Calvert
Global Energy Solutions Fund
December 31, 2020
Schedule of Investments (Unaudited)
| Common Stocks — 99.0% |
| Security | Shares | Value | |
| Australia — 0.5% | |||
| AusNet Services(1) | 593,805 | $ 804,774 | |
| $ 804,774 | |||
| Austria — 0.7% | |||
| Verbund AG | 14,040 | $ 1,192,798 | |
| $ 1,192,798 | |||
| Belgium — 1.2% | |||
| Umicore S.A. | 42,236 | $ 2,030,076 | |
| $ 2,030,076 | |||
| Brazil — 1.1% | |||
| Omega Geracao S.A.(2) | 121,300 | $946,198 | |
| Sao Martinho S.A. | 158,852 | 839,458 | |
| $1,785,656 | |||
| Canada — 3.8% | |||
| Boralex, Inc., Class A | 29,969 | $1,112,213 | |
| Brookfield Renewable Partners L.P. | 26,052 | 1,124,144 | |
| Canadian Solar, Inc.(1)(2) | 20,664 | 1,058,823 | |
| Innergex Renewable Energy, Inc. | 46,773 | 1,005,717 | |
| Northland Power, Inc.(1) | 30,064 | 1,078,657 | |
| TransAlta Renewables, Inc.(1) | 62,207 | 1,063,418 | |
| $6,442,972 | |||
| China — 5.7% | |||
| BYD Co., Ltd., Class H | 42,500 | $1,118,950 | |
| China Everbright Environment Group, Ltd. | 1,611,037 | 910,035 | |
| China Longyuan Power Group Corp., Ltd., Class H | 1,095,000 | 1,101,025 | |
| Xinjiang Goldwind Science & Technology Co., Ltd., Class H(1) | 936,900 | 1,887,937 | |
| Xinyi Solar Holdings, Ltd. | 1,030,000 | 2,700,873 | |
| Yadea Group Holdings, Ltd.(3) | 418,000 | 863,799 | |
| Zhuzhou CRRC Times Electric Co., Ltd., Class H | 242,100 | 1,057,887 | |
| $9,640,506 | |||
| Denmark — 2.5% | |||
| Novozymes A/S, Class B | 16,766 | $954,990 | |
| Orsted A/S(3) | 4,526 | 926,043 | |
| ROCKWOOL International A/S, Class B | 2,397 | 897,091 | |
| Vestas Wind Systems A/S | 6,013 | 1,420,447 | |
| $4,198,571 | |||
| Finland — 1.1% | |||
| Metsa Board Oyj | 91,607 | $964,679 | |
| Neste Oyj | 12,159 | 882,789 | |
| $1,847,468 | |||
| Security | Shares | Value | |
| France — 4.7% | |||
| Albioma S.A. | 15,834 | $ 905,881 | |
| Cie de Saint-Gobain(2) | 21,608 | 993,803 | |
| Danone S.A. | 12,597 | 828,960 | |
| Engie S.A.(2) | 54,850 | 840,851 | |
| Legrand S.A. | 12,088 | 1,081,351 | |
| Neoen S.A.(1)(2)(3) | 14,841 | 1,139,551 | |
| Nexans S.A.(2) | 13,047 | 944,077 | |
| Schneider Electric SE | 8,213 | 1,187,004 | |
| $7,921,478 | |||
| Germany — 8.2% | |||
| Bayerische Motoren Werke AG | 9,351 | $825,287 | |
| Daimler AG | 12,100 | 857,639 | |
| Deutsche Post AG | 16,753 | 829,873 | |
| Encavis AG | 38,444 | 1,003,203 | |
| Evonik Industries AG | 29,368 | 959,879 | |
| Infineon Technologies AG | 63,734 | 2,433,913 | |
| Nordex SE(2) | 65,525 | 1,791,524 | |
| OSRAM Licht AG(2) | 12,380 | 786,515 | |
| Siemens AG | 8,778 | 1,264,439 | |
| Siemens Energy AG(2) | 37,116 | 1,370,410 | |
| SMA Solar Technology AG(2) | 24,995 | 1,717,575 | |
| $13,840,257 | |||
| Greece — 0.5% | |||
| Terna Energy S.A. | 48,988 | $790,132 | |
| $790,132 | |||
| Ireland — 1.0% | |||
| CRH PLC | 20,699 | $874,616 | |
| Kingspan Group PLC(2) | 10,944 | 766,375 | |
| $1,640,991 | |||
| Italy — 2.9% | |||
| Enel SpA | 131,952 | $1,342,576 | |
| ERG SpA | 35,118 | 1,008,986 | |
