<PAGE>
Calvert
Social
Investment
Fund
Semi-Annual
Report
March 31, 1996
Investing with Vision(TM)
[LOGO] Calvert Group
A member of The Acacia Group(R)
<PAGE>
A Note From The Chairman
Dear Investor:
The markets have generally continued their bull market pace since my last
annual report of September 30, 1995. As you can see from the enclosed detailed
report, our Portfolio returns were generally in line with this trend, although
the bond market has appeared to show weakness.
Economy and Financial Markets
I am surprised by the continued strength of the stock market. Although I do
not manage our Portfolios, I have been cautioning the managers for years to be
somewhat conservative in their approach to financial markets. Such an approach
has perhaps caused our returns, satisfactory in absolute terms, to fall short of
many other fund's returns. It's fair to say that the managers have been
eschewing my advice lately in favor of structuring the Portfolios more similar
to those of other funds to produce returns that are in line with the market.
My predictions have been much better over the years on the economy, which
should continue to show strength given America's growth in interfacing with the
global marketplace. This does not necessarily bode well for that large sector of
our society whose jobs may be exported or restructured. Moreover, when there is
a reversal in the financial markets, this would slow consumer spending here
which would put more pressure on our undertrained and underemployed. It's a hard
issue: How can we become an information/service society in a world community
without devaluing compassionate resources for our own communities?
Special Equities
You will recall that our Special Equities program allocates some modest
moneys to support visionary entrepreneurs whose companies can someday make an
impact on our society. We recently made a small investment in Eco-Timber, a
California company that supplies sustainable forest woods to manufacturers. We
hope that as the company grows, a major forest products group might incorporate
this specialty company's services and special market knowledge into its
distribution systems.
This happened recently when our company, Earth's Best, an organic baby food
producer, was sold to Heinz. While we have some misgivings about an innovator
folding into a larger corporation, we believe that helping large established
companies bring important consumer needs into the mainstream should be
considered a success. We also had a strong financial return on our investment.
Taking a different approach our company Ultrafem, producers of a new women's
hygiene product that does not cause toxic shock syndrome, went public recently
instead of being sold to a larger company. Ultrafem was founded by a woman who
struggled for years to develop this product which should hit the market this
year. As of the writing of this letter, the value of our investment is
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 1
<PAGE>
worth more than three times our acquisition price. Not all of our companies will
do so well, but we are optimistic that these special efforts, made possible by
your support, will produce satisfactory returns as well as help those companies
that meet real societal needs.
Shareholder Activism
In the area of shareholder activism, we continue to make great strides. One
recent example is a shareholder resolution we filed with Federal-Mogul
Corporation seeking disclosure on the company's employment opportunity programs
and policies, including a breakdown of the company's workforce by race and
gender composition. In response to our request, the company launched several
programs to attract women and minority job applicants. In addition, the company
has agreed to find ways to increase the representation of women and minorities
in key leadership positions.
High Social Impact Investments
While our Special Equities Program discussed above is intended to produce
good financial returns, we also put aside one percent of our assets into social
programs with less-than-market returns to rebuild urban and rural communities.
One such investment is the Northcountry Cooperative Development Fund which
helps provide fresh food to a broad range of people, creates democratic
workplaces and develops community-owned housing by lending to cooperatives
across ten states in the Midwest. One borrower, Nature's Bakery, is a demo-
cratically run cooperative that participates in local causes by giving away food
and bread. Its business is booming, with sales growing at the rate of 10% a
year. In fact, after paying off its loan from Northcountry Cooperative
Development Fund, the bakery has become an investor in Northcountry to help
support the growth and creation of other co-ops.
Saxton Anti-Values & Anti-Choice Bill
Congress recently passed a bill sponsored by Jim Saxton of New Jersey that
would prohibit investors from choosing to include their personal values in their
pension portfolios. Current rules allow pension plan managers to consider non-
financial impacts of an investment once they are satisfied that the risk/return
outcome is competitive. The Saxton Bill would disallow any considerations other
than those that are purely financial. This means that if there are two
comparable investment options, the investor may not have the opportunity to
choose the one that speaks to his or her values.
For example, suppose there are two investment options, both guaranteed to
have the same yield by the same insurance company. Option A is a bond issued as
an economically targeted investment, such as a local environmental technology
fund that will create jobs and businesses in the community. Investment Option B
is a bond issued by a company that recently announced plans to layoff 10,000
employees and export jobs overseas. Even if the bonds have the same investment
2 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
rating, the Saxton Bill prohibits the pension manager, who may be concerned
about the economic and social impact of the investments, from choosing
Investment Option A over Investment Option B. More importantly, it gives other
trustees who may not care about responsible investment choices an excuse not to
be thoughtful or accountable about their higher responsibilities to the pension
plan's investors.
This Bill must be stopped in the Senate. In consultation with our Advisory
Council, we plan to launch a grassroots campaign to keep compassion in pension
plans.
To get involved, call the Calvert Action Line at 1-800-281-1268. You can
volunteer to join the campaign, leave comments or request a suggested text for a
letter to your Senator. This text may also be retrieved from the Calvert website
on the internet at www.calvertgroup.com.
Your support has been vital in creating a model of caring investment in the
world. It is imperative that we stop the Saxton Bill. While you or the Fund will
not be harmed directly by passage of this bill, you have made the Fund a leader
in the movement to encourage the world to link human values to our investment
choices. Working together we may be able to prevent this meanspirited proposal
from becoming law and a shameful mark on American ideals. Thank you.
Sincerely,
/s/ D. Wayne Silby,
D. Wayne Silby,
Chairman, Board of Trustees
April 7, 1996
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 3
<PAGE>
CALVERT SOCIAL INVESTMENT FUND
Dear Shareholder:
The six-month period ended March 31, 1996 was one of mixed results for
stocks and bonds. Both markets finished 1995 strongly, largely due to a series
of interest rate cuts by the Federal Reserve.
But after the Labor Department reported stronger-than-expected employment
numbers in February and March of 1996, inflation fears mounted and the prospect
of further cuts by the Fed began to dim. Long-term interest rates rose and bond
prices, which move inversely to rates, fell. As a result, the first quarter was
one of the worst on record for bonds, with the benchmark 30-year Treasury bond
turning in a negative total return of approximately 8.5%. Although stocks (as
measured by the S&P 500 with monthly dividends reinvested) gained 5.37% during
the quarter, they became increasingly volatile. The yield on the average money
market fund fell to 5.23% from its level of 5.43% six months ago.
Short-Term Interest Rates
[GRAPH APPEARS HERE]
Money Market Portfolio
Managed by Calvert Asset Management Company
As stated above, the Fed's rate cuts caused the yield on money market
securities to fall slightly during the period covered by this report. The Money
Market Portfolio's compound dividend yield of 5.17% closely matched the Lipper
Money Market Funds Average compound dividend yield of 5.23%.
We're maintaining the average maturity of the Portfolio near the short end
of its allowed range in highly liquid instruments. As of March 31, 1996, the
weighted average maturity of the Fund was 39 days.
Annualized Compound Dividend Yield
<TABLE>
<CAPTION>
Six Months Ended 3/31/96 Six Months Ended 9/30/95
------------------------ ------------------------
<S> <C> <C>
Money Market Portfolio 5.17% 5.32%
Lipper Money Market Funds Average 5.23% 5.43%
Money Market Portfolio
Lipper Money Market Funds Average
</TABLE>
4 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
BOND PORTFOLIO
Managed by United States Trust Company
The Bond Portfolio's total return of 2.13% outperformed the Lipper
Corporate Debt Funds Average total return of 1.93% for the period. Although we
maintained the Portfolio's average maturity longer than most comparable funds,
concentrations at the longest and shortest maturities, rather than at the
middle, enabled us to cushion the effect of rising interest rates.
Another factor that helped us outperform our benchmark is that our exposure
to mortgage-backed securities was higher than our peer group average. As
interest rates rose during the period, the prices of these securities fell very
little and this allowed us to take advantage of a yield premium. In terms of
total return, mortgage-backed securities significantly outperformed many other
income-producing securities of similar duration.
Our outlook calls for a slow-growth economy and continued moderate
inflation. We believe that interest rates are much more likely to fall than to
rise. As a result, our outlook for the bond market is favorable. We will
continue to maintain the average maturity of the Portfolio at a position that is
slightly longer than that of its index.
Treasury Yield Curve
[GRAPH APPEARS HERE]
Investment Performance
<TABLE>
<CAPTION>
Periods Ended 3/31/96 6 Months 12 Months
- ---------------------------------------------------------
<S> <C> <C>
Bond Portfolio 2.13% 9.96%
Lipper Corporate Debt A
Funds Average 1.93% 10.08%
</TABLE>
Investment performance is for Class A shares and does not reflect the deduction
of any front-end sales charge.
MANAGED GROWTH PORTFOLIO
For the six months ended March 31, 1996, the Portfolio's total return of
5.07% lagged the Lipper Balanced Funds Average of 6.96%.
United States Trust Company, fixed-income and equity managers
United States Trust Company seeks to add value to the Managed Growth
Portfolio by actively changing the mix of stocks, bonds and cash, by actively
changing the allocation among stock market sectors and by identifying superior
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 5
<PAGE>
individual stock and bond investments. We emphasize capital preservation as well
as maximization of return. We strive to diversify over every major asset and
sector, not only the sectors we expect to outperform the rest of the market.
When considering our investment options, we always seek first to invest in high
quality, socially responsible companies with a superior management style.
Since last summer, we have been concerned about the sluggish economy with
the possibility of a recession in 1997. For this reason, we have kept the
percentage of assets that we allocate to equities closely in line with our
benchmark. We have generally avoided cyclical industries and have favored those
that derive a large portion of their revenue from abroad. We've concentrated our
investments primarily in the healthcare, consumer staples and financial services
sectors. In regard to the fixed-income assets we manage, we have lengthened
maturities over the past six months and have increased substantially the
proportion that we hold in mortgage-backed securities and corporate obligations.
We will continue to emphasize international growth stocks and stocks in
non-cyclical industries. Our current approach is designed to do well when
interest rates and inflation remain relatively stable.
<TABLE>
<CAPTION>
Investment Performance
Periods Ended 3/31/96 6 Months 12 Months
- -------------------------------------------------
<S> <C> <C>
Managed Growth
Portfolio 5.07% 18.25%
Lipper Balanced
Funds Average 6.96% 21.07%
</TABLE>
Investment performance is for Class A shares and does not reflect the deduction
of any front-end sales charge.
Calvert Asset Management Company, Inc., fixed-income managers
Calvert Asset Management Company, Inc. has managed this portion of the
Portfolio since July 1, 1995. For the six-month period covered by this report,
we maintained a more defensive position with a shorter average maturity than our
peers. As of March 31, 1996, the Portfolio's average maturity was approximately
nine years.
The Federal Reserve has publicly stated its commitment to maintaining an
economic growth rate in the range of 2% to 2.5%, about where it is right now.
Thus, in the near term, we do not expect the Fed to stimulate the economy with
additional rate cuts. Long-term interest rates are likely to stabilize in the
near term and trade in a wider range going forward.
NCM Capital Management, Inc., equity managers
We adhere to a Growth at a Reasonable Price strategy 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 continue to overweight the Portfolio with the stocks of financial and
consumer cyclical companies. In particular, our specialty retail holdings have
6 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
fared well as Wall Street has come to believe the worst is over for retailers.
One example is Barnes & Noble which is in the midst of expanding on its
successful superstore concept while closing its underperforming mall locations.
Our technology holdings have had somewhat of a negative impact on the
Portfolio's performance because of fears of slowing growth in the PC and
semiconductor areas.
Our outlook for the remainder of 1996 remains optimistic. Despite the
current perception that the economy may be gathering steam, we believe it is
still in a slow-growth phase. We also believe that Wall Street and the Fed will
eventually come to the same conclusion and that interest rates will be lower
from current levels. As economic growth begins to accelerate and the corporate
profit picture becomes more rosy, we think the Dow Jones Industrial Average
could be significantly higher by year end.
Equity Portfolio
Managed by Loomis, Sayles & Co.
During the period the Equity Portfolio was positioned in several sectors
which outperformed the market. Financial services, particularly large money
center banks, performed extremely well for us. Shares of BankAmerica, for
example, surged ahead on news of improving revenues, a large stock repurchase
program and renewed strength in the California economy.
Our retail holdings contributed significantly to the Portfolio's
performance as the entire retail sector has outperformed the market recently.
Liz Claiborne, Intimate Brands and the Limited are some examples of stocks that
we continue to hold.
