050 | |||
| Professional Services - 5.2% | |||
| Camelot U.S. Acquisition LLC, Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 1/31/31 | $ | 558 | $ 555,547 |
| CohnReznick LLP: | |||
| Term Loan, 7.502%, (3 mo. USD Term SOFR + 3.50%), 3/31/32 | 122 | 121,880 | |
| Term Loan, 3/31/32(7) | 28 | 28,284 | |
| Employbridge Holding Co.: | |||
| Term Loan, 9.502%, (3 mo. USD Term SOFR + 5.50%), 1/19/30 | 230 | 150,016 | |
| Term Loan - Second Lien, 9.013%, (3 mo. USD Term SOFR + 4.75%), 1/19/30 | 363 | 64,168 | |
| First Advantage Holdings LLC, Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 10/31/31 | 318 | 311,377 | |
| Highspring Holdings LLC, Term Loan, 9.152%, (3 mo. USD Term SOFR + 5.00%), 1/21/29 | 95 | 82,129 | |
| Neptune Bidco U.S., Inc., Term Loan, 9.429%, (3 mo. USD Term SOFR + 5.00%), 4/11/29 | 193 | 183,987 | |
| Tempo Acquisition LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 8/31/28 | 547 | 536,387 | |
| Trans Union LLC, Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 6/24/31 | 256 | 255,708 | |
| $2,289,483 | |||
| Real Estate Management & Development - 1.7% | |||
| Cushman & Wakefield U.S. Borrower LLC, Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 1/31/30 | $ | 104 | $104,674 |
| Greystar Real Estate Partners LLC, Term Loan, 6.814%, (3 mo. USD Term SOFR + 2.50%), 8/21/30 | 388 | 389,037 | |
| RE/MAX International, Inc., Term Loan, 6.778%, (1 mo. USD Term SOFR + 2.50%), 7/21/28 | 264 | 260,021 | |
| $753,732 | |||
| Road & Rail - 0.5% | |||
| Avis Budget Car Rental LLC, Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 7/16/32 | $ | 219 | $217,247 |
| $217,247 | |||
| Semiconductors & Semiconductor Equipment - 0.1% | |||
| Bright Bidco BV, Term Loan, 0.00%, 10/31/27(8) | $ | 34 | $13,385 |
5
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Schedule of Investments - continued
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Semiconductors & Semiconductor Equipment (continued) | |||
| MaxLinear, Inc., Term Loan, 6.528%, (1 mo. USD Term SOFR + 2.25%), 6/23/28 | $ | 53 | $ 49,821 |
| $ 63,206 | |||
| Software - 10.3% | |||
| Applied Systems, Inc., Term Loan, 6.252%, (3 mo. USD Term SOFR + 2.25%), 2/24/31 | $ | 870 | $ 871,727 |
| Astra Acquisition Corp.: | |||
| Term Loan, 0.00%, 10/25/28(8) | 178 | 2,185 | |
| Term Loan, 0.00%, 10/25/29(8) | 271 | 7,453 | |
| Term Loan, 0.00%, 2/25/28(8) | 127 | 29,227 | |
| Cloudera, Inc.: | |||
| Term Loan, 8.013%, (1 mo. USD Term SOFR + 3.75%), 10/8/28 | 186 | 183,404 | |
| Term Loan - Second Lien, 10.263%, (1 mo. USD Term SOFR + 6.00%), 10/8/29 | 150 | 137,625 | |
| Clover Holdings SPV III LLC, Term Loan, 15.00%, 12/9/27(9) | 38 | 39,079 | |
| Constant Contact, Inc., Term Loan, 8.579%, (3 mo. USD Term SOFR + 4.00%), 2/10/28 | 186 | 172,816 | |
| Drake Software LLC, Term Loan, 8.413%, (1 mo. USD Term SOFR + 4.25%), 6/26/31 | 120 | 120,420 | |
| ECI Macola Max Holding LLC, Term Loan, 6.752%, (3 mo. USD Term SOFR + 2.75%), 5/9/30 | 412 | 412,603 | |
| Epicor Software Corp., Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 5/30/31 | 506 | 507,523 | |
| Marcel LUX IV SARL, Term Loan, 7.37%, (1 mo. USD Term SOFR + 3.00%), 11/12/30 | 356 | 356,630 | |
| OID-OL Intermediate I LLC: | |||
| Term Loan, 8.708%, (3 mo. USD Term SOFR + 4.25%), 2/1/29 | 65 | 55,004 | |
| Term Loan, 10.308%, (3 mo. USD Term SOFR + 6.00%), 2/1/29 | 64 | 66,330 | |
| Open Text Corp., Term Loan, 5.913%, (1 mo. USD Term SOFR + 1.75%), 1/31/30 | 497 | 496,916 | |
| Project Alpha Intermediate Holding, Inc., Term Loan, 7.252%, (3 mo. USD Term SOFR + 3.25%), 10/26/30 | 244 | 244,737 | |
| Proofpoint, Inc., Term Loan, 7.163%, (1 mo. USD Term SOFR + 3.00%), 8/31/28 | 174 | 174,995 | |
| RealPage, Inc., Term Loan, 7.263%, (3 mo. USD Term SOFR + 3.00%), 4/24/28 | 269 | 269,141 | |
| Skillsoft Corp., Term Loan, 9.53%, (1 mo. USD Term SOFR + 5.25%), 7/14/28 | 215 | 192,684 | |
| Veritas U.S., Inc., Term Loan, 16.502%, (3 mo. USD Term SOFR + 12.50%), 12.002% cash, 4.50% PIK, 12/9/29 | 109 | 110,650 | |
| Vision Solutions, Inc., Term Loan, 8.57%, (3 mo. USD Term SOFR + 4.00%), 4/24/28 | 128 | 124,349 | |
| $4,575,498 | |||
| Borrower/Description |
Principal Amount (000's omitted) |
Value | |
| Specialty Retail - 0.6% | |||
| 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 | $ | 261 | $ 261,031 |
| $ 261,031 | |||
| Textiles, Apparel & Luxury Goods - 1.8% | |||
| Gloves Buyer, Inc., Term Loan, 8.163%, (1 mo. USD Term SOFR + 4.00%), 5/21/32 | $ | 425 | $ 413,844 |
| Hanesbrands, Inc., Term Loan, 6.913%, (1 mo. USD Term SOFR + 2.75%), 3/7/32 | 398 | 400,765 | |
| $ 814,609 | |||
| Trading Companies & Distributors - 3.5% | |||
| Avolon TLB Borrower 1 (U.S.) LLC, Term Loan, 5.885%, (1 mo. USD Term SOFR + 1.75%), 6/24/30 | $ | 382 | $ 382,446 |
| Core & Main LP, Term Loan, 6.166%, (1 mo. USD Term SOFR + 2.00%), 7/27/28 | 419 | 419,548 | |
| Foundation Building Materials Holding Co. LLC, Term Loan, 8.308%, (3 mo. USD Term SOFR + 4.00%), 1/29/31 | 112 | 112,298 | |
| Paint Intermediate III LLC, Term Loan, 7.242%, (3 mo. USD Term SOFR + 3.00%), 10/9/31 | 100 | 99,537 | |
| Park River Holdings, Inc., Term Loan, 7.802%, (3 mo. USD Term SOFR + 3.25%), 12/28/27 | 283 | 283,461 | |
| Spin Holdco, Inc., Term Loan, 8.393%, (3 mo. USD Term SOFR + 4.00%), 3/4/28 | 316 | 266,493 | |
| $1,563,783 | |||
| Transportation Infrastructure - 0.8% | |||
| KKR Apple Bidco LLC, Term Loan, 6.663%, (1 mo. USD Term SOFR + 2.50%), 9/23/31 | $ | 363 | $363,413 |
| $363,413 | |||
|
Total Senior Floating Rate Loans (identified cost $51,246,604) |
$50,031,916 | ||
6
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Schedule of Investments - continued
| Short-Term Investments - 17.8% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%(10) | 7,874,841 | $ 7,874,841 | |
|
Total Short-Term Investments (identified cost $7,874,841) |
$ 7,874,841 | ||
|
Total Investments - 135.0% (identified cost $61,239,191) |
$59,834,529 | ||
| Less Unfunded Loan Commitments - (0.2)% | $ (75,526) | ||
|
Net Investments - 134.8% (identified cost $61,163,665) |
$59,759,003 | |
| Note Payable - (33.8)% | $(15,000,000) |
| Other Assets, Less Liabilities - (1.0)% | $ (425,059) | ||
| Net Assets - 100.0% | $44,333,944 |
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| (1) | Non-income producing security. |
| (2) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
| (3) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (4) | 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 $1,492,102 or 3.4% of the Fund's net assets. |
| (5) | 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. |
| (6) | This Senior Loan will settle after September 30, 2025, at which time the interest rate will be determined. |
| (7) | 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 $75,454. See Note 1E for description. |
| (8) | Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
| (9) | Fixed-rate loan. |
| (10) | May be deemed to be an affiliated investment company (see Note 6). The rate shown is the annualized seven-day yield as of September 30, 2025. |
| Abbreviations: | |
| PIK | - Payment In Kind |
| SOFR | - Secured Overnight Financing Rate |
7
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Statement of Assets and Liabilities
| September 30, 2025 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $53,288,824) | $51,884,162 |
| Investments in securities of affiliated issuers, at value (identified cost $7,874,841) | 7,874,841 |
| Cash | 187,472 |
| Receivable for investments sold | 317,849 |
| Receivable for capital shares sold | 491 |
| Interest receivable | 267,795 |
| Dividends receivable - affiliated | 24,038 |
| Receivable from affiliates | 18,959 |
| Trustees' deferred compensation plan | 3,697 |
| Prepaid upfront fees on note payable | 9,232 |
| Prepaid expenses | 2,884 |
| Total assets | $60,591,420 |
| Liabilities | |
| Note payable | $15,000,000 |
| Payable for investments purchased | 881,753 |
| Payable for capital shares redeemed | 166,070 |
| Distributions payable | 4,344 |
| Payable to affiliates: | |
| Investment advisory fee | 22,872 |
| Administrative fee | 4,445 |
| Distribution and service fees | 1,035 |
| Sub-transfer agency fee | 626 |
| Trustees' deferred compensation plan | 3,697 |
| Accrued expenses | 172,634 |
| Total liabilities | $16,257,476 |
| Commitments and contingencies (Note 9) | |
| Net Assets | $44,333,944 |
| Sources of Net Assets | |
| Paid-in capital | $56,412,149 |
| Accumulated loss | (12,078,205) |
| Net Assets | $44,333,944 |
| Class A Shares | |
| Net Assets | $4,866,287 |
| Shares Outstanding | 556,310 |
|
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$8.75 |
|
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) |
$9.04 |
| Class I Shares | |
| Net Assets | $22,422,811 |
| Shares Outstanding | 2,566,331 |
|
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$8.74 |
8
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Statement of Assets and Liabilities - continued
| September 30, 2025 | |
| Class R6 Shares | |
| Net Assets | $17,044,846 |
| Shares Outstanding | 1,950,645 |
|
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$8.74 |
| On sales of $100,000 or more, the offering price of Class A shares is reduced. |
9
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Statement of Operations
| Year Ended | |
| September 30, 2025 | |
| Investment Income | |
| Dividend income | $44,052 |
| Dividend income - affiliated issuers | 185,297 |
| Interest income | 7,021,222 |
| Other income | 28,242 |
| Total investment income | $7,278,813 |
| Expenses | |
| Investment advisory fee | $449,611 |
| Administrative fee | 87,154 |
| Distribution and service fees: | |
| Class A | 17,217 |
| Trustees' fees and expenses | 4,911 |
| Custodian fees | 10,448 |
| Transfer agency fees and expenses | 42,179 |
| Accounting fees | 21,590 |
| Professional fees | 85,017 |
| Registration fees | 51,992 |
| Reports to shareholders | 8,219 |
| Interest expense and fees | 1,258,572 |
| Miscellaneous | 21,623 |
| Total expenses | $2,058,533 |
| Waiver and/or reimbursement of expenses by affiliates | $(205,757) |
| Net expenses | $1,852,776 |
| Net investment income | $5,426,037 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $(2,710,668) |
| Net realized loss | $(2,710,668) |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $149,986 |
| Net change in unrealized appreciation (depreciation) | $149,986 |
| Net realized and unrealized loss | $(2,560,682) |
| Net increase in net assets from operations | $2,865,355 |
10
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Statements of Changes in Net Assets
| Year Ended September 30, | ||
| 2025 | 2024 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $5,426,037 | $8,083,078 |
| Net realized loss | (2,710,668) | (2,145,674) |
| Net change in unrealized appreciation (depreciation) | 149,986 | 2,226,609 |