| Falck Renewables SpA | 117,789 | 954,771 | |
| Snam SpA | 144,270 | 814,778 | |
| Terna Rete Elettrica Nazionale SpA | 108,180 | 831,275 | |
| $4,952,386 | |||
| Japan — 7.6% | |||
| Daikin Industries, Ltd. | 4,900 | $1,090,089 | |
| Ferrotec Holdings Corp. | 106,900 | 1,824,523 | |
| GS Yuasa Corp. | 63,500 | 1,827,401 | |
| Hitachi Metals, Ltd.(1) | 55,200 | 839,257 | |
| Meidensha Corp. | 76,000 | 1,713,707 | |
| Mitsubishi Electric Corp. | 70,700 | 1,068,535 | |
1
Calvert
Global Energy Solutions Fund
December 31, 2020
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Japan (continued) | |||
| Nidec Corp. | 6,400 | $ 809,651 | |
| Nippon Express Co., Ltd. | 12,400 | 834,107 | |
| Nissan Motor Co., Ltd.(2) | 174,500 | 945,861 | |
| Sumitomo Chemical Co., Ltd. | 233,000 | 939,171 | |
| Yokogawa Electric Corp. | 47,900 | 955,374 | |
| $ 12,847,676 | |||
| Netherlands — 0.5% | |||
| Signify NV(2)(3) | 20,767 | $ 871,927 | |
| $871,927 | |||
| New Zealand — 2.0% | |||
| Infratil, Ltd. | 222,627 | $1,170,614 | |
| Mercury NZ, Ltd. | 220,207 | 1,036,333 | |
| Meridian Energy, Ltd. | 222,905 | 1,193,791 | |
| $3,400,738 | |||
| Norway — 1.3% | |||
| Norsk Hydro ASA | 200,963 | $935,297 | |
| Scatec ASA(3) | 30,296 | 1,206,519 | |
| $2,141,816 | |||
| Portugal — 0.7% | |||
| EDP Renovaveis S.A. | 44,984 | $1,245,981 | |
| $1,245,981 | |||
| Singapore — 1.0% | |||
| City Developments, Ltd. | 139,400 | $840,324 | |
| Maxeon Solar Technologies, Ltd.(1)(2) | 28,045 | 795,637 | |
| $1,635,961 | |||
| South Korea — 2.1% | |||
| Ecopro BM Co., Ltd. | 11,066 | $1,737,275 | |
| LG Chem, Ltd. | 1,142 | 868,395 | |
| LG Display Co., Ltd.(2) | 59,795 | 1,022,082 | |
| $3,627,752 | |||
| Spain — 4.0% | |||
| Acciona S.A. | 7,296 | $1,043,999 | |
| Atlantica Sustainable Infrastructure PLC | 25,981 | 986,758 | |
| Ence Energia y Celulosa S.A.(2) | 205,941 | 853,656 | |
| Iberdrola S.A. | 59,284 | 851,928 | |
| Red Electrica Corp. S.A. | 39,597 | 812,969 | |
| Siemens Gamesa Renewable Energy S.A.(1) | 29,254 | 1,187,897 | |
| Solaria Energia y Medio Ambiente S.A.(2) | 37,406 | 1,086,240 | |
| $6,823,447 | |||
| Security | Shares | Value | |
| Sweden — 1.1% | |||
| Fabege AB | 51,930 | $ 820,441 | |
| Nibe Industrier AB, Class B(2) | 33,759 | 1,107,085 | |
| $ 1,927,526 | |||
| Switzerland — 2.1% | |||
| ABB, Ltd. | 41,702 | $ 1,169,707 | |
| Gurit Holding AG | 570 | 1,605,728 | |
| Landis+Gyr Group AG | 10,478 | 823,154 | |
| $ 3,598,589 | |||
| Taiwan — 6.9% | |||
| Chroma ATE, Inc. | 157,000 | $941,143 | |
| Delta Electronics, Inc. | 255,000 | 2,391,374 | |
| Epistar Corp.(2) | 1,141,000 | 1,724,185 | |
| Everlight Electronics Co., Ltd. | 1,016,000 | 1,530,036 | |
| OptoTech Corp.(2) | 1,330,200 | 1,305,517 | |
| Simplo Technology Co., Ltd. | 136,000 | 1,698,108 | |
| Sino-American Silicon Products, Inc. | 325,000 | 2,057,997 | |
| $11,648,360 | |||
| Thailand — 1.3% | |||
| BCPG PCL | 1,385,337 | $656,240 | |
| CK Power PCL(2) | 3,842,600 | 570,091 | |
| Energy Absolute PCL NVDR | 630,500 | 1,031,552 | |
| $2,257,883 | |||
