Overview

Historical Returns (%) as of Mar 31, 2022

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 May 31, 2022

Class R6 Inception 05/01/2019
Performance Inception 09/30/2014
Investment Objective Positive absolute returns over a full market cycle
Total Net Assets $307.3M
Minimum Investment $5000000
Expense Ratio (Gross)1,2 0.62%
Expense Ratio (Net)1,2 0.60%
CUSIP 13161X840

Top 10 Holdings (%)3,4 as of Mar 31, 2022

United States Treasury Note/Bond 6.28
United States Treasury Floating Rate Note 5.00
United States Treasury Note/Bond 4.49
Home Re 2018-1 Ltd 1.46
Pagaya AI Debt Selection Trust 2021-3 1.26
VMC Finance 2021-HT1 LLC 1.22
BAMLL Commercial Mortgage Securities Trust 2019-BPR 1.14
Calvert Floating-Rate Advantage Fund 1.02
Morgan Stanley Capital I Trust 2017-CLS 0.98
Oportun Issuance Trust 2021-C 0.95
Total 23.80
 

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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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 Mar 31, 2022

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 (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 7.10 4.20 3.96
ICE BofA 3-Month U.S. Treasury Bill Index 0.11 0.07 0.03 0.05 0.33 0.86 1.87 2.28 0.67 0.05
 

Fund Facts

Expense Ratio (Gross)1,2 0.62%
Expense Ratio (Net)1,2 0.60%
Class R6 Inception 05/01/2019
Performance Inception 09/30/2014
Distribution Frequency Monthly

Yield Information as of May 31, 2022

Distribution Rate at NAV 3.05%
Subsidized SEC 30-day Yield6 3.52%
Unsubsidized SEC 30-day Yield 3.52%
 

NAV History

Date NAV NAV Change
Jun 22, 2022 $14.32 $0.00
Jun 21, 2022 $14.32 $0.00
Jun 17, 2022 $14.32 -$0.02
Jun 16, 2022 $14.34 -$0.06
Jun 15, 2022 $14.40 $0.05
Jun 14, 2022 $14.35 -$0.01
Jun 13, 2022 $14.36 -$0.12
Jun 10, 2022 $14.48 -$0.06
Jun 09, 2022 $14.54 -$0.03
Jun 08, 2022 $14.57 -$0.01
 

Distribution History7

Ex-Date Distribution Reinvest NAV
May 31, 2022 $0.03783 $14.61
Apr 29, 2022 $0.03361 $14.66
Mar 31, 2022 $0.03315 $14.83
Feb 28, 2022 $0.03349 $15.00
Jan 31, 2022 $0.03143 $15.16
Dec 31, 2021 $0.03143 $15.31
Nov 30, 2021 $0.03451 $15.45
Oct 29, 2021 $0.02731 $15.56
Sep 30, 2021 $0.02658 $15.60
Aug 31, 2021 $0.03221 $15.58
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 History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 03, 2021 $0.07880 $0.08920 $15.26
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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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 Mar 31, 2022

Portfolio Statistics as of Mar 31, 2022

Number of Holdings ex cash 260
Effective Duration 1.41 yrs.
Average Effective Maturity 5.05 yrs.
 

Credit Quality (%)8 as of Mar 31, 2022

AAA 16.75
AA 2.61
A 5.23
BBB 24.40
BB 26.75
B 5.31
CCC 0.77
Not Rated 12.61
Cash 5.56
Ratings are based on Moody’s, S&P or Fitch, or Kroll for securitized debt instruments only (such as asset-backed securities and mortgage-backed securities), 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 an issuance 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, Fitch or Kroll (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.

Duration Breakdown (%)8 as of Mar 31, 2022

< 1 38.64
1 - 3 23.95
3 - 5 21.58
5 - 7 6.25
7 - 10 6.12
10 - 20 3.48
 

Bond Composition (%)8 as of Mar 31, 2022

FIXED 75.66
FLOAT 24.34

Assets by Country (%)9 as of Mar 31, 2022

United States 87.92
Bermuda 3.67
Cayman Islands 2.26
Other 6.14
 

Fund Holdings4,10 as of Apr 30, 2022

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 0.25% 03/15/2024 6.18%
United States Treasury Floating Rate Note 0.88% 01/31/2024 4.94%
MSILF GOVERNMENT PORTFOLIO 0.03% 12/31/2030 4.43%
United States Treasury Note/Bond 0.25% 05/31/2025 4.39%
Bank of America Corp 3.85% 03/08/2037 1.48%
Home Re 2018-1 Ltd 3.67% 10/25/2028 1.44%
Pagaya AI Debt Selection Trust 2021-3 3.27% 05/15/2029 1.24%
VMC Finance 2021-HT1 LLC 5.05% 01/18/2037 1.22%
BAMLL Commercial Mortgage Securities Trust 2019-BPR 3.72% 11/05/2032 1.12%
Fannie Mae or Freddie Mac 4.50% 07/01/2048 1.01%
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. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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

Managing Director, Co-Head of US Multi-Sector

Biography

Vishal Khanduja is the Co-Head of U.S. Multi-Sector and a portfolio manager on the Fixed Income team. He is responsible for buy and sell decisions and portfolio construction. He joined Eaton Vance in 2016. Morgan Stanley acquired Eaton Vance in March 2021.

Vishal began his career in the investment management industry in 2005. Before joining Eaton Vance, 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 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

Executive Director, Portfolio Manager

Biography

Brian Ellis is a portfolio manager on the Multi-Sector team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s Multi-Sector strategies, including Calvert Research and Management Multi-Sector strategies. He joined Eaton Vance in 2016. Morgan Stanley acquired Eaton Vance in March 2021.

Brian began his career in the investment management industry in 2006. Before joining Eaton Vance, he worked as a portfolio manager of fixed-income strategies for Calvert Investments. He was previously affiliated with 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 Boston.

Education
  • B.S., Salisbury University

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Mar 31, 2022

Commentary

Download Commentary - Last updated: Mar 31, 2022

Annual Report

Download Annual Report - Last updated: Dec 31, 2021

Full Prospectus

Download Full Prospectus - Last updated: Apr 30, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Mar 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Sep 30, 2021

Results of Joint Special Meeting of Shareholders of Calvert Funds

Download Results of Joint Special Meeting of Shareholders of Calvert Funds - Last updated: Feb 23, 2021

Joint Special Meeting of Shareholders of Calvert Funds on February 19, 2021 Will Be A Virtual Meeting

Download Joint Special Meeting of Shareholders of Calvert Funds on February 19, 2021 Will Be A Virtual Meeting - Last updated: Feb 8, 2021

SAI

Download SAI - Last updated: Apr 30, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jun 30, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Apr 30, 2022