| Net increase in net assets from operations | $2,865,355 | $8,164,013 |
| Distributions to shareholders: | ||
| Class A | $(495,718) | $(643,949) |
| Class I | (2,259,288) | (3,749,989) |
| Class R6 | (2,678,831) | (3,682,527) |
| Total distributions to shareholders | $(5,433,837) | $(8,076,465) |
| Capital share transactions: | ||
| Class A | $(2,200,726) | $(1,429,810) |
| Class I | (12,770,688) | (8,552,647) |
| Class R6 | (32,945,940) | 22,772,512 |
| Net increase (decrease) in net assets from capital share transactions | $(47,917,354) | $12,790,055 |
| Net increase (decrease) in net assets | $(50,485,836) | $12,877,603 |
| Net Assets | ||
| At beginning of year | $94,819,780 | $81,942,177 |
| At end of year | $44,333,944 | $94,819,780 |
11
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Statement of Cash Flows
| Year Ended | |
| September 30, 2025 | |
| Cash Flows From Operating Activities | |
| Net increase in net assets from operations | $ 2,865,355 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
| Investments purchased | (16,375,963) |
| Investments sold and principal repayments | 81,407,190 |
| Increase in short-term investments, net | (6,528,867) |
| Net amortization/accretion of premium (discount) | (100,865) |
| Amortization of prepaid upfront fees on note payable | 23,232 |
| Decrease in interest receivable | 497,935 |
| Increase in dividends receivable - affiliated | (18,017) |
| Decrease in receivable from affiliates | 15,762 |
| Decrease in prepaid expenses | 883 |
| Increase in Trustees' deferred compensation plan | (92) |
| Decrease in payable to affiliate for investment advisory fee | (25,065) |
| Decrease in payable to affiliate for administrative fee | (5,043) |
| Decrease in payable to affiliate for distribution and service fees | (483) |
| Increase in payable to affiliate for sub-transfer agency fee | 558 |
| Increase in payable to affiliate for Trustees' deferred compensation plan | 92 |
| Decrease in accrued expenses | (69,231) |
| Decrease in unfunded loan commitments | (167,715) |
| Net change in unrealized (appreciation) depreciation on investments | (149,986) |
| Net realized loss from investments | 2,710,668 |
| Net cash provided by operating activities | $64,080,348 |
| Cash Flows From Financing Activities | |
| Cash distributions paid to shareholders | $ (1,564,616) |
| Proceeds from capital shares sold | 17,743,760 |
| Capital shares redeemed | (69,599,252) |
| Prepaid upfront fees on note payable | (22,500) |
| Proceeds from note payable | 24,000,000 |
| Repayments of note payable | (35,000,000) |
| Net cash used in financing activities | $(64,442,608) |
| Net decrease in cash | $ (362,260) |
| Cash at beginning of year | $ 549,732 |
| Cash at end of year | $ 187,472 |
| Supplemental disclosure of cash flow information: | |
| Noncash financing activities not included herein consist of: | |
| Reinvestment of dividends and distributions | $ 4,065,124 |
| Cash paid for interest and fees on borrowings | 1,326,635 |
12
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Financial Highlights
| Class A | |||||
| Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net asset value - Beginning of year | $8.96 | $8.93 | $8.60 | $9.51 | $9.23 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $0.64 | $0.78 | $0.75 | $0.43 | $0.35 |
| Net realized and unrealized gain (loss) | (0.21) | 0.03 | 0.33 | (0.93) | 0.29 |
| Total income (loss) from operations | $0.43 | $0.81 | $1.08 | $(0.50) | $0.64 |
| Less Distributions | |||||
| From net investment income | $(0.64) | $(0.78) | $(0.75) | $(0.41) | $(0.36) |
| Total distributions | $(0.64) | $(0.78) | $(0.75) | $(0.41) | $(0.36) |
| Net asset value - End of year | $8.75 | $8.96 | $8.93 | $8.60 | $9.51 |
| Total Return(2) | 4.91% | 9.43% | 13.01% | (5.37)% | 6.99% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000's omitted) | $4,866 | $7,242 | $8,656 | $7,809 | $3,453 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses(4) | 3.21% | 2.85% | 3.08% | 1.95% | 1.51% |
| Net expenses(4) | 2.85%(5) | 2.58%(5) | 2.81%(5) | 1.73%(5) | 1.32% |
| Net investment income | 7.20% | 8.73% | 8.47% | 4.72% | 3.73% |
| Portfolio Turnover | 19% | 30% | 14% | 30% | 37% |
| (1) | Computed using average shares outstanding. |
| (2) | 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. |
| (3) | 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. |
| (4) | Includes interest expense and fees of 1.80%, 1.57%, 1.76%, 0.70% and 0.31% for the years ended September 30, 2025, 2024, 2023, 2022 and 2021, respectively. |
| (5) | 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 years ended September 30, 2025, 2024 and 2023 and less than 0.005% of average daily net assets for the year ended September 30, 2022). |
13
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Financial Highlights - continued
| Class I | |||||
| Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net asset value - Beginning of year | $8.95 | $8.92 | $8.59 | $9.50 | $9.22 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $0.66 | $0.80 | $0.76 | $0.43 | $0.37 |
| Net realized and unrealized gain (loss) | (0.21) | 0.03 | 0.34 | (0.90) | 0.29 |
| Total income (loss) from operations | $0.45 | $0.83 | $1.10 | $(0.47) | $0.66 |
| Less Distributions | |||||
| From net investment income | $(0.66) | $(0.80) | $(0.77) | $(0.44) | $(0.38) |
| Total distributions | $(0.66) | $(0.80) | $(0.77) | $(0.44) | $(0.38) |
| Net asset value - End of year | $8.74 | $8.95 | $8.92 | $8.59 | $9.50 |
| Total Return(2) | 5.16% | 9.70% | 13.29% | (5.14)% | 7.25% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000's omitted) | $22,423 | $36,126 | $44,556 | $55,164 | $64,676 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses(4) | 2.90% | 2.59% | 2.81% | 1.58% | 1.26% |
| Net expenses(4) | 2.56%(5) | 2.32%(5) | 2.55%(5) | 1.36%(5) | 1.07% |
| Net investment income | 7.48% | 8.97% | 8.68% | 4.69% | 3.94% |
| Portfolio Turnover | 19% | 30% | 14% | 30% | 37% |
| (1) | Computed using average shares outstanding. |
| (2) | 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. |
| (3) | 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. |
| (4) | Includes interest expense and fees of 1.76%, 1.56%, 1.75%, 0.58% and 0.31% for the years ended September 30, 2025, 2024, 2023, 2022 and 2021, respectively. |
| (5) | 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 years ended September 30, 2025, 2024 and 2023 and less than 0.005% of average daily net assets for the year ended September 30, 2022). |
14
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Financial Highlights - continued
| Class R6 | |||||
| Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Net asset value - Beginning of year | $8.95 | $8.92 | $8.59 | $9.50 | $9.22 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $0.67 | $0.80 | $0.77 | $0.42 | $0.38 |
| Net realized and unrealized gain (loss) | (0.22) | 0.03 | 0.33 | (0.89) | 0.28 |
| Total income (loss) from operations | $0.45 | $0.83 | $1.10 | $(0.47) | $0.66 |
| Less Distributions | |||||
| From net investment income | $(0.66) | $(0.80) | $(0.77) | $(0.44) | $(0.38) |
| Total distributions | $(0.66) | $(0.80) | $(0.77) | $(0.44) | $(0.38) |
| Net asset value - End of year | $8.74 | $8.95 | $8.92 | $8.59 | $9.50 |
| Total Return(2) | 5.14% | 9.71% | 13.29% | (5.15)% | 7.26% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000's omitted) | $17,045 | $51,452 | $28,730 | $32,233 | $57,343 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses(4) | 2.72% | 2.45% | 2.74% | 1.43% | 1.19% |
| Net expenses(4) | 2.50%(5) | 2.28%(5) | 2.56%(5) | 1.32%(5) | 1.08% |
| Net investment income | 7.57% | 8.90% | 8.72% | 4.59% | 3.99% |
| Portfolio Turnover | 19% | 30% | 14% | 30% | 37% |
| (1) | Computed using average shares outstanding. |
| (2) | 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. |
| (3) | 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. |
| (4) | Includes interest expense and fees of 1.70%, 1.52%, 1.76%, 0.54% and 0.32% for the years ended September 30, 2025, 2024, 2023, 2022 and 2021, respectively. |
| (5) | 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 years ended September 30, 2025, 2024 and 2023 and less than 0.005% of average daily net assets for the year ended September 30, 2022). |
15
See Notes to Financial Statements.
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Notes to Financial Statements
1 Significant Accounting Policies
Calvert Floating-Rate Advantage Fund (the Fund) is a diversified series of Calvert Management Series (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to provide a high level of current income. The Fund invests primarily in senior floating-rate loans of domestic and foreign borrowers.
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.
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.
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.
16
Table of Contents
Calvert
Floating-Rate Advantage 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 | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks | $3,894 | $162,146 | $214,150 | $380,190 |
| Corporate Bonds | - | 1,492,102 | - | 1,492,102 |
| Preferred Stocks | - | 55,480 | - | 55,480 |
| Senior Floating-Rate Loans (Less Unfunded Loan Commitments) | - | 49,956,390 | - | 49,956,390 |
| Short-Term Investments | 7,874,841 | - | - | 7,874,841 |
| Total Investments | $7,878,735 | $51,666,118 | $214,150 | $59,759,003 |
| (1) | 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. 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 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.
F 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.
G 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.
17
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Notes to Financial Statements - continued
H 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.
I 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.
J 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 gross assets as follows and is payable monthly:
| Average Daily Gross Assets |
Annual Fee Rate |
| Up to and including $1 billion | 0.480% |
| In excess of $1 billion | 0.430% |
Gross assets of the Fund are calculated by deducting all liabilities of the Fund except the principal amount of any indebtedness for money borrowed by the Fund. For the year ended September 30, 2025, the investment advisory fee amounted to $449,611 or 0.62% 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 $6,280 relating to the Fund's investment in the Liquidity Fund.
CRM has agreed to reimburse certain of the Fund's operating expenses (excluding investment advisory, administrative and distribution and service fees) in excess of 0.06% annually for each of Class A, Class I and Class R6 of such class's average daily net assets. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses. 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 $199,477.
