September 30, 2000
annual
report
Calvert Social Index fund
<PAGE>
Table
of
Contents
President's Letter
1
Portfolio
Statistics
2
Report of Independent Public Accountants
3
Schedule of Investments
4
Statement
of Assets and Liabilities
21
Statement
of Operations
22
Statement
of Changes in
Net Assets
23
Notes to
Financial Statements
24
Financial Highlights
27
Dear Shareholders:
It is with great pride and pleasure that we write this inaugural annual letter
for Calvert Social Index Fund. On June 30, 2000, Calvert launched the Calvert
Social Index Fund to provide investors a means of investing in the most
comprehensive socially responsible equity index fund available. Earlier in the
year, Calvert launched the Calvert Social Index (the "Index"), a new and unique
tool for measuring the performance of stocks of companies which pass Calvert's
social screens. This Index is the most broad based social index available. On
September 15, 2000, the Index underwent its first annual reconstitution as our
survey of the equity market swelled the ranks of the Index to include 637
companies.
The Calvert Social Index Fund is managed by World Asset Management. The
portfolio management team at World Assets uses a pure replication based strategy
to manage the Fund. Our goal is that the portfolio of the Fund mirrors the
Index in every detail and that the performance of the Fund tracks very closely
to that of the Index. As with any passive strategy, the Fund has to deal with
the impact of expenses, commissions and the effect of holding cash. Our
strategy for starting the Fund included a trading process that minimized
transaction costs. To mitigate the effect of a growing cash balance as new
investors have come in to the Fund, we have purchased index futures to allow for
full participation in the equity market. Over the first three months of the
Fund's existence, Calvert Social Index Fund returned -1.47% and Calvert Social
Index returned -0.96%.
Equity markets have been quite volatile this year as technology stocks have
given up their leadership role in the markets to energy, financial, healthcare
and utility stocks. Technology is the largest sector exposure in the Fund and
the Index and the overall performance of this sector in the quarter has been a
drag on the performance of the Fund. Financials have boosted the Fund's
performance as have investments in the Healthcare sector as investors have
reallocated funds from technology to sectors with more favorable valuations and
prospects.
Sincerely,
Barbara J. Krumsiek
President and CEO
October 30, 2000
<PAGE>
Portfolio
Statistics
September 30, 2000
Ten Largest Stock Holdings
% of Net Assets
Pfizer, Inc. 3.7%
Cisco Systems, Inc. 3.7%
American International Group 2.5%
Intel Corp. 2.5%
Microsoft Corp. 2.4%
Merck & Co., Inc. 2.3%
SBC Communications, Inc. 2.2%
EMC Corp. 2.1%
International Business
Machines Corp. 1.9%
Sun Microsystems, Inc. 1.7%
Total 25.0%
Asset Allocation
Stocks 93%
Cash & Cash Equivalents 7%
100%
Portfolio Statistics
September 30, 2000
Total Returns
Class A Shares
Since inception (4.15%)
(6/30/00)
Class B Shares
Since inception (6.39%)
(6/30/00)
Class C Shares
Since inception (2.58%)
(6/30/00)
Class I Shares
Since inception (1.27%)
(6/30/00)
Total returns assume reinvestment of dividends and reflect the deduction of the
Fund's maximum front-end or deferred sales charge. Past performance is no
guarantee of future results.
Source: Lipper Analytical Services, Inc.
<PAGE>
Report of Independent Public Accountants
To the Board of Trustees of Calvert Social Index Series, Inc. and Shareholders
of Calvert Social Index Fund:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments of Calvert Social Index Fund, (one of the portfolios
comprising The Calvert Fund, hereafter referred to as the "Fund"), as of
September 30, 2000, and the related statement of operations, the statement of
changes in net assets, and the financial highlights for the period from
inception (June 30, 2000) through September 30, 2000. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of September 30, 2000, by correspondence
with the custodian, the broker, and application of alternative procedures with
respect to unsettled securities transactions. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Calvert Social Index Fund as of September 30, 2000, the results of its
operations, the changes in its net assets, and the financial highlights for the
period from inception (June 30, 2000) through September 30, 2000, in conformity
with accounting principles generally accepted in the United States.
ARTHUR ANDERSEN LLP
Philadelphia, Pennsylvania
November 15, 2000
<PAGE>
Schedule of Investments
September 30, 2000
Equity Securities - 92.5% Shares Value
Advertising Agencies - 0.3%
Catalina Marketing Corp.* 100 $3,763
Lamar Advertising Co.* 100 3,787
Omnicom Group, Inc. 500 36,469
TMP Worldwide, Inc.* 200 16,100
True North Communications, Inc. 100 3,575
Valassis Communications, Inc.* 200 4,450
68,144
Air Transportation - 0.4%
Continental Airlines, Inc.* 200 9,088
Expeditors International Washington, Inc. 200 9,012
FedEx Corp.* 900 39,906