Technology was a mixed bag during the last six-months. Shares of Microsoft
and Digital Equipment Corp. posted solid gains for the Portfolio, but our
semiconductor and semiconductor capital equipment holdings underperformed as
supply outpaced demand. We believe, however, that demand may soon resume,
causing conditions to tighten once again. Furthermore, it's important to
consider that certain semiconductor manufacturers, such as Intel, have little
competition. To a large extent, these firms are able to control the supply of
product in the marketplace, thus limiting their vulnerability to rapid price
decreases.
Investment Performance
<TABLE>
<CAPTION>
Periods Ended 3/31/96 6 Months 12 Months
- -------------------------------------------------
<S> <C> <C>
Equity Portfolio 7.41% 24.10%
Lipper Growth Funds
Average 7.92% 28.31%
S&P 500 Index Reinv. 11.70% 32.07%
</TABLE>
Investment performance is for Class A shares and does not reflect the deduction
of any front-end sales charge.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 7
<PAGE>
Looking forward, we believe the economic climate will remain favorable for
equities with moderate growth, low inflation and low interest rates. As a
result, corporate earnings will grow steadily and valuation levels will remain
reasonable.
We appreciate your investment in the Calvert Social Investment Fund.
Sincerely,
/s/ Clifton S. Sorrell
Clifton S. Sorrell
Senior Vice President, Calvert Social Investment Fund
April 30, 1996
Quality Structure of Portfolio
<TABLE>
<CAPTION>
Bond Portfolio Money Market Portfolio
<S> <C> <C> <C>
Common & Preferred Stock 2% Tier 2 28%
Cash & Equivalents 5% U.S. Gov't 1%
AAA/Aaa 57% Tier 1 71%
AA/Aa 13%
A/a 23%
</TABLE>
All securities in Calvert Group money market funds are eligible securities
under rule 2a-7 of the Investment Company Act of 1940. First Tier Securities
are eligible securities rated in the highest rating category for short-term
debt obligations by at least two of the Nationally Recognized Statistical
Rating Organizations. Second Tier Securities are eligible securities not in the
First Tier.
8 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
PORTFOLIO STATISTICS
TEN LARGEST HOLDINGS
as of March 31, 1996
<TABLE>
<CAPTION>
% of Net Assets
- --------------------------------------------------------------------------------
<S> <C>
Managed Growth Portfolio
GNMA Single Family Mortgage Pool
(6.00% to 7.50%, with various maturities to 2/15/26) 8.23%
Federal National Mortgage Assn.
(0% to 9.55%, with various maturities to 8/1/25) 8.04%
Federal Home Loan Mortgage Corp.
(0% to 6.97%, with various maturities to 11/29/19) 5.50%
Federal Home Loan Bank Board
(5.29% to 9.30%, with various maturities to 6/8/05) 4.99%
Resolution Funding Corp., 8.625%, 1/15/21 1.56%
Albertson's, Inc. 1.54%
American International Group, Inc. 1.52%
Financing Corp., 9.65%, 11/2/18 1.52%
Johnson & Johnson 1.50%
Ameritech Corp. 1.49%
------
Total 35.89%
======
Equity Portfolio
Black & Decker Corp. 4.20%
BankAmerica Corp. 3.92%
Compania de Teleponos de Chile, S.A. (ADR) 3.50%
Praxair, Inc. 3.38%
Intel Corp. 3.23%
EMC Corp. 3.14%
Caraustar Industries, Inc. 3.03%
American Greetings Corp. 2.98%
Enron Corp. 2.97%
Masco Corp. 2.96%
------
Total 33.31%
======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 9
<PAGE>
Portfolio Statistics
Maturity Schedule
% of Portfolio 3/31/96 9/30/95
- -------------------------------------------------
Money Market Portfolio
1-60 Days 79% 59%
61-120 Days 7% 28%
121-180 Days 14% 12%
181-360 Days -- 1%
Weighted Average 39 days 46 days
Bond Portfolio
Less Than 1 Year 5% 5%
1-3 Years 9% 10%
3-5 Years 16% 14%
5-7 Years 20% 21%
7-10 Years 11% 19%
10-20 Years 6% 6%
20 Years and Above 33% 25%
Weighted Average 12 years 11 years
Average Annual Total Returns
for periods ended March 31, 1996
Class A Shares
Inception Since
Date 1 Year 5 Year 10 Year Inception
- ---------------------------------------------------------------------
Money Market 10/82 5.04% 3.97% 5.53% 6.46%
Bond 8/87 5.83% 7.28% N/A 8.41%
Managed Growth 10/82* 12.65% 7.77% 8.33% 10.96%
Equity 8/87** 18.22% 5.23% N/A 6.50%
Class C Shares
Inception Since
Date 1 Year Inception
- ---------------------------------------------------------------------
Bond 3/94 8.58% 3.55%
Managed Growth 3/94* 16.72% 7.99%
Equity 3/94 22.36% 3.28%
* New sub-advisors assumed management of the Portfolio effective July, 1995.
** New sub-advisors assumed management of the Portfolio effective February,
1994.
10 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Portfolio Statistics
SEC Yields
Thirty Days Ended 3/31/96 9/30/95
--------------------------------------------------
Bond Portfolio
Class A Shares 5.03% 5.28%
Class C Shares 4.02% 4.69%
Money Market Portfolio
Change in value of a hypothetical $10,000 investment
[GRAPH APPEARS HERE]
For the period 04/1/86 to 03/31/96
Beginning Balance $10,000
Ending Balance $17,134
Bond Portfolio
Comparison of change in value of $10,000 investment
[GRAPH APPEARS HERE]
Period Between 08/01/87 to 03/31/96
Calvert Social Investment Fund/Ending Balance $20,001
Lehman Aggregate BD Index/Ending Balance $21,541
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.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 11
<PAGE>
Portfolio Statistics
Managed Growth Portfolio
Comparison of change in value of $10,000 investment
[GRAPH APPEARS HERE]
Period between 04/01/86 to 03/31/96
Calvert Social Investment Fund/Ending balance $22,253
S&P 500(R) Index/Ending balance $36,889
Lehman Aggregate BDH/Ending balance $22,861
90-Day T-Bill/Ending balance $17,264
Lipper Balanced FD Index/Ending Balance $26,140
Equity Portfolio
Comparison of change in value of $10,000 investment
[GRAPH APPEARS HERE]
Period between 08/01/87 to 03/31/96
CSIF Equity/Ending balance $17,169
S&P 500(R) Index/Ending balance $25,796
Lipper Growth Fund Index/Ending balance $24,354
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.
12 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
MONEY MARKET PORTFOLIO
STATEMENT OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
U.S. GOVERNMENT AGENCIES PRINCIPAL
AND INSTRUMENTALITIES - 27.0% AMOUNT VALUE
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Farm Credit Bank, 5.00%, 7/1/96.............................. $1,000,000 $987,361
Federal Home Loan Bank Corp., 5.38%, 4/15/96......................... 3,000,000 2,993,723
Federal Home Loan Bank Corp., 5.35%, 5/17/96......................... 3,000,000 2,979,491
Federal Home Loan Bank Corp., 5.00%, 7/17/96......................... 3,000,000 2,955,417
Federal National Mortgage Assn., 5.50%, 4/4/96....................... 5,000,000 4,997,708
Federal National Mortgage Assn., 5.38%, 4/24/96...................... 3,000,000 2,989,688
Federal National Mortgage Assn., 5.40%, 4/24/96...................... 3,000,000 2,989,650
Federal National Mortgage Assn., 5.35%, 4/30/96...................... 3,000,000 1,652,846
Federal National Mortgage Assn., 5.36%, 4/30/96...................... 5,000,000 4,978,411
Federal National Mortgage Assn., 5.39%, 5/2/96....................... 3,000,000 2,986,075
Federal National Mortgage Assn., 4.99%, 6/27/96...................... 3,000,000 2,963,822
Federal National Mortgage Assn., 5.12%, 7/30/96...................... 2,000,000 1,965,866
Federal National Mortgage Assn., 5.22%, 8/15/96...................... 3,000,000 2,940,840
Federal National Mortgage Assn., 4.92%, 8/16/96...................... 4,000,000 3,925,106
Federal National Mortgage Assn., 5.29%, 8/30/96...................... 2,000,000 1,955,623
-----------
Total U.S. Government Agencies and Instrumentalities
(Cost $44,261,627)........................................... 44,261,627
-----------
CERTIFICATES OF DEPOSIT - 0.7%
- -----------------------------------------------------------------------------------------------------
Broadway Federal Savings & Loan, 5.50%, 8/20/96 (+).................. 100,000 100,000
Community Capital Bank, 4.46%, 1/21/97 (+)........................... 100,000 100,000
Elk Horn Bank, 5.33%, 12/18/96 (+)................................... 100,000 100,000
Family Savings Bank, 5.40%, 8/16/96 (+).............................. 100,000 100,000
First Community Bank, 6.69%, 4/20/96 (+)............................. 100,000 100,000
First State Bank Oklahoma, 5.75%, 4/22/96 (+)........................ 100,000 100,000
Founders National Bank, 5.25%, 8/26/96 (+)........................... 100,000 100,000
Independence Bank Chicago, Il., 6.10%, 4/22/96 (+)................... 100,000 100,000
Seaway National Bank Chicago, Il., 5.10%, 1/27/97 (+)................ 100,000 100,000
Self Help Credit Union, 5.60%, 7/15/96 (+)........................... 100,000 100,000
Shore Bank & Trust, 5.25%, 12/20/96 (+).............................. 100,000 100,000
South Shore Bank of Chicago, 5.50%, 10/30/96 (+)..................... 100,000 100,000
-----------
Total Certificates of Deposit (Cost $1,200,000)................. 1,200,000
-----------
Commercial Paper - 17.0%
- -----------------------------------------------------------------------------------------------------
CPC International, Inc., 4.97%, 6/18/96.............................. 4,000,000 3,956,927
Harnischfeger Industries, 5.65%, 5/20/96............................. 2,000,000 1,984,619
Harnischfeger Industries, 5.45%, 5/24/96............................. 6,000,000 5,951,858
New York City, 5.55%, 9/6/96......................................... 7,000,000 7,000,000
Southwest Gas Corp., 5.18%, 4/8/96................................... 4,000,000 3,995,971
Western Medical Services, 5.60%, 4/12/96............................. 5,000,000 4,991,449
-----------
Total Commercial Paper (Cost $27,880,824).................... 27,880,824
-----------
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 13
<PAGE>
<TABLE>
<CAPTION>
Taxable Variable Rate Principal
Demand Notes - 53.8% Amount Value
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Alabama H/M Partners Industrial Development VRDN, 5.75%,
10/1/20, LOC: Amsouth Bank....................................... $5,000,000 $5,000,000
Alabama State Industrial Development Revenue VRDN, 5.65%,
12/1/19, LOC: Chemical Bank...................................... 5,860,000 5,860,000
Alabama State Industrial Development Revenue VRDN, 5.55%,
5/1/10, LOC: First Alabama....................................... 5,800,000 5,800,000
Aspen Institute Inc. VRDN, 5.475%, 12/1/04, LOC:
First National Bank of Maryland.................................. 3,700,000 3,700,000
Broome County Industrial Development Agency VRDN, 5.60%,
6/1/00, LOC: First Union Bank.................................... 2,075,000 2,075,000
Colville Indian Tribe VRDN, Quarterly Prime Rate, 8.50%, 7/1/98,
Bureau of Indian Affairs Guaranteed.............................. 802,228 805,369
Detroit General Obligation VRDN, 5.75%,
5/1/06, LOC: Sumitomo Bank....................................... 4,860,000 4,860,000
Fed One of Dayton First Mortgage VRDN, 6.38%,
8/1/09, LOC: Bank One Ohio....................................... 4,010,000 4,010,000
Florida Housing Finance Agency VRDN, 6.35%,
7/1/23, LOC: Heller Financial.................................... 750,000 750,000
Gardena Certificates of Participation VRDN, 5.85%,
7/1/25, LOC: Dai-Ichi Kangyo Bank................................ 4,860,000 4,860,000
Health Midwest Ventures Group VRDN, 5.70%,
8/1/19, LOC: Fuji Bank, Ltd...................................... 1,000,000 1,000,000
Iowa Finance Authority Economic Development Revenue
VRDN, 5.65%, 3/1/11, LOC: Rabobank Nederland..................... 4,820,000 4,820,000
Illinois Housing Development Authority VRDN, 5.463%,
11/1/21, TOA: Citibank, AMBAC Insured............................ 1,945,000 1,945,000
Liliha Partners Revenue VRDN 6.00%,
8/1/24, LOC: First Hawaiian Bank................................. 4,000,000 4,000,000
Mahoning County Multi-Family Housing VRDN, 5.84%,
