Overview

Historical Returns (%) as of Sep 30, 2018

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 1%.
 

Fund Facts as of Oct 31, 2018

Class C Inception 09/30/2014
Investment Objective Positive absolute returns over a full market cycle
Total Net Assets $157.2M
Minimum Investment $1000
Expense Ratio (Gross)4 3.42%
Expense Ratio (Net)4,5 1.77%
CUSIP 13161X204

Top 10 Holdings (%)6,7 as of Sep 30, 2018

Prosper Marketplace Issuance Trust Series 2018-2
Western Digital Corp
United States Treasury Inflation Indexed Bonds
United States Treasury Inflation Indexed Bonds
Ally Financial Inc
Capital One Financial Corp
Prosper Marketplace Issuance Trust Series 2017-1
DXC Technology Co
CLUB Credit Trust 2017-NP1
Conn's Receivables Funding 2017-B LLC
Total 18.21
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. While certain U.S. Government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Sep 30, 2018

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV 0.82 5.45 2.41
ICE BofAML 3-Month U.S. Treasury Bill Index2 2.06 0.21 0.13 0.10 0.11 0.07 0.03 0.05 0.33 0.86
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index3 1.77 0.15 0.13 0.07 0.08 0.05 0.02 0.03 0.26 0.82
 

Fund Facts

Expense Ratio (Gross)4 3.42%
Expense Ratio (Net)4,5 1.77%
Class C Inception 09/30/2014
Distribution Frequency Monthly

Yield Information9 as of Oct 31, 2018

Distribution Rate at NAV 2.57%
Subsidized SEC 30-day Yield 2.46%
Unsubsidized SEC 30-day Yield 2.46%
Low Quality / Limited Duration
Morningstar Fixed Income Style Box
The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

©2018 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
 

Morningstar Rating™ as of Oct 31, 2018

Time Period Rating Funds in
Nontraditional Bond
Category
Overall *** 278
3 Years *** 278
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2018 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Nov 13, 2018 $14.84 -$0.01
Nov 12, 2018 $14.85 $0.01
Nov 09, 2018 $14.84 $0.00
Nov 08, 2018 $14.84 $0.00
Nov 07, 2018 $14.84 $0.01
Nov 06, 2018 $14.83 $0.00
Nov 05, 2018 $14.83 $0.01
Nov 02, 2018 $14.82 -$0.02
Nov 01, 2018 $14.84 $0.01
Oct 31, 2018 $14.83 -$0.01
 

Distribution History10

Ex-Date Distribution Reinvest NAV
Oct 29, 2018 $0.03170 $14.85
Sep 25, 2018 $0.02400 $14.90
Aug 29, 2018 $0.03050 $14.93
Jul 27, 2018 $0.03090 $14.93
Jun 26, 2018 $0.02530 $14.91
May 29, 2018 $0.02960 $14.97
Apr 26, 2018 $0.02640 $14.95
Mar 26, 2018 $0.02600 $14.98
Feb 26, 2018 $0.02040 $15.03
Jan 29, 2018 $0.01540 $15.07
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History10

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 27, 2017 $0.06980 $0.05100 $15.07
Dec 07, 2016 $0.12523 $15.07
Dec 10, 2015 $0.00900 $14.83
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. While certain U.S. Government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)7 as of Sep 30, 2018

Portfolio Statistics as of Sep 30, 2018

Number of Holdings 174
Effective Duration 2.05 yrs.
Average Effective Maturity 3.45 yrs.
 

Credit Quality (%)11 as of Sep 30, 2018

AAA 7.30
AA 2.12
A 16.69
BBB 39.04
BB 16.62
B 8.31
Not Rated 9.92
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

Assets by Country (%)12 as of Sep 30, 2018

United States 95.70
Netherlands 1.11
Other 3.19
 

Fund Holdings7,13 as of Sep 30, 2018

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 3.48%
Prosper Marketplace Issuance Trust Series 2018-2 3.96% 10/15/2024 2.88%
Western Digital Corp 4.75% 02/15/2026 2.32%
United States Treasury Inflation Indexed Bonds 0.13% 04/15/2022 1.90%
United States Treasury Inflation Indexed Bonds 1.75% 01/15/2028 1.88%
Ally Financial Inc 3.50% 01/27/2019 1.64%
Capital One Financial Corp 3.06% 01/30/2023 1.58%
Prosper Marketplace Issuance Trust Series 2017-1 5.80% 06/15/2023 1.57%
DXC Technology Co 3.27% 03/01/2021 1.50%
CLUB Credit Trust 2017-NP1 5.13% 04/17/2023 1.46%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. As interest rates rise, the value of certain income investments is likely to decline. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. While certain U.S. Government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Vishal Khanduja, CFA

Vishal Khanduja, CFA

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2016

Biography

Vishal Khanduja is a vice president and portfolio manager for Calvert Research and Management, a wholly owned subsidiary of Eaton Vance Management specializing in responsible and sustainable investing across global capital markets. He joined Calvert Research and Management in 2016.

Vishal began his career in the investment management industry in 2005. He has been affiliated with the Eaton Vance organization since 2016. Before joining the Eaton Vance organization, he was a senior vice president, portfolio manager and head of taxable fixed income for Calvert Investments. Previously, he was a vice president and portfolio manager at Columbia Threadneedle and associate director of fixed-income analytics at Galliard Capital.

Vishal earned a bachelor of engineering from VJTI, Mumbai, India and an MBA from the Tippie School of Management at the University of Iowa. He is a member of the CFA Institute and the CFA Society of Boston. He is a CFA charterholder.

Education
  • B.Eng., Veermata Jijabai Technological Institute, Mumbai
  • M.B.A., Tippie School of Management, University of Iowa

Experience
  • Managed Fund since inception

 
Brian S. Ellis, CFA

Brian S. Ellis, CFA

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2016

Biography

Brian Ellis is a vice president and portfolio manager for Calvert Research and Management, a wholly owned subsidiary of Eaton Vance Management specializing in responsible and sustainable investing across global capital markets. He joined Calvert Research and Management in 2016.

Brian began his career in the investment management industry in 2006. He has been affiliated with the Eaton Vance organization since 2016. Before joining the Eaton Vance organization, he was a portfolio manager of fixed-income strategies for Calvert Investments. Previously, he was a software engineer and analyst at Legg Mason Capital Management (now ClearBridge Investments).

Brian earned a B.S. in finance from Salisbury University. He is a CFA charterholder and an FSA credential holder. He is a member of the CFA Institute and the CFA Society of Boston.

Education
  • B.S., Salisbury University

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2018

Commentary

Download - Last updated: Sep 30, 2018

Annual Report

Download - Last updated: Dec 31, 2017

Full Prospectus

Download - Last updated: May 1, 2018

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

SAI

Download - Last updated: May 1, 2018

Semi-Annual Report

Download - Last updated: Jun 30, 2018

Summary Prospectus

Download - Last updated: May 1, 2018

XBRL

Download - Last updated: May 11, 2018