Calvert Social Investment Fund
Annual Report
September 30, 1995
Investing with Vision (TM) (logo) Calvert Group(R)
A member of the Acacia Group(R)
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Principal
Underwriter:
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
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.
A Note From The Chairman
Dear Investor,
This past year has been highlighted by accomplishments and challenges.
The financial markets have been quite strong and our Money Market, Managed
Growth, and Bond Portfolios have produced respectable returns of 5.1%,
18.2%, and 12.6% respectively. You will recall that we added an additional
manager to the Managed Growth Portfolio, NCM Capital Management, Inc., a
minority firm, and they have added good value to our returns. Last year we
hired a new manager for the Equity Portfolio, Loomis Sayles & Co. Their
performance of 12.4% has been disappointing considering the strength of the
equity markets, and we are reviewing that situation closely. The enclosed
report provides more details on the management of the portfolios.
The Economy
The economy continues on a satisfactory trend with low inflation and low
interest rates forecasted. Only an unexpected or extreme external event
could jeopardize the moderate growth expectations. While we as investors
may be satisfied with the corporate profit and financial market returns due
to the corporate restructurings and productivity enhancements, we as
citizens must also be aware that working America has not necessarily
benefited from much of this activity _ real wages for a large sector of
our society have not improved. As a society, we must place more emphasis on
retraining and education for the challenges of the changing global
marketplace.
Special Equities
One such investment our Fund made this year was to help a small company
provide remedial and other courses through the Internet to upgrade skills,
particularly for working people who would otherwise have a hard time
commuting to class. The company, University On Line, is rolling out an
exciting concept between teachers and their accredited schools to fashion
courses directly to address these needs.
You recall that we occasionally make small investments into small
private companies for the purpose of seeding companies who can later make
an important contribution to our society. University On Line is one
example; another is Calypte Biomedical, which has developed a highly
accurate urine test for HIV. If these companies eventually go public, the
Fund could earn a good profit on the investment. Continuing with our
biomedical concerns, we also helped start another AIDS related effort with
the National Association of People with AIDS. MedExpress, their new mail
order drug company, will provide prescriptions and "caring service" at low
cost to their members.
Another investment was into the company, Take the Lead. They sell
clothing with environmental themes that have a substantial recycled
content, thereby increasing awareness among youth. Finally, an investment
was made into Profund, a group that invests in smaller banks in Latin
America that promote microenterprise development on a for-profit basis.
Evaluating these types of investment opportunities requires a lot of
work. Very few mutual funds in the country take the time to help nourish
these small, not yet public, enterprises. We believe these efforts are
important as these visionary entrepreneurs and their companies have a
chance someday to make a strong impact statement in our society. Your
collective support of the Fund allows us to set aside a small percent of
Fund assets to take the risk and help these young and important companies
grow.
High Social Impact
While our Special Equities program is intended to produce good financial
returns_we are expecting to have more winners than losers_we also put
aside one percent of our assets into some social programs with less than
market returns to further issues of social justice. We have not lost any
money on this program and we do expect, and have been getting, nominal
positive returns.
One recent investment was into the New Mexico Community Loan Fund,
which provides professional business assistance to small businesses and
affordable housing organizations. This non-profit loan fund was created in
1989 by members of the New Mexico Conference of Churches and others with
the goal of helping create more wealth among low income New Mexicans. For
example, one borrower, the Drakes, developed a plant fertilizer from
leftover fish wastes from their fishing business. They used a loan to buy a
bar coding device so their product could be sold in the local Wal-Marts.
Their business appears to be successful and their only customer complaint,
they say, was from one man who said he now has to mow his grass too much.
We should also note that, to date, this loan fund has had no defaults.
Shareholder Activism
Our Social Research Department continues to be quite active in carrying on
dialogues with our companies on various social issues. Typical was a
meeting with the officials of Intel earlier this year. While Intel has
incorporated energy saving technology into its products and has phased out
the use of some toxic chemicals, we expressed a concern about some of its
other pollution prevention programs, on its substantial use of water in its
chip making process, and on its standards for international operations.
Other activities in pressuring companies to be socially accountable:
We engaged TelMex in a lengthy dialogue on issues pertaining to its
responsibility to its workers given the effects of the devaluation of the
peso; we approached Chemical Bank seeking reassurances that, in merging
with Chase Manhattan, the bank's home mortgage lending and other activities
will continue to adequately serve low income and minority customers; we
initiated dialogue with several U.S. retailers regarding the appropriate
use of sourcing from domestic and overseas contractors; another major
company published its first social report to shareholders, pursuant to the
terms of withdrawal of an EEO shareholder resolution filed by Calvert; and
we continue to put pressure on the Glass Ceiling Commission to include
mandatory corporate disclosure as one of its recommendations for shattering
the glass ceiling.
In all, we urged companies to adopt ethical sourcing standards that
prohibit the use of forced labor and child labor and include environmental,
human rights and labor rights standards.
While our victories are generally small ones, you can be sure that we
are out there asking the kinds of questions that remind these companies
that they have investors who support them in doing the right thing towards
all their stakeholders in their pursuit of profits.
Calvert Walks its Talk
Congratulations are in order to Calvert Group for again being selected by
Working Mother magazine as one of the "100 Best Companies for Working
Mothers." Personnel Journal also awarded Calvert Group its 1995 Optimas
Award in the Quality of Life category, which goes each year to a company
"that takes a proactive approach to the quality of life for individual
employees. This year's award goes to Calvert Group for aligning its company
culture with its socially responsible products."
Focus Groups
Recently, Calvert ran some focus group meetings with a few Fund
shareholders across the country. The consultants were genuinely surprised
at the sophistication and awareness of our shareholder base. We will
continue to work hard to earn the trust that you have placed in us by
furthering our model investment program for people who care about the
larger issues. In so doing, we are also looking for better ways to
communicate with our shareholders and provide greater opportunities for
involvement. Creating a dedicated Website for your views and opinions is
one such program.
Your support has been vital to creating the Fund. We all look forward
to making the investment process in our society serve our true needs and
values, and as important, for that of our future generations.
Thank you.
Sincerely,
(signature)
D. Wayne Silby
Chairman, Board of Trustees
October 31, 1995
Annual Report_September 30,1995
Calvert Social investment fund
Dear Shareholder:
Before commenting on the Calvert Social Investment Fund's performance
during this period, I want to introduce the Fund's new portfolio managers.
Calvert Asset Management Company, Inc. (CAMCO), a wholly owned subsidiary
of Calvert Group, assumed responsibilities for managing a portion of the
Managed Growth Portfolio's fixed-income assets on July 1, 1995. Organized
in 1984, CAMCO has developed a track record of innovation and success in
fixed-income asset management. CAMCO's 11 investment professionals average
over 10 years experience in the evaluation and management of fixed-income
securities.
Chart 1: Treasury Yield Curve
A line graph showing the treasury yield curves for 9/30/94 and 9/30/95.
NCM Capital Management, Inc., a private investment firm that manages $3.2
billion in bond, equity and balanced portfolios for public and private
clients nationwide, began managing equities for the Managed Growth
Portfolio on July 1, as well. NCM currently manages the Calvert New Africa
Fund through its subsidiary, New Africa Advisers.
United States Trust Company, previously the sole manager the the
Fund's Managed Growth Portfolio, continues to manage both equity and
fixed-income assets for the Portfolio.
Market Review
Stocks and bonds rallied during the 12-month period ending September 30,
1995. A number of factors contributed to the markets' solid performances,
most notably falling interest rates. After adhering to a restrictive policy
for more than a year, the Federal Reserve changed course, cutting the
Federal Funds rate one quarter of a percentage point in July 1995. The rate
cut was in response to slowing economic growth and good news on the
inflation front. With inflation and economic growth both running under 3%,
it appears the Fed has been successful in achieving its desired soft
landing.
The economic climate proved favorable for bonds as declining rates,
which fell to 20-month lows by the quarter's end, pushed the prices of
fixed-income securities higher. According to Lipper Analytical Services,
Inc., the Lehman Aggregate Bond Index advanced 14.06% for the 12 months
ending September 30, 1995, well above its 15-year average annual return of
10.82%.
Stocks surged during the period. The Standard & Poor's 500(R) Index,
which is a broad-based measure of the leading common stocks, gained 29.71%
compared to its average annual return of 10.61% for the past 30 years.
Among stocks, the best performing sectors included those that benefited
from the worldwide technology boom, such as manufacturers of
semiconductors, software and devices used in the healthcare field. Lagging
industries included transportation, heavy equipment and steel.
Money Market Portfolio
Chart 2: Annualized Compound Dividend Yield
A bar chart comparing The money Market Portfolio with the Lipper Money
Market Funds Average for the 6 months ended 3/31/95 and the 6 months ended
9/30/95.
Managed by Calvert Asset Management Company, Inc.
The Federal Reserve's July rate cuts caused the average dividend yield on
money market securities to slip in the third quarter, though yields remain
higher than a year ago. The Portfolio's annualized dividend yield for the
12-month period closely matched the average on similar funds.
We continue to keep average maturities of the Portfolio near the short end
of its allowed range in highly liquid instruments. As of September 30,
1995, the average maturity of the Fund was 46 days.
Bond Portfolio
Managed by United States Trust Company
Investment Performance
Periods Ended 9/30/95 6 Months 12 Months
Bond Portfolio 7.66% 12.57%
Lipper Corporate Debt
Funds Average 8.14% 13.80%
Investment performance is for Class A shares and does not reflect the
deduction of any front-end sales charges.
During the period, the Bond Portfolio generated a total return of 12.57%.
This reflects the effect of falling interest rates and a portfolio that was
positioned to take advantage of them.
During the first six months of the fiscal year (October 1994 through
March 31, 1995), the average maturity of the Portfolio was kept longer than
that of its index.
Initially, interest rates continued to move upward which reduced bond
prices. However, total return began to improve with the dramatic decline in
rates that began in July 1995.
In the last six months, we have shortened the Portfolio's average
maturity. This was achieved primarily by replacing mortgage-backed
securities, which had reached our price objectives, with callable agency
securities with short final maturities. Callable agency securities offer
both higher risk-adjusted yields and coupon rates, which offset the
reduction in income that results from shortening the maturity of the
portfolio.
In addition, we have selectively improved the quality of our corporate
bond holdings to take advantage of narrowing spreads between high- and
low-quality corporate bonds. Higher quality bonds have become relatively
inexpensive and tend to outperform lower quality issues during an economic
downturn.
Our outlook calls for low inflation and restrained economic growth.
In addition, we believe Federal Reserve policy is biased towards lower
interest rates _ a favorable economic environment for bonds. However, we
do not expect substantial further declines in interest rates because rates
have already fallen considerably during the past nine months.
Managed Growth Portfolio
As was previously mentioned, the Fund has adopted a multi-manager strategy
for the Portfolio. United States Trust Company currently manages
approximately 48% of the Portfolio in both equity and fixed-income assets;
Calvert Asset Management Company, Inc. manages 23% in fixed-income
assets; and NCM Capital Management, Inc. manages the remaining 29% in
equities.
The Portfolio achieved a total return of 18.21% for the 12-month
period ended September 30, closely in line with the Lipper Balanced Funds
Average return of 18.99%.
United States Trust Company, fixed-income and equity managers for the
Managed Growth Portfolio
Investment Performance
Periods Ended 9/30/95 6 Months 12 Months
Managed Growth 12.54% 18.21%
Portfolio
Lipper Balanced
Funds Average 13.12% 18.99%
Investment performance is for Class A shares and does not reflect the
deduction of any front-end sales charges.
United States Trust Company adds value to the Managed Growth Portfolio by
actively changing the mix of stocks, bonds and cash, by adjusting the
allocation among stock market sectors and by identifying superior stock and
bond investments. In each of these endeavors we emphasize capital
preservation as well as maximization of return and we always diversify over
every major asset and sector. We seek to achieve the highest possible total
return through investments in the best managed, highest quality, socially
responsible firms.
