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 07/09/2001
Investment Objective High current income and capital appreciation
Total Net Assets $177.9M
Minimum Investment $250000
Expense Ratio (Gross)2 0.75%
Expense Ratio (Net)2,3 0.74%
CUSIP 131582439

Top 10 Holdings (%)4,5 as of Jun 30, 2018

Carrols Restaurant Group Inc
Sprint Capital Corp
Welbilt Inc
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
Five Point Operating Co LP / Five Point Capital Corp
American Airlines 2013-2 Class B Pass Through Trust
TRI Pointe Group Inc
Tervita Escrow Corp
US Foods Inc
HCA Inc
Total 13.13
 

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. 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. 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 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.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV -21.90 37.58 16.50 5.94 15.41 8.54 -0.77 -2.13 12.10 6.09
ICE BofAML U.S. High Yield Index1 -26.39 57.51 15.19 4.38 15.58 7.42 2.50 -4.64 17.49 7.48
 

Fund Facts

Expense Ratio (Gross)2 0.75%
Expense Ratio (Net)2,3 0.74%
Class I Inception 07/09/2001
Distribution Frequency Monthly

Yield Information7 as of Jul 31, 2018

Distribution Rate at NAV 5.29%
Subsidized SEC 30-day Yield 5.08%
Unsubsidized SEC 30-day Yield 4.90%
 

Morningstar Rating™ as of Jul 31, 2018

Time Period Rating Funds in
High Yield Bond
Category
Overall *** 588
3 Years *** 588
5 Years ** 492
10 Years *** 327
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
Aug 16, 2018 $26.33 $0.03
Aug 15, 2018 $26.30 -$0.03
Aug 14, 2018 $26.33 $0.01
Aug 13, 2018 $26.32 -$0.01
Aug 10, 2018 $26.33 -$0.01
Aug 09, 2018 $26.34 $0.00
Aug 08, 2018 $26.34 $0.01
Aug 07, 2018 $26.33 $0.03
Aug 06, 2018 $26.30 $0.01
Aug 03, 2018 $26.29 $0.02
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Jul 27, 2018 $0.11560 $26.22
Jun 26, 2018 $0.10020 $26.27
May 29, 2018 $0.12210 $26.22
Apr 26, 2018 $0.11000 $26.44
Mar 26, 2018 $0.10740 $26.57
Feb 26, 2018 $0.09610 $26.85
Jan 29, 2018 $0.11010 $27.15
Dec 27, 2017 $0.10180 $27.10
Nov 29, 2017 $0.11690 $27.15
Oct 26, 2017 $0.09200 $27.25
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 History8

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. 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. 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 (%)5 as of Jun 30, 2018

Portfolio Statistics as of Jun 30, 2018

Number of Holdings 195
Duration 3.36 yrs.
Average Effective Maturity 5.58 yrs.
 

Sector Breakdown (%)5 as of Jun 30, 2018

Healthcare 11.09
Technology 10.78
Services 9.52
Telecommunications 8.21
Cable/Satellite TV 4.70
Homebuilders/Real Estate 4.15
Energy 4.03
Broadcasting 3.53
Capital Goods 3.51
Containers 3.23
View All

Credit Quality (%)9 as of Jun 30, 2018

BBB 6.75
BB 32.85
B 46.64
CCC or Lower 9.65
Not Rated 4.10
Credit ratings are categorized using S&P. If S&P does not publish a rating, then the Moody's 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 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 (%)10 as of Jun 30, 2018

United States 84.47
Canada 5.10
United Kingdom 1.88
Netherlands 1.86
Luxembourg 1.40
Ireland 1.27
Cayman Islands 1.06
Other 2.98
 

Fund Holdings5,11 as of Jun 30, 2018

Holding Coupon Rate Maturity Date % of Net Assets
State Street Bank Eurodollar Time Deposit 0.28% 07/02/2018 4.21%
Carrols Restaurant Group Inc 8.00% 05/01/2022 1.83%
Sprint Capital Corp 6.90% 05/01/2019 1.76%
Welbilt Inc 9.50% 02/15/2024 1.29%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 8.25% 08/01/2023 1.27%
Five Point Operating Co LP / Five Point Capital Corp 7.88% 11/15/2025 1.19%
American Airlines 2013-2 Class B Pass Through Trust 5.60% 07/15/2020 1.18%
TRI Pointe Group Inc 4.88% 07/01/2021 1.17%
Tervita Escrow Corp 7.63% 12/01/2021 1.17%
US Foods Inc 5.88% 06/15/2024 1.16%
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. 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. 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

Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

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

Biography

Michael Weilheimer 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.

Mike began his career in the investment management industry in 1987. He has been affiliated with the Eaton Vance organization since 1990. Before joining the Eaton Vance organization, he was an analyst specializing in distressed debt securities at Cowen & Company and later at Amroc Investments, L.P.

Mike earned a B.S. from the University at Albany - SUNY and an MBA from the University of Chicago. He is a member of the CFA Institute, the CFA Society of Boston, the Dean’s Advisory Board, School of Business, University at Albany - SUNY and a member of the board of trustees for the University at Albany Foundation. He is a CFA charterholder.

Mike’s commentary has appeared in Barron’s, The Wall Street Journal, Reuters and USA Today.

Education
  • B.S. State University of New York at Albany
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2016

 
Raphael A. Leeman

Raphael A. Leeman

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

Biography

Raphael Leeman is a vice president of Eaton Vance Management and credit analyst on Eaton Vance's high-yield team. He is responsible for providing research coverage on the automotive/auto parts, cable/ broadcasting, equipment rental and transportation industries. He joined Eaton Vance in 2007.

Raphael began his career in the investment management industry in 2003. Before joining Eaton Vance, he was a senior research analyst with Evergreen Investments.

Raphael earned a B.A., with honors, in economics from Oberlin College and an MBA from Harvard University.

Education
  • B.A. Oberlin College
  • M.B.A Harvard University

Experience
  • Managed Fund since 2016

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Commentary

Download - Last updated: Jun 30, 2018

Attribution

Download - Last updated: Jun 30, 2018

Annual Report

Download - Last updated: Sep 30, 2017

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

XBRL

Download - Last updated: Feb 14, 2018