Responsible Investing Aligning your financial goals with your

2 Agenda § Responsible Investing for a changing world § Trends to watch in Responsible Investing § What makes Calvert’s approach unique

Responsible Investing for a changing world

4 Change is accelerating Companies must adapt to change in order to prosper.

5 What is Responsible Investing? Responsible investment is an approach to investing that aims to incorporate environmental, social and governance (ESG) factors into investment decisions, to better manage risk and generate sustainable, long-term returns. Source: Principles for Responsible Investment, https : //www. unpri. org/about/what-is-responsible-investment

6 What is ESG? Examples of ESG issues Environmental Social Governance § Energy management § Product safety and ethics § Environmental impact of supply chain § Supply chain human rights § Board structure and gender diversity § Consumer data security § Business ethics § Employee diversity § Accounting policies and controls § Employee health and safety § And more § Environmental impact of products § Climate change policies § And more Source: CFA Institute, Environmental, Social, And Governance Issues In Investing, https: //www. cfapubs. org/doi/pdf/10. 2469/ccb. v 2015. n 11. 1

7 Responsible Investing: From avoidance to engagement The latest strategies put more emphasis on ESG factors. § Avoidance �Screening out controversial companies from your portfolio § Engagement �Working with companies to help improve how they manage their ESG risks

8 Who cares about Responsible Investing? Responsible Investors Values-based Opportunistic

Trends to watch in Responsible Investing

10 Is corporate responsibility good for business? Fortune 100 best companies to work for: Cumulative total returns, 1998 -2016 713% Publicly traded companies on the 100 Best Companies List vs. 229% S&P 500 Sources: Fortune, “How Buying Stock in the 'Best Companies to Work For' Helped This Investor Crush the Market”, Jen Wieczner, March 9, 2017; FTSE Russell, Russell Investments. From http: //fortune. com/2017/03/09/best-companies-to-work-forstocks-invest-esg-parnassus/

11 Responsible Investing is a global phenomenon The SDGs target sustainable development, better environmental outcomes and healthier communities.

12 The supply of ESG data is growing Governance and Accountability Research Results S&P 500 Companies Sustainability Reporting Reporters Non-Reporters 80% 47% 28% 72% 25% 75% 19% 18% 15% 81% 82% 85% 2015 2016 53% 2011 2012 2013 2014 Source: Governance & Accountability Institute, Inc. , “FLASH REPORT: 85% of the S&P 500 Companies Published Corporate Sustainability Reports in 2017, ” March 20, 2018 1905

13 Responsible Investing is gaining popularity $12. 0 T $ $[VALUE] T 2010 2012 of total assets under professional management in the United States $ $[VALUE] T T 2007 1 in 4 dollars $ 2014 2016 2018 Source: US SIF: The Forum for Sustainable and Responsible Investment, 2018 Report on US Sustainable, Responsible and Impact Investing Trends. Data points are as of December 31 of the preceding year. If asset data were unavailable as of December 31, then publicly available data throughout the first quarter were used.

What makes Calvert’s approach unique

15 Why Calvert? Traces its roots to 1976, pioneer in responsible investing with the first family of ESG funds Offering broad access to the capital markets with 27 funds/strategies Deep proprietary ESG research on more than 2, 800 companies globally Comprehensive shareholder engagement approach, voting proxies and dialoguing with company managements on material ESG issues An affiliate of Eaton Vance

16 The Calvert Principles for Responsible Investment Environmental sustainability and resource efficiency Social More equitable societies and respect for human rights Governance Accountable governance and transparent operations

17 This is Responsible Investing Performance Engagement Our first responsibility is to seek strong portfolio returns. As shareholders, we actively engage with companies to help drive performance and social value. Research Impact We conduct deep, proprietary research focused on material ESG issues. We believe the impact of your investments should be material and measurable.

18 Performance Our first responsibility is to seek strong portfolio returns. Firms with strong ESG scores significantly outperform those with weak scores 3 $10, 000 invested in April 1993 Top 20% ESG Score: $163, 301 Bottom 20% ESG Score: $79, 524 This chart illustrates the author's analysis of a large number of U. S. stocks from 1993 to 2014, ranked on the strength of their ESG commitments. The stocks were grouped into the top 20% of the universe (top ESG score) versus the bottom 20% (bottom ESG score). Sources: Adapted from Khan, Mozaffar and Serafeim, George and Yoon, Aaron S. , “Corporate Sustainability: First Evidence on Materiality, ” (November 9, 2016). “The Accounting Review, ” Vol. 91, No. 6, pp. 1697 -1724. Available at SSRN: https: //ssrn. com/abstract=2575912 or http: //dx. doi. org/10. 2139/ssrn. 2575912. Past performance is no guarantee of future results. Data is for illustrative purposes only The chart illustrates the author's analysis of a large number of U. S. stocks from 1993 to 2014, ranked on the strength of their ESG commitments. The stocks were grouped into the top 20% of the universe (top ESG score) versus the bottom 20% (bottom ESG score).

19 Research Materiality Weighting of Sample Industries Select ESG Issues Environmental Social Governance Apparel Retail Energy management Auto Manufacturers Diversified Banks n Environmental impact of supply chain n n Environmental impact of products n n Climate change policies n n n Product safety and ethics Supply chain human rights n Consumer data security n Employee security n n Employee health and safety n n Board structure and gender diversity n n n Business ethics n n n Accounting policies/controls n n n Materiality Weighting: n High n Medium n Low Chart is for illustrative purposes only. Calvert’s comprehensive research focuses on materiality and looks at ESG criteria on both an industry and company basis across a broad universe.

20 Engagement Clean energy Promote clean energy, energy productivity and reduced air pollution New issues for 2018 Labor and human rights Strengthen performance in operations and supply chains Opioids Clean water Calvert engagement § § Meetings with management Voting proxies Filing shareholder resolutions Advancing public policy initiatives Reduce corporate exposure to water risk and impacts to water quality Cyber risks Civilian firearms Diversity Advance women and minorities at board and management levels Disclosure Improve disclosure of material ESG matters

21 Engagement For Illustrative Purposes Only

22 Impact At Calvert, we report how our investment portfolios are doing with material, insightful metrics. 1 Understanding how your fund holdings compare to a benchmark across these ESG factors can be informative. For Illustrative Purposes Only

23 Getting started with Responsible Investing Talk with your financial advisor about: § Aligning your portfolio with your goals and values § Understanding the role Responsible Investing can play in your long-term financial plans § Building a portfolio with Responsible Investments

24 Disclosures The views expressed in this material are those of the speaker(s) and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance investment strategy. Investing primarily in responsible investments carries the risk that, under certain market conditions, the investments may underperform other investments that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the advisor to incorrectly assess a company’s ESG performance. 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. Advisory services provided by Calvert Research and Management is a wholly owned subsidiary of Eaton Vance Distributors Inc. , Member FINRA/SIPC. Two International Place Boston, MA 02110 28890 11. 20. 18