The Portfolio's stock portion, which exceeded its typical weighting of
55%, contributed substantially to performance during the period. Many of
the top-performing issues were technology related, such as Amgen and
Microsoft.
Going forward, we are somewhat cautious about the stock market and
have, therefore, become increasingly selective. We are currently focusing
on the stocks of healthcare and financial service companies, especially
banks, while reducing our exposure to machinery- and computer-dependent
businesses.
Calvert Asset Management Company, Inc., fixed-income managers for the
Managed Growth Portfolio
Calvert Asset Management Company, Inc. has managed this portion of the
Managed Growth Portfolio since July 1, 1995. Currently, the Portfolio's
average maturity is approximately 10 years, which is a bit longer than its
benchmark. Because we are expecting a fairly stable interest rate
environment, we can move slightly further along the yield curve with
limited price risk.
We are looking for continued moderate inflation and economic growth,
both in the 2% to 3% range, as well as stable productivity and consumer
spending. In addition, the G-7 nations have recently reiterated their
commitment to a stable dollar. As a result, we do not anticipate that the
Federal Reserve will lower interest rates in the near term.
NCM Capital Management,Inc., equity managers for the Managed Growth
Portfolio
A Growth at a Reasonable Price approach is used for the equity portion of
the Managed Growth Portfolio. Reasonably priced stocks have price/earnings
ratios that are roughly in line with their company's long-term growth rate.
We expect the stocks of technology-related companies to continue to lead
the stock market. DSC Communications, an equipment supplier to the
telecommunications industry, and Hewlett Packard are examples of stocks
that we have added to our portion of the Portfolio since we assumed
management responsibilities on July 1, 1995.
Looking ahead, corporate profits should continue to trend upward as
U.S. companies restructure. As a result, we expect stock prices to move
higher.
On August 30, 1995, a special meeting of the Managed Growth
Portfolio's shareholders was held to approve two important issues. Items
and voting results were:
Item 1. To approve a new investment advisory agreement identical to
the existing agreement in all material respects except that it permits
asset management fees to be increased or reduced based on Portfolio
performance.
For: 82% Against: 8% Abstain: 9%
Item 2. To approve a new form of investment subadvisory agreement for
the Portfolio, providing for multiple investment subadvisors and permitting
asset management fees to be increased or reduced based on Portfolio
performance.
For: 81% Against: 8.7% Abstain: 10%
Equity Portfolio
Managed by Loomis, Sayles & Co.
Investment Performance
Periods Ended 9/30/95 6 Months 12 Months
Equity Portfolio 15.54% 12.43%
Lipper Growth Funds
Average 18.82% 25.87%
S&P 500 18.23% 29.71%
Investment performance is for Class A shares and does not reflect the
deduction of any front-end sales charges.
The Portfolio underperformed the S&P 500 over the past 12 months for
several reasons. First, it was underrepresented in several sectors that
generated exceptional returns, including the pharmaceutical and food and
beverage industries. And from October 1994 through March 31, 1995, its
Latin American holdings fell with the unexpected devaluation of the Mexican
peso. Since then, the Portfolio's Latin American stocks have stabilized.
The Portfolio's improved performance during the last six months was
due, in part, to its overweighting in the technology sector, the market's
leading sector this year. We have also added positions from the financial
sector, including Chubb, Freddie Mac and Dean Witter, based on the correct
expectation that their stocks would benefit within the current favorable
interest rate environment.
The economic outlook for equities appears positive, based on our
expectations for low inflation, stable interest rates and steady earnings
growth. We expect the stock prices of technology-related companies, in
particular, to continue to improve as earnings in this sector remain
robust. As the benefits of declining long-term rates work their way through
the economy, the pace of business activity should increase later this year.
We appreciate your investment in the Calvert Social Investment Fund.
Sincerely,
(signature)
Clifton S. Sorrell
Senior Vice President, Calvert Social Investment Fund
October 31, 1995
Portfolio Statistics
Ten Largest Holdings
as of September 30, 1995
% of Net Assets
Managed Growth Portfolio
Federal National Mortgage Assn.
(0% to 9.55% with various maturities to 8/1/25) 22.6%
Federal Home Loan Bank Board
(5.58% to 9.30% with various maturities to 7/24/02) 5.9%
GNMA Single Family Mortgage Pool
(6.50% to 8.00% with various maturities to 10/15/25) 4.6%
Federal Home Loan Mortgage Corp.
(5.62% to 7.00% with various maturities to 9/1/25) 1.9%
Financing Corp.
(0% to 9.65%, with various maturities to 9/26/19) 1.8%
Phillips Electronics (ADR) 1.6%
Amgen 1.6%
Albertson's, Inc. 1.3%
Gillette Co. 1.3%
Hewlett Packard Co. 1.3%
Total 43.9%
Equity Portfolio
Black & Decker Corp. 4.9%
Applied Materials, Inc. 4.7%
Computer Associates International, Inc. 4.5%
Intel Corp. 4.2%
Chemical Banking Corp. 4.0%
Liz Claiborne, Inc. 3.8%
Federal Express Corp. 3.7%
Praxair, Inc. 3.5%
Chubb Corp. 3.4%
Dean Witter Discover & Co. 3.3%
Total 40.0%
Portfolio Statistics
Maturity Schedule
% of Portfolio 9/30/95 3/31/95
Money Market Portfolio
1-60 Days 59% 100%
61-120 Days 28% _
121-180 Days 12% _
181-360 Days 1% _
Weighted Average 46 days 23 days
Bond Portfolio
Less Than 1 Year 5% 8%
1-2.9 Years 10% 8%
3-4.9 Years 14% 11%
5-6.9 Years 21% 13%
7-9.9 Years 19% 21%
10-19.9 Years 6% 6%
20 Years and Above 25% 33%
Weighted Average 11 years 12 years
SEC Yields
Class A Shares
Thirty Days Ended 9/30/95 3/31/95
Bond Portfolio 5.28% 5.77%
Class C Shares
Thirty Days Ended 9/30/95 3/31/95
Bond Portfolio 4.69% 5.19%
Portfolio Statistics
Average Annual Total Returns
for periods ended September 30, 1995
Class A Shares
Inception Since
Date 1 Year 5 Year 10 Year Inception
Money Market 10/82 5.13% 4.19% 5.65% 6.50%
Bond 8/87 8.37% 8.40% NA 8.64%
Managed Growth 10/82<F1> 12.61% 9.36% 10.57% 10.95%
Equity 8/87<F2> 7.10% 7.65% NA 5.96%
Class C Shares
Inception Date 1 Year Since Inception
Bond 3/94 11.21% 3.71%
Managed Growth 3/94<F1> 16.85% 7.65%
Equity 3/94 11.16% 0.26%
<F1> New sub-advisors assumed management of the Portfolio effective July,
1995.
<F2> New sub-advisors assumed management of the Portfolio effective
February, 1994.
Chart 3: Money Market Portfolio
Change in value of a hypothetical $10,000 investment
A line graph showing a hypothetical $10,000 investment in the Money Market
Portfolio in 9/85 growing to $17,330 by 9/95.
Chart 4: Bond Portfolio
Comparison of change in value of $10,000 investment
A line graph showing a hypothetical investment of $10,000 in 8/87 growing
to $19,532 in the Social Bond Portfolio and to $21,031 in the Lehman
Aggregate Bond.
Portfolio Statistics
Chart 5: Managed Growth Portfolio
Comparison of change in value of $10,000 investment
A line graph comparing a $10,000 hypothetical investment in 9/85 growing to
the following values by 9/95:
Managed Growth Portfolio grew to $27,295;
S&P 500 grew to $$44,172;
Lehman Aggregate Bond grew to $25,917;
90 Day T-Bill grew to $17,477;
Lipper Balanced Index grew to $32,088.
Chart 6: Equity Portfolio
Comparison of change in value of $10,000 investment
A line graph comparing a $10,000 hypothetical investment in 8/87 growing to
the following values by 9/95:
Equity Portfolio grew to $15,987;
S&P 500 grew to $22,867;
Lipper Growth Index grew to $21,917.
Total returns assume reinvestment of dividends and, for Class A shares,
reflect the deduction of each Portfolio's maximum sales charge of 3.75% for
the Bond Portfolio and 4.75% for the Managed Growth and Equity Portfolios.
No sales charge has been applied to the indices used for comparison. The
value of an investment in Class A shares is plotted in the line graphs. The
value of an investment in Class C shares would be different.
Past performance is no guarantee of future results.
Report of Independent Accountants
To the Board of Trustees and
Shareholders of Calvert Social Investment Fund:
We have audited the accompanying statements of assets and liabilities of
Calvert Social Investment Fund (comprised of the Money Market, Managed
Growth, Bond and Equity Portfolios), including the portfolios of
investments, as of September 30, 1995, and the related statements of
operations for the year then ended, and the statements of changes in net
assets, and the financial highlights for each of the two years then ended.
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 audits.
The financial highlights for each of the respective years in the period
ended September 30, 1993 were audited by other auditors whose report dated
October 29, 1993 expressed an unqualified opinion thereon.
We conducted our audits in accordance with generally accepted auditing
standards. 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. Our procedures included confirmation of
investments owned as of September 30, 1995, by correspondence with the
custodian and brokers. 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 audits provide 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 the respective portfolios comprising the Calvert Social
Investment Fund as of September 30, 1995, and the results of its operations
for the year then ended, and the changes in net assets and financial
highlights for each of the two years in the period then ended, in
conformity with generally accepted accounting principles.
Coopers & Lybrand L.L.P.
