Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.24 0.88 5.49 6.12 3.82 4.68 6.14
Fund w/Max Sales Charge -3.52 -2.90 1.53 2.15 2.50 3.88 5.73
ICE BofA Merrill Lynch U.S. High Yield Index1 0.39 1.26 7.46 9.14 5.60 6.29 7.69
09/30/2017
Fund at NAV 0.70 1.27 5.23 6.23 3.71 4.83 6.13
Fund w/Max Sales Charge -3.06 -2.53 1.29 2.27 2.41 4.04 5.73
ICE BofA Merrill Lynch U.S. High Yield Index1 0.90 2.04 7.05 9.06 5.86 6.38 7.71
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. Max Sales Charge: 3.75%.

Fund Factsas of Oct 31, 2017

Class A Inception 07/09/2001
Investment Objective High current income and capital appreciation
Total Net Assets $186.7M
Minimum Investment $1000
Expense Ratio (Gross)2 1.18%
Expense Ratio (Net)2,3 1.07%
CUSIP 131582454

Top 10 Holdings (%)4,5as of Sep 30, 2017

Carrols Restaurant Group Inc
Sprint Capital Corp
Mattamy Group Corp
OneMain Financial Holdings LLC
Ferrellgas Partners LP / Ferrellgas Partners Finance Corp
iStar Inc
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc
Welbilt Inc
Sprint Corp
American Airlines 2013-2 Class B Pass Through Trust
Total 14.62

Portfolio Management

Michael W. Weilheimer, CFA Managed Fund since 2016
Raphael A. Leeman Managed Fund since 2016

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

About Risk: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment grade bonds and may be illiquid. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. 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. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company's ESG performance.


Performance

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.24 0.88 5.49 6.12 3.82 4.68 6.14
Fund w/Max Sales Charge -3.52 -2.90 1.53 2.15 2.50 3.88 5.73
ICE BofA Merrill Lynch U.S. High Yield Index1 0.39 1.26 7.46 9.14 5.60 6.29 7.69
Morningstar High Yield Bond Category6 0.33 1.02 6.30 7.93 4.03 5.01 6.20
09/30/2017
Fund at NAV 0.70 1.27 5.23 6.23 3.71 4.83 6.13
Fund w/Max Sales Charge -3.06 -2.53 1.29 2.27 2.41 4.04 5.73
ICE BofA Merrill Lynch U.S. High Yield Index1 0.90 2.04 7.05 9.06 5.86 6.38 7.71
Morningstar High Yield Bond Category6 0.72 1.79 5.94 7.77 4.17 5.14 6.24
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. Max Sales Charge: 3.75%.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 1.51 -22.11 36.91 15.70 5.11 14.78 8.24 -1.07 -2.45 11.68
ICE BofA Merrill Lynch U.S. High Yield Index1 2.19 -26.39 57.51 15.19 4.38 15.58 7.42 2.50 -4.64 17.49

Fund Facts

Expense Ratio (Gross)2 1.18%
Expense Ratio (Net)2,3 1.07%
Class A Inception 07/09/2001
Distribution Frequency Monthly

Yield Information7as of Oct 31, 2017

Distribution Rate at NAV 3.78%
SEC 30-day Yield 3.55%
Low Quality / Limited Duration
Morningstar Fixed Income Style Box
The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

©2017 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. Past performance is no guarantee of future results.

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
High Yield Bond
Category
Overall *** 609
3 Years *** 609
5 Years *** 489
10 Years *** 320
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.

©2017 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
Nov 16, 2017 $27.47 $0.11
Nov 15, 2017 $27.36 -$0.07
Nov 14, 2017 $27.43 -$0.03
Nov 13, 2017 $27.46 $0.00
Nov 10, 2017 $27.46 -$0.01
Nov 09, 2017 $27.47 -$0.07
Nov 08, 2017 $27.54 -$0.08
Nov 07, 2017 $27.62 -$0.01
Nov 06, 2017 $27.63 -$0.02
Nov 03, 2017 $27.65 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Oct 26, 2017 $0.08710 $27.65
Sep 27, 2017 $0.10233 $27.64
Aug 30, 2017 $0.11415 $27.56
Jul 27, 2017 $0.09450 $27.71
Jun 28, 2017 $0.10374 $27.63
May 25, 2017 $0.09395 $27.51
Apr 27, 2017 $0.10306 $27.44
Mar 29, 2017 $0.11180 $27.25
Feb 23, 2017 $0.11560 $27.43
Jan 26, 2017 $0.11438 $27.31
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 11, 2014 $0.44138 $0.27849 $27.62
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: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment grade bonds and may be illiquid. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. 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. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company's ESG performance.


Portfolio

Asset Mix (%)5as of Sep 30, 2017

Corporate Bonds 89.14
Securitized 4.34
Floating-Rate Loans 2.88
Cash 2.28
Other 1.36
Total 100.00

Portfolio Statisticsas of Sep 30, 2017

Number of Holdings 178
Effective Duration 2.89 yrs.
Average Effective Maturity 3.75 yrs.

Credit Quality (%)9as of Sep 30, 2017

A 0.73
BBB 5.77
BB 37.07
B 43.27
CCC or Lower 8.89
Not Rated 4.28
Total 100.00
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 (%)10as of Sep 30, 2017

United States 85.10
Canada 4.93
Ireland 1.95
Mexico 1.69
Luxembourg 1.32
Netherlands 1.27
United Kingdom 1.25
Other 2.48

Fund Holdings5,11as of Sep 30, 2017

Holding Coupon Rate Maturity Date % of Net Assets
State Street Bank Eurodollar Time Deposit 0.12% 10/02/2017 2.27%
Carrols Restaurant Group Inc 8.00% 05/01/2022 1.81%
Sprint Capital Corp 6.90% 05/01/2019 1.77%
Mattamy Group Corp 6.50% 11/15/2020 1.75%
OneMain Financial Holdings LLC 6.75% 12/15/2019 1.57%
Ferrellgas Partners LP / Ferrellgas Partners Finance Corp 8.63% 06/15/2020 1.49%
iStar Inc 6.50% 07/01/2021 1.37%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 6.00% 02/15/2025 1.29%
Welbilt Inc 9.50% 02/15/2024 1.25%
Sprint Corp 7.13% 06/15/2024 1.24%
View All

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

About Risk: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment grade bonds and may be illiquid. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. 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. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company's ESG performance.


Insights & Analysis

Commentary

Commentary available in Fund Literature tab.

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

About Risk: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment grade bonds and may be illiquid. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. 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. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company's ESG performance.

Attribution

Attribution available in Fund Literature tab.

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

About Risk: 

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment grade bonds and may be illiquid. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. 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. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company's ESG performance.


Management

Biography
Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2016

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 Boston Security Analysts Society, 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

 
Biography
Raphael A. Leeman

Raphael A. Leeman

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2016

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: Sep 30, 2017

Responsible Allocation Models Overview

Download - Last updated: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Attribution

Download - Last updated: Sep 30, 2017

Annual Report

Download - Last updated: Sep 30, 2016

Full Prospectus

Download - Last updated: Oct 3, 2017

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

SAI

Download - Last updated: Oct 3, 2017

Semi-Annual Report

Download - Last updated: Mar 31, 2017

Summary Prospectus

Download - Last updated: Apr 10, 2017

XBRL

Download - Last updated: Mar 13, 2017