| United Kingdom — 3.7% | |||
| Croda International PLC | 10,207 | $917,915 | |
| easyJet PLC | 75,995 | 862,489 | |
| John Laing Group PLC(3) | 192,142 | 874,049 | |
| Johnson Matthey PLC | 29,816 | 987,824 | |
| Linde PLC | 3,165 | 834,009 | |
| Smart Metering Systems PLC | 96,131 | 933,725 | |
| United Utilities Group PLC | 67,518 | 825,810 | |
| $6,235,821 | |||
| United States — 30.8% | |||
| 3M Co. | 4,699 | $821,338 | |
| AAON, Inc. | 12,216 | 813,952 | |
| Acuity Brands, Inc. | 7,250 | 877,903 | |
| AES Corp. (The) | 40,361 | 948,484 | |
| Alaska Air Group, Inc. | 16,039 | 834,028 | |
| Alphabet, Inc., Class A(2) | 463 | 811,472 | |
| Ameresco, Inc., Class A(2) | 15,861 | 828,579 | |
| American Superconductor Corp.(2) | 41,091 | 962,351 | |
| Aptiv PLC | 8,998 | 1,172,349 | |
| BorgWarner, Inc. | 23,908 | 923,805 | |
| Brookfield Renewable Corp., Class A | 20,210 | 1,177,637 | |
2
Calvert
Global Energy Solutions Fund
December 31, 2020
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| United States (continued) | |||
| Clearway Energy, Inc., Class C | 32,372 | $ 1,033,638 | |
| Covanta Holding Corp. | 68,532 | 899,825 | |
| Cree, Inc.(2) | 10,324 | 1,093,312 | |
| Cummins, Inc. | 3,511 | 797,348 | |
| Eaton Corp. PLC | 9,110 | 1,094,475 | |
| Emerson Electric Co. | 14,279 | 1,147,603 | |
| EnerSys | 21,132 | 1,755,224 | |
| Enphase Energy, Inc.(1)(2) | 7,303 | 1,281,457 | |
| Enviva Partners L.P. | 18,204 | 826,826 | |
| First Solar, Inc.(2) | 20,546 | 2,032,410 | |
| General Mills, Inc. | 13,345 | 784,686 | |
| Gibraltar Industries, Inc.(2) | 12,028 | 865,294 | |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.(1) | 14,946 | 948,025 | |
| Ingersoll Rand, Inc.(2) | 22,242 | 1,013,346 | |
| International Business Machines Corp. | 6,571 | 827,157 | |
| Itron, Inc.(2) | 10,394 | 996,785 | |
| Johnson Controls International PLC | 23,192 | 1,080,515 | |
| Livent Corp.(1)(2) | 107,829 | 2,031,498 | |
| Microsoft Corp. | 3,867 | 860,098 | |
| NextEra Energy Partners, L.P. | 15,711 | 1,053,423 | |
| NextEra Energy, Inc. | 11,029 | 850,887 | |
| ON Semiconductor Corp.(2) | 33,026 | 1,080,941 | |
| Ormat Technologies, Inc.(1) | 12,067 | 1,089,409 | |
| Owens Corning | 12,614 | 955,637 | |
| Power Integrations, Inc. | 24,816 | 2,031,438 | |
| Renewable Energy Group, Inc.(2) | 15,706 | 1,112,299 | |
| Rockwell Automation, Inc. | 4,133 | 1,036,598 | |
| SolarEdge Technologies, Inc.(2) | 7,284 | 2,324,470 | |
| SunPower Corp.(1)(2) | 39,425 | 1,010,857 | |
| Sunrun, Inc.(2) | 16,878 | 1,170,996 | |
| Tenneco, Inc., Class A(2) | 61,609 | 653,055 | |
| Tesla, Inc.(2) | 2,357 | 1,663,264 | |
| Trane Technologies PLC | 7,274 | 1,055,894 | |
| Universal Display Corp. | 8,530 | 1,960,194 | |
| Waste Management, Inc. | 6,813 | 803,457 | |
| Whirlpool Corp. | 4,171 | 752,824 | |
| $52,147,063 | |||
| Total Common Stocks (identified cost $110,535,925) | $167,498,605 | ||
| High Social Impact Investments — 0.2% |