Southwest Airlines Co. 1,300 31,525
UAL Corp. 200 8,400
97,931
Auto Parts - After Market - 0.0%
Genuine Parts Co. 500 9,531
Auto Trucks & Parts - 0.1%
Gentex Corp.* 200 5,000
Paccar, Inc. 200 7,413
12,413
Banks - New York City - 1.3%
Bank of New York Co., Inc. 2,200 123,338
Chase Manhattan Corp. 3,900 180,131
303,469
Banks - Outside New York City - 6.5%
Amsouth BanCorp. 1,200 15,000
Associated Banc-Corp. 200 5,250
Bank of America Corp. 4,900 256,638
Bank One Corp. 3,500 135,188
Banknorth Group, Inc. 400 7,150
BB&T Corp. 1,200 36,150
Centura Banks, Inc. 100 3,831
City National Corp. 100 3,863
Colonial Bancgroup, Inc. 300 3,112
Commerce Bancshares, Inc. 200 7,362
Compass Bancshares, Inc. 400 7,800
Cullen/Frost Bankers, Inc. 100 3,250
Fifth Third Bancorp 1,350 72,731
<PAGE>
Equity Securities - Cont'd Shares Value
Banks - Outside New York City - Cont'd
First Security Corp. 500 $8,156
First Union Corp. 2,900 93,344
First Virginia Banks, Inc. 100 4,262
Firstar Corp. 2,900 64,888
FirstMerit Corp. 300 6,881
FleetBoston Financial Corp. 2,700 105,300
Hibernia Corp. 500 6,125
Huntington Bancshares, Inc. 660 9,694
KeyCorp 1,300 32,906
Keystone Financial, Inc. 100 2,175
M&T Bank Corp. 20 10,200
Marshall & Ilsley Corp. 300 15,038
Mellon Financial Corp. 1,500 69,563
Mercantile Bankshares Corp. 200 7,259
National City Corp. 1,600 35,400
National Commerce Bancorp. 745 14,853
North Fork BanCorp. 500 10,812
Northern Trust Corp. 600 53,325
Old Kent Financial Corp. 400 11,575
Old National Bancorp. 200 6,050
Pacific Century Financial Corp. 200 3,425
PNC Financial Services Group, Inc. 900 58,500
Regions Financial Corp. 700 15,881
Silicon Valley Bancshares* 100 5,823
SouthTrust Corp. 500 15,719
State Street Corp. 500 65,000
Summit Bancorp. 500 17,250
SunTrust Banks, Inc. 800 39,850
Synovus Financial Corp. 600 12,713
Trustmark Corp. 200 3,900
U.S. Bancorp. 2,200 50,050
Union Planters Corp. 400 13,225
Valley National Bancorp. 200 5,462
Wachovia Corp. 600 34,013
Wilmington Trust Corp. 100 5,363
Zions BanCorp. 200 10,228
1,481,533
Biotechnology Research & Production - 0.6%
Aurora Biosciences Corp.* 100 6,800
Biogen, Inc.* 500 30,500
Cephalon, Inc.* 100 4,850
Chiron Corp.* 300 13,500
Icos Corp.* 100 5,412
Idec Pharmaceuticals Corp.* 100 17,536
Incyte Genomics, Inc.* 200 8,225
Millennium Pharmaceuticals, Inc.* 200 29,213
PE Corp. - Celera Genomics Group* 200 19,925
Quintiles Transnational Corp.* 300 4,781
140,742
<PAGE>
Equity Securities - Cont'd Shares Value
Building Materials - 0.1%
Masco Corp. 1,400 $26,075
Cable Television Services - 0.1%
Echostar Communications Corp.* 300 15,825
Chemicals - 0.1%
Praxair, Inc. 500 18,687
Sigma-Aldrich 200 6,600
25,287
Commercial Information Services - 1.7%
America Online, Inc.* 6,900 370,875
CMGI, Inc.* 600 16,762
VerticalNet, Inc.* 200 7,025
394,662
Communications Technology - 8.6%
3Com Corp.* 700 13,431
ADC Telecommunications, Inc.* 1,400 37,647
Advanced Fibre Communications* 200 7,575
Aspect Communications Corp.* 100 2,062
Brocade Communications System, Inc.* 200 47,200
Cabletron Systems, Inc.* 300 8,812
CIENA Corp.* 600 73,687
Cisco Systems, Inc.* 15,000 828,750
Clarent Corp.* 100 3,937
Commscope, Inc.* 100 2,450
Copper Mountain Networks* 100 3,750
Covad Communications Group, Inc.* 300 4,012
Critical Path, Inc.* 100 6,075
CSG Systems International, Inc.* 100 2,900
Ditech Communications Corp.* 100 4,100
DMC Stratex Networks, Inc.* 100 1,606
Echelon Corp.* 100 2,937
Entrust Technologies, Inc.* 100 2,762
Extreme Networks* 200 22,900
Finisar Corp.* 300 14,512
Foundry Networks, Inc.* 100 6,694
Harmonic, Inc.* 100 2,400
Inet Technologies, Inc.* 100 2,925
Infonet Services Corp.* 500 5,281
Inktomi Corp.* 200 22,800
JDS Uniphase Corp.* 1,600 151,500
Juniper Networks, Inc.* 500 109,469
Liberate Technologies* 100 2,894
Lucent Technologies, Inc. 7,100 216,994
Metromedia Fiber Network, Inc.* 700 17,019
NCR Corp.* 200 7,563
Netro Corp.* 100 5,925
Network Associates, Inc.* 300 6,788
NorthPoint Communications Group, Inc.* 200 1,775
PSINet, Inc.* 300 2,888
<PAGE>
Equity Securities - Cont'd Shares Value
Communications Technology - Cont'd
QUALCOMM, Inc.* 1,600 $114,000
Redback Networks, Inc.* 300 49,181
Remec, Inc.* 100 2,944
Scient Corp.* 100 2,094
Scientific-Atlanta, Inc. 300 19,088
Software.Com, Inc.* 100 18,144
Sycamore Networks, Inc.* 300 32,400
Tekelec* 100 3,288
Tellabs, Inc.* 800 38,200
Tibco Software, Inc.* 100 8,444
USinternetworking, Inc.* 200 1,334
1,943,137
Computer Services, Software & Systems - 8.2%
Acxiom Corp.* 200 6,350
Adobe Systems, Inc. 300 46,575
Agile Software Corp. * 100 8,994
Akamai Technologies, Inc.* 100 5,252
Allaire Corp.* 100 850
Amdocs, Ltd.* 200 12,475
American Management Systems, Inc.* 100 1,719
Ariba, Inc.* 400 57,306
Art Technology Group, Inc.* 100 9,475
Autodesk, Inc. 100 2,537
BEA Systems, Inc.* 800 62,300
BMC Software, Inc.* 500 9,563
BroadVision, Inc.* 400 10,275
Cadence Design Systems, Inc.* 500 12,844
Ceridian Corp.* 300 8,419
Citrix Systems, Inc.* 400 8,025
Computer Associates International, Inc. 1,000 25,188
Compuware Corp.* 800 6,700
Digital Island* 100 1,875
