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. The share class has no sales charge.
 

Fund Facts as of May 31, 2022

Class I Inception 10/10/2017
Investment Objective High current income
Total Net Assets $118.7M
Minimum Investment $1000000
Expense Ratio (Gross)2,3 1.27%
Expense Ratio (Net)2,3 1.08%
Adjusted Expense Ratio (Gross) 0.96%
Adjusted Expense Ratio (Net) 0.77%
CUSIP 13161X873
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Calvert Funds, if applicable none of which are paid to Calvert Funds.

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

SPDR Blackstone Senior Loan ETF 2.33
CenturyLink, Inc. 1.03
Madison IAQ LLC 0.87
AAdvantage Loyalty IP Ltd. 0.85
Finastra USA, Inc. 0.82
Epicor Software Corporation 0.82
Delta 2 (LUX) S.a.r.l. 0.81
CPG International Inc. 0.79
Magenta Buyer LLC 0.79
Cano Health LLC 0.79
Total 9.90
 

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. The London Interbank Offered Rate or LIBOR, is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations. 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. 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. The share class has no sales charge.
 

Fund Facts

Expense Ratio (Gross)2,3 1.27%
Expense Ratio (Net)2,3 1.08%
Class I Inception 10/10/2017
Adjusted Expense Ratio (Gross) 0.96%
Adjusted Expense Ratio (Net) 0.77%
Distribution Frequency Monthly
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Calvert Funds, if applicable none of which are paid to Calvert Funds.

Yield Information as of May 31, 2022

Distribution Rate at NAV 4.70%
Subsidized SEC 30-day Yield6 4.73%
Unsubsidized SEC 30-day Yield 4.57%
 

NAV History

Date NAV NAV Change
Jun 22, 2022 $8.77 -$0.03
Jun 21, 2022 $8.80 $0.01
Jun 17, 2022 $8.79 -$0.02
Jun 16, 2022 $8.81 -$0.05
Jun 15, 2022 $8.86 $0.01
Jun 14, 2022 $8.85 -$0.01
Jun 13, 2022 $8.86 -$0.11
Jun 10, 2022 $8.97 -$0.04
Jun 09, 2022 $9.01 -$0.01
Jun 08, 2022 $9.02 $0.00
 

Distribution History7

Ex-Date Distribution Reinvest NAV
May 31, 2022 $0.03576 $8.96
Apr 29, 2022 $0.03501 $9.27
Mar 31, 2022 $0.03477 $9.31
Feb 28, 2022 $0.03095 $9.36
Jan 31, 2022 $0.03031 $9.44
Dec 31, 2021 $0.03305 $9.47
Nov 30, 2021 $0.03091 $9.43
Oct 29, 2021 $0.03077 $9.49
Sep 30, 2021 $0.03058 $9.50
Aug 31, 2021 $0.03230 $9.48
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
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. The London Interbank Offered Rate or LIBOR, is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations. 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. 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 Loan Issuers 291
Number of Industries 32
Average Coupon 4.22%
Average Maturity 4.91 yrs.
Average Loan Size (% of TA) 0.31%
Average Loan Size $0.53M
Average Duration 0.30 yrs.
Average Price $98.31
 

Sector Breakdown (%)4 as of Mar 31, 2022

Electronics/Electrical 24.18
Health Care 10.79
Business Equipment & Services 7.90
Building & Development 5.76
Industrial Equipment 5.37
Chemicals & Plastics 4.68
Automotive 4.32
Financial Intermediaries 2.87
Cable & Satellite Television 2.79
Insurance 2.75
View All

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

BBB 3.08
BB 19.72
B 70.72
CCC or Lower 3.53
Not Rated 2.94
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 Mar 31, 2022

Less Than 1 Year 2.08
1 To 3 Years 15.08
3 To 5 Years 27.78
5 To 10 Years 55.07
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 Mar 31, 2022

United States 88.87
Netherlands 2.84
Luxembourg 2.51
Canada 1.71
Cayman Islands 1.46
United Kingdom 1.12
Other 1.49
 

Geographic Mix (%)4 as of Mar 31, 2022

United States 88.87
Northern America except U.S. 3.31
Europe except U.K. 6.70
United Kingdom 1.12
 

Fund Holdings10,11,12 as of Apr 30, 2022

Holding Coupon Rate Maturity Date % of Net Assets
MSILF GOVERNMENT PORTFOLIO 0.03% 12/31/2030 3.32%
SPDR Blackstone Senior Loan ETF 0.00% 3.04%
United States Dollar 1.37%
Epicor 4.01% 07/30/2027 1.08%
Formula One 3.47% 02/01/2024 1.07%
Misys Limited 4.74% 06/13/2024 1.06%
Cano Health LLC 4.51% 11/23/2027 1.04%
Gates Global LLC 3.26% 03/31/2027 1.03%
MI Windows and Doors, LLC 4.26% 12/18/2027 1.00%
Hyland Software, Inc. 4.26% 07/01/2024 0.99%
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. The London Interbank Offered Rate or LIBOR, is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021, and is expected to cease publishing the remaining LIBOR settings on June 30, 2023. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations. 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. 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

Craig P. Russ

Craig P. Russ

Managing Director, Portfolio Manager

Biography

Craig Russ is a portfolio manager for the Floating-Rate Loans team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. He joined Eaton Vance in 1997. Morgan Stanley acquired Eaton Vance in March 2021.

Craig began his career in the investment management industry in 1985. Before joining Eaton Vance, 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

Managing Director, Portfolio Manager

Biography

Catherine McDermott is a Portfolio Manager on the Floating-Rate Loan team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s floating-rate loan strategies. Her focus is primarily on the automotive industry in addition to casinos, general industrial, theaters, packaging and consumer products. She joined Eaton Vance in 2000. Morgan Stanley acquired Eaton Vance in March 2021.

Catherine began her career in the investment management industry in 1988. Before joining Eaton Vance, 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.A., summa cum laude, from Boston College.

Education
  • B.A. Boston College

Experience
  • Managed Fund since 2018

 
Andrew N. Sveen, CFA

Andrew N. Sveen, CFA

Managing Director, Head of Floating-Rate Loans

Biography

Andrew Sveen is Head, Floating-Rate Loans and portfolio manager on the Floating-Rate Loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1999; Morgan Stanley acquired Eaton Vance in March 2021.

Andrew began his career in the investment management industry in 1995. Previously at Eaton Vance, he was director of loan trading and capital markets. Before joining Eaton Vance, he worked as a corporate lending officer at State Street Bank.

Andrew earned a B.A. from Dartmouth College and an MBA from the William E. Simon School at the University of Rochester. He is a CFA charterholder. Andrew serves as a member of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Financial Times and Reuters.

Education
  • B.A. Dartmouth College
  • M.B.A. University of Rochester

Experience
  • Managed Fund since 2020

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Mar 31, 2022

Annual Report

Download Annual Report - Last updated: Sep 30, 2021

Full Prospectus

Download Full Prospectus - Last updated: Feb 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2021

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 30, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

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: Feb 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Mar 31, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Feb 1, 2022