Calvert Social Investment Fund
Supplement to January 31, 1997, as Revised March 12, 1997
Statement of Additional Information
Date of Supplement: November 14, 1997
Insert the following at the end of the section on Calculation of
Yield and Total Return on page 11 of the Statement of Additional
Information:
The Fund may advertise the internal rate of return
(IRR) on direct company holdings in its special
equities program. This is a non-standardized
performance calculation. See explanation under
"Advertising". These direct company holdings
represent only a very small portion of a Portfolio's
assets, and the IRR on this part of the special
equities program should not be confused with the
yield and total return of the Fund's Portfolios.
Insert the following at the end of the section on Advertising on page
12 of the Statement of Additional Information:
The Fund may advertise the internal rate of return
(IRR) on direct company holdings in its special
equities program. This is a non-standardized
performance calculation. The IRR includes direct
investments in companies only (no funds,
partnerships, or financial institutions). It is
based on annual cash flows beginning with the first
direct investment on December 18, 1992 to the date
shown in the advertisement. Cash outflows include
all disbursements to companies, including
follow-ons. The IRR assumes full exercise of
warrant positions in the year of calculation if not
previously exercised. Cash inflows includes all
receipts from acquisitions and earnouts. It also
assumes positions are fully liquidated in the year
of calculation. Public company holdings are
liquidated at market price, including warrants;
others are liquidated at carrying value whether
marked up, down, or at cost. All but a small
portion of these returns are unrealized. These
direct company holdings represent only a very small
portion of a Portfolio's assets, and the IRR on this
part of the special equities program should not be
confused with the yield and total return of the
Fund's Portfolios. The IRR on direct company
holdings in the special equities program of the
Fund's Managed Growth Portfolio was 16% from
December 18, 1992 through September 30, 1997. Past
performance is no guarantee of future results.
