Calvert Global Energy Solutions Fund

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1 Q INVESTMENT COMMENTARY Calvert Global Energy Solutions Fund MARKET OVERVIEW A:CGAEX C:CGACX I:CAEIX Y:CGAYX The Fund employs a passive management strategy designed to track, as closely as possible, the performance of the Calvert Global Energy Research Index. The Fund uses a replication method, investing in the common stock of each company in the Index in about the same proportion as represented in the Index itself. The Index universe consists of companies that satisfy minimum market capitalization and liquidity thresholds and are significantly involved in business activities in the sustainable energy solutions sector that are consistent with the Calvert Principles for Responsible Investment. Key Takeaways Global stocks delivered solid gains overall for the second quarter. The Fund s global energy stocks posted returns of 6.98% (Y shares), outperforming the MSCI All Country World Index, 1 up 5.18%. The Fund s overweight to the energy technology sector was the main driver of the Fund s strong quarterly gains. Stock selection in leader/solution providers also contributed. All of the Fund s four main energy sectors energy producers, energy technology, energy efficiency and leader/ solution providers produced solid results in the third quarter. Stocks continued their slow but steady advance in the third quarter of 2017, driven by strong corporate earnings and positive economic data. Trading volumes remained calm despite damaging hurricanes and mounting tensions with North Korea. Stocks began the period on the upswing, continuing the rally that began with Donald Trump s victory in the U.S. presidential election in November Equities briefly pulled back in August amid the North Korea standoff and Hurricane Harvey s CALVERT S APPROACH TO RESPONSIBLE INVESTING WHO WE ARE Calvert Research is a recognized leader in Responsible Investing. Our mission is to deliver superior long term performance to our clients and to enable them to achieve positive impact. WHAT WE OFFER Serving financial advisors and their clients, as well as a wide array of institutional investors, Calvert s investment strategies feature integrated environmental, social, and governance (ESG) research and corporate engagement. HOW WE STAND APART At Calvert Research, our integrated responsible investment approach sets us apart from many other investment managers. YOUR MANAGEMENT TEAM CALVERT RESEARCH AND MANAGEMENT (ADVISOR) Christopher Madden, CFA Jade Huang Thomas Seto MARKET BENCHMARKS 1 Quarter ended 9/30/2017 MAJOR GLOBAL EQUITY INDICES VALUE CORE GROWTH S&P % 4.48% 5.29% Russell % 4.48% 5.90% Russell % 5.67% 6.22% MSCI EAFE 5.87% 5.40% 4.94% MSCI Emerging Markets 5.47% 7.89% 10.19% Source: S&P, Russell, MSCI

2 Q CALVERT GLOBAL ENERGY SOLUTIONS FUND Investment Commentary 2 devastation in Texas. However, equities quickly regained their upward momentum, with some U.S. indexes reaching record highs in the final month of the period. Energy stocks delivered notable performance in the quarter behind rising oil prices and constricted supplies due to refinery damage from Hurricane Harvey. Equity gains were not limited to the U.S., with broad based economic growth also driving global stocks higher. As stocks in Europe advanced, a European Union study reported the highest level of economic confidence among businesses and households in more than a decade. In the Asia Pacific region, key equity indexes rose during the period despite North Korea tensions. China s stock market recorded its best quarterly performance in two years, although economic data late in the period pointed toward moderating growth ahead. For the three month period, the Dow Jones Industrial Average recorded a 5.58% gain, while the broader S&P 500 Index rose 4.48%. The technology laden Nasdaq composite added 5.79%. Globally, the MSCI EAFE Index added 5.40% in the quarter. Small cap stocks outperformed their large cap counterparts during the quarter. In terms of investing style, growth stocks topped value stocks in both the large cap and small cap categories. PERFORMANCE REVIEW Calvert Global Energy Solutions Fund (Fund) posted returns of 6.98% (Y shares) and 6.95% (A shares at NAV) for the third quarter of 2017, outpacing the MSCI All Country World Index (Index), which returned 5.18%. The Fund performed largely in line with the Calvert Global Water Research Index, gross of fees, as expected. The Fund s overweight to the energy technology sector was the primary performance contributor during the quarter. Strong stock selection in the leader/solution providers sector also supported the Fund s strong quarterly returns. While the Fund s allocation to the energy producer sector detracted from performance, this was more than offset by the positive contributions elsewhere that drove quarterly outperformance. On a regional basis, the Fund s Canadian stock holdings detracted from performance, but this was offset by strong stock selection within Europe and Japan. CONTRIBUTORS The Fund s allocation to the energy technology sector, as well as stock selection within the sector, contributed most to Fund performance. In particular, out of Index holdings Sino American Silicon Products and SolarEdge Technologies posted strong quarterly gains. SolarEdge continued to climb as it benefited from the growing demand to provide charging and power grid management for electric vehicles. Investments in the leader/solution providers sector also contributed to performance, led by Tanaka Chemical Corporation, a Japanese company which manufactures and sells high quality, positive electrode materials, a crucial input into more efficient, rechargeable batteries. DETRACTORS The Fund s allocation and stock selection within the energy producer sector was the most significant detractor during the quarter. In particular, solar panel maker Vivint Solar s share price fell sharply on headwinds from protectionist trade policy dynamics that would increase the cost of solar panels, in particular those modules imported from China. Within leader/solution providers, Canadian fuel cell company Hydrogenics Corporation detracted from performance. The company missed quarterly earnings on weaker thanexpected revenue numbers due to overruns on projects in Africa. In spite of these short term headwinds, the company continues to report record backlogs and significant fuel cell business in China.