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 $87,154.
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 $17,217 for Class A shares.
18
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Notes to Financial Statements - continued
The Fund was informed that EVD received $1,339 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 no contingent deferred sales charges paid by Class A 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 $2,872 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 paydowns and principal repayments on senior floating rate loans, were $16,410,442 and $80,800,047, 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:
| Year Ended September 30, | ||
| 2025 | 2024 | |
| Ordinary income | $5,433,837 | $8,076,465 |
During the year ended September 30, 2025, accumulated loss was decreased by $1,686 and paid-in capital was decreased by $1,686 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Deferred capital losses | $(10,667,894) |
| Net unrealized depreciation | (1,405,967) |
| Distributions payable | (4,344) |
| Accumulated loss | $(12,078,205) |
At September 30, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $10,667,894 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, $2,090,512 are short-term and $8,577,382 are long-term.
19
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Notes to Financial Statements - continued
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $61,164,970 |
| Gross unrealized appreciation | $148,064 |
| Gross unrealized depreciation | (1,554,031) |
| Net unrealized depreciation | $(1,405,967) |
5 Credit Agreement
The Fund has entered into a committed, senior secured 364-day revolving line of credit agreement, as amended (the Agreement) with a bank to borrow up to a limit of $45 million. Borrowings under the Agreement are secured by the assets of the Fund. The Fund is required to maintain a certain borrowing base while borrowings are outstanding. Borrowings may be made for general business purposes, including the purchase of investment securities and temporary or emergency purposes.
Interest on advances under the Agreement is calculated at a rate per annum equal to the Fund's option of (a) Term SOFR (subject to a 0% floor) plus a Term SOFR adjustment of 0.10% plus a 0.90% margin (the "SOFR Rate") and (b) Federal Funds Effective Rate plus 0.90% (which cannot be lower than the SOFR Rate). Term SOFR is defined as the secured overnight financing rate as administered by the Federal Reserve Bank of New York for a 1-month tenor. Under the terms of the Agreement, the Fund pays a facility fee of 0.15% per annum on the commitment amount.
In connection with the renewal of the Agreement on March 11, 2025, the Fund paid upfront fees of $22,500, which are being amortized to interest expense through March 10, 2026. The unamortized balance at September 30, 2025 is approximately $9,000 and is included in "prepaid upfront fees on note payable" on the Statement of Assets and Liabilities. At September 30, 2025, the Fund had borrowings outstanding under the Agreement of $15,000,000 at an annual interest rate of 5.13%. Based on the short-term nature of the borrowings under the Agreement and the variable interest rate, the carrying amount of the borrowings at September 30, 2025 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at September 30, 2025. For the year ended September 30, 2025, the average borrowings under the Agreement and the average annual interest rate (excluding fees) were $20,983,562 and 5.41%, respectively.
6 Affiliated Investments
At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $7,874,841, which represents 17.8% 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, beginning of period |
Purchases |
Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $1,345,974 | $79,291,172 | $(72,762,305) | $ - | $ - | $7,874,841 | $185,297 | 7,874,841 |
7 Capital Shares
The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes.
20
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Notes to Financial Statements - continued
Transactions in capital shares were as follows:
|
Year Ended September 30, 2025 |
Year Ended September 30, 2024 |
||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 170,864 | $1,520,628 | 196,061 | $1,754,322 | |
| Reinvestment of distributions | 47,644 | 421,628 | 61,931 | 554,848 | |
| Shares redeemed | (470,373) | (4,142,982) | (419,107) | (3,738,980) | |
| Net decrease | (251,865) | $(2,200,726) | (161,115) | $(1,429,810) | |
| Class I | |||||
| Shares sold | 1,015,317 | $9,029,405 | 1,244,301 | $11,143,415 | |
| Reinvestment of distributions | 253,435 | 2,243,677 | 413,875 | 3,704,757 | |
| Shares redeemed | (2,739,638) | (24,043,770) | (2,616,465) | (23,400,819) | |
| Net decrease | (1,470,886) | $(12,770,688) | (958,289) | $(8,552,647) | |
| Class R6 | |||||
| Shares sold | 781,599 | $7,011,229 | 2,988,790 | $26,871,577 | |
| Reinvestment of distributions | 158,171 | 1,399,819 | 283,360 | 2,536,877 | |
| Shares redeemed | (4,739,646) | (41,356,988) | (743,112) | (6,635,942) | |
| Net increase (decrease) | (3,799,876) | $(32,945,940) | 2,529,038 | $22,772,512 | |
8 Risks and Uncertainties
Credit Risk
The Fund invests primarily in below investment grade senior floating rate loans, which have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances are more likely to reduce the capacity of issuers of these securities to make principal and interest payments. Such companies are more likely to default on their payments of interest and principal owed than issuers of investment grade bonds. An economic downturn generally leads to a higher non-payment rate, and a loan or other debt obligation may lose significant value before a default occurs. Lower rated investments also may be subject to greater price volatility than higher rated investments. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value.
9 Commitments and Contingencies
In connection with the Serta Chapter 11 bankruptcy proceeding, on December 31, 2024, the U.S. Fifth Circuit Court of Appeals reversed a bankruptcy court's ruling that held permissible an "uptier" agreement (the "2020 Agreement") entered into by Serta with certain participating lenders, including the Fund. The 2020 Agreement had the effect of subordinating the existing debt of certain non-participating lenders to that of the participating lenders. The non-participating lenders brought claims for breach of contract, arguing that the participating lenders had breached an earlier agreement by entering into the 2020 Agreement. The appellate court found that the bankruptcy court had erred in determining that the 2020 Agreement was permitted by the terms of the earlier agreement and remanded the breach of contract claims for further consideration by the bankruptcy court. The appellate court further held that indemnification of the participating lenders in the 2020 Agreement was impermissible under the U.S. Bankruptcy Code.
A request by the Fund and the other participating lenders for a rehearing of this matter before the Fifth Circuit en banc was denied. The matter has been remanded to the bankruptcy court to determine whether the participating lenders are liable for the breach of contract claims. A trial is scheduled to begin in February 2026. At this time, the Fund cannot reliably predict the outcome of these proceedings or the effect, if any, on the Fund's net asset value.
21
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Report of Independent Registered Public Accounting Firm
To the Shareholders of Calvert Floating-Rate Advantage Fund and Board of Trustees of Calvert Management Series:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Floating-Rate Advantage Fund (the "Fund"), one of the funds constituting Calvert Management Series, 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 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 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 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
Boston, Massachusetts
November 20, 2025
We have served as the auditor of one or more Calvert investment companies since 2021.
22
Table of Contents
Calvert
Floating-Rate Advantage 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 93.99% of distributions from net investment income as a 163(j) interest dividend.
23
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Special Meeting of Shareholders (Unaudited)
Calvert Management Series 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 Management Series were as follows:
| Number of Shares | ||
| Nominee for Trustee | For | Withheld |
| Karen Fang | 48,470,367 | 1,173,058 |
| Von M. Hughes | 48,252,043 | 1,391,382 |
| Kim M. Keenan | 48,501,573 | 1,141,852 |
| Eddie Ramos | 48,298,927 | 1,344,498 |
| Carlton M. Waterhouse | 48,270,173 | 1,373,252 |
Results are rounded to the nearest whole number.
24
Table of Contents
Calvert
Floating-Rate Advantage 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; |
25
Table of Contents
Calvert
Floating-Rate Advantage 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 Floating-Rate Advantage 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 for the one- and three-year periods ended December 31, 2024, while the Fund had underperformed the median of its peer universe for the five-year period ended December 31, 2024. This data also indicated that the Fund had underperformed 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") were below the median of the Fund's expense group and total expenses (net of waivers and/or
26
Table of Contents
Calvert
Floating-Rate Advantage Fund
September 30, 2025
Board of Trustees' Contract Approval - continued
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 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 specified 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.
27
Table of Contents
| This Page Intentionally Left Blank |
Table of Contents
CFOAX-NCSR 9.30.25
Calvert
Global Equity Fund
Annual Financial Statements and
Additional Information
September 30, 2025
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 InformationSeptember 30, 2025
Calvert
Global Equity Fund
| Table of Contents | |
| Items 6 and 7 of Form N-CSR: | |
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 3 |
| Statement of Operations | 4 |
| Statements of Changes in Net Assets | 5 |
| Financial Highlights | 6 |
| Notes to Financial Statements | 8 |
| Report of Independent Registered Public Accounting Firm | 14 |
| Federal Tax Information | 15 |
| Item 9 of Form N-CSR: | |
| Special Meeting of Shareholders | 16 |
| Item 11 of Form N-CSR: | |
| Board of Trustees' Contract Approval | 17 |
Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Schedule of Investments
| Common Stocks - 99.9% |
| Security | Shares | Value | |
| Australia - 1.7% | |||
| CSL Ltd. | 1,319 | $ 173,510 | |
| $ 173,510 | |||
| France - 9.9% | |||
| BNP Paribas SA | 2,497 | $ 228,383 | |
| L'Oreal Prime De Fidelite(1) | 444 | 192,912 | |
| L'Oreal SA | 25 | 10,862 | |
| LVMH Moet Hennessy Louis Vuitton SE | 310 | 190,768 | |
| Safran SA | 646 | 229,246 | |
| Schneider Electric SE | 582 | 163,817 | |
| $1,015,988 | |||
| Germany - 2.0% | |||
| Siemens AG | 761 | $205,453 | |
| $205,453 | |||
| Hong Kong - 2.7% | |||
| AIA Group Ltd. | 29,492 | $282,650 | |
| $282,650 | |||
| India - 1.8% | |||
| HDFC Bank Ltd. ADR | 5,358 | $183,029 | |
| $183,029 | |||
| Japan - 1.6% | |||
| Keyence Corp. | 443 | $165,044 | |
| $165,044 | |||
| Netherlands - 5.2% | |||
| ASML Holding NV | 376 | $366,670 | |
| IMCD NV | 1,621 | 168,013 | |
| $534,683 | |||
| Singapore - 2.2% | |||
| DBS Group Holdings Ltd. | 5,712 | $226,525 | |
| $226,525 | |||
| Switzerland - 6.5% | |||
| Nestle SA | 3,585 | $329,229 | |
| Sika AG | 895 | 200,980 | |
| Straumann Holding AG | 1,336 | 143,227 | |
| $673,436 | |||
| Taiwan - 2.1% | |||
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 764 | $213,378 | |
| $213,378 | |||
| United Kingdom - 9.9% | |||
| AstraZeneca PLC | 1,234 | $189,050 | |
| Compass Group PLC | 8,587 | 292,694 | |
| London Stock Exchange Group PLC | 913 | 104,706 | |
| Security | Shares | Value | |
| United Kingdom (continued) | |||
| Reckitt Benckiser Group PLC | 3,439 | $ 264,810 | |
| RELX PLC | 3,628 | 173,341 | |
| $ 1,024,601 | |||
| United States - 54.3% | |||
| Alphabet, Inc., Class A | 2,428 | $ 590,247 | |
| Amazon.com, Inc.(1) | 2,481 | 544,753 | |
| American International Group, Inc. | 2,189 | 171,924 | |
| AMETEK, Inc. | 1,165 | 219,020 | |
| Charles Schwab Corp. | 2,072 | 197,814 | |
| Danaher Corp. | 1,159 | 229,783 | |
| IDEX Corp. | 978 | 159,179 | |
| Intuit, Inc. | 274 | 187,117 | |
| Intuitive Surgical, Inc.(1) | 376 | 168,159 | |
| JPMorgan Chase & Co. | 784 | 247,297 | |
| Marriott International, Inc., Class A | 832 | 216,686 | |
| Micron Technology, Inc. | 1,000 | 167,320 | |
| Microsoft Corp. | 1,372 | 710,627 | |
| NextEra Energy, Inc. | 2,823 | 213,108 | |
| NVIDIA Corp. | 2,571 | 479,697 | |
| TJX Cos., Inc. | 1,199 | 173,304 | |
| U.S. Foods Holding Corp.(1) | 2,307 | 176,762 | |
| Visa, Inc., Class A | 763 | 260,473 | |
| Walt Disney Co. | 1,965 | 224,993 | |
| Zoetis, Inc. | 1,721 | 251,817 | |
| $5,590,080 | |||
|
Total Common Stocks (identified cost $7,169,482) |
$10,288,377 | ||
| Short-Term Investments - 0.3% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%(2) | 32,458 | $ 32,458 | |
|
Total Short-Term Investments (identified cost $32,458) |
$ 32,458 | ||
|
Total Investments - 100.2% (identified cost $7,201,940) |
$10,320,835 | |
| Other Assets, Less Liabilities - (0.2)% | $ (15,904) | |
| Net Assets - 100.0% | $10,304,931 |
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of September 30, 2025. |
1
See Notes to Financial Statements.
