Calvert

Global Energy Solutions Fund

December 31, 2019

Schedule of Investments (Unaudited)

Common Stocks — 99.1%

Security	Shares		Value
Austria — 1.5%
ANDRITZ AG		18,501	$	795,362
Verbund AG		10,850		544,667
			$	1,340,029
Belgium — 1.0%
Umicore SA		19,277	$	939,445
Brazil — 1.1%
Omega Geracao SA(1)		50,300	$	456,397
Sao Martinho SA		97,552		575,219
			$	1,031,616
Canada — 3.8%
Boralex, Inc., Class A(2)		27,601	$	519,904
Brookfield Renewable Partners LP		13,637		635,893
Canadian Solar, Inc.(1)(2)		28,570		631,397
Innergex Renewable Energy, Inc.(2)		41,058		533,085
Northland Power, Inc.(2)		28,003		586,563
TransAlta Renewables, Inc.(2)		45,180		539,982
			$	3,446,824
China — 7.6%
BYD Co., Ltd., Class H(2)		98,500	$	491,251
China Everbright International, Ltd.		747,037		599,048
China High Speed Transmission Equipment Group Co., Ltd.(2)		853,000		603,732
China Longyuan Power Group Corp., Ltd., Class H		968,000		612,155
Daqo New Energy Corp. ADR(1)(2)		14,029		718,285
Dongfang Electric Corp., Ltd., Class H		880,400		531,127
Huaneng Renewables Corp., Ltd., Class H		1,413,955		549,829
JinkoSolar Holding Co., Ltd. ADR(1)		31,678		712,438
Tianneng Power International, Ltd.		838,000		638,182
Xinjiang Goldwind Science & Technology Co., Ltd., Class H		548,700		637,619
Xinyi Solar Holdings, Ltd.		1,136,000		807,149
			$	6,900,815
Denmark — 2.6%
Novozymes A/S, Class B		11,405	$	558,241
Orsted A/S(3)		5,106		528,230
Rockwool International A/S, Class B		2,073		491,566
Vestas Wind Systems A/S		7,334		740,781
			$	2,318,818
Finland — 1.1%
Metsa Board Oyj		75,820	$	510,043
Neste Oyj		14,719		512,236
			$	1,022,279

1

Security	Shares		Value
France — 4.4%
Albioma SA		18,934	$	553,006
Cie de Saint-Gobain		13,636		558,610
Danone SA		5,749		477,431
Legrand SA		7,554		616,888
Nexans SA		12,561		614,658
Schneider Electric SE		6,535		671,404
Valeo SA		13,668		484,438
			$	3,976,435
Germany — 9.2%
Aumann AG(3)		29,708	$	511,718
Bayerische Motoren Werke AG		6,351		520,183
Daimler AG		9,050		500,323
Deutsche Post AG		13,309		506,063
Encavis AG		51,394		539,406
Evonik Industries AG		17,149		523,770
HeidelbergCement AG		6,529		474,429
Infineon Technologies AG		43,553		984,052
Nordex SE(1)		45,229		605,665
OSRAM Licht AG(1)		11,829		538,041
Siemens AG		5,180		676,464
SMA Solar Technology AG(1)		15,696		605,855
Varta AG(1)		5,404		732,603
VERBIO Vereinigte BioEnergie AG		42,383		555,309
			$	8,273,881
Hong Kong — 0.6%
Cathay Pacific Airways, Ltd.(2)		364,000	$	538,129
Ireland — 1.2%
CRH PLC		13,137	$	526,911
Kingspan Group PLC		9,677		592,548
			$	1,119,459
Italy — 2.0%
Enel SpA		104,257	$	828,199
ERG SpA		22,816		492,028
Falck Renewables SpA		84,984		454,166
			$	1,774,393
Japan — 6.5%
Daikin Industries, Ltd.		4,200	$	592,577
Ferrotec Holdings Corp.		61,500		519,761
GS Yuasa Corp.		32,200		694,049
Hitachi Metals, Ltd.		35,500		522,550
Meidensha Corp.		30,000		661,491
Mitsubishi Electric Corp.		43,200		588,197
Nidec Corp.		3,300		450,726
Nippon Express Co., Ltd.		7,900		463,090
Nissan Motor Co., Ltd.		77,500		449,092
Sumitomo Chemical Co., Ltd.		105,700		479,938
Yokogawa Electric Corp.		27,000		474,149
			$	5,895,620
Netherlands — 0.5%
Signify NV(3)		15,600	$	488,261

