Calvert
Global Energy Solutions Fund
December 31, 2023
Schedule of Investments (Unaudited)
| Common Stocks — 100.0% |
| Security | Shares | Value | |
| Austria — 0.7% | |||
| Verbund AG | 13,667 | $ 1,266,541 | |
| $ 1,266,541 | |||
| Belgium — 0.6% | |||
| Umicore S.A. | 38,172 | $ 1,049,996 | |
| $ 1,049,996 | |||
| Brazil — 0.5% | |||
| Sao Martinho S.A. | 153,552 | $ 926,906 | |
| $ 926,906 | |||
| Canada — 4.3% | |||
| Algonquin Power & Utilities Corp.(1) | 201,217 | $1,269,518 | |
| Boralex, Inc., Class A | 50,685 | 1,288,307 | |
| Brookfield Renewable Partners L.P. | 53,475 | 1,405,323 | |
| Canadian Solar, Inc.(1)(2) | 39,419 | 1,033,960 | |
| Innergex Renewable Energy, Inc.(1) | 146,104 | 1,013,317 | |
| Northland Power, Inc.(1) | 76,026 | 1,381,039 | |
| $7,391,464 | |||
| Chile — 0.7% | |||
| Sociedad Quimica y Minera de Chile S.A. ADR | 20,398 | $1,228,367 | |
| $1,228,367 | |||
| China — 5.5% | |||
| BYD Co., Ltd., Class H | 39,000 | $1,075,801 | |
| China Datang Corp. Renewable Power Co., Ltd., Class H | 4,416,000 | 1,018,374 | |
| China Everbright Environment Group, Ltd. | 3,169,037 | 1,031,598 | |
| Flat Glass Group Co., Ltd., Class H | 482,000 | 813,572 | |
| NIO, Inc. ADR(2) | 131,261 | 1,190,537 | |
| Xinyi Energy Holdings, Ltd.(1) | 5,244,000 | 960,573 | |
| Xinyi Solar Holdings, Ltd. | 1,652,000 | 965,835 | |
| XPENG, Inc. ADR(2) | 58,073 | 847,285 | |
| Yadea Group Holdings, Ltd.(3) | 428,000 | 753,867 | |
| Zhuzhou CRRC Times Electric Co., Ltd. | 236,600 | 675,834 | |
| $9,333,276 | |||
| Denmark — 2.9% | |||
| Novozymes A/S, Class B | 18,370 | $1,009,861 | |
| Orsted A/S(3) | 28,691 | 1,590,530 | |
| ROCKWOOL International A/S, Class B | 3,144 | 919,848 | |
| Vestas Wind Systems A/S(2) | 43,881 | 1,388,470 | |
| $4,908,709 | |||
| Finland — 0.5% | |||
| Neste Oyj | 23,202 | $824,827 | |
| $824,827 | |||
| France — 5.6% | |||
| Alstom S.A. | 69,907 | $942,714 | |
| Security | Shares | Value | |
| France (continued) | |||
| Cie de Saint-Gobain S.A. | 16,305 | $ 1,202,450 | |
| Danone S.A. | 13,724 | 890,393 | |
| Dassault Systemes SE | 18,836 | 921,971 | |
| Engie S.A. | 50,840 | 895,612 | |
| Legrand S.A. | 10,816 | 1,126,337 | |
| Neoen S.A.(3) | 37,883 | 1,268,566 | |
| Nexans S.A. | 11,028 | 967,506 | |
| Schneider Electric SE | 6,460 | 1,300,438 | |
| $9,515,987 | |||
| Germany — 8.5% | |||
| Bayerische Motoren Werke AG | 8,466 | $942,026 | |
| Daimler Truck Holding AG | 26,953 | 1,012,464 | |
| Deutsche Post AG | 18,803 | 930,674 | |
| Encavis AG(2) | 75,406 | 1,297,044 | |
| Evonik Industries AG | 46,083 | 941,427 | |
| Infineon Technologies AG | 28,839 | 1,204,392 | |
| Mercedes-Benz Group AG | 13,583 | 937,197 | |
| Nordex SE(2) | 78,084 | 896,018 | |
| SGL Carbon SE(1)(2) | 133,324 | 958,891 | |
| Siemens AG | 7,173 | 1,345,721 | |
| Siemens Energy AG(2) | 87,361 | 1,154,585 | |
| SMA Solar Technology AG(2) | 13,820 | 925,772 | |
