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RISK CONSIDERATIONS

Investing involves risk including the risk of loss. There is no guarantee that any investment strategy,> including those with an ESG focus, will work under all market conditions. Investors should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. ESG strategies that incorporate impact investing and/or environmental, social and governance (ESG) factors could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market.

IMPORTANT INFORMATION

The views and opinions made available on this website are from a diverse collection of sources including affiliated and non-affiliated professionals. These views are subject to change at any time and do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) or its subsidiaries and affiliates (collectively the “Firm”), and may not be reflected in all the strategies and products that the Firm offers. The views attributed to third parties are believed to be reliable; however, the Firm has not sought to independently verify information discussed by the third-party sources. Any third party periodicals or publications that may be referenced within should not be construed as an endorsement by the Firm nor relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular.

This content of this website is strictly for illustrative, educational, or informational purposes and is subject to change. The Firm makes any no express or implied warranties or representations with respect to the contents of third party periodicals or publications (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such materials.

A separately managed account may not be appropriate for all investors. Separate accounts managed according to the particular Strategy may include securities that may not necessarily track the performance of a particular index. A minimum asset level is required.

For important information about the investment managers, please refer to Form ADV Part 2.

This material 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 the Firm has not sought to independently verify information taken from public and third-party sources.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

The Firm has not authorised financial intermediaries to use and to distribute this material, unless such use and distribution is made in accordance with applicable law and regulation. Additionally, financial intermediaries are required to satisfy themselves that the information in this material is appropriate for any person to whom they provide this material in view of that person’s circumstances and purpose. The Firm shall not be liable for, and accepts no liability for, the use or misuse of this material by any such financial intermediary.

This material is not a product of Morgan Stanley’s Research Department and should not be regarded as a research material or a recommendation.

This material may be translated into other languages. Where such a translation is made this English version remains definitive. If there are any discrepancies between the English version and any version of this material in another language, the English version shall prevail.

The whole or any part of this material may not be directly or indirectly reproduced, copied, modified, used to create a derivative work, performed, displayed, published, posted, licensed, framed, distributed or transmitted or any of its contents disclosed to third parties without the Firm’s express written consent. This material may not be linked to unless such hyperlink is for personal and non-commercial use. All information contained herein is proprietary and is protected under copyright and other applicable law.

Calvert is part of Morgan Stanley Investment Management. Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

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