Electronics for Imaging* 100 2,525
Gartner Group, Inc.* 200 2,325
I2 Technologies, Inc.* 200 37,412
Informix Corp.* 600 2,475
Internet Security Systems* 100 7,513
Intuit, Inc.* 400 22,800
IXL Enterprises, Inc.* 200 875
J.D. Edwards & Co.* 100 2,587
Kana Communications, Inc.* 200 4,450
Keane, Inc.* 100 1,740
Legato Systems, Inc.* 200 2,687
Macromedia, Inc.* 100 8,081
Macrovision Corp.* 100 8,100
Mercator Software, Inc.* 100 1,656
Mercury Interactive Corp.* 200 31,350
Micromuse, Inc.* 100 20,094
Microsoft Corp.* 9,000 542,813
MicroStrategy, Inc.* 100 2,731
National Instruments Corp.* 100 4,412
New Era of Networks, Inc.* 100 2,433
<PAGE>
Equity Securities - Cont'd Shares Value
Computer Services, Software & Systems - Cont'd
Novell, Inc.* 700 $6,956
Oracle Corp.* 4,600 362,250
Parametric Technology Corp.* 600 6,562
Peoplesoft, Inc.* 500 13,969
Peregrine Systems, Inc.* 300 5,681
Phone.com, Inc.* 200 22,725
Proxicom, Inc.* 100 1,950
Puma Technology, Inc.* 100 2,031
Qlogic Corp.* 200 17,600
Quest Software, Inc.* 100 6,211
Rational Software Corp.* 400 27,750
RealNetworks, Inc.* 200 7,950
Red Hat, Inc.* 300 5,119
Remedy Corp.* 100 1,887
Reynolds & Reynolds Co. 200 3,975
Sabre Holdings Corp. 300 8,681
Sapient Corp.* 200 8,138
Sema Group, plc 130 4,174
Siebel Systems, Inc.* 800 89,050
Sybase, Inc.* 200 4,600
Symantec Corp.* 100 4,400
VeriSign, Inc.* 400 81,025
Veritas Software Corp.* 900 127,800
Viant Corp.* 100 588
Vignette Corp.* 500 14,938
Vitria Technology, Inc.* 200 9,325
Wind River Systems* 100 4,794
1,855,910
Computer Technology - 8.8%
Adaptec, Inc.* 200 4,000
Apple Computer, Inc.* 700 18,025
Compaq Computer Corp. 3,600 99,288
Dell Computer Corp.* 4,900 150,981
Electronic Data Systems Corp. 900 37,350
EMC Corp.* 4,700 465,888
Emulex Corp.* 100 12,250
Gateway, Inc.* 400 18,700
Hewlett-Packard Co. 1,800 174,600
Ingram Micro, Inc.* 300 4,125
International Business Machines Corp. 3,800 427,500
Network Appliance, Inc.* 600 76,425
Nvidia Corp.* 100 8,188
Palm, Inc.* 1,186 62,784
Quantum Corp.- DLT & Storage Systems Group* 300 4,519
RSA Security, Inc.* 100 4,312
S3, Inc.* 200 2,063
Safeguard Scientifics, Inc.* 300 5,981
Sandisk Corp.* 100 6,675
Silicon Graphics, Inc.* 400 1,650
Storage Technology Corp.* 200 2,712
Sun Microsystems, Inc.* 3,400 396,950
Synopsys, Inc.* 200 7,575
<PAGE>
Equity Securities - Cont'd Shares Value
Computer Technology - Cont'd
Xircom, Inc.* 100 $2,525
Zebra Technologies Corp.* 100 4,806
1,999,872
Consumer Electronics - 1.0%
CNET Networks, Inc.* 200 4,872
DoubleClick, Inc.* 400 12,800
Earthlink, Inc.* 400 3,650
Electronic Arts, Inc.* 400 19,750
Exodus Communications, Inc.* 1,200 59,250
Infospace, Inc.* 400 12,100
Internap Network Services Corp.* 300 9,694
Lycos, Inc.* 300 20,630
Yahoo, Inc.* 1,000 91,000
233,746
Consumer Products - 0.5%
American Greetings 200 3,500
Blyth, Inc. 100 2,344
Gillette Co. 2,900 89,538
Snap-On, Inc. 200 4,712
Tupperware Corp. 200 3,600
103,694
Containers & Packaging - Paper & Plastic - 0.1%
Sealed Air Corp.* 300 13,575
Cosmetics - 0.2%
Avon Products, Inc. 700 28,612
Estee Lauder Co.'s, Inc. 200 7,325
35,937
Diversified Financial Services - 2.1%
American Express Co. 3,500 212,625
American General Corp. 800 62,400
AXA Financial, Inc. 1,300 66,219
Bisys Group, Inc.* 100 7,731
Marsh & McLennan Co.'s 800 106,200
Paine Webber Group, Inc. 300 20,438
475,613
Diversified Production - 0.2%
Danaher Corp. 300 14,925
Dover Corp. 600 28,163
Pentair, Inc. 100 2,675
45,763
Drug & Grocery Store Chains - 12.0%
Abgenix, Inc.* 200 16,162
Alkermes, Inc.* 200 7,725
Allergan, Inc. 400 33,775
Alza Corp.* 300 25,950
Amerisource Health Corp.* 200 9,400
<PAGE>
Equity Securities - Cont'd Shares Value
Drug & Grocery Store Chains - Cont'd
Amgen, Inc.* 3,100 $216,467
Cardinal Health, Inc. 800 70,550
COR Therapeutics, Inc.* 100 6,231
CVS Corp. 1,200 55,575
Forest Laboratories, Inc.* 300 34,406
Genzyme General Corp.* 200 13,638
Gilead Sciences, Inc.* 100 10,969
ImClone Systems* 100 11,706
Inhale Therapeutic Systems, Inc.* 100 5,637
IVAX Corp.* 400 18,400
Johnson & Johnson 3,900 366,356
Medarex, Inc.* 100 11,731
Medicis Pharmaceutical* 100 6,150
Medimmune, Inc.* 600 46,350
Merck & Co., Inc. 6,900 513,619
Mylan Laboratories, Inc. 400 10,775
Pfizer, Inc. 18,800 844,825
Protein Design Labs, Inc.* 100 12,050
Schering-Plough Corp. 4,400 204,600
Sepracor, Inc.* 200 24,538
Supervalu, Inc. 400 6,025
Vertex Pharmaceuticals, Inc.* 200 16,900
Walgreen Co. 3,000 113,813
2,714,323
Education Services - 0.1%
Apollo Group, Inc.* 200 7,975
DeVry, Inc.* 200 7,525
15,500
Electronic Equipment & Components - 0.2%
CTS Corp. 100 5,063
Molex, Inc. 400 17,875
RF Micro Devices, Inc.* 500 15,687
38,625
Electrical - Household Appliances - 0.1%
Maytag Corp. 200 6,213
Whirlpool Corp. 200 7,775
13,988
Electronics - 0.2%
AVX Corp. 100 2,606
Kopin Corp.* 100 1,800
MRV Communications, Inc.* 100 4,531
Sanmina Corp.* 300 28,088
Semtech Corp.* 200 8,625
Vishay Intertechnology, Inc.* 300 9,225
54,875
<PAGE>
Equity Securities - Cont'd Shares Value
Electronics - Medical Systems - 7.5%
Advanced Micro Devices, Inc.* 600 $14,175
Affymetrix, Inc.* 100 4,988
