Overview

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2017
Fund at NAV 0.11 0.82 2.87 4.42 3.98
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 0.09 0.24 0.47 0.57 0.25 0.17 0.26
06/30/2017
Fund at NAV 0.41 1.21 2.45 5.87 4.08
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 0.08 0.20 0.30 0.44 0.20 0.14 0.21
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 Factsas of Aug 31, 2017

Class I Inception 09/30/2014
Investment Objective Positive absolute returns over a full market cycle
Total Net Assets $106.9M
Minimum Investment $1000000
Expense Ratio (Gross)2 0.69%
Expense Ratio (Net)2,3 0.65%
CUSIP 13161X303

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

United States Treasury Note/Bond
United States Treasury Note/Bond
iStar Inc
Sprint Communications Inc
Ford Motor Credit Co LLC
EMC Corp
Goldman Sachs Group Inc
Clearwire Communications LLC / Clearwire Finance Inc
DB Master Finance LLC 2015-1
Fannie Mae Connecticut Avenue Securities
Total 32.64

Portfolio Management

Vishal Khanduja, CFA Managed Fund since inception
Brian S. Ellis, CFA Managed Fund since inception

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. The Fund's use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk. 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 Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2017
Fund at NAV 0.11 0.82 2.87 4.42 3.98
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 0.09 0.24 0.47 0.57 0.25 0.17 0.26
Morningstar Nontraditional Bond Category6 0.03 0.80 3.00 4.28 1.87 2.27
06/30/2017
Fund at NAV 0.41 1.21 2.45 5.87 4.08
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 0.08 0.20 0.30 0.44 0.20 0.14 0.21
Morningstar Nontraditional Bond Category6 0.34 1.27 2.85 5.92 1.96 2.69
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.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 1.93 6.73
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index1 4.78 1.77 0.15 0.13 0.07 0.08 0.05 0.02 0.03 0.26

Fund Facts

Expense Ratio (Gross)2 0.69%
Expense Ratio (Net)2,3 0.65%
Class I Inception 09/30/2014
Distribution Frequency Monthly

Yield Information7as of Aug 31, 2017

Distribution Rate at NAV 2.89%
Subsidized SEC 30-day Yield 2.94%
Unsubsidized SEC 30-day Yield 2.94%
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.

NAV History

Date NAV NAV Change
Sep 21, 2017 $15.18 $0.00
Sep 20, 2017 $15.18 $0.00
Sep 19, 2017 $15.18 $0.00
Sep 18, 2017 $15.18 $0.00
Sep 15, 2017 $15.18 $0.00
Sep 14, 2017 $15.18 $0.01
Sep 13, 2017 $15.17 $0.00
Sep 12, 2017 $15.17 $0.00
Sep 11, 2017 $15.17 -$0.01
Sep 08, 2017 $15.18 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Aug 30, 2017 $0.03652 $15.18
Jul 27, 2017 $0.03519 $15.19
Jun 28, 2017 $0.03235 $15.20
May 25, 2017 $0.03478 $15.15
Apr 27, 2017 $0.03584 $15.13
Mar 29, 2017 $0.03667 $15.11
Feb 23, 2017 $0.03857 $15.09
Jan 26, 2017 $0.03886 $15.07
Dec 27, 2016 $0.04036 $15.03
Nov 29, 2016 $0.04243 $15.14
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 07, 2016 $0.12523 $15.03
Dec 10, 2015 $0.00900 $14.79
Dec 11, 2014 $0.01139 $0.00712 $14.89
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. The Fund's use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk. 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 Jun 30, 2017

Asset Backed Securities 29.81
High Yield Corporate Bonds 16.98
Investment Grade Corporate Bonds 16.42
U.S. Commercial Mortgage Backed Securities 11.46
U.S. Treasuries 11.30
Cash 11.20
Convertible Bond 1.97
Collateralized Loan Obligation 0.86
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Number of Holdings 127
Effective Duration 1.28 yrs.
Average Effective Maturity 2.44 yrs.

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

AAA 13.17
AA 1.11
A 11.74
BBB 32.91
BB 22.74
B 6.10
CCC or Lower 0.48
Not Rated 11.74
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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'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 (%)10as of Jun 30, 2017

United States 97.02
Bermuda 1.07
Other 1.90

Fund Holdings5,11as of Jul 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 2.38% 05/15/2027 6.39%
iStar Inc 4.00% 11/01/2017 4.22%
Sprint Communications Inc 8.38% 08/15/2017 3.61%
Ford Motor Credit Co LLC 2.88% 10/01/2018 3.48%
EMC Corp 1.88% 06/01/2018 3.34%
DB Master Finance LLC 2015-1 3.26% 02/20/2045 2.29%
Goldman Sachs Group Inc 2.02% 12/27/2020 2.25%
Clearwire Communications LLC / Clearwire Finance Inc 8.25% 12/01/2040 2.12%
Taco Bell Funding LLC 3.83% 05/25/2046 2.10%
Citi Held For Asset Issuance 2015-PM1 5.01% 12/15/2021 2.01%
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. The Fund's use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk. 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. The Fund's use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk. 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. The Fund's use of derivatives such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than offset risk. 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
Vishal Khanduja, CFA

Vishal Khanduja, CFA

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2013

Vishal Khanduja 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.

Vishal began his career in the investment management industry in 2005. He has been affiliated with the Eaton Vance organization since 2016. Before joining the Eaton Vance organization, 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 Management and associate director of fixed-income analytics at Galliard Capital.

Vishal earned a bachelor of engineering from Veermata Jijabai Technological Institute in Mumbai, India and an MBA from the Tippie School of Management at the University of Iowa. He is a member of the CFA Institute, the CFA Society of Washington, D.C. and the Global Association of Risk Professionals. 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

 
Biography
Brian S. Ellis, CFA

Brian S. Ellis, CFA

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2015

Brian Ellis 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.

Brian began his career in the investment management industry in 2006. He has been affiliated with the Eaton Vance organization since 2016. Before joining the Eaton Vance organization, he was a portfolio manager of fixed-income strategies for Calvert Investments. Previously, he was a software engineer and analyst at Legg Mason Capital Management (now ClearBridge Investments).

Brian earned a B.S. in finance from Salisbury University. He is a member of the CFA Institute and the CFA Society of Washington, D.C. He is a CFA charterholder.

Education
  • B.S., Salisbury University

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Responsible Allocation Models Overview

Download - Last updated: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Attribution

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Dec 31, 2016

Full Prospectus

Download - Last updated: Apr 13, 2017

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

Download

SAI

Download - Last updated: Apr 13, 2017

Semi-Annual Report

Download - Last updated: Jun 30, 2017

Summary Prospectus

Download - Last updated: Apr 13, 2017

XBRL

Download - Last updated: May 1, 2017