Overview

Historical Returns (%) as of Dec 31, 2021

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 Dec 31, 2021

Class R6 Inception 02/01/2019
Performance Inception 07/09/2001
Investment Objective High current income and capital appreciation
Total Net Assets $507.5M
Minimum Investment $1000000
Expense Ratio (Gross)1,2 0.73%
Expense Ratio (Net)1,2 0.71%
CUSIP 131582272

Top 10 Holdings (%)3,4 as of Dec 31, 2021

Ford Motor Company 3.26
Charter Communications 1.78
Centene Corp 1.70
Kraft Heinz Foods Co 1.70
Sprint Corp 1.52
GFL Environmental 1.32
Molina Healthcare Inc. 1.19
Calpine Corp 1.14
Sirius XM Radio Inc. 1.13
Clarios 1.11
Total 15.85
 

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. 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, 2021

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 12.87 5.52 3.71
ICE BofA U.S. High Yield Index 15.58 7.42 2.50 -4.64 17.49 7.48 -2.26 14.41 6.17 5.36
 

Fund Facts

Expense Ratio (Gross)1,2 0.73%
Expense Ratio (Net)1,2 0.71%
Class R6 Inception 02/01/2019
Performance Inception 07/09/2001
Distribution Frequency Monthly

Yield Information as of Dec 31, 2021

Distribution Rate at NAV 4.26%
SEC 30-day Yield6 3.45%
 

NAV History

Date NAV NAV Change
Jan 25, 2022 $26.36 -$0.01
Jan 24, 2022 $26.37 -$0.10
Jan 21, 2022 $26.47 -$0.08
Jan 20, 2022 $26.55 -$0.03
Jan 19, 2022 $26.58 $0.01
Jan 18, 2022 $26.57 -$0.11
Jan 14, 2022 $26.68 -$0.07
Jan 13, 2022 $26.75 -$0.01
Jan 12, 2022 $26.76 $0.04
Jan 11, 2022 $26.72 $0.08
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 31, 2021 $0.09759 $26.98
Nov 30, 2021 $0.09332 $26.59
Oct 29, 2021 $0.09162 $26.91
Sep 30, 2021 $0.09318 $27.08
Aug 31, 2021 $0.09837 $27.23
Jul 30, 2021 $0.09549 $27.23
Jun 30, 2021 $0.09496 $27.26
May 28, 2021 $0.09935 $27.02
Apr 30, 2021 $0.09406 $27.09
Mar 31, 2021 $0.09992 $26.94
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. 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, 2021

Portfolio Statistics as of Dec 31, 2021

Number of Holdings ex cash 413
Effective Duration 3.51 yrs.
Average Effective Maturity 4.33 yrs.
 

Sector Breakdown (%)4 as of Dec 31, 2021

Healthcare 12.87
Services 8.21
Telecommunications 5.94
Technology 5.93
Automotive & Auto Parts 5.78
Homebuilders & Real Estate 5.52
Super Retail 5.31
Broadcasting 4.93
Cable & Satellite TV 4.69
Food, Beverage & Tobacco 4.17
View All

Credit Quality (%)8 as of Dec 31, 2021

BBB 2.60
BB 43.31
B 39.27
CCC or Lower 12.47
NR 2.35
Ratings are based on the average of ratings from S&P, Moody’s and Fitch. 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 (%)9 as of Dec 31, 2021

United States 89.42
Canada 3.65
United Kingdom 1.75
Luxembourg 1.45
Other 3.73
 

Fund Holdings4,10 as of Nov 30, 2021

Holding Coupon Rate Maturity Date % of Net Assets
CALVERT CASH RESERVES FUND 0.00% 2.55%
SRM Escrow Issuer LLC 6.00% 11/01/2028 0.76%
Ford Motor Credit Co LLC 4.13% 08/17/2027 0.73%
Netflix Inc 4.88% 06/15/2030 0.70%
Sprint Capital Corp 6.88% 11/15/2028 0.69%
Ford Motor Credit Co LLC 5.13% 06/16/2025 0.68%
BCPE Empire Holdings Inc 7.63% 05/01/2027 0.68%
Calpine Corp 5.13% 03/15/2028 0.67%
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.50% 04/20/2026 0.66%
JPMorgan Chase & Co 4.60% 12/31/2099 0.64%
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. 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

Portfolio Manager

Biography

Raphael Leeman 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 markets. He joined Calvert Research and Management in 2016.

Raphael began his career in the investment management industry in 2003. He has been affiliated with the Eaton Vance organization since 2007. Before joining the Eaton Vance organization, 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

Co-Director of High Yield, Portfolio Manager

Biography

Stephen Concannon 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 2019.

Steve began his career in the investment management industry in 1993. He has been affiliated with the Eaton Vance organization since 2000. Before joining the Eaton Vance organization, he was a research analyst for Wellington Management.

Steve earned a B.A. from Bates College. He is a member of the CFA Society 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, 2021

Commentary

Download Commentary - Last updated: Sep 30, 2021

Attribution

Download Attribution - Last updated: Dec 31, 2021

Annual Report

Download Annual Report - Last updated: Sep 30, 2021

Full Prospectus

Download Full Prospectus - Last updated: Feb 1, 2021

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2020

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 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: Feb 1, 2021

Semi-Annual Report

Download Semi-Annual Report - Last updated: Mar 31, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Feb 1, 2021