Money Management Institute Sustainable Investing Community
May 30, 2019
A suite of educational resources for engaging clients on sustainable investing

Tools of Change: 2019 Calvert Engagement Report

Beyond the choices investors make in allocating their capital, active ownership is a key lever, and can be expressed through proxy voting, direct dialogue and shareholder resolutions  A vigorous corporate engagement program is a key tool that investors can use to improve corporate behaviors, which, in turn, can contribute to a more sustainable and equitable world and potentially to the business prospects of an investment. 

CALVERT RESEARCH AND MANAGEMENT: A GLOBAL LEADER IN RESPONSIBLE INVESTING
Tools of change:
2019 Calvert Engagement Report
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Table of contents
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Calvert’s engagement approach
Proxy voting
Direct dialogue
Shareholder resolutions
6
Key results of 2018 engagement
Proxy results
Shareholder resolutions
Direct dialogue
Collaborative efforts
Cover image: The mighty microchip, a powerful tool used to analyze large amounts of data to
better understand material ESG issues and strengthen companies through proxy voting and
direct engagement.
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Calvert Research and Management
(Calvert) recognizes the contribution that free-market capitalism and
competition have made in lifting living standards globally. We are also acutely aware of the specific risks
to the long-term health of the environment and the stability of the social and economic system that have
come along with this progress. As a responsible investor, we seek to understand the challenges facing the
world today, ascertain how companies are positioned to respond to those challenges and allocate capital in
a manner that drives positive change. As a complement to our research, structured engagement to attempt
to improve environmental and social outcomes—as well as long-term shareholder value—is a core part of
our investment approach.
Our engagement program over the past year continued our decades-long history of working with
companies to address critical issues. In 2017–2018 these included dialogues on setting greenhouse gas
emissions targets, improving board/employee diversity and adopting water stewardship policies, among
many other important issues. In addition, our engagement efforts encouraged company action on gun
violence and opioid addiction, both of which continue to be major U.S. societal issues.
We also continued to push for advancements in disclosure. While the number of companies providing
sustainability reports and similar documents has grown, the strength of this reporting does not always
meet investor needs and the data provided is not consistent. Progress was made in this area in 2018. As a
founding member of both the Sustainability Accounting Standards Board (SASB) Alliance and the SASB
Investor Advisory Group, Calvert provided input to the SASB standards, which were officially codified at
the end of 2018. The standards outline the financially material sustainability issues relevant to a particular
industry and the companies within that industry. The SASB standards will give companies a guide to focus
their disclosure efforts appropriately, thereby providing investors with the ESG information most relevant to
longer-term financial performance.
Investors, companies and society must grapple with a number of pressing concerns today. Responsible
investors work within and help to strengthen a set of global norms, held individually and promulgated
worldwide. These global norms, expressed in agreements such as the United Nations Sustainable
Development Goals and the Paris Climate Accord, provide a framework for investors and business to create
a more just and sustainable world. As a critical component of those efforts, a robust program for engaging
corporations on material ESG issues is more essential now than ever before.
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Calvert’s engagement approach
By engaging with corporations, which have great financial power relative to other stakeholders, Calvert
can help address critical sustainability issues that matter to business, our shareholders and society. As the
connection between a company’s environmental, social and governance (ESG) practices and its financial
success becomes clearer, engagement aimed at improving corporate ESG performance increasingly aligns
with the creation of shareholder value.
As a responsible investor, Calvert considers what
opportunities exist to improve our position as a shareholder
in the companies in our portfolios, and which tools
are best suited toward driving the positive change we
seek. Our research system helps discover areas where
individual companies can benefit from improving their
performance on ESG areas that are financially material
to their businesses. Understanding an ESG profile and
involvement in controversies can provide a signal to us
of an occasion for a company to derisk its operations or
to capitalize on an opportunity. We believe that active
ownership is essential for improving one’s position as a
shareowner and therefore, we have made it a key part of
Calvert’s approach to Responsible Investing.
A vigorous corporate engagement program, such as
the one Calvert pursues, is a key tool that investors can
use to improve corporate behaviors, which, in turn, can
contribute to a more sustainable and equitable world and
potentially to the business prospects of an investment.