11/1/98, LOC: PNC Bank........................................... 415,000 415,000
Mississippi Business Finance Corp. VRDN, 5.65%,
6/1/10, LOC: National Bank Detroit............................... 5,000,000 5,000,000
Montgomery County Industrial Development VRDN, 5.65%,
8/1/06, LOC: Shawmut Bank........................................ 1,500,000 1,500,000
Montgomery County Industrial Development VRDN, 5.65%,
3/1/10, LOC: Shawmut Bank........................................ 905,000 905,000
Montgomery County Industrial Development VRDN, 5.65%,
8/1/15, LOC: Meridian Bank....................................... 5,350,000 5,350,000
New Jersey Economic Development Authority VRDN, 5.55%,
8/1/14, LOC: National Westminster Bank........................... 1,520,000 1,520,000
Oklahoma State Industrial Finance Authority VRDN, 5.625%,
8/1/18, LOC: Mitsubishi Bank, Ltd................................ 6,500,000 6,500,000
Oxnard Finance Authority Lease Revenue VRDN, 5.60%,
6/1/06, LOC: Bank of California.................................. 2,000,000 2,000,000
San Bernardino County Certificates of Participation VRDN, 5.55%,
7/1/16, LOC: Canadian Imperial Bank.............................. 5,000,000 5,000,000
Virginia State Housing Development Authority
VRDN, 5.55%, 3/1/02.............................................. 7,000,000 7,000,000
</TABLE>
14 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
TAXABLE VARIABLE RATE PRINCIPAL
DEMAND NOTES (CONT'D) AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
W.L. Petrey Wholesaling, Inc. VRDN, 5.65%,
3/1/08, LOC: Southtrust Bank of Alabama.............................................. $3,525,000 $3,525,000
-----------
Total Taxable Variable Rate Demand Notes (Cost $88,200,369)....................... 88,200,369
-----------
REPURCHASE AGREEMENTS - 0.9%
- ----------------------------------------------------------------------------------------------------------------------------
Donaldson, Lufkin, Jenrette, 5.35%, dated 3/29/96, due 4/1/96
($1,531,252 Refunding Corp. Coupon STRIPS, 10/15/22)................................ 1,500,000 1,500,000
-----------
Total Repurchase Agreements (Cost $1,500,000).................................... 1,500,000
-----------
TOTAL INVESTMENTS (Cost $163,042,820) - 99.4%................................... 163,042,820
Other assets and liabilities, net - 0.6%........................................ 956,907
-----------
NET ASSETS - 100%............................................................... $163,999,727
============
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 15
<PAGE>
Managed Growth Portfolio
Statement of Investments
March 31, 1996
<TABLE>
<CAPTION>
U.S. Government Agencies Principal
and Instrumentalities - 30.6% Amount Value
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Bank Board, 5.29%, 5/1/96.................. $10,000,000 $9,955,916
Federal Home Loan Bank Board, 8.25%, 5/27/96................. 2,000,000 2,009,020
Federal Home Loan Bank Board, 8.25%, 6/25/96................. 1,000,000 1,006,640
Federal Home Loan Bank Board, 6.32%, 12/4/97................. 5,000,000 5,034,050
Federal Home Loan Bank Board, 9.30%, 1/25/99................. 3,000,000 3,246,840
Federal Home Loan Bank Board, 6.25%, 9/27/01................. 3,000,000 2,970,469
Federal Home Loan Bank Board, 7.33%, 3/29/02................. 1,000,000 1,043,140
Federal Home Loan Bank Board, 6.45%, 6/8/05.................. 4,000,000 3,935,480
Federal Home Loan Mortgage Corp., 5.80%, 3/19/99............. 9,000,000 8,902,620
Federal Home Loan Mortgage Corp., 6.50%, 10/15/05............ 1,438,000 1,424,655
Federal Home Loan Mortgage Corp., 6.485%, 10/3/05............ 5,000,000 4,937,050
Federal Home Loan Mortgage Corp., 6.97%, 10/3/05............. 12,500,000 12,437,375
Federal Home Loan Mortgage Corp., 0%, 11/29/19............... 25,000,000 4,482,250
Federal National Mortgage Assn., 5.50%, 6/12/96.............. 2,000,000 2,000,600
Federal National Mortgage Assn., 9.20%, 6/10/97.............. 3,000,000 3,119,580
Federal National Mortgage Assn., 9.55%, 11/10/97............. 6,000,000 6,334,560
Federal National Mortgage Assn., 8.15%, 5/11/98.............. 7,000,000 7,303,310
Federal National Mortgage Assn., 5.49%, 10/2/03.............. 10,000,000 9,452,800
Federal National Mortgage Assn., 5.94%, 12/12/05............. 5,000,000 4,741,500
Federal National Mortgage Assn., 5.875%, 2/2/06.............. 5,000,000 4,725,450
Federal National Mortgage Assn., 0%, 10/9/19................. 20,000,000 3,645,000
Federal National Mortgage Assn. Remic 1994-79B,
7.00%, 12/25/19............................................ 2,000,000 1,948,740
Federal National Mortgage Assn. Single Family Mortgage Pool,
7.00%, 8/1/25.............................................. 3,911,444 3,811,233
Financing Corp., 9.65%, 11/2/18.............................. 1,500,000 1,919,910
Financing Corp., 8.60%, 9/26/19.............................. 6,000,000 6,998,340
GNMA Single Family Mortgage Pool, 7.50%, 2/15/23............. 4,247,143 4,253,769
GNMA Single Family Mortgage Pool, 7.50%, 4/15/23............. 3,906,953 3,913,048
GNMA Single Family Mortgage Pool, 7.50%, 7/15/23............. 1,333,419 1,335,499
GNMA Single Family Mortgage Pool, 6.00%, 10/15/23............ 1,059,048 977,716
GNMA Single Family Mortgage Pool, 6.50%, 10/15/23............ 973,379 921,673
GNMA Single Family Mortgage Pool, 6.00%, 11/15/23............ 750,499 692,568
GNMA Single Family Mortgage Pool, 6.50%, 11/15/23............ 10,819,581 10,244,848
GNMA Single Family Mortgage Pool, 6.00%, 12/15/23............ 779,914 719,714
GNMA Single Family Mortgage Pool, 6.50%, 12/15/23............ 5,651,835 5,351,609
GNMA Single Family Mortgage Pool, 6.00%, 1/15/24............. 1,277,847 1,179,211
GNMA Single Family Mortgage Pool, 6.50%, 1/15/24............. 8,571,462 8,116,146
GNMA Single Family Mortgage Pool, 6.00%, 3/15/24............. 912,873 842,408
GNMA Single Family Mortgage Pool, 6.00%, 4/15/24............. 453,022 9,105,824
GNMA Single Family Mortgage Pool, 6.50%, 11/15/25............ 977,855 925,911
GNMA Single Family Mortgage Pool, 6.50%, 12/15/25............ 978,190 926,229
GNMA Single Family Mortgage Pool, 6.00%, 1/15/26............. 1,696,837 1,565,858
GNMA Single Family Mortgage Pool, 6.50%, 1/15/26............. 2,957,878 2,800,756
GNMA Single Family Mortgage Pool, 6.00%, 2/15/26............. 3,239,075 2,989,050
Resolution Funding Corp., 8.625%, 1/15/21.................... 7,670,000 9,105,824
</TABLE>
16 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
U.S. Government Agencies Principal
and Instrumentalities (Cont'd) Amount Value
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Small Business Administration, 6.375%, 2/1/16.................. $4,600,000 $ 4,341,894
------------
Total U.S. Government Agencies and Instrumentalities
(Cost $182,170,899)...................................... 179,008,313
------------
Certificates of Deposit - 0.3%
- --------------------------------------------------------------------------------------------
Alternatives Federal Credit Union, 5.50%, 11/18/96 (+)......... 50,000 50,000
Banco Solidario, 10.75%, 7/29/96 (#)........................... 286,275 286,275
Blackfeet National Bank, 5.50%, 11/13/96 (+)................... 92,000 92,000
D. Edward Wells Federal Credit Union, 5.50%, 11/20/96 (+)...... 50,000 50,000
First American Credit Union, 5.294%, 12/23/96 (+).............. 92,000 92,000
Mission Area Federal Credit Union, 4.85%, 11/18/96 (+)......... 50,000 50,000
Northeast Community Federal Credit Union, 4.75%, 11/18/96 (+).. 50,000 50,000
South Shore Bank of Chicago, 5.40%, 12/6/96 (+)................ 100,000 100,000
South Shore Bank of Chicago, 5.20%, 2/10/97.................... 750,000 750,000
------------
Total Certificates of Deposit (Cost $1,520,275)............ 1,520,275
------------
Convertible Debenture Bonds - 0.0%
- --------------------------------------------------------------------------------------------
WorldWater, Inc., 9.00%, 9/28/97 (#) (Cost $150,000)........... 150,000 150,000
------------
Community Loan Notes - 0.8%
- --------------------------------------------------------------------------------------------
Accion International Corp., 3.50%, 1/13/97..................... 250,000 238,340
Accion US Bridge Fund, 4.00%, 1/12/01.......................... 100,000 95,336
Boston Community Loan Fund, 4.00%, 1/12/01..................... 500,000 476,680
Capital District Community Loan, 3.50%, 1/13/97................ 35,000 33,367
Cascadia Revolving Fund, 3.50%, 4/7/98......................... 75,000 74,883
Catholic Relief Services, 3.50%, 9/30/97....................... 50,000 48,459
Chicago Community Loan Fund, 3.50%, 6/30/98.................... 75,000 73,728
Coastal Enterprises, Inc., 2.50%, 6/30/99...................... 100,000 98,078
Community Reinvestment Fund, 3.50%, 4/4/97..................... 100,000 99,844
Co-op Fund of New England, Inc., 3.50%, 1/13/97................ 90,000 85,802
Delaware Valley Community Reinvestment Fund, 2.50%, 6/30/99.... 75,000 73,559
Eastside Community Investment, 2.50%, 4/4/97................... 100,000 99,844
Ecumenical Development Corp., 5.00%, 12/31/01.................. 100,000 96,125
Enterprise Loan Fund, 3.50%, 6/30/98........................... 50,000 49,152
Environmental Enterprises, Inc., 3.50%, 6/28/96................ 125,000 122,813
Federation of Appalachian Housing Enterprise, 3.50%, 1/13/97... 200,000 190,672
First State Community Loan Fund, 4.00%, 1/15/99................ 25,000 23,834
Foundation for International Community Asst., 3.50%, 4/5/96.... 50,000 49,912
Freedom from Hunger, 3.50%, 6/30/96............................ 50,000 49,125
Housing Assistance Council, 3.50%, 6/30/97..................... 75,000 73,558
Institute for Community Economics, 3.50%, 1/13/00.............. 150,000 143,004
Interfaith Housing Delaware, 4.00%, 9/30/96.................... 50,000 48,443
Low Income Housing Fund, 3.00%, 1/13/99........................ 50,000 47,668
Low Income Housing Fund, 3.50%, 9/30/99........................ 100,000 96,918
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 17
<PAGE>
<TABLE>
<CAPTION>
Principal
Community Loan Notes (Cont'd) Amount Value
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Manna, Inc., 3.50%, 9/30/97.................................. $150,000 $ 145,377
Mcauley Institute, 3.50%, 1/13/97............................ 85,000 81,035
Mercy Housing Inc., 4.00%, 1/12/01........................... 100,000 95,336
Michigan Housing Trust, 3.50%, 6/28/96....................... 100,000 98,251
Micro Industry Credit Rural Corp., 4.00%, 1/13/97............ 50,000 47,639
Minnesota Non Profit Assistance Fund, 3.50%, 4/7/00.......... 200,000 199,688
Montana Women's Capital, 3.50%, 6/28/96...................... 50,000 49,109
National Fed of Community Development Credit Union,
2.50%, 4/7/98.............................................. 300,000 299,472
New Hampshire Community Loan Fund, 4.00%, 1/13/99............ 150,000 143,004
New Mexico Community Loan Fund, 3.50%, 6/30/98............... 25,000 24,576
Nonprofit Facilities Fund, 3.50%, 6/30/99.................... 100,000 98,017
North Country Co-op Development Fund, 4.00%, 1/12/01......... 100,000 95,336
Northeast Entrepreneur Fund, 3.50%, 6/30/98.................. 50,000 49,152
Northeast South Dakota Energy Conservation Corp.,
4.00%, 1/13/97............................................. 25,000 23,819
Opportunity International, 3.50%, 9/30/99.................... 100,000 96,918
Sage Bruno, 6.00%, 12/31/99.................................. 150,000 150,000
Saint Ambrose Housing Center, 4.00%, 9/30/96................. 50,000 48,443
SIDI, 2.50%, 6/30/97......................................... 150,000 147,627
12th Street Historic Rehabilitation Associates Mortgage,
4/15/96 (*)................................................ 366,756 91,689
Vermont Community Loan Fund, 3.50%, 4/4/97................... 100,000 99,844
