Overview

Historical Returns (%) as of Sep 30, 2023

10/31/202309/30/2023
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 Oct 31, 2023

Class R6 Inception 02/01/2019
Performance Inception 01/31/2002
Investment Objective Maximize income, to the extent consistent with preservation of capital
Total Net Assets $2.1B
Minimum Investment $5000000
Expense Ratio2 0.44%
CUSIP 131582264

Top 10 Holdings (%)3 as of Sep 30, 2023

United States Of America 18.80
Uniform Mbs 4.57
Bank Of America Corp 3.43
Jpmorgan Chase & Co 2.62
Federal National Mortgage Association 1.63
Banco Santander Sa 1.39
Bx Commercial Mortgage Trust Bx_19-Xl 1.39
Vmc Finance Vmc_21-Ht1 1.27
Cologix Data Centers Clgix_21-1 1.09
Bx Commercial Mortgage Trust Bx_21-Volt 1.03
Total 37.23
 

Portfolio Management

Vishal Khanduja, CFA Managed Fund since 2013
Brian S. Ellis, CFA Managed Fund since 2015

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Portfolio characteristics exclude 1 security in Calvert's High Impact Investments program, which represented 0.1761% of the Fund's portfolio as of 09/30/2023. High Social Impact Investments are investments that, in Calvert's opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

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. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. While certain U.S. Government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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.


1. Bloomberg 1-5 Year U.S. Credit Index measures the performance of investment-grade U.S. corporate securities and government-related bonds with a maturity between one and five years. 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. Percent of total net assets. Top 10 holdings exclude liquid cash vehicles but include individual cash equivalent holdings.

Performance

Historical Returns (%) as of Sep 30, 2023

10/31/202309/30/2023
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 (%)

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Fund at NAV — — — — — — 6.44 4.81 1.19 -4.66
Bloomberg 1-5 Year U.S. Credit Index1 1.24 1.95 1.06 2.58 2.32 1.11 6.58 5.19 -0.55 -5.56
 

Fund Facts

Class R6 Inception 02/01/2019
Performance Inception 01/31/2002
Expense Ratio2 0.44%
Distribution Frequency Monthly

Yield Information as of Oct 31, 2023

Distribution Rate at NAV 4.74%
SEC 30-day Yield5 5.46%
 

NAV History

Date NAV NAV Change
Nov 24, 2023 $15.34 -$0.01
Nov 22, 2023 $15.35 $0.00
Nov 21, 2023 $15.35 $0.01
Nov 20, 2023 $15.34 $0.00
Nov 17, 2023 $15.34 $0.00
Nov 16, 2023 $15.34 $0.03
Nov 15, 2023 $15.31 -$0.03
Nov 14, 2023 $15.34 $0.08
Nov 13, 2023 $15.26 $0.01
Nov 10, 2023 $15.25 $0.00
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Oct 31, 2023 $0.06111 $15.18
Sep 29, 2023 $0.05925 $15.24
Aug 31, 2023 $0.05581 $15.33
Jul 31, 2023 $0.05570 $15.33
Jun 30, 2023 $0.05310 $15.29
May 31, 2023 $0.05271 $15.32
Apr 28, 2023 $0.05155 $15.38
Mar 31, 2023 $0.05092 $15.35
Feb 28, 2023 $0.04879 $15.26
Jan 31, 2023 $0.04940 $15.39
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 History6

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 02, 2021 $0.05080 $0.05610 $16.30
Dec 02, 2020 $0.02000 $0.07040 $16.46
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. Portfolio characteristics exclude 1 security in Calvert's High Impact Investments program, which represented 0.1761% of the Fund's portfolio as of 09/30/2023. High Social Impact Investments are investments that, in Calvert's opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

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. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. While certain U.S. Government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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.


1. Bloomberg 1-5 Year U.S. Credit Index measures the performance of investment-grade U.S. corporate securities and government-related bonds with a maturity between one and five years. 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.
4. The Morningstar Short-Term Bond Category includes funds that invest primarily in U.S. investment-grade fixed income and have a duration typically between 1.0 and 3.5 years.
5. 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. 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.
6. 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 (%)7 as of Sep 30, 2023

Portfolio Statistics as of Sep 30, 2023

Number of Holdings 307
Average Coupon 4.72%
Average Maturity 3.31yrs.
Effective Duration 2.27yrs.
Yield to Worst8 7.34%
Average Price $94.56
Modified Duration9 2.5
 

Credit Quality (%) as of Sep 30, 2023

AAA 30.49
AA 12.66
A 19.65
BBB 30.62
BB 3.02
B 1.06
CCC 0.13
Not Rated 4.86
Cash -2.49
Ratings are based on Moody’s, S&P or Fitch, or Kroll for securitized debt instruments only (such as asset-backed securities and mortgage-backed securities), as applicable. If securities are rated differently by the ratings agencies, the highest 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 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, Fitch or Kroll (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.