2

Security	Shares		Value
New Zealand — 1.4%
Mercury NZ, Ltd.		173,501	$	590,194
Meridian Energy, Ltd.		189,760		639,207
			$	1,229,401
Norway — 1.2%
Norsk Hydro ASA		138,242	$	514,068
Scatec Solar ASA(3)		41,068		583,013
			$	1,097,081
Portugal — 2.0%
Altri SGPS SA		76,314	$	487,134
EDP Renovaveis SA		48,851		576,818
EDP-Energias de Portugal SA		165,079		716,343
			$	1,780,295
Singapore — 0.6%
City Developments, Ltd.		64,500	$	524,955
South Korea — 2.6%
LG Chem, Ltd.		1,920	$	526,184
LG Display Co., Ltd.(1)		37,152		519,761
Samsung SDI Co., Ltd.		4,238		863,337
Seoul Semiconductor Co., Ltd.		31,730		444,630
			$	2,353,912
Spain — 3.6%
Acciona SA(2)		5,120	$	539,836
Atlantica Yield PLC		20,183		532,630
Ence Energia y Celulosa SA(2)		119,180		492,091
Iberdrola SA		49,499		510,115
Red Electrica Corp. SA		25,058		504,913
Siemens Gamesa Renewable Energy SA		35,769		629,916
			$	3,209,501
Sweden — 0.6%
Nibe Industrier AB, Class B		33,085	$	574,004
Switzerland — 3.1%
ABB, Ltd.		28,655	$	691,249
Clariant AG		24,161		539,959
Gurit Holding AG		385		594,912
Landis+Gyr Group AG		4,524		470,254
Meyer Burger Technology AG(1)(2)		1,198,915		465,136
			$	2,761,510
Taiwan — 5.7%
Chroma ATE, Inc.		106,000	$	515,527
Delta Electronics, Inc.		177,000		895,686
Epistar Corp.		605,000		651,859
Everlight Electronics Co., Ltd.		520,000		603,074
Kung Long Batteries Industrial Co., Ltd.		108,000		536,985
OptoTech Corp.		620,200		532,765
Simplo Technology Co., Ltd.		67,000		678,339
Sino-American Silicon Products, Inc.		233,000		773,894
			$	5,188,129

3

Security	Shares		Value
Thailand — 1.5%
BCPG PCL		731,200	$	394,824
CK Power PCL		2,400,500		396,646
Energy Absolute PCL, NVDR		390,100		568,245
			$	1,359,715
United Kingdom — 4.0%
Croda International PLC		7,784	$	528,757
easyJet PLC		28,766		541,861
John Laing Group PLC(3)		100,791		508,843
Johnson Matthey PLC		13,221		525,685
SIG PLC		239,799		391,008
Smart Metering Systems PLC(2)		70,243		523,642
United Utilities Group PLC		45,862		573,912
			$	3,593,708
United States — 29.7%
3M Co.		2,945	$	519,557
AAON, Inc.		8,732		431,448
Acuity Brands, Inc.		3,749		517,362
Advanced Emissions Solutions, Inc.(2)		47,717		501,029
Alphabet, Inc., Class A(1)		383		512,986
Ameresco, Inc., Class A(1)		20,565		359,888
American Superconductor Corp.(1)(2)		58,600		460,010
Aptiv PLC		6,169		585,870
BorgWarner, Inc.		12,316		534,268
Clearway Energy, Inc., Class C		27,229		543,219
Covanta Holding Corp.		34,412		510,674
Cree, Inc.(1)		11,063		510,557
Delphi Technologies PLC		32,695		419,477
Eaton Corp. PLC		6,653		630,172
Emerson Electric Co.		8,666		660,869
EnerSys		10,354		774,790
Enviva Partners LP		13,352		498,163
First Solar, Inc.(1)(2)		13,632		762,847
General Mills, Inc.		9,370		501,857
Gibraltar Industries, Inc.(1)		8,362		421,779
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(2)		16,698		537,342
Ingersoll-Rand PLC		4,680		622,066
International Business Machines Corp.		3,523		472,223
Itron, Inc.(1)		5,842		490,436
Johnson Controls International PLC		14,179		577,227
Livent Corp.(1)(2)		82,266		703,374
Microsoft Corp.		3,317		523,091
NextEra Energy Partners LP		10,950		576,517
NextEra Energy, Inc.		2,121		513,621
ON Semiconductor Corp.(1)		24,582		599,309
Ormat Technologies, Inc.		7,640		569,333
Owens Corning		7,771		506,048
Pattern Energy Group, Inc., Class A		20,346		544,357
Plug Power, Inc.(1)(2)		126,149		398,631
Power Integrations, Inc.		7,788		770,311
Renewable Energy Group, Inc.(1)(2)		26,912		725,278
Rockwell Automation, Inc.		3,051		618,346

