Engagement and Impact Metrics

Methodology and disclosure

Impact metrics, with the exception of Engagement, are based significantly on data self-reported by companies. Due to limitations in uniform reporting standards and inconsistent participation by companies, impact data coverage will vary, in some cases significantly.

All MSCI data, besides Toxic Emissions, is from fiscal year 2016 and applied to holdings information as of Third Quarter 2019. MSCI data for Toxic Emissions is from fiscal year 2017 and applied to holdings information as of Third Quarter 2019.

CARBON EMISSIONS (Source: MSCI, Factset): MSCI data is compiled using a company's most recently reported or estimated Scope 1 + Scope 2 greenhouse gas emissions (if available). Scope 1 emissions are those from sources owned or controlled by the company, typically direct combustion of fuel as in a furnace or vehicle. Scope 2 emissions are those caused by the generation of electricity purchased by the company. Factset data is used to calculate fund weights and overall exposure.

CIVILIAN FIREARMS PRODUCTION (Source: MSCI, Factset): The recent-year percent of revenue, or maximum estimated percent, a company has derived from manufacturing firearms and small arms ammunition for civilian markets.

ENGAGEMENT (Source: Calvert and Institutional Shareholder Services (ISS)): Derived from quarterly NPX filings (SEC-recorded proxy votes), 01/01/2017-12/31/2017. Engagement reflects the percentage of votes that are in favor of a proposed resolution on the subject of "Climate Change" and "Gender Pay Equality" as categorized by ISS. Votes of the following Calvert Funds are represented: US Large-Cap Core Responsible Index Fund, Calvert US Large-Cap Growth Responsible Index Fund, Calvert US Mid-Cap Core Responsible Index Fund, Calvert International Responsible Index Fund and Calvert US Large Cap Value Responsible Index Fund.

FOSSIL FUEL RESERVES (Source: MSCI): Represents the percentage of companies with ownership of fossil fuel reserves regardless of their industries, including companies that own less than 50% of a reserves field. Evidence of owning reserves includes companies providing the exact volume of reserves, and companies making a statement about their ownership of reserves.

LANDFILL WASTE (Source: Trucost): Quantity of waste that is generated by the company and is disposed to landfill. Waste is defined as direct hazardous and non-hazardous landfill and waste quantity.

TOBACCO EXPOSURE (Source: MSCI, Factset): Represents the percentage of companies with tobacco exposure using recent-year percent of revenue, or maximum estimated percent, a company has derived from the manufacture of tobacco products. Factset data is used to calculate fund weights and overall exposure.

TOXIC EMISSIONS (Source: MSCI, Factset): Represents the weighted-average of total combined emissions of nitrogen oxides (NOx), sulfur oxide (SOx) and Volatile Organic Compounds (VOCs) produced by companies. Toxic emissions are the combined results of NOx, SOx and VOCs data. Factset data is used to calculate fund weights and overall exposure.

WATER USAGE (Source: Trucost): The sum of the volume of water used in a manufacturing or treatment process or in the actual product manufactured.

Portfolio and Index Coverage (as of 9/30/2019)
To evaluate the coverage level in both the portfolio and the index, a coverage % is provided, where applicable. Coverage indicates how much of the portfolio or index is represented by that metric. For example, coverage of 83% means that the impact metric represents approximately 83% of the portfolio or index’s holdings.

