Calvert Research and Management

Item 5 Fees and Compensation

Management Fees
Our fees and minimum initial investments for a client could vary from the applicable schedules, attached as Appendix A,
due to the particular circumstances of the client or as otherwise negotiated with particular clients. Fees are generally
quoted on an annualized basis as a percentage of client assets under management. Fee rates and schedules for Funds
can vary and are disclosed within the applicable Fund offering documents. Participants in Wrap Programs should consult
the brochure provided by the Sponsor. Depending upon the account’s investment objectives, strategies and restrictions,
holdings in a client’s account could include real estate investment trusts (“REITS”), investment companies (including
exchange traded funds or “ETFs”), collateralized loan obligations (“CLOs”) and other pooled vehicles for which a
separate management fee is charged, including investment companies and other pooled vehicles advised by us or a
related person.
All advisory fees charged by Calvert are documented in writing in the client’s investment management agreement with
Calvert, as such agreement can be amended from time to time. While the fees in Appendix A are quoted annually,
unless otherwise agreed, fees are generally charged quarterly in arrears at a rate of ¼ of the stated fee schedule based
on current or quarter-average market values. The timing of fee payments and method of calculation for particular clients
can vary in accordance with client preferences. Typically, our services are terminable by either party upon written
notification in accordance with the applicable contractual notice provision. Upon termination the fees described above
(including performance fees, if any) generally will be prorated to take account of contributions and withdrawals during a
quarter and where Calvert does not manage the account for the entire calendar quarter. The fees described herein are
only the advisory fees charged by us and do not reflect custodial or other fees that could be applicable to your account.
Further discussion of such expenses appears below under “Other Expenses Charged to Clients/ Fee Discounts”. Eaton
Vance performs many of the calculations and administrative services described within this Item 5 on Calvert’s behalf.
Clients can elect to be billed directly for fees or can authorize Calvert to directly bill fees to the client’s custodial account.
Unless otherwise provided in an investment advisory contract, Calvert is frequently responsible for calculating the fees
owed by a client. Calvert will calculate the billable assets for which Calvert has investment discretion according to its
internal accounting system.

Separately Managed Accounts
The fees we charge for separate account management services vary based on the particular circumstances of the client
or as otherwise negotiated. Our services are terminable by either party in accordance with the applicable contractual
notice provision. Generally, fees on separately managed accounts (“SMA”) are billed quarterly in arrears, however, in
some cases they are billed quarterly in advance. The timing of fee payments will vary in accordance with clients’
preferences. In addition to being subject to the fees we charge, the portion of each client account that is invested in a
fund will also bear a proportionate share of the advisory fees and other expenses of the fund; however, such fees and
expenses can be waived and/or rebated at our discretion. In the case of certain separately managed accounts, additional
fees are charged by us for additional reporting or consulting services requested by the client.

Wrap Fee Programs
The fees described herein do not include information about fees for advisory services we provide through Wrap Fee
Programs, and we would direct the client to the documents specific to their Wrap Fee Program. The terms of each client’s
separately managed account in a Wrap Fee Program are governed by the client’s agreement with the Sponsor and
disclosure document for each Wrap Fee Program. Wrap Fee Program clients are urged to refer to the appropriate
disclosure document and client agreement for more information about the Wrap Fee Program and advisory services.
Similarly, dual-contract clients should refer to their agreement with their program Sponsor, as applicable, the disclosure
document for the applicable program, and the client's agreement with us, which will vary depending on the strategy
selected. The fees for a Wrap Fee Program can result in higher costs than a client would otherwise realize by paying

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standard fees and negotiating separate arrangements for trade execution, custodial and consulting services. Our
advisory services are offered through Wrap Fee Programs that are sponsored by Calvert affiliates, as well as through
unaffiliated Wrap Fee Programs. Calvert and its affiliates will generally earn more compensation for advisory services
offered through an affiliated Wrap Fee Program than offering the same services through a Wrap Fee Program with an
unaffiliated Sponsor.

Item 7 Types of Clients
Calvert provides investment advisory services to registered investment companies, institutional investors, and Wrap
Programs. See Item 4 – Advisory Business above for a further discussion of Calvert’s clients.
Certain advisory accounts and funds impose minimum investment requirements, which are generally described in the
relevant governing or disclosure documents or, with respect to advisory accounts, in Appendix A. We generally will have
discretion to waive or reduce such minimums for certain clients or investors. We generally will not, unless required by
agreement with a client or investor or by applicable law, disclose any particular waiver or reduction that is offered to a
client or investor, or offer comparable waivers or reductions, to other clients or investors.

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