| Security | Principal Amount (000's omitted) | Value | |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(4)(5) | $ | 200 | $ 192,796 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22(5)(6) | 53 | 50,728 | |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22(5)(6) | 68 | 56,392 | |
| Total High Social Impact Investments (identified cost $321,000) | $ 299,916 | ||
| Warrants — 0.0%(7) |
| Security | Shares | Value | |
| Thailand — 0.0%(7) | |||
| BCPG PCL, Exp. 11/13/22(2) | 52,656 | $ 10,809 | |
| BCPG PCL, Exp. 11/13/23(2) | 52,656 | 10,897 | |
| Total Warrants (identified cost $0) | $ 21,706 | ||
| Short-Term Investments — 2.4% |
| Other — 0.5% | |||
| Description | Units | Value | |
| Calvert Cash Reserves Fund, LLC, 0.12%(8) | 823,443 | $ 823,526 | |
| Total Other (identified cost $823,526) | $ 823,526 | ||
| Securities Lending Collateral — 1.9% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.08%(9) | 3,236,108 | $ 3,236,108 | |
| Total Securities Lending Collateral (identified cost $3,236,108) | $ 3,236,108 | ||
| Total Short-Term Investments (identified cost $4,059,634) | $ 4,059,634 | ||
| Total Investments — 101.6% (identified cost $114,916,559) | $171,879,861 | |
| Other Assets, Less Liabilities — (1.6)% | $ (2,664,835) | |
| Net Assets — 100.0% | $169,215,026 |
3
Calvert
Global Energy Solutions Fund
December 31, 2020
Schedule of Investments (Unaudited) — continued
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
| (1) | All or a portion of this security was on loan at December 31, 2020. The aggregate market value of securities on loan at December 31, 2020 was $10,093,823 and the total market value of the collateral received by the Fund was $10,441,013, comprised of cash of $3,236,108 and U.S. government and/or agencies securities of $7,204,905. | |
| (2) | Non-income producing security. | |
| (3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2020, the aggregate value of these securities is $5,881,888 or 3.5% of the Fund's net assets. | |
| (4) | Affiliated company. | |
| (5) | Restricted security. Total market value of restricted securities amounts to $299,916, which represents 0.2% of the net assets of the Fund as of December 31, 2020. | |
| (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, 2020. | |
| (7) | Amount is less than 0.05%. | |
| (8) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of December 31, 2020. | |
| (9) | Represents investment of cash collateral received in connection with securities lending. |
At December 31, 2020, 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 | 30.8% |
| Information Technology | 23.9 |
| Utilities | 23.6 |
| Materials | 9.8 |
| Consumer Discretionary | 5.8 |
| Energy | 1.7 |
| Consumer Staples | 1.4 |
| Real Estate | 1.0 |
| Financials | 0.5 |
| Communication Services | 0.5 |
| High Social Impact Investments | 0.2 |
| Total | 99.2% |
Restricted Securities
| Description | Acquisition Dates | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $200,000 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22 | 11/13/15 | 53,000 |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22 | 11/13/15 | 68,000 |
