September 30, 2000
Annual
Report
Calvert SOCIAL
INVESTMENT fund
<PAGE>
Table
of
Contents
President's Letter
1
Chairman's Letter
2
Portfolio
Manager Remarks
4
Report of Independent Public Accountants
21
Schedules
of Investments
22
Statements
of Assets and Liabilities
49
Statements
of Operations
52
Statements
of Changes in
Net Assets
54
Notes to
Financial Statements
63
Financial Highlights
69
Dear Shareholders:
While near-term volatility in equity and bond markets has set a tone of
challenge for investors and fund managers this past year, caution and discipline
remain a keynote of our manager's investment strategies. We are confident that
these will bring their own reward in the long term.
The state of the US economy seems to indicate that we have reason to be
optimistic despite recently falling market indices. For the time being, the
specter of inflation appears to be nothing more than that, and the underlying
economic fundamentals are solid. Indeed, the Fed, which left rates unchanged at
its last meeting, believes that inflation remains under control. Somewhat slower
economic growth will continue to keep prices in check - and there have been
indications of cooling in most traditional sectors of the economy. Therefore,
economic growth is expected to slow in the coming months and year.
Growth in the US economy coupled with price stability will continue to influence
the price and yield of Government bonds. Rising oil prices, temporarily curbed
by the recent decision to release 30m barrels from our Strategic Petroleum
Reserve, would almost certainly push up bond yields.
Also, the decision made by the US, Europe, and Japan to shore up the Euro could
have domestic consequences. While a weaker dollar could mean stronger balance
sheets for multinational companies, the stream of money from Europe into the US
economy could be reversed, adversely affecting equity and corporate bond prices.
Time will tell how events will play out. For the reasonable investor, discipline
and the need to make informed decisions are as important as ever before. As
always, we encourage you to make decisions based on your financial obligations
and tolerance for risk. Your financial professional can suggest strategies that
can keep you on track to meet your objectives.
We appreciate your investment in Calvert Group funds and look forward to working
with you to achieve your financial goals.
Sincerely,
Barbara J. Krumsiek
President and CEO
October 30, 2000
<PAGE>
Dear Investor:
This past year's financial results have been close to or have beaten their
respective Lipper benchmarks, while we have maintained our rigorous social
screens and activities. The Fund continues to be a successful model for social
investment and an innovator in many ways:
Special Equities
The Fund places money into private companies that have an opportunity to deliver
good returns while also addressing proactively pressing social issues. While
we have generally stayed away from the dot.com mania, we did make an investment
recently into Smarthinking, Inc. This company provides online tutoring to
students over the Internet via chat, whiteboard, e-mail, and other resources and
content. Their initial target market is distance learning, community colleges
and institutions with a large non-traditional, commuter student population.
Moreover, the company affords the opportunity for "E-structors" to share their
knowledge and be an easy way to be of help to students.
The Special Equities program in CSIF Balanced now totals over 30 direct
investments. We are quite pleased with the return on this program since its
inception in 1992. The Fund's Special Equities program was an early investor in
the area of alternative energy, such as hydrogen fuel cells and solar power,
which are now a hot area in the marketplace. The Special Equities are almost
unique in the mutual fund arena and we are pleased to demonstrate the
sensibility and viability of supporting companies that have a strong social
mission.
High Social Impact Investments
The Fund also puts up to 1% of its assets into community financial
intermediaries where it expects a below market return in exchange for a high
social impact. This new "asset class," innovated by Calvert, has been adopted
by the social investment community and has now become part of the programs of
some other institutional investors. For example, the Fund has invested in the
Self-Help Credit Union which in turn lent the money to a woman who was forced to
move into public housing after the loss of her husband. Today, she owns her own
home in North Carolina. Obtaining a mortgage was not easy because she had a low
income, few assets, and significant debt. But the loan officer at Self-Help
worked with her to assemble a package of loans, subsidies, and other support.
Since inception, Self-Help has made over 1,400 loans totaling more than $78
million that has led to the creation of over 1,000 jobs and the development of
144 housing units.
Another example involves Julie Stone, a cosmetologist in a local nail salon, who
was forced to stop working to become a single parent and had to go on welfare.
When she learned that the nail salon where she had worked was for sale, she
applied for and received an $8,500 loan from Western Massachusetts Entrepreneur
Fund (WMEF), in which your Fund has invested, to buy the business, which now
continues to thrive. In fiscal year 2000 alone, WMEF disbursed $374,800 to 18
businesses, helping to create and/or retain 48 jobs.
Social Policy and Activism
The Fund continues its program of dialogue with companies on matters affecting
the workplace of companies in which we have invested. For example, after years
of discussion with Home Depot management
<PAGE>
and several shareholder resolutions, the company has agreed to make public some
EEO information that a group of concerned investors, led by Calvert, requested.
We were pleased to learn that the company has instituted several programs aimed
at increasing the representation of women and minorities and has instituted one
of the largest diversity training programs in the country.
The Fund has had Microsoft holdings from time to time. Calvert's primary
concern is with Microsoft's practices insofar as they harm consumers. Expert
opinion, and Calvert's own analysis, is powerfully divided on this point.
However, underlying the analytical tug-of-war is one principle that bears
heavily, but clearly, on consumer welfare: open standards. Open standards, or
common protocols for exchanging information between different computers and
software, is what allows anyone to access the web from any computer and see the
same thing everyone else sees -- no matter how disparate their platforms or
software. Calvert has been dialoguing with Microsoft on this issue. In the
past Microsoft has been criticized for constructing proprietary extensions to
other web protocols (like HTML).
Management affirmed Microsoft's commitment to full interoperability, and
explained that Microsoft was one of the first companies to provide a commercial
implementation of XML, an open standard, with which software developers and
customers could experiment. While that early product was not compatible with
the standard that subsequently developed by the world standards group (W3C), the
later web browser (IE 5.0) was based on the working draft from the W3C.
Officials with the W3C confirmed that Microsoft has been an important,
cooperative contributor to the development of Internet standards and protocols
at the consortium. We will closely monitor Microsoft's commitment to principle
and spirit of interoperability.
New Technology Portfolio
Calvert has recently introduced its new Technology Portfolio. This portfolio
will afford opportunities to address the appropriate uses of technology in the
21st century. This provides an opportunity to more fully engage with emerging
issues such as net privacy and genetic engineering. The portfolio managers of
this fund have consistently proven themselves over 10 years of ups and downs in
the technology sector. We welcome them to our Fund family and look forward to
the challenges presented.
Market Interdependence
The oil and Mid-East crisis, however temporary, once again reminds our New
Economy citizens that we are interdependent with the rest of the world. America
cannot live in a walled garden. It is self-interest, and not just compassion,
that should guide our actions by bringing the American value of opportunity to
all. Until this issue is resolved there will be continued market volatility with
a constraint on the increasing value of financial assets.
Thank you again for your participation in this great experiment of investing for
a better world. Should you have a spare moment, please go to www.calvert.com
and remind yourself that this model work in its many manifestations of using
your money for a greater good is something that would not exist without your
participation.
Sincerely,
D. Wayne Silby,
Chairman
October 31, 2000
<PAGE>
Money Market Portfolio Statistics
September 30, 2000
Investment Performance
6 Months 12 Months
ended ended
9/30/00 9/30/00
Money
Market Portfolio 2.91% 5.53%
Lipper Money
Market Instrument
Funds Average 2.86% 5.43%
Maturity Schedule
Weighted Average
9/30/00 9/30/99
42 days 46 days
Tom Dailey
of Calvert Asset Management Company
How did the Portfolio perform relative to its benchmark?
For the one year ended September 30, 2000, the fund shares returned 5.53% versus
5.43% for the Lipper Money Market Funds Average.
Investment Climate
During the one year period ended September 30, 2000, the Federal Open Market
Committee (FOMC) raised rates four times for a cumulative change in the fed
funds rate of 125 basis points in an effort to achieve long-term price stability
and sustainable economic growth. Since its May 16, 2000, meeting, the FOMC has
left the fed funds rate unchanged at 6.50%, but has maintained an inflationary
bias. While recent economic data has hinted that aggregate demand has been
slowing to a pace consistent with the economy's production potential, inflation
pressures have been edging upward.
The labor market has remained tight. The unemployment rate has dipped below 4%,
indicating consistent pressure on the labor market. The Chicago Purchasing
Managers' Index increased from August to September because of rising oil prices.
The price component of the National Association of Purchasing Managers index
(NAPM) will likely be affected by this rise in oil prices. Companies have also
reported disappointing earnings or warnings that have contributed to a down turn
in the stock market. In addition, the Fed expressed concern about increases in
the cost of health care and energy prices resulting in diminished consumer
confidence.
Early in the year the Portfolio maintained a
<PAGE>
shorter than average maturity in order to provide liquidity while the Fed was in
a tightening mode. Beginning in May, we believed the Fed would take a
wait-and-see attitude toward growth and inflation. Therefore, we lengthened the
Portfolio's average maturity and captured the expected rate hikes the market had
priced into short-term rates.
What is your Outlook?
While many economic indicators show some signs of slowing, we believe it is too
soon to tell if the Fed will change its current policy. Unless the unemployment
rate rises and consumer spending slows, or an unforeseen economic crisis occurs,
we believe the Fed will retain its current stance on monetary policy. We will
continue to monitor the economic releases of the coming months since it will
probably take more than a few rounds of data to convince the Fed that there is
little risk of inflation in the long run.
October 30, 2000
Money Market Portfolio Statistics
September 30, 2000
Average Annual Total Returns
One year 5.53%
Five year 4.98%
Ten year 4.58%
Since inception 6.07%
(10/21/82)
Total return assumes reinvestment of dividends. Past performance is no guarantee
of future results.
<PAGE>
Balanced Portfolio Statistics
September 30, 2000
Investment Performance
6 Months 12 Months
ended ended
9/30/00 9/30/00
Class A 2.16% 12.75%
Class B 1.67% 11.63%
Class C 1.65% 11.64%
Class I 2.11% 12.97%
Lehman Aggregate
Bond Index TR 4.81% 6.99%
S&P 500 Index
Mthly. Reinvested (3.60%) 13.27%
Lipper Balanced
Funds Average 0.63% 11.31%
Ten Largest Long-Term Holdings
% of Net Assets
EMC Corp. 2.4%
Cardinal Health, Inc. 1.8%
Oracle Corp. 1.8%
Xerox Capital Trust I,
8.00%, 2/1/27 1.6%
Microsoft Corp. 1.6%
Sun Microsystems, Inc. 1.6%
Pfizer, Inc. 1.5%
Greenpoint Bank,
9.25%, 10/1/10 1.4%
American International Group 1.4%
Riggs Capital Trust,
8.625%, 12/31/26 1.4%
Total 16.5%
Investment performance does not reflect the deduction of any front-end or
deferred sales charge. TR represents total return.
Source: Lipper Analytical Services, Inc.
CAMCO
Vice President
of Equities, John Nichols
How did the Portfolio perform?
As a whole the CSIF Balanced Portfolio's Class A shares enjoyed a total return
of 12.75% for the 12 months ending September 30, 2000, outperforming the Lipper
Balanced Funds Average at 11.31%.
What is your view of the markets?
Brown Capital Management
The U.S. stock market recorded an above average annual total return for the year
ending September 30, 2000. The economic backdrop was generally favorable,
highlighted by very strong economic growth and a decline in the five year
Treasury yield which occurred after rates peaked in January 2000. Large cap
stocks have performed well over the past year and mid cap stocks have performed
spectacularly. Sectors responsible for fueling the significant increase in
large cap stocks included Technology, Financials, Capital Goods, and Utilities.
For the past 12-18 months, we have noted that mid cap stocks appeared
undervalued and offered greater upside potential relative to large cap stocks on
a risk-adjusted basis. Beginning in March of 2000, the market began to see
things our way. The Fund benefited due to our mix of both large cap and mid cap
companies. The strong out-performance can be attributed to our valuation
consciousness that prevented us from paying too much for the prospective
earnings growth of selected large cap companies.
When discussing market concerns, investment strategists seem to point to what is
widely known now as the four E's - the election,
<PAGE>
energy, Euro, and earnings. With respect to the election, we believe that the
outcome and its impact on the markets is largely psychological. As long as
monetary policy remains focused on sustaining growth and controlling inflation,
market prospects should remain sanguine. The other E's, however, are much more
meaningful.
Energy prices, as measured by crude oil prices per barrel, increased to almost
$38 per barrel, whereas just two years ago, crude oil was only $11 per barrel.
Add to that the fuel consumption and transportation costs incurred by other
companies that sell goods and services, and fuel costs understandably rose
significantly. Sustained increases in energy prices, therefore, could clearly
have a negative impact on our economy.
When the Euro began trading in January 1999, its value approached $1.20. Most
recently trading at about $0.87, the Euro's weakness has been a part of the
reason why the final E, earnings, seems to be of greater concern to the
marketplace. When large multinationals consolidate their European
Balanced Portfolio Statistics
September 30, 2000
Average Annual Total Returns
Class A Shares
One year 7.40%
Five year 11.18%
Ten year 10.80%
Since inception 11.31%
(10/21/82)
Class B Shares
One year 6.63%
Since inception 4.89%
(4/1/98)
Class C Shares
One year 10.61%
Five year 11.04%
Since inception 10.21%
(3/1/94)
Class I Shares
One year 12.97%
Since inception 8.28%
(3/1/99)
New subadvisors assumed management of the equity portion of the Portfolio
effective July 1995.
Performance Comparison
Comparison of change in value of $10,000 investment. (Source: Lipper Analytical
Services, Inc.)
[INSERT LINE GRAPH HERE]
Total returns assume reinvestment of dividends and reflect the deduction of the
Fund's maximum front-end or deferred sales charge. No sales charge has been
applied to the index used for comparison. Past performance is no guarantee of
future results.The value of an investment in Class A shares is plotted in the
line graph. The value of an investment in another class of shares would be
different.
<PAGE>
Balanced Portfolio Statistics
September 30, 2000
Asset Allocation
Stocks 56%
Bonds 40%
Cash & Cash Equivalents 4%
100%
subsidiaries, the weaker Euro means less U.S. dollar-denominated revenue and
earnings. For European consumers, it means less purchasing power for
U.S.-exported goods & services.
NCM Capital Management Group, Inc.
Stock market activity has become increasingly volatile as high profile
technology companies pre-announce poor third quarter earnings, and while both
oil prices and the Euro appear to be stabilizing, the worst may not be over.
Should higher energy prices begin to show up in finished goods prices, the Fed
will be fighting both inflation and a potential recession. For now, the Fed is
widely expected to remain on hold at least through year-end and possibly
throughout most of next year, assuming no energy shocks.
Looking back over the last 12 months, technology performance has been good.
However, the strong performance of last year's fourth quarter masks the abysmal
performance of this calendar year. The tech sector may very well continue to
have a tough time as global economic growth slows - led by Europe and the U.S.
Despite the remarkable earnings growth many companies have experienced in the
sector, the big question is: Have stock prices fully taken this view into
account? As investors change their outlook for growth around the globe, markets
are likely to remain volatile and growth at any price will likely no longer be
tolerated.
What was the strategy for the fixed income portion of the Portfolio?
The fixed income portion of the Portfolio continues to be heavily weighted in
corporate bonds. We have added exposure to the mortgage market and reduced
corporate bond exposure. Mortgages were recently trading at historically wide
levels, and we took advantage of this opportunity to upgrade the quality of the
Portfolio. The average credit rating of the Portfolio has increased from A- to
A. By contrast, corporate bonds (indeed all bonds not issued by the U.S.
Treasury), have performed poorly over the last year, and our performance has
suffered recently as even the highest quality credits such as agencies have had
severe declines in prices relative to Treasury bonds. Consequently, we continue
to weigh the fixed income portion of the Portfolio toward the mortgage market
and away from corporate bonds.
What is your outlook for the fixed income side of the Portfolio in the months
ahead?
We expect volatility to continue in the capital markets. The effects of higher
oil prices and a declining stock market will continue to make markets volatile.
And what is your outlook for equities?
Brown Capital Management
We expect the current economic expansion, now the longest sustained expansion in
the last 100 years, to continue, albeit at more modest return levels when
compared to the
<PAGE>
past several years. Should the expansion hold, the U.S. will be well into its
tenth year of uninterrupted economic growth. We expect the stock market to
continue its growth, only at more modest levels when compared to the past
several years. A 10-12% return in stocks and a 5-6% return in bonds, in line
with historical averages, is realistic.
NCM Capital Management Group, Inc.
We expect market leadership to continue to shift back and forth from growth to
value. Financials, utilities and energy may very well be the new market leaders.
Mid cap stocks may also offer an interesting opportunity as many smaller
companies have been overlooked for years despite their attractive fundamentals
and compelling valuations. While our style of management will continue to be
Growth at a Reasonable Price (GARP), we will participate in select opportunities
in traditional value-oriented sectors and to some degree gain more mid cap
exposure without violating our style discipline. Regardless of the direction of
the market, we believe that focus on high quality companies selling at
reasonable prices will continue to result in competitive market performance over
the coming year.
October 30, 2000
Balanced Portfolio Statistics
September 30, 2000
Portfolio Characteristics
(Equity holdings, excluding Special Equities)
CSIF S&P
Balanced 500
Portfolio index
Number of Stocks 85 500
Median Market
Capitalization ($bil) 27.74 81.56
(by portfolio weight)
Price/Earnings
Ratio 37.96 27.86
Earnings Per Share
Growth 27.37% 21.27%
Yield 0.47% 1.13% (return on capital investment)
Volatility Measures
CSIF S&P
Balanced 500
Portfolio* index
Beta1 1.07 1.00
R-Squared2 0.92 1.00
* Equity Portion of Portfolio
1Measure of volatility compared to the S&P 500 Stock Index (S&P 500) beta of 1.
The higher the beta, the higher the risk and potential reward.
2Measure of correlation between the fund's returns and the overall market's (S&P
500) returns. An R-Squared of 0 would mean no correlation, an R-Squared of 1
would mean total correlation.
Source: Vestek
<PAGE>
Bond Portfolio Statistics
September 30, 2000
Investment Performance
6 Months 12 Months
ended ended
9/30/00 9/30/00
Class A 2.45% 5.76%
Class B 2.00% 4.61%
Class C 1.83% 4.48%
Class I 2.10% N/A
Lehman Aggregate
Bond Index TR 4.81% 6.99%
Lipper Corporate
Debt Funds
A-Rated Average 3.61% 5.36%
Maturity Schedule
Weighted Average
9/30/00 9/30/99
22 years 17 years
SEC Yields
30 days ended
9/30/00 9/30/99
Class A 5.21% 6.07%
Class B 4.41% 4.90%
Class C 3.96% 4.90%
Class I 5.74% N/A
Investment performance does not reflect the deduction of any front-end or
deferred sales charge.