What are the “tools of change”?
Investors have many levers to pull in creating change. Beyond the choices investors make in allocating
their capital, active ownership is a key lever, and can be expressed through proxy voting, direct dialogue
and shareholder resolutions. This graphic provides brief descriptions of each of these key parts of
active ownership.
Proxy voting
Direct dialogue
Shareholder resolutions
Every shareholder of a public
corporation generally gets the
right to vote on key issues at
the company’s annual meeting
concerning its policies, practices
and governance.
Direct shareholders receive ballots,
while mutual fund investors
have their proxies voted by the
fund managers that select the
fund’s investments.
In person or phone conversations
with corporate leadership for the
purpose of exchanging perspectives,
gathering investment-useful ESG
information from companies and
contributing to improvement in
corporate practices.
In the United States, any shareholder
with at least $2,000 in stock of a
public company, held for at least
one year can file a resolution
calling for the company to take
a specific action. Although most
are nonbinding, a vote of above
20% is an important signal to
corporate leadership.
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Proxy voting
Calvert’s proxy voting guidelines, available on our
website, outline our approach to voting on critical
issues facing corporations, including many governance
considerations. Proper governance is foundational to
corporate success; some governance structures by their
very nature weaken accountability, while others are
better suited to create accountability of management to
the board and the board to shareholders. Calvert’s proxy
voting guidelines support governance structures and
policies that keep the focus of company management
on long-term corporate health and sustainable financial,
social and environmental performance. We also believe
in the importance of disclosure and transparency and,
as such, post all votes to our website within 72 hours
of being cast and, in almost all cases, in advance of the
meeting so our clients and the general public can easily
see how we voted.
We also appreciate that issues brought to shareholders
may change over time, as both investors’ concerns and
rules governing inclusion of specific items in corporate
proxies change. Corporate governance laws and best
practice codes are continuously evolving, worldwide.
We have constructed our guidelines to be both general
enough and sufficiently flexible to adapt to such changes,
and we periodically update them to reflect evolving norms.
Direct dialogue
Respectful and constructive direct dialogue with senior
management, built on a foundation of trust and an
understanding of shared goals, is a core part of active
ownership. Calvert engages directly with companies both
on its own, and as part of investor or broader stakeholder
coalitions.
When Calvert’s research team uncovers an opportunity
to potentially enhance shareholder value and improve
company performance by taking advantage of an
opportunity or mitigating a risk, we engage directly with
management through periodic phone calls, letters and
meetings to raise concerns and identify opportunities,
operating on our commitment to encourage concrete
progress across sectors of the economy.
As dialogue takes place, Calvert evaluates success
based upon the concrete actions a company takes.
In some cases, this involves the release of requested
information or disclosure. As engagement develops,
positive outcomes may include a company establishing
or strengthening a policy, adding members to the board,
developing risk management approaches or committing
to specific performance improvements. Other positive
outcomes include developing constructive relationships
with companies we hold, raising awareness among
investors broadly and contributing to industry best
practices. When an engagement is completed, we
typically maintain dialogue to track progress.
Shareholder resolutions
Shareholder resolutions are a way for investors to get
issues that are important to them onto the proxy ballot.
These often call for the company to take specific action,
and even though the results of the vote are generally
nonbinding, they can serve as an important signal to
companies about investor interest in specific issues
that may not otherwise be a priority for them. Calvert
uses shareholder resolutions as a tool to encourage and
influence change particularly when direct dialogue and
other efforts at engagement do not prove fruitful.
Often, the filing of a resolution and ensuing dialogue is
sufficient to influence corporate behavior, which allows
us to withdraw the resolution. Failing any meaningful
commitment to address the subject of our proposal,
Calvert will present the proposal at the company’s
annual shareholder meeting, speaking to the company’s
board of directors, senior executives and assembled
shareholders about the importance of taking action on
the matter at hand.
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Key results of 2018 engagement
The past year marked another successful engagement season for Calvert. Working both on our own and
with coalitions, we identified opportunities to use the tools at our disposal to drive positive change:
We continue to make our shareholders’ voices heard
via proxy voting, adhering to our proxy guidelines
to support issues that we believe improve a
company’s long-term health as well as the society and
environment in which it operates.