| VERBIO Vereinigte BioEnergie AG | 28,513 | 941,109 | |
| Vitesco Technologies Group AG(2) | 10,571 | 1,096,617 | |
| $14,583,937 | |||
| Greece — 0.6% | |||
| Terna Energy S.A. | 59,219 | $1,039,003 | |
| $1,039,003 | |||
| India — 0.6% | |||
| Siemens, Ltd. | 19,665 | $948,502 | |
| $948,502 | |||
| Ireland — 0.6% | |||
| Kingspan Group PLC | 12,202 | $1,054,562 | |
| $1,054,562 | |||
| Italy — 2.9% | |||
| Enel SpA | 124,774 | $928,295 | |
| ERG SpA(1) | 38,134 | 1,216,552 | |
| Prysmian SpA | 22,514 | 1,026,302 | |
| Snam SpA(1) | 175,055 | 900,643 | |
| Terna - Rete Elettrica Nazionale(1) | 109,421 | 912,862 | |
| $4,984,654 | |||
| Japan — 4.6% | |||
| Azbil Corp.(1) | 26,100 | $860,832 | |
| Daikin Industries, Ltd. | 7,400 | 1,200,428 | |
| Fuji Electric Co., Ltd. | 24,700 | 1,058,690 | |
| GS Yuasa Corp. | 60,100 | 843,352 | |
1
Calvert
Global Energy Solutions Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Japan (continued) | |||
| Mitsubishi Electric Corp. | 88,300 | $ 1,248,922 | |
| Nidec Corp. | 23,300 | 939,156 | |
| West Holdings Corp.(1) | 43,100 | 941,072 | |
| Yokogawa Electric Corp. | 45,100 | 857,259 | |
| $ 7,949,711 | |||
| Netherlands — 1.2% | |||
| Alfen Beheer NV(1)(2)(3) | 16,470 | $ 1,099,174 | |
| Signify NV(3) | 28,991 | 972,249 | |
| $2,071,423 | |||
| New Zealand — 2.3% | |||
| Infratil, Ltd. | 209,432 | $1,327,530 | |
| Mercury NZ, Ltd. | 303,374 | 1,265,412 | |
| Meridian Energy, Ltd. | 382,246 | 1,338,512 | |
| $3,931,454 | |||
| Norway — 1.3% | |||
| Norsk Hydro ASA | 148,991 | $1,001,458 | |
| Scatec ASA(3) | 148,137 | 1,196,831 | |
| $2,198,289 | |||
| Singapore — 0.5% | |||
| City Developments, Ltd. | 184,800 | $930,467 | |
| $930,467 | |||
| South Korea — 2.9% | |||
| Doosan Fuel Cell Co., Ltd.(2) | 43,069 | $772,984 | |
| LG Chem, Ltd. | 3,041 | 1,169,639 | |
| LG Display Co., Ltd. | 95,647 | 941,711 | |
| LG Energy Solution, Ltd.(2) | 3,224 | 1,063,970 | |
| SK IE Technology Co., Ltd.(2)(3) | 16,025 | 975,041 | |
| $4,923,345 | |||
| Spain — 5.2% | |||
| Acciona S.A. | 8,544 | $1,258,055 | |
| Atlantica Sustainable Infrastructure PLC | 55,821 | 1,200,151 | |
| Corp. ACCIONA Energias Renovables S.A.(1) | 37,131 | 1,152,400 | |
| EDP Renovaveis S.A.(1) | 69,917 | 1,431,293 | |
| Ence Energia y Celulosa S.A.(1) | 292,541 | 916,997 | |
| Iberdrola S.A. | 71,334 | 935,672 | |
| Redeia Corp. S.A. | 52,619 | 867,089 | |
| Solaria Energia y Medio Ambiente S.A.(2) | 58,093 | 1,195,456 | |
| $8,957,113 | |||
| Sweden — 3.0% | |||
| AddTech AB, Class B | 46,665 | $1,026,750 | |
| Castellum AB(2) | 70,972 | 1,007,714 | |
| Fabege AB(1) | 96,942 | 1,041,366 | |
| Munters Group AB(3) | 56,364 | 919,103 | |
| Nibe Industrier AB, Class B(1) | 160,254 | 1,125,369 | |
| $5,120,302 | |||
| Security | Shares | Value | |
| Switzerland — 1.8% | |||
| ABB, Ltd. | 28,631 | $ 1,271,164 | |
| Accelleron Industries AG | 28,561 | 893,253 | |