TR represents total return.
Source: Lipper Analytical Services, Inc.
Greg Habeeb
of CAlvert Asset Management Company
How did the Fund perform relative to its peer group?
The CSIF Bond Portfolio's Class A shares returned 5.76% for the 12 months ended
September 30, 2000. This compares to a 12-month return of 5.36% for the Lipper
Corporate Debt Funds A-Rated Average and 6.99% for the Lehman Aggregate Bond
Index. The CSIF Bond Portfolio has continued to outperform the Lipper A
Corporate Index over the 3- and 5- year periods.
What were the driving forces in the credit markets?
The credit markets in 2000 have been characterized by extreme spread volatility
and a resulting overall widening trend of yield spreads to Treasuries resulting
in lower prices relative to Treasury securities. This volatility is
attributable to a combination of factors, including:
1) A Treasury buy-back program that has wreaked havoc on the shape of the
benchmark Treasury curve.
2) Increased risk adverse policies of the dealer community which started in 1998
and have resulted in smaller dealer inventories and less support for the credit
markets.
3) Consolidation of investment banks further eroding support for the credit
markets.
4) Highly volatile and declining stock market prices undermining investor
confidence.
5) Both bond and stock investors who have become increasingly risk averse.
<PAGE>
6) A dramatic rise in oil prices
At the end of January, the U.S. Treasury announced a Treasury buy-back program
that would include regular purchases of government bonds by the Treasury and
smaller bond auctions. This has caused tremendous disorder in the fixed income
market. Treasury yields dropped between 50 to 100 basis points in short order.
The Fed raised the Fed Fund rate 125 basis points from September to May. The
combination of rising yields on the short end due to the Fed and lower yields on
the long end due to the Treasury buy-back program caused the yield curve to
invert.
Other sectors of the fixed income market (corporates, mortgages, asset backed,
agencies, etc) did not participate in this rally and thus significantly
underperformed the Treasury markets. Non-Treasuries cheapened to levels not
even seen in the worst of the world crisis of 1988.
What was your strategy?
We continue to be overallocated in non-Treasuries. We have added exposure to
the mortgage market and reduced corporate
Bond Portfolio
Statistics
September 30, 2000
Average Annual Total Returns
Class A Shares
One year 1.71%
Five year 4.98%
Ten year 7.08%
Since inception 7.54%
(8/24/87)
Class B Shares
One year 0.61%
Since inception 2.31%
(4/1/98)
Class C Shares
One year 3.42%
Since inception 2.54%
(6/1/98)
Class I Shares
Since inception 2.83%
(3/31/00)
Performance Comparison
Comparison of change in value of $10,000 investment. (Source: Lipper Analytical
Services, Inc.)
[INSERT LINE GRAPH HERE]
Total returns assume reinvestment of dividends and reflect the deduction of the
Fund's maximum front-end or deferred sales charge. No sales charge has been
applied to the index used for comparison. Past performance is no guarantee of
future results. The value of an investment in Class A shares is plotted in the
line graph. The value of an investment in another class of shares would be
different.
<PAGE>
bond exposure. Mortgages were recently trading at historically wide levels. We
took advantage of this opportunity to upgrade the quality of the Portfolio. The
average credit rating of the Portfolio has increased from A to A+. Because of
the weakening of non-Treasuries our performance has suffered recently as even
the highest quality credits such as agencies have had severe declines in prices
relative to Treasury bonds. We are continuing the corporate bond to mortgage
reallocation.
What should investors expect in the coming months?
We expect ongoing turmoil in the capital markets. The effects of higher oil
prices and a declining stock market will continue to make bond markets volatile.
These effects may lead to continued underperformance of corporate bonds. As a
result, we have reduced our exposure to corporate bonds by 30% and increased our
exposure to the AAA sector accordingly.
October 31, 2000
<PAGE>
Dan Boone
of atlanta capital
management
How did the Portfolio perform?
Our second year as your investment manager for the Calvert Social Investment
Fund Equity Portfolio has been fun, exciting and almost as rewarding as the
first year. We are very pleased to report a second near 30% year. The
Portfolio's Class A shares increased 29.91%, far outpacing our primary
benchmark, the S&P 500 index, which increased 13.27%. For the two-year period
since we began as fund manager, the fund is now up 74.7% as compared to the S&P
500 increase of 44.8%.
What was your strategy during the past year?
The most comforting and satisfying thought we have about the performance is that
we achieved these results without taking on high risks. We did not use any
initial public offerings. We did not significantly overweight the technology
group. We kept the portfolio well diversified. We benefited by investing in
companies with high growth rates, but we did not expose the Portfolio to the
very high, unsustainable valuations that have been awarded to a number of
technology stocks. All of our Portfolio companies not only have earnings, they
have a long history of consistent earnings growth. Consistency of growth in
earnings and dividends is at the heart of Atlanta Capital's high-quality
philosophy in selecting a universe of stocks from which to build your portfolio.
We believe that the very close overlap of our high-quality disciplines with the
Calvert Group's socially responsible disciplines is an important reason we have
been able to achieve excellent results.
Equity
Portfolio Statistics
September 30, 2000
Investment Performance
6 Months 12 Months
ended ended
9/30/00 9/30/00
Class A (0.48%) 29.91%
Class B (0.86%) 28.78%
Class C (0.86%) 28.87%
Class I (0.30%) N/A
S&P 500 Index
Mthly. Reinvested (3.60%) 13.27%
Lipper Multi-Cap Core
Funds Average (1.36%) 21.45%
Ten Largest Stock Holdings
% of Net Assets
Cisco Systems, Inc. 3.8%
EOG Resources, Inc. 3.3%
Oracle Corp. 3.2%
Tyco Int'l, Ltd. 3.0%
Intel Corp. 2.8%
Scientific-Atlanta, Inc. 2.7%
Sun Microsystems, Inc. 2.6%
Dover Corp. 2.5%
Lowe's Companies, Inc. 2.5%
Gap, Inc. 2.4%
Total 28.8%
Investment performance does not reflect the deduction of any front-end or
deferred sales charge.
Source: Lipper Analytical Services, Inc.
<PAGE>
Equity
Portfolio Statistics
September 30, 2000
Average Annual Total Returns
Class A Shares
One year 23.68%
Five year 16.27%
Ten year 12.42%
Since inception 10.18%
(8/24/87)
Class B Shares
One year 23.78%
Since inception 10.28%
(4/1/98)
Class C Shares
One year 27.87%
Five year 16.13%
Since inception 12.10%
(3/1/94)
Class I Shares
Since inception 23.10%
(11/1/99)
How did the Fed affect markets?
The stock market in the past 12 months has not been easy to understand or to
negotiate. The Federal Reserve raised short-term interest rates six times
between the summer of 1999 and the summer of 2000 in order to prevent the
economy from overheating and possibly causing an acceleration in the inflation
rate.
With normal-lag effects, it took over six months for growth to slow, but the Fed
has succeeded. Economic growth slowed under the impact of the higher interest
rates, higher energy prices, and falling stock prices. The S&P 500 rose 17.5%
between September 30, 1999 and March 31, 2000, but fell 3.6% in the second half
of the year. Beginning in March 2000, there was a dramatic change in the
winning and losing sectors within the stock market. For instance, the stocks in
the technology sector of the S&P 500 increased 52.7% in the first six months,
but declined 21.2% in the second six months. The energy, financial, health care,
and utility sectors began outperforming even as technology and the NASDAQ
indices declined. Most recently, signs that the economy is slowing along
Performance Comparison
Comparison of change in value of $10,000 investment. (Source: Lipper Analytical
Services, Inc.)
[INSERT LINE GRAPH HERE]
Total returns assume reinvestment of dividends and reflect the deduction of the
Fund's maximum front-end or deferred sales charge. No sales charge has been
applied to the index used for comparison. Past performance is no guarantee of
future results. The value of an investment in Class A shares is plotted in the
line graph.The value of an investment in another class of shares would be
different. New subadvisor assumed management of the Portfolio effective
September 1998
<PAGE>
with continued benign inflation reports have led to the belief that the Federal
Reserve will not have to raise interest rates again. This caused the sharp
rebound in interest-rate sensitive stocks, notably the utilities and financial
stocks.
What, then is your market outlook for the year ahead?
Many of the patterns we have observed are associated with the classic end of a
bull market. Rising oil prices have increased inflation worries and slowed
economic growth; rising interest rates have slowed economic growth, raised
earnings concerns, and lowered valuations. And foreigner investors, historically
the last investors into our markets, have been flowing cash into our markets at
a record pace. We have also had a speculative blow-off in a market-leading
sector - technology bringing about a change in leadership. We do not believe
this process of correction is over.
Nevertheless, we are not bearish. There are so many positive factors affecting
our economy and markets. The flexibility of our free-market economy is a
competitive advantage found nowhere else in the world. The gains in
productivity arising out of our heavy investment in technology are truly
astounding and have allowed us to enjoy increased real incomes and low
inflation. We have truly innovative technologies that are creating some of the
fastest growing companies in history.
Another reason not to be bearish is that we have already been in a "rolling"
bear market for many sectors and companies, and valuations for many of these
companies are very low and very attractive. We have already "burst the bubble"
of many Internet stocks which were inflated to wild levels, but which did not
have sound business models based on providing real services and products at a
profit in the marketplace.
Equity Portfolio Statistics
September 30, 2000
Asset Allocation
Stocks 95%
Cash & Cash Equivalents 5%
100%
<PAGE>
Equity Portfolio Statistics
September 30, 2000
Portfolio Characteristics
CSIF S&P
Equity 500
Portfolio index
Number of Stocks 53 500
Median Market
Capitalization ($bil) 18.59 81.56
(by portfolio weight)
Price/Earnings
Ratio 22.26 27.86
Earnings Per Share
Growth 20.63% 21.27%
Yield 0.81% 1.13%
(return on capital investment)
Volatility Measures
CSIF S&P
Equity 500
Portfolio index
Beta1 0.95 1.00
R-Squared2 0.87 1.00
1Measure of volatility compared to the S&P 500 Stock Index (S&P 500) beta of 1.
The higher the beta, the higher the risk and potential reward.
2Measure of correlation between the fund's returns and the overall market's (S&P
500) returns. An R-Squared of 0 would mean no correlation, an R-Squared of 1
would mean total correlation.
Source: Vestek
We believe the sorting-out process is well underway. Our primary concerns are
the still-lofty valuations awarded to the most visible technology stocks and the
impact a slowing economy might have on their growth rates. We are cautious and
have modestly underweighted the technology sector for the intermediate term.
But we see many attractive growth companies selling at very compelling
valuations in other sectors of the market, particularly if we are willing to
look through the near term slowing economy, energy prices, and market cross
currents.
While we remain cautious over the near term - especially with regard to the
earnings outlook in a slowing economy -- we are increasingly bullish about the
longer-term outlook as the excesses in valuations are corrected. We feel
confident the portfolio's diversification among high-quality stocks will afford
some protection if we encounter rough periods in the intermediate term.
October 30, 2000
<PAGE>
Arlene RockEfellar of State Street Global Advisors
How did the Portfolio perform compared to its benchmark?
The Managed Index Portfolio Class A shares rose 18.39% for the year ended
September 30, 2000, slightly outperforming the 17.81% return for the Russell
1000 Index.
Market Environment
The U.S. equity market continued its upward march for the year ending September
30, 2000. Most of the gains occurred during the fourth quarter of 1999, as
rapid gains in technology shares propelled the market higher. In contrast, the
returns for 2000 have been less impressive, as some of the glamorous technology
names have reversed momentum.
Several factors have led to a sea change in the market's performance this year.
Many tech stocks have been plagued by profitability concerns, particularly the
dot-coms. Companies such as Amazon.com and Priceline.com have been battered
this year, as analysts grew impatient with mounting earnings losses. In
addition, aggressive monetary tightening by the Fed is starting to have a
slowing impact on the real economy, while higher oil prices are raising
inflationary concerns.
Against this background, the market has limped sideways for the better part of
2000. Value stocks have outpaced growth stocks by over 4% year-to-date. While
this difference is not nearly enough to wipe out the huge advantage growth
stocks enjoyed in the fourth quarter of 1999, it does point to a fundamental
change in investor sentiment.
Managed Index
Portfolio Statistics
September 30, 2000
Investment Performance
6 Months 12 Months
ended ended
9/30/00 9/30/00
Class A (1.63%) 18.39%
Class B (2.12%) 17.07%
Class C (2.11%) 17.21%
Class I (1.43%) 18.94%
Russell 1000
Index (2.74%) 17.81%
Lipper Large-Cap Core
Funds Average (3.33%) 17.80%
Investment performance does not reflect the deduction of any front-end or
deferred sales charge.
Source: Lipper Analytical Services, Inc.
Asset Allocation
Stocks 98%
Cash & Cash Equivalents 2%
Total 100%
<PAGE>
Managed Index
Portfolio Statistics
September 30, 2000
Average Annual Total Returns
Class A Shares
One year 12.76%
Since inception 10.15%
(4/15/98)
Class B Shares
One year 12.13%
Since inception 9.65%
(4/15/98)
Class C Shares
One year 16.21%
Since inception 13.42%
(6/1/98)
Class I Shares
One year 18.94%
Since inception 12.72%
(4/15/98)
As the market surged higher during the fourth quarter of 1999, the Fund was hurt
by an underweight in smaller-cap technology stocks. The rapid rise in
valuations of small cap tech stocks during the quarter was astonishing.
Companies such as I2 Technologies, Infospace, and BEA Systems rose more than
300%. The Fund was underweight in these stocks by a combined 7 basis points,
and yet the rapid ascent of these stocks detracted nearly 15 basis points from
the Portfolio's performance.
A Shift in Risk Target
Based on Calvert Asset Management Company's analysis of the impact on expected
Portfolio performance of extending the level of risk relative to the Russell
1000 Index, the Board relaxed the risk-target level by 0.25% during the first
quarter of 2000, allowing the targeted tracking error to increase to 2.75%.
This new guideline acknowledged the rising volatility
Performance Comparison
Comparison of change in value of $10,000 investment. (Source: Lipper Analytical
Services, Inc.)
[INSERT LINE GRAPH HERE]
Total returns assume reinvestment of dividends and reflect the deduction of the
Fund's maximum front-end or deferred sales charge. No sales charge has been
applied to the index used for comparison. Past performance is no guarantee of
future results. The value of an investment in Class A, B and I shares is plotted
in the line graph.The value of an investment in another class of shares would be
different.
<PAGE>
in the market and the strategy's challenge to meet the performance target while
staying within the risk guidelines.
The change in risk target allowed the Fund to increase its focus on adding
value, helping the strategy to outpace the index over the past year. Positive
security selection within the energy sector was the biggest driver in
performance for the year. As oil prices shot higher, the Fund got a boost from
the oil service sector. Companies such as Anadarko Petroleum (+118%), Smith
International (+102%) and EOG Resources (+84%) helped as the Portfolio had
relatively sizeable positions in each.
Rising oil prices had the opposite effect on the basic materials sector,
particularly chemical firms. For example, DuPont, Dow Chemical, and Union
Carbide all declined more than 30% over the past year as these firms use
petroleum-based products in their production processes.
What should investors expect in the coming months?
We enter the fourth quarter cautiously optimistic over the market's prospects.
The economic environment remains favorable, though not without pockets of
concern.
The Federal Reserve has engineered six interest rate increases since June 30,
1999, taking the target Fed Funds rate up 1.75% to its current level of 6.5%.
The failure of long-term rates to rise over this time period points to the
market's comfort level with inflation. While a flat yield curve can lead to cuts
in banking profits, it should also signal the Fed that they have done enough.
Other economic indicators paint a mixed picture on the inflation outlook. Energy
prices may be the biggest area of concern
Managed Index
Portfolio Statistics
September 30, 2000
Ten Largest Stock Holdings
% of Net Assets
Cisco Systems, Inc. 3.2%
Intel Corp. 2.9%
SBC Communications, Inc. 2.8%
American Int'l Group, Inc. 2.3%
Merck & Co., Inc. 2.3%
Sun Microsystems, Inc. 2.2%
Pfizer, Inc. 2.1%
International Business
Machines Corp. 2.1%
Oracle Corp. 1.9%
Federal National
Mortgage Association 1.9%
Total 23.7%
<PAGE>
Managed Index
Portfolio Statistics
September 30, 2000
Portfolio Characteristics
CSIF Russell
Managed Index 1000
Portfolio index
Number of Stocks 202 979
Median Market
Capitalization ($bil) 37.04 66.30
(by portfolio weight)
Price/Earnings
Ratio 27.15 29.70
Earnings Per Share
Growth 22.33% 20.67%
Yield 1.03% 1.10%
(return on capital investment)
Volatility Measures
CSIF Russell
Managed Index 1000
Portfolio index
Beta1 0.99 0.99
R-Squared2 0.96 0.99
1Measure of volatility compared to the S&P 500 Stock Index (S&P 500) beta of 1.
The higher the beta, the higher the risk and potential reward.
2Measure of correlation between the fund's returns and the overall market's (S&P
500) returns. An R-Squared of 0 would mean no correlation, an R-Squared of 1
would mean total correlation.
Source: Vestek
as oil prices rose from $25 per barrel one year ago to a high of $37 in late
September. Since then, oil prices have retreated modestly.
Consumer spending is another area of concern. Buoyed by a surge in consumer
confidence, consumers have been spending so much money that the savings rate
declined to -0.4% in August, the lowest level on record for that statistic. On
the plus side, productivity growth remains high with no signs of abating.
We are cautiously optimistic. The market tends to do well in a favorable
economic environment, and we believe this strong growth, low inflationary
environment can continue. We expect rapid productivity growth to keep a lid on
inflation, spur innovation, and allow corporations to reap healthy economic
profits in the future.
Naturally, external shocks, such as surging oil prices and collapsing foreign
currencies can always spoil the party. But if we can weather such shocks, the
market is poised to move higher in the coming year.
October 30, 2000
<PAGE>
Report of Independent Public Accountants
To the Board of Trustees and Shareholders of Calvert Social Investment Fund:
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of Calvert Social Investment Fund (comprised of
the Money Market, Balanced, Bond, Equity, and Managed Index Portfolios,
hereafter referred to as the "Funds"), as of September 30, 2000, and the related
statements of operations, the statements of changes in net assets, and the
financial highlights for the year then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit. The statements of changes in net assets
for the year ended September 30, 1999 and the financial highlights for the
periods presented prior to September 30, 2000 of the Fund, were audited by other
auditors, whose report dated November 10, 1999, expressed an unqualified opinion
on those statements.