We filed or cofiled 16 shareholder resolutions, 13 of
which were withdrawn after successful dialogue.
Another proposal was withdrawn when the company
was acquired and two proposals went to a vote.
We were the lead filer on 14 resolutions and a co-filer
on two resolutions.
The two resolutions that went to a vote at the annual
meeting both received a majority of shareholder votes.
We engaged in direct dialogue with selected
companies on issues that included gun violence,
climate change, clean energy and clean water.
We collaborated with coalitions and partners to
further amplify our shareholders’ voices and work for
positive change.
Proxy results
During the 2018 proxy season, which ran from July 1,
2017 to June 30, 2018, Calvert voted at 4,425 meetings
on issues ranging from climate change and energy to
board diversity and sustainability reporting. Calvert
voted 100% of proxy ballots in alignment with our
comprehensive proxy voting guidelines, not just in line
with management or proxy voting providers.
Per our proxy guidelines, Calvert again supported
proposals in favor of corporate board independence,
diversity and accountability. Among the many key
issues noted in our guidelines, we voted to support
shareholder rights, corporate transparency and
increased disclosure, and again scrutinized executive
compensation. We supported increased sustainability
reporting, positive environmental practices, climate
change adaption and mitigation, clean water proposals
and environmental justice.
Overview of all votes submitted
7/1/2017–6/30/2018
0%
20%
40%
60%
80%
100%
Peer Group
Calvert
Percentage of Votes
With Management
Against Management
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Shareholder resolutions
During the most recent proxy season, Calvert filed or
cofiled 16 shareholder resolutions, 13 of which were
withdrawn after successful dialogue at U.S. companies.
In addition, two proposals went to a vote and one was
withdrawn because the company was being acquired.
The two shareholder resolutions that went to a vote both
resulted in votes favorable to Calvert’s position:
Depomed:
Calvert presented a resolution at the Depomed
annual meeting of shareholders calling for the company to
report on the governance measures it has taken to more
effectively monitor and manage financial and reputational
risks related to the opioid crisis in the United States. In a
historic result, shareholders approved the proposal, with
62.3% of the shares voting in favor. The company, now
called Assertio, has issued the requested report.
GHG emissions
Climate change
Advisory say on pay
0%
20%
40%
60%
80%
100%
Peer Group
Calvert
Percentage of Votes
With Management
Against Management
0%
20%
40%
60%
80%
100%
Peer Group
Calvert
Percentage of Votes
With Management
Against Management
0%
20%
40%
60%
80%
100%
Peer Group
Calvert
Percentage of Votes
With Management
Against Management
Resolutions filed
or co-filed
16
Resolutions
successfully withdrawn
13
Resolutions
that went to a vote
2
Resolution withdrawn because
company was being acquired
1
The peer group is composed of seven investment managers who have business models similar to Calvert’s, though none shares Calvert’s core focus on responsible investing.
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Genesee & Wyoming Inc.:
Calvert attended the
company’s annual meeting on May 23, 2018, to request
that the company adopt goals for reducing GHG
emissions. Greenhouse gas emissions and energy/fuel
management are financially material issues for the
railroad sector as indicated in the recommendations of
the Taskforce on Climate-Related Financial Disclosure.
1
The board, recognizing the importance of the issue to
the business, took a neutral stance on the proposal — the
first instance of a board remaining neutral (instead of
opposing) on a Calvert proposal. Investors agreed and
approved the proposal.
The company published an initial sustainability report
using SASB as a guide and establishing baseline
performance on a set of important environmental
matters. Genesee & Wyoming points to the Paris Climate
Agreement in its report and states an intention to set
a quantitative goal for emissions reductions in 2019.
Calvert will continue to follow up with the company to
measure progress.
Thirteen of the remaining 14 resolutions were withdrawn
with agreements. The opportunities seen in proposing
and supporting these efforts centered around a variety
of topics. We share below our requests for the 12
resolutions on which we were the lead filer.