Alpha Industries* 100 3,406
Altera Corp.* 800 38,200
Amkor Technology, Inc.* 200 5,225
Applied Micro Circuits Corp.* 300 62,119
Arrow Electronics, Inc.* 200 6,813
Atmel Corp.* 900 13,669
Avnet, Inc. 200 5,675
Broadcom Corp.* 300 73,125
Conexant Systems, Inc.* 500 20,937
Cree, Inc.* 100 11,625
Dallas Semiconductor Corp. 100 3,287
Fairchild Semiconductor International, Inc.* 200 5,625
Globespan, Inc.* 100 12,200
Integrated Device Technology, Inc.* 200 18,100
Intel Corp. 13,500 561,094
Jabil Circuit, Inc.* 300 17,025
Lattice Semiconductor Corp.* 100 5,375
Linear Technology Corp. 700 45,325
LSI Logic Corp.* 700 20,475
Maxim Integrated Products, Inc.* 600 48,262
Medtronic, Inc. 3,600 186,525
Micrel, Inc.* 200 13,400
Micron Technology, Inc.* 900 41,400
MMC Networks, Inc.* 100 12,650
PMC - Sierra, Inc.* 300 64,575
Rambus, Inc.* 200 15,787
Sawtek, Inc.* 100 3,852
SDL, Inc.* 200 61,862
Silicon Storage Technology, Inc.* 200 5,437
Texas Instruments, Inc. 3,700 174,594
Transwitch Corp.* 200 12,750
Triquint Semiconductor, Inc.* 200 7,287
Visx, Inc.* 200 5,388
Vitesse Semiconductor Corp.* 400 35,575
Xilinx, Inc.* 700 59,938
1,697,745
Electronics - Technology - 0.4%
Coherent, Inc.* 100 6,800
Sensormatic Electronics Corp.* 200 3,000
Solectron Corp.* 1,300 59,963
Symbol Technologies, Inc. 300 10,781
80,544
Energy Miscellaneous - 0.5%
AES Corp.* 1,100 75,350
Calpine Corp.* 400 41,750
117,100
<PAGE>
Equity Securities - Cont'd Shares Value
Entertainment - 1.2%
Pixar, Inc.* 100 $3,212
Time Warner, Inc. 3,300 258,225
261,437
Finance Companies - 0.2%
Capital One Financial Corp. 600 42,037
Finance - Small Loan - 0.1%
AmeriCredit Corp.* 200 5,762
USA Education, Inc. 500 24,094
29,856
Financial Information Services - 0.1%
Dow Jones & Co., Inc. 100 6,050
Dun & Bradstreet Corp. 400 13,775
Homestore.com, Inc.* 200 9,350
29,175
Financial Miscellaneous - 2.5%
AMBAC Financial Group, Inc. 200 14,650
Federal Home Loan Mortgage Corp. 2,100 113,531
Federal National Mortgage Association 3,100 221,650
Fidelity National Financial, Inc. 200 4,950
H & R Block, Inc. 300 11,119
MBIA, Inc. 300 21,338
MBNA Corp. 2,200 84,700
Metris Co.'s, Inc. 200 7,900
MGIC Investment Corp. 300 18,338
Nationwide Financial Services 100 3,737
Providian Financial Corp. 400 50,800
Radian Group, Inc. 100 6,750
559,463
Financial Data Processing Services - 1.5%
Affiliated Computer Services, Inc.* 100 4,988
Automatic Data Processing 1,900 127,063
Checkfree Corp.* 100 4,189
Concord EFS, Inc.* 600 21,309
Deluxe Corp. 200 4,062
DST Systems, Inc.* 100 11,750
First Data Corp. 1,200 46,875
Fiserv, Inc.* 400 23,950
Nova Corp.* 200 3,425
Paychex, Inc. 1,000 52,500
Portal Software, Inc.* 300 12,000
Sungard Data Systems, Inc.* 400 17,125
329,236
Foods - 1.3%
Bestfoods 800 58,200
General Mills, Inc. 900 31,950
H.J. Heinz Co. 1,000 37,063
Hershey Foods Corp. 300 16,238
<PAGE>
Equity Securities - Cont'd Shares Value
Foods - Cont'd
Kellogg Co. 700 $16,931
McCormick & Co. 200 5,950
Quaker Oats Co. 400 31,650
Ralston Purina Co. 900 21,319
Sysco Corp. 1,000 46,312
Tootsie Roll Industries, Inc. 100 3,925
Wm. Wrigley Jr. Co. 200 14,975
284,513
Health & Personal Care - 0.2%
Express Scripts, Inc.* 100 7,225
Lincare Holdings, Inc.* 200 5,738
McKesson HBOC, Inc. 700 21,394
Omnicare, Inc. 300 4,837
39,194
Health Care Facilities - 0.1%
Health Management Associates, Inc.* 700 14,569
Healthsouth Corp.* 1,200 9,750
24,319
Health Care Management Services - 0.4%
Caremark Rx, Inc.* 600 6,750
First Health Group Corp.* 100 3,225
Foundation Health Systems* 400 6,650
IMS Health, Inc. 900 18,675
Oxford Health Plans* 200 6,147
Trigon Healthcare, Inc.* 100 5,256
Universal Health Services* 100 8,563
WebMD Corp.* 900 13,725
Wellpoint Health Networks* 200 19,200
88,191
Hotel & Motel - 0.0%
Xcelera.com, Inc.* 100 1,900
Household Equipment & Products - 0.1%
Black & Decker Corp. 200 6,837
Stanley Works 300 6,919
Newell Rubbermaid, Inc. 800 18,250
32,006
Identified Control & Filter Devices - 0.3%
American Power Conversion* 500 9,594
C&D Technologies, Inc. 100 5,675
Hubbell, Inc. 200 5,012
Parker Hannifin Corp. 400 13,500
Waters Corp.* 400 35,600
69,381
Insurance - Life - 0.1%
Jefferson-Pilot Corp. 300 20,362
<PAGE>
Equity Securities - Cont'd Shares Value
Insurance - Multi-Line - 3.8%
Aflac, Inc. 800 $51,250
Allmerica Financial Corp. 200 12,788
American International Group 5,950 569,341
American National Insurance Co. 100 6,387
AON Corp. 700 27,475
Arthur J. Gallagher & Co. 100 5,912
Cigna Corp. 500 52,200
Cincinnati Financial Corp. 400 14,200
Hartford Financial Services, Inc. 600 43,763
Lincoln National Corp. 500 24,062
Protective Life Corp. 200 5,975
Safeco Corp. 400 10,900
Torchmark Corp. 400 11,125
Unitrin, Inc. 100 3,169
UnumProvident Corp. 600 16,350
854,897
Insurance - Property & Casualty - 0.5%
21st Century Insurance Group 200 3,388
Chubb Corp. 500 39,562
Erie Indemnity Co. 100 2,937
Everest Re Group, Ltd. 100 4,950
Mercury General Corp. 100 2,831
PMI Group, Inc. 100 6,775
Progressive Corp. 200 16,375
St. Paul Co.'s 600 29,588
106,406
Investment Management Companies - 0.3%
Eaton Vance Corp. 100 5,100