We conducted our audit in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of September 30, 2000, by correspondence
with the custodian, the broker, and application of alternative procedures with
respect to unsettled securities transactions. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Calvert Social Investment Fund as of September 30, 2000, the results of their
operations, the changes in their net assets, and the financial highlights for
the year then ended, in conformity with accounting principles generally accepted
in the United States.
ARTHUR ANDERSEN LLP
Philadelphia, Pennsylvania
November 15, 2000
<PAGE>
MONEY MARKET PORTFOLIO
Schedule OF INVESTMENTS
September 30, 2000
U.S. Government Agency Principal
Obligations - 8.7% Amount Value
Federal Home Loan Bank, 6.56%, 2/15/01 $5,000,000 $4,998,245
Federal Home Loan Mortgage Corp., 6.50%, 1/12/01
5,000,000 5,000,000
Federal National Mortgage Assn.:
6.52%, 3/16/01 5,000,000 5,000,196
6.57%, 4/26/01 3,000,000 2,998,219
Total U.S. Government Agency Obligations (Cost $17,996,660) 17,996,660
Depository Receipts For U.S. Government
Guaranteed Loans - 4.5%
Colson Services Corporation Loan Sets:
8.375%, 9/9/06 144,156 144,494
8.094%, 4/26/09 132,389 132,430
9.594%, 1/17/10 23,330 23,515
8.344%, 7/26/10 198,189 198,606
8.25%, 1/22/11 708,840 708,839
8.50%, 3/23/12 513,769 519,105
8.375%, 5/29/12 1,558,322 1,566,861
8.25%, 8/10/12 4,246,931 4,286,180
8.25%, 9/2/12 1,753,201 1,768,309
Total Depository Receipts for U.S. Government
Guaranteed Loans (Cost $9,348,339) ( )() 9,348,339
Variable Rate Loans Guaranteed By
Agencies Of The U.S. Government - 1.0%
Loan pools:
7.25%, 3/1/07 648,545 647,608
8.00%, 8/15/12 1,470,805 1,473,064
Total Variable Rate Loans Guaranteed by Agencies of the
U.S. Government (Cost $2,120,672) ( ) 2,120,672
Certificates Of Deposit - 2.0%
Bank of Cherokee County, 6.00%, 4/22/01 100,000 100,000
Broadway Federal Savings & Loan, 6.50%, 9/14/01
100,000 100,000
Community Bank of the Bay, 5.02%, 10/7/00 100,000 100,000
Community Capital Bank, 5.50%, 1/20/01 100,000 100,000
Dresdner Bank NY, 6.99%, 7/13/01 3,000,000 2,999,557
Elk Horn Bank & Trust, 4.00%, 12/18/00 100,000 100,000
Family Savings Bank, 5.35%, 8/20/01 100,000 100,000
Fleet National Bank, 4.20%, 4/24/01 100,000 100,000
Founders National Bank, 5.69%, 8/28/01 100,000 100,000
<PAGE>
Principal
Certificates Of Deposit - Cont'd Amount Value
Seaway National Bank Chicago, IL, 4.40%, 1/27/01
$100,000 $100,000
Self Help Credit Union, 6.49%, 7/15/01 100,000 100,000
South Shore Bank:
5.90%, 11/1/00 100,000 100,000
5.30%, 12/18/00 100,000 100,000
Total Certificates of Deposit (Cost $4,199,557) (^) 4,199,557
Commercial Paper - 9.3%
Marshall and Ilsley Corp., 6.60%, 11/14/00
9,500,000 9,423,367
National Rural Utilities Co-op Financial, 6.45%, 2/26/01
5,000,000 4,867,417
Northwestern University, 6.48%, 12/12/00 5,000,000 4,935,200
Total Commercial Paper (Cost $19,225,984) 19,225,984
Taxable Notes - 9.3%
Bank of America NA, 7.38%, 5/17/01 3,000,000 3,000,000
Canadian Imperial, 6.67%, 2/12/01 3,000,000 2,999,477
John Deere Capital Corp., 7.14%, 6/20/01 4,500,000 4,500,000
Missouri Higher Educational Student Loan, 6.80%, 2/15/01
1,000,000 999,481
New York, New York, 6.125% 8/1/01 2,700,000 2,679,393
New York State Dorm Authority Pension Obligation Bonds,
6.63%, 10/1/00 5,000,000 5,000,000
Total Taxable Notes (Cost $19,178,351) 19,178,351
Taxable Variable Rate Demand Notes - 63.9%
ABAG Financing Authority for Nonprofit Corporations CA COPs,
6.65%, 10/1/27, LOC: Banque National Paris
3,715,000 3,715,000
Alabama Incentives Financing Authority, 6.65%, 10/1/29,
BPA: Southtrust Bank, INSUR: AMBAC 8,900,000 8,900,000
Alabama St. IDA:
6.67%, 5/1/10, LOC: Regions Bank 115,000 115,000
6.70%, 12/1/19, LOC: Bank of America 1,540,000 1,540,000
American Public Energy Agency Gas Supply Revenue,
7.06%, 6/1/01, INSUR: AMBAC 3,000,000 3,000,000
Baltimore County MD Revenue, 6.65%, 1/1/29,
LOC: First Union Bank, NC 8,200,000 8,200,000
Berks County PA IDA Revenue Notes,
6.73%, 6/1/15, LOC: First Union 1,970,000 1,970,000
Botsford General Hospital MI Revenue, 6.65%, 2/15/27,
LOC: Michigan National Bank 8,500,000 8,500,000
Chicago IL GO, 6.67%, 1/1/19, BPA: LaSalle Bank,
INSUR: FGIC 7,000,000 7,000,000
Clark County NV IDA,
6.65%, 12/1/38, BPA: Bank One, INSUR: AMBAC
2,855,000 2,855,000
Colorado Health Facilities Authority, 6.60%, 2/1/13,
LOC: KBC Bank 3,490,000 3,490,000
Community Health Systems, 6.70%, 10/1/03,
LOC: First Union Bank 6,380,000 6,380,000
<PAGE>
Principal
Taxable Variable Rate Demand Notes - Cont'd Amount Value
Fairview Hospital & Healthcare Services, 6.60%, 11/1/15,
BPA: US Bank National Association, INSUR: MBIA
$5,700,000 $5,700,000
Health Midwest Ventures Group, 6.65%, 8/1/19,
LOC: Bank of America 3,450,000 3,450,000
IPC Industries, Inc., 6.70%, 10/1/11,
LOC: National Bank of Canada 2,805,000 2,805,000
Maryland State Health and Higher Educational Facilities,
6.70%, 7/1/22, LOC: First National Bank MD
1,100,000 1,100,000
Memphis Center Finance Corp. MFH Revenue , 6.86%, 11/1/23,
LOC: National Bank of Commerce TN 120,000 120,000
Mississippi Business Finance Corp., 6.67%, 6/1/20,
LOC: Bank Of America 4,500,000 4,500,000
Montgomery County Cancer Center LLC, 6.70%, 10/1/12,
LOC: Southtrust Bank of Alabama 120,000 120,000
Montgomery County KY Industrial Building Revenue,
6.70%, 8/1/06, LOC: Fleet Bank 1,476,000 1,476,000
Montgomery Engelside Medical Clinic Revenue, 6.60%, 3/1/24,
LOC: SunTrust Bank 2,000,000 2,000,000
Nevada Housing Division,
6.62%, 10/15/32, BPA: FNMA 2,085,000 2,085,000
6.62%, 4/1/31, LOC: East-West Bank, Confirming LOC: FHLB
1,920,000 1,920,000
6.62%, 4/1/31, LOC: East-West Bank, Confirming LOC: FHLB
570,000 570,000
6.62%, 10/15/32, BPA: FNMA, Confirming LOC: FNMA
2,240,000 2,240,000
6.62%, 10/1/30, LOC: U.S. Bank N.A. 2,050,000 2,050,000
Oakland-Alameda County CA Coliseum Authority Lease Revenue,
6.55%, 2/1/11, LOC: First Union Bank, NC.
2,300,000 2,300,000
Pasadena CA COPs, 6.65%, 11/1/12,
LOC: Calsters 2,600,000 2,600,000
Pasadena CA Public Financing Authority Lease Revenue, 6.61%,
6/1/25, BPA: KBC Bank, NV., INSUR: AMBAC
5,800,000 5,800,000
Pensacola POB Inc., 6.65%, 10/1/15, LOC: Amsouth Bank
7,555,000 7,555,000
Pleasant Hill CA Redevelopment Agency, 6.70%, 8/1/26,
LOC: Heller Financial, Confirming LOC: Commerze Bank, AG
5,000 5,000
Portage IN Economic Development Revenue, 6.68%, 3/1/20,
LOC: FHLB, Indianapolis 2,485,000 2,485,000
Richmond VA Redevelopment and Housing Authority,
6.65%, 12/1/25, LOC: Wachovia Bank and Trust
2,310,000 2,310,000
Southeast AL Gas District, 6.65%, 6/1/25,
BPA: Amsouth Bank, INSUR: AMBAC 9,670,000 9,670,000
St. Paul MN Housing and Redevelopment Authority,
6.70%, 3/1/18, LOC: Dexia Public Financial Bank
1,800,000 1,800,000
Suffolk County NY IDA, 6.62%, 12/15/07,
LOC: Chase Manhattan 405,000 405,000
Terre Haute Association LTD Partnership, 7.37%, 6/1/25,
LOC: Old National Bank 1,775,000 1,775,000
Virginia State Housing Development Authority:
6.65%, 1/1/47 300,000 300,000
6.65%, 1/1/47, GA: VA Housing Development Authority
4,040,000 4,040,000
<PAGE>
Principal
Taxable Variable Rate Demand Notes - Cont'd Amount Value
Washington St. Housing Finance Commission, 6.70%, 1/1/30,
LOC: Wells Fargo Bank $5,163,000 $5,163,000
Total Taxable Variable Rate Demand Notes (Cost $132,009,000) 132,009,000
TOTAL INVESTMENTS - (Cost $204,078,563) 98.7% 204,078,563
Other assets and liabilities, net - 1.3% 2,674,816
Net Assets - 100% $206,753,379
See notes to financial statements.
<PAGE>
#Balanced PORTFOLIO
Schedule OF INVESTMENTS
September 30, 2000
Principal
Certificates Of Deposit - 0.1% Amount Value
Alternative Federal Credit Union, 5.50%, 11/30/00 (^)(+)
$50,000 $49,836
Blackfeet National Bank, 4.75%, 11/13/00 (^)(+)
92,000 91,565
D. Edward Wells Federal Credit Union, 5.00%, 11/20/00 (^)(+)
50,000 48,889
First American Credit Union, 4.70%, 12/23/00 (^)(+)
92,000 92,000
Mission Area Federal Credit Union, 4.95%, 11/18/00 (^)(+)
50,000 49,797
Northeast Community Federal Credit Union, 4.75%, 11/24/00 (^)(+)
50,000 49,815
South Shore Bank of Chicago:
5.75%, 12/6/00 (^)(+) 100,000 100,000
6.30%, 2/8/01 (+) 350,000 348,475
Total Certificates of Deposit (Cost $834,000) 830,377
High Social Impact Investments - 0.6%
Accion International Corp., 4.00%, 9/30/04 250,000 249,852
Accion US Bridge Fund, 4.00%, 1/12/01 100,000 98,002
Calvert Foundation Community Investment Note, 3.00%, 7/1/01
2,200,000 2,087,295
Coastal Enterprises, Inc., 4.00%, 7/15/01 200,000 190,786
Community Reinvestment Fund, 4.00%, 3/31/01 100,000 96,426
Co-op Fund of New England, Inc., 4.00%, 12/31/02
125,000 122,503
Eastside Community Investment, 0.0% 6/1/10 66,667 0
Ecumenical Development Corp., 5.00%, 12/31/01
100,000 98,248
Environmental Enterprises Assistance Fund, 4.50%, 12/31/00
125,000 122,744
Foundation for International Community Assistance., 3.50%, 4/30/01
16,666 16,033
Housing Assistance Council, 4.50%, 6/30/02 75,000 71,773
Institute for Community Economics, 4.00%, 10/1/02
200,000 199,882
Manna, Inc., 4.50%, 9/30/02 250,000 249,862
Michigan Housing Trust, 4.50%, 10/31/00 100,000 99,316
Micro Industry Credit Rural Corp., 4.50%, 1/13/01
100,000 98,125
National Federation of Community Development Credit Union,
4.00%, 4/7/01 400,000 385,704
North Country Co-op Development Fund, 4.50%, 1/12/01
100,000 98,125
Opportunity International, 3.50%, 9/30/04 100,000 99,938
Saint Ambrose Housing Center, 4.50%, 12/31/00
25,000 24,549
Washington Area Community Investment Fund, 4.50%, 12/31/01
296,414 290,857
Western Massachusetts Enterprise Fund, 4.50%, 9/30/03
50,000 49,972
Total High Social Impact Investments (#)(+)(Cost $4,979,747) 4,749,992
Corporate Bonds - 27.2%
12th Street Historic Rehabilitation Associates Mortgage,
10.75%, 4/15/04 (#)(b)(*)(+) 349,528 69,905
Abbey National Capital Trust I , 8.963%, 12/29/49
7,750,000 7,768,631
AGL Capital Trust, 8.17%, 6/1/37 4,000,000 3,423,360
Ahold Finance, Inc. 8.25%, 7/15/10 3,500,000 3,542,945
Atlantic Mutual Insurance Co., 8.15%, 2/15/28
10,500,000 7,723,695
Blackfeet National Bank, 8.55%, 6/15/49 4,000,000 4,018,400
<PAGE>
Principal
Corporate Bonds - Cont'd Amount Value
Cascade Christian School, 7.65%, 12/1/09 $1,000,000 $980,000
CNH Equipment Trust, 6.88%, 3/15/05 2,000,000 2,001,920
CVS Credit Lease-backed Pass-through Certificates, 9.35%, 1/10/23
4,500,000 4,458,240
Columbia University, 6.83%, 12/15/20 3,000,000 2,822,472
Comdisco, Inc., 9.50%, 8/15/03 5,000,000 4,993,350
Community Reinvestment Fund, 6.35%, 6/1/15 35,454 31,316
Computer Associates International, Inc., 6.375%, 4/15/05
5,500,000 5,109,335
Conseco Financing Trust III, 8.796%, 4/1/27
7,000,000 3,010,000
Conseco, Inc.:
10.25%, 6/1/02 2,000,000 1,460,000
8.75%, 2/9/04 2,000,000 1,400,000
6.80%, 6/15/05 6,775,000 4,471,500
Covad Commercial Group, 12.00%, 2/15/10 1,000,000 740,000
Crescent Real Estate Equities, 7.00%, 9/15/02
5,000,000 4,671,800
Dime Capital Trust I, 9.33%, 5/6/27 5,250,000 4,781,228
Dresdner Funding Trust I, 8.151%, 6/30/31 6,235,000 5,556,694
Earthgrains Co., 8.375%, 8/1/03 5,000,000 5,012,750
Finova Capital Corp.:
6.375%, 10/15/00 2,000,000 1,980,000
6.12%, 5/28/02 2,000,000 1,640,000
6.50%, 7/28/02 5,100,000 4,182,000
First Data Corp., 6.375%, 12/15/07 3,250,000 3,112,655
Fusion Capital, 10.00%, 1/16/02 5,092,365 335,256
Golden States Holdings Escrow Corp., 7.00%, 8/1/03
7,450,000 7,046,657
Greenpoint Bank, 9.25%, 10/1/10 11,000,000 10,978,550
Greenpoint Capital Trust I, 9.10%, 6/1/27 3,700,000 3,247,564
HSB Capital I, 7.64375%, 7/15/27 6,000,000 5,617,560
Imperial Bank, 8.50%, 4/1/09 7,970,000 7,267,126
Interpool Capital Trust, 9.875%, 2/15/27 4,500,000 3,149,685
Interpool, Inc., 6.625%, 3/1/03 1,885,000 1,697,556
KDM Development Corp., 2.409961%, 12/31/07 746,900 600,000
Koninklijke KPN NV, 8.00%, 10/1/10 2,000,000 2,000,900
LG & E Capital Corp., 6.205%, 5/1/04 1,500,000 1,421,130
LG & G Capital Corp., 5.75%, 11/1/01 1,500,000 1,461,840
Liberty Mutual Insurance Co., 7.697%, 10/15/2097
12,000,000 8,969,040
Lumbermens Mutual Casualty Insurance, 8.30%, 12/1/37
2,630,000 2,095,111
Manufacturers & Traders Trust Co., 8.00%, 10/1/10
2,000,000 2,002,700
Mark IV Industries, Inc., 7.50%, 9/1/07 4,750,000 3,707,669
MCN Investment Corp., 6.30%, 4/2/11 2,000,000 1,984,600
NCB Affordable Housing / Market Rate Cooperative First
Mortgage Certificates Series 1993-3 B, 5.86%, 7/1/12 (#)
419,665 419,288
Old Kent Bank, 7.75%, 8/15/10 4,000,000 4,002,772
Pioneer Human Services, 8.75%, 5/27/01 (#)(+)
500,000 497,540
Pitney Bowes Credit Corp., 9.25%, 6/15/08 2,490,000 2,763,327
Poland Partners, 5.875%, 4/13/04 (#)(+) 191,771 152,225
Puget Sound Energy, 6.23%, 7/11/02 1,209,404 1,194,286
Riggs Capital Trust, 8.625%, 12/31/26 14,000,000 10,708,180
Russell Frank Co., 5.625%, 1/15/09 1,000,000 887,810
Sage Bruno, 6.00%, 12/31/00 (#)(b)(+) 50,000 5
Saxon Assets Securities Trust, 8.483%, 7/25/30
5,000,000 5,187,000
Skandinaviska Enskilda Banken, 8.125%, 9/6/49
9,000,000 8,741,637
Sovereign Bancorp, Inc., 12.18%, 6/30/20 7,422,000 7,564,155
Unicredito Italiano Capital Trust, 9.20%, 10/29/49
2,000,000 2,002,580
<PAGE>
Principal
Corporate Bonds - Cont'd Amount Value
Union Bank Norway, 7.35%, 12/31/49 $4,000,000 $3,942,720
Xerox Capital Trust I, 8.00%, 2/1/27 17,360,000 12,492,950
Total Corporate Bonds (Cost $225,389,039) 213,101,615
Mortgage Securities - 5.6%
Federal National Mortgage Association:
7.00%, 7/1/15, 6,000,000 5,966,280
7.00%, 9/1/15, 9,000,000 8,949,420
7.00%, 10/1/29, 10,000,000 9,793,800
7.50%, 9/1/30, 5,000,500 4,989,549
7.50%, 12/1/30 7,000,000 6,984,670