Diversity
Calvert filed one resolution on board diversity, requesting
that a company in the data processing & outsourced
services subindustry report on steps being taken to
foster greater diversity on its board.
After the resolution was filed, the company announced
that its corporate governance and nominating committee
was examining ways it could foster the diversity of its
board “to ensure that it operates at a high-functioning
level and to reflect the board’s commitment to
inclusiveness.” In connection with this, the committee
revised its Corporate Governance Guidelines to expressly
include diversity of age, gender, nationality, race,
ethnicity and sexual orientation as a part of the criteria
the committee may consider when selecting nominees
for election to the board. Specifically, the company
stated that its corporate governance and nominating
committee is focused on considering highly qualified
women and individuals from minority groups who may
be recommended by its directors, management or
shareholders as candidates for nomination as directors.
The company also included a director skills matrix, with
reference to diversity in its proxy.
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TCFD, Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures, June 2017.
Five resolutions focused on employee diversity, in which
Calvert asked companies to report on diversity of race
and gender of workforce, and to provide a description
of policies and programs to promote racial and gender
diversity, particularly in management and senior
management ranks.
Three of these resolutions were filed with regional
banks and in each case, the company took important
steps forward.
One bank appointed a chief diversity officer in early
2019. It also agreed to put together a multidimensional
team related to diversity and to report on its diversity
initiatives, and added a woman to its board of directors.
Another agreed to include proxy language related its
diversity programs. It also committed to share its EEO-1
data with Calvert on a confidential basis and to discuss
with Calvert the diversity data and performance, and
how to report this information.
A third bank likewise agreed to work with Calvert
to share data and develop a format for publishing
workforce diversity metrics.
Calvert also engaged with a company in the systems
software subindustry, which hired a head of diversity
and committed to being transparent and reporting on
its workforce diversity metrics, though the company
relayed to Calvert during the dialogue that diversity
was already a focus of the company prior to our
engagement. Finally, Calvert engaged with a company in
the applications software subindustry, which agreed to
review its published diversity information to improve the
presentation of its diversity objectives and programs.
Clean energy
Calvert filed a resolution with a company in the rail
transportation subindustry regarding the adoption of
greenhouse gas emission (GHG) reduction targets. We
withdrew the resolution after the company agreed to
increase reporting on the business’s operational context
and to discuss ways to reduce its GHG emissions.
Clean water
Calvert filed resolutions with two companies in the
packaged foods and meats subindustry to urge them
to adopt a water stewardship policy designed to reduce
risks related to water availability and water pollution.
One company developed and published a Water
Stewardship Policy that applies to the firm’s operations
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and agricultural and manufacturing suppliers. It intends
to establish and disclose water stewardship goals in
early 2019 and to report in future years regarding its
performance on these stated goals.
Calvert withdrew its resolution at the other company
because the company subsequently announced that it
was being acquired.
Disclosure
Calvert filed three shareholder resolutions asking
companies to publish a sustainability report.
One company in the apparel, accessories and footwear
subindustry committed to making information available
regarding how the company addresses material
ESG issues. It agreed to cover a specified selection
of materials over the next two years and to update
Calvert on its progress.
A company in the steel subindustry agreed to issue
a sustainability report in 2018 and affirmed that this
would include performance data and goals for certain
priority issues.
A company in the hotels, resorts & cruise lines
subindustry was acquired after the resolution was
filed, and its reporting is subsumed under its new
parent company.
Direct dialogue
Gun violence
One area in which Calvert engaged in productive
dialogue with companies was gun violence. While
Calvert does not own any U.S. gun manufacturers
because of their high risk to society and high risk for
investors, we did own Kroger, a retailer where gun sales
were an insignificant portion of the business.
We urged Kroger to take swift action to establish
policies that would eliminate the sale of all assault rifles
and high-capacity magazines, and raise the age of
purchase to 21. We were told at the time that Calvert
was the first investor to make that specific request, but
that the company was already taking a hard look at its
policies and procedures for firearms sales and moving
in a positive direction. It subsequently announced that it
would indeed take action to stop selling guns to buyers
under 21.