3 Q CALVERT GLOBAL ENERGY SOLUTIONS FUND Investment Commentary 3 PORTFOLIO CHARACTERISTICS as of 09/30/2017 FUND BENCHMARK Weighted Average Market Cap 30.2B 124.5B Number of Holdings Price/Earnings (LTM) 17.6x 19.5x Price/Earnings (NTM) 15.0x 16.5x Price/Book 2.1x 2.3x Historic EPS Growth (3yr) 16.0% 8.6% ROA 4.8% 6.7% LT Debt/Capital 33.2% 40.4% REGIONS 2 PORTFOLIO MSCI ALL COUNTRY WORLD INDEX DIFFERENCE Europe 37.45% 22.27% 15.18% North America 32.94% 55.10% 22.16% Asia/Pacific 28.08% 19.91% 8.17% Latin America/Caribbean 1.10% 1.61% 0.51% Africa 0.77% 0.77% Middle East 0.34% 0.34% Cash & Other Assets 0.43% 0.43% SECTOR WEIGHTINGS (%) 2 SECTOR FUND Energy Producer Energy Efficiency Energy Technology Leader/Solution Providers Cash 0.43 MARKET OUTLOOK Investment in renewable energy sources, both nationally and globally, continues as we are seeing significant increases in capacity and greater cost competitiveness with traditional energy markets. In developed economies, the use of coal continues to decline, while developing nations are increasing their installed base of renewables. The trend away from carbon based energy sources is on the rise worldwide. Commitments to support renewable energy, both internationally and at the U.S. state and local levels, continue to be strong. In our view, the continuing decline of renewable energy prices, and the increased demand for less carbon intense sources, will not abate any time soon. We are beginning to see the transportation industry evolve more rapidly toward cleaner modes of transportation for both cargo and people. Notably, the auto industry has placed new emphasis on developing cleaner technologies via electric vehicles. It is estimated that 130 plus different models of pure electric vehicles will be on available globally by This dramatic increase should help electric vehicle infrastructure build out. Both China and India are developing initiatives to dramatically reduce the number of vehicles that use fossil fuels and promote electric vehicles. The U.S. economy continues on solid ground, despite growing uncertainty around the Trump administration s timing in pushing through its infrastructure spending proposals, as well as health care and tax reform. With the elections in France and the U.K. behind us, worries about the pending dissolution of the E.U. have subsided, at least for now. However, the management of Brexit continues to be a near term market risk. Despite the U.S. government s withdrawal from the Paris Agreement, we believe the commitment of almost every other nation to its goals, along with corporate and local U.S. government support, will spur both innovation and adoption of efficient technologies worldwide. Overall, we believe the Fund is uniquely positioned to benefit from the long term investment trends within the global energy system and the need to address the global issues of clean energy and energy efficiency. The diversified nature of the Fund, which seeks to invest not only in direct energy suppliers, such as utilities, solar and wind but also in companies providing solutions to energy challenges with energy efficient technologies and demonstrating leadership in reducing their carbon footprint provides investors with significant long term growth opportunities.

