Overview

Historical Returns (%) as of Jun 30, 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 Aug 31, 2019

Class R6 Inception 05/01/2019
Performance Inception 09/30/2014
Investment Objective Positive absolute returns over a full market cycle
Total Net Assets $183.8M
Minimum Investment $1000000
Expense Ratio3 0.65%
CUSIP 13161X840

Top 10 Holdings (%)4,5 as of Jun 30, 2019

United States Treasury Note/Bond 3.90
United States Treasury Inflation Indexed Bonds 3.48
United States Treasury Note/Bond 2.77
Prosper Marketplace Issuance Trust Series 2018-2 2.61
DXC Technology Co 2.01
Ally Financial Inc 1.71
RETL 2019-RVP 1.62
Conn's Receivables Funding 2019-A LLC 1.46
American Airlines 2013-2 Class B Pass Through Trust 1.45
Capital One Financial Corp 1.42
Total 22.42
 

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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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, 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.
 

Calendar Year Returns (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ICE BofAML 3-Month U.S. Treasury Bill Index1 0.21 0.13 0.10 0.11 0.07 0.03 0.05 0.33 0.86 1.87
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index2 0.15 0.13 0.07 0.08 0.05 0.02 0.03 0.26 0.82 1.82
 

Fund Facts

Expense Ratio3 0.65%
Class R6 Inception 05/01/2019
Performance Inception 09/30/2014
Distribution Frequency Monthly

Yield Information as of Aug 31, 2019

SEC 30-day Yield7 3.01%
 

NAV History

Date NAV NAV Change
Sep 20, 2019 $15.04 $0.01
Sep 19, 2019 $15.03 -$0.01
Sep 18, 2019 $15.04 $0.00
Sep 17, 2019 $15.04 $0.01
Sep 16, 2019 $15.03 $0.00
Sep 13, 2019 $15.03 -$0.01
Sep 12, 2019 $15.04 $0.00
Sep 11, 2019 $15.04 $0.00
Sep 10, 2019 $15.04 $0.00
Sep 09, 2019 $15.04 -$0.01
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Aug 30, 2019 $0.04124 $15.05
Jul 31, 2019 $0.04360 $15.04
Jun 28, 2019 $0.04505 $15.03
May 31, 2019 $0.04565 $15.00
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 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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, 2019

Portfolio Statistics as of Jun 30, 2019

Number of Holdings 162
Effective Duration 0.91 yrs.
Average Effective Maturity 2.50 yrs.
 

Credit Quality (%)9 as of Jun 30, 2019

AAA 15.25
AA 7.87
A 12.39
BBB 29.33
BB 17.04
B 4.35
Not Rated 13.75
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 (%)10 as of Jun 30, 2019

United States 95.31
Cayman Islands 1.35
Other 3.34
 

Fund Holdings5,11 as of Jul 31, 2019

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 0.88% 09/15/2019 3.93%
United States Treasury Inflation Indexed Bonds 0.75% 07/15/2028 3.52%
United States Dollar 3.27%
Prosper Marketplace Issuance Trust Series 2018-2 3.96% 10/15/2024 2.63%
United States Treasury Note/Bond 1.25% 08/31/2019 2.30%
DXC Technology Co 3.47% 03/01/2021 2.04%
WGL Holdings Inc 0.00% 08/12/2019 1.96%
NextEra Energy Capital Holdings Inc 0.00% 08/14/2019 1.96%
Ally Financial Inc 4.13% 03/30/2020 1.73%
RETL 2019-RVP 3.88% 03/15/2036 1.64%
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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. 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: Jun 30, 2019

Commentary

Download - Last updated: Jun 30, 2019

Annual Report

Download - Last updated: Dec 31, 2018

Full Prospectus

Download - Last updated: May 1, 2019

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 3/31/2019)

Download

SAI

Download - Last updated: May 1, 2019

Semi-Annual Report

Download - Last updated: Jun 30, 2019

Summary Prospectus

Download - Last updated: May 1, 2019

XBRL

Download - Last updated: May 9, 2019