Climate change and clean energy
Calvert continued our dialogue with a large steel and
steel products company addressing the company’s
work on energy management and performance on
greenhouse gas emissions. Two members of our team
visited a steel mill to meet with plant management and
staff, and were joined by environmental and investor
relations representatives from corporate headquarters.
The meeting allowed Calvert to see the day-to-day
operations, deepen our understanding of the company,
and continue our discussions about energy management,
reporting and goal-setting.
Calvert and other investors worked with Ceres, a
sustainability nonprofit organization working with
investors and companies, to build leadership and drive
solutions to tackle challenges like climate change, water
scarcity, pollution and human rights abuses. We helped
convene a meeting with four large steel manufacturers
to discuss the feasibility of setting science-based
greenhouse gas emissions reduction targets, with
expert input from the Science Based Targets initiative
and emphasizing opportunities in energy efficiency and
renewable energy.
Calvert initiated climate-related engagement with two
electric utilities and a major transportation company,
and played a leading role in the dialogues with three
other companies. The engagement is part of Climate
Action 100+, a new five-year, investor-led initiative to
engage with the world’s largest corporate greenhouse
gas emitters to curb emissions across the value chain,
strengthen climate-related financial disclosures and
improve governance of climate-related risks that
may affect companies. As of December 2018,
310
investors with more than $32 trillion in assets under
management
 have signed on to the initiative.
Clean water
Calvert continued its dialogue with a large meat
production and distribution company on water risks and
impacts in its own operations and supply chain, with
particular focus on standards for the farmers that it
subcontracts with to rear the company’s animals.
In addition, Calvert participated in a Principles for
Responsible Investment (PRI) initiative to engage food
and agriculture companies on water risk in company
supply chains, leading the engagement with one of the
companies. Calvert also participated in a collaborative
effort coordinated by CDP (formerly the Carbon
Disclosure Project), taking the lead in reaching out to
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a dozen companies from sectors for which water is a
material issue, but which did not respond to CDP’s 2017
water questionnaire.
Calvert also spoke to companies, investors and
nonprofits at the Innovation Forum for Sustainable
Agriculture’s event in April 2018, addressing the investor
perspective on water-related risks in the supply chain for
food and agribusiness companies.
Collaborative efforts
Calvert uses coalitions and partners to further amplify
our voice and work for positive change in key issue areas.
Some common issues and partners we worked with in
2017–2018 include:
Opioids — Investors for Opioid Accountability
Calvert joined the Investors for Opioid Accountability
(IOA) in November 2017, a month after its launch. The
coalition formed as the result of concerns around the
profound negative impacts to society of the opioid crisis
and the financial impact to companies that are involved
either as distributors or manufacturers of opioids. As of
November 2018, it was a coalition of 53 asset owners,
asset managers and consultants with more than $3.4
trillion in assets under management.
As part of IOA, Calvert engages with manufacturers and
distributors of opioids. Specifically, the IOA is asking the
independent directors of the boards of these companies
to investigate how they are responding to increasing
risks related to opioids. The coalition is asking boards
of such companies to adopt good governance practices
and policies to increase transparency and accountability,
and deter misconduct.
Among the specific practices the IOA is looking for are
the separation of CEO/chair positions, an independent
investigation and report into business risks related to
opioids, adoption of executive claw-back provisions that
emphasize compliance, refraining from excluding legal/
compliance costs in compensation metrics, drug pricing
transparency for companies that manufacture opioid
addiction treatment medication and transparency on
lobbying activities and political spending.
Disclosure — SASB
In late 2018, the Sustainability Accounting Standards
Board (SASB) officially published a set of standards
that establish a framework to determine the financially
material sustainability issues relevant to each industry
and the companies within that industry. This gives
companies a guide to focus their disclosure efforts
appropriately, providing investors with the ESG
information most relevant to long-term financial
performance. As founding members of both the SASB
Investor Advisory Group and the SASB Alliance, Calvert
has been able to voice our views as the SASB standards
evolved over the past several years.
Our collaboration extends across our organization.
Our analysts — some of whom participated in SASB’s
standard-setting industry consultations and working
groups and hold SASB’s Fundamentals of Sustainability
Accounting (FSA) credential — incorporate SASB’s
concepts of materiality into the research we do on
sectors and companies.