Western Massachusetts Enterprise Fund, 4.00%, 9/30/96........ 50,000 48,443
Women's Self-Employment Loan Fund, 4.00%, 9/30/96............ 50,000 48,443
Worcester Community Loan Fund, 3.50%, 4/5/96................. 25,000 24,956
----------
Total Community Loan Notes (#)(Cost $5,101,756)...... 4,695,318
----------
Corporate Bonds - 8.9%
- --------------------------------------------------------------------------------------------
AT&T Corp., 7.70%, 2/3/97.................................... 2,000,000 2,031,080
Advanta Mortgage Loan Trust Remic 1993-4 A1, 5.50%, 3/25/10.. 4,181,960 3,995,079
AON Corp., 6.875%, 10/1/99................................... 1,000,000 1,011,450
BellSouth Savings & Security, 9.19%, 7/1/03.................. 1,106,852 1,206,369
Cardinal Health, Inc., 6.00%, 1/15/06........................ 5,000,000 4,705,550
CIT Group Holdings, Inc., 5.33%, 5/11/98..................... 7,000,000 6,978,902
Clean Air Cab, 6.00%, 12/31/98 (#)........................... 250,000 250,000
Dean Witter Discover and Co., 6.30%, 1/15/06................. 3,000,000 2,845,500
Deluxe Corp., 8.55%, 2/15/01................................. 500,000 538,065
Discover Card, 6.05%, 8/18/08................................ 2,500,000 2,352,823
Donnelley, R.R., and Sons, Co., 6.70%, 7/5/05................ 3,000,000 2,972,430
Kaiser Foundation Hospitals, 7.63%, 4/19/99.................. 2,000,000 2,066,340
Michigan Bell Telephone Co., 9.25%, 11/15/98................. 1,000,000 1,063,440
National Association of People with AIDS, 10.00%, 7/31/97 (#) 240,000 240,000
NCB Affordable Housing/Market Rate Cooperative
First Mortgage Certificates Series 1993-3 B,
6.565012%, 1/1/99 (#)...................................... 2,592,436 2,462,840
Norwest Financial, Inc., 6.8752%, 12/15/99................... 2,000,000 2,032,440
Pacific Bell, 7.125%, 3/15/26................................ 3,000,000 2,886,000
Poland Partners, 5.875%, 4/13/04 (#)......................... 127,236 72,615
</TABLE>
18 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Corporate Bonds (Cont'd) Amount Value
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Potomac Electric Power, 6.70%, 5/28/97 ........................... $2,000,000 $2,016,360
Snap On, Inc., 6.625%, 10/1/05 ................................... 2,500,000 2,481,675
Southern California Gas, 6.50%, 12/15/97 ......................... 2,500,000 2,517,675
Take the Lead, 9.00%, 9/27/00 (#) ................................ 100,000 100,000
Ultrafem, Inc., 10.00%, 6/30/97 (#) .............................. 250,000 250,000
Vendee Mortgage Trust, 6.75%, 4/15/22 ............................ 3,000,000 2,786,250
Wachovia Corp., 7.00%, 12/15/99 .................................. 2,000,000 2,040,560
-----------
Total Corporate Bonds (Cost $52,743,107) ....................... 51,903,443
-----------
Municipal Obligations - 6.1%
- ---------------------------------------------------------------------------------------------------
Chickasaw Nation Certificates of Participation, 10.00%, 8/1/03 ... 6,000,000 6,208,680
Gardena, California, Certificates of Participation VRDN, 5.85%,
7/1/25, LOC: Sumitomo T&B ...................................... 2,800,000 2,800,000
Iowa Economic Finance Authority Revenue VRDN, 5.66%,
3/1/11, LOC: Rabobank Nederland ................................ 2,000,000 2,000,000
Long Beach, California, Pension Obligation Bonds, 7.14%,
9/1/10, FSA Insured ............................................ 2,955,000 2,879,677
Montgomery County, Kentucky VRDN, 5.65%,
8/1/06 (6), LOC: Shawmut Bank .................................. 1,000,000 1,000,000
New York City General Obligation Bonds, Series A, 5.55%,
8/1/96, SPA: Fuji Bank, Ltd. ................................... 4,000,000 4,000,000
Oklahoma State Industrial Finance Authority, 5.625%,
8/1/18, LOC: Mitsubishi Bank, Ltd. (Tender 5/1/96 @100) ........ 4,000,000 4,000,000
Puget Power Conservation Grantor Trust, 6.45%, 4/11/05 ........... 4,557,676 4,548,076
Rochester, New York, 6.05%, 8/15/02 .............................. 2,000,000 1,932,240
Texas State General Obligation Bonds, 6.85%, 12/1/15 ............. 2,260,000 2,120,829
Texas State General Obligation Bonds, 7.35%, 12/1/21 ............. 1,995,000 1,927,848
Virginia State Housing Development Authority
VRDN, 7.55%, 7/1/11 ............................................ 2,000,000 2,000,000
-----------
Total Municipal Obligations (Cost $35,602,941) ................. 35,417,350
-----------
Sovereign Debt - 1.1%
- ---------------------------------------------------------------------------------------------------
Ontario Province, Canada, 6.00%, 2/21/06 ......................... 3,500,000 3,283,583
South Africa Republic, 9.625% 12/15/99 ........................... 3,000,000 3,172,500
-----------
Total Sovereign Debt (Cost $6,526,948) ......................... 6,456,083
-----------
Limited Partnership Interest - 0.3% Shares
- ---------------------------------------------------------------------------------------------------
Environment Allies Investment Trust .............................. 50,000 51,038
Environment Private Equity Fund II .............................. 140,000 95,882
Global Environment Emerging Markets Fund ......................... 2 767,154
Hambrecht & Quist Environmental Technology Fund .................. 500,000 484,594
HFG Expansion Fund I ............................................. 125,000 91,250
Liberty Environmental Partners ................................... 292,187 292,187
Poland Partners (*) .............................................. 140,000 140,000
Ukraine Fund ..................................................... 30,000 26,094
-----------
Total Limited Partnership Interest (#)(Cost $2,002,186) ........ 1,948,199
-----------
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 19
<PAGE>
<TABLE>
<CAPTION>
Equity Securities - 52.0% Shares Value
- -----------------------------------------------------------------------------
<S> <C> <C>
Business Equipment & Services - 0.6%
Automatic Data Processing, Inc. ............... 80,000 $3,150,000
Phamis, Inc. (*) .............................. 15,000 251,250
------------
3,401,250
------------
Capital Goods - 3.2%
AptarGroup, Inc. .............................. 105,000 4,357,500
Agco Corp. .................................... 138,420 3,339,382
Avery Dennison Corp. .......................... 39,915 2,155,578
Consolidated Papers, Inc. ..................... 25,000 1,406,250
Dover Corp. ................................... 55,400 2,534,550
Holophane Corp.(*) ............................ 37,500 675,000
Illinois Tool Works, Inc. ..................... 45,000 2,908,125
Oakwood Homes Corp. ........................... 23,900 1,186,038
------------
18,562,423
------------
Consumer Products and Services - 3.6%
Avon Products, Inc. ........................... 225,000 2,143,750
Children's Discovery Centers of America (*) ... 70,000 350,000
CUC International, Inc. (*) ................... 82,300 2,407,275
Gillette Co. .................................. 155,000 8,021,250
H.J. Heinz Co. ................................ 120,000 3,975,000
Hershey Foods Corp. ........................... 35,250 2,626,125
Sealed Air Corp. (*) .......................... 55,625 1,898,203
------------
21,421,603
------------
Financial Services - 10.2%
Aflac, Inc. ................................... 109,372 3,417,890
American International Group, Inc. ............ 95,312 8,923,586
Bank of Boston Corp. .......................... 84,350 4,185,869
Bank of New York, Inc. ........................ 49,500 2,549,250
BankAmerica Corp. ............................. 37,000 2,867,500
Federal National Mortgage Assn. ............... 265,220 8,453,887
Fifth Third Bancorp ........................... 75,000 4,350,000
General Re Corp. .............................. 20,000 2,915,000
Greentree Financial Corp. ..................... 89,700 3,083,437
MGIC Investment Corp. ......................... 14,400 784,800
Norwest Corp. ................................. 155,000 5,696,250
Standard Fed Bancorp. ......................... 42,230 1,794,775
Umbuno Investment Corp. (*) (a) ............... 2,850,429 7,168,546
Wachovia Corp. ................................ 75,000 3,356,250
------------
59,547,040
------------
Food Services - 2.4%
CPC International ............................. 47,300 3,281,437
Kellogg Co. ................................... 68,100 5,158,575
Sysco Corp. ................................... 163,900 5,388,213
------------
13,828,225
------------
</TABLE>
20 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Equity Securities (Cont'd) Shares Value
- -----------------------------------------------------------------------------------------
<S> <C> <C>
Industrial Products - 3.2%
Baldor Electric Co. ..................................... 27,700 $557,462
Phillips Electronics (ADR) .............................. 184,400 6,707,550
Praxair, Inc............................................. 100,000 3,987,500
Sigma Aldrich ........................................... 94,900 5,433,025
Smith International, Inc. (*) ........................... 82,525 2,083,756
----------
18,769,293
----------
Media & Publishing - 3.0%
Disney (Walt) Co. ....................................... 81,295 5,192,718
Lancit Media Productions Ltd. (*) ....................... 65,000 633,750
Polygram (ADR)........................................... 50,000 3,012,500
Regal Cinemas, Inc. (*) ................................. 46,220 1,710,140
Reuters Holdings Plc (ADR) .............................. 53,800 3,503,725
Scholastic Corp. (*) .................................... 55,320 3,803,250
----------
17,856,083
----------
Merchandising & Retail - 3.7%
Albertson's, Inc. ....................................... 243,035 9,022,674
Arrow Electronics, Inc.(*) .............................. 56,800 2,669,600
Consolidated Stores Corp.(*) ............................ 90,895 3,044,983
Home Depot, Inc. ........................................ 55,000 2,633,125
Jones Apparel Group, Inc.(*) ............................ 45,150 2,189,775
Price CostCo, Inc.(*) ................................... 108,000 2,025,000
----------
21,585,157
----------
Pharmaceutical & Health Care - 8.2%
Amgen (*) .............................................. 144,540 8,401,387
Becton Dickinson & Co. ................................. 38,980 3,191,487
Boston Scientific Corp. (*) ............................ 63,275 2,931,350
Coherent, Inc. (*) ..................................... 18,300 777,750
Healthcare Compare Corp. (*) ........................... 68,600 3,455,725
Johnson & Johnson ...................................... 95,000 8,763,750
Medtronic, Inc. ........................................ 92,000 5,485,500
Merck & Co., Inc. ...................................... 111,600 6,947,100
Neopath, Inc. (*) ...................................... 32,200 748,650
Perrigo Co. (*) ........................................ 250,000 3,375,000
Schering Plough Corp. .................................. 70,000 4,068,750
----------
48,146,449
----------
Technology - 7.7%
Applied Materials, Inc. (*) ............................. 83,750 2,920,781
BMC Software, Inc. (*) .................................. 45,205 2,474,974
Comcast Corp. ........................................... 138,150 2,400,356
Computer Associates International, Inc. ................. 39,350 2,818,443
DSC Communication Corp. (*) ............................. 52,900 1,428,300
EMC Corp. (*) ........................................... 123,880 2,709,875
Hewlett Packard Co. ..................................... 81,025 7,616,350
Linear Technology Corp. ................................. 46,000 1,920,500
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 21
<PAGE>
<TABLE>
<CAPTION>
Equity Securities (Cont'd) Shares Value
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
Technology (Cont'd) ............................................