| Abbreviations: | |
| NVDR | – Non-Voting Depository Receipt |
| PCL | – Public Company Limited |
At December 31, 2020, the value of the Fund's investment in Calvert Impact Capital, Inc. (the Notes) and affiliated funds was $1,016,322, which represents 0.6% of the Fund's net assets. Transactions in the Notes and affiliated funds by the Fund for the fiscal year to date ended December 31, 2020 were as follows:
4
Calvert
Global Energy Solutions Fund
December 31, 2020
Schedule of Investments (Unaudited) — continued
| Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
| High Social Impact Investments | ||||||||
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | $262,231 | $ — | $ (263,568) | $ — | $ 1,337 | $ — | $ 824 | $ — |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | — | 200,000 | — | — | (7,204) | 192,796 | 133 | 200,000 |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 258,630 | 7,755,303 | (7,190,407) | (12) | 12 | 823,526 | 191 | 823,443 |
| Totals | $(12) | $(5,855) | $1,016,322 | $1,148 |
| (1) | Restricted security. |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | ||||
| Australia | $— | $804,774 | $— | $804,774 |
| Austria | — | 1,192,798 | — | 1,192,798 |
| Belgium | — | 2,030,076 | — | 2,030,076 |
| Brazil | — | 1,785,656 | — | 1,785,656 |
| Canada | 6,442,972 | — | — | 6,442,972 |
| China | — | 9,640,506 | — | 9,640,506 |
| Denmark | — | 4,198,571 | — | 4,198,571 |
| Finland | — | 1,847,468 | — | 1,847,468 |
| France | — | 7,921,478 | — | 7,921,478 |
| Germany | — | 13,840,257 | — | 13,840,257 |
| Greece | — | 790,132 | — | 790,132 |
| Ireland | — | 1,640,991 | — | 1,640,991 |
| Italy | — | 4,952,386 | — | 4,952,386 |
| Japan | — | 12,847,676 | — | 12,847,676 |
| Netherlands | — | 871,927 | — | 871,927 |
| New Zealand | — | 3,400,738 | — | 3,400,738 |
| Norway | — | 2,141,816 | — | 2,141,816 |
| Portugal | — | 1,245,981 | — | 1,245,981 |
| Singapore | 795,637 | 840,324 | — | 1,635,961 |
| South Korea | — | 3,627,752 | — | 3,627,752 |
| Spain | 986,758 | 5,836,689 | — | 6,823,447 |
| Sweden | — | 1,927,526 | — | 1,927,526 |
| Switzerland | — | 3,598,589 | — | 3,598,589 |
| Taiwan | — | 11,648,360 | — | 11,648,360 |
| Thailand | — | 2,257,883 | — | 2,257,883 |
| United Kingdom | 834,009 | 5,401,812 | — | 6,235,821 |
| United States | 52,147,063 | — | — | 52,147,063 |
| Total Common Stocks | $61,206,439 | $106,292,166(1) | $— | $167,498,605 |
| High Social Impact Investments | $— | $299,916 | $— | $299,916 |
| Warrants | 21,706 | — | — | 21,706 |
5
Calvert
Global Energy Solutions Fund
December 31, 2020
Schedule of Investments (Unaudited) — continued
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Short-Term Investments: | ||||
| Other | $— | $823,526 | $— | $823,526 |
| Securities Lending Collateral | 3,236,108 | — | — | 3,236,108 |
| Total Investments | $64,464,253 | $107,415,608 | $ — | $171,879,861 |
| (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. |
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.
6