Calvert Research and ManagementA global leader in Responsible Investing

Invest with impact

¹Activities prior to 2017 represent the actions of Calvert Investment Management. Calvert Investment Management was founded in 1976 and traces its Responsible Investing roots to 1982. In December 2016, the assets of Calvert Investment Management were purchased by Calvert Research and Management, a newly formed subsidiary of Eaton Vance.

As more investors look to achieve both positive impact and competitive returns, money managers are increasing their responsible investment offerings. But not all managers have the same investment approach, capabilities or track record. Calvert has been a global leader in Responsible Investing since 1982.¹ By combining principles-based research with active engagement, we work toward building sustainable, long-term value in both the companies we invest in and our clients’ portfolios.

Positive impact. Competitive results.

The Calvert Principles for Responsible Investment (Calvert Principles)� Environmental – Advancement in environmental sustainability and resource efficiency

� Social – Contributions to equitable societies and respect for human rights

� Governance – Accountability for governance and building transparency

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Traditional analysis + ESG = Comprehensive investment process

At Calvert, we recognize that environmental, social and governance (ESG) factors can impact a company’s overall performance. By combining ESG and traditional financial analysis, Calvert is able to develop a more complete picture of the long-term risks and opportunities of the companies in which we invest.

A holistic approach to investing

Traditional financial analysis

� Price-to-earnings ratio� Technical analysis� Earnings per share� Return on equity� Analyst

recommendation

Governance

� Board structure and gender diversity� Corruption and

supply chain management� Accounting policies

and controls� Executive

compensation

Social

� Human capital development� Privacy and data

security� Product quality

and safety� Workplace diversity� Workplace safety

Environmental

� Carbon emissions� Water scarcity� Energy

management� Environmental

impact of supply chain� Environmental

impact of products

Company

Traditional analysis

ESG analysis

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12ESG research

analysts reporting to a director of

research

11Sustainable

Industry Classification

System (SICS) sectors

8ESG quantitative

analysts/portfolio managers

4k+Calvert conducts

ESG research on over 4,000

companies across the

global capital markets

7Engagement professionals

195Peer

groups (companies in

the same sector that are

competitors and of similar size)

5ESG operations

and special projects

professionals

~200Key

performance indicators

(KPIs) used to measure ESG performance

32Specialized

ESG professionals

ESG research

across the global capital

markets

Calvert’s deep, proprietary research process identifies opportunities and risks that might not otherwise be apparent. We rely on our team’s specialized expertise and data from diverse sources to determine the ESG issues most relevant (financially material) to a company’s bottom line.

The significance of ESG issues varies by industry, company and opportunity. Our process begins by defining peer groups based on common ESG risks. This allows us to make more relevant company comparisons, ultimately guiding our investment decisions and corporate engagement efforts.

ESG research capabilities

Deeper research drives better insights

Source: Calvert Research and Management, December 31, 2020.

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Calvert’s research is distinguished by its breadth and depth, the industry-specific expertise of our teams and our focus on discerning the ESG issues most relevant to each company in which we invest.

A focus on financial materiality

Material ESG scores offer greater insight into business performance

Materiality weighting: n High n Medium n Low

Select Issues

Packaged Foods &

MeatsAir Freight & Logistics

IT Consulting

Services

E

Environmental Opportunities n n

Climate & Energy n n

Supply Chain n

Water Use & Stress n

S

Human Capital & Labor Management n n n

Privacy and Data Security n

Product Safety n

Supply Chain Labor n

Employee Health & Safety n

G

Overall Governance Assessment n n n

Corporate Ethics & Behavior n n

Corporate Governance – Board Diversity n n n

Corporate Resilience n n n

Chart is for illustrative purposes only. Select issues do not include all material issues for listed peer groups. Calvert’s research focuses on materiality and evaluates ESG criteria on both an industry and company basis across a broad universe.

“The analysis continues to show that issuers that adequately manage their ESG risks

can deliver competitive financial results while striving to benefit society and the planet.”

Jade Huang Vice President, Portfolio Manager

Calvert Research and Management

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Calvert identifies targets for engagement with management on ESG issues that matter to clients, companies and society. Financial materiality is the most important consideration, and the engagement team seeks to identify targets where real change is likely to occur.

In recent years, Calvert’s engagement program has included working with companies on setting greenhouse gas (GHG) emissions targets, improving board/employee diversity and adopting water stewardship policies, among many other important issues.

Active engagement drives performance

Calvert’s active engagement focuses on material issues: Active engagement process components

Parse Peer Group Rankings

Identify companies lagging peer group and/or industry standards for ESG practices

Engagement Considerations

MaterialityOpportunityPosition sizePerformanceExperience

Build Issuer-Level Business Case

Best practicesCompetitive landscape

OptionalityCost savings/profit potential

Potential increase in stockholder base

Tools of Engagement

Direct dialogue

Public policy initiatives

Multistakeholder initiatives

Written campaigns

Shareholder resolutions

Source: Calvert Research and Management, December 31, 2020.

