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Calvert International Equity I CWVIX Sustainability

| Quantitative rating as of | See Eaton Vance Investment Hub

Sustainability Analysis

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Sustainable Summary

Calvert International Equity Fund has a number of positive attributes that may appeal to sustainability-focused investors.

This strategy has an above-average Morningstar Sustainability Rating of 4 globes, indicating that the ESG risk of holdings in its portfolio is relatively low compared with those of its peers in the Global Equity Large Cap category. ESG risk measures the degree to which material environmental, social, and governance issues, such as climate change and inequalities, could affect valuations. ESG risk differs from impact, which is about driving positive environmental and social outcomes for society’s benefit.

Based on its latest prospectus, sustainability or ESG factors are a focus in the investment process of Calvert International Equity Fund. Funds with ESG-focused mandates are more likely to deliver positive sustainability outcomes. One key area of strength for Calvert International Equity Fund is its low Morningstar Portfolio Carbon Risk Score of 5.07 and low fossil fuel exposure of 3.61% over the past 12 months, which earns it the Morningstar Low Carbon Designation. The fund is therefore well positioned to transition to a low-carbon economy.

Its 8.25% involvement in carbon solutions is higher than the 5.19% average involvement of its peers in the Foreign Large Growth category. Carbon solutions include products and services related to renewable energy, energy efficiency, green buildings, green transportation, and so on. The fund aims to avoid, or limit exposure to, companies in violation with international norms, such as the UN Global Compact or the Universal Declaration of Human Rights.

By prospectus, the fund aims to avoid, or limit its exposure to, companies associated with controversial weapons, tobacco, and small arms. Yet this goal is far from achieved, as the fund exhibits 3.1% and 3.1% exposure to controversial weapons and small arms, respectively. This compares with 1.02% and 0.84% for its average peer in the Global Equity Large Cap category.

The fund has a modest level of exposure (3.58%) to companies with high or severe controversies. Companies with high or severe controversies are involved in incidents such as corruption, employee abuses, environmental incidents, and corporate scandals that pose serious business risks to the company.

ESG Commitment Level Asset Manager

An ESG Commitment Level Asset Manager rating is not assigned to this investment.

Morningstar analysts award an ESG Commitment Level Asset Manager ratings to investments that also receive Morningstar Analyst Ratings. Not all investments currently have Asset Manager rating. Morningstar is expanding its coverage, prioritizing investments that are most relevant to investors.