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 a positive impact and competitive returns, money managers have increased the number of responsibly managed strategies they offer. 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 Our deep experience has given us the insight and understanding to build sustainable value in both the companies we invest in and our clients’ portfolios.

Positive impact. Competitive results.

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Traditional financial analysis� Price-to-earnings ratio� Technical analysis� Earnings per share� Book value� Return on equity� Analyst recommendation

Social� Human capital development� Privacy and data security� Product quality and safety� Workplace diversity� Workplace safety

Governance� Board structure and gender diversity� Corruption and supply chain management� Accounting policies and controls� Executive compensation

Environmental� Carbon/Greenhouse gas (GHG) emissions� Water scarcity� Energy management� Environmental impact of supply chain� Environmental impact of products

Traditional analysis + ESG = Comprehensive investment process

Comprehensive investment

process

Trad

itional

E

SG

At Calvert, we recognize that companies with strong environmental, social and governance (ESG) practices can generate competitive long-term returns. That’s why deep, proprietary ESG research is our core focus. By combining ESG and traditional financial analysis, Calvert is able to develop a more complete picture of the long-term risks and growth opportunities of the companies in which we invest.

Focused on performance

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Calvert’s robust research process identifies opportunities and risks that might otherwise not 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.

Deeper research drives better insights

27 specialized

ESG professionals

12 ESG research

analysts reporting to a director of

research

6 ESG quantitative

analysts/portfolio managers

6 engagement professionals

3 ESG operations

and special projects

professionals

11 sectors of focus

Over

3,000 companies

covered

ESG research

across the global capital

markets

As of September 30, 2019.

Calvert’s robust ESG research capabilities

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Calvert focuses on identifying financially material ESG risks, evaluating management teams’ ability to navigate those risks and recognizing opportunities for companies to improve their ESG performance.

A clear focus on financial materiality

Material ESG scores offer greater insight into business performance

Select IssuesConsumer

FinanceIndustrial Machinery

Application Software

E

Carbon/GHG emissions

Energy management n n

Product lifecycle n

Toxic emissions n

S

Human capital development n n n

Privacy and data security n n

Product quality and safety n n

Workplace diversity n n

Workplace safety n

GBoard structure and gender diversity n n n

Corruption and instability management n

Overall governance score n n n

Materiality weighting: n High n Medium n Low

“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, Portfolio Manager Calvert Research and Management

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.

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Clean water

Sample issues

Clean energy

Disclosure

Diversity

Labor and human rights

Calvert has a long history of shareholder engagement, the practice of actively raising ESG issues with corporate management to change or influence how a company is run. We view engagement as one of our most powerful tools for identifying specific areas where companies can lower their risks, improve financial performance and gain competitive advantages.

At Calvert, we see engagement as both an independent and multistakeholder endeavor. In addition to engaging with companies, we work with a number of organizations to help raise corporate ESG standards and practices around the world, including:

Engagement drives corporate and financial performance

The Forum for Sustainable and Responsible InvestmentThe leading voice advancing sustainable, responsible and impact investing across all asset classes, with a focus on long-term investment and positive social and environmental outcomes.

Principles for Responsible InvestmentWe are a founding signatory of the United Nations-supported Principles for Responsible Investment.

UN Women’s Empowerment PrinciplesAdopted from the Calvert Women’s Principles, this code of conduct for corporations focuses on empowering, advancing and investing in women worldwide.

Sustainability Accounting Standards BoardAs a founding member of the SASB Investor Advisory Group, we work to elevate corporate reporting standards across all major industries.

Fostering change through vigorous, ESG-focused engagement

Public policy initiatives

Proxy voting

Direct dialogue

Shareholder resolutions

Multi-stakeholder initiatives

Written campaigns

How we engage

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Overall Greenhouse gas emissions

Climate changeAdvisory say on pay

51%

49%

57%

43%

80%

20%

67%

33%

With management Against management

Calvert’s proxy voting record is a prime example of 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.