| Landis+Gyr Group AG | 9,306 | 841,358 | |
| $ 3,005,775 | |||
| Taiwan — 3.9% | |||
| Advanced Energy Solution Holding Co., Ltd. | 32,000 | $ 783,305 | |
| Chroma ATE, Inc. | 128,000 | 886,210 | |
| Delta Electronics, Inc. | 117,000 | 1,193,216 | |
| Everlight Electronics Co., Ltd. | 428,000 | 696,614 | |
| Simplo Technology Co., Ltd. | 75,000 | 1,024,929 | |
| Sino-American Silicon Products, Inc. | 165,000 | 1,051,686 | |
| Voltronic Power Technology Corp. | 19,000 | 1,056,644 | |
| $6,692,604 | |||
| Thailand — 0.7% | |||
| Energy Absolute PCL NVDR, NVDR | 909,100 | $1,175,551 | |
| $1,175,551 | |||
| United Kingdom — 3.6% | |||
| Croda International PLC | 15,285 | $983,191 | |
| Johnson Matthey PLC | 49,309 | 1,066,452 | |
| Linde PLC | 2,134 | 876,455 | |
| National Grid PLC | 85,424 | 1,150,774 | |
| Smart Metering Systems PLC | 104,045 | 1,246,403 | |
| United Utilities Group PLC | 63,932 | 863,611 | |
| $6,186,886 | |||
| United States — 34.5% | |||
| AAON, Inc. | 13,722 | $1,013,644 | |
| Acuity Brands, Inc. | 4,951 | 1,014,113 | |
| AECOM | 9,937 | 918,477 | |
| AES Corp. (The) | 50,405 | 970,296 | |
| Alaska Air Group, Inc.(2) | 23,354 | 912,441 | |
| Alphabet, Inc., Class A(2) | 6,663 | 930,755 | |
| Ameresco, Inc., Class A(2) | 23,985 | 759,605 | |
| Applied Materials, Inc. | 5,895 | 955,403 | |
| Aptiv PLC(2) | 12,519 | 1,123,205 | |
| Array Technologies, Inc.(2) | 74,324 | 1,248,643 | |
| Autodesk, Inc.(2) | 3,973 | 967,346 | |
| Bloom Energy Corp., Class A(1)(2) | 65,409 | 968,053 | |
| BorgWarner, Inc. | 31,726 | 1,137,377 | |
| Brookfield Renewable Corp., Class A | 46,087 | 1,326,845 | |
| ChargePoint Holdings, Inc.(1)(2) | 400,212 | 936,496 | |
| Clearway Energy, Inc., Class C | 47,172 | 1,293,928 | |
| Cummins, Inc. | 3,939 | 943,666 | |
| Eaton Corp. PLC | 5,178 | 1,246,966 | |
| Emerson Electric Co. | 12,719 | 1,237,940 | |
| EnerSys | 10,985 | 1,109,046 | |
| Enphase Energy, Inc.(2) | 11,218 | 1,482,347 | |
| Equinix, Inc. | 1,083 | 872,237 | |
2
Calvert
Global Energy Solutions Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| United States (continued) | |||
| FedEx Corp. | 3,352 | $ 847,955 | |
| First Solar, Inc.(2) | 7,306 | 1,258,678 | |
| General Mills, Inc. | 13,631 | 887,923 | |
| Gibraltar Industries, Inc.(2) | 11,833 | 934,570 | |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.(1) | 35,847 | 988,660 | |
| Hubbell, Inc. | 3,894 | 1,280,853 | |
| International Business Machines Corp. | 5,569 | 910,810 | |
| Itron, Inc.(2) | 12,468 | 941,459 | |
| Johnson Controls International PLC | 20,492 | 1,181,159 | |
| Livent Corp.(1)(2) | 67,570 | 1,214,909 | |
| Microsoft Corp. | 2,330 | 876,173 | |
| MYR Group, Inc.(2) | 7,286 | 1,053,774 | |
| NextEra Energy Partners, L.P. | 48,571 | 1,477,044 | |
| NextEra Energy, Inc. | 15,092 | 916,688 | |
| ON Semiconductor Corp.(2) | 17,300 | 1,445,069 | |