Government National Mortgage Association, 7.00%, 12/15/30
7,000,000 6,892,830
Total Mortgage Securities (Cost $43,372,520) 43,576,549
Taxable Municipal Obligations - 6.2%
Alabama Incentives Financial Authority Revenue VRDN,
6.65%, 10/1/29 7,845,000 7,845,000
American Public Energy Agency Nebraska Gas Supply
Revenue Bonds, 6.875%, 12/1/04 5,852,000 5,810,568
Arkansas State IDA Revenue VRDN, 6.65%, 8/1/30
8,500,000 8,500,000
Bank of Oklahoma NA, 6.65%, 1/1/29 5,050,000 5,050,000
Botsford General Hospital Michigan Revenue VRDN,
6.65%, 2/15/27 4,200,000 4,200,000
Maryland State Economic Development Corp. Revenue Bonds:
8.00%, 10/1/05 2,775,000 2,816,320
8.625%, 10/1/19 3,750,000 4,119,412
Pasadena California Public Finance Authority Lease
Revenue VRDN, 6.61%, 6/1/25 5,100,000 5,100,000
Texas State Public Finance Authority Revenue Bonds,
9.00%, 12/1/06 5,000,000 5,351,150
Total Taxable Municipal Obligations (Cost $48,214,817) 48,792,450
Repurchase Agreements - 3.2%
State Street Bank, 6.50%, 10/2/00
(Collateral: $25,405,000 FHLB, 6.50%, 2/1/02)
25,000,000 25,000,000
Total Repurchase Agreements (Cost $25,000,000) 25,000,000
Adjusted
Limited Partnership Interests - 0.6% Basis
Coastal Venture Partners (*) 186,210 185,349
Environmental Allies Investment Trust (*) 6,242 125,380
GEEMF Partners 814,997 149,242
Global Environment Emerging Markets Fund (*)
185,003 1
Hambrecht & Quist Environmental Technology Fund (*)
254,513 7,548
IEPF Equity Fund III (*) 891,224 882,779
<PAGE>
Adjusted
Limited Partnership Interests - Cont'd Basis Value
Labrador Ventures III (*) $357,483 $230,612
Labrador Ventures IV (*) 300,000 298,225
Liberty Environmental Partners (*) 350,000 277,940
Poland Partners (*) 386,000 614,999
Ukraine Fund (*) 75,028 55,594
Utah Ventures (*) 377,527 1,273,495
Venture Strategy Partners (*) 194,531 159,047
Viridian Capital (*) 311,279 225,326
Total Limited Partnership Interests (#)(+)(Cost $4,690,038)
4,485,537
Equity Securities - 56.5% Shares
Banks - Major Regional - 3.4%
Fifth Third Bancorp 115,050 6,198,319
Firstar Corp. 212,400 4,752,450
Mellon Financial Corp. 133,800 6,204,975
State Street Corp. 72,900 9,477,000
26,632,744
Banks - Money Center - 0.4%
Chase Manhattan Corp. 68,800 3,177,700
Biotechnology - 1.2%
Allos Therapeutics(*) 171,271 1,164,107
Amgen, Inc.(*) 56,500 3,945,289
Aviron(*) 37,074 2,161,878
Medimmune, Inc.(*) 23,700 1,830,825
9,102,099
Communications Equipment - 3.8%
ADC Telecommunications, Inc.(*) 102,600 2,758,978
JDS Uniphase Corp.(*) 23,600 2,234,625
Lucent Technologies, Inc. 68,900 2,105,756
Nokia Corp. 191,900 7,640,019
Nortel Networks Corp. 125,600 7,481,050
Scientific-Atlanta, Inc. 24,800 1,577,900
Tellabs, Inc.(*) 122,200 5,835,050
29,633,378
Computers - Hardware - 3.0%
Dell Computer Corp.(*) 11,000 338,937
International Business Machines Corp. 78,400 8,820,000
Juniper Networks, Inc.(*) 10,900 2,386,419
Sun Microsystems, Inc.(*) 103,900 12,130,325
23,675,681
Computers - Networking - 1.2%
Cisco Systems, Inc.(*) 169,536 9,366,864
Computers - Peripherals - 2.4%
EMC Corp.(*) 189,780 18,811,942
<PAGE>
Equity Securities - Cont'd Shares Value
Computers - Software & Services - 4.4%
America Online, Inc.(*) 104,800 $5,633,000
Compuware Corp.(*) 272,300 2,280,513
Microsoft Corp.(*) 206,880 12,477,450
Oracle Corp.(*) 175,700 13,836,375
34,227,338
Consumer Cyclicals - 0.0%
Real Goods Trading Corp.(*) 125,000 226,562
Consumer Finance - 0.5%
Providian Financial Corp. 32,300 4,102,100
Distributors - Food & Health - 1.8%
Cardinal Health, Inc. 159,275 14,046,064
Electrical Equipment - 2.0%
Celestica, Inc.(*) 53,500 3,704,875
SCI Systems, Inc.(*) 40,900 1,676,900
Solectron Corp.(*) 221,200 10,202,850
15,584,625
Electronics - Semiconductors - 2.3%
Altera Corp.(*) 85,700 4,092,175
Conexant Systems, Inc.(*) 8,255 345,678
Cree, Inc.(*) 8,400 976,500
Intel Corp. 162,100 6,737,281
Linear Technology Corp. 53,200 3,444,700
Xilinx, Inc.(*) 31,600 2,705,750
18,302,084
Equipment - Semiconductors - 0.3%
Applied Materials, Inc.(*) 31,900 1,892,069
Financial - Diversified - 2.3%
Federal Home Loan Mortgage Corp. 82,920 5,928,780
Federal National Mortgage Assn. 75 4,055
Fusion Capital (#)(a) 19,872,196 1,046,630
Highwoods Properties, Inc.(*) 6,900 5,007,813
USA Education, Inc. 124,000 5,975,250
17,962,528
Foods - 0.3%
H.J. Heinz Co. 75 2,780
Quaker Oats Co. 30,400 2,405,400
2,408,180
Hardware & Tools - 0.0%
Black & Decker Corp. 70 2,393
Equity Securities - Cont'd Shares Value
Healthcare - Diversified - 1.1%
Hayes Medical Services (+)(#)(*) 326,797 $364,238
Johnson & Johnson 83,900 7,881,356
Quadrant Healthcare plc. (#) 305,263 128,665
8,374,259
Healthcare - Drugs - 3.3%
Alza Corp.(*) 33,400 2,889,100
Merck & Co., Inc. 115,124 8,569,542
Pfizer, Inc. 254,000 11,414,125
Schering-Plough Corp. 63,784 2,965,956
25,838,723
Healthcare - Hospital Management - 0.6%
Health Management Associates, Inc.(*) 233,000 4,849,313
Healthcare - Medical Products & Supplies - 1.3%
Guidant Corp.(*) 116,416 8,229,156
PE Biosystems Group 14,800 1,724,200
9,953,356
Household Products - Non-Durables - 0.3%
Colgate-Palmolive Co. 51,800 2,444,960
Housewares - 0.2%
Newell Rubbermaid, Inc. 80,700 1,840,969
Insurance - Life/Health - 1.1%
Aflac, Inc. 140,600 9,007,187
Insurance - Multi-Line - 1.4%
American International Group 113,149 10,826,945
Insurance Brokers - 0.4%
Marsh & McLennan Co.'s 25,900 3,438,225
Investment Banking & Brokers - 0.6%
Charles Schwab Corp. 130,350 4,627,425
Investment Management - 1.7%
Franklin Resources, Inc. 117,400 5,216,082
Stilwell Financial, Inc. 60,400 2,627,400
T. Rowe Price Associates 115,400 5,416,588
13,260,070
Leisure Time - Products - 0.4%
Harley-Davidson, Inc. 67,700 3,241,137
Machinery - Diversified - 0.0%
Worldwater Corp.(*) 140,000 45,938
<PAGE>
Equity Securities - Cont'd Shares Value
Manufacturing - Diversified - 1.6%
Illinois Tool Works 104,300 $5,827,762
Tyco International, Ltd. 128,200 6,650,375
12,478,137
Natural Gas - 0.8%
El Paso Energy Corp. 97,500 6,008,438
Oil & Gas - Exploration & Production - 0.8%
Anadarko Petroleum Corp. 96,000 6,380,160
Paper & Forest Products - 0.0%
Seventh Generation, Inc.(*) 174,195 313,551
Power Producers - Independent - 1.7%
AES Corp.(*) 130,300 8,925,550
Calpine Corp.(*) 43,800 4,571,625
13,497,175
Retail - Drug Stores - 0.8%
CVS Corp. 128,300 5,941,894
Retail - Food Chains - 0.9%
Kroger Co.(*) 324,400 7,319,275
Retail - Building Supplies - 1.7%
Fastenal Co. 57,900 3,336,488
Home Depot, Inc. 195,060 10,350,371
13,686,859
Retail - Discounters - 0.6%
Dollar General Corp. 289,677 4,852,090
Retail - General Merchandise - 0.2%
Target Corp. 49,400 1,265,875
Retail - Specialty - 0.3%
Staples, Inc.(*) 171,200 2,428,900
Retail - Specialty Apparel - 0.0%
Gap, Inc. 100 2,012
Savings & Loan Companies - 0.2%
First Republic Preferred Capital Corp.(*) 2,000 1,780,000
Services - Employment - 0.4%
Robert Half International, Inc.(*) 80,700 2,799,281
Services - Advertising & Marketing - 0.3%
Omnicom Group 37,400 2,727,863
Services - Commercial & Consumer - 0.0%
Cellnet Data Systems, Inc.(*) 33,093 331
<PAGE>
Equity Securities - Cont'd Shares Value
Services - Data Process - 1.9%
First Data Corp. 70,500 $2,753,906
Fiserv, Inc.(*) 94,300 5,646,212
Paychex, Inc. 122,475 6,429,937
14,830,055
Telecommunication - Cell & Wireless - 0.3%
Vodafone Group plc. 55,200 2,042,400
Telecommunication - Long Distance - 0.7%
Global Crossing, Ltd.(*) 75,800 2,349,800
Nextlink Communications (*) 37,800 1,330,088
Time Warner Telecom, Inc.(*) 36,100 1,744,081
5,423,969
Telephone - 0.7%
SBC Communications, Inc. 110,440 5,522,000
Venture Capital - 0.9%
Agraquest, Inc.,
Series B Preferred (#)(*)(+) 190,477 609,527
Series Convertible Preferred (#)(*)(+) 117,647 376,470
All Media Solutions, Inc.(#)(*)(+) 479,652 155,887
Angels With Attitude (#)(*)(+) 66,667 66,667
Calypte Biomed (#)(*)(+) 100,000 228,125
Community Bank of the Bay (#)(*)(+) 4,000 100,000
Community Growth Fund (*) 1,366,671 432,938
Eco Timber International, Inc.(#)(*)(+) 12,468 99,993
Energia Global, Inc.,
Series A, Convertible Preferred (#)(*)(+) 33,571 243,390
Series B, Convertible Preferred (#)(*)(+) 80,129 580,935
Envirolutions, Inc. (#)(*)(+) 814 26,185
Evergreen Solar,
Series B (#)(*)(+) 100,000 250,000
Series C (#)(*)(+) 76,972 192,430
Series D (#)(*)(+) 80,000 200,000
Evergreen Solar (warrants)(#)(*)(+) 30,789 15,395
Frans Health Helpings (#)(*)(+) 505,051 200,000
Knowaste LLC (#)(*)(+) 814 81,400
Living Technologies, Inc. (#)(*)(+) 25,000 100,000
Neighborhood Bancorp (#)(*)(+) 10,000 100,000
Pharadigm, Inc. (#)(*)(+) 125,000 302,500
Pharmadigm, Inc. (#)(*)(+) 113,636 274,999
Pharmadigm, Inc. (warrants) (#)(*)(+) 7,955 0
Pro Fund International (#)(*)(+) 7,501 7,501
Pro Fund International, Preferred (#)(*)(+) 742,499 742,499
SMARTTHINKING, Inc. (#)(*)(+) 424,016 250,000
VCampus Corp. (#)(*)(+) 25,080 90,915
Wellspring International, Inc., Series A, Preferred (#)(*)(+)
129,032 200,038
<PAGE>
Equity Securities - Cont'd Shares Value
Venture Capital - Cont'd
Wild Planet Toys, Inc.,
Series B, Preferred (#)(*)(+) 476,190 $666,666
Series E, Preferred (#)(*)(+) 129,089 180,725
Wind Harvest Co., Inc., Series A, Preferred (#)(*)(+)
8,696 50,000
6,825,185
Total Equity Securities (Cost $341,120,828) 443,028,308
Total Investments (Cost $693,600,989) - 100.0% 783,564,828
Other assets and liabilities, net - 0.0% 163,487
Net Assets - 100% $783,728,315
Underlying Unrealized
# of Expiration Face Amount Appreciation Initial
Futures Contracts Date at Value (Depreciation) Margin
Purchased:
U.S. Treasury Bonds 208 12/00 $20,520,500 ($209,756) $32,500
Sold:
5 Year U.S. Treasury Notes
60 12/00 (6,032,813) (11,670) (7,500)
10 Year U.S. Treasury Notes
204 12/00 (20,444,625) (3,350) 10,476
See notes to financial statements.
<PAGE>
Bond PORTFOLIO
Schedule OF INVESTMENTS
September 30, 2000
Principal
Corporate Bonds - 64.8% Amount Value
Abbey National Capital Trust I, 8.963%, 12/29/49
$500,000 $501,202
AGL Capital Trust, 8.17%, 6/1/37 1,000,000 855,840
Atlantic Mutual Insurance Co., 8.15%, 2/15/28
1,600,000 1,176,944
Barclays Bank, plc., 8.55%, 6/15/49 1,000,000 1,004,600
Bellsouth Savings & Employee Stock Ownership Trust,
9.125%, 7/1/03 98,871 102,972
Bombardier Capital, Ltd., 8.29%, 6/15/30 1,000,000 995,980
Columbia University, 6.83%, 12/15/20 3,000,000 2,822,472
Computer Associates International, Inc., 6.375%, 4/15/05
2,750,000 2,554,668
Conseco, Inc., 6.80%, 6/15/05 3,250,000 2,145,000
CVS Credit Lease-backed Pass-through Certificates
9.35%, 1/10/23 500,000 495,360
Finova Capital Corp.:
6.375%, 10/15/00 1,000,000 990,000
6.824%, 3/9/01 1,000,000 870,000
First Data Corp, 6.375%, 12/15/07 2,000,000 1,915,480
Golden State Holdings Escrow Corp. 7.00%, 8/1/03
2,000,000 1,891,720
Greenpoint Capital Trust I, 9.25%, 10/1/10 3,500,000 3,493,175
Greenpoint Credit, LLC, 7.59%, 11/15/28 1,500,000 1,524,525
HSB Capital Securities, Series B, 7.64375%, 7/15/27
1,000,000 936,260
Imperial Bank, 8.50%, 4/1/09 1,000,000 910,520
Interpool Capital Trust, 9.875%, 2/15/27 750,000 524,947
LG & E Capital Corp., 6.205%, 5/1/04 1,500,000 1,421,130
LG & G Capital Corp., 5.75%, 11/1/01 1,500,000 1,461,840
Liberty Mutual Insurance, 7.697%, 10/15/2097
3,000,000 2,242,260
Loyola University, 7.65%, 7/18/03 3,000,000 3,028,020
Lumbermens Mutual Casualty Co., 8.30%, 12/1/37
1,500,000 1,194,930
M&T Bank Corp., 8.00%, 10/1/10 2,000,000 2,002,700
NCB Affordable Housing / Market Rate Cooperative First
Mortgage Certificates Series 1993-3 B, 7.5444%, 7/1/12 (#)
777,731 779,831
Riggs Capital Trust, 8.625%, 12/31/26 1,000,000 764,870
Russell Frank Co., 5.625%, 1/15/09 1,500,000 1,331,715
Skandinaviska Enskilda Banken, 8.125%, 9/06/49
3,500,000 3,399,526
Sovereign Bank, 12.18%, 6/30/20 2,000,000 2,038,306
Union Bank Norway, 7.35%, 12/31/49 1,000,000 985,680
United Dominion Realty Trust, 8.50%, 9/15/24
1,000,000 1,003,940
Xerox Capital Trust I, 8.00%, 2/1/27 4,000,000 2,878,560
Total Corporate Bonds (Cost $52,831,108) 50,244,973
<PAGE>
U.S. Government Agencies Principal
And Instrumentalities - 18.5% Amount Value
Federal National Mortgage Association:
6.50%, 7/1/14 $1,499,999 $1,470,929
7.00%, 7/1/15 3,000,000 2,983,140
7.00%, 2/1/30 3,000,001 2,938,141
7.50%, 9/1/30 2,000,200 1,995,820
7.50%, 12/1/30 3,000,000 2,993,430
Government National Mortgage Association, 7.00%, 12/15/30
2,000,000 1,969,380
Total U.S. Government Agencies and Instrumentalities
(Cost $14,282,767) 14,350,840
Certificates Of Deposit - 0.1%
South Shore Bank, 6.30%, 2/8/01 100,000 99,564
Total Certificates of Deposit (+)(#) (Cost $100,000) 99,564
Repurchase Agreements - 18.6%
State Street Bank, 6.50%, dated 9/29/00, due 10/2/00
(Collateral: $14,635,000 FHLB 6.75%, 2/1/02)
14,400,000 14,400,000
Total Repurchase Agreements (Cost $14,400,000) 14,400,000
High Social Impact Investments - 0.5%
Calvert Foundation Community Investment Note, 3.00%, 7/1/01
450,000 426,947
Total High Social Impact Investments (+)(#) (Cost $450,000) 426,947
Equity Securities - 1.3% Shares
First Republic Preferred Capital Corp., Series A, Preferred
500 445,000
Highwoods Properties, Inc., Series A, Preferred 600 435,462
Northern Borders Partners, LP (#) 3,500 110,688
Total Equity Securities (Cost $1,170,162) 991,150
TOTAL INVESTMENTS (Cost $83,234,037) - 103.8% 80,513,474
Other assets and liabilities, net - (3.8%)
(2,930,568)
Net Assets - 100% $77,582,906
Underlying Unrealized
# of Expiration Face Amount Appreciation Initial
Futures Contracts Date at Value (Depreciation) Margin
Purchased:
U.S. Treasury Bonds 77 12/00 $7,596,531 ($32,727) $92,400
Sold:
10 Year U.S. Treasury Notes
25 12/00 $2,513,322 $4,122 $30,000
See notes to financial statements.