Voting proxies in favor of climate proposals sends a critical message that corporate leadership needs to hear. During the latest proxy season for example, on shareholder proposals related to climate change, Calvert voted for the proposal 63% of the time.

Calvert voted:

� For all six shareholder proposals to require companies to create a report on climate change� For all 10 shareholder proposals regarding GHG emissions� For both shareholder proposals to establish an environmental or social issue board committee (100% against management)

As active shareholders, we take proxy voting seriously

Getting our message heard

Select proxy vote issues (7/1/2018–6/30/2019)

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No need to sacrifice performance for impact

At Calvert, we understand that focusing on sustainability can not only benefit society, but also investors looking to achieve favorable investment results. For example, Calvert US Large-Cap Core Responsible Index, which is tracked by Calvert’s oldest and largest index fund*, has outperformed its benchmark for the 1-, 3-, 5- and 10-year periods ended September 30, 2019.

Annualized returns (%)

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years

Calvert US Large-Cap Core Responsible Index (CALCOR)²

1.67 1.68 21.67 4.95 13.75 11.18 13.56

Russell 1000® Index³ 1.73 1.42 20.53 3.87 13.19 10.61 13.22

²CALCOR is a portfolio of large capitalization U.S. stocks that meet Calvert’s criteria for index inclusion based on 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.

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.

Measuring impact

Toxic emissions

Water usage

Carbon emissions

Landfill waste

Tobacco exposure

Sample ESG impact and engagement metrics

Climate change

Gender pay

equality

Carbon-neutral

Calvert has neutralized all office and business travel emissions through a partnership with Carbonfund.org Foundation by supporting its Envira Amazonia Project, protecting nearly 500,000 acres of endangered Brazilian Amazon rainforest and mitigating billions of pounds of carbon dioxide emissions.

*Calvert US Large-Cap Core Responsible Index Fund

³Russell 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.

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Comprehensive range of investment choices

With 28 fund offerings spanning the global markets, Calvert offers one of the industry’s broadest ranges of responsibly invested funds. This wide array of strategies may serve as the building blocks for you and your financial advisor to build a diverse Responsible Investing portfolio based on your specific needs and goals.

EquityActive

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 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 IncomeActive

Calvert Bond Fund CBDIX

Calvert Absolute Return Bond Fund⁴ CUBIX

Calvert Floating-Rate Advantage Fund CFOIX

Calvert Green Bond Fund CGBIX

Calvert High Yield Bond Fund CYBIX

Calvert Income Fund CINCX

Calvert Long-Term Income Fund 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 CLAIXl

Calvert Growth Allocation Fund⁵ CAGIX

Calvert Funds (I Shares)

⁴Effective 01/03/20, Fund will be named Calvert Flexible Bond Fund.

⁵Prior to 08/02/2019, Fund was called Calvert Aggressive Allocation Fund.

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About CalvertCalvert Research and Management is a leader in Responsible Investing. The company traces its roots to Calvert Investments, which was founded in 1976 and in 1982 launched the first mutual fund to avoid investment in companies doing business in apartheid-era South Africa. Today, the Calvert Funds are one of the largest and most diversified families of responsibly invested mutual funds, encompassing actively and passively managed U.S. and international equity, fixed and floating-rate income, and multi-asset strategies. Calvert Research and Management is a wholly owned subsidiary of Eaton Vance. For more information, visit calvert.com.

About Eaton VanceEaton Vance provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through principal investment affiliates Eaton Vance Management, Parametric, Atlanta Capital, Hexavest and Calvert, the Company offers a diversity of investment approaches, encompassing bottom-up and top-down 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.

Make a difference with your investments

With industry-leading ESG research, active shareholder engagement and broad array of funds, Calvert is a Responsible Investing leader that individuals, advisors and institutions rely on for competitive returns and measurable impact.