Diversity — 30% Coalition
Calvert works with the 30% Coalition, a collaboration
between corporations, investors and advocacy groups.
As of June 2018, the investor members represented $3.5
trillion in assets under management. The group issued
a call to action to companies asking them to proactively
strengthen governance policies by:
Embedding a commitment to diversity, inclusive of
gender and race/ethnicity.
Including women and minorities in candidate pools for
selecting board nominees and senior corporate leaders.
To view our latest engagement, advocacy, and
public policy initiatives, go to
www.calvert.com/impact.php
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The specific securities mentioned are not representative of all the securities purchased, sold or recommended for advisory clients. It should not be assumed
that any of the securities/ sectors were or will be profitable, or that any recommendations in the future will be profitable or will equal the performance of
the securities in this list.
General disclosure: This material is provided solely for informational purposes only and are intended only to illustrate certain relevant environmental, social
and governance factors. This information does not constitute an offer to sell or the solicitation to buy securities. The information presented has been
developed internally and/or obtained from sources believed to be reliable; however, Calvert does not guarantee the accuracy, adequacy or completeness of
such information. Opinions and other information reflected in this material are subject to change continually without notice of any kind and may no longer
be true after the date indicated or hereof. Past performance is no guarantee of future results.
For included companies: As of 12/31/18, Calvert portfolios hold the following companies within the Pharmaceuticals sub-industry. For included companies:
As of 12/31/18, Calvert portfolios hold the following companies within the Railroads sub-industry. For included companies: As of 12/31/18, Calvert portfolios
hold the following companies within the Food Retail sub-industry.
Important Additional Information and Disclosures
Source of all data: Calvert, as at 12/31/2018, unless otherwise specified.
This material is presented for informational and illustrative purposes only. This material should not be construed as investment advice, a recommendation
to purchase or sell specific securities, or to adopt any particular investment strategy; it has been prepared on the basis of publicly available information,
internally developed data and other third-party sources believed to be reliable. However, no assurances are provided regarding the reliability of such
information and Eaton Vance has not sought to independently verify information taken from public and third-party sources. Investment views, opinions,
and/or analysis expressed constitute judgments as of the date of this material and are subject to change at any time without notice. Different views may
be expressed based on different investment styles, objectives, opinions or philosophies. This material may contain statements that are not historical facts,
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Company names/GICS subindustries
Holdings information for the GICS subindustries of companies named in the above report. Data as of 12/31/18.
Pharmaceuticals
Allergan plc
Amneal Pharmaceuticals, Inc. Class A
Astellas Pharma Inc.
AstraZeneca PLC
Bristol-Myers Squibb Company
Catalent Inc
Chemical Works of Gedeon Richter Plc
China Resources Pharmaceutical
Group Ltd.
Chugai Pharmaceutical Co., Ltd.
CSPC Pharmaceutical Group Limited
Daiichi Sankyo Company, Limited
Eisai Co., Ltd.
Eli Lilly and Company
Galenica AG
GlaxoSmithKline plc
GlaxoSmithKline plc Sponsored ADR
H. Lundbeck A/S
Ipsen SA
Jazz Pharmaceuticals Plc
Kyowa Hakko Kirin Co., Ltd.
Merck & Co., Inc.
Merck KGaA
Mitsubishi Tanabe Pharma Corporation
Nektar Therapeutics
Novartis AG
Novo Nordisk A/S Class B
ONO Pharmaceutical Co., Ltd.
Otsuka Holdings Co., Ltd.
Perrigo Co. Plc
Pfizer Inc.
Roche Holding AG
Sanofi
Santen Pharmaceutical Co., Ltd.
Shionogi & Co., Ltd.
STADA Arzneimittel AG
Sumitomo Dainippon Pharma Co. Ltd.
Taisho Pharmaceutical Holdings Co., Ltd.
Takeda Pharmaceutical Co. Ltd.
Teva Pharmaceutical Industries Limited
Sponsored ADR
UCB S.A.