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Schedule of Investments - continued
At September 30, 2025, the concentration of the Fund's investments in the various sectors, determined as a percentage of net assets, was as follows:
| Economic Sectors | % of Net Assets |
| Information Technology | 22.2% |
| Financials | 18.5 |
| Consumer Discretionary | 13.8 |
| Industrials | 12.8 |
| Health Care | 11.2 |
| Consumer Staples | 9.5 |
| Communication Services | 7.9 |
| Utilities | 2.1 |
| Materials | 1.9 |
| Total | 99.9% |
| Abbreviations: | |
| ADR | - American Depositary Receipt |
2
See Notes to Financial Statements.
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Statement of Assets and Liabilities
| September 30, 2025 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $7,169,482) | $10,288,377 |
| Investments in securities of affiliated issuers, at value (identified cost $32,458) | 32,458 |
| Cash denominated in foreign currency, at value (cost $6,447) | 6,453 |
| Receivable for capital shares sold | 1,611 |
| Dividends receivable | 3,500 |
| Dividends receivable - affiliated | 662 |
| Securities lending income receivable | 5 |
| Tax reclaims receivable | 19,769 |
| Receivable from affiliates | 13,215 |
| Trustees' deferred compensation plan | 37 |
| Total assets | $10,366,087 |
| Liabilities | |
| Payable to affiliates: | |
| Investment advisory fee | $5,664 |
| Administrative fee | 1,004 |
| Distribution and service fees | 101 |
| Sub-transfer agency fee | 165 |
| Trustees' deferred compensation plan | 37 |
| Payable for professional fees | 45,818 |
| Payable for registration fees | 3,133 |
| Accrued expenses | 5,234 |
| Total liabilities | $61,156 |
| Net Assets | $10,304,931 |
| Sources of Net Assets | |
| Paid-in capital | $6,284,126 |
| Distributable earnings | 4,020,805 |
| Net Assets | $10,304,931 |
| Class A Shares | |
| Net Assets | $497,901 |
| Shares Outstanding | 26,817 |
|
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$18.57 |
|
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$19.60 |
| Class I Shares | |
| Net Assets | $9,807,030 |
| Shares Outstanding | 528,598 |
|
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$18.55 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. |
3
See Notes to Financial Statements.
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Statement of Operations
| Year Ended | |
| September 30, 2025 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $9,784) | $129,217 |
| Dividend income - affiliated issuers | 5,513 |
| Securities lending income, net | 123 |
| Total investment income | $134,853 |
| Expenses | |
| Investment advisory fee | $67,952 |
| Administrative fee | 11,991 |
| Distribution and service fees: | |
| Class A | 812 |
| Trustees' fees and expenses | 560 |
| Custodian fees | 7,835 |
| Transfer agency fees and expenses | 3,448 |
| Accounting fees | 4,640 |
| Professional fees | 55,801 |
| Registration fees | 32,906 |
| Reports to shareholders | 3,664 |
| Interest expense and fees | 1,073 |
| Miscellaneous | 7,222 |
| Total expenses | $197,904 |
| Waiver and/or reimbursement of expenses by affiliates | $(107,130) |
| Net expenses | $90,774 |
| Net investment income | $44,079 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $962,516 |
| Foreign currency transactions | (1,270) |
| Net realized gain | $961,246 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $(219,444) |
| Foreign currency | 1,039 |
| Net change in unrealized appreciation (depreciation) | $(218,405) |
| Net realized and unrealized gain | $742,841 |
| Net increase in net assets from operations | $786,920 |
4
See Notes to Financial Statements.
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Statements of Changes in Net Assets
| Year Ended September 30, | ||
| 2025 | 2024 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $44,079 | $57,961 |
| Net realized gain | 961,246 | 348,928 |
| Net change in unrealized appreciation (depreciation) | (218,405) | 1,912,726 |
| Net increase in net assets from operations | $786,920 | $2,319,615 |
| Distributions to shareholders: | ||
| Class A | $(3,548) | $(732) |
| Class I | (379,441) | (202,993) |
| Total distributions to shareholders | $(382,989) | $(203,725) |
| Capital share transactions: | ||
| Class A | $370,768 | $35,939 |
| Class I | (1,672,595) | 1,521,238 |
| Net increase (decrease) in net assets from capital share transactions | $(1,301,827) | $1,557,177 |
| Net increase (decrease) in net assets | $(897,896) | $3,673,067 |
| Net Assets | ||
| At beginning of year | $11,202,827 | $7,529,760 |
| At end of year | $10,304,931 | $11,202,827 |
5
See Notes to Financial Statements.
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Financial Highlights
| Class A | ||||
| Year Ended September 30, |
Ten Months Ended September 30, 2023 |
Period Ended November 30, 2022(1) |
||
| 2025 | 2024 | |||
| Net asset value - Beginning of period | $17.79 | $14.33 | $14.00 | $17.46 |
| Income (Loss) From Operations | ||||
| Net investment income(2) | $0.08 | $0.14 | $0.04 | $0.04 |
| Net realized and unrealized gain (loss) | 1.35 | 3.62 | 0.52 | (1.98) |
| Total income (loss) from operations | $1.43 | $3.76 | $0.56 | $(1.94) |
| Less Distributions | ||||
| From net investment income | $(0.03) | $(0.03) | $(0.04) | $(0.08) |
| From net realized gain | (0.62) | (0.27) | (0.19) | (1.44) |
| Total distributions | $(0.65) | $(0.30) | $(0.23) | $(1.52) |
| Net asset value - End of period | $18.57 | $17.79 | $14.33 | $14.00 |
| Total Return(3) | 8.44% | 26.45% | 4.12%(4) | (12.48)%(4) |
| Ratios/Supplemental Data | ||||
| Net assets, end of period (000's omitted) | $498 | $88 | $31 | $17 |
| Ratios (as a percentage of average daily net assets):(5) | ||||
| Total expenses | 2.21%(6) | 2.51% | 2.46%(6)(7) | 2.91%(7) |
| Net expenses | 1.14%(6)(8) | 1.14%(8) | 1.21%(6)(7)(8) | 1.20%(7)(8) |
| Net investment income | 0.44% | 0.86% | 0.26%(7) | 0.31%(7) |
| Portfolio Turnover | 43% | 28% | 30%(4) | 29%(9) |
| (1) | For the period from the commencement of operations, December 14, 2021, to November 30, 2022. |
| (2) | Computed using average shares outstanding. |
| (3) | 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. |
| (4) | Not annualized. |
| (5) | 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. |
| (6) | Includes interest expense of less than 0.005% and 0.01% of average daily net assets for the year ended September 30, 2025 and the ten months ended September 30, 2023, respectively. |
| (7) | Annualized. |
| (8) | Includes a reduction by the investment adviser of a portion of its advisory fee or its advisory and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, the ten months ended September 30, 2023 and the period ended November 30, 2022). |
| (9) | For the year ended November 30, 2022. |
| Financial information from December 1, 2021 through the close of business on September 15, 2023 is for the Eaton Vance Focused Global Opportunities Fund, which was reorganized into the Calvert Global Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Focused Global Opportunities Fund had a fiscal year-end of November 30. | |
6
See Notes to Financial Statements.
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Financial Highlights - continued
| Class I | ||||||
| Year Ended September 30, |
Ten Months Ended September 30, 2023 |
Year Ended November 30, | ||||
| 2025 | 2024 | 2022 | 2021 | 2020 | ||
| Net asset value - Beginning of period | $17.81 | $14.33 | $13.99 | $17.25 | $13.78 | $12.42 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.08 | $0.09 | $0.06 | $0.08 | $0.03 | $0.07 |
| Net realized and unrealized gain (loss) | 1.39 | 3.71 | 0.53 | (1.82) | 3.49 | 1.42 |
| Total income (loss) from operations | $1.47 | $3.80 | $0.59 | $(1.74) | $3.52 | $1.49 |
| Less Distributions | ||||||
| From net investment income | $(0.11) | $(0.05) | $(0.06) | $(0.08) | $(0.05) | $(0.13) |
| From net realized gain | (0.62) | (0.27) | (0.19) | (1.44) | - | - |
| Total distributions | $(0.73) | $(0.32) | $(0.25) | $(1.52) | $(0.05) | $(0.13) |
| Net asset value - End of period | $18.55 | $17.81 | $14.33 | $13.99 | $17.25 | $13.78 |
| Total Return(2) | 8.66% | 26.81% | 4.38%(3) | (11.48)% | 25.62% | 12.06% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000's omitted) | $9,807 | $11,115 | $7,499 | $9,832 | $8,302 | $5,801 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 1.98%(5) | 2.27% | 2.20%(5)(6) | 2.66% | 2.32% | 2.90% |
| Net expenses | 0.90%(5)(7) | 0.89%(7) | 0.96%(5)(6)(7) | 0.95%(7) | 0.95% | 0.95% |
| Net investment income | 0.44% | 0.56% | 0.52%(6) | 0.58% | 0.18% | 0.55% |
| Portfolio Turnover | 43% | 28% | 30%(3) | 29% | 57% | 54% |
| (1) | Computed using average shares outstanding. |
| (2) | 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. |
| (3) | Not annualized. |
| (4) | 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. |
| (5) | Includes interest expense of 0.01% of average daily net assets for the year ended September 30, 2025 and the ten months ended September 30, 2023. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its advisory fee or its advisory and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, the ten months ended September 30, 2023 and the year ended November 30, 2022). |
| Financial information from December 1, 2019 through the close of business on September 15, 2023 is for the Eaton Vance Focused Global Opportunities Fund, which was reorganized into the Calvert Global Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Focused Global Opportunities Fund had a fiscal year-end of November 30. | |
7
See Notes to Financial Statements.
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Notes to Financial Statements
1 Significant Accounting Policies
Calvert Global Equity Fund (the Fund) is a diversified series of Calvert Management Series (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek long-term capital appreciation.
The Fund offers two 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 I shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies(ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation- Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith by the
Board's valuation designee.
Board's valuation designee.
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity Securities.Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.
Other Securities.Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.
Fair Valuation.In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
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.