Baltimore, Maryland
November 9, 1995
<TABLE>
<CAPTION>
Calvert Social Investment Fund
Money Market Portfolio of Investments
September 30, 1995
U.S. Government Agencies Principal
And Instrumentalities (44.6%) Amount Value Ratings <F1>
<S> <C> <C> <S>
Federal Home Loan Bank Corp., 5.48%, 3/7/96 $5,000,000 $4,880,506
Federal Home Loan Bank Corp., 5.56%, 2/21/96 3,000,000 2,934,206
Federal Home Loan Bank Corp., 5.46%, 3/21/96 5,000,000 4,870,325
Federal Home Loan Bank Corp., 5.48%, 3/25/96 5,000,000 4,866,806
Federal Home Loan Mortgage Corp., 5.59%, 11/30/95 6,180,000 6,123,383
Federal Home Loan Mortgage Corp., 5.59%, 12/7/95 7,000,000 6,928,262
Federal National Mortgage Corp., 5.76%, 10/3/95 5,000,000 4,999,200
Federal National Mortgage Corp., 5.66%, 10/4/95 5,000,000 4,998,428
Federal National Mortgage Corp., 5.75%, 10/6/95 5,000,000 4,996,806
Federal National Mortgage Corp., 5.65%, 10/11/95 5,000,000 4,992,937
Federal National Mortgage Corp., 5.70%, 10/19/95 5,000,000 4,986,542
Federal National Mortgage Corp., 5.60%, 11/15/95 3,315,000 3,292,311
Federal National Mortgage Corp., 5.51%, 1/3/96 10,000,000 9,857,658
Total U.S. Government Agencies and Instrumentalities
(Cost $68,727,370) 68,727,370
Certificates of Deposit (0.8%)
Broadway Federal Savings & Loan, 5.50%, 8/20/96 <F2> 100,000 100,000
Community Capital Bank, 6.49%, 1/19/96 <F2> 100,000 100,000
Elk Horn Bank, 6.15%, 12/18/95 <F2> 100,000 100,000
Family Savings Bank, 5.40%, 8/16/96 <F2> 100,000 100,000
First Community Bank, 6.69%, 4/20/96 <F2> 100,000 100,000
First State Bank Oklahoma, 5.75%, 4/22/96 <F2> 100,000 100,000
Founders National Bank, 5.25%, 8/26/96 <F2> 100,000 100,000
Independence Bank Chicago, Il., 6.10%, 4/22/96 <F2> 100,000 100,000
Seaway National Bank Chicago, Il., 6.80%, 1/26/96 <F2> 100,000 100,000
Self Help Credit Union, 5.60%, 7/15/96 <F2> 100,000 100,000
Shore Bank &Trust, 6.50%, 12/20/95 <F2> 100,000 100,000
South Shore Bank of Chicago, 5.70%, 10/30/95 <F2> 100,000 100,000
Total Certificates of Deposit (Cost $1,200,000) 1,200,000
Commercial Paper (4.5%)
Nationsbank Corp., 5.375%, 12/1/95 7,000,000 6,988,981 P-1/A-1
Total Commercial Paper (Cost $6,988,981) 6,988,981
Municipal Obligations (40.6%)
Alabama State Industrial Development Revenue
VRDN, 6.00%, 12/1/19, LOC: Chemical
Bank 6,000,000 6,000,000 P-1/NR
Alabama State Industrial Development Revenue
VRDN, 5.95%, 5/1/10, LOC: First Alabama 4,000,000 4,000,000 NR/A-1+
Aspen Institute Inc., VRDN 5.975%, 12/1/04, LOC:
First National Bank of Maryland $4,200,000 $4,200,000 NR/NR
Broome County Industrial Development Agency
VRDN, 6.00%, 6/1/00, LOC: First Union Bank 2,175,000 2,175,000 NR/NR
Colville Indian Tribe VRDN, Quarterly Prime Rate,
9.00%, 7/1/98, Bureau of Indian Affairs Guaranteed 946,934 951,464 Aaa/AAA
Detroit General Obligation VRDN, 6.05%, 5/1/06,
LOC: Sumitomo Bank 5,000,000 5,000,000 NR/A-1
Fed One of Dayton First Mortgage VRDN, 6.85%,
8/1/09, LOC: Bank One Ohio 4,150,000 4,150,000 NR/NR
Florida Housing Finance Agency VRDN, 6.70%,
7/1/23, LOC: Heller Financial 750,000 750,000 P-1/NR
Health Midwest Ventures Group VRDN, 6.05%,
8/1/19, LOC: Fuji Bank, Ltd. 1,000,000 1,000,000 VMIG1/NR
Illinois Housing Development Authority VRDN,
6.025%, 11/1/21, TOA: Citibank 1,945,000 1,945,000 P-1/A-1
Liliha Partners Revenue VRDN 6.10%, 8/1/24,
LOC: FirstHawaiian Bank 4,000,000 4,000,000 NR/A-1
Mahoning County Multi-Family Housing VRDN,
6.25%, 11/1/98, LOC: PNC Bank 615,000 615,000 NR/A-1
Mississippi Business Finance Corp. VRDN, 6.00%,
6/1/10, LOC: National Bank Detroit 5,000,000 5,000,000 P-1/NR
Montgomery County Industrial Development VRDN,
6.25%, 8/1/06, LOC: Shawmut Bank 1,500,000 1,500,000 P-1/NR
Montgomery County Industrial Development VRDN,
6.25%, 8/1/15, LOC: Shawmut Bank 5,250,000 5,250,000 P-1/NR
Montgomery County Industrial Development VRDN,
6.15%, 3/1/10, LOC: Meridian Bank 1,000,000 1,000,000 P-1/NR
New Jersey Economic Development Authority VRDN,
5.90%, 8/1/14, LOC: National Westminster Bank 1,520,000 1,520,000 NR/A-1+
Oklahoma State Industrial Finance Authority VRDN, 6.10%,
8/1/18, LOC: Mitsubishi Bank, Ltd. 6,500,000 6,500,000 VMIG1/NR
Virginia State Housing Development Authority
VRDN, 5.95%, 3/1/02 7,000,000 7,000,000 VMIG1/NR
Total Municipal Obligations <F6>(Cost $62,556,464) 62,556,464
Repurchase Agreements, for
Deposit at Cost, Collateralized
by Securities Issued or
Guaranteed by the Principal
U.S. Government (8.4%) Amount Value
Donaldson, Lufkin, Jenrette:
6.25%, dated 9/29/95, due 10/2/95
($9,136,296 Federal Home Loan Mortgage
Corp., 8.268%, 7/8/09) $8,900,000 $8,900,000
Paine Webber:
6.05%, dated 9/29/95, due 10/6/95
($4,088,804 Federal National Mortgage
Assn., 6.00%, 2/1/24) 4,000,000 4,000,000
Total Repurchase Agreements (Cost $12,900,000) 12,900,000
TOTAL INVESTMENTS (98.9%) <F5>
(Cost $152,372,815) <F4> $152,372,815
Calvert Social Investment Fund
Managed Growth Portfolio of Investments
September 30, 1995
U.S. Government Agencies Principal
And Instrumentalities (36.8%) Amount Value
Federal Home Loan Bank Board, 5.58%, 10/6/95 $4,000,000 $3,997,520
Federal Home Loan Bank Board, 5.62%, 10/18/95 5,000,000 4,987,511
Federal Home Loan Bank Board, 5.62%, 10/30/95 5,000,000 4,978,144
Federal Home Loan Bank Board, 6.85%, 2/28/96 4,000,000 4,005,702
Federal Home Loan Bank Board, 8.25%, 5/27/96 2,000,000 2,032,700
Federal Home Loan Bank Board, 8.25%, 6/25/96 1,000,000 1,018,020
Federal Home Loan Bank Board, 9.30%, 1/25/99 3,000,000 3,279,780
Federal Home Loan Bank Board, 6.32%, 12/4/97 5,000,000 5,027,250
Federal Home Loan Bank Board, 7.33%, 3/29/02 1,000,000 1,054,920
Federal Home Loan Bank Board, 7.11%, 7/24/02 3,000,000 2,971,650
Federal Home Loan Mortgage Corp., 5.62%, 10/23/95 6,000,000 5,980,330
Federal Home Loan Mortgage Corp. Single Family
Mortgage Pool, 7.00%, 9/1/25 4,900,000 4,835,712
Federal National Mortgage Assn., 9.20%, 6/10/97 3,000,000 3,152,760
Federal National Mortgage Assn., 9.55%, 11/10/97 6,000,000 6,410,460
Federal National Mortgage Assn., 6.05%, 1/12/98 8,000,000 7,999,520
Federal National Mortgage Assn., 8.15%, 5/11/98 7,000,000 7,342,020
Federal National Mortgage Assn., Zero Coupon, 10/9/19 30,000,000 5,555,400
Federal National Mortgage Assn., 5.59%, 10/3/95 5,000,000 4,999,224
Federal National Mortgage Assn., 5.63%, 10/17/95 4,000,000 3,990,616
Federal National Mortgage Assn., 5.57%, 10/18/95 10,000,000 9,975,244
Federal National Mortgage Assn., 5.63%, 10/19/95 5,000,000 4,986,707
Federal National Mortgage Assn., 5.49%, 10/2/03 10,000,000 9,444,000
Federal National Mortgage Assn., 6.85%, 9/12/05 7,000,000 6,987,050
Federal National Mortgage Assn., 8.28%, 1/10/25 11,000,000 12,831,610
Federal National Mortgage Assn., 6.86%, 2/28/96 2,000,000 2,009,620
Federal National Mortgage Assn., 5.50%, 6/12/96 16,000,000 15,979,840
Federal National Mortgage Assn., 6.25%, 6/16/00 15,000,000 15,056,550
Federal National Mortgage Assn., 7.21%, 8/18/05 5,000,000 5,075,050
Federal National Mortgage Assn. Remic 1994-79B,
7.00%, 12/25/19 2,000,000 1,972,500
Federal National Mortgage Assn. Single Family
Mortgage Pool, 7.00%, 8/1/25 3,994,217 3,939,296
Financing Corp., 9.65%, 11/2/18 1,500,000 1,959,225
Financing Corp., 8.60%, 9/26/19 6,000,000 7,135,320
Financing Corp., Zero Coupon, 5/11/17 6,000,000 1,298,220
GNMA Single Family Mortgage Pool, 6.50%, 11/15/23 7,081,837 6,951,435
GNMA Single Family Mortgage Pool, 6.50%, 12/15/23 823,847 739,286
GNMA Single Family Mortgage Pool, 6.50%, 1/15/24 2,993,168 2,886,551
GNMA Single Family Mortgage Pool, 8.00%, 10/15/25 15,000,000 15,421,800
Total U.S. Government Agencies and Instrumentalities
(Cost $205,489,065) 208,268,543
Certificates Of Deposit (0.2%)
Alternatives Federal Credit Union, 5.25%, 11/17/95 <F2> $50,000 $50,000
Banco Solidario, 9.75%, 1/29/96 <F7> 272,501 272,501
Blackfeet National Bank, 5.00%, 11/13/95 <F2> 92,000 92,000
D. Edward Wells Federal Credit Union, 3.50%, 11/20/95 <F2> 50,000 50,000
First American Credit Union, 5.70%, 12/23/95 <F2> 92,000 92,000
Mission Area Federal Credit Union, 4.10%, 11/18/95 <F2> 50,000 50,000
Northeast Community Federal Credit Union, 4.00%, 11/17/95<F2> 50,000 50,000
South Shore Bank of Chicago, 6.40%, 12/6/95 <F2> 100,000 100,000
South Shore Bank of Chicago, 7.00%, 2/9/96 750,000 750,000
Total Certificates of Deposit (Cost $1,506,501) 1,506,501
Convertible Debenture Bonds (0.1%)
WorldWater, Inc., 9.00%, 9/28/97 <F7> 150,000 150,000
Total Convertible Debenture Bonds (Cost $150,000) 150,000
Community Loan Notes (0.7%)
Accion International Corp., 3.50%, 1/13/97 250,000 244,892 NR/NR
Accion US Bridge Fund, 3.50%, 1/26/96 100,000 97,687 NR/NR
Boston Community Loan Fund, 3.50%, 1/13/97 100,000 97,957 NR/NR
Capital District Community Loan, 3.50%, 1/13/97 35,000 34,285 NR/NR
Cascadia Revolving Fund, 3.50%, 4/7/98 75,000 72,306 NR/NR
Catholic Relief Services, 3.50%, 9/30/97 50,000 49,971 NR/NR
Chicago Community Loan Fund, 3.50%, 6/30/98 75,000 71,249 NR/NR
Coastal Enterprises, Inc., 2.50%, 6/30/99 100,000 94,318 NR/NR
Community Reinvestment Fund, 3.50%, 4/4/97 100,000 96,408 NR/NR
Co-op Fund of New England, Inc., 3.50%, 1/13/97 90,000 88,161 NR/NR
Delaware Valley Community Reinvestment Fund, 2.50%, 6/30/99 75,000 70,738 NR/NR
Eastside Community Investment, 2.50%, 4/4/97 100,000 96,408 NR/NR
Ecumenical Development Corp., 5.00%, 12/31/01 100,000 98,582 NR/NR
Enterprise Loan Fund, 3.50%, 6/30/98 50,000 47,499 NR/NR