Federated Investors, Inc. 300 7,425
SEI Investments Co. 100 7,075
Stilwell Financial, Inc.* 700 30,450
T. Rowe Price Associates 400 18,775
Waddell & Reed Financial, Inc. 100 3,100
71,925
Leisure Time - 0.0%
Callaway Golf Co. 200 3,075
Machinery - Agricultural - 0.1%
Deere & Co. 700 23,275
Machinery - Engines - 0.0%
Cummins Engine 100 2,994
Machinery - Oil Well Equipment & Services - 0.2%
Cooper Cameron Corp.* 200 14,738
Smith International, Inc.* 200 16,313
Varco International, Inc.* 200 4,162
35,213
<PAGE>
Equity Securities - Cont'd Shares Value
Manufactured Housing - 0.0%
Clayton Homes, Inc. 400 $4,000
Medical & Dental Instruments & Supplies - 0.8%
Beckman Coulter, Inc. 100 7,713
Becton Dickinson & Co. 800 21,150
Biomet, Inc. 450 15,750
Boston Scientific Corp.* 600 9,863
Cytyc Corp.* 100 4,312
Dentsply International, Inc. 100 3,494
Enzon, Inc.* 100 6,600
Guidant Corp.* 900 63,619
Minimed, Inc.* 100 8,937
Patterson Dental Co.* 200 4,500
St. Jude Medical, Inc.* 200 10,200
Stryker Corp. 400 17,175
Sybron International Corp.* 300 7,200
Techne Corp.* 100 11,200
191,713
Metal Fabricating - 0.0%
Grant Prideco, Inc.* 300 6,581
Miscellaneous Business & Consumer Discretionary - 0.1%
E.W. Scripps Co. 200 10,800
Miscellaneous Equipment - 0.0%
W.W. Grainger, Inc. 200 5,263
Multi-Sector Companies - 0.2%
Carlisle Co.'s, Inc. 100 4,150
Illinois Tool Works 900 50,287
54,437
Office Furniture & Business Equipment - 0.4%
Diebold, Inc. 200 5,313
Herman Miller, Inc. 200 6,413
HON Industries 100 2,462
Lexmark International, Inc.* 400 15,000
Pitney Bowes, Inc. 800 31,550
Xerox Corp. 2,000 30,125
90,863
Office Supplies - 0.1%
Avery Dennison Corp. 300 13,912
Oil - Crude Producers - 0.1%
EOG Resources, Inc. 300 11,663
Louis Dreyfus Natural Gas* 100 3,962
15,625
<PAGE>
Equity Securities - Cont'd Shares Value
Production Technology Equipment - 1.3%
Agilent Technologies, Inc.* 1,200 $58,725
Applied Materials, Inc.* 2,400 142,350
Cognex Corp.* 100 3,944
Credence Systems Corp.* 100 3,000
Cymer, Inc.* 100 3,069
Kla-Tencor Corp.* 600 24,712
Kulicke & Soffa Industries, Inc.* 100 1,331
Lam Research Corp.* 400 8,375
LTX Corp.* 100 1,894
Novellus Systems, Inc.* 400 18,625
PRI Automation, Inc.* 100 1,825
Teradyne, Inc.* 500 17,500
285,350
Publishing - Miscellaneous - 0.3%
Houghton Mifflin Co. 100 3,925
John Wiley & Sons, Inc. 100 2,294
McGraw-Hill Co.'s, Inc. 600 38,138
Meredith Corp. 100 2,950
Primedia, Inc.* 500 8,187
R.R. Donnelley & Sons Co. 300 7,369
Ziff-Davis, Inc. 100 812
63,675
Publishing - Newspapers - 0.2%
A.H. Belo Corp. 300 5,531
Hollinger International, Inc. 200 3,350
Media General, Inc. 100 4,300
New York Times Co. 400 15,725
Washington Post 30 15,836
44,742
Radio & Television Broadcasters - 0.2%
Citadel Communications Corp.* 100 1,700
COX Radio, Inc.* 100 1,744
Entercom Communications Corp.* 100 2,994
Hispanic Broadcasting Corp.* 200 5,575
Pegasus Communications Corp.* 100 4,831
Sirius Satellite Radio, Inc.* 100 5,287
Univision Communications, Inc.* 400 14,950
USA Networks, Inc.* 500 10,969
48,050
Real Estate - 0.0%
Catellus Development Corp.* 300 5,250
Recreational Vehicles & Boats - 0.2%
Harley-Davidson, Inc. 900 43,087
Rental & Leasing Services - Commercial - 0.0%
Comdisco, Inc. 400 7,625
United Rentals, Inc.* 100 2,412
10,037
<PAGE>
Equity Securities - Cont'd Shares Value
Restaurants - 0.2%
Brinker International, Inc.* 200 $6,025
Darden Restaurants, Inc. 400 8,325
Outback Steakhouse, Inc.* 200 5,425
Starbucks Corp.* 600 24,037
43,812
Retail - 3.7%
Amazon.com, Inc.* 700 26,906
Barnes & Noble, Inc.* 100 1,969
Bed Bath & Beyond, Inc.* 800 19,513
Best Buy Co., Inc.* 600 38,175
BJ's Wholesale Club, Inc.* 200 6,825
Borders Group, Inc.* 200 2,788
CDW Computer Centers, Inc.* 300 20,700
Costco Wholesale Corp.* 1,300 45,419
Dollar General Corp. 800 13,400
Dollar Tree Stores, Inc.* 200 8,112
Family Dollar Stores, Inc. 500 9,625
Fastenal Co. 100 5,763
Gap, Inc. 1,700 34,213
Harcourt General, Inc. 200 11,800
Home Depot, Inc. 6,900 366,131
Insight Enterprises, Inc.* 150 4,087
Kohls Corp.* 800 46,150
Lowe's Co.'s 1,100 49,362
Nordstrom, Inc. 300 4,669
Office Depot, Inc.* 900 7,031
J.C. Penney Co, Inc. 600 7,087
Priceline.com, Inc.* 200 2,375
Ross Stores, Inc. 200 2,875
Staples, Inc.* 1,400 19,862
Target Corp. 2,700 69,188
Ticketmaster Online - CitySearch, Inc.* 100 1,694
Williams-Sonoma, Inc.* 100 3,475
829,194
Savings & Loans - 0.5%
Astoria Financial Corp. 200 7,725
Golden State Bancorp, Inc. 200 4,725
Golden West Financial Corp. 400 21,450
Greenpoint Financial Corp. 300 8,888
Peoples Bank Bridgeport 100 2,106
Sovereign Bancorp, Inc. 700 6,475
TCF Financial Corp. 200 7,525
Washington Mutual, Inc. 1,600 63,700
122,594
Scientific Equipment & Supplies - 0.2%
PE Biosystems Group 400 46,600
<PAGE>
Equity Securities - Cont'd Shares Value
Securities Brokers & Services - 0.8%
A.G. Edwards, Inc. 200 $10,463
Ameritrade Holding Corp.* 300 5,325
Charles Schwab Corp. 3,200 113,600
E*trade Group, Inc.* 700 11,506
Franklin Resources, Inc. 500 22,215
Knight Trading Group, Inc.* 400 14,400
Legg Mason, Inc. 200 11,625
189,134
Services - Commercial - 0.6%