Fund	Metric	Fund Coverage	Russell 1000 Index Coverage
Calvert US Large-Cap Core Responsible Index Fund	Fossil Fuel Reserves	N/A	N/A
Calvert US Large-Cap Core Responsible Index Fund	Carbon Emissions	96.20%	96.16%
Calvert US Large-Cap Core Responsible Index Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	1.08% 1.42% 1.26%	1.32% 0.93% 1.41%
Calvert US Large-Cap Core Responsible Index Fund	Tobacco Exposure	N/A	0.71%
Calvert US Large-Cap Core Responsible Index Fund	Landfill Waste	54.18%	52.99%
Calvert US Large-Cap Core Responsible Index Fund	Water Usage	54.18%	52.99%
Calvert US Large-Cap Core Responsible Index Fund	Civilian Firearms Production	N/A	0.20%
Fund	Metric	Fund Coverage	Russell 1000 Growth Index Coverage
Calvert US Large-Cap Growth Responsible Index Fund	Fossil Fuel Reserves	N/A	N/A
Calvert US Large-Cap Growth Responsible Index Fund	Carbon Emissions	94.48%	95.37%
Calvert US Large-Cap Growth Responsible Index Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	0.70% 0.66% 0.70%	0.43% 0.58% 0.43%
Calvert US Large-Cap Growth Responsible Index Fund	Tobacco Exposure	N/A	0.27%
Calvert US Large-Cap Growth Responsible Index Fund	Landfill Waste	56.39%	55.04%
Calvert US Large-Cap Growth Responsible Index Fund	Water Usage	56.39%	55.04%
Calvert US Large-Cap Growth Responsible Index Fund	Civilian Firearms Production	N/A	0.37%
Fund	Metric	Fund Coverage	Russell 1000 Value Index Coverage
Calvert US Large-Cap Value Responsible Index Fund	Fossil Fuel Reserves	N/A	N/A
Calvert US Large-Cap Value Responsible Index Fund	Carbon Emissions	98.50%	96.96%
Calvert US Large-Cap Value Responsible Index Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	1.43% 2.21% 1.78%	2.24% 1.30% 2.42%
Calvert US Large-Cap Value Responsible Index Fund	Tobacco Exposure	N/A	1.16%
Calvert US Large-Cap Value Responsible Index Fund	Landfill Waste	50.61%	50.87%
Calvert US Large-Cap Value Responsible Index Fund	Water Usage	50.61%	50.87%
Calvert US Large-Cap Value Responsible Index Fund	Civilian Firearms Production	N/A	0.03%
Fund	Metric	Fund Coverage	Russell Midcap Index Coverage
Calvert US Mid-Cap Core Responsible Index Fund	Fossil Fuel Reserves	N/A	N/A
Calvert US Mid-Cap Core Responsible Index Fund	Carbon Emissions	97.41%	94.62%
Calvert US Mid-Cap Core Responsible Index Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	1.15% 1.58% 1.58%	1.86% 1.35% 2.19%
Calvert US Mid-Cap Core Responsible Index Fund	Tobacco Exposure	N/A	N/A
Calvert US Mid-Cap Core Responsible Index Fund	Landfill Waste	56.53%	59.01%
Calvert US Mid-Cap Core Responsible Index Fund	Water Usage	56.53%	59.01%
Calvert US Mid-Cap Core Responsible Index Fund	Civilian Firearms Production	N/A	0.05%
Fund	Metric	Fund Coverage	MSCI World ex USA Index Coverage
Calvert International Responsible Index Fund	Fossil Fuel Reserves	N/A	N/A
Calvert International Responsible Index Fund	Carbon Emissions	97.59%	97.01%
Calvert International Responsible Index Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	8.54% 5.38% 8.57%	10.71% 6.87% 10.73%
Calvert International Responsible Index Fund	Tobacco Exposure	N/A	0.92%
Calvert International Responsible Index Fund	Landfill Waste	52.98%	56.95%
Calvert International Responsible Index Fund	Water Usage	53.03%	56.97%
Calvert International Responsible Index Fund	Civilian Firearms Production	0.20%	0.30%
Fund	Metric	Fund Coverage	Russell 1000 Growth Index Coverage
Calvert Equity Fund	Fossil Fuel Reserves	N/A	N/A
Calvert Equity Fund	Carbon Emissions	93.57%	95.37%
Calvert Equity Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	3.90% 0.97% 3.90%	0.43% 0.58% 0.43%
Calvert Equity Fund	Tobacco Exposure	N/A	0.27%
Calvert Equity Fund	Landfill Waste	56.33%	55.04%
Calvert Equity Fund	Water Usage	56.33%	55.04%
Calvert Equity Fund	Civilian Firearms Production	N/A	0.37%
Fund	Metric	Fund Coverage	Russell Midcap Index Coverage
Calvert Mid-Cap Fund	Fossil Fuel Reserves	N/A	N/A
Calvert Mid-Cap Fund	Carbon Emissions	92.15%	94.62%
Calvert Mid-Cap Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	N/A N/A N/A	1.86% 1.35% 2.19%
Calvert Mid-Cap Fund	Tobacco Exposure	N/A	N/A
Calvert Mid-Cap Fund	Landfill Waste	58.30%	59.01%
Calvert Mid-Cap Fund	Water Usage	58.30%	59.01%
Calvert Mid-Cap Fund	Civilian Firearms Production	N/A	0.05%
Fund	Metric	Fund Coverage	Russell 2000 Index Coverage
Calvert Small-Cap Fund	Fossil Fuel Reserves	N/A	N/A
Calvert Small-Cap Fund	Carbon Emissions	94.94%	89.37%
Calvert Small-Cap Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	N/A N/A N/A	0.09% 0.09% 0.09%
Calvert Small-Cap Fund	Tobacco Exposure	N/A	0.21%
Calvert Small-Cap Fund	Landfill Waste	18.07%	13.98%
Calvert Small-Cap Fund	Water Usage	18.07%	13.98%
Calvert Small-Cap Fund	Civilian Firearms Production	N/A	0.09%
Fund	Metric	Fund Coverage	MSCI Emerging Markets Index Coverage
Calvert Emerging Markets Equity Fund	Fossil Fuel Reserves	N/A	N/A
Calvert Emerging Markets Equity Fund	Carbon Emissions	83.57%	86.98%
Calvert Emerging Markets Equity Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	N/A N/A N/A	2.62% 0.82% 2.75%
Calvert Emerging Markets Equity Fund	Tobacco Exposure	N/A	0.54%
Calvert Emerging Markets Equity Fund	Landfill Waste	66.88%	64.53%
Calvert Emerging Markets Equity Fund	Water Usage	66.88%	64.67%
Calvert Emerging Markets Equity Fund	Civilian Firearms Production	N/A	N/A
Fund	Metric	Fund Coverage	MSCI EAFE Index Coverage
Calvert International Equity Fund	Fossil Fuel Reserves	N/A	N/A
Calvert International Equity Fund	Carbon Emissions	85.46%	96.74%
Calvert International Equity Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	1.94% N/A 1.94%	11.59% 7.57% 11.61%
Calvert International Equity Fund	Tobacco Exposure	N/A	1.01%
Calvert International Equity Fund	Landfill Waste	41.89%	52.82%
Calvert International Equity Fund	Water Usage	41.89%	52.85%
Calvert International Equity Fund	Civilian Firearms Production	N/A	0.33%
Fund	Metric	Fund Coverage	MSCI EAFE Index Coverage
Calvert International Opportunities Fund	Fossil Fuel Reserves	N/A	N/A
Calvert International Opportunities Fund	Carbon Emissions	95.63%	96.16%
Calvert International Opportunities Fund	Toxic Emissions: SOx Toxic Emissions: VOC Toxic Emissions: NOx	0.45% N/A 0.45%	4.90% 3.86% 5.03%
Calvert International Opportunities Fund	Tobacco Exposure	N/A	0.15%
Calvert International Opportunities Fund	Landfill Waste	49.78%	59.81%
Calvert International Opportunities Fund	Water Usage	48.78%	60.03%
Calvert International Opportunities Fund	Civilian Firearms Production	N/A	0.10%