Overview

Historical Returns (%) as of Jun 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. The share class has no sales charge.
 

Fund Facts as of Jul 31, 2018

Class I Inception 10/10/2017
Investment Objective High current income
Total Net Assets $74.8M
Minimum Investment $250000
Expense Ratio (Gross)2 1.58%
Expense Ratio (Net)2,3 0.78%
CUSIP 13161X873

Top 10 Issuers (%)4 as of Jun 30, 2018

Reynolds Group Holdings Inc.
Jaguar Holding Company II
Sprint Communications Inc.
US Foods Inc.
Kronos Inc.
SBA Senior Finance II LLC
Post Holdings Inc.
Ziggo Secured Finance BV
UPC Financing Partnership
Burger King
Total 11.24
 

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

About Risk: 

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. 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. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Borrowing to increase investments ("leverage") may exaggerate the effect of any increase or decrease in the value of Fund 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. 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 Jun 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. The share class has no sales charge.
 

Fund Facts

Expense Ratio (Gross)2 1.58%
Expense Ratio (Net)2,3 0.78%
Class I Inception 10/10/2017
Distribution Frequency Monthly

Yield Information6 as of Jul 31, 2018

Distribution Rate at NAV 4.16%
Subsidized SEC 30-day Yield 4.21%
Unsubsidized SEC 30-day Yield 3.99%
 

NAV History

Date NAV NAV Change
Aug 16, 2018 $9.94 $0.00
Aug 15, 2018 $9.94 $0.00
Aug 14, 2018 $9.94 $0.00
Aug 13, 2018 $9.94 $0.00
Aug 10, 2018 $9.94 $0.00
Aug 09, 2018 $9.94 $0.00
Aug 08, 2018 $9.94 $0.00
Aug 07, 2018 $9.94 $0.00
Aug 06, 2018 $9.94 $0.00
Aug 03, 2018 $9.94 $0.00
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Jul 31, 2018 $0.03515 $9.94
Jun 29, 2018 $0.03574 $9.90
May 31, 2018 $0.03762 $9.95
Apr 30, 2018 $0.03629 $9.99
Mar 29, 2018 $0.03914 $9.98
Feb 28, 2018 $0.03099 $10.00
Jan 31, 2018 $0.03911 $10.02
Dec 29, 2017 $0.03324 $9.98
Nov 30, 2017 $0.02001 $9.97
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 History7

Ex-Date Short-Term Long-Term Reinvest NAV
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 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. 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. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Borrowing to increase investments ("leverage") may exaggerate the effect of any increase or decrease in the value of Fund 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. 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 (%)4 as of Jun 30, 2018

Portfolio Statistics as of Jun 30, 2018

Number of Loan Issuers 197
Number of Industries 31
Average Coupon 4.98%
Average Maturity 5.45 yrs.
Average Loan Size (% of TA) 0.49%
Average Loan Size $0.45M
Average Duration 0.08 yrs.
Average Price $100.10
 

Sector Breakdown (%)4 as of Jun 30, 2018

Health Care 11.53
Electronics/Electrical 11.47
Business Equipment & Services 8.63
Industrial Equipment 6.62
Telecommunications 5.67
Financial Intermediaries 5.14
Containers & Glass Products 4.36
Cable & Satellite Television 4.12
Leisure Goods/Activities/Movies 3.84
Building & Development 3.51
View All

Credit Quality (%)8 as of Jun 30, 2018

BBB 8.27
BB 37.07
B 52.14
CCC or Lower 0.21
Not Rated 2.31
Credit ratings are categorized using S&P. 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 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 S&P.
 

Maturity Distribution (%)4,9 as of Jun 30, 2018

Less Than 1 Year 4.51
1 To 3 Years 4.48
3 To 5 Years 24.15
5 To 10 Years 66.86
10 To 20 Years 0.00
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%)4 as of Jun 30, 2018

United States 88.36
Canada 3.86
Luxembourg 3.23
Netherlands 2.45
United Kingdom 1.30
Cayman Islands 0.37
Denmark 0.22
Bermuda 0.21
 

Geographic Mix (%)4 as of Jun 30, 2018

United States 88.36
Europe except U.K. 5.90
Northern America except U.S. 4.44
United Kingdom 1.30
 

Fund Holdings10,11,12 as of Jun 30, 2018

Holding Coupon Rate Maturity Date % of Net Assets
State Street Bank Eurodollar Time Deposit 0.28% 07/02/2018 3.98%
United States Dollar 3.85%
Reynolds Consumer Products 4.84% 02/05/2023 1.60%
PPD 4.59% 08/18/2022 1.59%
Sprint Communications, Inc. 4.62% 02/02/2024 1.46%
US Foodservice 4.59% 06/27/2023 1.43%
Kronos Incorporated 5.36% 11/01/2023 1.40%
SBA Senior Finance II LLC 4.10% 04/11/2025 1.39%
Post Holdings Inc. 4.10% 05/24/2024 1.39%
Ziggo 4.57% 04/15/2025 1.39%
View All

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

About Risk: 

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. 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. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund's ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. It may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity needs. Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Borrowing to increase investments ("leverage") may exaggerate the effect of any increase or decrease in the value of Fund 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. 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

Scott H. Page, CFA

Scott H. Page, CFA

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

Biography

Scott Page 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.

Scott began his career in the investment management industry in 1981. He has been affiliated with the Eaton Vance organization since 1989. Before joining the Eaton Vance organization, he was affiliated with the Dartmouth College Investment Office, as well as Citicorp and Chase Manhattan Bank in corporate finance/lending and credit review.

Scott earned a B.A. from Williams College and an MBA from the Amos Tuck School at Dartmouth College. He has served as a member of the board of directors of the LSTA (Loan Syndications and Trading Association). He is a CFA charterholder.

Scott co-authored "An Overview of the Loan Market" in the Handbook of Loan Syndications and Trading (2007). His commentary has appeared in Bloomberg, Business Week, Dow Jones Investment Advisor, Forbes, Investor's Business Daily, SmartMoney, Kiplinger's, USA Today and The Wall Street Journal, and he has been featured on CNBC.

Education
  • B.A. Williams College
  • M.B.A. Amos Tuck School of Business Administration, Dartmouth College

Experience
  • Managed Fund since inception

 
Craig P. Russ

Craig P. Russ

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

Biography

Craig Russ 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.

Craig began his career in the investment management industry in 1985. He has been affiliated with the Eaton Vance organization since 1997. Before joining the Eaton Vance organization, he worked in commercial lending at State Street Bank.

Craig earned a B.A., cum laude, from Middlebury College and studied at the London School of Economics. He previously served as chairman of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Grant's Interest Rate Observer and The Wall Street Journal.

Education
  • B.A. Middlebury College

Experience
  • Managed Fund since inception

 
Catherine McDermott

Catherine McDermott

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2018

Biography

Catherine McDermott 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. She joined Calvert Research and Management in 2018.

Catherine began her career in the investment management industry in 1988. She has been affiliated with the Eaton Vance organization since 2000. Before joining the Eaton Vance organization, she was a principal at Cypress Tree Investment Management and a vice president of corporate underwriting and research at Financial Security Assurance Inc.

Catherine earned a B.S., summa cum laude, from Boston College.

Education
  • B.S. Boston College

Experience
  • Managed Fund since 2018

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Full Prospectus

Download - Last updated: Apr 5, 2018

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

Download

SAI

Download - Last updated: Apr 5, 2018

Semi-Annual Report

Download - Last updated: Mar 31, 2018

Summary Prospectus

Download - Last updated: Apr 5, 2018