L.M. Ericsson (ADR) ............................................ 170,465 $3,643,689
Microsoft Corp. (*) ............................................ 52,760 5,440,875
Oracle Systems Corp. (*) ....................................... 60,095 2,831,976
Sun Microsystems, Inc. (*) ..................................... 74,030 3,238,812
Teradyne, Inc. (*) ............................................. 187,265 3,136,688
3Com Corp. (*) ................................................. 67,000 2,671,625
-----------
45,253,244
-----------
Transportation - 1.2%
British Airways (*) ............................................ 17,000 1,395,020
Comair Holdings, Inc. .......................................... 26,200 910,450
Federal Express Corp. (*) ...................................... 33,995 2,375,400
Norfolk Southern Corp. ......................................... 25,000 2,125,000
-----------
6,805,870
-----------
Utilities - 4.3%
Ameritech Corp. ................................................ 159,890 8,714,005
California Energy, Inc. (*) .................................... 35,000 931,875
Century Telephone Enterprises .................................. 137,775 4,374,356
MCI Communications Corp. ....................................... 140,000 4,235,000
New Jersey Resources Corp. ..................................... 70,000 2,021,250
SBC Communications, Inc. ....................................... 70,000 3,683,756
Vodafone Group, Plc. (ADR) ..................................... 40,000 1,500,000
-----------
25,460,242
-----------
Venture Capital (#) - 0.7%
Aviron (*) ..................................................... 370,370 500,000
Calypte Biomed (*) ............................................. 100,000 500,000
Clean Air Cab (*) .............................................. 80 800
Community Bank of the Bay (*) .................................. 4,000 100,000
Community Growth Fund (*) ...................................... 1,156,288 517,237
Eastern Utilities Associates ................................... 3,049 32,778
Eco Timber International, Inc. (*) ............................. 12,468 99,993
Energia Global, Inc., Series A, Convertible Preferred (*) ...... 72,986 364,930
Energia Global, Inc., Series B, Convertible Preferred (*) ...... 28,571 142,855
Fountainhead Technologies, Inc., Preferred (*) ................. 250,000 250,000
Knowaste Technologies, Inc. (*) ................................ 432 215,445
Knowaste Technologies, Inc., Class A, Preferred (*) ............ 31 22,735
Pro Fund International (*) ..................................... 291,644 291,644
Pro Fund International, Preferred (*) .......................... 2,946 2,946
Quadrant Holdings Cambridge (*) ................................ 200,000 228,937
Security Dynamics Technologies, Inc. (*) ....................... 513 27,189
University Online, Inc. (*) .................................... 266,668 200,001
USA Waste Services, Inc. (*) ................................... 1,026 26,163
Wild Planet Toys, Inc., Series B, Preferred (*) ................ 476,190 357,142
Wind Harvest Co., Inc., Series A, Preferred (*) ................ 8,696 100,000
-----------
3,980,795
-----------
Total Equity Securities (Cost $250,580,214) .................. 304,617,674
-----------
</TABLE>
22 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Options Purchased - 0.0% Contracts Value
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Put Options on June U.S. Treasury Bond Futures,
Expiration 5/18/96, Strike Price 110 (Premium $118,856).... 120 $131,250
------------
TOTAL INVESTMENTS (Cost $536,517,182) - 100.1%......... 585,847,905
Other assets and liabilities, net - (0.1%)............. (317,232)
------------
Net Assets - 100%...................................... $585,530,673
============
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 23
<PAGE>
Bond Portfolio
Statement of Investments
March 31, 1996
<TABLE>
<CAPTION>
U.S. Government Agencies Principal
And Instrumentalities - 44.5% Amount Value
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Bank Board, 7.28%, 2/24/98......................... $2,000,000 $2,048,300
Federal Home Loan Bank Board, 5.37%, 11/3/00......................... 2,800,000 2,668,036
Federal Home Loan Bank Board, 6.25%, 9/27/01......................... 2,000,000 1,980,312
Federal Home Loan Bank Board, 8.50%, 3/28/06......................... 200,000 225,626
Federal Home Loan Mortgage Corp., 7.28%, 5/8/00...................... 1,000,000 1,017,140
Federal Home Loan Mortgage Corp., 7.95%, 2/15/20..................... 502,510 507,640
Federal Home Loan Mortgage Corp., 0%, 5/8/96......................... 1,000,000 994,130
Federal National Mortgage Assn., 5.05%, 4/9/96....................... 1,000,000 998,878
Federal National Mortgage Assn., 0%, 11/1/01......................... 1,000,000 968,620
Federal National Mortgage Assn., 5.49%, 10/2/03...................... 2,000,000 1,890,560
Federal National Mortgage Assn., 8.20%, 3/10/16...................... 500,000 560,105
Federal National Mortgage Assn., 8.95%, 2/12/18...................... 500,000 601,825
Federal National Mortgage Assn., 0%, 10/9/19......................... 5,000,000 911,250
Federal National Mortgage Assn. Remic, 163-H, 7.20%, 2/25/11......... 300,000 300,699
Federal National Mortgage Assn. Remic, 171-PE, 6.60%, 4/25/17........ 1,495,000 1,487,106
Federal National Mortgage Assn. Remic, 146-PH, 7.50%, 9/25/19........ 1,000,000 1,012,400
Federal National Mortgage Assn. Remic, 185-G, 7.15%, 8/25/20......... 1,000,000 990,290
Financing Corp., 9.80%, 4/06/18...................................... 5,500,000 7,118,705
Government National Mortgage Assn., 8.50%, 1/15/06................... 96,672 102,080
Government National Mortgage Assn., 8.50%, 7/15/08................... 592,033 625,152
Government National Mortgage Assn., 8.50%, 8/15/08................... 196,683 207,685
Government National Mortgage Assn., 8.50%, 9/15/08................... 155,837 164,554
Government National Mortgage Assn., 8.50%, 10/15/08.................. 52,765 55,716
Government National Mortgage Assn., 8.50%, 9/15/09................... 20,577 21,728
Government National Mortgage Assn., 7.50%, 6/15/23................... 741,871 743,028
Government National Mortgage Assn., 7.50%, 8/15/25................... 696,548 695,034
-----------
Total U.S. Government Agencies and Instrumentalities
(Cost $28,543,499)................................... 28,896,599
-----------
Corporate Bonds - 30.8%
- --------------------------------------------------------------------------------------------------
AMR Corp., 9.75%, 3/15/00............................................ 450,000 492,925
AMR Corp., 10.57%, 1/15/01........................................... 200,000 227,908
Albertson's, Inc., 6.18%, 3/22/00.................................... 500,000 495,385
Becton Dickinson, 7.875%, 12/15/96................................... 200,000 203,194
BellSouth Savings & Security, 9.125%, 7/1/03......................... 210,684 227,929
Bell Telephone Co. of Pennsylvania, 6.125%, 3/15/03.................. 500,000 484,185
Deluxe Corp., 8.55%, 2/15/01......................................... 200,000 215,226
Disney (Walt) Co., 6.75%, 3/30/26.................................... 1,000,000 994,970
Enron Corp., 9.125%, 4/1/03.......................................... 500,000 559,400
Equitable Resources, Inc., 8.25% 7/1/96.............................. 800,000 804,800
Heinz (H.J.) Co., 6.875%, 1/15/03.................................... 300,000 302,127
Household Affinity, 7.00%, 12/15/99.................................. 500,000 506,251
Kaiser Permanente, 7.42%, 4/13/98.................................... 1,600,000 1,635,568
Liberty Mutual Capital Corp., 7.90%, 3/14/03......................... 1,000,000 1,032,688
Limited, Inc., 9.125%, 2/1/01........................................ 500,000 524,415
</TABLE>
24 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Corporate Bonds (Cont'd) Amount Value
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Lincoln National Corp., 7.625%, 7/15/02.............................. $500,000 $518,470
Masco Corp., 5.25%, 2/15/12.......................................... 200,000 194,500
May Department Stores Co., 9.875%, 12/1/02........................... 200,000 229,732
McGraw Hill, Inc., 9.43%, 9/1/00..................................... 300,000 333,312
Mediq, Inc., 11.125%, 7/1/99......................................... 250,000 263,125
Michigan Bell Telephone Co., 9.25%, 11/15/98......................... 300,000 319,032
Mountain State Telephone & Telegraph, 9.50%, 5/1/00.................. 300,000 331,674
National Cooperative Bank, 6.06176%, 7/1/12.......................... 777,731 729,648
New England Telephone, 5.05%, 10/1/98................................ 500,000 484,705
Norwest Corp., 6.00%, 3/15/00........................................ 500,000 493,690
Pacific Bell Telephone, 6.25%, 3/1/05................................ 500,000 480,720
PaineWebber Trust, 9.00%, 10/20/03................................... 1,000,000 1,026,240
Payless Cashways, Inc., 9.125%, 4/15/03.............................. 650,000 526,500
Piedmont Aviation, Inc., 9.55%, 5/8/98............................... 100,000 96,500
Pitney Bowes Credit Corp., 8.625%, 2/15/08........................... 250,000 282,672
Polaroid Corp., 8.00%, 3/15/99....................................... 800,000 828,392
Prudential Home Mortgage Sec Co., 7.50%, 2/25/23..................... 3,302,399 3,365,606
Quaker Oats, Co., 8.85%, 11/15/96.................................... 250,000 254,767
United Air Lines, Inc., 10.67%, 5/1/04............................... 500,000 589,885
----------
Total Corporate Bonds (Cost $19,693,172)..................... 20,056,141
----------
Municipal Obligations - 18.2%
Atlanta Downtown Development Authority Revenue Bonds,
6.875%, 2/1/21..................................................... 650,000 620,587
California State General Obligation Bonds, 8.15%, 9/1/01............ 1,500,000 1,589,250
Conneaut School District General Obligation Bonds, 6.60%, 5/1/04..... 400,000 395,540
Connecticut State General Obligation Bonds, 6.00%, 1/15/03........... 350,000 334,099
Harrisburg, Pennsylvania, U.S. Government Guaranteed Notes,
7.14%, 8/1/02...................................................... 90,000 92,710
Los Angeles County Pension Obligation Bonds, 8.30% 6/30/02........... 1,000,000 1,034,640
Missouri Higher Education Student Loan Revenue Bonds,
6.80%, 2/15/01..................................................... 1,000,000 1,011,020
Montgomery County Hospital District Revenue Bonds,
8.30%, 4/1/02...................................................... 400,000 409,512
Nassau County, New York, U.S. Government Guaranteed Notes,
7.12%, 8/1/01...................................................... 450,000 463,401
New York State Environmental General Obligation Bonds,
7.65%, 5/1/99...................................................... 800,000 821,952
New York State Job Development Authority Revenue Bonds,
7.70%, 3/1/03...................................................... 1,500,000 1,563,105
Newburgh, New York, U.S. Government Guaranteed Notes,
7.12%, 8/1/01...................................................... 110,000 113,275
Oregon State General Obligation Bonds, 7.75%, 7/1/05................. 490,000 516,431
Pompano Beach, Florida, U.S. Government Guaranteed Notes,
7.12%, 8/1/01...................................................... 565,000 581,825
San Diego County Pension Obligation Bonds, 6.38%, 8/15/03............ 700,000 661,780
Scranton, Pennsylvania, U.S. Government Guaranteed Notes,
7.12%, 8/1/01...................................................... 425,000 437,656
Scranton, Pennsylvania, U.S. Government Notes,
7.14%, 8/1/02...................................................... 100,000 130,012
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 25
<PAGE>
<TABLE>
<CAPTION>
Principal
Municipal Obligations (Cont'd) Amount Value
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Silver Spring Metro Center, 6.875%, 5/15/13.......................... $650,000 $611,662
Somerville, Massachusetts, U.S. Government Guaranteed Notes,
7.12%, 8/1/01...................................................... 475,000 489,145
-----------
Total Municipal Obligations (Cost $11,638,729)..................... 11,850,602
-----------
Sovereign Debt - 0.4%
- ---------------------------------------------------------------------------------------------------
South Africa Republic, 9.625%, 12/15/99 Cost $245,490)............... 250,000 264,375
-----------
Equity Securities - 1.8% Shares
- ---------------------------------------------------------------------------------------------------
Financial Services - 0.3%
Great Western Financial Corp., $50.00,
Convertible Preferred.............................................. 2,700 164,025
-----------
Energy - 1.5%
Northern Borders Partners, LP........................................ 41,000 1,014,750
-----------
Total Equity Securities (Cost $1,104,530).......................... 1,178,775
-----------
TOTAL INVESTMENTS (Cost $61,225,420) - 95.7%..................... 62,246,492
Other assets and liabilities, net - 4.3%......................... 2,894,227
-----------
Net Assets - 100%................................................ $65,140,719
===========
</TABLE>
See notes to financial statements.