4

Security	Shares		Value
Sensata Technologies Holding PLC(1)		10,266	$	553,029
SolarEdge Technologies, Inc.(1)		9,214		876,159
SunPower Corp.(1)(2)		58,150		453,570
Sunrun, Inc.(1)(2)		36,858		509,009
Tenneco, Inc., Class A		30,784		403,270
TerraForm Power, Inc., Class A		36,598		563,243
Tesla, Inc.(1)		1,887		789,389
Universal Display Corp.		4,251		876,004
Vivint Solar, Inc.(1)(2)		54,779		397,696
Waste Management, Inc.		4,509		513,846
Whirlpool Corp.(2)		3,364		496,291
			$	26,835,838
Total Common Stocks (identified cost $76,215,194)			$	89,574,053
High Social Impact Investments — 0.4%
Security	Principal Amount (000’s omitted)		Value
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(4)(5)	$	264	$	258,766
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20(4)(6)		53		52,869
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20(4)(6)		68		66,974
Total High Social Impact Investments (identified cost $384,568)			$	378,609
Short-Term Investments — 4.1%
Securities Lending Collateral — 4.1%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56%(7)		3,675,189	$	3,675,189
Total Securities Lending Collateral (identified cost $3,675,189)			$	3,675,189
Total Short-Term Investments (identified cost $3,675,189)			$	3,675,189
Total Investments (identified cost $80,274,951) — 103.6%			$	93,627,851
Other Assets, Less Liabilities — (3.6%)			$	(3,257,799	)
Net Assets — 100.0%			$	90,370,052

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

5

Notes to Schedule of Investments

(1) Non-income producing security.

(2) All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $10,622,479 and the total market value of the collateral received by the Fund was $11,116,580, comprised of cash of $3,675,189 and U.S. government and/or agency securities of $7,441,391.

(3) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $2,620,065, which represents 2.9% of the net assets of the Fund as of December 31, 2019.

(4) Restricted security. Total market value of restricted securities amounts to $378,609, which represents 0.4% of the net assets of the Fund as of December 31, 2019.

(5) Affiliated company.

(6) Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at December 31, 2019.

(7) Represents investment of cash collateral received in connection with securities lending.

Abbreviations:

ADR	-	American Depositary Receipt
NVDR	-	Non-Voting Depository Receipt
PCL	-	Public Company Limited

At December 31, 2019, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:

Sector Allocation (% of net assets)
Industrials	32.5	%
Information Technology	21.8
Utilities	20.8
Materials	11.0
Consumer Discretionary	7.0
Energy	2.5
Consumer Staples	1.7
Real Estate	1.2
Communication Services	0.6
High Social Impact Investments	0.4
Total	99.5	%

Restricted Securities	Acquisition Dates		Cost
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20		12/13/19	$	263,568
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20		11/13/15		53,000
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20		11/13/15		68,000

6

At December 31, 2019, the value of the Fund’s investment in Calvert Impact Capital, Inc., (the Notes) was $258,766, which represents 0.3% of the Fund’s net assets. Transactions in the Notes by the Fund for the fiscal year to date ended December 31, 2019 were as follows:

Name of Issuer	Value, beginning of period		Purchases		Sales proceeds			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value, end of period		Interest Income		Capital Gain Distributions Received		Principal amount, end of period
High Social Impact Investments
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1)	$	1,790,478	$	—	($	1,800,000	)	$	—	$	9,522		$	—	$	5,250	$	—	$	—
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1)		—		263,568		—			—		(4,802	)		258,766		110		—		263,568
Total								$	—	$	4,720		$	258,766	$	5,360	$	—

(1) Restricted security.

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Brazil	$	1,031,616	$	—		$	—	$	1,031,616
Canada		3,446,824		—			—		3,446,824
China		1,430,723		5,470,092			—		6,900,815
Germany		538,041		7,735,840			—		8,273,881
Spain		532,630		2,676,871			—		3,209,501
United States		26,835,838		—			—		26,835,838
Other Countries(1)		—		39,875,578			—		39,875,578
Total Common Stocks	$	33,815,672	$	55,758,381	(2)	$	—	$	89,574,053
High Social Impact Investments		—		378,609			—		378,609
Short-Term Investments		3,675,189		—			—		3,675,189
Total Investments	$	37,490,861	$	56,136,990		$	—	$	93,627,851

7

(1) For further breakdown of equity securities by country, please refer to the Schedule of Investments.

(2) 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.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended December 31, 2019 is not presented.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

8