©2019 Eaton Vance Distributors, Inc. Member FINRA/SIPC | Two International Place, Boston, MA 02110 | 800.836.2414 | eatonvance.com 24322 | 12.13.19

Learn more about Responsible Investing with Calvert

Talk to your financial advisor or visit calvert.com to learn

how Calvert Funds may fit into your portfolio.

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We believe that most corporations deliver benefits to society, through their products and services, creation of jobs, payment of taxes, and the sum of their behaviors. As a responsible investor, Calvert Research and Management seeks to invest in companies and other issuers that provide positive leadership in the areas of their business operations and overall activities that are material to improving long-term shareholder value and societal outcomes.

Calvert seeks to invest in companies and other issuers that balance the needs of financial and nonfinancial stakeholders and demonstrate a commitment to the global commons as well as to the rights of individuals and communities.

The Calvert Principles for Responsible Investment (Calvert Principles) provide a framework for Calvert’s evaluation of investments and guide Calvert’s stewardship on behalf of clients through active engagement with companies and other issuers. The Calvert Principles seek to identify companies and other issuers that operate in a manner that is consistent with or promote:

Environmental sustainability and resource efficiency

� Reduce the negative impact of operations and practices on the environment

� Manage water scarcity and ensure efficient and equitable access to clean sources

� Mitigate impact on all types of natural capital

� Diminish climate-related risks and reduce their carbon emissions

� Drive sustainability innovation and resource efficiency through business operations or other activities, products and services

Equitable Societies and respect for human rights

� Respect consumers by marketing products and services in a fair and ethical manner, maintaining integrity in customer relations and ensuring the security of sensitive consumer data

� Respect human rights, respect culture and tradition in local communities and economies and respect Indigenous Peoples’ Rights

� Promote diversity and gender equity across workplaces, marketplaces and communities

� Demonstrate a commitment to employees by promoting development, communication, appropriate economic opportunity and decent workplace standards

� Respect the health and wellbeing of consumers and other users of products and services by promoting product safety

Accountable Governance and transparent operations

� Provide responsible stewardship of capital in the best interests of shareholders and debt holders

� Exhibit accountable governance and develop effective boards or other governing bodies that reflect expertise and diversity of perspective and provide oversight of sustainability risk and opportunity

� Include environmental and social risks, impacts and performance in material financial disclosures to inform shareholders and debt holders, benefit stakeholders and contribute to strategy

� Lift ethical standards in all operations, including in dealings with customers, regulators and business partners

� Demonstrate transparency and accountability in addressing adverse events and controversies while minimizing risks and building trust

The Calvert Principles for Responsible Investment

E S G

2 | Calvert Principles for Responsible Investment

©2020 Calvert Research & Management 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009-5727 | 800.368.2746 | calvert.com 34498 | 01.30.20

Through the application of the Calvert Principles, Calvert could have no or limited exposure to issuers that:

� Demonstrate poor management of environmental risks or contribute significantly to local or global environmental problems.

� Demonstrate a pattern of employing forced, compulsory or child labor.

� Exhibit a pattern and practice directly or through the company’s supply chain of human rights violations or are complicit in human rights violations committed by governments or security forces, including those that are under U.S. or international sanction for human rights abuses.

� Exhibit a pattern and practice of violating the rights and protections of Indigenous Peoples.

� Demonstrate poor governance or engage in harmful or unethical business practices.

� Manufacture tobacco products.

� Have significant and direct involvement in the manufacture of alcoholic beverages without taking significant steps to reduce the harmful impact of these products.

� Have significant and direct involvement in gambling or gaming operations without taking significant steps to reduce the harmful impact of these businesses.

� Have significant and direct involvement in the manufacture of civilian handguns and/or automatic weapons marketed to civilians.

� Have significant and direct involvement in the manufacture of military weapons that violate international humanitarian law, including cluster bombs, landmines, biochemical weapons, nuclear weapons, blinding laser weapons, or incendiary weapons.

� Use animals in product testing without countervailing social benefits such as the development of medical treatments to ease human suffering and disease.

About Calvert

Calvert Research and Management (Calvert) is 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.