| Ormat Technologies, Inc. | 18,069 | 1,369,450 | |
| Owens Corning | 7,137 | 1,057,918 | |
| Plug Power, Inc.(1)(2) | 226,394 | 1,018,773 | |
| Power Integrations, Inc. | 13,101 | 1,075,723 | |
| Quanta Services, Inc. | 4,608 | 994,406 | |
| Rockwell Automation, Inc. | 3,884 | 1,205,904 | |
| SolarEdge Technologies, Inc.(1)(2) | 12,627 | 1,181,887 | |
| Stanley Black & Decker, Inc. | 9,714 | 952,943 | |
| SunPower Corp.(1)(2) | 210,617 | 1,017,280 | |
| Sunrun, Inc.(2) | 91,371 | 1,793,613 | |
| Tesla, Inc.(2) | 5,778 | 1,435,718 | |
| Trane Technologies PLC | 4,967 | 1,211,451 | |
| Universal Display Corp. | 6,276 | 1,200,348 | |
| Vicor Corp.(2) | 21,842 | 981,580 | |
| Waste Management, Inc. | 5,164 | 924,872 | |
| Whirlpool Corp. | 7,966 | 970,020 | |
| Wolfspeed, Inc.(1)(2) | 27,256 | 1,185,909 | |
| $59,162,348 | |||
| Total Common Stocks (identified cost $189,539,766) | $171,361,999 | ||
| Short-Term Investments — 7.2% |
| Affiliated Fund — 0.0%(4) | |||
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(5) | 675 | $ 675 | |
| Total Affiliated Fund (identified cost $675) | $ 675 | ||
| Securities Lending Collateral — 7.2% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(6) | 12,286,075 | $ 12,286,075 | |
| Total Securities Lending Collateral (identified cost $12,286,075) | $ 12,286,075 | ||
| Total Short-Term Investments (identified cost $12,286,750) | $ 12,286,750 | ||
| Total Investments — 107.2% (identified cost $201,826,516) | $183,648,749 | |
| Other Assets, Less Liabilities — (7.2)% | $(12,397,065) | |
| Net Assets — 100.0% | $171,251,684 |
| 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, 2023. The aggregate market value of securities on loan at December 31, 2023 was $19,249,619 and the total market value of the collateral received by the Fund was $20,569,018, comprised of cash of $12,286,075 and U.S. government and/or agencies securities of $8,282,943. |
| (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, 2023, the aggregate value of these securities is $8,775,361 or 5.1% of the Fund's net assets. |
| (4) | Amount is less than 0.05%. |
| (5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2023. |
| (6) | Represents investment of cash collateral received in connection with securities lending. |
3
Calvert
Global Energy Solutions Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
At December 31, 2023, 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 | 39.5% |
| Utilities | 25.1 |
| Information Technology | 16.2 |
| Consumer Discretionary | 6.7 |
| Materials | 6.5 |
| Real Estate | 2.3 |
| Consumer Staples | 1.6 |
| Energy | 1.0 |
| Financials | 0.6 |
| Communication Services | 0.5 |
| Total | 100.0% |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| NVDR | – Non-Voting Depository Receipt |
| PCL | – Public Company Limited |
The Fund did not have any open derivative instruments at December 31, 2023.