8
Table of Contents
Calvert
Global Equity 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 | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Australia | $ - | $173,510 | $ - | $173,510 |
| France | - | 1,015,988 | - | 1,015,988 |
| Germany | - | 205,453 | - | 205,453 |
| Hong Kong | - | 282,650 | - | 282,650 |
| India | 183,029 | - | - | 183,029 |
| Japan | - | 165,044 | - | 165,044 |
| Netherlands | - | 534,683 | - | 534,683 |
| Singapore | - | 226,525 | - | 226,525 |
| Switzerland | - | 673,436 | - | 673,436 |
| Taiwan | 213,378 | - | - | 213,378 |
| United Kingdom | - | 1,024,601 | - | 1,024,601 |
| United States | 5,590,080 | - | - | 5,590,080 |
| Total Common Stocks | $5,986,487 | $4,301,890(1) | $ - | $10,288,377 |
| Short-Term Investments | $32,458 | $ - | $ - | $32,458 |
| Total Investments | $6,018,945 | $4,301,890 | $ - | $10,320,835 |
| (1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
B Investment Transactions and Income- Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain.
C Share Class Accounting- Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.
D Foreign Currency Transactions- The Fund's accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
E Distributions to Shareholders- Distributions to shareholders are recorded by the Fund on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
F Estimates- The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G Indemnifications- Under the Trust's organizational document, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and provides that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders or former shareholders. Additionally, in the normal course of business, the Fund enters into agreements with service
9
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Notes to Financial Statements - continued
providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H Federal 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.
I 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 |
Annual Fee Rate |
| Up to $500 million | 0.680% |
| $500 million but less than $1 billion | 0.655% |
| $1 billion but less than $2.5 billion | 0.630% |
| $2.5 billion but less than $5 billion | 0.610% |
| $5 billion and over | 0.595% |
For the year ended September 30, 2025, the investment advisory fee amounted to $67,952 or 0.68% of the Fund's average daily net assets.
Pursuant to an investment sub-advisory agreement, CRM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of CRM and an indirect, wholly-owned subsidiary of Morgan Stanley. CRM pays EVAIL a portion of its investment advisory fee for sub-advisory services provided to the Fund.
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 $186 relating to the Fund's investment in the Liquidity Fund.
"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 $186 relating to the Fund's investment in the Liquidity Fund.
CRM and EVAIL have 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 1.14% and 0.89% for Class A and Class I, respectively, of such class's average daily net assets. This expense reimbursement will remain in effect for a five-year period from September 15, 2023. For the year ended September 30, 2025, CRM and EVAIL waived and/or reimbursed expenses in total of $106,944.
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 and Class I and is payable monthly. For the year ended September 30, 2025, CRM was paid administrative fees of $11,991.
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 $812 for Class A shares.
10
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Notes to Financial Statements - continued
The Fund was informed that EVD received less than $100 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 no contingent deferred sales charges paid by Class A 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 $1,154 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, were $4,214,259 and $5,646,741, 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:
| Year Ended September 30, | ||
| 2025 | 2024 | |
| Ordinary income | $171,907 | $137,314 |
| Long-term capital gains | $211,082 | $66,411 |
During the year ended September 30, 2025, distributable earnings was decreased by $92,879 and paid-in capital was increased by $92,879 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 | $32,418 |
| Undistributed long-term capital gains | 900,508 |
| Net unrealized appreciation | 3,087,879 |
| Distributable earnings | $4,020,805 |
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $7,234,890 |
| Gross unrealized appreciation | $3,366,393 |
| Gross unrealized depreciation | (280,448) |
| Net unrealized appreciation | $3,085,945 |
11
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Notes to Financial Statements - continued
5 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
The Fund did not have any securities on loan at September 30, 2025.
6 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 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. Average borrowings and the weighted average interest rate (excluding fees) for the year ended September 30, 2025 were $19,836 and 5.33%, respectively. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.
7 Affiliated Investments
At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $32,458, which represents 0.3% 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, beginning of period |
Purchases |
Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $278,651 | $2,419,227 | $(2,665,420) | $ - | $ - | $32,458 | $5,513 | 32,458 |
8 Capital Shares
The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes.
12
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Notes to Financial Statements - continued
Transactions in capital shares were as follows:
|
Year Ended September 30, 2025 |
Year Ended September 30, 2024 |
||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 21,886 | $370,763 | 16,526 | $276,335 | |
| Reinvestment of distributions | 211 | 3,548 | 46 | 732 | |
| Shares redeemed | (219) | (3,543) | (13,804) | (241,128) | |
| Net increase | 21,878 | $370,768 | 2,768 | $35,939 | |
| Class I | |||||
| Shares sold | 23,404 | $392,510 | 123,089 | $1,903,840 | |
| Reinvestment of distributions | 22,613 | 379,441 | 12,799 | 202,993 | |
| Shares redeemed | (141,476) | (2,444,546) | (34,994) | (585,595) | |
| Net increase (decrease) | (95,459) | $(1,672,595) | 100,894 | $1,521,238 | |
At September 30, 2025, EVM owned 86.2% of the value of the outstanding shares of the Fund.
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
13
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Report of Independent Registered Public Accounting Firm
To the Shareholders of Calvert Global Equity Fund and Board of Trustees of Calvert Management Series:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Global Equity Fund (the "Fund"), one of the funds constituting Calvert Management Series, 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 two years in the period then ended, for the period from December 1, 2022 through September 30, 2023, and for each of the three years in the period ended November 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 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 two years in the period then ended, for the period from December 1, 2022 through September 30, 2023, and for each of the three years in the period ended November 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
Boston, Massachusetts
November 20, 2025
We have served as the auditor of one or more Calvert investment companies since 2021.
14
Table of Contents
Calvert
Global Equity 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, the dividends received deduction for corporations and capital gains dividends.
Qualified Dividend Income.For the fiscal year ended September 30, 2025, the Fund designates approximately $109,822, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction.Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 22.11% qualifies for the corporate dividends received deduction.
Capital Gains Dividends.The Fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2025, $990,202 or, if subsequently determined to be different, the net capital gain of such year.
15
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Special Meeting of Shareholders (Unaudited)
Calvert Management Series 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 Management Series were as follows:
| Number of Shares | ||
| Nominee for Trustee | For | Withheld |
| Karen Fang | 48,470,367 | 1,173,058 |
| Von M. Hughes | 48,252,043 | 1,391,382 |
| Kim M. Keenan | 48,501,573 | 1,141,852 |
| Eddie Ramos | 48,298,927 | 1,344,498 |
| Carlton M. Waterhouse | 48,270,173 | 1,373,252 |
Results are rounded to the nearest whole number.
16
Table of Contents
Calvert
Global Equity 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; |
17
Table of Contents
Calvert
Global Equity 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 Global Equity Fund (the "Fund"), and the investment sub-advisory agreement with Eaton Vance Advisers International Ltd. (the "Sub-Adviser"), an affiliate of CRM, including the fees payable under each 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 and the investment sub-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 and Sub-Adviser under the investment advisory agreement and investment sub-advisory agreement, respectively, the Board reviewed information relating to the Adviser's and Sub-Adviser's operations and personnel, including, among other information, biographical information on the Sub-Adviser's investment personnel and descriptions of the Adviser's organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser and Sub-Adviser as well as the Board's familiarity with the Adviser and Sub-Adviser through Board meetings, discussions and other reports. With respect to the Adviser, the Board considered the Adviser's responsibilities overseeing the Sub-Adviser and the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. With respect to the Sub-Adviser, the Board took into account the resources available to the Sub-Adviser in fulfilling its duties under the investment sub-advisory agreement and the Sub-Adviser's experience in managing the Fund. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's and Sub-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 and the Sub-Adviser under the investment advisory agreement and investment sub-advisory agreement, respectively.
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 its 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 underperformed the median of its peer universe and its benchmark index for the one-year period ended December 31, 2024. The Board took into the Fund's limited operating history. 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 below the respective median of the Fund's expense group. The Board took into account the Adviser's current undertaking
18
Table of Contents
Calvert
Global Equity Fund
September 30, 2025
Board of Trustees' Contract Approval - continued
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 and sub-advisory fees were reasonable in view of the nature, extent and quality of services provided by the Adviser and Sub-Adviser, respectively.
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, including the Sub-Adviser, provided sub-advisory, 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, including the Sub-Adviser, derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Because the Adviser pays the Sub-Adviser's sub-advisory fee out of its advisory fee, the profitability of the Fund to the Sub-Adviser was not a material factor in the Board's deliberations concerning the continuation of the investment sub-advisory agreement. Based upon its review, the Board concluded that the level of profitability of the Adviser and its affiliates, including the Sub-Adviser, 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 specified asset levels. Because the Adviser pays the Sub-Adviser's sub-advisory fee out of its advisory fee, the Board did not consider the potential economies of scale from the Sub-Adviser's management of the Fund to be a material factor in the Board's deliberations concerning the continuation of the investment sub-advisory agreement, although the Board noted that the sub-advisory fee schedule contained breakpoints. 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.