Environmental Enterprises, Inc., 3.50%, 6/28/96 125,000 118,687 NR/NR
Federation of Appalachian Housing Enterprise, 3.50%,
1/13/97 200,000 195,914 NR/NR
First State Community Loan Fund, 3.50%, 1/15/96 25,000 24,471 NR/NR
Foundation for International Community Asst., 3.50%,
4/5/96 50,000 48,195 NR/NR
Freedom from Hunger, 3.50%, 6/28/96 50,000 47,475 NR/NR
Housing Assistance Council, 2.50%, 6/30/97 75,000 70,738 NR/NR
Institute for Community Economics, 3.50%, 1/13/00 150,000 146,935 NR/NR
Interfaith Housing Delaware, 4.00%, 9/30/96 50,000 49,943 NR/NR
Low Income Housing Fund, 3.00%, 1/13/99 50,000 48,978 NR/NR
Low Income Housing Fund, 3.00%, 9/30/99 100,000 99,942 NR/NR
Manna, Inc., 3.50%, 9/30/97 $150,000 $149,913 NR/NR
Mcauley Institute, 3.50%, 1/13/97 85,000 83,263 NR/NR
Mercy Housing Inc., 3.50%, 1/17/96 100,000 97,849 NR/NR
Michigan Housing Trust, 3.50%, 6/28/96 100,000 94,950 NR/NR
Micro Industry Credit Rural Corp., 3.50%, 1/13/96 15,000 14,688 NR/NR
Minnesota Non Profit Assistance Fund, 3.50%, 4/7/00 200,000 192,816 NR/NR
Montana Women's Capital, 3.50%, 6/28/96 50,000 47,481 NR/NR
National Fed of Community Development Credit
Union, 2.50%, 4/7/98 300,000 287,808 NR/NR
New Hampshire Community Loan Fund, 3.50%,
1/13/96 75,000 73,440 NR/NR
New Mexico Community Loan Fund, 3.50%, 6/30/98 25,000 23,750 NR/NR
Nonprofit Facilities Fund, 2.50%, 6/30/99 100,000 94,262 NR/NR
North Country Co-op Development Fund, 3.50%, 1/13/96 50,000 48,942 NR/NR
Northeast Entrepreneur Fund, 3.50%, 6/30/98 50,000 47,499 NR/NR
Northeast South Dakota Energy Conservation Corp.,
3.50%, 1/15/96 25,000 24,478 NR/NR
Opportunity International, 3.50%, 9/30/99 100,000 99,942 NR/NR
Sage Bruno, 6.00%, 12/31/99 150,000 150,000 NR/NR
Saint Ambrose Housing Aid Center, 4.00%, 9/30/96 50,000 49,951 NR/NR
SIDI, 2.50%, 6/30/97 150,000 141,477 NR/NR
12th Street Historic Rehabilitation Associates Mortgage,
10.375%, 10/15/95 368,295 92,074 NR/NR
Vermont Community Loan Fund, 3.50%, 4/4/97 100,000 96,408 NR/NR
Western Massachusetts Enterprise Fund, 4.00%, 9/30/96 50,000 49,964 NR/NR
Women's Self-Employment Project, 4.00%, 9/30/96 50,000 49,964 NR/NR
Worcester Community Loan Fund, 3.50%, 4/5/96 25,000 24,097 NR/NR
Total Community Loan Notes <F7> (Cost $4,543,295) 4,146,755
Corporate Bonds (8.0%)
AT&T Corp., 7.70%, 2/3/97 2,000,000 2,036,860 A3/A
Advanta Mortgage Loan Trust Remic 1993-4 A1,
5.50%, 3/25/10 4,843,558 4,545,376 Aaa/AAA
American Airlines, Inc., 9.55%, 1/15/99 500,000 538,695 Baa/BBB-
Bankers Trust New York Corp., 9.20%, 7/15/99 5,000,000 5,406,100 A3/A
BellSouth Savings & Security, 9.19%, 7/1/03 1,158,266 1,275,424 NR/NR
Chugach Electric Assn., Inc., 9.14%, 3/15/22 1,500,000 1,695,555 A3/A
Clean Air Cab, 6.00%, 12/31/98 <F7> 250,000 250,000 NR/NR
Deluxe Corp., 8.55%, 2/15/01 500,000 542,335 A1/AA-
Hershey Food Corp., 6.70%, 10/1/05 2,000,000 1,975,620 A1/AA-
Kaiser Foundation Hospitals, 7.42%, 4/13/98 3,000,000 3,072,420 Aa3/AA
Kaiser Foundation Hospitals, 7.63%, 4/19/99 2,000,000 2,074,700 NR/AA
Lincoln National Corp., 7.625%, 7/15/02 1,000,000 1,039,110 A1/A+
Michigan Bell Telephone Co., 9.25%, 11/15/98 1,000,000 1,073,000 AAA/NR
National Association of People with AIDS, 10.00%, 7/31/97 <F7> $250,000 $250,000 NR/NR
NCB Affordable Housing / Market Rate Cooperative First
Mortgage Certificates Series 1993-3 B, 5.86%, 1/1/99 <F7> 2,592,435 2,462,425 NR/NR
Pacific Bell, 6.25%, 3/1/05 5,000,000 4,852,850 Aa3/AA-
Payless Cashways, Inc., 9.125%, 4/15/03 1,000,000 787,500 Ba3/B+
PNC Bank, 7.875%, 4/15/05 2,000,000 2,126,560 A2/A-
Poland Partners, 5.875%, 4/13/04 <F7> 127,236 70,940 NR/NR
Polaroid Corp., 8.00%, 3/15/99 2,000,000 2,080,140 Baa3/BBB+
Potomac Electric Power, 6.70%, 5/28/97 2,000,000 2,014,740 A2/A-
Snap On, Inc., 6.625%, 10/1/05 2,000,000 2,005,000 Aa3/AA
Southern California Gas, 6.50%, 12/15/97 2,500,000 2,514,275 A2/AA-
Take the Lead, 9.00%, 9/27/00 <F7> 100,000 100,000 NR/NR
Ultrafem, Inc., 10.00%, 6/30/96 <F7> 250,000 250,000 NR/NR
Total Corporate Bonds (Cost $44,584,575) 45,039,625
Municipal Obligations (3.4%)
Chickasaw Nation Certificates of Participation, 10.00%,
8/1/03 6,000,000 6,000,000 NR/NR
Montgomery County, Kentucky VRDN, 6.25%, 8/1/06 <F6> 1,000,000 1,000,000 P-1/NR
New York State Job Development Authority, 7.70%, 3/1/03 2,000,000 2,075,480 A/NR
Oklahoma State Industrial Finance Authority, 6.10%,
8/1/18 (Tender 11/1/95 @100) 4,000,000 4,000,000 VMIG1/NR
Rochester, New York, 6.05%, 8/15/02 2,000,000 1,929,100 A1/AA
Tampa, Florida, 8.375%, 10/1/18 4,000,000 4,299,680 Baa3/BB
Total Municipal Obligations (Cost $19,277,272) 19,304,260
Sovereign Debt (0.4%)
South Africa Republic, 9.625% 12/15/99 2,000,000 2,095,000 Baa3/BB
Total Sovereign Debt (Cost $1,959,130) 2,095,000
Limited Partnership Interest (0.5%) Shares
Environmental Allies Investment Trust 50,000 51,038
Environmental Private Equity Fund 118,386 118,386
Global Environment Emerging Markets Fund 1 522,655
Hambrecht & Quist Environmental Technology Fund 500,000 484,594
HFG Expansion Fund I 125,000 91,250
Liberty Environmental Partners 242,188 242,187
Northern Borders Partners, LP 56,500 1,384,250
Ukraine Fund 30,000 26,094
Total Limited Partnership Interest <F7> (Cost $2,978,303) 2,920,455
Equity Securities (51.7%)
Business Equipment & Services (3.9%)
Apple Computer 68,430 $2,549,017
Automatic Data Processing, Inc. 48,000 3,270,000
BMC Software Inc. <F3> 61,040 2,807,840
Hewlett Packard Co. 87,200 7,270,300
Microsoft Corp. <F3> 25,000 2,262,500
Minnesota Educational Computing Corp. <F3> 20,000 540,000
Xerox Corp. 26,000 3,493,750
22,193,407
Capital Goods (2.8%)
AptarGroup Inc. 85,000 2,815,625
Briggs & Stratton Corp. 81,200 3,268,300
Dover Corp. 82,000 3,136,500
Holophane Corp. <F3> 25,000 687,500
Illinois Tool Works, Inc. 62,400 3,673,800
Parker Hannifin Corp. 56,900 2,162,200
15,743,925
Consumer Products and Services (2.7%)
Gillette Co. 155,900 7,424,737
H.J. Heinz Co. 55,000 2,516,250
Sealed Air Corp. <F3> 97,200 5,358,150
15,299,137
Energy (1.2%)
Apache Corp. 144,000 3,780,000
Barrett Resources Corp. <F3> 130,000 2,925,000
6,705,000
Financial Services (7.3%)
Advanta Corp. 39,400 1,773,000
Aflac, Inc. 40,115 1,664,772
American International Group, Inc. 83,652 7,110,420
Baybanks, Inc. 86,820 6,587,467
Bank of Boston, Corp. 58,900 2,805,112
Bank New York, Inc. 67,100 3,120,150
Federal National Mortgage Assn. 66,755 6,909,142
Fifth Third Bancorp 46,600 2,673,675
Greentree Financial Corp. 33,000 2,013,000
MBNA Corp. 50,000 2,081,250
Norwest Corp. 135,000 4,421,250
41,159,238
Food Services (1.8%)
Kellogg Co. 68,700 $4,972,162
Sysco Corp. 195,400 5,324,650
10,296,812
Industrial Products (6.0%)
Agco Corp. 70,110 3,190,005
Aracruz Celulose (ADR) 220,033 2,200,330
Baldor Electric Co. 30,000 753,750
Chesapeake Corp. 135,000 4,876,875
Loctite Corp. 28,800 1,393,200
Nordson Corp. 28,800 1,692,000
Phillips Electronics (ADR) 183,700 8,955,375
Praxair Inc. 100,000 2,675,000
Sigma Aldrich 60,700 2,943,950
Smith International, Inc. <F3> 91,500 1,589,812
Tennant Co. 33,600 877,800
Wellman Inc. 101,800 2,494,100
33,642,197
Machinery (0.5%)
Tecumseh Products Co., Class A 49,600 2,380,000
Tecumseh Products Co., Class B 11,800 545,750
2,925,750
Media & Publishing (3.3%)
Disney (Walt) Co. 27,700 1,589,287
Donnelley (R.R.) & Sons Co. 60,000 2,340,000
Lancit Media Productions Ltd. <F3> 40,000 540,000
Polygram (ADR) 14,400 939,600
Regal Cinemas Inc. <F3> 68,780 2,828,577
Reuters Holdings Plc (ADR) 114,200 6,038,325
Scholasatic Corp. <F3> 70,900 4,448,975
18,724,764
Merchandising & Retail (3.0%)
Albertson's, Inc. 219,335 7,484,806
Arrow Electronics Inc. <F3> 57,600 3,132,000
Consolidated Stores Corp. <F3> 180,400 4,171,750
Home Depot Inc. 55,000 2,193,125
16,981,681
Metal & Mining (0.5%)
Magma Copper Co., Inc. <F3> 141,000 2,643,750
2,643,750
Pharmaceutical & Health Care (8.7%)
Amgen <F3> 175,840 $8,770,020
Becton Dickinson & Co. 58,900 3,703,337
Boston Scientific Corp. <F3> 87,225 3,717,965
Cordis Corp. <F3> 39,900 3,381,525
Healthcare Compare Corp. <F3> 49,200 1,906,500
Johnson & Johnson 95,600 7,086,350
Medtronic, Inc. 122,800 6,600,500
Merck & Co., Inc. 110,400 6,182,400
Schering Plough Corp. 60,000 3,090,000
United Healthcare Corp. 96,000 4,692,000
49,130,597
Technology (5.5%)
AMP, Inc. 64,800 2,494,800
Applied Materials, Inc. <F3> 15,150 1,549,087
Computer Associates International, Inc. 77,150 3,259,587
DSC Communication Corp. <F3> 28,500 1,688,625
EMC Corp. <F3> 129,500 2,347,187
Intel Corp. 43,200 2,597,400
Linear Technology Corp. 46,600 1,933,900
L.M. Ericsson (ADR) 125,920 3,085,756
Nokia Corp. (ADR) 34,600 2,413,350
Oracle Systems Corp. <F3> 60,895 2,336,845
Silicon Graphics Inc. <F3> 80,000 2,750,000
Sun Microsystems Inc. <F3> 42,655 2,687,265
Teradyne Inc. <F3> 46,445 1,672,020
30,815,822
Transportation (1.0%)
Federal Express Corp. <F3> 24,100 2,000,300
KLM Royal Dutch Airlines (ADR) 48,000 1,680,000
Norfolk Southern Corp. 30,000 2,242,500
5,922,800
Utilities (2.9%)
Ameritech Corp. 126,900 6,614,662
Bell Atlantic Corp. 28,000 1,718,500
BellSouth Corp. 46,000 3,363,750
California Energy, Inc. <F3> 35,000 717,500
Century Telephone Enterprises 135,415 4,113,230
16,527,642
Venture Capital (0.6%)
Calypte Biomed <F3> <F7> 100,000 500,000
Clean Air Cab <F3> <F7> 80 800
Community Growth Fund <F3> <F7> 500,000 $500,000
Earth's Best, Inc. <F3> <F7> 67,500 225,004
Eastern Utilities Associates <F7> 3,049 36,970