ACNielsen Corp.* 200 4,762
Commerce One, Inc.* 500 39,250
Convergys Corp.* 400 15,550
Diamond Technology Partners, Inc.* 100 7,425
eBay, Inc.* 400 27,475
Galileo International, Inc. 200 3,100
Getty Images, Inc.* 100 3,044
Internet Capital Group, Inc.* 600 10,463
Manpower, Inc. 200 6,387
Robert Half International, Inc.* 500 17,344
Teletech Holdings, Inc.* 100 2,475
Viad Corp. 300 7,969
145,244
Soaps & Household Chemicals - 0.3%
Colgate - Palmolive Co. 1,600 75,520
Dial Corp. 300 3,487
79,007
Steel - 0.0%
Harsco Corp. 100 2,206
Telecommunications Equipment - 0.3%
American Tower Corp.* 500 18,844
Andrew Corp.* 200 5,238
Antec Corp.* 100 2,950
Crown Castle International Corp.* 500 15,531
Efficient Networks, Inc.* 100 3,731
Mastec, Inc.* 100 3,125
Polycom, Inc.* 200 13,394
Powerwave Technologies, Inc.* 200 7,594
Terayon Corp.* 200 6,787
77,194
Textiles and Apparel Manufacturers - 0.0%
Liz Claiborne, Inc. 100 3,850
Truckers - 0.0%
CNF Transportation, Inc. 100 2,225
<PAGE>
Equity Securities - Cont'd Shares Value
Utilities - Cable Television & Radio - 0.7%
Adelphia Communications* 100 $2,756
Cablevision Systems Corp.* 200 13,263
Comcast Corp.* 2,600 106,437
COX Communications, Inc.* 600 22,950
UnitedGlobalCom, Inc.* 200 6,000
151,406
Utilities - Electrical - 0.1%
IDACORP, Inc. 100 4,625
LG&E Energy Corp. 400 9,775
OGE Energy Corp. 200 4,263
Puget Sound Energy, Inc. 300 7,612
26,275
Utilities - Gas Distribution - 0.2%
Eastern Enterprises 100 6,381
KeySpan Corp. 400 16,050
Kinder Morgan, Inc. 300 12,281
MCN Energy Group, Inc. 300 7,688
Nicor, Inc. 100 3,619
Questar Corp. 200 5,562
51,581
Utilities - Gas Pipelines - 0.3%
Columbia Energy Group 200 14,200
El Paso Energy Corp. 700 43,138
Equitable Resources, Inc. 100 6,337
63,675
Utilities - Telecommunications - 5.8%
Adelphia Business Solutions, Inc.* 100 1,181
Allegiance Telecom, Inc.* 300 11,175
Alltel Corp. 900 46,969
Bellsouth Corp. 5,600 225,400
Broadwing, Inc.* 600 15,338
Centennial Communications Corp.* 300 6,600
CenturyTel, Inc. 400 10,900
Citizens Communications Co.* 800 10,750
Focal Communications Corp.* 200 3,088
Global Telesystems, Inc.* 600 2,737
Intermedia Communications* 200 5,900
McLeodUSA, Inc.* 1,000 14,312
Mpower Communications Corp.* 100 872
Nextel Communications, Inc.* 1,900 88,825
Nextlink Communications, Inc.* 900 31,669
NTL, Inc.* 500 23,156
Powertel, Inc.* 100 7,606
Qwest Communications International* 4,100 197,056
RCN Corp.* 200 4,150
SBC Communications, Inc. 10,200 510,000
TeleCorp PCS, Inc.* 200 3,800
Telephone & Data Systems, Inc. 200 22,140
Teligent, Inc.* 100 1,300
<PAGE>
Equity Securities - Cont'd Shares Value
Utilities - Telecommunications - Cont'd
US Cellular Corp.* 100 $7,000
VoiceStream Wireless Corp.* 400 46,425
Western Wireless Corp.* 200 7,125
WinStar Communications, Inc.* 300 4,650
1,310,124
Utilities - Water - 0.0%
American Water Works Co., Inc. 300 8,269
Wholesalers - 0.0%
Tech Data Corp.* 200 8,550
Other - 0.0%
Stora Enso Oyj* 503 4,150
Total Equity Securities (Cost $21,138,386) 20,982,889
U. S. Treasury Obligations - 0.4% Par Value
U.S. Treasury Bill, 6.185%, 5/31/01 $100,000 96,047
Total U.S. Treasury Obligations (Cost $96,047) 96,047
TOTAL INVESTMENTS (Cost $21,234,433) - 92.9% 21,078,936
Other assets and liabilities, net - 7.1% 1,614,488
Net Assets - 100% $22,693,424
Underlying Unrealized
# of Expiration Face Amount Appreciation Initial
Futures Contracts Date at Value (Depreciation) Margin
Purchased:
S&P 500 4 12/00 $1,456,200 ($28,651) $75,000^
* Non-income producing.
^ Futures collateralized by 100,000 units of U.S. Treasury Bills
See notes to financial statements.
<PAGE>
Statement of Assets and Liabilities
September 30, 2000
Assets
Investments in securities, at value - see accompanying schedule $21,078,936
Cash 1,528,241
Receivable for securities sold 10,007
Interest and dividends receivable 11,154
Receivable for shares sold 85,384
Other assets 39,058
Total assets 22,752,780
Liabilities
Payable for securities purchased 900
Payable for shares redeemed 18,000
Payable to Calvert Administrative Services Company 2,039
Payable to Calvert Shareholder Services, Inc. 328
Payable to Calvert Distributors, Inc. 626
Accrued expenses and other liabilities 37,463
Total liabilities 59,356
Net Assets $22,693,424
Net Assets Consist of:
Paid-in capital applicable to the following shares of common stock,
with 250,000,000 shares of $0.01 par value share authorized for
Class A, Class B, Class C and Class I combined:
Class A: 167,659 shares outstanding $2,532,656
Class B: 16,089 shares outstanding 241,517
Class C: 15,456 shares outstanding 232,918
Class I: 1,333,400 shares outstanding 20,001,000
Undistributed net investment income 39,438
Accumulated net realized gain (loss) on investments (169,957)
Net unrealized appreciation (depreciation) on investments (184,148)
Net Assets $22,693,424
Net Asset Value per Share
Class A: (based on net assets of $2,477,795) $14.78
Class B: (based on net assets of $237,655) $14.77
Class C: (based on net assets of $228,089) $14.76
Class I: (based on net assets of $19,749,885) $14.81
See notes to financial statements.
