Overview

Historical Returns (%) as of Dec 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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 1%.
 

Fund Facts as of Dec 31, 2022

Class C Inception 10/31/2011
Performance Inception 07/09/2001
Investment Objective High current income and capital appreciation
Total Net Assets $416.7M
Minimum Investment $1000
Expense Ratio2 1.76%
CUSIP 131582447

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

Ford Motor Company 3.35
Charter Communications 2.79
Sprint Corp 2.17
Centene Corp 2.14
GFL Environmental 1.61
Petsmart Inc 1.49
Clarios 1.48
Sirius XM Radio Inc. 1.25
Molina Healthcare Inc. 1.19
Kraft Heinz Foods Co 1.12
Total 18.59
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

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. 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 Dec 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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Fund at NAV 7.18 -2.07 -3.40 10.87 4.95 -3.58 11.70 4.37 2.63 -11.64
ICE BofA U.S. High Yield Index1 7.42 2.50 -4.64 17.49 7.48 -2.26 14.41 6.17 5.36 -11.22
 

Fund Facts

Expense Ratio2 1.76%
Class C Inception 10/31/2011
Performance Inception 07/09/2001
Distribution Frequency Monthly

Yield Information as of Dec 31, 2022

Distribution Rate at NAV 4.34%
SEC 30-day Yield6 6.11%
 

Morningstar Rating™ as of Dec 31, 2022

Time Period Rating Funds in
High Yield Bond
Category
Overall 617
3 Years 617
5 Years 572
10 Years 408
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. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2022 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
Feb 03, 2023 $24.58 -$0.12
Feb 02, 2023 $24.70 $0.27
Feb 01, 2023 $24.43 $0.07
Jan 31, 2023 $24.36 $0.03
Jan 30, 2023 $24.33 -$0.07
Jan 27, 2023 $24.40 -$0.01
Jan 26, 2023 $24.41 $0.06
Jan 25, 2023 $24.35 -$0.02
Jan 24, 2023 $24.37 $0.00
Jan 23, 2023 $24.37 $0.03
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Jan 31, 2023 $0.08513 $24.36
Dec 30, 2022 $0.08713 $23.65
Nov 30, 2022 $0.08742 $23.90
Oct 31, 2022 $0.08137 $23.59
Sep 30, 2022 $0.08133 $23.08
Aug 31, 2022 $0.08044 $24.13
Jul 29, 2022 $0.07394 $24.84
Jun 30, 2022 $0.08047 $23.53
May 31, 2022 $0.07493 $25.08
Apr 29, 2022 $0.07150 $25.18
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.

RISK CONSIDERATIONS 

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. 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 Dec 31, 2022

Portfolio Statistics as of Dec 31, 2022

Number of Holdings ex cash 353
Effective Duration8 3.87 yrs.
Average Effective Maturity 5.44 yrs.
 

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

Healthcare 14.01
Services 8.31
Technology 7.63
Telecommunications 7.08
Super Retail 5.95
Automotive & Auto Parts 5.31
Homebuilders & Real Estate 5.14
Food, Beverage & Tobacco 4.02
Broadcasting 3.34
Cable & Satellite TV 3.03
View All

Credit Quality (%)9 as of Dec 31, 2022

BBB 6.28
BB 45.63
B 35.36
CCC or Lower 11.41
NR 1.32
Cash 0.00
Credit quality ratings on underlying securities of the fund are provided by S&P, Moody’s and Fitch. This breakdown assigns a numeric equivalent to the ratings from the aforementioned agencies and the mean is rounded to the nearest integer and converted to an equivalent S&P major rating category. 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 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 Dec 31, 2022

United States 87.77
Canada 3.62
United Kingdom 2.14
Luxembourg 1.40
Other 5.07
 

Fund Holdings4,11 as of Dec 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
MSILF GOVERNMENT PORTFOLIO 4.08% 12/31/2030 2.17%
Sprint Capital Corp 6.88% 11/15/2028 0.95%
Enviva Partners LP / Enviva Partners Finance Corp 6.50% 01/15/2026 0.88%
Clarios Global LP / Clarios US Finance Co 8.50% 05/15/2027 0.83%
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 03/01/2030 0.83%
Dave & Buster's Inc 7.63% 11/01/2025 0.77%
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.50% 04/20/2026 0.74%
Ford Motor Credit Co LLC 4.13% 08/17/2027 0.73%
BellRing Brands Inc 7.00% 03/15/2030 0.72%
Ford Motor Credit Co LLC 5.13% 06/16/2025 0.70%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

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. 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

Raphael A. Leeman

Raphael A. Leeman

Executive Director, Portfolio Manager

Biography

Raphael Leeman is an analyst on the High Yield team. Additionally, he is a portfolio manager on the Calvert High Yield Bond Strategy. 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. Morgan Stanley acquired Eaton Vance in March 2021.

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

 
Stephen C. Concannon, CFA

Stephen C. Concannon, CFA

Managing Director, Co-Head of High Yield

Biography

Stephen Concannon is the Co-Head of High Yield and a portfolio manager on the high yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's high yield strategies. He joined Eaton Vance in 2000; Morgan Stanley acquired Eaton Vance in March 2021.

Steve began his career in the investment management industry in 1993. Before joining Eaton Vance, he was a research analyst for Wellington Management.

Steve earned a B.A. from Bates College. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.A. Bates College

Experience
  • Managed Fund since 2019

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Dec 31, 2022

Commentary

Download Commentary - Last updated: Sep 30, 2022

Attribution

Download Attribution - Last updated: Dec 31, 2022

Annual Report

Download Annual Report - Last updated: Sep 30, 2022

Full Prospectus

Download Full Prospectus - Last updated: Feb 1, 2023

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2021

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 30, 2022

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, 2023

Semi-Annual Report

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

Summary Prospectus

Download Summary Prospectus - Last updated: Feb 1, 2023