<PAGE>
EQUITY PORTFOLIO
Schedule OF INVESTMENTS
September 30, 2000
Equity Securities - 95.0% Shares Value
Banks - Major Regional - 1.6%
Mellon Financial Corp. 100,000 $4,637,500
Banks - Money Center - 0.0%
Bank of America Corp. 606 31,739
Communications Equipment - 1.6%
Scientific-Atlanta, Inc. 70,000 4,453,750
Computers - Hardware - 4.6%
Hewlett-Packard Co. 50,000 4,850,000
Sun Microsystems, Inc. (*) 70,000 8,172,500
13,022,500
Computers - Networking - 2.7%
Cisco Systems, Inc. (*) 140,000 7,735,000
Computers - Software & Services - 8.7%
Adobe Systems, Inc. 35,000 5,433,750
BMC Software, Inc. 300,000 5,737,500
Microsoft Corp. (*) 90,000 5,428,125
Oracle Corp. (*) 105,000 8,268,750
24,868,125
Electrical Equipment - 5.1%
Solectron Corp. (*) 160,000 7,380,000
Symbol Technologies, Inc. 200,000 7,187,500
14,567,500
Electronics - Component Distribution - 2.7%
Intel Corp. 120,000 4,987,500
W.W. Grainger, Inc. 100,000 2,631,250
7,618,750
Financial - Diversified - 2.6%
Federal National Mortgage Assn. 140,000 7,568,750
Footwear - 0.0%
Reebok International Ltd. (*) 600 11,288
Healthcare - Drugs - 8.2%
Mylan Laboratories, Inc. 40,000 1,077,500
Merck & Co., Inc. 100,000 7,443,750
Pfizer, Inc. 175,000 7,864,063
Schering-Plough Corp. 150,000 6,975,000
23,360,313
<PAGE>
Equity Securities - Cont'd Shares Value
Healthcare - Diversified - 2.0%
Johnson & Johnson 60,000 $5,636,250
Healthcare - Medical Products & Supplies - 3.7%
Dentsply International, Inc. 180,000 6,288,750
Stryker Corp. (*) 100,000 4,293,750
10,582,500
Household Products Non-Durables - 1.8%
Colgate-Palmolive Co. 110,000 5,192,000
Insurance - Multi-Line - 3.2%
American International Group, Inc. 65,625 6,279,492
Hartford Financial Services, Inc. 40,000 2,917,500
9,196,992
Insurance - Life & Health - 5.0%
Aflac, Inc. 130,000 8,328,125
Protective Life Corp. 200,000 5,975,000
14,303,125
Investment Banking/Brokerage - 1.0%
Paine Webber Group, Inc. 40,000 2,725,000
Leisure Time Products - 2.2%
Harley-Davidson, Inc. 130,000 6,223,750
Machinery - Diversified - 2.5%
Dover Corp. 150,000 7,040,625
Manufacturing - Diversified - 3.7%
Pentair, Inc. 100,000 2,675,000
Tyco International Ltd. 150,000 7,781,250
10,456,250
Manufacturing - Specialized - 5.1%
CTS Corp. 100,000 5,062,500
Diebold, Inc. 100,000 2,656,250
Roper Industries, Inc. 210,000 6,969,375
14,688,125
Office Equipment & Supplies - 0.5%
Pitney Bowes, Inc. 40,000 1,577,500
Oil & Gas - Exploration & Production - 4.8%
EOG Resources, Inc. 350,000 13,606,250
Personal Care - 1.9%
Avon Products, Inc. 130,000 5,313,750
Photography & Imaging - 1.2%
Zebra Technologies Corp. (*) 70,000 3,364,375
<PAGE>
Equity Securities - Cont'd Shares Value
Publishing - Newspapers - 0.8%
Tribune Co. 50,000 $2,181,250
Retail - Building Supplies - 1.9%
Lowe's Co's, Inc. 120,000 5,385,000
Retail - Discounters - 2.0%
Family Dollar Stores, Inc. 300,000 5,775,000
Retail - Food Chains - 1.8%
Safeway, Inc. (*) 110,000 5,135,625
Retail - General Merchandise - 2.7%
Target Corp. 300,000 7,687,500
Retail - Specialty Apparel - 0.6%
Gap, Inc. 90,000 1,811,250
Services - Commercial & Consumer - 0.5%
H & R Block, Inc. 40,000 1,482,500
Services - Computer Systems - 1.9%
Ciber, Inc. (*) 50,000 412,500
Electronic Data Systems Corp. 120,000 4,980,000
5,392,500
Services - Facility - 2.1%
ABM Industries, Inc. 220,000 5,981,250
Telephone - 4.3%
Alltel Corp. 70,000 3,653,125
SBC Communications, Inc. 170,000 8,500,000
12,153,125
Textiles - Apparel - 0.0%
Liz Claiborne, Inc. 500 19,250
Total Equity Securities (Cost $196,263,674) 270,785,957
Principal
Certificates Of Deposits - 0.0% Amount
South Shore Bank, 6.30%, 2/8/01 (+)(^) $100,000 99,564
Total Certificates of Deposit (Cost $100,000) 99,564
Variable Rate Demand Notes - 4.9%
Arkansas Development Finance Authority Industrial Facilities Revenue,
6.65%, 8/1/30 7,000,000 7,000,000
La Mirada, CA Industrial Development Authority,
6.65%, 12/1/26 7,000,000 7,000,000
Total Variable Rate Demand Notes (Cost $14,000,000) 14,000,000
<PAGE>
Principal
High Social Impact Investments - 0.4% Amount Value
Calvert Foundation Community Investment Note,
3.00%, 7/01/01 (+)(#) $1,300,000 $1,233,401
Total High Social Impact Investments (Cost $1,300,000) 1,233,401
TOTAL INVESTMENTS (Cost $211,663,674) - 100.3% 286,118,922
Other assets and liabilities, net - (0.3%) (947,098)
Net Assets 100% $285,171,824
See notes to financial statements.
<PAGE>
MANAGED INDEX PORTFOLIO
Schedule OF INVESTMENTS
September 30, 2000
Equity Securities - 98.3% Shares Value
Auto Parts & Equipment - 0.5%
Autoliv, Inc. 7,100 $138,450
Genuine Parts Co. 7,100 135,344
273,794
Banks - Major Regional - 3.3%
Comerica, Inc. 1,500 87,656
Fifth Third Bancorp 3,150 169,706
Firstar Corp. 10,900 243,888
Fleet Boston Financial Corp. 15,900 620,100
Keycorp 8,900 225,281
National City Corp. 4,400 97,350
Northern Trust Corp. 1,100 97,762
PNC Financial Services Group 2,700 175,500
Wachovia Corp. 1,000 56,688
1,773,931
Banks - Money Center - 3.0%
Bank of America Corp. 12,247 641,437
Chase Manhattan Corp. 16,050 741,309
First Union Corp. 8,500 273,594
1,656,340
Banks - Regional - 0.4%
Mercantile Bankshares Corp. 1,800 65,335
National Commerce Bancorp 7,500 149,531
214,866
Biotechnology - 1.6%
Amgen, Inc.(*) 8,400 586,556
Chiron Corp.(*) 800 36,000
Genentech, Inc.(*) 300 55,706
Genzyme Corp.(*) 1,600 109,100
Millennium Pharmaceuticals(*) 400 58,425
845,787
Broadcast - Television, Radio, Cable - 1.8%
Comcast Corp.(*) 14,900 609,969
COX Communications, Inc.(*) 5,100 195,075
Hearst-Argyle Television, Inc.(*) 2,800 56,000
Hispanic Broadcasting Corp.(*) 1,900 52,962
USA Networks, Inc.(*) 3,300 72,394
986,400
Chemicals - 0.4%
Praxair, Inc. 5,300 198,088
<PAGE>
Equity Securities - Cont'd Shares Value
Communications Equipment - 2.5%
CIENA Corp.(*) 1,400 $171,938
JDS Uniphase Corp.(*) 2,700 255,656
Lucent Technologies, Inc. 11,300 345,356
Qualcomm, Inc.(*) 3,100 220,875
Scientific-Atlanta, Inc. 2,800 178,150
Sycamore Networks, Inc.(*) 600 64,800
Tellabs, Inc.(*) 2,700 128,925
1,365,700
Computers - Hardware - 7.1%
Apple Computer, Inc.(*) 4,400 113,300
Brocade Communications System(*) 600 141,600
Compaq Computer Corp. 3,600 99,288
Dell Computer Corp.(*) 9,600 295,800
Extreme Networks(*) 200 22,900
Hewlett-Packard Co. 4,600 446,200
International Business Machines Corp. 10,000 1,125,000
Juniper Networks, Inc.(*) 1,300 284,619
Palm, Inc.(*) 2,669 141,290
Sun Microsystems, Inc.(*) 10,200 1,190,850
3,860,847
Computers - Networking - 3.6%
3Com Corp.(*) 1,800 34,537
Cisco Systems, Inc.(*) 32,000 1,768,000
Network Appliance, Inc.(*) 1,100 140,113
1,942,650
Computers - Peripherals - 1.7%
EMC Corp.(*) 8,400 832,650
Hubbell, Inc. 3,900 97,744
930,394
Computers - Software & Services - 7.9%
Adobe Systems, Inc. 2,800 434,700
America Online, Inc.(*) 12,600 677,250
Ariba, Inc.(*) 900 128,939
BEA Systems, Inc.(*) 1,500 116,813
Computer Associates International, Inc. 1,600 40,300
I2 Technologies, Inc.(*) 400 74,825
Microsoft Corp.(*) 16,800 1,013,250
Oracle Corp.(*) 13,300 1,047,375
Redback Networks(*) 200 32,787
Siebel Systems, Inc.(*) 1,000 111,313
Tibco Software, Inc.(*) 400 33,775
VeriSign, Inc.(*) 600 121,537
Veritas Software Corp.(*) 2,250 319,500
Yahoo, Inc.(*) 1,700 154,700
4,307,064
<PAGE>
Equity Securities - Cont'd Shares Value
Consumer Finance - 1.3%
Capital One Financial Corp. 2,700 $189,169
MBNA Corp. 5,200 200,200
PMI Group, Inc. (The) 1,600 108,400
Providian Financial Corp. 1,600 203,200
700,969
Distributors - Food & Health - 0.6%
Cardinal Health, Inc. 1,000 88,187
Supervalu, Inc. 4,400 66,275
Sysco Corp. 3,900 180,619
335,081
Electric Companies - 0.9%
Puget Sound Energy, Inc. 19,500 494,813
Electrical Equipment - 0.7%
American Power Conversion(*) 4,400 84,425
Molex, Inc. 900 48,994
Sanmina Corp.(*) 1,400 131,075
Solectron Corp.(*) 1,400 64,575
Vishay Intertechnology, Inc.(*) 1,250 38,437
367,506
Electronics - Instruments - 0.5%
Agilent Technologies, Inc.(*) 2,049 100,273
Waters Corp.(*) 2,000 178,000
278,273
Electronics - Semiconducts - 5.3%
Altera Corp(*) 4,600 219,650
Applied Micro Circuits Corp.(*) 200 41,412
Integrated Device Technology, Inc.(*) 700 63,350
Intel Corp. 38,300 1,591,844
Linear Technology Corp. 2,000 129,500
LSI Logic Corp.(*) 3,000 87,750
Maxim Integrated Products(*) 1,200 96,525
Micron Technology, Inc.(*) 2,300 105,800
PMC - Sierra, Inc.(*) 700 150,675
SDL, Inc.(*) 200 61,862
Xilinx, Inc.(*) 3,700 316,813
2,865,181
Entertainment - 1.1%
Time Warner, Inc. 7,400 579,050
Equipment - Semiconductors - 1.8%
Applied Materials, Inc.(*) 8,100 480,431
Broadcom Corp.(*) 700 170,625
Kla-Tencor Corp.(*) 2,000 82,375
Novellus Systems, Inc.(*) 3,500 162,969
Teradyne, Inc.(*) 2,300 80,500
976,900
<PAGE>
Equity Securities - Cont'd Shares Value
Financial - Diversified - 5.1%
AMBAC Financial Group, Inc. 2,000 $146,500
American Express Co. 14,000 850,500
Equity Office Properties Trust 10,700 332,369
Equity Residential Properties Trust 2,200 105,600
Federal Home Loan Mortgage Corp. 5,900 318,969
Federal National Mortgage Assn. 14,200 1,015,300
Mack-Cali Realty Corp. 1,400 39,462
2,808,700
Foods - 2.9%
Bestfoods 5,400 392,850
General Mills, Inc. 7,800 276,900
H.J. Heinz Co. 5,700 211,256
Kellogg Co. 5,300 128,194
Mccormick & Co. 7,400 220,150
Quaker Oats Co. 4,700 371,887
1,601,237
Hardware & Tools - 0.1%
Black & Decker Corp. 2,200 75,212
Healthcare - Diversified - 1.8%
IVAX Corp.(*) 1,500 69,000
Johnson & Johnson 10,000 939,375
1,008,375
Healthcare - Drugs - 5.5%
Forest Laboratories(*) 800 91,750
Merck & Co., Inc. 17,000 1,265,437
Pfizer, Inc. 25,300 1,136,919
Schering-Plough Corp. 11,000 511,500
3,005,606
Healthcare - Hospital Management - 0.3%
Universal Health Services(*) 2,200 188,375
Healthcare - Managed Care - 1.0%
Express Scripts, Inc.(*) 700 50,575
Oxford Health Plans(*) 3,500 107,570
Wellpoint Health Networks(*) 3,800 364,800
522,945
Healthcare - Medical Products & Supplies - 1.2%
Biomet, Inc. 4,500 157,500
Boston Scientific Corp.(*) 3,900 64,106
Guidant Corp.(*) 1,000 70,688
Medtronic, Inc. 3,200 165,800
St. Jude Medical, Inc.(*) 2,700 137,700
Sybron International Corp.(*) 2,800 67,200
662,994
<PAGE>
Equity Securities - Cont'd Shares Value
Health Care - Special Services - 0.2%
Healthsouth Corp.(*) 10,500 $85,313
Homebuilding - 0.2%
Rouse Co. 4,600 114,712
Household Furniture & Appliances - 0.1%
Whirlpool Corp. 1,900 73,862
Household Products Non-Durables - 0.8%
Colgate-Palmolive Co. 9,200 434,240
Housewares - 0.1%
Newell Rubbermaid, Inc. 3,200 73,000
Insurance - Life & Health - 1.9%
Aflac, Inc. 2,600 166,562
American General Corp. 6,500 507,000
Jefferson-Pilot Corp. 2,400 162,900
Lincoln National Corp. 2,600 125,125
Torchmark Corp. 2,700 75,094
1,036,681
Insurance - Multi-Line - 3.4%
American International Group 13,324 1,274,940
Cigna Corp. 4,400 459,360
Hartford Financial Services 1,300 94,819
1,829,119
Insurance - Property & Casualty - 0.3%
Cincinnati Financial Corp. 2,800 99,400
MGIC Investment Corp. 800 48,900
148,300
Insurance Brokers - 0.1%
Marsh & McLennan Co.'s 700 92,925
Investment Banking/Brokers - 0.9%
A.G. Edwards, Inc. 1,300 68,006
Charles Schwab Corp. 11,500 408,250
476,256
Investment Management - 0.8%
Franklin Resources, Inc. 2,400 106,632
Stilwell Financial, Inc.(*) 7,400 321,900
428,532
Leisure Time Products - 0.3%
Harley-Davidson, Inc. 3,000 143,625
Machinery - Diversified - 0.3%
Dover Corp. 4,000 187,750
<PAGE>
Equity Securities - Cont'd Shares Value
Manufacturing - Diversified - 1.2%
Danaher Corp. 2,800 $139,300
Illinois Tool Works 6,470 361,511
Parker Hannifin Corp. 5,200 175,500
676,311
Manufacturing - Specialized - 0.8%
Avery Dennison Corp. 4,900 227,238
Jabil Circuit, Inc.(*) 900 51,075
Sealed Air Corp.(*) 3,900 176,475
454,788
Natural Gas - 2.3%
Columbia Energy Group 2,500 177,500
EL Paso Energy Corp. 5,100 314,287
KeySpan Corp. 7,400 296,925
Kinder Morgan, Inc. 4,200 171,938
Sempra Energy 13,900 289,294
1,249,944
Office Equipment & Supplies - 0.1%
Pitney Bowes, Inc. 1,900 74,931
Oil & Gas - Drilling & Equipment - 1.2%
Cooper Cameron Corp.(*) 4,100 302,119
Smith International, Inc.(*) 4,200 342,562
644,681
Oil & Gas - Exploration & Production - 2.8%
Anadarko Petroleum Corp. 10,800 717,768
EOG Resources, Inc. 21,500 835,813
1,553,581
Personal Care - 0.6%
Gillette Co. 11,100 342,712
Power Producers - Independents - 1.1%
Calpine Corp.(*) 5,600 584,500
Publishing - 0.8%
McGraw-Hill Co.'s, Inc. 7,100 451,294
Publishing - Newspapers - 0.6%
A.H. Belo Corp. 4,900 90,344
New York Times Co. 6,100 239,806
330,150
Railroads - 0.0%
Kansas City Southern Industries, Inc. 1,850 16,072
<PAGE>
Equity Securities - Cont'd Shares Value
Restaurants - 0.6%
Brinker International, Inc.(*) 2,800 $84,350
Darden Restaurants, Inc. 12,500 260,156
344,506
Retail - Building Supplies - 1.4%
Home Depot, Inc. 12,300 652,669
Lowe's Co.'s 2,300 103,212
755,881
Retail - Computers & Electronics - 0.3%
Best Buy Co., Inc.(*) 2,700 171,788
Retail - Department Stores - 0.3%
Kohls Corp.(*) 3,200 184,600
Retail - General Merchandise - 0.8%
Costco Wholesale Corp.(*) 6,800 237,575
Target Corp. 7,600 194,750
432,325
Retail - Specialty - 0.2%
Avon Products, Inc. 2,300 94,013
Retail - Specialty Apparel - 0.1%
Gap, Inc. 3,725 74,966
Services - Advertising & Marketing - 0.5%
CMGI, Inc.(*) 1,900 53,081
Omnicom Group 2,000 145,875
TMP Worldwide, Inc.(*) 700 56,350
255,306
Services - Commercial & Consumer - 0.3%
Dun & Bradstreet Corp. 2,000 68,875
Viad Corp. 3,600 95,625
164,500
Services - Computer Systems - 0.7%
Comdisco, Inc. 5,500 104,844
Electronic Data Systems Corp. 4,300 178,450
Sapient Corp.(*) 200 8,138
Sungard Data Systems, Inc.(*) 1,700 72,781
364,213
Services - Data Process - 1.6%
Automatic Data Processing 2,900 193,937
First Data Corp. 7,000 273,438
Paychex, Inc. 8,100 425,250
892,625
<PAGE>
Equity Securities - Cont'd Shares Value
Specialty Printing - 0.3%
R.R. Donnelley & Sons Co. 6,200 $152,288
Telecommunications - Cellular & Wireless - 0.4%
Nextel Communications, Inc.(*) 5,200 243,100
Telecommunications - Long Distance - 0.2%
Nextlink Communications(*) 1,600 56,300
NTL, Inc.(*) 1,150 53,259
109,559
Telephone - 5.3%
Alltel Corp. 7,100 370,531
Bellsouth Corp. 19,000 764,750
Qwest Communications International(*) 1,600 76,900
SBC Communications, Inc. 30,538 1,526,900
Telephone & Data Systems, Inc. 1,300 143,910
2,882,991
Textiles - Apparel - 0.2%
Liz Claiborne, Inc. 2,600 100,100
Trucks & Parts - 0.3%
Paccar, Inc. 4,000 148,250
TOTAL INVESTMENTS (Cost $42,858,917) - 98.3% 53,701,368
Other assets and liabilities, net - 1.7% 905,670
Net Assets - 100% $54,607,038
(+) This security was valued by the Board of Trustees. See Note A.
