Overview

Historical Returns (%) as of Jan 31, 2019

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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc.
 

Fund Facts as of Jan 31, 2019

Class R6 Inception 02/01/2019
Performance Inception 01/29/2019
Investment Objective High current income and capital appreciation
Total Net Assets $173.4M
Minimum Investment $1000000
Expense Ratio (Gross)1 0.80%
Expense Ratio (Net)1,2 0.71%
CUSIP 131582272

Top 10 Holdings (%)3,4 as of Dec 31, 2018

Sprint Nextel Corp 3.96
Cablevision Systems Corp 2.55
Carrols Restaurant Group 1.90
Watco Cos LLC/Finance Co 1.57
Sirius Satellite Radio 1.55
Tallgrass Nrg Prtnr/Fin 1.52
American Airlines 1.51
HCA Inc 1.49
Level 3 Communications 1.43
Welbilt Inc 1.36
Total 18.84
 

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 Jan 31, 2019

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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc.
 

Fund Facts

Expense Ratio (Gross)1 0.80%
Expense Ratio (Net)1,2 0.71%
Class R6 Inception 02/01/2019
Performance Inception 01/29/2019
Distribution Frequency Monthly

Yield Information as of Jan 31, 2019

Distribution Rate at NAV
 

NAV History

Date NAV NAV Change
Feb 14, 2019 $26.05 -$0.01
Feb 13, 2019 $26.06 $0.00
Feb 12, 2019 $26.06 $0.05
Feb 11, 2019 $26.01 $0.01
Feb 08, 2019 $26.00 -$0.01
Feb 07, 2019 $26.01 -$0.07
Feb 06, 2019 $26.08 $0.03
Feb 05, 2019 $26.05 $0.07
Feb 04, 2019 $25.98
 

Distribution History6

Ex-Date Distribution Reinvest NAV
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 History6

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 (%)4 as of Dec 31, 2018

Portfolio Statistics as of Dec 31, 2018

Number of Holdings 200
Effective Duration 3.41 yrs.
Average Effective Maturity 5.53 yrs.
 

Sector Breakdown (%)4 as of Dec 31, 2018

Healthcare 12.86
Technology 11.55
Telecommunications 9.52
Services 9.33
Cable & Satellite TV 5.26
Other 4.07
Containers 4.04
Energy 3.55
Homebuilders & Real Estate 3.01
Broadcasting 2.94
View All

Credit Quality (%)7 as of Dec 31, 2018

BBB 6.54
BB 36.87
B 43.75
CCC or Lower 10.06
Not Rated 2.77
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 (%)8 as of Dec 31, 2018

United States 86.45
Canada 4.04
Netherlands 2.02
Ireland 1.32
United Kingdom 1.10
Cayman Islands 1.05
Other 4.02
 

Fund Holdings4,9 as of Dec 31, 2018

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 2.40%
Carrols Restaurant Group Inc 8.00% 05/01/2022 1.90%
Sprint Capital Corp 6.90% 05/01/2019 1.88%
Watco Cos LLC / Watco Finance Corp 6.38% 04/01/2023 1.57%
Welbilt Inc 9.50% 02/15/2024 1.36%
Tervita Escrow Corp 7.63% 12/01/2021 1.35%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 8.25% 08/01/2023 1.32%
Applied Systems, Inc. 5.52% 09/19/2024 1.32%
Cablevision Systems Corp 5.88% 09/15/2022 1.23%
Sprint Corp 7.13% 06/15/2024 1.22%
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: Dec 31, 2018

Commentary

Download - Last updated: Dec 31, 2018

Attribution

Download - Last updated: Dec 31, 2018

Annual Report

Download - Last updated: Sep 30, 2018

Full Prospectus

Download - Last updated: Feb 1, 2019

SAI

Download - Last updated: Feb 1, 2019

Semi-Annual Report

Download - Last updated: Mar 31, 2018

Summary Prospectus

Download - Last updated: Feb 1, 2019