19
Table of Contents
| This Page Intentionally Left Blank |
Table of Contents
CGLAX-NCSR 9.30.25
Calvert
Global Small-Cap Equity Fund
Annual Financial Statements and
Additional Information
September 30, 2025
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 InformationSeptember 30, 2025
Calvert
Global Small-Cap Equity Fund
| Table of Contents | |
| Items 6 and 7 of Form N-CSR: | |
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 4 |
| Statement of Operations | 6 |
| Statements of Changes in Net Assets | 7 |
| Financial Highlights | 8 |
| Notes to Financial Statements | 11 |
| Report of Independent Registered Public Accounting Firm | 17 |
| Federal Tax Information | 18 |
| Item 9 of Form N-CSR: | |
| Special Meeting of Shareholders | 19 |
| Item 11 of Form N-CSR: | |
| Board of Trustees' Contract Approval | 20 |
Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Schedule of Investments
| Common Stocks - 97.7% |
| Security | Shares | Value | |
| Australia - 2.8% | |||
| BlueScope Steel Ltd. | 3,354 | $ 50,380 | |
| CAR Group Ltd. | 8,161 | 198,482 | |
| Data#3 Ltd.(1) | 23,876 | 145,123 | |
| IGO Ltd.(2) | 9,284 | 31,877 | |
| Steadfast Group Ltd. | 42,175 | 165,282 | |
| $ 591,144 | |||
| Belgium - 0.7% | |||
| KBC Ancora | 1,787 | $ 142,029 | |
| $142,029 | |||
| Bermuda - 0.8% | |||
| Hamilton Insurance Group Ltd., Class B(2) | 6,872 | $170,426 | |
| $170,426 | |||
| Canada - 3.0% | |||
| Agnico Eagle Mines Ltd. | 961 | $161,859 | |
| Allied Properties Real Estate Investment Trust | 9,014 | 134,332 | |
| Descartes Systems Group, Inc.(2) | 1,537 | 144,721 | |
| Killam Apartment Real Estate Investment Trust | 8,461 | 109,251 | |
| Lumine Group, Inc.(2)(3) | 2,489 | 73,398 | |
| $623,561 | |||
| France - 0.8% | |||
| IPSOS SA | 3,614 | $161,479 | |
| $161,479 | |||
| Germany - 1.6% | |||
| Jenoptik AG | 6,179 | $125,413 | |
| Pfisterer Holding SE(2) | 1,542 | 130,503 | |
| Schott Pharma AG & Co. KGaA | 3,141 | 78,211 | |
| $334,127 | |||
| Italy - 3.7% | |||
| Amplifon SpA(1) | 9,608 | $156,708 | |
| BFF Bank SpA(2)(4) | 10,017 | 128,694 | |
| Interpump Group SpA | 5,226 | 240,227 | |
| Moncler SpA | 2,032 | 119,590 | |
| Reply SpA | 911 | 130,041 | |
| $775,260 | |||
| Japan - 11.4% | |||
| Allegro MicroSystems, Inc.(2) | 3,096 | $90,403 | |
| As One Corp. | 10,023 | 166,440 | |
| Asahi Intecc Co. Ltd. | 5,673 | 92,188 | |
| BayCurrent, Inc. | 2,309 | 135,693 | |
| Chiba Bank Ltd. | 11,702 | 122,666 | |
| Cosmos Pharmaceutical Corp. | 2,876 | 168,055 | |
| Goldwin, Inc. | 10,185 | 173,266 | |
| Hikari Tsushin, Inc. | 371 | 103,349 | |
| Security | Shares | Value | |
| Japan (continued) | |||
| Hoshino Resorts REIT, Inc. | 121 | $ 220,392 | |
| Japan Exchange Group, Inc. | 9,726 | 108,610 | |
| JMDC, Inc. | 4,416 | 133,865 | |
| Kotobuki Spirits Co. Ltd. | 13,387 | 163,996 | |
| Makita Corp. | 3,198 | 103,652 | |
| Relo Group, Inc. | 17,730 | 213,803 | |
| Riken Keiki Co. Ltd. | 4,866 | 102,546 | |
| Sanwa Holdings Corp. | 4,297 | 122,845 | |
| USS Co. Ltd. | 14,604 | 167,663 | |
| $2,389,432 | |||
| Luxembourg - 0.0%† | |||
| APERAM SA | 273 | $8,911 | |
| $8,911 | |||
| Netherlands - 2.3% | |||
| BE Semiconductor Industries NV | 440 | $65,881 | |
| Euronext NV(4) | 1,186 | 177,558 | |
| IMCD NV | 1,384 | 143,448 | |
| Topicus.com, Inc.(1)(2) | 778 | 83,435 | |
| $470,322 | |||
| Singapore - 0.4% | |||
| Daiwa House Logistics Trust | 181,931 | $81,847 | |
| $81,847 | |||
| Spain - 0.7% | |||
| Inmobiliaria Colonial Socimi SA(1) | 22,939 | $150,084 | |
| $150,084 | |||
| Sweden - 1.0% | |||
| AddTech AB, Class B | 3,083 | $100,291 | |
| Boliden AB(2) | 451 | 18,409 | |
| Thule Group AB(4) | 3,897 | 95,890 | |
| $214,590 | |||
| Switzerland - 0.6% | |||
| Straumann Holding AG | 1,198 | $128,432 | |
| $128,432 | |||
| United Kingdom - 10.9% | |||
| Babcock International Group PLC | 16,761 | $301,538 | |
| Cerillion PLC | 8,253 | 167,664 | |
| Cranswick PLC | 1,746 | 118,030 | |
| Diploma PLC | 3,288 | 235,342 | |
| DiscoverIE Group PLC | 16,700 | 133,372 | |
| Games Workshop Group PLC | 563 | 110,341 | |
| Greggs PLC(1) | 5,059 | 109,495 | |
| Hilton Food Group PLC | 9,005 | 81,033 | |
| JTC PLC(4) | 9,176 | 163,467 | |
| Royalty Pharma PLC, Class A | 5,398 | 190,442 | |
| Savills PLC | 8,969 | 115,323 | |
1
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Schedule of Investments - continued
| Security | Shares | Value | |
| United Kingdom (continued) | |||
| Supermarket Income REIT PLC(1) | 101,059 | $ 106,778 | |
| Volution Group PLC | 18,830 | 160,402 | |
| Wise PLC, Class A(2) | 9,861 | 137,465 | |
| Zegona Communications PLC(2) | 8,696 | 144,093 | |
| $ 2,274,785 | |||
| United States - 57.0% | |||
| A.O. Smith Corp. | 3,836 | $ 281,601 | |
| AAON, Inc.(1) | 1,417 | 132,404 | |
| Addus HomeCare Corp.(2) | 1,602 | 189,020 | |
| Advanced Drainage Systems, Inc. | 1,132 | 157,008 | |
| AptarGroup, Inc. | 2,371 | 316,908 | |
| Aramark | 6,861 | 263,462 | |
| Atmus Filtration Technologies, Inc. | 4,779 | 215,485 | |
| AZZ, Inc. | 1,519 | 165,768 | |
| Badger Meter, Inc. | 1,065 | 190,188 | |
| Balchem Corp. | 1,129 | 169,418 | |
| Bath & Body Works, Inc. | 2,411 | 62,107 | |
| Bright Horizons Family Solutions, Inc.(2) | 1,207 | 131,044 | |
| Burlington Stores, Inc.(2) | 1,126 | 286,567 | |
| Caris Life Sciences, Inc.(2) | 2,223 | 67,246 | |
| CBIZ, Inc.(2) | 5,223 | 276,610 | |
| CCC Intelligent Solutions Holdings, Inc.(2) | 21,766 | 198,288 | |
| CDW Corp. | 808 | 128,698 | |
| Certara, Inc.(2) | 5,029 | 61,454 | |
| Chemed Corp. | 400 | 179,096 | |
| Church & Dwight Co., Inc. | 950 | 83,249 | |
| Cincinnati Financial Corp. | 1,346 | 212,803 | |
| Clearwater Analytics Holdings, Inc., Class A(2) | 1,730 | 31,175 | |
| Commerce Bancshares, Inc. | 6,539 | 390,771 | |
| Core & Main, Inc., Class A(2) | 4,243 | 228,401 | |
| CSW Industrials, Inc. | 1,032 | 250,518 | |
| Diodes, Inc.(2) | 3,006 | 159,949 | |
| Domino's Pizza, Inc. | 348 | 150,235 | |
| Donaldson Co., Inc. | 3,919 | 320,770 | |
| Dorman Products, Inc.(2) | 2,092 | 326,101 | |
| EastGroup Properties, Inc. | 983 | 166,383 | |
| Equity LifeStyle Properties, Inc. | 3,261 | 197,943 | |
| ESCO Technologies, Inc. | 780 | 164,666 | |
| Essential Properties Realty Trust, Inc. | 4,269 | 127,045 | |
| Euronet Worldwide, Inc.(2) | 2,185 | 191,865 | |
| First American Financial Corp. | 2,251 | 144,604 | |
| First Financial Bankshares, Inc. | 7,762 | 261,191 | |
| Franklin Electric Co., Inc. | 2,789 | 265,513 | |
| Graco, Inc. | 2,869 | 243,750 | |
| Group 1 Automotive, Inc. | 141 | 61,689 | |
| Hayward Holdings, Inc.(2) | 5,968 | 90,236 | |
| HeartFlow, Inc.(2) | 1,709 | 57,525 | |
| Hexcel Corp. | 2,684 | 168,287 | |
| IDACORP, Inc. | 788 | 104,134 | |
| John Wiley & Sons, Inc., Class A | 2,056 | 83,206 | |
| Security | Shares | Value | |
| United States (continued) | |||
| Kinsale Capital Group, Inc. | 310 | $ 131,831 | |
| Knife River Corp.(2) | 1,105 | 84,941 | |
| Lamar Advertising Co., Class A | 1,524 | 186,568 | |
| LPL Financial Holdings, Inc. | 345 | 114,778 | |
| Manhattan Associates, Inc.(2) | 447 | 91,626 | |
| Meritage Homes Corp. | 799 | 57,872 | |
| nCino, Inc.(1)(2) | 745 | 20,197 | |
| Neurocrine Biosciences, Inc.(2) | 1,576 | 221,239 | |
| NiSource, Inc. | 2,242 | 97,079 | |
| Nordson Corp. | 712 | 161,588 | |
| Novanta, Inc.(2) | 825 | 82,624 | |
| NVR, Inc.(2) | 17 | 136,589 | |
| ON Semiconductor Corp.(2) | 2,549 | 125,691 | |
| Performance Food Group Co.(2) | 3,118 | 324,397 | |
| Post Holdings, Inc.(2) | 1,174 | 126,182 | |
| Quaker Chemical Corp.(1) | 1,350 | 177,862 | |
| Ryan Specialty Holdings, Inc. | 2,395 | 134,982 | |
| SouthState Bank Corp. | 2,972 | 293,842 | |
| SPS Commerce, Inc.(2) | 1,080 | 112,471 | |
| Steven Madden Ltd.(1) | 5,361 | 179,486 | |
| Teradyne, Inc. | 823 | 113,278 | |
| Tradeweb Markets, Inc., Class A | 1,536 | 170,465 | |
| Tyler Technologies, Inc.(2) | 142 | 74,289 | |
| Universal Display Corp. | 452 | 64,921 | |
| Valvoline, Inc.(2) | 7,283 | 261,533 | |
| White Mountains Insurance Group Ltd. | 129 | 215,626 | |
| Wyndham Hotels & Resorts, Inc. | 2,935 | 234,507 | |
| $11,950,845 | |||
|
Total Common Stocks (identified cost $16,939,750) |
$20,467,274 | ||
| Short-Term Investments - 2.6% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%(5) | 545,604 | $ 545,604 | |
|
Total Short-Term Investments (identified cost $545,604) |
$ 545,604 | ||
|
Total Investments - 100.3% (identified cost $17,485,354) |
$21,012,878 | |
| Other Assets, Less Liabilities - (0.3)% | $ (54,778) | |
| Net Assets - 100.0% | $20,958,100 |
2
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Schedule of Investments - continued
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| (1) | 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 $1,131,264. |
| (2) | Non-income producing security. |
| (3) | 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 $73,398 or 0.4% of the Fund's net assets. |
| (4) | 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 $565,609 or 2.7% of the Fund's net assets. |
| (5) | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of September 30, 2025. |
At September 30, 2025, the concentration of the Fund's investments in the various sectors, determined as a percentage of net assets, was as follows:
| Economic Sectors | % of Net Assets |
| Industrials | 24.0% |
| Financials | 17.1 |
| Consumer Discretionary | 14.0 |
| Information Technology | 12.0 |
| Real Estate | 8.6 |
| Health Care | 8.2 |
| Consumer Staples | 5.1 |
| Materials | 4.9 |
| Communication Services | 2.8 |
| Utilities | 1.0 |
| Total | 97.7% |
3
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Statement of Assets and Liabilities
| September 30, 2025 | |
| Assets | |
|
Investments in securities of unaffiliated issuers, at value (identified cost $16,939,750) - including $1,131,264 of securities on loan |
$20,467,274 |
| Investments in securities of affiliated issuers, at value (identified cost $545,604) | 545,604 |
| Cash denominated in foreign currency, at value (cost $3,368) | 3,384 |
| Receivable for investments sold | 136,368 |
| Receivable for capital shares sold | 2,430 |
| Dividends receivable | 27,123 |
| Dividends receivable - affiliated | 1,402 |
| Securities lending income receivable | 191 |
| Tax reclaims receivable | 14,974 |
| Receivable from affiliates | 15,537 |
| Trustees' deferred compensation plan | 90 |
| Total assets | $21,214,377 |
| Liabilities | |
| Payable for investments purchased | $167,964 |
| Payable for capital shares redeemed | 74 |
| Payable to affiliates: | |
| Investment advisory fee | 13,057 |
| Administrative fee | 2,097 |
| Distribution and service fees | 3,422 |
| Sub-transfer agency fee | 1,185 |
| Trustees' deferred compensation plan | 90 |
| Payable for professional fees | 49,693 |
| Accrued expenses | 18,695 |
| Total liabilities | $256,277 |
| Net Assets | $20,958,100 |
| Sources of Net Assets | |
| Paid-in capital | $15,454,146 |
| Distributable earnings | 5,503,954 |
| Net Assets | $20,958,100 |
| Class A Shares | |
| Net Assets | $13,983,701 |
| Shares Outstanding | 967,900 |
|
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$14.45 |
|
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$15.25 |
| Class C Shares | |
| Net Assets | $600,512 |
| Shares Outstanding | 63,206 |
|