Energia Global, Inc., Series A, Convertible Preferred <F3> <F7> 72,986 364,930
Energia Global, Inc., Series B, Convertible Preferred <F3> <F7> 28,571 142,855
Fountainhead Technologies, Inc., Preferred <F3> <F7> 250,000 250,000
Knowaste Technologies, Inc. <F3> <F7> 432 218,555
Knowaste Technologies, Inc., Class A, Preferred <F3> <F7> 31 23,064
Poland Partners <F3> <F7> 40,000 40,000
Pro Fund International <F3> <F7> 171,398 171,398
Quadrant Holdings Cambridge <F3> <F7> 200,000 237,004
University Online, Inc. <F3> <F7> 266,668 200,001
Wild Planet Toys, Inc., Series B, Preferred <F3><F7> 476,190 357,142
Wind Harvest Co., Inc., Series A, Preferred <F3> <F7> 8,696 100,000
3,367,723
Total Equity Securities (Cost $240,828,276) 292,080,245
Repurchase Agreements, for
Deposit at Cost, Collateralized by
Securities Issued or Guaranteed by Principal
the U.S. Government (1.2%) Amount
Paine Webber:
5.75%, dated 9/26/95, due 10/10/95
($7,161,592 Government National Mortgage Assn., 6.50%, 1/15/24) 7,000,000 7,000,000
Total Repurchase Agreements (Cost $7,000,000) 7,000,000
Options Purchased (0.1%)
U.S. Treasury Bond Futures, 96 Call Contracts,
Expiration 12/16/95, Strike Price 114 172,500
Total Options Purchased (Premium $97,897) 172,500
TOTAL INVESTMENTS (103.1%) <F5>
(Cost $528,414,314) <F4> $582,683,884
Calvert Social Investment Fund
Bond Portfolio of Investments
September 30, 1995
U.S. Government Agencies Principal
and Instrumentalities (43.3%) Amount Value Ratings <F1>
Federal Farm Credit Bank, 5.79%, 10/2/95 $1,000,000 $1,000,010
Federal Home Loan Bank Board, 7.28%, 2/24/98 2,000,000 2,052,120
Federal Home Loan Bank Board, 5.37%, 11/3/00 2,800,000 2,671,340
Federal Home Loan Bank Board, 8.50%, 3/28/06 200,000 228,584
Federal Home Loan Mortgage Corp., 7.84%, 4/26/00 2,000,000 2,019,680
Federal Home Loan Mortgage Corp., 7.28%, 5/8/00 1,000,000 1,020,560
Federal Home Loan Mortgage Corp., 7.95%, 2/15/20 640,934 648,619
Federal National Mortgage Assn., 9.35%, 2/12/96 1,000,000 1,013,000
Federal National Mortgage Assn., Zero Coupon, 11/1/01 1,000,000 937,160
Federal National Mortgage Assn., 5.49%, 10/2/03 2,000,000 1,888,800
Federal National Mortgage Assn., 8.95%, 2/12/18 500,000 612,670
Federal National Mortgage Assn. Remic, 171-PE, 6.60%, 4/25/17 1,495,000 1,483,204
Federal National Mortgage Assn. Remic, 146-PH, 7.50%, 9/25/19 1,000,000 1,015,010
Federal National Mortgage Assn. Remic, 185-G, 7.15%, 8/25/20 1,000,000 996,290
Financing Corp., 9.80%, 4/06/18 5,500,000 7,255,985
Government National Mortgage Assn., 8.50%, 1/15/06 108,484 113,738
Government National Mortgage Assn., 8.50%, 7/15/08 647,248 678,597
Government National Mortgage Assn., 8.50%, 8/15/08 219,484 230,115
Government National Mortgage Assn., 8.50%, 9/15/08 173,199 181,588
Government National Mortgage Assn., 8.50%, 10/15/08 60,225 63,142
Government National Mortgage Assn., 8.50%, 9/15/09 21,004 22,022
Student Loan Marketing Assn., 7.50%, 3/27/98 1,500,000 1,511,190
Total U.S. Government Agencies and Instrumentalities
(Cost $26,948,707) 27,643,424
Corporate Bonds (30.2%)
AMR Corp., 9.75%, 3/15/00 450,000 496,130 Baa3/BB+
AMR Corp., 10.57%, 1/15/01 200,000 229,548 Baa3/BB+
Albertson's, Inc., 6.18%, 3/22/00 500,000 495,300 Aa3/A+
Becton Dickinson, 7.875%, 12/15/96 200,000 203,890 A1/A+
BellSouth Savings & Security, 9.125%, 7/1/03 220,163 239,663 Aa1/AAA
Bell Telephone Co.of Pennsylvania, 6.125%, 3/15/03 500,000 486,795 Aa1/AA
Deluxe Corp., 8.55%, 2/15/01 200,000 216,934 A1/AA-
Enron Corp., 9.125%, 4/1/03 500,000 563,005 Baa2/BBB
Equitable Resources, Inc., 8.25% 7/1/96 800,000 812,080 A2/A
Heinz (H.J.) Co., 6.875%, 1/15/03 300,000 305,454 A1/A+
Household Affinity, 7.00%, 12/15/99 500,000 506,790 Aaa/AAA
Kaiser Permanente, 7.42%, 4/13/98 1,500,000 1,536,210 NR/AA
Liberty Mutual Capital Corp., 7.90%, 3/14/03 1,000,000 1,043,390 NR/NR
Limited, Inc., 9.125%, 2/1/01 500,000 553,180 A1/A
Lincoln National Corp., 7.625%, 7/15/02 500,000 519,555 A2/A
Masco Corp., 5.25%, 2/15/12 $200,000 $181,000 Baa1/BBB
May Department Stores Co., 9.875%, 12/1/02 200,000 235,588 A2/A
McGraw Hill, Inc., 9.43%, 9/1/00 300,000 336,516 A1/NR
Mediq, Inc., 11.125%, 7/1/99 250,000 250,000 B1/B
Michigan Bell Telephone Co., 9.25%, 11/15/98 300,000 321,900 Aaa/NR
Mountain State Telephone & Telegraph, 9.50%, 5/1/00 300,000 335,865 Aa3/AA-
National Cooperative Bank, 6.06176%, 7/1/12 777,730 729,558 NR/NR
New England Telephone, 5.05%, 10/1/98 500,000 481,845 Aa2/AA-
Norwest Corp., 6.00%, 3/15/00 500,000 491,885 Aa3/AA-
Pacific Bell Telephone, 6.25%, 3/1/05 500,000 485,285 Aa3/AA-
PaineWebber Trust, 9.00%, 10/20/03 1,000,000 1,043,990 Aaa/AAA
Payless Cashways, Inc., 9.125%, 4/15/03 650,000 511,875 Ba3/B+
Piedmont Aviation, Inc., 9.55%, 5/8/98 100,000 93,875 B2/NR
Pitney Bowes Credit Corp., 8.625%, 2/15/08 250,000 288,502 Aa3/AA
Polaroid Corp., 8.00%, 3/15/99 800,000 832,056 Baa3/BBB+
Prudential Home Mortgage Sec Co., 7.50%, 2/25/23 3,580,598 3,630,583 Aaa/AAA
Quaker Oats, Co., 8.85%, 11/15/96 250,000 257,017 A3/A
United Air Lines, Inc., 10.67%, 5/1/04 500,000 585,210 Baa3/BB
Total Corporate Bonds (Cost $18,893,442) 19,300,474
Municipal Obligations (19.0%)
Atlanta, Georgia Downtown Development
Authority, 6.875%, 2/1/21 650,000 632,827 Aaa/AAA
California State General Obligation Notes, 8.15%, 9/1/01 1,500,000 1,606,275 A1/A
Conneaut, Pennsylvania School District, 6.60%, 5/1/04 400,000 399,968 Aaa/AAA
Connecticut State General Obligation Notes, 6.00%, 1/15/03 350,000 339,916 Aa/AA-
Harrisburg, Pennsylvania, 7.14%, 8/1/02 90,000 92,632 NR/NR
Los Angeles County Pension, 8.30% 6/30/02 1,000,000 1,074,550 Baa1/BBB+
Missouri Higher Education Student Loan Revenue Bonds, 6.80%, 2/15/01 1,000,000 1,014,680 Aaa/NR
Montgomery County Hospital, Texas, 8.30%, 4/1/02 400,000 412,468 Aaa/AAA
Nassau County, New York, 7.12%, 8/1/01 450,000 462,240 Aaa/NR
New York State Environmental General Obligation Bonds, 7.65%, 5/1/99 800,000 827,656 A/A-
New York State Job Development Authority, 7.70%, 3/1/03 1,500,000 1,556,610 A/NR
Newburgh, New York, 7.12%, 8/1/01 110,000 112,992 Aa/NR
Oregon State General Obligation Bonds, 7.75%, 7/1/05 490,000 523,584 Aa/AA-
Pompano Beach, Florida, 7.12%, 8/1/01 565,000 580,368 NR/NR
San Diego County, California, 6.38%, 8/15/03 700,000 661,591 A/A+
Scranton, Pennsylvania, 7.12%, 8/1/01 425,000 436,560 NR/NR
Scranton, Pennsylvania, 7.14%, 8/1/02 $100,000 $102,925 NR/NR
Silver Spring Metro Center, 6.875%, 5/15/13 650,000 620,972 NR/NR
Somerville, Massachusetts, 7.12%, 8/1/01 475,000 487,920 NR/NR
St. Louis, Missouri Airport Revenue Bonds, 6.10%, 7/1/03 200,000 192,230 Aaa/AAA
Total Municipal Obligations (Cost $11,815,059) 12,138,964
Sovereign Debt (0.4%)
South Africa Republic, 9.625%, 12/15/99 250,000 261,875 Baa3/BB
Total Sovereign Debt (Cost $244,891) 261,875
Equity Securities (1.9%) Shares
Financial Services (0.3%)
Great Western Financial Corp., $50.00, Convertible Preferred 2,700 169,425
Energy (1.6%)
Northern Borders Partners, LP <F7> 41,000 1,004,500
Total Equity Securities (Cost $1,149,630) 1,173,925
TOTAL INVESTMENTS (94.8%) <F5>
(Cost $59,051,729) <F4> $60,518,662
Calvert Social Investment Fund
Equity Portfolio of Investments
September 30, 1995
Equity Securities (99.8%) Shares Value
Business Equipment & Services (2.3%)
Sensormatic Electronics Corp. 92,200 $2,120,600
2,120,600
Capital Goods (1.2%)
Consorcio G Grupo Dina, S.A. 330,000 1,155,000
1,155,000
Consumer Products (10.8%)
Black & Decker Corp. 133,400 4,552,275
Masco Corp. 99,000 2,722,500
Whirlpool Corp. 48,000 2,772,000
10,046,775
Delivery Services (3.7%)
Federal Express Corp. <F3> 41,000 3,403,000
3,403,000
Financial Services (20.6%)
BankAmerica Corp. 49,000 2,933,875
Chemical Banking Corp. 61,000 3,713,375
Chubb Corp. 32,700 3,139,200
Dean Witter Discover & Co. 54,000 3,037,500
Federal Home Loan Mortgage Corp. 43,000 2,972,375
Grupo Financiero Serfin, S.A. <F3> 125,000 578,125
USF&G Corp. 140,000 2,712,500
19,086,950
Industrial Products (8.4%)
Federal Mogul Corp. 120,000 2,295,000
Morton International, Inc. 73,000 2,263,000
Praxair, Inc. 122,200 3,268,850
7,826,850
Machinery (3.8%)
Deere & Co. 23,700 1,928,587
Gidding & Lewis, Inc. 90,000 1,569,375
3,497,962
Pharmaceutical & Health Care (5.6%)
Ventritex, Inc. <F3> 100,000 2,150,000
HealthSouth Corp. <F3> 119,000 3,034,500
5,184,500
Retail (8.3%)
Gap, Inc. 66,000 $2,376,000
Liz Claiborne, Inc. 140,000 3,535,000
Toys R US, Inc. <F3> 65,000 1,755,000
7,666,000
Technology (20.2%)
Applied Materials, Inc. <F3> 43,000 4,396,750
Computer Associates International, Inc. 99,000 4,182,750
Digital Equipment Corp. <F3> 40,000 1,825,000
E M C Corp. <F3> 139,000 2,519,375
Intel Corp. 65,000 3,908,125
Lam Resh Corp. <F3> 32,000 1,912,000
18,744,000
Transportation (6.9%)
AMR Corp. <F3> 25,000 1,803,126
Ryder Systems, Inc. 100,000 2,537,500
TNT Freightways Corp. 107,000 2,019,625
6,360,251
Utilities (8.0%)
Compania de Teleponos de Chile, S.A. (ADR) 40,000 2,765,000
Telefonica de Argentina S.A., Class B (ADR) 100,000 2,387,500
Telefonos de Mexico, S.A. (ADR) 73,000 2,317,750
7,470,250
TOTAL INVESTMENTS (99.8%) <F5>
(Cost $89,849,335) <F4> $92,562,138
Calvert Social Investment Fund
Portfolio of Investments (continued)
September 30, 1995
Notes to Portfolio of Investments:
<F1> Ratings (Unaudited): Moody's Investors Service, Inc's ratings of
short-term debt in descending order of quality are: P-1, P-2, and P-3.