Vifor Pharma AG
Zoetis, Inc. Class A
Railroads
Canadian National Railway Company
Canadian Pacific Railway Limited
Central Japan Railway Company
Container Corporation of India Limited
East Japan Railway Company
Genesee & Wyoming, Inc. Class A
Hankyu Hanshin Holdings, Inc.
Kansas City Southern
Keio Corporation
Kintetsu Group Holdings Co., Ltd.
MTR Corporation Limited
Norfolk Southern Corporation
Odakyu Electric Railway Co., Ltd.
Tobu Railway Co., Ltd.
Tokyu Corporation
Union Pacific Corporation
West Japan Railway Company
Food Retail
Alimentation Couche-Tard Inc. Class B
Casey’s General Stores, Inc.
Etablissementen Franz Colruyt N.V.
FamilyMart UNY Holdings Co. Ltd.
George Weston Limited
ICA Gruppen AB
J Sainsbury plc
Jeronimo Martins SGPS SA
Kesko Oyj Class B
Kroger Co.
Lawson, Inc.
Loblaw Companies Limited
Metro Inc.
President Chain Store Corporation
Royal Ahold Delhaize N.V.
Seven & I Holdings Co., Ltd.
Shoprite Holdings Limited
Tesco PLC
Wm Morrison Supermarkets plc
Woolworths Group Ltd
and registered with the SEC in the United States, and has a strategic partnership with Eaton Vance, and Calvert Research and Management (“CRM”) is an
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In Singapore, Eaton Vance Management International (Asia) Pte. Ltd. (“EVMIA”) holds a Capital Markets Licence under the Securities and Futures Act of
Singapore (“SFA”) to conduct, among others, fund management, is an exempt Financial Adviser pursuant to the Financial Adviser Act Section 23(1)(d) and
is regulated by the Monetary Authority of Singapore (“MAS”). Eaton Vance Management, Eaton Vance Management (International) Limited and Parametric
Portfolio Associates® LLC holds an exemption under Paragraph 9, 3rd Schedule to the SFA in Singapore to conduct fund management activities under
an arrangement with EVMIA and subject to certain conditions. None of the other Eaton Vance group entities or affiliates holds any licences, approvals or
authorisations in Singapore to conduct any regulated or licensable activities and nothing in this material shall constitute or be construed as these entities or
affiliates holding themselves out to be licensed, approved, authorised or regulated in Singapore, or offering or marketing their services or products.
In Australia, EVMI is exempt from the requirement to hold an Australian financial services license under the Corporations Act in respect of the provision of
financial services to wholesale clients as defined in the Corporations Act 2001 (Cth) and as per the ASIC Corporations (Repeal and Transitional) Instrument
2016/396.
EVMI is registered as a Discretionary Investment Manager in South Korea pursuant to Article 18 of Financial Investment Services and Capital Markets Act of
South Korea.
EVMI utilises a third-party organisation in the Middle East, Wise Capital (Middle East) Limited (“Wise Capital”), to promote the investment capabilities of
Eaton Vance to institutional investors. For these services, Wise Capital is paid a fee based upon the assets that Eaton Vance provides investment advice to
following these introductions.
In Germany, Eaton Vance Management (International) Limited, Deutschland (“EVMID”) is a branch office of EVMI. EVMID has been approved as a branch of
EVMI by BaFin.
Mutual Funds are distributed by Eaton Vance Distributors, Inc. (“EVD”). Two International Place, Boston, MA 02110, (800) 225-6265. Member FINRA/ SIPC.
Eaton Vance Investment Counsel. Two International Place, Boston, MA 02110. Eaton Vance Investment Counsel is a wholly-owned subsidiary of EVC and is
registered with the SEC as an investment adviser under the Advisers Act.
Investing entails risks and there can be no assurance that Eaton Vance, or its affiliates, will achieve profits or avoid incurring losses. It is not possible to invest
directly in an index. Past performance is not a reliable indicator of future results.
Investing primarily in responsible investments carries the risk that, under certain market conditions, a strategy may underperform others 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.
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
.
About Eaton Vance
Eaton 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
.
©2019 Eaton Vance Management
|
Two International Place, Boston, MA 02110
|
877.341.9247 or 617.482.8260
|
eatonvance.com
31439
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4.30.19
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