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$9.50 |
4
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Statement of Assets and Liabilities - continued
| September 30, 2025 | |
| Class I Shares | |
| Net Assets | $6,373,887 |
| Shares Outstanding | 420,014 |
|
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$15.18 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
5
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Statement of Operations
| Year Ended | |
| September 30, 2025 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $16,566) | $312,774 |
| Dividend income - affiliated issuers | 8,202 |
| Securities lending income, net | 1,807 |
| Total investment income | $322,783 |
| Expenses | |
| Investment advisory fee | $167,750 |
| Administrative fee | 26,840 |
| Distribution and service fees: | |
| Class A | 36,561 |
| Class C | 8,076 |
| Trustees' fees and expenses | 1,237 |
| Custodian fees | 15,863 |
| Transfer agency fees and expenses | 30,516 |
| Accounting fees | 8,513 |
| Professional fees | 56,031 |
| Registration fees | 46,544 |
| Reports to shareholders | 16,875 |
| Miscellaneous | 10,337 |
| Total expenses | $425,143 |
| Waiver and/or reimbursement of expenses by affiliates | $(142,795) |
| Net expenses | $282,348 |
| Net investment income | $40,435 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $2,537,339 |
| Foreign currency transactions | 2,901 |
| Net realized gain | $2,540,240 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $(2,939,465) |
| Foreign currency | 426 |
| Net change in unrealized appreciation (depreciation) | $(2,939,039) |
| Net realized and unrealized loss | $(398,799) |
| Net decrease in net assets from operations | $(358,364) |
6
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Statements of Changes in Net Assets
| Year Ended September 30, | ||
| 2025 | 2024 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $40,435 | $56,512 |
| Net realized gain | 2,540,240 | 1,189,458 |
| Net change in unrealized appreciation (depreciation) | (2,939,039) | 3,978,098 |
| Net increase (decrease) in net assets from operations | $(358,364) | $5,224,068 |
| Distributions to shareholders: | ||
| Class A | $(784,938) | $(109,945) |
| Class C | (63,274) | (2,800) |
| Class I | (437,509) | (81,172) |
| Total distributions to shareholders | $(1,285,721) | $(193,917) |
| Capital share transactions: | ||
| Class A | $(1,320,247) | $(2,717,222) |
| Class C | (273,825) | (45,521) |
| Class I | (1,769,522) | (366,670) |
| Net decrease in net assets from capital share transactions | $(3,363,594) | $(3,129,413) |
| Net increase (decrease) in net assets | $(5,007,679) | $1,900,738 |
| Net Assets | ||
| At beginning of year | $25,965,779 | $24,065,041 |
| At end of year | $20,958,100 | $25,965,779 |
7
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Financial Highlights
| Class A | ||||||
| Year Ended September 30, |
Eleven Months Ended September 30, 2023 |
Year Ended October 31, | ||||
| 2025 | 2024 | 2022 | 2021 | 2020 | ||
| Net asset value - Beginning of period | $15.39 | $12.63 | $12.55 | $18.82 | $13.99 | $14.05 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $0.02 | $0.02 | $0.06 | $0.01 | $(0.01) | $0.00(2) |
| Net realized and unrealized gain (loss) | (0.18) | 2.83 | 0.52 | (3.70) | 5.00 | 0.44 |
| Total income (loss) from operations | $(0.16) | $2.85 | $0.58 | $(3.69) | $4.99 | $0.44 |
| Less Distributions | ||||||
| From net investment income | $(0.15) | $(0.09) | $(0.02) | $(0.03) | $(0.01) | $(0.07) |
| From net realized gain | (0.63) | - | (0.48) | (2.55) | (0.15) | (0.43) |
| Total distributions | $(0.78) | $(0.09) | $(0.50) | $(2.58) | $(0.16) | $(0.50) |
| Net asset value - End of period | $14.45 | $15.39 | $12.63 | $12.55 | $18.82 | $13.99 |
| Total Return(3) | (0.91)% | 22.64% | 4.69%(4) | (22.54)% | 35.88% | 2.98% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000's omitted) | $13,984 | $16,290 | $15,816 | $17,980 | $28,269 | $21,164 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.95% | 2.07% | 1.89%(6) | 1.83% | 1.65% | 1.83% |
| Net expenses | 1.31%(7) | 1.31%(7) | 1.35%(6)(7) | 1.35%(7) | 1.35% | 1.35% |
| Net investment income (loss) | 0.14% | 0.16% | 0.51%(6) | 0.05% | (0.04)% | 0.00%(8) |
| Portfolio Turnover | 51% | 46% | 47%(4) | 45% | 58% | 51% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $0.005. |
| (3) | 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. |
| (4) | Not annualized. |
| (5) | 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. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025 and 2024, the eleven months ended September 30, 2023 and the year ended October 31, 2022). |
| (8) | Amount is less than 0.005%. |
| Financial information from November 1, 2019 through the close of business on September 15, 2023 is for the Eaton Vance Global Small-Cap Equity Fund, which was reorganized into the Calvert Global Small-Cap Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Global Small-Cap Equity Fund had a fiscal year-end of October 31. See Note 1 to Financial Statements. | |
8
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Financial Highlights - continued
| Class C | ||||||
| Year Ended September 30, |
Eleven Months Ended September 30, 2023 |
Year Ended October 31, | ||||
| 2025 | 2024 | 2022 | 2021 | 2020 | ||
| Net asset value - Beginning of period | $10.41 | $8.58 | $8.72 | $13.87 | $10.42 | $10.59 |
| Income (Loss) From Operations | ||||||
| Net investment loss(1) | $(0.06) | $(0.06) | $(0.02) | $(0.07) | $(0.10) | $(0.08) |
| Net realized and unrealized gain (loss) | (0.13) | 1.92 | 0.36 | (2.60) | 3.71 | 0.34 |
| Total income (loss) from operations | $(0.19) | $1.86 | $0.34 | $(2.67) | $3.61 | $0.26 |
| Less Distributions | ||||||
| From net investment income | $(0.09) | $(0.03) | $ - | $ - | $ - | $ - |
| From net realized gain | (0.63) | - | (0.48) | (2.48) | (0.16) | (0.43) |
| Total distributions | $(0.72) | $(0.03) | $(0.48) | $(2.48) | $(0.16) | $(0.43) |
| Net asset value - End of period | $9.50 | $10.41 | $8.58 | $8.72 | $13.87 | $10.42 |
| Total Return(2) | (1.66)% | 21.70% | 3.98%(3) | (23.12)% | 34.86% | 2.25% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000's omitted) | $601 | $955 | $827 | $1,081 | $1,995 | $2,202 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 2.70% | 2.82% | 2.64%(5) | 2.58% | 2.40% | 2.58% |
| Net expenses | 2.06%(6) | 2.06%(6) | 2.10%(5)(6) | 2.10%(6) | 2.10% | 2.10% |
| Net investment loss | (0.63)% | (0.59)% | (0.24)%(5) | (0.70)% | (0.79)% | (0.75)% |
| Portfolio Turnover | 51% | 46% | 47%(3) | 45% | 58% | 51% |
| (1) | Computed using average shares outstanding. |
| (2) | 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. |
| (3) | Not annualized. |
| (4) | 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. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025 and 2024, the eleven months ended September 30, 2023 and the year ended October 31, 2022). |
| Financial information from November 1, 2019 through the close of business on September 15, 2023 is for the Eaton Vance Global Small-Cap Equity Fund, which was reorganized into the Calvert Global Small-Cap Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Global Small-Cap Equity Fund had a fiscal year-end of October 31. See Note 1 to Financial Statements. | |
9
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Financial Highlights - continued
| Class I | ||||||
| Year Ended September 30, |
Eleven Months Ended September 30, 2023 |
Year Ended October 31, | ||||
| 2025 | 2024 | 2022 | 2021 | 2020 | ||
| Net asset value - Beginning of period | $16.13 | $13.23 | $13.13 | $19.57 | $14.53 | $14.58 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.06 | $0.06 | $0.10 | $0.04 | $0.04 | $0.03 |
| Net realized and unrealized gain (loss) | (0.19) | 2.97 | 0.54 | (3.86) | 5.20 | 0.45 |
| Total income (loss) from operations | $(0.13) | $3.03 | $0.64 | $(3.82) | $5.24 | $0.48 |
| Less Distributions | ||||||
| From net investment income | $(0.19) | $(0.13) | $(0.06) | $(0.08) | $(0.04) | $(0.11) |
| From net realized gain | (0.63) | - | (0.48) | (2.54) | (0.16) | (0.42) |
| Total distributions | $(0.82) | $(0.13) | $(0.54) | $(2.62) | $(0.20) | $(0.53) |
| Net asset value - End of period | $15.18 | $16.13 | $13.23 | $13.13 | $19.57 | $14.53 |
| Total Return(2) | (0.66)% | 22.97% | 4.94%(3) | (22.34)% | 36.28% | 3.18% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000's omitted) | $6,374 | $8,721 | $7,423 | $5,800 | $11,906 | $8,354 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 1.70% | 1.82% | 1.64%(5) | 1.58% | 1.40% | 1.58% |
| Net expenses | 1.06%(6) | 1.06%(6) | 1.09%(5)(6) | 1.10%(6) | 1.10% | 1.10% |
| Net investment income | 0.37% | 0.42% | 0.76%(5) | 0.27% | 0.21% | 0.24% |
| Portfolio Turnover | 51% | 46% | 47%(3) | 45% | 58% | 51% |
| (1) | Computed using average shares outstanding. |
| (2) | 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. |
| (3) | Not annualized. |
| (4) | 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. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025 and 2024, the eleven months ended September 30, 2023 and the year ended October 31, 2022). |
| Financial information from November 1, 2019 through the close of business on September 15, 2023 is for the Eaton Vance Global Small-Cap Equity Fund, which was reorganized into the Calvert Global Small-Cap Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Global Small-Cap Equity Fund had a fiscal year-end of October 31. See Note 1 to Financial Statements. | |
10
See Notes to Financial Statements.
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Notes to Financial Statements
1 Significant Accounting Policies
Calvert Global Small-Cap Equity Fund (the Fund) is a diversified series of Calvert Management Series (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek long-term total return. The Fund is the accounting successor to the Eaton Vance Global Small-Cap Equity Fund (the "Predecessor Fund") pursuant to a reorganization (the "Reorganization") that took place at the close of business on September 15, 2023. The Fund also inherited the Predecessor Fund's historical performance. The Predecessor Fund was managed using investment policies, objectives, guidelines and restrictions that were substantially similar to those of the Fund. The Fund had no investment operations prior to the Reorganization. Financial information included for periods prior to the Reorganization is that of the Predecessor Fund.
The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 1.00% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class C shares are sold without a front-end sales charge, and with certain exceptions, are charged a contingent deferred sales charge of 1.00% on shares redeemed within 12 months of purchase. Class C shares are only available for purchase through a financial intermediary. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies(ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation- Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith by the
Board's valuation designee.
Board's valuation designee.
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity Securities.Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.
Other Securities.Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.