26 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Equity Portfolio
Statement of Investments
March 31, 1996
<TABLE>
<CAPTION>
Equity Securities - 97.9% Shares Value
- --------------------------------------------------------------------------
<S> <C> <C>
Capital Goods - 0.7%
Consorcio G Grupo Dina, S.A. (*)............. 330,000 $660,000
----------
Consumer Products - 17.4%
American Greetings Corp...................... 104,500 2,886,812
Black & Decker Corp.......................... 107,400 4,067,775
Colgate Palmolive Co......................... 23,000 1,791,125
Masco Corp................................... 99,000 2,871,000
Premark International, Inc................... 48,000 2,574,000
Whirlpool Corp............................... 48,000 2,652,000
----------
16,842,712
----------
Delivery Services - 2.2%
Federal Express Corp. (*).................... 31,000 2,166,125
----------
Financial Services - 15.9%
BankAmerica Corp............................. 49,000 3,797,500
Chemical Banking Corp........................ 30,000 2,115,000
Dean Witter Discover & Co.................... 27,000 1,545,750
Federal Home Loan Mortgage Corp.............. 30,000 2,557,500
Grupo Financiero Serfin, S.A. (*)............ 225,000 1,040,625
MBNA Corp.................................... 75,000 2,221,875
USF&G Corp................................... 140,000 2,170,000
----------
15,448,250
----------
Industrial Products - 8.5%
Federal Mogul Corp........................... 120,000 2,235,000
Morton International, Inc.................... 71,000 2,724,625
Praxair, Inc................................. 82,200 3,277,725
----------
8,237,350
----------
Paper Products - 3.0%
Caraustar Industries, Inc.................... 117,400 2,935,000
----------
Pharmaceutical & Health Care - 1.3%
Ventritex, Inc. (*).......................... 80,000 1,230,000
----------
Retail - 10.0%
Intimate Brands, Inc......................... 120,000 2,325,000
Limited, Inc................................. 135,000 2,565,000
Liz Claiborne, Inc........................... 70,000 2,397,500
Reebok International, Ltd.................... 88,600 2,447,575
----------
9,735,075
----------
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 27
<PAGE>
<TABLE>
<CAPTION>
Equity Securities (Cont'd) Shares Value
- -----------------------------------------------------------------------------------
<S> <C> <C>
Technology - 22.2%
Applied Materials, Inc. (*)........................... 76,000 $2,650,500
Digital Equipment Corp. (*)........................... 40,000 2,205,000
DSC Communications, Inc. (*).......................... 99,800 2,694,600
E M C Corp. (*)....................................... 139,000 3,040,625
Intel Corp............................................ 55,000 3,128,125
Lam Resh Corp. (*).................................... 32,000 1,120,000
LSI Logic Corp. (*)................................... 40,000 1,070,000
Microsoft Corp. (*)................................... 18,000 1,856,250
Micron Technology..................................... 42,000 1,317,750
Symantec Corp. (*).................................... 185,000 2,381,875
-----------
21,464,725
-----------
Transportation - 5.1%
AMR Corp. (*)......................................... 25,000 2,237,500
TNT Freightways Corp.................................. 117,000 2,661,750
-----------
4,899,250
-----------
Utilities - 11.6%
Compania de Teleponos de Chile, S.A. (ADR)............ 40,000 3,390,000
Enron Corp............................................ 109,000 2,874,875
Telefonica de Argentina, S.A., Class B (ADR).......... 100,000 2,562,500
Telefonos de Mexico, S.A. (ADR)....................... 73,000 2,399,875
-----------
11,227,250
-----------
TOTAL INVESTMENTS (Cost $95,898,629) - 97.9%.. 94,845,737
Other assets and liabilities, net - 2.1%...... 2,038,963
-----------
Net Assets - 100%............................. $96,884,700
===========
</TABLE>
(+) These certificates of deposit are fully insured by agencies of the
federal government.
(*) Non-income producing.
(#) Restricted securities representing 2.5% of net assets of the Managed
Growth Portfolio.
(a) See Note B.
See notes to financial statements.
28 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 1996
MONEY MANAGED
MARKET GROWTH
ASSETS PORTFOLIO PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investments in securities, at value........................................................ $163,042,820 $585,847,905
Cash....................................................................................... 403,789 916,886
Receivable for securities sold............................................................. -- 2,164,924
Receivable for shares sold................................................................. 352,371 828,945
Interest and dividends receivable.......................................................... 500,401 4,599,724
Other assets............................................................................... 13,216 30,776
------------- ------------
Total assets.......................................................................... 164,312,597 594,389,160
------------ ------------
LIABILITIES
- --------------------------------------------------------------------------------------------------------------------------------
Payable for securities purchased........................................................... -- 7,637,361
Payable for shares redeemed................................................................ 102,124 489,440
Payable for Calvert Asset Management Company, Inc.......................................... 77,381 444,074
Payable for Calvert Shareholder Services, Inc.............................................. 44,705 74,530
Payable for Calvert Distributors, Inc...................................................... -- 121,318
Accrued expenses and other liabilities..................................................... 88,660 91,764
------------ ------------
Total liabilities..................................................................... 312,870 8,858,487
------------ ------------
Net assets......................................................................... $163,999,727 $585,530,673
============ ============
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------------------------------------------------------
Paid-in capital applicable to the following shares of beneficial
interest, unlimited number of no par shares authorized:
Money Market Portfolio: 164,049,331 shares outstanding............................. $164,049,967
Managed Growth Portfolio:
Class A: 19,183,591 shares outstanding........................................... $507,705,452
Class C: 180,406 shares outstanding.............................................. 5,350,634
Undistributed net investment income........................................................ 392 236,547
Accumulated realized gain (loss) on investments............................................ (50,632) 22,907,317
Net unrealized appreciation (depreciation) on investments.................................. -- 49,330,723
------------ ------------
Net assets......................................................................... $163,999,727 $585,530,673
============ ============
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------------------------------------------------------
Money Market Portfolio..................................................................... $1.00
============
Managed Growth Portfolio
Class A (based on net assets of $580,123,139)......................................... $30.24
============
Class C (based on net assets of $5,407,534)........................................... $29.97
============
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 29
<PAGE>
Statements of Assets and Liabilities
March 31, 1996
<TABLE>
<CAPTION>
Bond Equity
Assets Portfolio Portfolio
- -------------------------------------------------------------------------------
<S> <C> <C>
Investments in securities, at value................ $62,246,492 $94,845,737
Cash............................................... 2,975,337 2,202,861
Receivable for shares sold......................... 69,123 108,477
Interest and dividends receivable.................. 989,125 68,493
Other assets....................................... 15,905 15,915
----------- -----------
Total assets..................................... 66,295,982 97,241,483
----------- -----------
Liabilities
- -------------------------------------------------------------------------------
Payable for securities purchased................... 996,095 --
Payable for shares redeemed........................ 79,677 234,665
Payable for Calvert Asset Management Company, Inc. 47,727 63,763
Payable for Calvert Shareholder Services, Inc. .... 11,935 20,175
Payable for Calvert Distributors, Inc. ............ 10,845 21,521
Accrued expenses and other liabilities............. 8,984 16,659
----------- -----------
Total liabilities................................ 1,155,263 356,783
----------- -----------
Net assets..................................... $65,140,719 $96,884,700
=========== ===========
Net Assets Consist of:
- -------------------------------------------------------------------------------
Paid-in capital applicable to the following shares
of beneficial interest, unlimited number of no
par shares authorized:
Bond Portfolio:
Class A: 3,931,949 shares outstanding........ $63,655,324
Class C: 78,974 shares outstanding........... 1,263,546
Equity Portfolio:
Class A: 4,555,827 shares outstanding........ $86,124,314
Class C: 113,675 shares outstanding.......... 2,241,152
Undistributed net investment income (loss)......... 112,650 (50,987)
Accumulated realized gain (loss) on investments.... (911,873) 9,623,113
Net unrealized appreciation (depreciation) on
investments...................................... 1,021,072 (1,052,892)
----------- -----------
Net assets..................................... $65,140,719 $96,884,700
=========== ===========
Net Asset Value Per Share
- -------------------------------------------------------------------------------
Bond Portfolio
Class A (based on net assets of $63,869,994)..... $16.24
===========
Class C (based on net assets of $1,270,725)...... $16.09
===========
Equity Portfolio
Class A (based on net assets of $94,595,306)..... $20.76
===========
Class C (based on net assets of $2,289,394)...... $20.14
===========
</TABLE>
See notes to financial statements.
30 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Statements of Operations
Six Months Ended March 31, 1996
<TABLE>
<CAPTION>
Money Managed
Market Growth
Net Investment Income Portfolio Portfolio
- -------------------------------------------------------------------------------
<S> <C> <C>
Investment Income
Interest income..................................... $4,565,026 $ 9,243,865
Dividend income (net of foreign taxes withheld of
$33,400).......................................... -- 1,976,154
---------- -----------
Total investment income........................... 4,565,026 11,220,019
---------- -----------
Expenses
Investment advisory fee............................. 399,071 2,015,666
Transfer agency fees and expenses................... 366,918 569,475
Distribution Plan expenses:
Class A........................................... -- 676,695
Class C........................................... -- 22,742
Trustees' fees and expenses......................... 20,694 74,882
Custodian fees...................................... 10,458 43,960
Registration fees................................... 7,380 13,630
Reports to shareholders............................. 94,512 245,072
Professional fees................................... 6,844 26,890
Miscellaneous....................................... 27,304 157,584
Reimbursement from Advisor.......................... (224,349) (150,104)
---------- -----------
Total expenses.................................. 708,832 3,696,492
Fees paid indirectly............................ (10,458) (43,960)
---------- -----------
Net expenses.................................. 698,374 3,652,532
---------- -----------
Net Investment Income......................... 3,866,652 7,567,487
---------- -----------
Realized and Unrealized
Gain (Loss) on Investments
- -------------------------------------------------------------------------------
Net realized gain (loss) on:
Securities.......................................... (792) 26,791,218
Futures............................................. (1,062,750)
Foreign currencies.................................. (13,372)
---------- -----------
(792) 25,715,096
Change in unrealized appreciation or depreciation -- (4,938,847)
---------- -----------
Net Realized and Unrealized
Gain (Loss) on Investments........................ (792) 20,776,249
---------- -----------
Increase (Decrease) in
Net Assets Resulting
From Operations................................... $3,865,860 $28,343,736
========== ===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 31
<PAGE>
Statements of Operations
Six Months Ended March 31, 1996
<TABLE>
<CAPTION>
Bond Equity
Net Investment Income Portfolio Portfolio
- -------------------------------------------------------------------------------
<S> <C> <C>
Investment Income
Interest income..................................... $2,223,042 $ 17,796
Dividend income (net of foreign taxes
withheld of $15,992 for Equity)................... 5,906 641,397
---------- -----------
Total investment income......................... 2,228,948 659,193
---------- -----------
Expenses
Investment advisory fee............................. 214,335 239,972
Transfer agency fees and expenses................... 84,351 166,771
Distribution Plan expenses:
Class A........................................... 64,840 106,005
Class C........................................... 5,546 9,891
Trustees' fees and expenses......................... 8,624 12,256
Custodian fees...................................... 9,355 6,148
Registration fees................................... 14,515 12,762
Reports to shareholders............................. 27,380 53,681
Professional fees................................... 2,884 5,958
Miscellaneous....................................... 15,467 27,446
Reimbursement from Advisor.......................... (5,680) --
---------- -----------
Total expenses.................................. 441,617 640,890
Fees paid indirectly............................ (9,355) (6,148)
---------- -----------
Net expenses.................................. 432,262 634,742
---------- -----------
Net Investment Income......................... 1,796,686 24,451
---------- -----------
Realized and Unrealized
Gain (Loss) on Investments
- --------------------------------------------------------------------------------
Net realized gain (loss).............................. 4,404 10,561,054
Change in unrealized appreciation or depreciation..... (445,861) (3,765,695)
---------- -----------
Realized and Unrealized
Gain (loss) on Investments.................... (441,457) 6,795,359
---------- -----------
Increase (Decrease) in
Net Assets Resulting
From Operations............................... $1,355,229 $ 6,819,810
========== ===========
</TABLE>
See notes to financial statements.
32 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Money Market Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets Mar. 31, 1996 Sep. 30, 1995
- --------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income......................... $ 3,866,652 $ 7,317,082
Net realized gain (loss)...................... (792) (1,883)
------------ ------------
Increase (Decrease) in Net Assets
Resulting From Operations.................. 3,865,860 7,315,199
------------ ------------
Distributions to shareholders from
Net investment income........................ (3,866,854) (7,316,488)
------------ ------------
Capital share transactions:
Shares sold.................................. 83,423,502 144,488,289
Reinvestment of distributions................ 3,536,207 7,091,284
Shares redeemed.............................. (76,954,559) (141,361,798)
------------ ------------
10,005,150 10,217,775
------------ ------------
Total Increase (Decrease)
in Net Assets................................ 10,004,156 10,216,486
Net Assets
- --------------------------------------------------------------------------------
Beginning of period.......................... 153,995,571 143,779,085
------------ ------------
End of period (including undistributed net
investment income of $392 and $594,
respectively).............................. $163,999,727 $153,995,571
============ ============
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 33
<PAGE>
Managed Growth Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets Mar. 31, 1996 Sep. 30, 1995
- --------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income.......................... $ 7,567,487 $ 15,027,988
Net realized gain (loss)....................... 25,715,096 61,611,966
Change in net unrealized appreciation or
depreciation................................. (4,938,847) 11,568,497
------------ ------------
Increase (Decrease) in Net Assets
Resulting From Operations.................. 28,343,736 88,208,451
------------ ------------
Distributions to shareholders from
Net investment income:
Class A Shares............................... (7,485,508) (14,892,978)
Class C Shares............................... (38,382) (58,324)
Net realized gain:
Class A Shares............................... (63,523,038) (3,653,404)
Class C Shares............................... (481,545) (16,082)
------------ ------------
Total distributions............................ (71,528,473) (18,620,788)
------------ ------------
Capital share transactions:
Shares sold:
Class A Shares............................... 41,304,817 64,112,225
Class C Shares............................... 1,730,745 2,255,528
Reinvestment of distributions:
Class A Shares............................... 65,429,895 17,905,477
Class C Shares............................... 510,120 73,747
Shares redeemed:
Class A Shares............................... (44,746,259) (102,234,643)
Class C Shares............................... (560,672) (572,714)
------------ ------------
Total capital share transactions............... 63,668,646 (18,460,380)
------------ ------------
Total Increase (Decrease)
in Net Assets.................................. 20,483,909 51,127,283
Net Assets
- --------------------------------------------------------------------------------
Beginning of period............................ 565,046,764 513,919,481
------------ ------------
End of period (including undistributed net
investment income of $236,547 and $192,950,
respectively)................................ $585,530,673 $565,046,764
============ ============
</TABLE>
See notes to financial statements.