<PAGE>
Statement of Operations
From Inception June 30, 2000 Through September 30, 2000
Net Investment Income
Investment Income:
Dividend income $40,146
Interest income 21,259
Total investment income 61,405
Expenses:
Investment advisory fee 12,251
Transfer agency fees and expenses 2,651
Distribution Plan expenses:
Class A 629
Class B 190
Class C 250
Directors' fees and expenses 6,762
Administrative fees 5,815
Custodian fees 18,508
Registration fees 12,578
Reports to shareholders 5,393
Professional fees 10,634
Miscellaneous 377
Total expenses 76,038
Reimbursement from Advisor:
Class A (4,856)
Class B (2,607)
Class C (2,582)
Class I (30,592)
Fees paid indirectly (13,434)
Net expenses 21,967
Net Investment Income (Loss) 39,438
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Investments (140,767)
Futures (29,190)
(169,957)
Change in unrealized appreciation or (depreciation) on:
Investments (155,497)
Futures (28,651)
(184,148)
Net Realized and Unrealized Gain
(Loss) on Investments (354,105)
Increase (Decrease) in Net Assets
Resulting From Operations ($314,667)
See notes to financial statements.
<PAGE>
Statement of Changes in Net Assets
From Inception,
June 30, 2000
Through
September 30,
Increase (Decrease) in Net Assets 2000
Operations:
Net investment income $39,438
Net realized gain (loss) on investments (169,957)
Change in unrealized appreciation (depreciation) (184,148)
Increase (Decrease) in Net Assets
Resulting From Operations (314,667)
Capital share transactions:
Shares sold:
Class A shares 2,551,583
Class B shares 261,274
Class C shares 232,918
Class I shares 20,001,000
Shares redeemed:
Class A shares (18,927)
Class B shares (19,757)
Class C shares -
Class I shares -
Total capital share transactions 23,008,091
Total Increase (Decrease) in Net Assets 22,693,424
Net Assets
Beginning of period -
End of period (including undistributed net investment income of $39,438)
$22,693,424
Capital Share Activity
Shares sold:
Class A shares 168,939
Class B shares 17,395
Class C shares 15,456
Class I shares 1,333,400
Shares redeemed:
Class A shares (1,280)
Class B shares (1,306)
Class C shares -
Class I shares -
Total capital share activity 1,532,604
See notes to financial statements.
<PAGE>
Notes to Financial Statements
Note A - Significant Accounting Policies
General: The Calvert Social Index Fund (the "Fund"), the sole series of Calvert
Social Index Series, Inc., is registered under the Investment Company Act of
1940 as a diversified, open-end management investment company. The Fund, which
commenced operations on June 30, 2000, offers four classes of shares of capital
stock. Class A shares are sold with a maximum front-end sales charge of 4.75%.
Class B shares are sold without a front-end sales charge. With certain
exceptions, the Fund will impose a deferred sales charge at the time of
redemption, depending on how long you have owned the shares. Class C shares are
sold without a front-end sales charge. With certain exceptions, the Fund will
impose a deferred sales charge on shares sold within one year of purchase. Class
B and Class C shares have higher levels of expenses than Class A shares. Class I
shares require a minimum account balance of $1,000,000. Class I shares have no
front-end or deferred sales charge. Each class has different: (a) dividend
rates, due to differences in Distribution Plan expenses and other class specific
expenses, (b) exchange privileges and (c) class specific voting rights.
Security Valuation: Securities listed or traded on a national securities
exchange are valued at the last reported sale price. Unlisted securities and
listed securities for which the last sale price is unavailable are valued at the
most recent bid price or based on a yield equivalent obtained from the
securities' market maker. The Fund may invest in securities whose resale is
subject to restrictions. Investments for which market quotations are not
available or deemed inappropriate are valued in good faith under the direction
of the Board of Directors.
Repurchase Agreements: The Fund may enter into repurchase agreements with
recognized financial institutions or registered broker/dealers and, in all
instances, holds underlying securities with a value exceeding the total
repurchase price, including accrued interest. Although risk is mitigated by the
collateral, the Fund could experience a delay in recovering its value and a
possible loss of income or value if the counterparty fails to perform in
accordance with the terms of the agreement.
Options: The Fund may write or purchase option securities. The option premium is
the basis for recognition of unrealized or realized gain or loss on the option.
The cost of securities acquired or the proceeds from securities sold through the
exercise of the option is adjusted by the amount of the premium. Risks from
writing or purchasing option securities arise from possible illiquidity of the
options market and the movement in the value of the investment or in interest
rates. The risk associated with purchasing options is limited to the premium
originally paid.
Futures Contracts: The Fund may enter into futures contracts agreeing to buy or
sell a financial instrument for a set price at a future date. The Fund maintains
securities with a value equal to its obligation under each contract. Initial
margin deposits of either cash or securities are made upon entering into futures
contracts; thereafter, variation margin payments are made or received daily
reflecting the change in market value. Unrealized or realized gains and losses
are recognized based on the change in market value. Risks of
<PAGE>
futures contracts arise from the possible illiquidity of the futures markets and
the movement in the value of the investment or in interest rates.
Security Transactions and Investment Income: Security transactions are accounted
for on trade date. Realized gains and losses are recorded on an identified cost
basis. Dividend income is recorded on the ex-dividend date. Interest income,
accretion of discount and amortization of premium are recorded on an accrual
basis. Investment income and realized and unrealized gains and losses are
allocated to separate classes of shares based upon the relative net assets of
each class. Expenses arising in connection with a class are charged directly to
that class. Expenses common to the classes are allocated to each class in
proportion to their relative net assets.
Distributions to Shareholders: Distributions to shareholders are recorded by the
Fund on ex-dividend date. Dividends from net investment income and distributions
from net realized capital gains, if any, are paid at least annually.
Distributions are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles; accordingly, periodic
reclassifications are made within the Fund's capital accounts to reflect income
and gains available for distribution under income tax regulations.
Redemption Fees: A redemption fee is charged to all shareholders that redeem
shares of the Fund, excluding omnibus accounts. A redemption fee of $10, not to
exceed 2% of the redemption amount, will be retained by the Fund and used to
lessen the impact of transaction costs on the Fund.
Estimates: The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
Expense Offset Arrangements: The Fund has an arrangement with its custodian bank
whereby the custodian's and transfer agent's fees may be paid indirectly by
credits earned on the Fund's cash on deposit with the bank. Such a deposit
arrangement is an alternative to overnight investments.
Federal Income Taxes: No provision for federal income or excise tax is required
since the Fund intends to qualify as a regulated investment company under the
Internal Revenue Code and to distribute substantially all of its taxable
earnings.
