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.

For the Carbon, Waste, and Water Impact metrics, Shareholder Community Impact is calculated with the assumption of $1 million invested in the fund. $1 million is also used for the EPA calculators which illustrate equivalents in cars, gallons of gas, daily commutes, etc. Personal Impact scales this down to smaller increments ($10,000, $50,000, and $250,000).

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

Shareholder Community Impact is calculated with the assumption of $1 million invested in the fund.

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.

Shareholder Community Impact is calculated with the assumption of $1 million invested in the fund.

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.

Shareholder Community Impact is calculated with the assumption of $1 million invested in the fund.

Portfolio and Index Coverage (as of 12/31/2019)
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 95.82% 96.20%
Calvert US Large-Cap Core Responsible Index Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 2.12%
1.30%
2.57%		 5.53%
3.63%
5.75%
Calvert US Large-Cap Core Responsible Index Fund Tobacco Exposure N/A 0.76%
Calvert US Large-Cap Core Responsible Index Fund Landfill Waste 87.03% 86.51%
Calvert US Large-Cap Core Responsible Index Fund Water Usage 89.72% 88.94%
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 94.13% 95.50%
Calvert US Large-Cap Growth Responsible Index Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 2.35%
2.14%
2.47%		 2.39%
2.58%
2.39%
Calvert US Large-Cap Growth Responsible Index Fund Tobacco Exposure N/A 0.30%
Calvert US Large-Cap Growth Responsible Index Fund Landfill Waste 85.85% 87.26%
Calvert US Large-Cap Growth Responsible Index Fund Water Usage 87.01% 88.35%
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 98.66% 96.95%
Calvert US Large-Cap Value Responsible Index Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 5.67%
4.03%
6.43%		 12.69%
7.65%
13.19%
Calvert US Large-Cap Value Responsible Index Fund Tobacco Exposure N/A 1.25%
Calvert US Large-Cap Value Responsible Index Fund Landfill Waste 88.00% 85.72%
Calvert US Large-Cap Value Responsible Index Fund Water Usage 92.66% 89.58%
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 96.90% 94.54%
Calvert US Mid-Cap Core Responsible Index Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 2.81%
2.21%
3.27%		 7.67%
2.93%
8.57%
Calvert US Mid-Cap Core Responsible Index Fund Tobacco Exposure N/A N/A
Calvert US Mid-Cap Core Responsible Index Fund Landfill Waste 73.62% 77.54%
Calvert US Mid-Cap Core Responsible Index Fund Water Usage 74.18% 78.53%
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 95.13% 96.88%
Calvert International Responsible Index Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 13.75%
11.23%
14.25%		 18.29%
13.25%
18.75%
Calvert International Responsible Index Fund Tobacco Exposure N/A 0.96%
Calvert International Responsible Index Fund Landfill Waste 89.22% 90.75%
Calvert International Responsible Index Fund Water Usage 92.28% 94.23%
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 94.17% 95.50%
Calvert Equity Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 7.13%
6.64%
7.13%		 2.39%
2.58%
2.39%
Calvert Equity Fund Tobacco Exposure N/A 0.30%
Calvert Equity Fund Landfill Waste 87.40% 87.26%
Calvert Equity Fund Water Usage 89.32% 88.35%
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 91.79% 94.54%
Calvert Mid-Cap Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 6.07%
2.30%
8.27%		 7.67%
2.93%
8.57%
Calvert Mid-Cap Fund Tobacco Exposure N/A N/A
Calvert Mid-Cap Fund Landfill Waste 74.55% 77.54%
Calvert Mid-Cap Fund Water Usage 74.55% 78.53%
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 93.93% 88.39%
Calvert Small-Cap Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 N/A
N/A
N/A		 0.50%
0.14%
0.56%
Calvert Small-Cap Fund Tobacco Exposure N/A 0.21%
Calvert Small-Cap Fund Landfill Waste 18.14% 14.72%
Calvert Small-Cap Fund Water Usage 18.14% 14.89%
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 74.69% 81.08%
Calvert Emerging Markets Equity Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 N/A
N/A
N/A		 7.73%
3.50%
8.87%
Calvert Emerging Markets Equity Fund Tobacco Exposure N/A 0.43%
Calvert Emerging Markets Equity Fund Landfill Waste 62.49% 69.74%
Calvert Emerging Markets Equity Fund Water Usage 62.49% 72.22%
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 94.53% 96.62%
Calvert International Equity Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 8.69%
9.82%
8.69%		 18.98%
14.23%
19.47%
Calvert International Equity Fund Tobacco Exposure N/A 1.06%
Calvert International Equity Fund Landfill Waste 87.87% 90.80%
Calvert International Equity Fund Water Usage 90.31% 94.09%
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 94.31% 95.22%
Calvert International Opportunities Fund Toxic Emissions: SOx
Toxic Emissions: VOC
Toxic Emissions: NOx		 2.68%
2.12%
4.69%		 8.60%
6.00%
8.95%
Calvert International Opportunities Fund Tobacco Exposure N/A 0.17%
Calvert International Opportunities Fund Landfill Waste 65.44% 75.18%
Calvert International Opportunities Fund Water Usage 67.28% 78.09%
Calvert International Opportunities Fund Civilian Firearms Production N/A 0.10%