34 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Bond Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets Mar. 31, 1996 Sep. 30, 1995
- --------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income......................... $ 1,796,686 $ 3,712,987
Net realized gain (loss)...................... 4,404 (916,277)
Change in net unrealized appreciation or
depreciation................................ (445,861) 4,548,221
----------- -----------
Increase (Decrease) in Net Assets
Resulting From Operations................. 1,355,229 7,344,931
----------- -----------
Distributions to shareholders from
Net investment income:
Class A Shares.............................. (1,765,307) (3,578,827)
Class C Shares.............................. (23,251) (29,538)
Net realized gain:
Class A Shares.............................. -- (233,208)
Class C Shares.............................. -- (1,624)
Tax return of capital:
Class A Shares.............................. -- (134,168)
Class C Shares.............................. -- (1,107)
----------- -----------
Total distributions........................... (1,788,558) (3,978,472)
----------- -----------
Capital share transactions:
Shares sold:
Class A Shares.............................. 6,343,398 9,721,624
Class C Shares.............................. 385,233 755,847
Reinvestment of distributions:
Class A Shares.............................. 1,387,426 3,564,799
Class C Shares.............................. 20,748 29,809
Shares redeemed:
Class A Shares.............................. (6,368,186) (15,268,017)
Class C Shares.............................. (33,659) (219,095)
----------- -----------
Total capital share transactions.............. 1,734,960 (1,415,033)
----------- -----------
Total Increase (Decrease)
In Net Assets................................. 1,301,631 1,951,426
Net Assets
- --------------------------------------------------------------------------------
Beginning of period........................... 63,839,088 61,887,662
----------- -----------
End of period (including undistributed net
investment income of $112,650 and $104,522,
respectively)............................... $65,140,719 $63,839,088
=========== ===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 35
<PAGE>
Equity Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets Mar. 31, 1996 Sep. 30, 1995
- --------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income......................... $ 24,451 $ 275,873
Net realized gain (loss)...................... 10,561,054 7,338,427
Change in net unrealized appreciation or
depreciation................................ (3,765,695) 2,776,172
----------- -----------
Increase (Decrease) in Net Assets
Resulting From Operations................. 6,819,810 10,390,472
----------- -----------
Distributions to shareholders from
Net investment income:
Class A Shares.............................. (262,500) (205,649)
Class C Shares.............................. (1,695) (3,766)
Net realized gain:
Class A Shares.............................. (7,815,996) (5,771,214)
Class C Shares.............................. (165,432) (52,194)
----------- -----------
Total distributions........................... (8,245,623) (6,032,823)
----------- -----------
Capital share transactions:
Shares sold:
Class A Shares.............................. 8,657,595 15,393,397
Class C Shares.............................. 470,432 1,154,662
Reinvestment of distributions:
Class A Shares.............................. 7,426,694 5,988,415
Class C Shares.............................. 164,558 55,960
Shares redeemed:
Class A Shares.............................. (11,055,085) (27,640,020)
Class C Shares.............................. (106,466) (197,945)
----------- -----------
Total capital share transactions.............. 5,557,728 (5,245,531)
----------- -----------
Total Increase (Decrease)
in Net Assets................................. 4,131,915 (887,882)
Net Assets
- --------------------------------------------------------------------------------
Beginning of period........................... 92,752,785 93,640,667
----------- -----------
End of period (including undistributed net
investment income (loss) of $(50,987) and
$188,757, respectively)..................... $96,884,700 $92,752,785
=========== ===========
</TABLE>
See notes to financial statements.
36 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
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)
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 not available are valued at
the most recent bid price 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. Foreign security prices,
furnished by quotation services in the security's local currency, are
translated using the current U.S. dollar exchange rate. 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 liquid assets sufficient to cover, on a daily
basis, the current values 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
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
futures contracts arise from the possible illiquidity of the futures markets
and the movement in the value of the investment or in interest rates.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 37
<PAGE>
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 or, in the case of
dividends on certain foreign securities, as soon as the Fund is informed of the
ex-dividend date. Interest income, accretion of discount and amortization of
premium are recorded on an accrual basis.
Foreign Currency Transactions: The Fund's accounting records are maintained in
U.S. dollars. For valuation of assets and liabilities on each date of net asset
value determination, foreign denominations are translated into U.S. dollars
using the current exchange rate. Security transactions, income and expenses are
converted at the prevailing rate of exchange on the date of the event. The
effect of changes in foreign exchange rates on securities is included in the net
realized and unrealized gain or loss on securities.
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 (accrued daily) 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 each
Portfolio's 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.
38 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Calvert Distributors, Inc., an affiliate 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: $198,957 for Managed Growth,
$29,043 for Bond and $55,659 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.
Umbono Investment Corp., which is an affiliate because Managed Growth owns
over 5% of the voting securities, was purchased at a cost of $7,849,582 for
2,850,429 shares.
Note C--Investment Activity
During the period, purchases and sales of investments, other than short-term
securities, were:
Managed Growth Bond Equity
-------------- ---------- -----------
Purchases: $361,994,540 $7,434,388 $41,054,363
Sales: $336,583,116 5,982,678 45,566,122
Money Market held only short-term investments.
The cost of investments owned at March 31, 1996 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 as of September
30, 1995 with expiration dates:
Money Managed
Market Growth Bond Equity
------- ----------- ---------- -----------
Unrealized appreciation -- $64,317,353 $1,493,322 $ 13,917,204
Unrealized depreciation -- (14,986,630) (472,250) (14,970,096)
Capital loss carry forward $49,840 -- $ 916,381 --
Expiration dates 1996-2003 2003
Capital losses may be utilized to offset current and future capital gains until
expiration.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 39
<PAGE>
Note D--Capital Shares
Transactions in shares of beneficial interest ("capital shares") for the six
months ended March 31, 1996 and year ended September 30, 1995 were as follows:
<TABLE>
<CAPTION>
Reinvestment
of Shares Net Share
1996 Share Activity Shares Sold Distributions Redeemed Activity
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Money Market Portfolio....... 83,423,502 3,536,207 (76,954,559) 10,005,150
Managed Growth Portfolio:
Class A Shares............. 1,333,988 2,183,341 (1,433,200) 2,084,129
Class C Shares............. 56,409 17,192 (17,921) 55,680
Bond Portfolio:
Class A Shares............. 382,491 83,953 (384,631) 81,813
Class C Shares............. 23,582 1,268 (2,059) 22,791
Equity Portfolio:
Class A Shares............. 424,076 367,357 (542,781) 248,652
Class C Shares............. 23,491 8,347 (5,381) 26,457
Reinvestment
of Shares Net Share
1995 Share Activity Shares Sold Distributions Redeemed Activity
- ---------------------------------------------------------------------------------------------
Money Market Portfolio........ 144,488,289 7,091,284 (141,361,798) 10,217,775
Managed Growth Portfolio:
Class A Shares.............. 2,095,415 568,732 (3,364,989) (700,842)
Class C Shares.............. 75,390 2,501 (19,232) 58,659
Bond Portfolio:
Class A Shares.............. 614,412 225,438 (965,822) (125,972)
Class C Shares.............. 47,745 1,891 (13,861) 35,775
Equity Portfolio:
Class A Shares.............. 800,199 329,761 (1,442,423) (312,463)
Class C Shares.............. 60,778 3,001 (10,106) 53,673
</TABLE>
40 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Money Market Portfolio
Financial Highlights
<TABLE>
<CAPTION>
Periods Ended
-----------------------------------
March 31, September 30,
1996 1995 1994
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period....... $1.00 $1.00 $1.00
======== ======== ========
Income from investment operations
- ---------------------------------
Net investment income.................... .024 .050 .031
Distributions from
- ------------------
Net investment income.................... (.024) (.050) (.031)
-------- -------- --------
Net asset value, end of period............. $1.00 $1.00 $1.00
======== ======== ========
Total return............................... 2.47% 5.13% 3.13%
======== ======== ========
Ratios to average net assets:
Net investment income.................... 4.84%(a) 5.03% 3.07%
======== ======== ========
Total expenses +......................... .89%(a) .89% --
======== ======== ========
Net expenses............................. .87%(a) .87% .87%
======== ======== ========
Expenses reimbursed...................... .28%(a) .18% .18%
======== ======== ========
Net assets, end of period (in thousands)... $164,000 $153,996 $143,779
======== ======== ========
Number of shares outstanding
at end of period (in thousands).......... 164,049 154,044 143,826
======== ======== ========
Years Ended
-----------------------------------
September 30,
1993 1992 1991
- -----------------------------------------------------------------------------------
Net asset value, beginning of year......... $1.00 $1.00 $1.00
======== ======== ========
Income from investment operations
- ---------------------------------
Net investment income.................... .025 .037 .061
Distributions from
Net investment income.................... (.025) (.037) (.061)
-------- -------- --------
Net asset value, end of year............... $1.00 $1.00 $1.00
======== ======== ========
Total return............................... 2.56% 3.79% 6.32%
======== ======== ========
Ratios to average net assets:
Net investment income.................... 2.54% 3.74% 6.12%
======== ======== ========
Total expenses +......................... -- -- --
======== ======== ========
Net expenses............................. .87% .87% .87%
======== ======== ========
Expenses reimbursed...................... .20% .16% .13%
======== ======== ========
Net assets, end of year (in thousands)..... $144,985 $171,340 $193,947
======== ======== ========
Number of shares outstanding
at end of year (in thousands)............ 145,031 171,407 194,015
======== ======== ========
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 41
<PAGE>
<TABLE>
<CAPTION>
MANAGED GROWTH PORTFOLIO (CLASS A SHARES)
FINANCIAL HIGHLIGHTS
Periods Ended
-----------------------------------------------------
March 31, September 30,
1996 1995 1994
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $32.81 $28.77 $30.85
============ ============ ===========
Income from investment operations
Net investment income............................... .40 .87 .93
Net realized and unrealized gain
(loss) on investments............................ 1.17 4.25 (1.83)
------------ ------------ ------------
Total from investment operations................. 1.57 5.12 (.90)
------------ ------------ ------------
Distributions from
Net investment income............................... (.39) (.87) (.95)
Net realized gain................................... (3.75) (.21) (.23)
------------ ------------ ------------
Total distributions.............................. (4.14) (1.08) (1.18)
------------ ------------ ------------
Total increase (decrease) in net asset value............. (2.57) 4.04 (2.08)
------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD........................... $30.24 $32.81 $28.77
============ ============ ============
Total return*............................................ 5.07% 18.21% (2.95%)
============ ============ ============
Ratios to average net assets:
Net investment income............................... 2.64%(a) 2.89% 3.14%
============ ============ ============
Total expenses+..................................... 1.27%(a) 1.28% --
============ ============ ============
Net expenses........................................ 1.26%(a) 1.26% 1.24%
============ ============ ============
Expenses reimbursed................................. .05%(a) .02% --
============ ============ ============
Portfolio turnover....................................... 61% 114% 34%
============ ============ ============
NET ASSETS, END OF PERIOD (IN THOUSANDS)................. $580,123 $560,981 $512,027
============ ============ ============
Number of shares outstanding at
end of period (in thousands)........................ 19,184 17,099 17,800
============ ============ ============
YEARS ENDED
-----------------------------------------------------
SEPTEMBER 30,
1993 1992 1991
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF YEAR....................... $29.35 $28.42 $25.87
============ ============ ============
Income from investment operations
Net investment income............................... .95 1.07 1.20
Net realized and unrealized gain
(loss) on investments............................ 1.91 1.82 3.10
------------ ------------ ------------
Total from investment operations................. 2.86 2.89 4.30
------------ ------------ ------------
Distributions from
Net investment income............................... (.95) (1.95) (1.00)
Net realized gain................................... (.41) (.01) (.75)
------------ ------------ ------------