Moody's ratings of long-term corporate debt obligations in descending order
of quality are: Aaa, Aa, A, and Baa. Moody's ratings of state and municipal
notes, in descending order of quality are: MIG1, MIG2, and MIG3. VMIG
rating is the same as MIG rating but is designated for issues that have
periodic demand features. Moody's rating of municipal bonds, in
descending order of quality are: Aaa, Aa, A, and Baa. Moody's ratings of
tax-exempt commercial paper, in descending order of quality are: AAA, AA,
A, and BBB. Standard & Poor's Corporation commercial paper ratings are:
A-1, A-2, A-3, B, C, D. Standard & Poor's ratings of long-term corporate
debt are: AAA, AA, A, BBB. Standard & Poor's ratings of tax-exempt
commercial paper, in descending order of quality are: SP1, SP2, and SP3.
For variable rate obligations with a demand feature, S & P ratings are:
A-1+, A-1, A-2, A-3. Numerical modifiers and plus or minus indicate the
ranking of a security within its generic rating category. Moody's ratings
are indicated before Standard & Poor's in the portfolio of investments. NR:
Obligation is not rated by a commercial credit rating service, such as
Moody's Investors Services, Inc., or Standard & Poor's Corporation;
obligation has been determined to be of appropriate quality for the
Portfolio by Calvert Asset Management Company, Inc., the Investment
Advisor.
<F2> These certificates of deposit are fully insured by agencies of the
federal government.
<F3> These equity securities have not declared dividends in the past twelve
months.
<F4> Cost of investments is substantially the same for federal income tax
purposes.
<F5> The percentages shown represent the percentage of the investments of
net assets.
<F6> Optional tender features make these securities equivalent to
short-term instruments.
<F7> Restricted securities representing 2.5% of net assets of the Managed
Growth Portfolio.
<F8> Explanation of Guarantees:
LOC: Letter of Credit
BPA: Bond Purchase Agreement
<F9> Abbreviations:
VRDN: Variable Rate Demand Notes
[/FN]
</TABLE>
Calvert Social Investment Fund
Statements of Assets and Liabilities
September 30, 1995
Money Managed
Market Growth
Portfolio Portfolio
Assets
Investments in securities, at value-
see accompanying portfolios $152,372,815 $582,683,884
Cash 655,176 11,860,611
Receivable for securities sold _ 11,592,325
Receivable for shares sold 630,413 448,225
Interest and dividends receivable 564,078 3,779,201
Other assets 3,615 14,900
Total assets 154,226,097 610,379,146
Liabilities
Payable for securities purchased _ 44,112,447
Payable for shares redeemed 88,365 508,104
Payable to Calvert Asset Management
Company, Inc. 81,170 487,115
Payable to Calvert Shareholder Services, Inc. 40,836 64,725
Payable to Calvert Distributors, Inc. _ 111,788
Accrued expenses and other liabilities 20,155 48,203
Total liabilities 230,526 45,332,382
Net assets $153,995,571 $565,046,764
Net Assets
Net assets consist of:
Paid-in capital applicable to 154,044,216
outstanding shares of beneficial interest,
for the Money Market Portfolio, no par value
(unlimited number of shares authorized) $154,044,817
Paid-in capital applicable to 17,099,462
outstanding Class A Shares of beneficial
interest, for the Managed Growth Portfolio,
no par value (unlimited number of shares
authorized) $445,716,999
Paid-in capital applicable to 124,726
outstanding Class C Shares of beneficial
interest, for the Managed Growth Portfolio,
no par value (unlimited number of shares
authorized) 3,670,441
Undistributed net investment income 594 192,950
Accumulated realized gains (losses) (49,840) 61,196,804
Net unrealized appreciation (depreciation)
on investments _ 54,269,570
Net assets $153,995,571 $565,046,764
Net Asset Value and Offering
Price Per Share
Money Market Portfolio
($153,995,571 divided by 154,044,216
shares) $1.00
Managed Growth Portfolio
Class A net asset value per share
($ 560,981,363 divided by 17,099,462
Class A Shares) $32.81
Maximum sales charge
(4.75% of Class A offering price) 1.64
Offering price per Class A Share $34.45
Class C net asset value and offering price
per share ($ 4,065,401 divided by 124,726
Class C Shares) $32.60
Calvert Social Investment Fund
Statements of Assets and Liabilities (continued)
September 30, 1995
Bond Equity
Portfolio Portfolio
Assets
Investments in securities, at value-
see accompanying portfolios $60,518,662 $92,562,138
Cash 2,304,670 _
Receivable for securities sold _ 331,147
Receivable for shares sold 64,179 90,872
Interest and dividends receivable 1,097,346 79,259
Other assets 12,116 8,761
Total assets 63,996,973 93,072,177
Liabilities
Payable to Bank _ 20,479
Payable for shares redeemed 84,415 150,264
Payable to Calvert Asset Management
Company, Inc. 47,094 101,242
Payable to Calvert Distributors, Inc. 11,177 18,716
Payable to Calvert Shareholder Services, Inc. 9,302 18,372
Accrued expenses and other liabilities 5,897 10,319
Total liabilities 157,885 319,392
Net assets $63,839,088 $92,752,785
Net Assets
Net assets consist of:
Paid-in capital applicable to 3,850,136
outstanding Class A Shares of beneficial
interest, for the Bond Portfolio, no par
value (unlimited number of shares
authorized) $62,292,686
Paid-in capital applicable to 56,183
outstanding Class C Shares of beneficial
interest, for the Bond Portfolio, no par value
(unlimited number of shares authorized) 891,224
Paid-in capital applicable to 4,307,175
outstanding Class A Shares of beneficial
interest, for the Equity Portfolio, no par
value (unlimited number of shares authorized) $81,095,110
Paid-in capital applicable to 87,218
outstanding Class C Shares of beneficial
interest, for the Equity Portfolio, no
par value (unlimited number of shares
authorized) 1,712,628
Undistributed net investment income 104,522 188,757
Accumulated realized gains (losses) (916,277) 7,043,487
Net unrealized appreciation (depreciation)
on investments 1,466,933 2,712,803
Net assets $63,839,088 $92,752,785
Net Asset Value and Offering
Price Per Share
Bond Portfolio
Class A net asset value per share
($62,928,978 _ 3,850,136 Class A Shares) $16.34
Maximum sales charge
(3.75% of Class A offering price) .64
Offering price per Class A Share $16.98
Class C net asset value and offering price
per share ($910,110 divided by 56,183
Class C Shares) $16.20
Equity Portfolio
Class A net asset value per share
($90,950,898 divided by 4,307,175
Class A Shares) $21.12
Maximum sales charge
(4.75% of Class A offering price) 1.05
Offering price per Class A Share $22.17
Class C net asset value and offering
price per share ($1,801,887 divided by
87,218 Class C Shares) $20.66
Calvert Social Investment Fund
Statements of Operations
Year Ended September 30, 1995
Money Managed
Market Growth
Portfolio Portfolio
Net Investment Income
Investment Income
Interest income $8,589,923 $16,057,100
Dividend income
(net of foreign taxes withheld of $85,993) _ 5,590,878
Total investment income 8,589,923 21,647,978
Expenses
Investment advisory fee 727,343 3,645,338
Transfer agency fees and expenses 508,112 851,590
Distribution Plan expenses:
Class A _ 1,219,694
Class C _ 28,447
Trustees' fees and expenses 44,218 164,497
Custodian fees 25,655 60,578
Registration fees 27,656 55,050
Reports to shareholders 169,285 404,999
Professional fees 13,425 81,829
Miscellaneous 36,639 268,405
Reimbursement from Advisor (254,578) (99,859)
Total expenses 1,297,755 6,680,568
Fees paid indirectly (24,914) (60,578)
Net expenses 1,272,841 6,619,990
Net Investment Income 7,317,082 15,027,988
Realized and Unrealized
Gain (Loss) on Investments
Net realized gain (loss) (1,883) 61,611,966
Change in unrealized appreciation or
depreciation _ 11,568,497
Net Realized and Unrealized
Gain (Loss) on Investments (1,883) 73,180,463
Increase (Decrease) in
Net Assets Resulting
From Operations $7,315,199 $88,208,451
Bond Equity
Portfolio Portfolio
Net Investment Income
Investment Income
Interest income $4,366,649 $64,138
Dividend income (net of foreign taxes
withheld of $39,739 for Equity) 102,013 1,450,990
Total investment income 4,468,662 1,515,128
Expenses
Investment advisory fee 400,253 569,589
Transfer agency fees and expenses 119,859 246,195
Distribution Plan expenses:
Class A 121,992 203,878
Class C 5,816 11,918
Trustees' fees and expenses 18,850 27,708
Custodian fees 13,248 10,355
Registration fees 26,394 35,853
Reports to shareholders 56,674 108,535
Professional fees (672) 16,628
Miscellaneous 18,962 33,236
Reimbursement from Advisor (12,453) (14,285)
Total expenses 768,923 1,249,610
Fees paid indirectly (13,248) (10,355)
Net expenses 755,675 1,239,255
Net Investment Income 3,712,987 275,873
Realized and Unrealized
Gain (Loss) on Investments
Net realized gain (loss) (916,277) 7,338,427
Change in unrealized appreciation or
depreciation 4,548,221 2,776,172
Realized and Unrealized
Gain (loss) on Investments 3,631,944 10,114,599
Increase (Decrease) in
Net Assets Resulting
From Operations $7,344,931 $10,390,472
Calvert Social Investment Fund
Statements of Changes in Net Assets
Money Market Portfolio
Year Ended Year Ended
September 30, September 30,
1995 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $7,317,082 $4,333,118
Net realized gain (loss) on investments (1,883) (1,093)
Increase (Decrease)
in Net Assets
Resulting From Operations 7,315,199 4,332,025
Distributions to shareholders from
Net investment income (7,316,488) (4,333,118)
Capital share transactions 10,217,775 (1,204,609)
Total Increase (Decrease)
in Net Assets 10,216,486 (1,205,702)
Net Assets
Beginning of year 143,779,085 144,984,787
End of year (including undistributed net
investment income of $594 and $1,207
for 1995 and 1994, respectively.) $153,995,571 $143,779,085
Managed Growth Portfolio
Year Ended Year Ended
September 30, September 30,
1995 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $15,027,988 $16,591,777
Net realized gain (loss) on investments 61,611,966 3,599,484
Change in net unrealized appreciation
or depreciation of investments 11,568,497 (36,184,401)
Increase (Decrease)
in Net Assets
Resulting From Operations 88,208,451 (15,993,140)
Distributions to shareholders from
Net investment income:
Class A shares (14,892,978) (16,695,523)
Class C shares (58,324) (19,114)
Net realized gain on investments:
Class A shares (3,653,404) (4,229,288)
Class C shares (16,082) _
Total distributions (18,620,788) (20,943,925)
Capital share transactions
Class A shares (20,216,941) 12,773,274
Class C shares 1,756,561 1,913,747
Total capital share transactions (18,460,380) 14,687,021
Total Increase (Decrease)
in Net Assets 51,127,283 (22,250,044)
Net Assets
Beginning of year 513,919,481 536,169,525
End of year (including undistributed net
investment income (loss) of $192,950 and
($5,217) for 1995 and 1994, respectively.) $565,046,764 $513,919,481
Bond Portfolio
Year Ended Year Ended
September 30, September 30,
1995 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $3,712,987 $3,635,958
Net realized gain (loss) on investments (916,277) 794,311
Change in net unrealized appreciation
or depreciation of investments 4,548,221 (7,884,739)
Increase (Decrease)
in Net Assets Resulting
From Operations 7,344,,931 (3,454,470)
Distributions to shareholders from
Net investment income:
Class A shares (3,578,827) (3,644,315)
Class C shares (29,538) (5,226)
Net realized gain on investments:
Class A shares (233,208) (1,779,159)
Class C shares (1,624) _
Tax return of capital:
Class A shares (134,168) _
Class C shares (1,107) _
Total distributions (3,978,472) (5,428,700)
Capital share transactions
Class A shares (1,981,594) 3,310,933
Class C shares 566,561 325,770
Total capital share transactions (1,415,033) 3,636,703
Total Increase (Decrease)
In Net Assets 1,951,426 (5,246,467)