Fair Valuation.In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
11
Table of Contents
Calvert
Global Small-Cap Equity 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 | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Australia | $ - | $591,144 | $ - | $591,144 |
| Belgium | - | 142,029 | - | 142,029 |
| Bermuda | 170,426 | - | - | 170,426 |
| Canada | 623,561 | - | - | 623,561 |
| France | - | 161,479 | - | 161,479 |
| Germany | - | 334,127 | - | 334,127 |
| Italy | - | 775,260 | - | 775,260 |
| Japan | 90,403 | 2,299,029 | - | 2,389,432 |
| Luxembourg | - | 8,911 | - | 8,911 |
| Netherlands | 83,435 | 386,887 | - | 470,322 |
| Singapore | - | 81,847 | - | 81,847 |
| Spain | - | 150,084 | - | 150,084 |
| Sweden | - | 214,590 | - | 214,590 |
| Switzerland | - | 128,432 | - | 128,432 |
| United Kingdom | 190,442 | 2,084,343 | - | 2,274,785 |
| United States | 11,950,845 | - | - | 11,950,845 |
| Total Common Stocks | $13,109,112 | $7,358,162(1) | $ - | $20,467,274 |
| Short-Term Investments | $545,604 | $ - | $ - | $545,604 |
| Total Investments | $13,654,716 | $7,358,162 | $ - | $21,012,878 |
| (1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
B Investment Transactions and Income- Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain.
C Share Class Accounting- Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.
D Foreign Currency Transactions- The Fund's accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
E Distributions to Shareholders- Distributions to shareholders are recorded by the Fund on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
12
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Notes to Financial Statements - continued
F Estimates- The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G Indemnifications- Under the Trust's organizational document, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and provides that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders or former shareholders. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
H Federal 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.
I 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 |
Annual Fee Rate |
| Up to $500 million | 0.750% |
| $500 million but less than $1 billion | 0.725% |
| $1 billion but less than $2.5 billion | 0.700% |
| $2.5 billion but less than $5 billion | 0.680% |
| $5 billion and over | 0.665% |
For the year ended September 30, 2025, the investment advisory fee amounted to $167,750 or 0.75% of the Fund's average daily net assets.
Pursuant to an investment sub-advisory agreement, CRM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of CRM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVAIL uses the portfolio management, research and other resources of its affiliate, MSIM Fund Management (Ireland) Limited (MSIM FMIL) to render investment advisory services to the Fund. MSIM FMIL has entered into a Memorandum of Understanding with EVAIL pursuant to which MSIM FMIL is considered a participating affiliate of the sub-adviser as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management or research resources of unregistered advisory affiliates subject to the supervision of a U.S. registered adviser. CRM pays EVAIL a portion of its investment advisory fee for sub-advisory services provided to the Fund.
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 $273 relating to the Fund's investment in the Liquidity Fund.
13
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Notes to Financial Statements - continued
CRM and EVAIL have 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 1.31%, 2.06% and 1.06% for Class A, Class C and Class I respectively, of such class's average daily net assets. This expense reimbursement will remain in effect for a five-year period from September 15, 2023. For the year ended September 30, 2025, CRM and EVAIL waived and/or reimbursed expenses in total of $142,522.
The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund's average daily net assets attributable to Class A, Class C and Class I and is payable monthly. For the year ended September 30, 2025, CRM was paid administrative fees of $26,840.
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 $36,561 and $8,076 for Class A shares and Class C shares, respectively.
The Fund was informed that EVD received $420 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 of contingent deferred sales charges (CDSC) paid by Class C shareholders and no CDSC paid by Class A 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 $4,357 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, were $11,310,427 and $16,251,215, 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:
| Year Ended September 30, | ||
| 2025 | 2024 | |
| Ordinary income | $255,787 | $193,917 |
| Long-term capital gains | $1,029,934 | $ - |
During the year ended September 30, 2025, distributable earnings was decreased by $144,376 and paid-in capital was increased by $144,376 due to the Fund's use of equalization accounting and differences between book and tax 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.
14
Table of Contents
Calvert
Global Small-Cap Equity 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:
| Undistributed ordinary income | $227,649 |
| Undistributed long-term capital gains | 2,034,414 |
| Net unrealized appreciation | 3,241,891 |
| Distributable earnings | $5,503,954 |
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $17,771,898 |
| Gross unrealized appreciation | $4,197,080 |
| Gross unrealized depreciation | (956,100) |
| Net unrealized appreciation | $3,240,980 |
5 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
At September 30, 2025, the total value of securities on loan was $1,131,264 and the total value of collateral received was $1,179,965, comprised of U.S. government and/or agencies securities.
6 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 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.
15
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Notes to Financial Statements - continued
7 Affiliated Investments
At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $545,604, which represents 2.6% 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, beginning of period |
Purchases |
Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $300,524 | $5,670,604 | $(5,425,524) | $ - | $ - | $545,604 | $8,202 | 545,604 |
8 Capital Shares
The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes.
Transactions in capital shares, including direct exchanges pursuant to share class conversions, were as follows:
|
Year Ended September 30, 2025 |
Year Ended September 30, 2024 |
||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 43,812 | $626,440 | 41,358 | $580,254 | |
| Reinvestment of distributions | 51,292 | 715,519 | 7,209 | 101,437 | |
| Shares redeemed | (185,472) | (2,662,206) | (242,388) | (3,398,913) | |
| Net decrease | (90,368) | $(1,320,247) | (193,821) | $(2,717,222) | |
| Class C | |||||
| Shares sold | 1,045 | $9,806 | 6,574 | $61,299 | |
| Reinvestment of distributions | 6,786 | 62,636 | 293 | 2,800 | |
| Shares redeemed | (36,344) | (346,267) | (11,463) | (109,620) | |
| Net decrease | (28,513) | $(273,825) | (4,596) | $(45,521) | |
| Class I | |||||
| Shares sold | 56,464 | $847,008 | 185,279 | $2,647,685 | |
| Reinvestment of distributions | 29,699 | 434,206 | 5,438 | 79,990 | |
| Shares redeemed | (206,786) | (3,050,736) | (211,085) | (3,094,345) | |
| Net decrease | (120,623) | $(1,769,522) | (20,368) | $(366,670) | |
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
16
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Report of Independent Registered Public Accounting Firm
To the Shareholders of Calvert Global Small-Cap Equity Fund and Board of Trustees of Calvert Management Series:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Global Small-Cap Equity Fund (the "Fund"), one of the funds constituting Calvert Management Series, 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 two years in the period then ended, for the period from November 1, 2022 through September 30, 2023, and for each of the three years in the period ended October 31, 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 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 two years in the period then ended, for the period from November 1, 2022 through September 30, 2023, and for each of the three years in the period ended October 31, 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
Boston, Massachusetts
November 20, 2025
We have served as the auditor of one or more Calvert investment companies since 2021.
17
Table of Contents
Calvert
Global Small-Cap Equity 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, the dividends received deduction for corporations and capital gains dividends.
Qualified Dividend Income.For the fiscal year ended September 30, 2025, the Fund designates approximately $262,154, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction.Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 41.03% qualifies for the corporate dividends received deduction.
Capital Gains Dividends.The Fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2025, $2,316,107 or, if subsequently determined to be different, the net capital gain of such year.
18
Table of Contents
Calvert
Global Small-Cap Equity Fund
September 30, 2025
Special Meeting of Shareholders (Unaudited)
Calvert Management Series 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 Management Series were as follows:
| Number of Shares | ||
| Nominee for Trustee | For | Withheld |
| Karen Fang | 48,470,367 | 1,173,058 |
| Von M. Hughes | 48,252,043 | 1,391,382 |
| Kim M. Keenan | 48,501,573 | 1,141,852 |
| Eddie Ramos | 48,298,927 | 1,344,498 |
| Carlton M. Waterhouse | 48,270,173 | 1,373,252 |
Results are rounded to the nearest whole number.
19
Table of Contents
Calvert
Global Small-Cap Equity 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 trustees, including by a vote of a majority of the trustees 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; |
20
Table of Contents
Calvert
Global Small-Cap Equity 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 Global Small-Cap Equity Fund (the "Fund"), and the investment sub-advisory agreement with Eaton Vance Advisers International Ltd. (the "Sub-Adviser"), an affiliate of CRM, including the fees payable under each 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 and the investment sub-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 and Sub-Adviser under the investment advisory agreement and investment sub-advisory agreement, respectively, the Board reviewed information relating to the Adviser's and Sub-Adviser's operations and personnel, including, among other information, biographical information on the Sub-Adviser's investment personnel and descriptions of the Adviser's organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser and Sub-Adviser as well as the Board's familiarity with the Adviser and Sub-Adviser through Board meetings, discussions and other reports. With respect to the Adviser, the Board considered the Adviser's responsibilities overseeing the Sub-Adviser and the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. With respect to the Sub-Adviser, the Board took into account the resources available to the Sub-Adviser in fulfilling its duties under the investment sub-advisory agreement and the Sub-Adviser's experience in managing the Fund. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's and Sub-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 and the Sub-Adviser under the investment advisory agreement and investment sub-advisory agreement, respectively.
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 for the one-year period ended December 31, 2024. This data also indicated that the Fund had underperformed its benchmark index for the one-year period ended December 31, 2024. The Board took into account the Fund's limited operating history, noting that the Fund was created in connection with the September 15, 2023 reorganization of Eaton Vance Global Small-Cap Fund (the "Predecessor Fund"), with and into the Fund. The Board considered that while the Fund is the accounting successor of the Predecessor Fund, the Predecessor Fund did not follow the Calvert Principles for Responsible Investment and, accordingly, the past performance of the Predecessor Fund may not be indicative of how the Fund may have performed. 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.
21
Table of Contents
Calvert
Global Small-Cap Equity 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 (referred to collectively as "management fees") and the Fund's total expenses 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 and sub-advisory fees were reasonable in view of the nature, extent and quality of services provided by the Adviser and Sub-Adviser, respectively.
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, including the Sub-Adviser, provided sub-advisory, 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, including the Sub-Adviser, derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Because the Adviser pays the Sub-Adviser's sub-advisory fee out of its advisory fee, the profitability of the Fund to the Sub-Adviser was not a material factor in the Board's deliberations concerning the continuation of the investment sub-advisory agreement. Based upon its review, the Board concluded that the level of profitability of the Adviser and its affiliates, including the Sub-Adviser, 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 specified asset levels. Because the Adviser pays the Sub-Adviser's sub-advisory fee out of its advisory fee, the Board did not consider the potential economies of scale from the Sub-Adviser's management of the Fund to be a material factor in the Board's deliberations concerning the continuation of the investment sub-advisory agreement, although the Board noted that the sub-advisory fee schedule contained breakpoints. 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.
22
Table of Contents
CSMAX-NCSR 9.30.25
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement 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-EndManagement Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
| (a)(1) | Registrant's Code of Ethics - Not applicable (please see Item 2). | |
| (a)(2)(i) | Principal Financial Officer's Section 302 certification. | |
| (a)(2)(ii) | Principal Executive Officer's Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
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.
| Calvert Management Series | ||
| By: | /s/ Von M. Hughes | |
| Von M. Hughes | ||
| Principal Executive Officer | ||
Date: November 24, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Principal Financial Officer |
Date: November 24, 2025
| By: | /s/ Von M. Hughes | |
| Von M. Hughes | ||
| Principal Executive Officer |
Date: November 24, 2025
Calvert Management Series published this content on November 26, 2025, and is solely responsible for the information contained herein. Distributed via EDGAR on November 26, 2025 at 19:30 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]