Affiliated Investments
At December 31, 2023, the value of the Fund’s investment in Calvert Impact Capital, Inc., and in funds that may be deemed to be affiliated was $675, which represents less than 0.05% of the Fund’s net assets. Transactions in such investments by the Fund for the fiscal year to date ended December 31, 2023 were as follows:
| 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/ Shares, end of period |
| High Social Impact Investments | ||||||||
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $197,258 | $ — | $ (200,000) | $ — | $2,742 | $ — | $ 617 | $ — |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(2) | 551,742 | 2,109,194 | (2,660,261) | — | — | 675 | 1,412 | 675 |
| Total | $ — | $2,742 | $675 | $2,029 | ||||
| (1) | Restricted security. |
| (2) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
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.
4
Calvert
Global Energy Solutions Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
The following table summarizes the market value of the Fund's holdings as of December 31, 2023, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Austria | $ — | $1,266,541 | $ — | $1,266,541 |
| Belgium | — | 1,049,996 | — | 1,049,996 |
| Brazil | — | 926,906 | — | 926,906 |
| Canada | 7,391,464 | — | — | 7,391,464 |
| Chile | 1,228,367 | — | — | 1,228,367 |
| China | 2,037,822 | 7,295,454 | — | 9,333,276 |
| Denmark | — | 4,908,709 | — | 4,908,709 |
| Finland | — | 824,827 | — | 824,827 |
| France | — | 9,515,987 | — | 9,515,987 |
| Germany | 1,096,617 | 13,487,320 | — | 14,583,937 |
| Greece | — | 1,039,003 | — | 1,039,003 |
| India | — | 948,502 | — | 948,502 |
| Ireland | — | 1,054,562 | — | 1,054,562 |
| Italy | — | 4,984,654 | — | 4,984,654 |
| Japan | — | 7,949,711 | — | 7,949,711 |
| Netherlands | — | 2,071,423 | — | 2,071,423 |
| New Zealand | — | 3,931,454 | — | 3,931,454 |
| Norway | — | 2,198,289 | — | 2,198,289 |
| Singapore | — | 930,467 | — | 930,467 |
| South Korea | — | 4,923,345 | — | 4,923,345 |
| Spain | 1,200,151 | 7,756,962 | — | 8,957,113 |
| Sweden | — | 5,120,302 | — | 5,120,302 |
| Switzerland | — | 3,005,775 | — | 3,005,775 |
| Taiwan | — | 6,692,604 | — | 6,692,604 |
| Thailand | — | 1,175,551 | — | 1,175,551 |
| United Kingdom | 876,455 | 5,310,431 | — | 6,186,886 |
| United States | 59,162,348 | — | — | 59,162,348 |
| Total Common Stocks | $72,993,224 | $98,368,775(1) | $ — | $171,361,999 |
| Short-Term Investments: | ||||
| Affiliated Fund | $675 | $ — | $ — | $675 |
| Securities Lending Collateral | 12,286,075 | — | — | 12,286,075 |
| Total Investments | $85,279,974 | $98,368,775 | $ — | $183,648,749 |
| (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.
5