Net Assets
Beginning of year 61,887,662 67,134,129
End of year (including undistributed net
investment income of $104,522 and $56,745
for 1995 and 1994, respectively.) $63,839,088 $61,887,662
Equity Portfolio
Year Ended Year Ended
September 30, September 30,
1995 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $275,873 $556,579
Net realized gain (loss) on investments 7,338,427 5,528,743
Change in net unrealized appreciation
or depreciation of investments 2,776,172 (10,125,496)
Increase (Decrease)
in Net Assets
Resulting From Operations 10,390,472 (4,040,174)
Distributions to shareholders from
Net investment income:
Class A shares (205,649) (1,118,836)
Class C shares (3,766) _
Net realized gain on investments:
Class A shares (5,771,214) (440,405)
Class C shares (52,194) _
Total distributions (6,032,823) (1,559,241)
Capital share transactions
Class A shares (6,258,208) 13,497,939
Class C shares 1,012,677 699,951
Total capital share transactions (5,245,531) 14,197,890
Total Increase (Decrease)
in Net Assets (887,882) 8,598,475
Net Assets
Beginning of year 93,640,667 85,042,192
End of year (including undistributed net
investment income of $188,757 and
$122,299 for 1995 and 1994, respectively.) $92,752,785 $93,640,667
Notes to Financial Statements
Note A_Significant Accounting Policies
General: The Calvert Social Investment Fund (the "Fund") is registered
under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The Fund operates as a series fund with four
separate portfolios: Money Market, Managed Growth, Bond and Equity. Each
Portfolio offers shares of beneficial interest. Money Market shares are
sold without a sales charge. Managed Growth, Bond and Equity offer both
Class A and Class C shares. Class A shares are sold with a maximum
front-end sales charge of 4.75% (3.75% for Bond). Class C shares, which
have no transaction-based sales charge, have a higher annual expense rate
than Class A. Each class has different: (a) Distribution Plan expenses, (b)
class specific expenses, including transfer agency fees, registration fees,
reports to shareholders, (c) dividend rates due to (a) and (b) above, (d)
exchange privileges and (e) class specific voting rights.
Security Valuation: Securities for which market quotations are readily
available are valued at the most recent closing price of their primary
exchange, or, if closing prices are unavailable, at the bid prices or based
on a yield equivalent obtained from the securities' market maker. Municipal
securities are valued utilizing the average of bid prices or at bid prices
based on a matrix system (which considers such factors as security prices,
yields, maturities and ratings) furnished by dealers through an independent
pricing service. Short-term securities maturing within 60 days and all
securities held by Money Market are valued at amortized cost which
approximates market. The Fund may invest in securities whose resale is
subject to restrictions. Restricted securities and other securities and
assets for which market quotations are not available or deemed
inappropriate are valued in good faith under the direction of the Board of
Trustees.
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.
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.The Fund maintains, in a segregated account with
brokers, liquid assets sufficient to cover, on a daily basis, the current
value of written options.
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 segregates securities with a value equal to its obligation under each
contract. Initial margin deposits of either cash or securities are made
upon entering in 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 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.
Distributions to Shareholders: Distributions to shareholders are recorded
by the Fund on ex-dividend date. Dividends from net investment income are
paid monthly by Money Market and Bond, quarterly by Managed Growth and
annually by Equity. 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.
Expense Offset Arrangement: The Fund has an arrangement with its custodian
bank whereby the custodian's fees are paid indirectly by credits earned on
the Series' cash on deposit with the bank. Such 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 continue to qualify as a regulated
investment company under the Internal Revenue Code and to distribute
substantially all of its 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 Acacia
Mutual Life Insurance Company. The Advisor provides investment advisory
services and pays the salaries and fees of officers and affiliated
Trustees of the Fund. For its services, the Advisor receives monthly fees
based on the following annual rates of average daily net assets: .50 % for
Money Market, .70% for both Managed Growth and Equity, and .65% for Bond.
Effective June, 1995, Equity began paying a monthly performance fee of plus
or minus .20%, on an annual basis, of average daily net assets of the
performance period depending on the Portfolio's performance compared to the
Standard & Poor's Composite Stock Price Index.
The Advisor reimburses the Portfolios for their respective operating
expenses (excluding brokerage fees, taxes, interest, Distribution Plan
expenses and extraordinary items) exceeding the following annual rates of
average daily net assets: 1.5% on the first $30 million and 1.0% on the
excess of $30 million for Money Market and Bond; 2.5% on the first $30
million, 2.0% on the next $70 million and 1.5% on the excess of $100
million for Managed Growth and Equity. Additionally, during the year, other
operating expenses of Equity were voluntarily reimbursed by the Advisor.
Calvert Distributors, Inc. (the successor of Calvert Securities Corp.
effective April, 1995), both affiliates of the Advisor, is the distributor
and principal underwriter for the Fund. Distribution Plans, adopted by each
class of shares, allow the Portfolios to pay the distributor for expenses
and services associated with distribution of shares. The expenses paid may
not exceed .35% and 1.0% annually of average daily net assets of each Class
A and Class C, respectively. The expenses of Money Market are limited to
.25% annually of average daily net assets.
The Distributor received the following as its portion of the commissions
charged on sales of each Portfolio's shares: $203,099 for Managed Growth,
$27,038 for Bond and $63,459 for Equity.
Calvert Shareholder Services, Inc., an affiliate of the Advisor, acts as
transfer, dividend disbursing and shareholder servicing agent for the Fund.
Each Trustee who is not affiliated with the Advisor receives an annual fee
of $15,430 plus $600 for each Board and Committee meeting attended.
Additional fees of up to $10,000 annually may be paid to the Chairperson of
special committees of the Board. Trustee's fees are allocated to each of
the funds served.
Note C_Investment Activity
During the year, purchases and sales of investments, other than short-term
securities, were:
Managed Growth Bond Equity
Purchases: $536,989,755 $19,636,360 $30,467,875
Sales: 576,394,316 16,061,612 38,672,144
Money Market held only short-term investments.
The cost of investments owned at September 30, 1995 was substantially the
same for federal income tax and financial reporting purposes for each
Portfolio. The following table presents the components of net unrealized
appreciation (depreciation) and the net realized capital loss carryforwards
with expiration dates:
Money Managed
Market Growth Bond Equity
Unrealized appreciation _ $59,509,010 $1,775,076 $16,265,201
Unrealized depreciation _ (5,239,440) (308,143)(13,552,398)
Capital loss carry forward $49,840 _ 916,381 _
Expiration dates 1996-2003 2003
Capital losses may be utilized to offset future capital gains until
expiration.
Note D_Capital Share Transactions
The change in net assets resulting from capital share transactions for 1995
and 1994 is indicated below:
Money Market Portfolio
Year Ended Year Ended
September 30, September 30,
1995 1994
In dollars and shares:
Shares sold $144,488,289 $152,433,209
Reinvestment of dividends 7,091,284 4,332,756
Shares redeemed (141,361,798) (157,970,574)
$10,217,775 $(1,204,609)
<TABLE>
<CAPTION>
Managed Growth Portfolio
Class C Shares
Class A Shares Class A Shares Class C Shares From Inception
Year Ended Year Ended Year Ended Mar. 1, 1994
Sept. 30, Sept. 30, Sept. 30, Through
1995 1994 1995 Sept. 30, 1994
<S> <C> <C> <C> <C>
In dollars:
Shares sold $64,112,225 $90,652,987 $2,255,528 $2,000,376
Reinvestment of dividends 17,905,477 20,926,232 73,747 19,353
Shares redeemed (102,234,643) (98,805,945) (572,714) (105,982)
$(20,216,941) $12,773,274 $1,756,561 $1,913,747
In shares:
Shares sold 2,095,415 3,056,305 75,390 69,095
Reinvestment of dividends 568,732 706,397 2,501 674
Shares redeemed (3,364,989) (3,340,781) (19,232) (3,702)
(700,842) 421,921 58,659 66,067
</TABLE>
<TABLE>
<CAPTION>
Bond Portfolio
Class C Shares
Class A Shares Class A Shares Class C Shares From Inception
Year Ended Year Ended Year Ended Mar. 1,1994
Sept. 30, Sept. 30, Sept. 30, Through
1995 1994 1995 Sept.30,1994
<S> <C> <C> <C> <C>
In dollars:
Shares sold $9,721,624 $16,900,209 $755,847 $399,925
Reinvestment of dividends 3,564,799 5,423,418 29,809 5,226
Shares redeemed (15,268,017) (19,012,694) (219,095) (79,381)
$(1,981,594) $3,310,933 $566,561 $325,770
In shares:
Shares sold 614,412 1,025,490 47,745 25,124
Reinvestment of dividends 225,438 325,815 1,891 331
Shares redeemed (965,822) (1,153,554) (13,861) (5,047)
(125,972) 197,751 35,775 20,408
</TABLE>
<TABLE>
<CAPTION>
Equity Portfolio
Class C Shares
From Inception
Class A Shares Class A Shares Class C Shares Mar. 1, 1994
Year Ended Year Ended Year Ended Through
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
In dollars:
Shares sold $15,393,397 $32,896,149 $1,154,662 $765,840
Reinvestment of dividends 5,988,415 1,559,239 55,960 __
Shares redeemed (27,640,020) (20,957,449) (197,945) (65,889)
$(6,258,208) $13,497,939 $1,012,677 $699,951
In shares:
Shares sold 800,199 1,639,070 60,778 36,740
Reinvestment of dividends 329,761 70,457 3,001 __
Shares redeemed (1,442,423) (1,057,554) (10,106) (3,195)
(312,463) 651,973 53,673 33,545
</TABLE>
Financial Highlights
Money Market Portfolio
Year Ended Year Ended Year Ended
September 30, September 30, September 30,
1995 1994 1993
[S] [C] [C] [C]
Net asset value, beginning of year $1.00 $1.00 $1.00
Income from investment operations
Net investment income .050 .031 .025
Distributions from
Net investment income (.050) (.031) (.025)
Net asset value, end of year $1.00 $1.00 $1.00
Total return 5.13% 3.13% 2.56%
Ratios to average net assets:
Net investment income 5.03% 3.07% 2.54%
Total expenses <F1> .89% _ _
Net expenses .87% .87% .87%
Expenses reimbursed
and/or waived .18% .18% .20%
Net assets, end of year (in thousands) $153,996 $143,779 $144,985
Number of shares outstanding
at end of year (in thousands) 154,044 143,826 145,031
Money Market Portfolio
Year Ended Year Ended
September 30, September 30,
1992 1991
Net asset value, beginning of year $1.00 $1.00
Income from investment operations
Net investment income .037 .061
Distributions from
Net investment income (.037) (.061)
Net asset value, end of year $1.00 $1.00
Total return 3.79% 6.32%
Ratios to average net assets:
Net investment income 3.74% 6.12%
Total expenses <F1> _ _
Net expenses .87% .87%
Expenses reimbursed
and/or waived .16% .13%
Net assets, end of year (in thousands) $171,340 $193,947
Number of shares outstanding
at end of year (in thousands) 171,407 194,015
[FN]
<F1> Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; previously, such reductions were included in
the ratio.