4 Q CALVERT GLOBAL ENERGY SOLUTIONS FUND Investment Commentary 4 % AVERAGE ANNUAL RETURNS (AS OF 09/30/2017) Q3 YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS A Shares at NAV Y Shares at NAV A Shares w/max 4.75% Sales Charge Benchmark Benchmark Benchmark Benchmark 1:MSCI All Country World Index 1 Benchmark 2:Calvert Global Energy Research Index 1 Benchmark 3:Ardour Global Alternative Energy Index 1 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund s current performance may be lower or higher than quoted. For the Fund s performance as of the most recent month end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The minimum investment is $2,000 for A Shares and $2,000 for Y Shares. Minimums may be waived in certain situations. Please see the prospectus for additional information. FUND FACTS A Shares Inception 05/31/2007 Y Shares Inception 07/29/2011 Performance Inception 05/31/2007 Class A Expense Ratio 3 Gross: 1.81% Net: 1.30% Class Y Expense Ratio 3 Gross: 1.39% Net: 1.05%

5 Q CALVERT GLOBAL ENERGY SOLUTIONS FUND Investment Commentary 5 Effective December 31, 2016, Eaton Vance Distributors, Inc. replaced Calvert Investment Distributors, Inc. as the Fund s principal underwriter following the acquisition by Calvert Research ( CRM ) of substantially all the business assets of Calvert Investment Management, Inc. ( CIM ). CRM has also replaced CIM as the investment adviser to the Fund. See the Fund s updated prospectus dated January 3, Portfolio characteristics exclude 3 securities in Calvert s High Impact Investments program, which represented 2.148% of the portfolio as of 09/30/2017. High Social Impact Investments are investments that, in the Adviser s opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund s prospectus for details and calvert.com for a complete list of Fund holdings. 1 MSCI All Country World Index is an unmanaged free float adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. Russell 1000 Index is an unmanaged index of 1,000 U.S. large cap stocks. Russell 2000 Index is an unmanaged index of 2,000 U.S. small cap stocks. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Dow Jones Industrial Average is a price weighted average of 30 blue chip stocks that are generally the leaders in their industry. S&P 500 Index is an unmanaged index of large cap stocks commonly used as a measure of U.S. stock market performance. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. NASDAQ Composite Index is a market capitalization weighted index of all domestic and international securities listed on NASDAQ. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the Corporations ) and Nasdaq s third party licensors on an as is basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Ardour Global Alternative Energy Index measures the performance of stocks engaged in the field of alternative energy including solar, bioenergy, wind, hydro, and geothermal power sources. The Calvert Global Energy Research Index includes stocks of companies that manage energy in a sustainable manner or are facilitating the move to a more sustainable economy. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. 2 Percent of total net assets. Percentages may not total 100% due to rounding. 3 Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/18. Without the reimbursement, if applicable, performance would have been lower. The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Fund s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund s filings with the Securities and Exchange Commission. About Risk: Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risk: the market prices of stocks held by the Fund may fall. An index fund has operating expenses; a market index does not. Although expected to track its target index as closely as possible while satisfying its investment criteria, the Fund will not be able to match the performance of the index exactly. It is not possible to invest directly in an index. The Fund is subject to the risk that stocks that comprise the sustainable energy solutions sector may fall in value, and the risk that prices of energy (including traditional sources such as oil, gas or electricity) or alternative energy may fall. The sustainable energy solutions sector can be significantly affected by a number of factors, including fluctuations in energy prices, supply and demand of alternative energy fuels, energy conservation, and government regulations and policies. A downturn in the sustainable energy solutions industry would impact the Fund more than a fund that does not concentrate in this industry, and the Fund therefore may be more volatile than a typical mutual fund. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company s ESG performance. Calvert funds are available at NAV for RIAs and Wrap Programs. Not all share classes are available to all investors. See a fund s prospectus for details. For more information on any Calvert fund, please contact your financial advisor or visit calvert.com for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money Eaton Vance Distributors, Inc. Member FINRA/SIPC Two International Place, Boston, MA eatonvance.com