() Colson Services Corporation is the collection, and transfer agent for certain
of the Fund's U.S. Government guaranteed variable rate loans. Each depository
receipt pertains to a set, grouped by interest rate, of these loans.
(*) Non-income producing.
( ) Represents rates in effect at September 30, 2000, after regularly scheduled
adjustments on such date. Interest rates adjust monthly and or quarterly,
generally at the beginning of the month or calendar quarter, or semiannually
based on prime plus contracted adjustments. As of September 30, 2000, the prime
rate was 9.50%.
(#) Restricted securities represent, 2.3% of net assets for Balanced, 1.8% for
Bond, and 0.4% for Equity.
(^) These certificates of deposit are fully insured by agencies of the federal
government.
(a) See Note B.
(b) This security is in default.
Explanation of Guarantees: Abbreviations:
BPA: Bond Purchase Agreement Calstrs: California State Teachers Retirement
System
GA: Guarantee Agreement COPs: Certificates of Participation
INSUR: Insurance FGIC: Financial Guaranty Insurance Company
LOC: Letter of Credit GO: General Obligation
IDA: Industrial Development Authority
MBIA: Municipal Bond Insurance Association
MFH: Multi-family Housing
FHLB: Federal Home Loan Bank
FNMA: Federal National Mortgage Association
VRDN: Variable Rate Demand Notes
See notes to financial statements.
<PAGE>
statements of assets and liabilities
September 30, 2000
money
market balanced bond
assets portfolio portfolio portfolio
Investments in securities, at value -
see accompanying schedules $204,078,563 $783,564,828 $80,513,474
Cash 159,326 1,367,790 272,354
Receivable for securities sold 500,000 35,752,249 13,483,691
Receivable for shares sold 637,678 199,180 770,781
Interest & dividends receivable
2,006,108 5,725,352 1,028,453
Other assets 10,938 323,176 144,384
Total assets 207,392,613 826,932,575 96,213,137
liabilities
Payable to bank 90,320 - -
Payable for securities purchased - 40,890,051 18,439,118
Payable for shares redeemed 257,993 1,357,160 86,381
Payable to Calvert Asset Management, Inc.
91,972 386,015 35,799
Payable to Calvert Administrative Services Co.
34,143 172,356 18,250
Payable to Calvert Shareholders Services, Inc.
17,902 17,619 2,588
Payable to Calvert Distributors, Inc.
- 163,667 15,384
Accrued expenses and other liabilities
146,904 217,392 32,711
Total liabilities 639,234 43,204,260 18,630,231
Net Assets $206,753,379 $783,728,315 $77,582,906
net assets consist of:
Paid-in capital applicable to the following shares of beneficial
interest, unlimited number of no par value shares authorized:
Money Market Portfolio:
206,853,070 shares outstanding
$206,809,768
Balanced Portfolio:
Class A: 21,226,178 shares outstanding $565,279,502
Class B: 411,251 shares outstanding 13,577,209
Class C: 466,252 shares outstanding 14,462,035
Class I: 1,496,590 shares outstanding 50,871,884
Bond Portfolio:
Class A: 4,651,348 shares outstanding $75,069,376
Class B: 210,078 shares outstanding 3,372,959
Class C: 118,246 shares outstanding 1,911,944
Class I: 66,813 shares outstanding 1,038,433
Undistributed net investment income
10,272 2,175,695 7,153
Accumulated net realized gain (loss) on investments
(66,661) 47,626,384 (1,067,791)
Net unrealized appreciation (depreciation)
on investments and assets and liabilities
in foreign currencies - 89,735,606 (2,749,168)
Net Assets $206,753,379 $783,728,315 $77,582,906
See notes to financial statements.
<PAGE>
net asset value per share
Money Market Portfolio $1.00
Balanced Portfolio:
Class A: (based on net assets of $705,355,282)
. $33.23
Class B: (based on net assets of $13,579,687)
$33.02
Class C: (based on net assets of $15,263,475)
$32.74
Class I: (based on net assets of $49,529,871)
$33.10
Bond Portfolio:
Class A: (based on net assets of $71,524,990) $15.38
Class B: (based on net assets of $3,220,129) $15.33
Class C: (based on net assets of $1,809,794) $15.31
Class I: (based on net assets of $1,027,993) $15.39
See notes to financial statements.
<PAGE>
statements of assets and liabilities
September 30, 2000
managed
equity index
assets portfolio portfolio
Investments in securities, at value - see accompanying schedules
$286,118,922 $53,701,368
Cash 1,022,202 1,226,617
Receivable for securities sold 9,721,269 -
Receivable for shares sold 1,081,121 125,490
Interest & dividends receivable 217,444 44,032
Other assets 16,856 9,381
Total assets 298,177,814 55,106,888
liabilities
Payable for securities purchased 12,421,817 299,839
Payable for shares redeemed 243,210 123,862
Payable to Calvert Asset Management, Inc. 140,147 31,120
Payable to Calvert Administrative Services Company
46,799 5,873
Payable to Calvert Shareholders Services, Inc.
13,165 1,391
Payable to Calvert Distributors, Inc. 79,612 13,595
Accrued expenses and other liabilities 61,240 24,170
Total liabilities 13,005,990 499,850
Net Assets $285,171,824 $54,607,038
net assets consist of:
Paid-in capital applicable to the following shares of beneficial
interest, unlimited number of no par value shares authorized:
Equity Portfolio
Class A: 7,286,413 shares outstanding $159,232,370
Class B: 665,703 shares outstanding 19,131,132
Class C: 666,660 shares outstanding 16,473,725
Class I: 85,235 shares outstanding 2,440,450
Managed Index Portfolio
Class A: 1,066,889 shares outstanding $17,873,573
Class B: 336,416 shares outstanding 5,591,412
Class C: 239,913 shares outstanding 4,132,242
Class I: 1,105,742 shares outstanding 16,570,955
Accumulated net realized gain (loss) on investments
13,438,899 (403,595)
Net unrealized appreciation (depreciation) on investments
74,455,248 10,842,451
Net Assets $285,171,824 $54,607,038
net asset value per share
Equity Portfolio:
Class A (based on net assets of $240,843,567) $33.05
Class B (based on net assets of $21,416,433) $32.17
Class C (based on net assets of $20,086,185) $30.13
Class I (based on net assets of $2,825,639) $33.15
Managed Index Portfolio:
Class A (based on net assets of $21,239,293) $19.91
Class B (based on net assets of $6,531,397) $19.41
Class C (based on net assets of $4,673,828) $19.48
Class I (based on net assets of $22,162,520) $20.04
See notes to financial statements.
<PAGE>
Statements of Operations
Year Ended September 30, 2000
Money
Market Balanced Bond
Net Investment Income Portfolio Portfolio Portfolio
Investment Income:
Interest income $12,892,126 $25,441,116 $5,664,478
Dividend income - 3,405,919 104,250
Total investment income
12,892,126 28,847,035 5,768,728
Expenses:
Investment advisory fee 622,860 3,201,662 250,572
Transfer agency fees and expenses
465,345 1,212,428 177,076
Administrative fees 415,240 2,128,681 187,840
Distribution Plan expenses:
Class A - 1,736,951 132,728
Class B - 121,659 29,770
Class C - 144,586 17,520
Trustees' fees and expenses
45,371 102,803 15,622
Custodian fees 44,986 174,014 29,696
Registration fees 26,073 57,732 32,691
Reports to shareholders 80,281 197,801 22,072
Professional fees 24,283 74,330 12,295
Miscellaneous 23,056 169,635 6,797
Total expenses 1,747,495 9,322,282 914,679
Reimbursement from Advisor:
Class I - - (2,683)
Fees paid indirectly (44,840) (143,210) (34,922)
Net expenses 1,702,655 9,179,072 877,074
Net Investment Income 11,189,471 19,667,963 4,891,654
Realized and Unrealized
Gain (Loss) on Investments
Net realized gain (loss) on:
Investments (18,568) 50,556,889 264,223
Foreign currency transactions - (24,962) -
Futures - 31,711 80,852
(18,568) 50,563,638 345,075
Change in unrealized appreciation or (depreciation):
Securities - 21,712,801 (1,203,025)
Assets and liabilities denominated
in foreign currencies - (4,504) -
Futures - (220,469) (28,605)
- 21,487,828 (1,231,630)
Net Realized and Unrealized
Gain (Loss) on Investments (18,568) 72,051,466 (886,555)
Increase (Decrease) in Net Assets
Resulting From Operations
$11,170,903 $91,719,429 $4,005,099
See notes to financial statements.
<PAGE>
Statements of Operations
Year Ended September 30, 2000
Equity Managed Index
Net Investment Income Portfolio Portfolio
Investment Income:
Interest income $426,141 $5,981
Dividend income 1,873,176 532,551
Total investment income 2,299,317 538,532
Expenses:
Investment advisory fee 1,235,345 241,536
Transfer agency fees and expenses 578,768 76,292
Administrative fees 502,182 61,800
Distribution Plan expenses:
Class A 493,375 44,382
Class B 145,392 54,093
Class C 155,759 38,232
Trustees' fees and expenses 44,567 11,837
Custodian fees 31,534 58,490
Registration fees 63,341 36,798
Reports to shareholders 76,144 6,035
Professional fees 27,709 10,488
Miscellaneous 30,348 52,303
Total expenses 3,384,464 692,286
Reimbursement from Advisor:
Class A - (33,627)
Class I (7,828) (24,796)
Fees paid indirectly (346,874) (39,519)
Net expenses 3,029,762 594,344
Net Investment Income (Loss)(730,445) (55,812)
Realized and Unrealized
Gain (Loss) on Investments
Net realized gain (loss) 17,263,093 129,992
Change in unrealized appreciation or (depreciation)
41,611,204 7,319,477
Net Realized and Unrealized
Gain (Loss) on Investments 58,874,297 7,449,469
Increase (Decrease) in Net Assets
Resulting From Operations $58,143,852 $7,393,657
See notes to financial statements.
<PAGE>
Money Market Portfolio
Statements of Changes in Net Assets
Year Ended Year Ended
September 30, September 30,
Increase (Decrease) in Net Assets 2000 1999
Operations:
Net investment income $11,189,471 $8,325,906
Net realized gain (loss) (18,568) (40,476)
Increase (Decrease) in Net Assets
Resulting From Operations 11,170,903 8,285,430
Distributions to shareholders from
Net investment income (11,180,235) (8,337,453)
Capital share transactions:
Shares sold 280,340,772 210,031,383
Reinvestment of distributions 9,843,982 7,715,268
Shares redeemed (277,362,777) (196,454,418)
Total capital share transactions 12,821,977 21,292,233
Total Increase (Decrease) in Net Assets 12,812,645 21,240,210
Net Assets
Beginning of year 193,940,734 172,700,524
End of year (including undistributed net investment
income of $10,272 and $1,036, respectively) $206,753,379 $193,940,734
Capital Share Activity
Shares sold 280,340,772 210,031,383
Reinvestment of distributions 9,843,982 7,715,268
Shares redeemed (277,362,777) (196,454,418)
Total capital share activity 12,821,977 21,292,233
See notes to financial statements.
<PAGE>
Balanced Portfolio
Statements of Changes in Net Assets
Year Ended Year Ended
September 30, September 30,
Increase (Decrease) in Net Assets 2000 1999
Operations:
Net investment income $19,667,963 $15,298,571
Net realized gain (loss) 50,563,638 45,309,467
Change in net unrealized appreciation or (depreciation)
21,487,828 18,694,553
Increase (Decrease) in Net Assets
Resulting From Operations 91,719,429 79,302,591
Distributions to shareholders from
Net investment income:
Class A Shares (17,641,683) (14,415,933)
Class B Shares (188,534) (73,369)
Class C Shares (215,389) (132,117)
Class I Shares (733,527) (172,938)
Net realized gain:
Class A Shares (44,500,009) (69,564,483)
Class B Shares (707,628) (412,084)
Class C Shares (867,033) (1,218,576)
Class I Shares (856,443) -
Total distributions (65,710,246) (85,989,500)
Capital share transactions:
Shares sold:
Class A Shares 52,437,627 91,353,892
Class B Shares 4,913,689 7,831,875
Class C Shares 3,413,432 3,839,839
Class I Shares 37,788,984 14,958,479
Reinvestment of distributions:
Class A Shares 57,776,773 77,715,083
Class B Shares 765,377 442,318
Class C Shares 1,029,216 1,313,120
Class I Shares 1,589,970 172,938
Shares redeemed:
Class A Shares (139,176,804) (128,868,511)
Class B Shares (2,399,106) (637,645)
Class C Shares (3,322,536) (2,823,028)
Class I Shares (2,766,927) (871,876)
Total capital share transactions
12,049,695 64,426,484
Total Increase (Decrease) in Net Assets
38,058,878 57,739,575
Net Assets
Beginning of year 745,669,437 687,929,862
End of year (including undistributed net investment
income of $2,175,695 and $1,411,887, respectively)
$783,728,315 $745,669,437
See notes to financial statements.
<PAGE>
Balanced Portfolio
Statements of Changes in Net Assets
Balanced Portfolio (Cont'd)
Year Ended Year Ended
September 30, September 30,
Capital Share Activity 2000 1999
Shares sold:
Class A Shares 1,613,688 2,754,181
Class B Shares 151,738 237,115
Class C Shares 107,034 117,332
Class I Shares 1,112,917 439,482
Reinvestment of distributions:
Class A Shares 1,804,983 2,401,960
Class B Shares 24,083 13,727
Class C Shares 32,678 41,161
Class I Shares 49,359 5,340
Shares redeemed:
Class A Shares (4,241,049) (3,875,939)
Class B Shares (74,558) (19,294)
Class C Shares (103,933) (86,273)
Class I Shares (84,532) (25,976)
Total capital share activity 392,408 2,002,816
See notes to financial statements.
<PAGE>
Bond Portfolio
Statements of Changes in Net Assets
Year Ended Year Ended
September 30, September 30,
Increase (Decrease) in Net Assets 2000 1999
Operations:
Net investment income $4,891,654 $4,000,958
Net realized gain (loss) 345,075 (1,206,656)
Change in net unrealized appreciation or (depreciation)
(1,231,630) (2,006,821)
Increase (Decrease) in Net Assets
Resulting From Operations 4,005,099 787,481
Distributions to shareholders from
Net investment income:
Class A Shares (4,589,743) (3,857,771)
Class B Shares (174,216) (82,794)
Class C Shares (99,724) (56,844)
Class I Shares (38,433) -
Net Realized Gain:
Class A Shares (31,268) (2,196,195)
Class B Shares (1,372) (46,303)
Class C Shares (907) (21,407)
Total distributions (4,935,663) (6,261,314)
Capital share transactions:
Shares sold:
Class A Shares 17,255,050 18,457,885
Class B Shares 1,184,383 2,587,501
Class C Shares 608,696 1,707,478
Class I Shares 1,000,000 -
Reinvestment of distributions:
Class A Shares 3,739,452 4,916,147
Class B Shares 140,920 106,520
Class C Shares 89,015 73,545
Class I Shares 38,433 -
Shares redeemed:
Class A Shares (15,547,073) (16,966,539)
Class B Shares (847,730) (353,418)
Class C Shares (643,767) (321,828)
Total capital share transactions 7,017,379 10,207,291
Total Increase (Decrease) In Net Assets 6,086,815 4,733,458
Net Assets
Beginning of year 71,496,091 66,762,633
End of year (including undistributed net investment
income of $7,153 and $ 25,363, respectively)
$77,582,906 $71,496,091
See notes to financial statements.
<PAGE>
Bond Portfolio
Statements of Changes in Net Assets
Bond Portfolio (Cont'd)
Year Ended Year Ended
September 30, September 30,
Capital Share Activity 2000 1999
Shares sold:
Class A Shares 1,128,752 1,150,952
Class B Shares 77,729 160,849
Class C Shares 39,711 106,537
Class I Shares 64,267 -
Reinvestment of distributions:
Class A Shares 245,118 307,125
Class B Shares 9,269 6,698
Class C Shares 5,855 4,630
Class I Shares 2,546 -
Shares redeemed:
Class A Shares (1,017,770) (1,060,295)
Class B Shares (55,416) (22,132)
Class C Shares (42,019) (20,165)
Total capital share activity 458,042 634,199
See notes to financial statements.
<PAGE>
Equity Portfolio
Statements of Changes in Net Assets
Year Ended Year Ended
September 30, September 30,
Increase (Decrease) in Net Assets 2000 1999
Operations:
Net investment income (loss) ($730,445) ($618,147)
Net realized gain (loss) 17,263,093 13,652,242
Change in net unrealized appreciation or (depreciation)
41,611,204 30,148,335
Increase (Decrease) in Net Assets
Resulting From Operations 58,143,852 43,182,430
Distributions to shareholders from
Net realized gain:
Class A Shares (11,666,158) (83,481)
Class B Shares (628,710) (1,579)
Class C Shares (832,633) (4,329)
Class I Shares (146,750) -
Total distributions (13,274,251) (89,389)
Capital share transactions:
Shares sold:
Class A Shares 63,510,764 31,878,104
Class B Shares 12,279,735 6,514,656
Class C Shares 9,179,785 4,358,040
Class I Shares 2,293,700 -
Reinvestment of distributions:
Class A Shares 10,635,324 81,223
Class B Shares 502,661 1,161
Class C Shares 751,372 4,064
Class I Shares 146,750 -
Shares redeemed:
Class A Shares (39,793,723) (34,955,133)
Class B Shares (1,584,105) (512,194)
Class C Shares (2,787,035) (1,630,469)
Class I Shares - -
Total capital share transactions
55,135,228 5,739,452
Total Increase (Decrease) in Net Assets
100,004,829 48,832,493
Net Assets
Beginning of year 185,166,995 136,334,502
End of year $285,171,824 $185,166,995
See notes to financial statements.
