Responsible Investing: Aligning your financial goals with your values

1. Responsible Investing: Aligning your financial goals with your values Name Company

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

3. Responsible Investing for a changing world

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

5. What is Responsible Investing? • Source: Principles for Responsible Investment, https://www.unpri.org/about/what-is-responsible-investment 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.

6. What is ESG? • Examples of ESG issues Environmental Social Governance • Energy management • Environmental impact of supply chain • Environmental impact of products • Climate change policies • And more • Product safety and ethics • Supply chain human rights • Consumer data security • Employee diversity • Employee health and safety • And more • Board structure and gender diversity • Business ethics • Accounting policies and controls • And more Source: CFA Institute, Environmental, Social, And Governance Issues In Investing, https://www.cfapubs.org/doi/pdf/10.2469/ccb.v2015.n11.1

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 Opportunistic Values-based

9. 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% 229% vs. S&P 500 Publicly traded companies on the 100 Best Companies List 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-for-stocks-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 • Source: Governance & Accountability Institute, Inc. , “FLASH REPORT: 85% of the S&P 500 Companies Published Corporate Sustainability Reports in 2017,” March 20, 2018 Governance and Accountability Research Results S&P 500 Companies Sustainability Reporting Reporters Non-Reporters

13. Responsible Investing is gaining popularity 1 in 4 dollars $ of total assets under professional management in the United States $ $ $ 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.

14. 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 Anaffiliateof Eaton Vance

16. The Calvert Principles for Responsible Investment Environmental Social Governance Environmental sustainability and resource efficiency More equitable societies and respect for human rights 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 We conduct deep, proprietary research focused on material ESG issues. Impact 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 scores3 $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 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. Materiality Weighting: nHigh nMedium nLow

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

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. Calvert Research and Management is a wholly owned subsidiary of Eaton Vance. Eaton Vance Distributors Inc., Member FINRA/SIPC. Two International Place Boston, MA 02110 28890 11.20.18