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As active shareholders, we take proxy voting seriously

Calvert’s proxy voting record exemplifies active shareholder engagement. While most investment managers vote in lockstep with management, we cast votes based on comprehensive guidelines that encourage corporate responsibility. Ultimately, we believe that helping companies improve their ESG commitments makes them better long-term investments.

Getting our message heard

Calvert’s proxy voting promotes long-term value, accountability and sustainability. Voting proxies sends a critical message that corporate leadership needs to hear and holds boards accountable. During the last proxy season, Calvert voted:

� For all 24 votes related to increased disclosure on climate change� For all 11 votes on corporate board diversity targets� For all 23 votes for the creation of corporate social responsibility reports

U.S. proxy voting record for sample issues (12 months ended 6/30/20)

0%

20%

40%

60%

80%

100%

OverallEnvironmental & Health**

Social & Human Rights*

Say on PayDirector Elections

For the proposal Against/Withheld the proposal

30%

70%

55%

45%

26%

74%

100%

30%

70%

Non-U.S. proxy voting record for sample issues (12 months ended 6/30/20)

0%

20%

40%

60%

80%

100%

OverallEnvironmental & Health**

Social &Human Rights*

Say on PayDirectorElections

For the proposal Against/Withheld the proposal

61%

39% 39%

22%

78%

30%

70%

61%

31%

69%

*The Social & Human Rights votes that Calvert did not support were attributable to micromanagement of the company or issues that do not meet the Calvert Principles – e.g., a vote to repeal nondiscrimination policies.

**The votes that Calvert did not support in Environmental & Health were attributable to micromanagement of the company or issues that Calvert does not support, such as nuclear power plant closures.

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No need to sacrifice performance for impact

Addressing sustainability is not only good for society – but can also benefit investors of all types. For example, Calvert US Large-Cap Core Responsible Index, which is tracked by Calvert’s oldest and largest index fund,² has outperformed its benchmark for the 1-, 3-, 5- and 10-year periods ended December 31, 2020.

Annualized returns (%)

0%

5%

10%

15%

20%

25%

30%

10 Years5 Years3 Years1 YearYTDQTD1 Month

4.47% 4.23%

13.84%13.69%

26.57%

20.96%

26.57%

20.96%

14.82%16.96%

15.60%17.51%

15.12% 14.01%

Calvert US Large-Cap Core Responsible Index (CALCOR)3 Russell 1000® Index4

²Calvert US Large-Cap Core Responsible Index Fund, which reached its 20th anniversary on the June 30, 2020.³CALCOR is a portfolio of large-capitalization U.S. stocks that meet Calvert’s criteria for index inclusion based on the Calvert Principles for Responsible Investment. Prior to June 19, 2015, CALCOR was called the Calvert Social Index and employed a different construction methodology. Visit calvert.com for more information. Past performance is no guarantee of future results. It is not possible to invest directly in an index.

⁴Russell 1000® Index is an unmanaged index of 1,000 U.S. large-cap stocks. 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.

Measuring impact

Measuring impact is key to understanding the social and environmental returns on your investment. At Calvert, we recognize that the better we can measure our impact, the better we can maximize it.

Carbon-neutral

As a founding signatory to the Net Zero Asset Managers Initiative. Calvert fully supports the goal of net zero GHG emissions by 2050 or sooner, and investing aligned with net zero emissions by 2050 or sooner. This is in line with global efforts to limit warming to 1.5 degrees Celsius.

Sample ESG impact and engagement metrics

Toxic emissions

Water usage

Carbon emissions

Landfill waste

Tobacco exposure

Climate change

Gender pay equality

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Investments spanning the global capital markets

Calvert offers one of the industry’s broadest selections of responsibly invested funds in the industry. These strategies can be the building blocks you and your financial advisor use to create a portfolio tailored to your needs and goals.