[/FN]
Financial Highlights (continued)
Managed Growth Portfolio
Class A Shares Class A Shares
Year Ended Year Ended Year Ended
September 30, September 30, September 30,
1995 1994 1993
Net asset value, beginning of year $28.77 $30.85 $29.35
Income from investment operations
Net investment income .87 .93 .95
Net realized and unrealized gain
(loss) on investments 4.25 (1.83) 1.91
Total from investment operations 5.12 (.90) 2.86
Distributions from
Net investment income (.87) (.95) (.95)
Net realized gains (.21) (.23) (.41)
Total distributions (1.08) (1.18) (1.36)
Total increase (decrease) in
net asset value 4.04 (2.08) 1.50
Net asset value, end of year $32.81 $28.77 $30.85
Total return<F1> 18.21% (2.95%) 9.98%
Ratios to average net assets:
Net investment income 2.89% 3.14% 3.25%
Total expenses <F2> 1.28% _ _
Net expenses 1.26% 1.24% 1.25%
Expenses reimbursed
and/or waived .02% _ _
Portfolio turnover 114% 34% 33%
Net assets, end of year (in thousands) $560,981 $512,027 $536,170
Number of shares outstanding at
end of year (in thousands) 17,099 17,800 17,378
[FN]
<F1> Total return is not annualized and does not reflect deduction of
Class A front-end sales charge.
<F2> Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; previously, such reductions were included
in the ratio.
[/FN]
<TABLE>
<CAPTION>
Financial Highlights (continued)
Managed Growth Portfolio
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Year Ended Year Ended Through
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1992 1991 1995 1994
<S> <C> <C> <C> <C>
Net asset value, beginning of period $28.42 $25.87 $28.65 $30.43
Income from investment operations
Net investment income 1.07 1.20 .54 .51
Net realized and unrealized gain
(loss) on investments 1.82 3.10 4.20 (1.66)
Total from investment operations 2.89 4.30 4.74 (1.15)
Distributions from
Net investment income (1.95) (1.00) (.58) (.63)
Net realized gains (.01) (.75) (.21) _
Total distributions (1.96) (1.75) (.79) (.63)
Total increase (decrease) in
net asset value .93 2.55 3.95 (1.78)
Net asset value, end of period $29.35 $28.42 $32.60 $28.65
Total return<F2> 10.71% 17.51% 16.85% (3.30%)
Ratios to average net assets:
Net investment income 3.90% 4.73% 1.61% 1.83%<F1>
Total expenses <F3> _ _ 2.51% _
Net expenses 1.28% 1.31% 2.50% 2.47%<F1>
Expenses reimbursed
and/or waived _ _ .42% 1.46%<F1>
Portfolio turnover 14% 25% 114% 34%
Net assets, end of period (in thousands) $419,514 $329,922 $4,065 $1,893
Number of shares outstanding
at end of period (in thousands) 14,292 11,609 125 66
<FN>
<F1> Annualized
<F2> Total return is not annualized for periods of less than one year and does not reflect
deduction of Class A front-end sales charge.
<F3> Effective September 30, 1995, this ratio reflects total expenses before reduction for fees
paid indirectly; previously, such reductions were included in the ratio.
</FN>
</TABLE>
Financial Highlights (continued)
Bond Portfolio
Class A Shares Class A Shares
Year Ended Year Ended Year Ended
September 30, September 30, September 30,
1995 1994 1993
Net asset value, beginning of year $15.49 $17.77 $17.05
Income from investment operations
Net investment income .96 .94 1.08
Net realized and unrealized gain
(loss) on investments .91 (1.81) .85
Total from investment operations 1.87 (.87) 1.93
Distributions from
Net investment income (.93) (.94) (1.08)
Net realized gains (.06) (.47) (.13)
Tax return of capital (.03) _ _
Total distributions (1.02) (1.41) (1.21)
Total increase (decrease) in
net asset value .85 (2.28) .72
Net asset value, end of year $16.34 $15.49 $17.77
Total return<F1> 12.57% (5.18%) 11.89%
Ratios to average net assets:
Net investment income 6.04% 5.64% 6.33%
Total expenses <F2> 1.24% _ _
Net expenses 1.22% 1.10% .79%
Expenses reimbursed
and/or waived _ _ .20%
Portfolio turnover 29% 19% 28%
Net assets, end of year (in thousands) $62,929 $61,573 $67,134
Number of shares outstanding at
end of year (in thousands) 3,850 3,976 3,778
[FN]
<F1> Total return is not annualized and does not reflect deduction of
Class A front-end sales charge.
<F2> Effective September 30, 1995, this ratio reflects total expenses
before reduction for fees paid indirectly; previously, such
reductions were included in the ratio.
[/FN]
<TABLE>
<CAPTION>
Financial Highlights (continued)
Bond Portfolio
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Year Ended Year Ended Through
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1992 1991 1995 1994
<S> <C> <C> <C> <C>
Net asset value, beginning of period $16.48 $15.34 $15.43 $16.71
Income from investment operations
Net investment income 1.15 1.21 .80 .45
Net realized and unrealized gain
(loss) on investments .78 1.15 .87 (1.23)
Total from investment operations 1.93 2.36 1.67 (.78)
Distributions from
Net investment income (1.15) (1.21) (.81) (.50)
Net realized gains (.21) (.01) (.06) __
Tax return of capital _ _ (.03) __
Total distributions (1.36) (1.22) (.90) (.50)
Total increase (decrease) in
net asset value .57 1.14 .77 (1.28)
Net asset value, end of period $17.05 $16.48 $16.20 $15.43
Total return<F2> 12.29% 15.95% 11.21% (4.13%)
Ratios to average net assets:
Net investment income 6.90% 7.63% 4.60% 4.63%<F1>
Total expenses <F3> _ _ 2.52% _
Net expenses .75% .77% 2.50% 2.41%<F1>
Expenses reimbursed
and/or waived .24% .27% 2.14% 9.60%<F1>
Portfolio turnover 29% 24% 29% 19%
Net assets, end of period (in thousands) $50,572 $33,259 $910 $315
Number of shares outstanding at
end of period (in thousands) 2,965 2,018 56 20
<FN>
<F1> Annualized
<F2> Total return is not annualized for periods of less than one year and does not reflect
deduction of Class A front-end sales charge.
<F3> Effective September 30, 1995, this ratio reflects total expenses before reduction for fees
paid indirectly; previously, such reductions were included in the ratio.
</FN>
</TABLE>
Financial Highlights (continued)
Equity Portfolio
Class A Shares Class A Shares
Year Ended Year Ended Year Ended
September 30, September 30, September 30,
1995 1994 1993
Net asset value, beginning of year $20.13 $21.43 $20.03
Income from investment operations
Net investment income .06 .13 .21
Net realized and unrealized gain
(loss) on investments 2.22 (1.04) 1.36
Total from investment operations 2.28 (.91) 1.57
Distributions from
Net investment income (.04) (.28) (.17)
Net realized gains (1.25) (.11) _
Total distributions (1.29) (.39) (.17)
Total increase (decrease) in
net asset value .99 (1.30) 1.40
Net asset value, end of year $21.12 $20.13 $21.43
Total return<F1> 12.43% (4.33%) 7.82%
Ratios to average net assets:
Net investment income .32% .65% 1.06%
Total expenses <F2> 1.38% _ _
Net expenses 1.36% 1.27% 1.13%
Expenses reimbursed
and/or waived _ _ _
Portfolio turnover 35% 94% 43%
Net assets, end of year (in thousands) $90,951 $92,970 $85,042
Number of shares outstanding at
end of year (in thousands) 4,307 4,620 3,968
[FN]
<F1> Total return is not annualized for periods of less than one year and
does not reflect deduction of Class A front-end sales charge.
<F2> Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; previously, such reductions were included
in the ratio.
[/FN]
<TABLE>
<CAPTION>
Financial Highlights (continued)
Equity Portfolio
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Year Ended Year Ended Through
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1992 1991 1995 1994
<S> <C> <C> <C> <C>
Net asset value, beginning of period $18.89 $15.86 $19.98 $22.12
Income from investment operations
Net investment income .17 .44 (.03) (.06)
Net realized and unrealized gain
(loss) on investments 1.20 2.96 2.05 (2.08)
Total from investment operations 1.37 3.40 2.02 (2.14)
Distributions from
Net investment income (.23) (.37) (.09) _
Net realized gains _ _ (1.25) _
Total distributions (.23) (.37) (1.34) _
Total increase (decrease) in
net asset value 1.14 3.03 .68 (2.14)
Net asset value, end of period $20.03 $18.89 $20.66 $19.98
Total return<F2> 7.36% 21.88% 11.16% (9.14%)
Ratios to average net assets:
Net investment income (loss) 1.02% 1.94% (.84%) (1.06%)<F1>
Total expenses <F3> _ _ 2.51% _
Net expenses 1.17% 1.04% 2.50% 2.75%<F1>
Expenses reimbursed
and/or waived _ .18% 1.07% 4.60%<F1>
Portfolio turnover 24% 27% 35% 94%
Net assets, end of period (in thousands) $64,629 $42,642 $1,802 $670
Number of shares outstanding at
end of period (in thousands) 3,226 2,258 87 34
<FN>
<F1> Annualized
<F2> Total return is not annualized for periods of less than one year and
does not reflect deduction of Class A front-end
sales charge.
<F3> Effective September 30, 1995, this ratio reflects total expenses before reduction for fees
paid indirectly; previously, such reductions were included in the ratio.
</FN>
</TABLE>
Investing with Vision (TM) (logo) Calvert Group(R)
A member of the Acacia Group(R)
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