Total distributions.............................. (1.36) (1.96) (1.75)
------------ ------------ ------------
Total increase (decrease) in net asset value............. 1.50 .93 2.55
------------ ------------ ------------
NET ASSET VALUE, END OF YEAR............................. $30.85 $29.35 $28.42
============ ============ ============
Total return*............................................ 9.98% 10.71% 17.51%
============ ============ ============
Ratios to average net assets:
Net investment income............................... 3.25% 3.90% 4.73%
============ ============ ============
Total expenses+..................................... -- -- --
============ ============ ============
Net expenses........................................ 1.25% 1.28% 1.31%
============ ============ ============
Expenses reimbursed.................................. -- -- --
============ ============ ============
Portfolio turnover....................................... 33% 14% 25%
============ ============ ============
NET ASSETS, END OF YEAR (IN THOUSANDS)................... $536,170 $419,514 $329,922
============ ============ ============
Number of shares outstanding
at end of year (in thousands)....................... 17,378 14,292 11,609
============ ============ ============
</TABLE>
42 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Managed Growth Portfolio (Class C Shares)
Financial Highlights
<TABLE>
<CAPTION>
Periods Ended
----------------------------------
March 31, September 30,
1996 1995 1994(**)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period........ $32.60 $28.65 $30.43
Income from investment operations ====== ====== ======
- ---------------------------------
Net investment income..................... .25 .54 .51
Net realized and unrealized gain
(loss) on investments................... 1.10 4.20 (1.66)
------ ------ ------
Total from investment operations........ 1.35 4.74 (1.15)
------ ------ ------
Distributions from
- ------------------
Net investment income..................... (.23) (.58) (.63)
Net realized gain......................... (3.75) (.21) --
------ ------ ------
Total distributions..................... (3.98) (.79) (.63)
------ ------ ------
Total increase (decrease) in net asset value (2.63) 3.95 (1.78)
------ ------ ------
Net asset value, end of period.............. $29.97 $32.60 $28.65
====== ====== ======
Total return*............................... 4.36% 16.85% (3.30%)
====== ====== ======
Ratios to average net assets:
Net investment income..................... 1.41%(a) 1.61% 1.83%(a)
====== ====== ======
Total expenses + ......................... 2.52%(a) 2.51% --
====== ====== ======
Net expenses.............................. 2.50%(a) 2.50% 2.47%(a)
====== ====== ======
Expenses reimbursed....................... .33%(a) .42% 1.46%(a)
====== ====== ======
Portfolio turnover.......................... 61% 114% 34%
====== ====== ======
Net assets, end of period (in thousands).... $5,408 $4,065 $1,893
====== ====== ======
Number of shares outstanding
at end of period (in thousands)........... 180 125 66
====== ====== ======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 43
<PAGE>
BOND PORTFOLIO (CLASS A SHARES)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PERIODS ENDED
-------------------------------
MARCH 31, SEPTEMBER 30,
1996 1995 1994
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period.......... $ 16.34 $ 15.49 $ 17.77
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income....................... .45 .96 .94
Net realized and unrealized gain
(loss) on investments..................... (.10) .91 (1.81)
------- ------- -------
Total from investment operations.......... .35 1.87 (.87)
------- ------- -------
Distributions from
- ------------------
Net investment income....................... (.45) (.93) (.94)
Net realized gain........................... -- (.06) (.47)
Tax return of capital....................... -- (.03) --
------- ------- -------
Total distributions....................... (.45) (1.02) (1.41)
------- ------- -------
Total increase (decrease) in net asset value.. (.10) .85 (2.28)
------- ------- -------
Net asset value, end of period................ $ 16.24 $ 16.34 $ 15.49
======= ======= =======
Total return*................................. 2.13% 12.57% (5.18%)
======= ======= =======
Ratios to average net assets:
Net investment income....................... 5.47%(a) 6.04% 5.64%
======= ======= =======
Total expenses +............................ 1.32%(a) 1.24% --
======= ======= =======
Net expenses................................ 1.29%(a) 1.22% 1.10%
======= ======= =======
Portfolio turnover............................ 10% 29% 19%
======= ======= =======
Net assets, end of period (in thousands)...... $63,870 $62,929 $61,573
======= ======= =======
Number of shares outstanding at
end of period (in thousands)................ 3,932 3,850 3,976
======= ======= =======
PERIODS ENDED
-------------------------------
SEPTEMBER 30,
1993 1992 1991
- ------------------------------------------------------------------------------
Net asset value, beginning of year............ $ 17.05 $ 16.48 $ 15.34
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income....................... 1.08 1.15 1.21
Net realized and unrealized gain
(loss) on investments..................... .85 .78 1.15
------- ------- -------
Total from investment operations.......... 1.93 1.93 2.36
------- ------- -------
Distributions from
- ------------------
Net investment income....................... (1.08) (1.15) (1.21)
Net realized gain........................... (.13) (.21) (.01)
------- ------- -------
Total distributions....................... (1.21) (1.36) (1.22)
------- ------- -------
Total increase (decrease) in net asset value.. .72 .57 1.14
------- ------- -------
Net asset value, end of year.................. $ 17.77 $ 17.05 $ 16.48
======= ======= =======
Total return*................................. 11.89% 12.29% 15.95%
======= ======= =======
Ratios to average net assets:
Net investment income....................... 6.33% 6.90% 7.63%
======= ======= =======
Total expenses +............................ -- -- --
======= ======= =======
Net expenses................................ .79% .75% .77%
======= ======= =======
Expenses reimbursed......................... .20% .24% .27%
======= ======= =======
Portfolio turnover............................ 28% 29% 24%
======= ======= =======
Net assets, end of year (in thousands)........ $67,134 $50,572 $33,259
======= ======= =======
Number of shares outstanding at
end of year (in thousands).................. 3,778 2,965 2,018
======= ======= =======
</TABLE>
44 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
BOND PORTFOLIO (CLASS C SHARES)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PERIODS ENDED
-------------------------------
MARCH 31, SEPTEMBER 30,
1996 1995 1994(**)
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period.......... $16.20 $15.43 $16.71
====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income........................ .36 .80 .45
Net realized and unrealized gain
(loss) on investments....................... (.12) .87 (1.23)
------ ------ ------
Total from investment operations............ .24 1.67 (.78)
------ ------ ------
Distributions from
- ------------------
Net investment income........................ (.35) (.81) (.50)
Net realized gain............................ -- (.06) --
Tax return of capital........................ -- (.03) --
------ ------ ------
Total distributions......................... (.35) (.90) (.50)
------ ------ ------
Total increase (decrease) in net asset value.. (.11) .77 (1.28)
------ ------ ------
Net asset value, end of period................ $16.09 $16.20 $15.43
====== ====== ======
Total return*................................. 1.46% 11.21% (4.13%)
====== ====== ======
Ratios to average net assets:
Net investment income........................ 4.03%(a) 4.60% 4.63%(a)
====== ====== ======
Total expenses +............................. 2.53%(a) 2.52% --
====== ====== ======
Net expenses................................. 2.50%(a) 2.50% 2.41%(a)
====== ====== ======
Expenses reimbursed.......................... 1.02%(a) 2.14% 9.60%(a)
====== ====== ======
Portfolio turnover............................ 10% 29% 19%
====== ====== ======
Net assets, end of period (in thousands)...... $1,271 $ 910 $ 315
====== ====== ======
Number of shares outstanding at
end of period (in thousands)................. 79 56 20
====== ====== ======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 45
<PAGE>
EQUITY PORTFOLIO (CLASS A SHARES)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PERIODS ENDED
-------------------------------
MARCH 31, SEPTEMBER 30,
1996 1995 1994
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period.......... $ 21.12 $ 20.13 $ 21.43
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income........................ -- .06 .13
Net realized and unrealized gain
(loss) on investments....................... 1.51 2.22 (1.04)
------- ------- -------
Total from investment operations............ 1.51 2.28 (.91)
------- ------- -------
Distributions from
- ------------------
Net investment income........................ (.06) (.04) (.28)
Net realized gain............................ (1.81) (1.25) (.11)
------- ------- -------
Total distributions......................... (1.87) (1.29) (.39)
------- ------- -------
Total increase (decrease) in net asset value.. (.36) .99 (1.30)
------- ------- -------
Net asset value, end of period................ $ 20.76 $ 21.12 $ 20.13
======= ======= =======
Total return*................................. 7.41% 12.43% (4.33%)
======= ======= =======
Ratios to average net assets:
Net investment income........................ .09%(a) .32% .65%
======= ======= =======
Total expenses +............................. 1.33%(a) 1.38% --
======= ======= =======
Net expenses................................. 1.31%(a) 1.36% 1.27%
======= ======= =======
Portfolio turnover............................ 44% 35% 94%
======= ======= =======
Net assets, end of period (in thousands)...... $94,595 $90,951 $92,970
======= ======= =======
Number of shares outstanding at
end of period (in thousands)................. 4,556 4,307 4,620
======= ======= =======
YEARS ENDED
-------------------------------
SEPTEMBER 30,
1993 1992 1991
- ------------------------------------------------------------------------------
Net asset value, beginning of year............ $ 20.03 $ 18.89 $ 15.86
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income........................ .21 .17 .44
Net realized and unrealized gain
(loss) on investments....................... 1.36 1.20 2.96
------- ------- -------
Total from investment operations............ 1.57 1.37 3.40
------- ------- -------
Distributions from
- ------------------
Net investment income........................ (.17) (.23) (.37)
Net realized gain............................ -- -- --
------- ------- -------
Total distributions......................... (.17) (.23) (.37)
------- ------- -------
Total increase (decrease) in net asset value.. 1.40 1.14 3.03
------- ------- -------
Net asset value, end of year.................. $ 21.43 $ 20.03 $ 18.89
======= ======= =======
Total return*................................. 7.82% 7.36% 21.88%
======= ======= =======
Ratios to average net assets:
Net investment income........................ 1.06% 1.02% 1.94%
======= ======= =======
Total expenses +............................. -- -- --
======= ======= =======
Net expenses................................. 1.13% 1.17% 1.04%
======= ======= =======
Expenses reimbursed.......................... -- -- .18%
======= ======= =======
Portfolio turnover............................ 43% 24% 27%
======= ======= =======
Net assets, end of year (in thousands)........ $85,042 $64,629 $42,642
======= ======= =======
Number of shares outstanding at
end of year (in thousands)................... 3,968 3,226 2,258
======= ======= =======
</TABLE>
46 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
EQUITY PORTFOLIO (CLASS C SHARES)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PERIODS ENDED
-------------------------------
MARCH 31, SEPTEMBER 30,
1996 1995 1995(**)
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period.......... $20.66 $19.98 $22.12
====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income....................... (.10) (.03) (.06)
Net realized and unrealized gain
(loss) on investments..................... 1.41 2.05 (2.08)
------ ------ ------
Total from investment operations.......... 1.31 2.02 (2.14)
------ ------ ------
Distributions from
- ------------------
Net investment income....................... (.02) (.09) --
Net realized gain........................... (1.81) (1.25) --
------ ------ ------
Total distributions....................... (1.83) (1.34) --
------ ------ ------
Total increase (decrease) in net asset value.. (.52) .68 (2.14)
------ ------ ------
Net asset value, end of period................ $20.14 $20.66 $19.98
====== ====== ======
Total return*................................. 6.54% 11.16% (9.14%)
====== ====== ======
Ratios to average net assets:
Net investment income (loss)................ (1.64%)(a) (.84%) (1.06%)(a)
====== ====== ======
Total expenses +............................ 3.05%(a) 2.51% --
====== ====== ======
Net expenses................................ 3.04%(a) 2.50% 2.75%(a)
====== ====== ======
Expenses reimbursed......................... -- 1.07% 4.60%(a)
====== ====== ======
Portfolio turnover............................ 44% 35% 94%
====== ====== ======
Net assets, end of period (in thousands)...... $2,289 $1,802 $ 670
====== ====== ======
Number of shares outstanding at
end of period (in thousands)................ 114 87 34
====== ====== ======
</TABLE>
(a) Annualized
* Total return is not annualized for periods of less than one year and does
not reflect deduction of Class A front-end sales charge.
+ Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the
ratio of net expenses.
** From March 1, 1994, inception.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT SOCIAL INVESTMENT FUND - 47
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
48 - CALVERT SOCIAL INVESTMENT FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
==============================================================================
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 1000N
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail:
-------------------
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Web Site
-------------------
Address: http://www.calvertgroup.com
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.