Duration Breakdown (%)10,11 as of Sep 30, 2023

0 Days - 90 Days 30.60
90 Days - 180 Days 3.69
180 Days - 1 Year 5.90
1 Year - 2 Years 23.22
2 Years - 3 Years 15.43
3 Years - 4 Years 11.80
4 Years - 5 Years 10.65
> 5 Years 5.32
Total 99.82
 

Bond Composition (%)12 as of Sep 30, 2023

FIXED 83.23
FLOAT 16.77

Assets by Country (%)10 as of Sep 30, 2023

United States 88.75
United Kingdom 1.79
Italy 1.75
Spain 1.49
Bermuda 1.08
Ireland 1.01
Other 4.12
 

Fund Holdings7,13 as of Sep 30, 2023

Holding Coupon Rate Maturity Date % of Net Assets
United States Treasury Note/Bond 4.25% 10/15/2025 8.20%
United States Treasury Floating Rate Note 5.46% 07/31/2024 3.76%
United States Treasury Note/Bond 4.13% 07/31/2028 2.85%
MSILF GOVERNMENT PORTFOLIO 5.25% 12/31/2030 2.54%
Fannie Mae or Freddie Mac 5.00% 10/01/2052 2.18%
Fannie Mae or Freddie Mac 6.00% 10/01/2053 2.13%
United States Treasury Note/Bond 4.63% 09/15/2026 1.35%
Bank of America Corp 5.82% 09/15/2029 1.32%
JPMorgan Chase & Co 1.04% 02/04/2027 1.05%
BX Commercial Mortgage Trust 2019-XL 6.37% 10/15/2036 0.89%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Portfolio characteristics exclude 1 security in Calvert's High Impact Investments program, which represented 0.1761% of the Fund's portfolio as of 09/30/2023. High Social Impact Investments are investments that, in Calvert's opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

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. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risk. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality and market liquidity. While certain U.S. Government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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.


7. Percent of total net assets.
8. The bond yield computed by using the lower of either the yield to maturity or the yield to call on every possible call date.
9. A price sensitivity measure, defined as the percentage derivative of price with respect to yield.
10. Percent of total market value.
11. Duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates.
12. Percent of bond holdings.
13. 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.

Management

Vishal Khanduja, CFA

Vishal Khanduja, CFA

Co-Head, Broad Markets Fixed Income, Portfolio Manager

Biography

Vishal is a managing director of Morgan Stanley Investment Management, Co-Head of the Broad Markets Fixed Income team and a portfolio manager. He is responsible for buy and sell decisions and portfolio construction. He joined Calvert Research and Management's predecessor organization Calvert Investment Management in 2012. Eaton Vance acquired Calvert Investment Management in 2016. Morgan Stanley acquired Eaton Vance in March 2021.

Vishal began his career in the investment management industry in 2005. Before joining Eaton Vance, 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 Threadneedle and associate director of fixed-income analytics at Galliard Capital.

Vishal earned a bachelor of engineering from VJTI, Mumbai, India and an MBA from the Tippie School of Management at the University of Iowa. He is a member of the CFA Institute and CFA Society Boston. 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 2013

 
Brian S. Ellis, CFA

Brian S. Ellis, CFA

Executive Director, Portfolio Manager

Biography

Brian is an executive director of Morgan Stanley Investment Management and a portfolio manager on the Broad Markets Fixed Income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's Broad Markets strategies, including Calvert Research and Management Multi-Sector strategies. He joined Calvert Research and Management's predecessor organization Calvert Investment Management in 2009. Eaton Vance acquired Calvert Investment Management in 2016. Morgan Stanley acquired Eaton Vance in March 2021.

Brian began his career in the investment management industry in 2006. Before joining Eaton Vance, he worked as a portfolio manager of fixed-income strategies for Calvert Investments. He was previously affiliated with Legg Mason Capital Management (now ClearBridge Investments).

Brian earned a B.S. in finance from Salisbury University. He is a CFA charterholder and an FSA Credential holder. He is a member of the CFA Institute and CFA Society Boston.

Education
  • B.S., Salisbury University

Experience
  • Managed Fund since 2015

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Sep 30, 2023

Commentary

Download Commentary - Last updated: Sep 30, 2023

Annual Report

Download Annual Report - Last updated: Sep 30, 2023

Full Prospectus

Download Full Prospectus - Last updated: Jun 30, 2023

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 30, 2023

SAI

Download SAI - Last updated: Feb 1, 2023

Semi-Annual Report

Download Semi-Annual Report - Last updated: Mar 31, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Jun 30, 2023