Note B - Related Party Transactions
Calvert Asset Management Company, Inc. (the "Advisor") is wholly-owned by
Calvert Group, Ltd. ("Calvert"), which is indirectly wholly-owned by Ameritas
Acacia Mutual Holding Company. The Advisor provides investment advisory services
and pays the salaries and fees of officers and affiliated Directors of the Fund.
For its services, the Advisor receives an annual fee, payable monthly, of .225%
of the Fund's average daily net assets.
<PAGE>
The Advisor has agreed to limit annual fund operating expenses (net of expense
offset arrangements) through September 30, 2001. The contractual expense cap is
.75% for Class A, 1.75% for Class B, 1.75% for Class C and .375% for Class I.
For the purpose of this expense limit, operating expenses do not include
interest expense, brokerage commissions, taxes, extraordinary expenses and
capital items. For the period from inception June 30, 2000 through September 30,
2000, the Advisor contractually reimbursed the Fund for expenses of $40,637.
Calvert Administrative Services Company, an affiliate of the Advisor, provides
administrative services to the Fund for an annual fee, payable monthly, of .225%
for Class A, Class B, and Class C shares and .10% for Class I shares based on
their average daily net assets.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and
principal underwriter for the Fund. Distribution Plans, adopted by Class A,
Class B and Class C shares, allow the Fund to pay the Distributor for expenses
and services associated with distribution of shares. The expenses paid may not
exceed .25%, 1.00% and 1.00% annually of average daily net assets of each Class
A, Class B and Class C, respectively. Class I does not have Distribution Plan
expenses.
The Distributor received $867 as its portion of the commissions charged on sales
of the Fund's shares for the period ended September 30, 2000.
Calvert Shareholder Services, Inc. ("CSSI"), an affiliate of the Advisor, is the
shareholder servicing agent for the Fund. For its services, CSSI received fees
of $947 for the period ended September 30, 2000. National Financial Data
Services, Inc., is the transfer and dividend disbursing agent.
Each Director of the Fund who is not affiliated with the Advisor receives an
annual fee of $1,000.
Note C - Investment Activity
During the period, purchases and sales of investments, other than short-term
securities, were $23,425,759 and $2,139,735, respectively.
The cost of investments owned at September 30, 2000 was substantially the same
for federal income tax and financial reporting purposes. Net unrealized
depreciation aggregated $155,497, of which $1,850,906 related to appreciated
securities and $1,849,732 related to depreciated securities.
Change in Independent Auditor
In September 2000, PricewaterhouseCoopers LLP resigned in the normal course of
business as independent auditor for the Calvert Group Funds. Arthur Andersen LLP
(Arthur Andersen) was selected as the Fund's independent auditor. The Funds'
selection of Arthur Andersen as its independent auditor was recommended by the
Fund's audit committee and was approved by the Fund's Board of Directors.
<PAGE>
Financial Highlights
Period Ended
September 30,
Class A Shares 2000 #
Net asset value, beginning $15.00
Income from investment operations
Net investment income -
Net realized and unrealized gain (loss) (.22)
Total from investment operations (.22)
Total increase (decrease) in net asset value (.22)
Net asset value, ending $14.78
Total return* (1.47%)
Ratios to average net assets:
Net investment income .06% (a)
Total expenses 2.94% (a)
Expenses before offsets 1.01% (a)
Net expenses .75% (a)
Portfolio turnover 10%
Net assets, ending (in thousands) $2,478
Period Ended
September 30,
Class B Shares 2000 #
Net asset value, beginning $15.00
Income from investment operations
Net investment income (loss) (.01)
Net realized and unrealized gain (loss) (.22)
Total from investment operations (.23)
Total increase (decrease) in net asset value (.23)
Net asset value, ending $14.77
Total return* (1.53%)
Ratios to average net assets:
Net investment income (loss) (.89%) (a)
Total expenses 15.72% (a)
Expenses before offsets 2.00% (a)
Net expenses 1.75% (a)
Portfolio turnover 10%
Net assets, ending (in thousands) $238
<PAGE>
Financial Highlights
Period Ended
September 30,
Class C Shares 2000 #
Net asset value, beginning $15.00
Income from investment operations
Net investment income (loss) (.02)
Net realized and unrealized gain (loss) (.22)
Total from investment operations (.24)
Total increase (decrease) in net asset value (.24)
Net asset value, ending $14.76
Total return* (1.60%)
Ratios to average net assets:
Net investment income (loss) (.94%) (a)
Total expenses 12.34% (a)
Expenses before offsets 1.99% (a)
Net expenses 1.75% (a)
Portfolio turnover 10%
Net assets, ending (in thousands) $228
Period Ended
September 30,
Class I Shares 2000 #
Net asset value, beginning $15.00
Income from investment operations
Net investment income .03
Net realized and unrealized gain (loss) (.22)
Total from investment operations (.19)
Total increase (decrease) in net asset value (.19)
Net asset value, ending $14.81
Total return* (1.27%)
Ratios to average net assets:
Net investment income .77% (a)
Total expenses 1.21% (a)
Expenses before offsets .62% (a)
Net expenses .38% (a)
Portfolio turnover 10%
Net assets, ending (in thousands) $19,750
(a) Annualized
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
# From June 30, 2000 inception.
<PAGE>
Calvert Social Index Fund
To Open an Account
800-368-2748
Yields and Prices
Calvert Information Network
(24 hours, 7 days a week)
800-368-2745
Service for Existing Account
Shareholders: 800-368-2745
Brokers: 800-368-2746
TDD for Hearing Impaired
800-541-1524
Branch Office
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail
Calvert Group
c/o NFDS
330 West 9th Street
Kansas City, MO 64105
Web Site
http://www.calvert.com
Principal Underwriter
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by a prospectus.
Calvert Group's
Family of Funds
Tax-Exempt Money Market Funds
CTFR Money Market Portfolio
CTFR California Money Market Portfolio
Taxable Money Market Funds
First Government Money Market Fund
CSIF Money Market Portfolio
Balanced Fund
CSIF Balanced Portfolio
Municipal Funds
CTFR Limited-Term Portfolio
CTFR Long-Term Portfolio
CTFR Vermont Municipal Portfolio
National Muni. Intermediate Portfolio
California Muni. Intermediate Portfolio
Taxable Bond Funds
CSIF Bond Portfolio
Income Fund
Equity Funds
CSIF Managed Index Portfolio
CSIF Equity Portfolio
CSIF Technology Portfolio
Calvert Large Cap Growth Fund
Capital Accumulation Fund
CWV International Equity Fund
New Vision Small Cap Fund
New Africa Fund
Calvert Social Index Fund
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