CALVERT GLOBAL ENERGY SOLUTIONS FUND

CALVERT GLOBAL WATER FUND

(each, a “Fund” and together, the “Funds”)

Supplement to Prospectus dated February 1, 2016 as revised January 3, 2017

1.

The following changes apply to the Calvert Global Energy Solutions Fund under “Fund Summaries”:

a)

The following replaces the Annual Fund Operating Expenses table under “Fees and Expenses” for the Fund:

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)	Class A	Class C	Class Y	Class I
Management fees(3)	0.87%	0.87%	0.87%	0.87%
Distribution and service (12b-1) fees	0.25%	1.00%	None	None
Other expenses	0.66%	0.66%	0.54%	4.53%
Total annual fund operating expenses	1.78%	2.53%	1.41%	5.40%
Less fee waiver and/or expense reimbursement(4)	(0.50)%	(0.50)%	(0.38)%	(4.47)%
Total annual fund operating expenses after fee waiver and/or expense reimbursement	1.28%	2.03%	1.03%	0.93%

⁽¹⁾

Purchases of Class A shares at net asset value for accounts with $1,000,000 or more on which a finder’s fee has been paid are subject to a one-year contingent deferred sales charge of 0.80%.

⁽²⁾

Applies to redemptions of Class C shares within one year of purchase.

⁽³⁾

Management fees are restated to reflect current contractual fees rather than the fees paid during the previous fiscal year.

⁽⁴⁾

Calvert Research and Management (“CRM”) has agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 1.28% for Class A, 2.03% for Class C, 1.03% for Class Y and 0.93% for Class I. This expense reimbursement will continue through January 31, 2018. Any amendment to or termination of this reimbursement would require approval of the Board of Directors. 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, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by CRM during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.

b)

The following replaces the table under “Buying and Selling Shares” for the Fund:

Share Classes	Minimum Initial Investment	Minimum Subsequent Investment
Class A and Class C	Regular accounts  $2,000 IRA Accounts       $1,000 Except:  $100, if establishing an Automatic Investment Plan (“AIP”). For an account that has met the minimum initial investment requirement described above, you may make subsequent automatic investments of $50. The Fund may waive investment minimums and applicable service fees for certain investors, including certain retirement plans.	$250 $250
Class Y	Regular accounts  $2,000 IRA Accounts       $1,000 Except:  $100, if establishing an Automatic Investment Plan (“AIP”). For an account that has met the minimum initial investment requirement described above, you may make subsequent automatic investments of $50. Generally available only to (1) wrap or similar fee-based programs offered by financial intermediaries; and (2) retirement plans, foundations, endowments and other consultant-driven business.  The Fund may waive investment minimums and applicable service fees for certain investors, including certain retirement plans.	$250 $250
Class I	$1,000,000 The initial investment minimum is waived for retirement plans that trade through omnibus accounts.  The Fund may waive the initial investment minimum for certain institutional accounts where it is believed to be in the best interest of the Fund and its shareholders.	N/A

2.

The following replaces the table under the section entitled “Fund Summary – Buying and Selling Shares” for the Calvert Global Water Fund:

Share Classes	Minimum Initial Investment	Minimum Subsequent Investment
Class A and Class C	Regular accounts  $2,000 IRA Accounts       $1,000 Except:  $100, if establishing an Automatic Investment Plan (“AIP”). For an account that has met the minimum initial investment requirement described above, you may make subsequent automatic investments of $50. The Fund may waive investment minimums and applicable service fees for certain investors, including certain retirement plans.	$250 $250
Class Y	Regular accounts  $2,000 IRA Accounts       $1,000 Except:  $100, if establishing an Automatic Investment Plan (“AIP”). For an account that has met the minimum initial investment requirement described above, you may make subsequent automatic investments of $50. Generally available only to (1) wrap or similar fee-based programs offered by financial intermediaries; and (2) retirement plans, foundations, endowments and other consultant-driven business.  The Fund may waive investment minimums and applicable service fees for certain investors, including certain retirement plans.	$250 $250
Class I	$1,000,000 The initial investment minimum is waived for retirement plans that trade through omnibus accounts.  The Fund may waive the initial investment minimum for certain institutional accounts where it is believed to be in the best interest of the Fund and its shareholders.	N/A

January 13, 2017 24499 1.13.17