Overview

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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 Nov 30, 2024

Class I Inception 10/10/2017
Investment Objective High current income
Total Net Assets $95.9M
Minimum Investment $1000000
Expense Ratio (Gross)2 2.83%
Expense Ratio (Net)2,3 2.57%
Adjusted Expense Ratio (Gross) 1.07%
Adjusted Expense Ratio (Net) 0.81%
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 Sep 30, 2024

Madison IAQ LLC 1.25
Epicor Software Corporation 1.09
Level 3 Financing Inc. 1.09
Asurion LLC 1.05
Applied Systems Inc. 0.98
Cloud Software Group Inc. 0.96
Focus Financial Partners LLC 0.94
Emrld Borrower LP 0.91
American Airlines Inc. 0.91
TK Elevator US Newco Inc 0.91
Total 10.09
 

Portfolio Management

Catherine McDermott Managed Fund since 2018
Andrew N. Sveen, CFA Managed Fund since 2020

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. 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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. Morningstar LSTA US Leveraged Loan TR USD Index is an unmanaged index of the institutional leveraged loan market. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index.Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 2/1/25. Without the reimbursement, if applicable, performance would have been lower.
4. Percent of total assets.

Performance

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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

Class I Inception 10/10/2017
Expense Ratio (Gross)2 2.83%
Expense Ratio (Net)2,3 2.57%
Adjusted Expense Ratio (Gross) 1.07%
Adjusted Expense Ratio (Net) 0.81%
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 Information6 as of Nov 30, 2024

Distribution Rate at NAV 8.00%
Subsidized SEC 30-day Yield 7.91%
Unsubsidized SEC 30-day Yield 7.71%
 

NAV History

Date NAV NAV Change
Dec 20, 2024 $8.97 $0.00
Dec 19, 2024 $8.97 -$0.02
Dec 18, 2024 $8.99 -$0.01
Dec 17, 2024 $9.00 $0.00
Dec 16, 2024 $9.00 $0.00
Dec 13, 2024 $9.00 $0.00
Dec 12, 2024 $9.00 $0.00
Dec 11, 2024 $9.00 $0.00
Dec 10, 2024 $9.00 $0.00
Dec 09, 2024 $9.00 $0.01
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Nov 29, 2024 $0.05894 $8.99
Oct 31, 2024 $0.06300 $8.96
Sep 30, 2024 $0.06453 $8.95
Aug 30, 2024 $0.06438 $8.95
Jul 31, 2024 $0.06621 $8.95
Jun 28, 2024 $0.06524 $8.96
May 31, 2024 $0.06711 $9.00
Apr 30, 2024 $0.06814 $8.99
Mar 28, 2024 $0.06304 $9.00
Feb 29, 2024 $0.06582 $8.99
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. 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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. Morningstar LSTA US Leveraged Loan TR USD Index is an unmanaged index of the institutional leveraged loan market. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index.Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 2/1/25. Without the reimbursement, if applicable, performance would have been lower.
5. The Morningstar Bank Loan Category includes funds that invest primarily in floating-rate bank loans, instead of bonds, with interest payments that typically float above a common benchmark.
6. SEC 30-day yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC 30-day yield is not based on the distributions made by the fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements. Distribution Rate at NAV is calculated by dividing the last distribution paid per share (annualized) by NAV. The Fund's monthly distribution may be comprised of ordinary income, net realized capital gains and returns of capital.
7. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)4 as of Sep 30, 2024

Portfolio Statistics as of Sep 30, 2024

Number of Loan Issuers 229
Number of Industries 50
Average Coupon 8.12%
Average Maturity 4.65 yrs.
Average Loan Size (% of TA) 0.40%
Average Loan Size $0.48M
Average Duration 0.29 yrs.
Average Price $98.23
 

Sector Breakdown (%)4 as of Sep 30, 2024

Software 13.87
Machinery 8.13
Capital Markets 5.45
Commercial Services & Supplies 4.36
Professional Services 4.35
Chemicals 4.08
Health Care Providers & Services 4.07
Insurance 3.35
IT Services 3.12
Financial Services 3.04
View All

Credit Quality (%)8 as of Sep 30, 2024

BBB 4.37
BB 25.78
B 64.49
CCC or Lower 3.86
Not Rated 1.49
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 Sep 30, 2024

Less Than 1 Year 2.25
1 To 3 Years 5.66
3 To 5 Years 53.42
5 To 10 Years 38.67
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 Sep 30, 2024

United States 90.57
Canada 2.54
Luxembourg 2.33
Netherlands 2.11
United Kingdom 1.24
Germany 1.01
Luxembourg 0.20
 

Geographic Mix (%)4 as of Sep 30, 2024

United States 90.57
Northern America except U.S. 2.74
Europe except U.K. 5.45
United Kingdom 1.24
 

Fund Holdings10,11,12 as of Oct 31, 2024

Holding Coupon Rate Maturity Date % of Net Assets
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 4.76% 12/31/2030 3.34%
Epicor 7.94% 05/30/2031 1.47%
Applied Systems, Inc. 7.60% 02/24/2031 1.32%
Avantor 6.79% 11/08/2027 1.20%
Les Schwab Tire Centers 7.69% 04/23/2031 1.19%
TK Elevator 8.59% 04/30/2030 1.16%
Gates Global LLC 6.94% 06/04/2031 1.14%
Level 3 Financing Inc 10.75% 12/15/2030 1.14%
WR Grace 7.85% 09/22/2028 1.11%
Minimax Viking GmbH 7.56% 07/31/2028 1.11%
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. 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. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


4. Percent of total assets.
8. Percent of bond holdings.
9. The "Equity/Other" category includes securities that have no maturity date. Cash & equivalents are included within the "Less Than 1 Year" category.
10. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.
11. Percent of total net assets.
12. The stated interest rate represents the weighted average interest rate of all loans made under senior loan facility and includes commitment fees on unfunded loan commitments, if any, and will vary over time.

Management

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, Chairman of MSIM Fixed Income and Head of Floating-Rate Loans

Biography

Andrew Sveen is the Chairman of MSIM Fixed Income. In addition, he is the Head of Floating-Rate Loans and a portfolio manager on 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 1999. Morgan Stanley acquired Eaton Vance in March 2021.

Andrew began his career in the investment industry in 1995. Previously at Eaton Vance, he was a Director within 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 M.B.A. from the William E. Simon School at the University of Rochester. He also holds the Chartered Financial Analyst designation. Andrew serves as a member of the Board of Directors of the Loan Syndications and Trading Association (LSTA).

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

Experience
  • Managed Fund since 2020

 

Literature

Literature

Fact Sheet

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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Holdings - Form N-PORT

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SAI

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Semi-Annual Report

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Summary Prospectus

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