Equity

Active

Calvert Emerging Markets Advancement Fund

CEFIX

Calvert Emerging Markets Equity Fund CVMIX

Calvert Equity Fund CEYIX

Calvert International Equity Fund CWVIX

Calvert International Opportunities Fund COIIX

Calvert Mid-Cap Fund CCPIX

Calvert Small-Cap Fund CSVIX

Passive

Calvert International Responsible Index Fund

CDHIX

Calvert US Large-Cap Core Responsible Index Fund

CISIX

Calvert US Large-Cap Growth Responsible Index Fund

CGJIX

Calvert US Large-Cap Value Responsible Index Fund

CFJIX

Calvert US Mid-Cap Core Responsible Index Fund

CMJIX

Thematic

Calvert Global Energy Solutions Fund CAEIX

Calvert Global Water Fund CFWIX

Fixed Income

Active

Calvert Bond Fund CBDIX

Calvert Flexible Bond Fund CUBIX

Calvert Floating-Rate Advantage Fund CFOIX

Calvert Green Bond Fund CGBIX

Calvert High Yield Bond Fund CYBIX

Calvert Income Fund CINCX

Calvert Core Bond Fund⁵ CLDIX

Calvert Responsible Municipal Income Fund CTTIX

Calvert Short Duration Income Fund CDSIX

Calvert Ultra-Short Duration Income Fund CULIX

Asset Allocation

Calvert Conservative Allocation Fund CFAIX

Calvert Balanced Fund CBAIX

Calvert Moderate Allocation Fund CLAIX

Calvert Growth Allocation Fund CAGIX

Calvert Funds (I Shares)

Advisory Services are offered through Eaton Vance Management, an SEC registered investment advisor. Not all strategies available at all firms.

⁵Prior to 02/02/21, Fund was called Calvert Long-Term Income Fund.

Some of these strategies are available as separately managed accounts for investors requiring a higher level of customization and tax efficiency. To learn more, visit calvert.com/SMA or contact your financial advisor.

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Make a difference with your investments

With industry-leading ESG research, active engagement and a wide range of strategies, Calvert is a global leader in Responsible Investing that investors rely on to build diverse portfolios while pursuing competitive returns and positive change.

The Forum for Sustainable and Responsible Investment

UN Global Compact Carbon Disclosure Project Coalition for Environmentally Responsible Economies

Global Reporting Initiative Principles for Responsible Investment

UN Women’s Empowerment Principles

Sustainability Accounting Standards Board

Here are some of the milestones achieved by Calvert as a global leader in Responsible Investing:

� 1982 The Forum for Sustainable and Responsible Investment (US SIF) was formed, with Calvert as a founding member

� 1999 Calvert wins key Department of Labor opinion allowing 401(k) plans to make responsible investments available

� 2000 Calvert introduces the Calvert Social Index

� 2004 In partnership with the United Nations, Calvert developed and promulgated the Calvert Women’s Principles

� 2006 Calvert joins institutions as founding signatories of the UN Principles for Responsible Investment

� 2009 The Calvert Women’s Principles are incorporated into the United Nations Women’s Empowerment Principles

� 2016 Calvert Research and Management acquires the business assets of Calvert Investment Management.

� 2017 Calvert helped found the SASB Alliance, which seeks to standardize disclosure for responsible investing

� 2018 SASB codified market-based standards for measuring, managing and reporting on sustainability factors that affect financial performance, covering 77 industries

� 2020 The Calvert Institute for Responsible Investment was created to produce world- class ESG research, timely publications and industry events

� 2021 For the second year in a row, Calvert won Best Overall Fund Family Group over three years¹ in the small company category of the Refinitiv Lipper Fund Awards

¹As of November 30, 2020. The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. Small fund family groups will need to have at least three equity, three bond and three mixed-asset portfolios. An overall group award is given to the group with the lowest average decile ranking of its respective asset class results based on the methodology described above. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper. Past performance is no guarantee of future results. Lipper Fund Awards from Refinitiv, ©2021 Refinitiv. All rights reserved. Used under license.

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About CalvertCalvert Research and Management (Calvert) is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. A global leader in Responsible Investing, Calvert sponsors one of the largest and most diversified families of responsibly invested mutual funds, encompassing active and passively managed equity, income, alternative and multi-asset strategies. With roots in Responsible Investing back to 1982, the firm seeks to generate favorable investment returns for clients by allocating capital consistent with environmental, social and governance best practices and through structured engagement with portfolio companies. Headquartered in Washington, D.C., Calvert manages assets on behalf of funds, individual and institutional separate account clients, and their advisors. For more information, visit calvert.com.

About Eaton VanceEaton Vance is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. It provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through its distinct investment brands Eaton Vance Management, Parametric, Atlanta Capital and Calvert, the Company offers a diversity of investment approaches, encompassing bottom-up fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures. Exemplary service, timely innovation and attractive returns across market cycles have been hallmarks of Eaton Vance since 1924. For more information, visit eatonvance.com.

About RiskInvesting involves risk, including the risk of loss. The value of investments may increase or decrease in response to economic and financial events (whether real, expected or perceived) in the U.S. and global markets. Investing primarily in responsible investments carries the risk that, under certain market conditions, relative investment performance can deviate from strategies that do not utilize a responsible investment strategy.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.

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Learn more about Responsible Investing with Calvert

Talk to your financial advisor or visit calvert.com to learn how Calvert may fit into your long-term financial plans.

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