<PAGE>
Equity Portfolio
Statements of Changes in Net Assets
Equity Portfolio (Cont'd)
Year Ended Year Ended
September 30, September 30,
Capital Share Activity 2000 1999
Shares sold:
Class A Shares 2,034,206 1,170,174
Class B Shares 397,568 238,209
Class C Shares 319,233 169,101
Class I Shares 80,143 -
Reinvestment of distributions:
Class A Shares 369,154 3,247
Class B Shares 17,806 47
Class C Shares 28,438 174
Class I Shares 5,092 -
Shares redeemed:
Class A Shares (1,277,023) (1,333,181)
Class B Shares (51,828) (18,546)
Class C Shares (97,563) (67,591)
Class I Shares - -
Total capital share activity 1,825,226 161,634
See notes to financial statements.
<PAGE>
Managed Index Portfolio
StatementS of Changes in Net Assets
Year Ended Year Ended
September 30, September 30,
Increase (Decrease) in Net Assets 2000 1999
Operations:
Net investment income (loss) ($55,812) $85,019
Net realized gain (loss) 129,992 (429,247)
Change in net unrealized appreciation or (depreciation)
7,319,477 5,589,849
Increase (Decrease) in Net Assets
Resulting From Operations 7,393,657 5,245,621
Distributions to shareholders from
Net investment income:
Class A Shares (11,951) (20,045)
Class I Shares (50,072) (49,962)
Total distributions (62,023) (70,007)
Capital share transactions:
Shares sold:
Class A Shares 8,395,512 8,471,192
Class B Shares 2,400,445 3,161,704
Class C Shares 2,051,975 2,218,849
Class I Shares 117,931 36,679
Reinvestment of distributions:
Class A Shares 11,418 18,852
Class I Shares 50,069 49,962
Shares redeemed:
Class A Shares (2,007,985) (1,802,845)
Class B Shares (697,484) (325,223)
Class C Shares (340,036) (219,616)
Class I Shares (146,233) (14,552)
Total capital share transactions
9,835,612 11,595,002
Total Increase (Decrease) in Net Assets
17,167,246 16,770,616
Net Assets
Beginning of year 37,439,792 20,669,176
End of year (including undistributed net investment
income of $0 and $57,317, respectively)$54,607,038 $37,439,792
See notes to financial statements.
<PAGE>
Managed Index Portfolio
StatementS of Changes in Net Assets
Managed Index Portfolio (Cont'd)
Year Ended Year Ended
September 30, September 30,
Capital Share Activity 2000 1999
Shares sold:
Class A Shares 442,428 510,134
Class B Shares 128,665 192,698
Class C Shares 110,304 131,088
Class I Shares 6,071 2,095
Reinvestment of distributions:
Class A Shares 608 1,166
Class I Shares 2,659 3,084
Shares redeemed:
Class A Shares (104,538) (107,827)
Class B Shares (38,143) (19,076)
Class C Shares (17,989) (12,853)
Class I Shares (7,318) (856)
Total capital share activity 522,747 699,653
See notes to financial statements.
<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 an open-end management investment company. The
Fund operates as a series fund with five separate portfolios: Money Market,
Balanced, Bond, Equity and Managed Index. Money Market, Balanced, Equity and
Managed Index are registered as diversified portfolios and Bond as a
non-diversified portfolio. Money Market shares are sold without sales charge.
Balanced, Bond, Equity and Managed Index have Class A, Class B, Class C and
Class I shares. Class A shares are sold with a maximum front-end sales charge of
4.75% (3.75% for Bond). Class B shares are sold without a front-end sales
charge. With certain exceptions, the Fund will impose a deferred sales charge at
the time of redemption, depending on how long you have owned the shares. Class C
shares are sold without a front-end sales charge. With certain exceptions, the
Fund will impose a deferred sales charge on shares sold within one year of
purchase. Class B and Class C shares have higher levels of expenses than Class A
shares. Effective November 1, 1999 and March 31, 2000, Equity and Bond
Portfolios, respectively, began to offer Class I shares. Class I shares require
a minimum account balance of $1,000,000. Class I shares have no front-end or
deferred sales charge. Each class has different: (a) dividend rates, due to
differences in Distribution Plan expenses and other class-specific expenses, (b)
exchange privileges and (c) class-specific voting rights.
Security Valuation: Securities listed or traded on a national securities
exchange are valued at the last reported sale price. Unlisted securities and
listed securities for which the last sale price is 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.
In determining fair value, the Board considers all relevant qualitative and
quantitative information available. These factors are subject to change over
time and are reviewed periodically. The values assigned to fair value
investments are based on available information and do not necessarily represent
amounts that might ultimately be realized, since such amounts depend on future
developments inherent in long-term investments. Further, because of the inherent
uncertainty of valuation, those estimated values may differ significantly from
the values that would have been used had a ready market of the investments
existed, and the differences could be material.
The following securities were valued by the Board of Trustees as of September
30, 2000:
Total Investments % of Net Assets
Balanced $17,542,066 2.2%
Bond 526,511 0.7%
Equity 1,332,965 0.5%
<PAGE>
Repurchase Agreements: The Fund may enter into repurchase agreements with
recognized financial institutions or registered broker/dealers and, in all
instances, holds underlying securities with a value exceeding the total
repurchase price, including accrued interest. Although risk is mitigated by the
collateral, the Fund could experience a delay in recovering its value and a
possible loss of income or value if the counterparty fails to perform in
accordance with the terms of the agreement.
Options: The Fund may write or purchase option securities. The option premium is
the basis for recognition of unrealized or realized gain or loss on the option.
The cost of securities acquired or the proceeds from securities sold through the
exercise of the option is adjusted by the amount of the premium. Risks from
writing or purchasing option securities arise from possible illiquidity of the
options market and the movement in the value of the investment or in interest
rates. The risk associated with purchasing options is limited to the premium
originally paid.
Futures Contracts: The Fund may enter into futures contracts agreeing to buy or
sell a financial instrument for a set price at a future date. The Fund maintains
securities with
a value equal to its obligation under each contract. Initial margin deposits of
either cash
or securities are made upon entering into futures contracts; thereafter,
variation margin payments are made or received daily reflecting the change in
market value. Unrealized
or realized gains and losses are recognized based on the change in market value.
Risks
of futures contracts arise from the possible illiquidity of the futures markets
and the movement in the value of the investment or in interest rates.
Security Transactions and Investment Income: Security transactions are accounted
for on trade date. Realized gains and losses are recorded on an identified cost
basis. Dividend income is recorded on the ex-dividend date 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. Investment income and realized and
unrealized gains and losses are allocated to separate classes of shares based
upon the relative net assets of each class. Expenses arising in connection with
a class are charged directly to that class. Expenses common to the classes are
allocated to each class in proportion to their relative net assets.
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
translated 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 accrued daily
and paid monthly by Money Market and Bond, quarterly by Balanced and annually
by Equity and Managed Index. 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.
<PAGE>
Estimates: The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reported
period. Actual results could differ from those estimates.
Expense Offset Arrangements: The Fund has an arrangement with its custodian bank
whereby the custodian's and transfer agent's fees are paid indirectly by credits
earned on each Portfolio's cash on deposit with the bank. Such a deposit
arrangement is an alternative to overnight investments.
Federal Income Taxes: No provision for federal income or excise tax is required
since the Fund intends to continue to qualify as a regulated investment company
under the Internal Revenue Code and to distribute substantially all of its
taxable earnings.
Note B - Related Party Transactions
Calvert Asset Management Company, Inc. (the "Advisor") is wholly-owned by
Calvert Group, Ltd. ("Calvert"), which is indirectly wholly owned by Ameritas
Acacia Mutual Holding Company. The Advisor provides investment advisory services
and pays the salaries and fees of officers and affiliated Trustees of the Fund.
For its services, the Advisor receives monthly fees based on the following
annual rates of average daily net assets:
Money Market .30%
Balanced:
First $500 Million .425%
Next $500 Million .40%
Over $1 Billion .375%
Bond .35%
Equity .50%
Managed Index .60%
The Advisor contractually reimbursed, Bond, Equity and Managed Index for
expenses of $2,683, $7,828 and $58,423, respectively, for the year ended
September 30, 2000.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and
principal underwriter for the Fund. Distribution Plans, adopted by Class A,
Class B, and Class C shares, allow the Portfolios to pay the Distributor for
expenses and services associated with distribution of shares. The expenses of
Money Market are limited to .25% annually of average daily net assets. The
expenses paid may not exceed .35%, 1.0%, and 1.0% annually of average daily net
assets of each Class A, Class B, and Class C for Balanced, Bond and Equity,
respectively. The expenses paid may not exceed .25%, 1.0%, and 1.0% annually of
average daily net assets of each Class A, Class B, and Class C for Managed
Index. Class I for Balanced, Bond, Equity, and Managed Index does not have
Distribution Plan expenses.
The Distributor received the following amounts as its portion of the commissions
charged on sales of the Funds shares for the year ended September 30, 2000:
$282,317 for Balanced, $33,960 for Bond, $164,518 for Equity, and $9,626 for
Managed Index.
Calvert Shareholder Services, Inc. (CSSI), an affiliate of the Advisor, is the
shareholder
<PAGE>
servicing agent for the Fund. For its services, CSSI received fees of $225,212,
$239,980, $34,327, $157,613, and $16,765 for the year ended September 30, 2000
for Money Market, Balanced, Bond, Equity and Managed Index, respectively.
National Financial Data Services, Inc., is the transfer and dividend disbursing
agent.
Calvert Administrative Services Company (CASC), and affiliate of the Advisor,
provides administrative services for the Fund. For providing such services, CASC
receives an annual fee, payable monthly, based on the following annual rates of
average daily net assets:
Money Market .20%
Balanced (Class A, B, & C) .275%
Balanced (Class I) .125%
Bond (Class A, B, & C) .30%
Bond (Class I) .10%
Equity (Class A, B, & C) .20%
Equity (Class I) .10%
Managed Index (Class A, B, & C) .15%
Managed Index (Class I) .10%
The Fund invests in Community Investment Notes issued by the Calvert Social
Investment Foundation (the "CSI Foundation"). The CSI Foundation is a 501(c)(3)
non-profit organization that receives in-kind support from the Calvert Group,
Ltd. and its subsidiaries. The Fund has received from the Securities and
Exchange Commission a "no-action" letter permitting the Fund to make investments
in these notes under certain conditions, such conditions of which are being met.
The CSI Foundation provided certain administrative services to the Fund. These
services included a due diligence review for each potential organization which
is being considered for a high social impact investment ("HSI investment"). The
services also included an annual review thereafter, investment monitoring,
quarterly reporting to the Fund Board, notification of any event of information
that may affect the value of an investment, and other incidental services. For
providing such services, the CSI Foundation received an annual fee, paid
quarterly of 1.00% of the Fund's average daily net assets invested in HSI
investments. Effective July 1, 2000, the Fund no longer pays any fees to the CSI
Foundation.
Each Trustee of the Funds 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. Trustees' fees are allocated to each of the
funds in the series served.
Fusion Capital (formerly Umbono), an affiliate of Balanced due to a 25%
ownership of the voting securities, was purchased at a cost of $5,488,708 for
19,872,196 shares.
<PAGE>
Note C - Investment Activity
During the year, purchases and sales of investments, other than short-term
securities, were:
Managed
Balanced Bond Equity Index
Purchases: $1,347,937,558 656,822,668 $151,106,408 $29,566,297
Sales: 1,404,106,571 657,024,926 114,549,498 20,381,070
Money Market held only short-term investments.
The cost of investments owned at September 30, 2000 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, 2000 with expiration dates:
Money Managed
Market Balanced Bond Equity Index
Unrealized appreciation
- $127,706,862 $516,195 $81,425,573 $13,037,460
Unrealized depreciation
- 37,743,023 3,236,758 6,970,325 2,195,009
Net appreciation/(depreciation)
- 89,963,839 (2,720,563) 74,455,248 10,842,451
Capital loss carryforward
$48,544 - 491,291 - 386,615
Expiration dates
2002-2008 - 2008 - 2007
Capital losses may be utilized to offset current and future capital gains until
expiration.
As a cash management practice, Portfolios may sell or purchase short-term
variable rate demand notes from other Portfolios managed by the Advisor.
For the year ended September 30, 2000, the Fund effected transactions with other
Calvert Portfolios, which resulted in net realized gains (losses) on sales of
securities of ($2,788,000) for Balanced and $17,018 for Bond. The purchases and
sales transactions, executed at independently derived prices pursuant to Rule
17a-7 under the Investment Company Act of 1940, were:
Balanced Bond
Purchases $310,976,645 $20,107,010
Sales 291,936,470 26,491,415
Note D - Line of Credit
A financing agreement is in place with all Calvert Group Funds (except for the
Calvert Social Investment Fund Managed Index, CVS Ameritas Index 500 and Calvert
Social Index Fund) and State Street Bank and Trust Company ("the Bank"). Under
the agreement, the Bank is providing an unsecured line of credit facility, in
the aggregate amount of $50 million ($25 million committed and $25 million
uncommitted), to be accessed by the Funds for temporary or emergency purposes
only. Borrowings under this facility bear interest at the overnight Federal
Funds Rate plus .50% per annum. A commitment fee of .10% per annum will be
incurred on the unused portion of the committed facility which will be allocated
to all participating funds. The Money Market Portfolio had $90,320 outstanding
borrowings at an interest rate of 7.25% at September 30, 2000. There were no
other Portfolios with loans outstanding pursuant to this line of credit at
September 30, 2000.
<PAGE>
Change in Independent Auditor
In September 2000, PricewaterhouseCoopers LLP (PricewaterhouseCoopers) resigned
in the normal course of business as independent auditor for the Calvert Group
Funds. Arthur Andersen LLP (Arthur Andersen) was selected as the Fund's
independent auditor. The Funds' selection of Arthur Andersen as its independent
auditor was recommended by the Fund's audit committee and was approved by the
Fund's Board of Trustees.
The reports on the financial statements audited by PricewaterhouseCoopers for
the years ended September 30, 1999 and prior for the Funds did not contain an
adverse opinion or a disclaimer of opinion, and were not qualified or modified
as to uncertainty, audit scope or accounting principles. There were no
disagreements between the Funds and PricewaterhouseCoopers on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedures, which disagreements, if not resolved to the satisfaction of
PricewaterhouseCoopers would have caused it to make reference to the subject
matter of the disagreements in connection with its reports on the financial
statements of such years.
Tax Information (Unaudited)
The Fund designates $46,931,113 and $13,274,251 as 20% capital gain dividends
paid during the taxable year ended September 30, 2000 for Balanced and Equity,
respectively.
<PAGE>
Money Market Portfolio
Financial Highlights
Years Ended
September 30, September 30,
2000 1999
Net asset value, beginning $1.00 $1.00
Income from investment operations
Net investment income .054 .045
Distributions from
Net investment income (.054) (.045)
Net asset value, ending $1.00 $1.00
Total return* 5.53% 4.54%
Ratios to average net assets:
Net investment income 5.39% 4.43%
Total expenses .84% .90%
Expenses before offsets .84% .89%
Net expenses .82% .87%
Net assets, ending (in thousands) $206,753 $193,941
Years Ended
September 30, September 30, September 30,
1998 1997 1996
Net asset value, beginning $1.00 $1.00 $1.00
Income from investment operations
Net investment income .049 .048 .048
Distributions from
Net investment income (.049) (.048) (.048)
Net asset value, ending $1.00 $1.00 $1.00
Total return* 5.02% 4.89% 4.88%
Ratios to average net assets:
Net investment income 4.92% 4.79% 4.77%
Total expenses .94% 1.00% 1.10%
Expenses before offsets .89% .89% .89%
Net expenses .87% .87% .87%
Net assets, ending (in thousands)
$172,701 $166,111 $166,516
<PAGE>
Balanced Portfolio
Financial Highlights
Years Ended
September 30, September 30,
Class A Shares 2000 1999
Net asset value, beginning $32.14 $32.45
Income from investment operations
Net investment income .86 .68
Net realized and unrealized gain (loss) 3.08 3.03
Total from investment operations 3.94 3.71
Distributions from
Net investment income (.80) (.66)
Net realized gains (2.05) (3.36)
Total distributions (2.85) (4.02)
Total increase (decrease) in net asset value 1.09 (.31)
Net asset value, ending $33.23 $32.14
Total return* 12.75% 11.52%
Ratios to average net assets:
Net investment income 2.58% 2.05%
Total expenses 1.19% 1.17%
Expenses before offsets 1.19% 1.17%
Net expenses 1.17% 1.15%
Portfolio turnover 184% 175%
Net assets, ending (in thousands) $705,355 $708,655
Years Ended
September 30, September 30, September 30,
Class A Shares 1998 1997 1996
Net asset value, beginning $34.88 $31.35 $32.81
Income from investment operations
Net investment income .77 .83 .78
Net realized and unrealized gain (loss)
.92 5.61 2.28
Total from investment operations
1.69 6.44 3.06
Distributions from
Net investment income (.76) (.81) (.77)
Net realized gains (3.36) (2.10) (3.75)
Total distributions (4.12) (2.91) (4.52)
Total increase (decrease) in net asset value
(2.43) 3.53 (1.46)
Net asset value, ending $32.45 $34.88 $31.35
Total return* 5.50% 21.94% 10.27%
Ratios to average net assets:
Net investment income 2.27% 2.57% 2.58%
Total expenses 1.13% 1.14% 1.29%
Expenses before offsets 1.13% 1.14% 1.28%
Net expenses 1.11% 1.12% 1.26%
Portfolio turnover 185% 215% 111%
Net assets, ending (in thousands)
$673,907 $675,306 $594,482
<PAGE>
Balanced Portfolio
Financial Highlights
Periods Ended
September 30, September 30, September 30,
Class B Shares 2000 1999 1998 #
Net asset value, beginning $31.97 $32.38 $34.37
Income from investment operations
Net investment income .53 .35 0.15
Net realized and unrealized gain (loss)
3.06 2.94 (1.90)
Total from investment operations
3.59 3.29 (1.75)
Distributions from
Net investment income (.49) (.34) (0.24)
Net realized gains (2.05) (3.36) -
Total distributions (2.54) (3.70) (0.24)
Total increase (decrease) in net asset value
1.05 (.41) (1.99)
Net asset value, ending $33.02 $31.97 $32.38
Total return* 11.63% 10.15% (5.10%)
Ratios to average net assets:
Net investment income 1.60% .85% 1.22% (a)
Total expenses 2.20% 2.40% 3.59% (a)
Expenses before offsets 2.20% 2.40% 2.43% (a)
Net expenses 2.18% 2.38% 2.41% (a)
Portfolio turnover 184% 175% 185%
Net assets, ending (in thousands)
$13,580 $9,910 $2,540
<PAGE>
Balanced Portfolio
Financial Highlights
Years Ended
September 30, September 30,
Class C Shares 2000 1999
Net asset value, beginning $31.70 $32.05
Income from investment operations
Net investment income .51 .36
Net realized and unrealized gain (loss) 3.05 2.98
Total from investment operations 3.56 3.34
Distributions from
Net investment income (.47) (.33)
Net realized gains (2.05) (3.36)
Total distributions (2.52) (3.69)
Total increase (decrease) in net asset value 1.04 (.35)
Net asset value, ending $32.74 $31.70
Total return* 11.64% 10.43%
Ratios to average net assets:
Net investment income 1.58% 1.04%
Total expenses 2.19% 2.19%
Expenses before offsets 2.19% 2.19%
Net expenses 2.17% 2.17%
Portfolio turnover 184% 175%
Net assets, ending (in thousands) $15,263 $13,646
Years Ended
September 30, September 30, September 30,
Class C Shares 1998 1997 1996
Net asset value, beginning $34.52 $31.05 $32.60
Income from investment operations
Net investment income .41 .47 .46
Net realized and unrealized gain (loss)
.89 5.54 2.17
Total from investment operations
1.30 6.01 2.63
Distributions from
Net investment income (.41) (.44) (.43)
Net realized gains (3.36) (2.10) (3.75)
Total distributions (3.77) (2.54) (4.18)
Total increase (decrease) in net asset value
(2.47) 3.47 (1.55)
Net asset value, ending $32.05 $34.52 $31.05
Total return* 4.35% 20.56% 8.85%
Ratios to average net assets:
Net investment income 1.16% 1.42% 1.34%
Total expenses 2.25% 2.29% 2.66%
Expenses before offsets 2.25% 2.29% 2.52%
Net expenses 2.23% 2.27% 2.50%
Portfolio turnover 185% 215% 111%
Net assets, ending (in thousands)
$11,483 $8,898 $6,715
<PAGE>
Balanced Portfolio
Financial Highlights
Periods Ended
September 30, September 30,
Class I Shares 2000 1999###
Net asset value, beginning $32.13 $32.52
Income from investment operations
Net investment income .88 .52
Net realized and unrealized gain (loss) 3.12 (.35)
Total from investment operations 4.00 .17
Distributions from
Net investment income (.99) (.56)
Net realized gains (2.04) -
Total distributions (3.03) (.56)
Total increase (decrease) in net asset value .97 (.39)
Net asset value, ending $33.10 $32.13
Total return* 12.97% .52%
Ratios to average net assets:
Net investment income 2.97% 2.54% (a)
Total expenses .71% .74% (a)
Expenses before offsets .71% .74% (a)
Net expenses .69% .73% (a)
Portfolio turnover 184% 175%
Net assets, ending (in thousands) $49,530 $13,458
<PAGE>
Bond Portfolio
Financial Highlights
Years Ended
September 30, September 30,
Class A Shares 2000 1999
Net asset value, beginning $15.59 $16.88
Income from investment operations
Net investment income 1.06 .93
Net realized and unrealized gain (loss) (.20) (.74)
Total from investment operations .86 .19
Distributions from
Net investment income (1.06) (.93)
Net realized gains (.01) (.55)
Total distributions (1.07) (1.48)
Total increase (decrease) in net asset value (.21) (1.29)
Net asset value, ending $15.38 $15.59
Total return* 5.76% 1.18%
Ratios to average net assets:
Net investment income 6.90% 5.79%
Total expenses 1.20% 1.13%
Expenses before offsets 1.20% 1.13%
Net expenses 1.16% 1.09%
Portfolio turnover 1,011% 570%
Net assets, ending (in thousands) $71,525 $66,944
Years Ended
September 30, September 30, September 30,
Class A Shares 1998 1997 1996
Net asset value, beginning $16.64 $16.06 $16.34
Income from investment operations
Net investment income .95 .96 .92
Net realized and unrealized gain (loss)
.41 .58 (.29)
Total from investment operations
1.36 1.54 .63
Distributions from
Net investment income (.96) (.96) (.91)
Net realized gains (.16) - -
Tax return of capital - - -
Total distributions (1.12) (.96) (.91)
Total increase (decrease) in net asset value
.24 .58 (.28)
Net asset value, ending $16.88 $16.64 $16.06
Total return* 8.46% 9.89% 3.96%
Ratios to average net assets:
Net investment income 5.69% 5.85% 5.60%
Total expenses 1.14% 1.23% 1.29%
Expenses before offsets 1.14% 1.23% 1.29%
Net expenses 1.07% 1.19% 1.26%
Portfolio turnover 620% 319% 22%
Net assets, ending (in thousands)
$65,807 $59,656 $62,259
<PAGE>
Bond Portfolio
Financial Highlights
Periods Ended
September 30, September 30, September 30
Class B Shares 2000 1999 1998#
Net asset value, beginning $15.53 $16.84 $16.69
Income from investment operations
Net investment income .90 .74 .36
Net realized and unrealized gain (loss)
(.20) (.79) .19
Total from investment operations
.70 (.05) .55
Distributions from
Net investment income (.89) (.71) (.40)
Net realized gains (.01) (.55) -
Total distributions (.90) (1.26) (.40)
Total increase (decrease) in net asset value
(.20) (1.31) .15
Net asset value, ending $15.33 $15.53 $16.84
Total return* 4.61% (.29%) 3.36%
Ratios to average net assets:
Net investment income 5.89% 4.43% 4.14% (a)
Total expenses 2.26% 2.72% 8.08% (a)
Expenses before offsets 2.26% 2.56% 2.55% (a)
Net expenses 2.20% 2.50% 2.50% (a)
Portfolio turnover 1,011% 570% 620%
Net assets, ending (in thousands)
$3,220 $2,773 $557
Periods Ended
September 30, September 30, September 30,
Class C Shares 2000 1999 1998^^
Net asset value, beginning $15.51 $16.84 $16.81
Income from investment operations
Net investment income .86 .74 .21
Net realized and unrealized gain (loss)
(.18) (.80) .08
Total from investment operations
.68 (.06) .29
Distributions from
Net investment income (.87) (.72) (.26)
Net realized gains (.01) (.55) -
Total distributions (.88) (1.27) (.26)
Total increase (decrease) in net asset value
(.20) (1.33) .03
Net asset value, ending $15.31 $15.51 $16.84
Total return* 4.48% (.40%) 1.75%
Ratios to average net assets:
Net investment income 5.64% 4.41% 4.06% (a)
Total expenses 2.45% 2.85% 7.09% (a)
Expenses before offsets 2.45% 2.55% 2.74% (a)
Net expenses 2.40% 2.50% 2.50% (a)
Portfolio turnover 1,011% 570% 620%
Net assets, ending (in thousands)
$1,810 $1,779 $399
<PAGE>
Bond Portfolio
Financial Highlights
Period Ended
September 30,
Class I Shares 2000####
Net asset value, beginning $15.56
Income from investment operations
Net investment income .60
Net realized and unrealized gain (loss) (.18)
Total from investment operations .42
Distributions from
Net investment income (.59)
Total distributions (.59)
Total increase (decrease) in net asset value (.17)
Net asset value, ending $15.39
Total return* 2.83%
Ratios to average net assets:
Net investment income 7.85% (a)
Total expenses 1.19% (a)
Expenses before offsets .65% (a)
Net expenses .60% (a)
Portfolio turnover 1,011%
Net assets, ending (in thousands) $1,028
<PAGE>
Equity Portfolio
Financial Highlights
Years Ended
September 30, September 30,
Class A Shares 2000 1999
Net asset value, beginning $27.06 $20.36
Income from investment operations
Net investment income (loss) (.06) (.07)
Net realized and unrealized gain (loss) 7.88 6.78
Total from investment operations 7.82 6.71
Distributions from
Net realized gains (1.83) (.01)
Total distributions (1.83) (.01)
Total increase (decrease) in net asset value 5.99 6.70
Net asset value, ending $33.05 $27.06
Total return* 29.91% 32.98%
Ratios to average net assets:
Net investment income (loss) (.20%) (.28%)
Total expenses 1.26% 1.22%
Expenses before offsets 1.26% 1.22%
Net expenses 1.13% 1.10%
Portfolio turnover 49% 51%
Net assets, ending (in thousands) $240,844 $166,716
Years Ended
September 30, September 30, September 30,
Class A Shares 1998 1997 1996
Net asset value, beginning $27.77 $22.54 $21.12
Income from investment operations
Net investment income (loss)
(.04) - .03
Net realized and unrealized gain (loss)
(4.01) 6.73 3.26
Total from investment operations
(4.05) 6.73 3.29
Distributions from
Net investment income - (.01) (.06)
Net realized gains (3.36) (1.49) (1.81)
Total distributions (3.36) (1.50) (1.87)
Total increase (decrease) in net asset value
(7.41) $5.23 1.42
Net asset value, ending $20.36 $27.77 $22.54
Total return* (15.70%) 31.34% 16.62%
Ratios to average net assets:
Net investment income (loss)
(.14%) .03% .15%
Total expenses 1.16% 1.21% 1.29%
Expenses before offsets 1.16% 1.21% 1.29%
Net expenses 1.07% 1.20% 1.27%
Portfolio turnover 110% 93% 118%
Net assets, ending (in thousands)
$128,683 $147,002 $101,344
<PAGE>
Equity Portfolio
Financial Highlights
Periods Ended
September 30, September 30, September 30,
Class B Shares 2000 1999 1998 #
Net asset value, beginning $26.60 $20.26 $26.01
Income from investment operations
Net investment income (loss)
(.23) (.15) (.09)
Net realized and unrealized gain (loss)
7.63 6.50 (5.66)
Total from investment operations
7.40 6.35 (5.75)
Distributions from
Net realized gains (1.83) (.01) --
Total increase (decrease) in net asset value
5.57 6.34 (5.75)
Net asset value, ending $32.17 $26.60 $20.26
Total return* 28.78% 31.37% (22.11%)
Ratios to average net assets:
Net investment income (loss) (1.04%) (1.41%) (1.55%) (a)
Total expenses 2.20% 2.43% 4.12% (a)
Expenses before offsets 2.20% 2.43% 3.19% (a)
Net expenses 1.97% 2.21% 2.56% (a)
Portfolio turnover 49% 51% 110%
Net assets, ending (in thousands)
$21,416 $8,038 $1,670
<PAGE>
Equity Portfolio
Financial Highlights
Years Ended
September 30, September 30,
Class C Shares 2000 1999
Net asset value, beginning $25.00 $19.00
Income from investment operations.
Net investment income (loss) (.24) (.11)
Net realized and unrealized gain (loss) 7.20 6.12
Total from investment operations 6.96 6.01
Distributions from
Net realized gains (1.83) (.01)
Total increase (decrease) in net asset value 5.13 6.00
Net asset value, ending $30.13 $25.00
Total return* 28.87% 31.66%
Ratios to average net assets:
Net investment income (loss) (1.01%) (1.21%)
Total expenses 2.15% 2.22%
Expenses before offsets 2.15% 2.22%
Net expenses 1.94% 2.01%
Portfolio turnover 49% 51%
Net assets, ending (in thousands) $20,086 $10,413
Years Ended
September 30, September 30, September 30,
Class C Shares 1998 1997 1996
Net asset value, beginning $26.37 $21.71 $20.66
Income from investment operations.
Net investment income (loss) (.16) (.05) (.16)
Net realized and unrealized gain (loss)
(3.85) 6.21 3.04
Total from investment operations
(4.01) 6.16 2.88
Distributions from
Net investment income - (.01) (.02)
Net realized gains (3.36) (1.49) (1.81)
Total distributions (3.36) (1.50) (1.83)
Total increase (decrease) in net asset value
(7.37) 4.66 1.05
Net asset value, ending $19.00 $26.37 $21.71
Total return* (16.47%) 29.84% 14.85%
Ratios to average net assets:
Net investment income (loss)
(1.17%) (1.08%) (1.42%)
Total expenses 2.21% 2.31% 2.86%
Expenses before offsets 2.21% 2.31% 2.86%
Net expenses 2.09% 2.30% 2.85%
Portfolio turnover 110% 93% 118%
Net assets, ending (in thousands)
$5,981 $6,249 $2,996
<PAGE>
Equity Portfolio
Financial Highlights
Period Ended
September 30,
Class I Shares 2000 #####
Net asset value, beginning $28.64
Income from investment operations
Net investment income .05
Net realized and unrealized gain (loss) 6.29
Total from investment operations 6.34
Distributions from
Net realized gains (1.83)
Total increase (decrease) in net asset value 4.51
Net asset value, ending $33.15
Total return* 23.10%
Ratios to average net assets:
Net investment income .16% (a)
Total expenses 1.18% (a)
Expenses before offsets .86% (a)
Net expenses .80% (a)
Portfolio turnover 49%
Net assets, ending (in thousands) $2,826
<PAGE>
Managed Index Portfolio
Financial Highlights
Periods Ended
September 30, September 30, September 30,
Class A Shares 2000 1999 1998 ##
Net asset value, beginning $16.83 $13.54 $15.00
Income from investment operations
Net investment income (loss)
(.02) .03 .02
Net realized and unrealized gain (loss)
3.11 3.31 (1.48)
Total from investment operations
3.09 3.34 (1.46)
Distributions from
Net investment income (.01) (.05) --
Total increase (decrease) in net asset value
3.08 3.29 (1.46)
Net asset value, ending $19.91 $16.83 $13.54
Total return* 18.39% 24.68% (9.73%)
Ratios to average net assets:
Net investment income (loss) (.14%) .14% .42% (a)
Total expenses 1.52% 1.59% 1.86% (a)
Expenses before offsets 1.33% 1.31% 1.01% (a)
Net expenses 1.25% 1.25% .95% (a)
Portfolio turnover 43% 56% 27%
Net assets, ending (in thousands)
$21,239 $12,257 $4,401
Periods Ended
September 30, September 30, September 30,
Class B Shares 2000 1999 1998 ##
Net asset value, beginning $16.58 $13.48 $15.00
Income from investment operations
Net investment income (loss) (.16) (.11) (.03)
Net realized and unrealized gain (loss)
2.99 3.21 (1.49)
Total from investment operations
2.83 3.10 (1.52)
Total increase (decrease) in net asset value
2.83 3.10 (1.52)
Net asset value, ending $19.41 $16.58 $13.48
Total return* 17.07% 23.00% (10.13%)
Ratios to average net assets:
Net investment income (loss) (1.21%) (1.11%) (.98%) (a)
Total expenses 2.41% 2.67% 5.61% (a)
Expenses before offsets 2.41% 2.56% 2.56% (a)
Net expenses 2.32% 2.50% 2.50% (a)
Portfolio turnover 43% 56% 27%
Net assets, ending (in thousands)
$6,531 $4,078 $975
<PAGE>
Managed Index Portfolio
Financial Highlights
Periods Ended
September 30, September 30, September 30,
Class C Shares 2000 1999 1998 ^^
Net asset value, beginning
$16.62 $13.52 $14.52
Income from investment operations
Net investment income (loss)
(.14) (.09) (.02)
Net realized and unrealized gain (loss)
3.00 3.19 (.98)
Total from investment operations
2.86 3.10 (1.00)
Total increase (decrease) in net asset value
2.86 3.10 (1.00)
Net asset value, ending $19.48 $16.62 $13.52
Total return* 17.21% 22.93% (6.89%)
Ratios to average net assets:
Net investment income (loss)
(1.15%) (1.12%) (.96%) (a)
Total expenses 2.35% 2.68% 4.82% (a)
Expenses before offsets 2.35% 2.56% 2.56% (a)
Net expenses 2.27% 2.50% 2.50% (a)
Portfolio turnover 43% 56% 27%
Net assets, ending (in thousands)
$4,674 $2,454 $397
Periods Ended
September 30, September 30, September 30,
Class I Shares 2000 1999 1998 ##
Net asset value, beginning $16.89 $13.54 $15.00
Income from investment operations
Net investment income .07 .11 .04
Net realized and unrealized gain (loss)
3.13 3.29 (1.50)
Total from investment operations
3.20 3.40 (1.46)
Distributions from
Net investment income (.05) (.05) --
Total increase (decrease) in net asset value
3.15 3.35 (1.46)
Net asset value, ending $20.04 $16.89 $13.54
Total return* 18.94% 25.09% (9.73%)
Ratios to average net assets:
Net investment income .37% .65% .54% (a)
Total expenses .95% .91% 1.03% (a)
Expenses before offsets .83% .81% .81% (a)
Net expenses .75% .75% .75% (a)
Portfolio turnover 43% 56% 27%
Net assets, ending (in thousands)
$22,163 $18,652 $14,897
(a) Annualized
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
# From April 1, 1998 inception.
^ From March 1, 1994 inception.
^^ From June 1, 1998 inception.
## From April 15, 1998 inception.
### From March 1, 1999 inception.
#### From March 31, 2000 inception.
##### From November 1, 1999 inception.
<PAGE>
This Page Intentionally Left Blank
<PAGE>
This Page Intentionally Left Blank
<PAGE>
Calvert Social
Investment Fund
To Open an Account
800-368-2748
Yields and Prices
Calvert Information Network
(24 hours, 7 days a week)
800-368-2745
Service for Existing Account
Shareholders: 800-368-2745
Brokers: 800-368-2746
TDD for Hearing Impaired
800-541-1524
Branch Office
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail
Calvert Group
c/o NFDS
330 West 9th Street
Kansas City, MO 64105
Web Site
http://www.calvert.com
Principal Underwriter
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by a prospectus.
Calvert Group's
Family of Funds
Tax-Exempt Money Market Funds
CTFR Money Market Portfolio
CTFR California Money Market Portfolio
Taxable Money Market Funds
First Government Money Market Fund
CSIF Money Market Portfolio
Balanced Fund
CSIF Balanced Portfolio
Municipal Funds
CTFR Limited-Term Portfolio
CTFR Long-Term Portfolio
CTFR Vermont Municipal Portfolio
National Muni. Intermediate Portfolio
California Muni. Intermediate Portfolio
Taxable Bond Funds
CSIF Bond Portfolio
Income Fund
Equity Funds
CSIF Managed Index Portfolio
CSIF Equity Portfolio
CSIF Technology Portfolio
Calvert Large Cap Growth Fund
Capital Accumulation Fund
CWV International Equity Fund
New Vision Small Cap Fund
New Africa Fund
Calvert Social Index Fund
printed on recycled paper
using soy-based inks
