Calvert Income Fund
Annual report
September 30, 1995
Investing with Vision (TM) (logo) Calvert Group(R)
A member of the Acacia Group(R)
To Open an Account:
800-368-2748
Yields and Prices:
Calvert Information Network
24 hours, 7 days a week
800-368-2745
Service for
Existing Account:
Shareholders: 800-368-2745
Brokers: 800-368-2746
TDD for Hearing
Impaired:
800-541-1524
Branch Office:
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail:
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Principal
Underwriter:
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders.
It is not authorized for distribution to prospective investors unless
preceded or accompanied by a prospectus.
Annual Report_September 30,1995
Calvert Income fund
Dear Shareholder:
This report for the Calvert Income Fund covers the fiscal year ending
September 30, 1995, a period marked by steadily falling interest rates. The
climate proved favorable for bonds as declining rates, which fell to
20-month lows by quarter's end, pushed the prices of fixed-income
securities higher. According to Lipper Analytical Services, the Lehman
Aggregate Bond Index advanced 14.06% for the 12-months ending September 30,
1995, well above its 15-year average annual return of 10.82%.
Chart 1: Treasury Yield Curve
A line graph showing the yield curve for 9/30/94 and 9/30/95.
The bond market rally during the period was fueled by expectations of
a reversal in Federal Reserve policy. After adhering to a restrictive
policy for more than a year, the Fed cut the Federal Funds rate one quarter
of a percentage point in July of 1995. The rate cut was in response to
slowing economic growth and good news on the inflation front. With
inflation and economic growth both running under 3%, it appears the Fed has
been successful in achieving its desired soft landing.
Performance and Strategy Review
Investment Performance
Periods Ended 9/30/95 6 Months 12 Months
Income Fund 8.86% 14.90%
Lipper
Corp. Debt
Funds Average 8.14% 13.80%
Investment performance is for Class A shares and
does not reflect the deduction of any front-end sales charges.
As the chart shows, the Fund's 12-month total return of 14.90%
surpassed
the Lipper Corporate Debt Funds Average total return of 13.80%. Calvert
Asset Management assumed management responsibilities for the Fund in
February of this year.
The Fund's average maturity was slightly longer than its index during
the
past six months as interest rates were in a declining phase. We recently
shortened the average maturity from approximately 17 to 16 years because we
expect rates to remain within their current trading range for sometime.
Outlook
Our approach to the markets is based on the expectation of continued
moderate inflation in the 2% to 3% range. That appears likely given current
expectations for reasonable GDP growth as well as improving productivity
and consumer spending. In addition, the Group of Seven nations have
recently reiterated their commitment to a stable dollar. Without the threat
of higher inflation, we do not expect the Federal Reserve to lower interest
rates in the near term.
We appreciate your investment in the Calvert Income Fund.
Sincerely,
(signature)
Clifton S. Sorrell
President
Portfolio Statistics
Maturity Schedule
% of Portfolio 9/30/95 3/31/95
Less than 1 Year 6% 6%
1-5 Years 10% 5%
5-10 Years 37% 27%
10-20 Years 15% 22%
20-30 Years 24% 29%
30 Years and Above 8% 11%
Weighted Average 16 years 17 years
SEC Yields
Thirty Days Ended 9/30/95 3/31/95
A Shares 5.56% 6.22%
C Shares 4.93% 5.61%
Average Annual Total Returns for periods ended September 30, 1995
Class A Shares Class C Shares
One Year 10.59% One Year 12.58%
Five Years 8.78% Since Inception (3/94) 3.35%
Ten Years 9.23%
Calvert Income Fund
Comparison of change in value of $10,000 investment
Chart 2: Comparison of change in value of $10,000 investment
A Line chart showing a $10,000 investment in the Income Fund in 9/85
growing to $24,179 compared to the same in the Lehman Aggregate Bond Index
growing to $25,917.
Total returns assume reinvestment of dividends and, for Class A shares,
reflect the deduction of the Fund's maximum front-end sales charge of
3.75%. No sales charge has been applied to the index used for comparison.
The value of an investment in Class A shares is plotted in the line graph.
The value of an investment in Class C shares would be different.
Past performance is no guarantee of future results.
Report of Independent Accountants
To the Board of Trustees of the Calvert Fund, Inc.,
and Shareholders of Calvert Income Fund:
We have audited the accompanying statement of assets and liabilities
of Calvert Income Fund (one of the portfolios comprising The Calvert Fund),
including the portfolio of investments, as of September 30, 1995, and the
related statement of operations for the year then ended, and statements of
changes in net assets, and the financial highlights for each of the two
years then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to-
express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the respective
years in the period ended September 30, 1993 were audited by other auditors
whose report dated October 29, 1993, expressed an unqualified opinion
thereon.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
investments owned as of September 30, 1995, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Calvert Income Fund as of September 30, 1995, and the results
of its operations for the year then ended, and the changes in net assets,
and financial highlights for each of the two years in the period then
ended, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
November 9, 1995
Calvert Income Fund
Portfolio of Investments
September 30, 1995
Principal
Debt Securities (95.0%) Amount Value Ratings<F1>
U.S. Government Obligations, Agencies
and Instrumentalities (9.3%)
Small Business Administration, 8.05%, 6/1/12 $885,761 $924,902
Tennessee Valley Authority, 6.235%, 7/15/45 2,000,000 2,004,082 Aaa/AAA
U.S. Treasury Bonds, 7.50%, 11/15/24 1,000,000 1,112,640
4,041,624
Mortgage Securities (28.2%)
Advanta Mortgage Series 1993, 5.50%, 3/25/10 1,453,067 1,363,613 Aaa/AAA
Bank America National Trust & Savings Mortgage
pass-thru Series 1978, 9.00%, 4/5/08 31,151 31,891 NR/BBB+
Federal Home Loan Mortgage Corp.,7.00%,9/1/25 980,000 967,142
Federal Home Loan Mortgage Corp., CMO Series
83A 11.875%, 6/15/13 22,696 23,403
Federal Home Loan Mortgage Corp., CMO Series
1560, 6.60%, 10/15/22 1,000,000 961,590
Federal National Mortgage Assn.,8.00%,3/15/00 1,000,000 1,008,330
Federal National Mortgage Assn.,7.21%,8/18/05 1,000,000 1,015,010
Federal National Mortgage Assn.,6.85%,9/12/05 1,000,000 998,150
Federal National Mortgage Assn.,7.00%,8/1/25 998,554 984,824
Federal National Mortgage Assn., CMO Series
1993C, 6.50%, 2/25/23 1,500,000 1,389,585
Federal National Mortgage Assn., CMO Series
1993, 6.00%, 3/25/08 1,000,000 953,160
GMAC Mortgage Corp. of Iowa, Series 1984-18b,
11.25%, 2/1/99 17,369 17,369 Baa1/BBB+
Mid State Trust II, 9.625%, 4/1/03 500,000 540,470 Aaa/AAA
Prudential Home Mortgage, 6.75%, 12/26/23 1,000,000 927,500 Aaa/AAA
U.S.Dept. of Veterans Affairs,7.00%,5/15/08 1,000,000 998,440
Washington Mutual Savings Bank Mortgage
pass-thru, 9.00%, 5/25/08 41,214 47,611 NR/NR
12,228,088
Automobile (1.3%)
General Motors Corp., 9.625%, 12/1/00 500,000 562,735 A3/BBB+
562,735
Financial Services (14.3%)
CIT Group Holdings, Inc. 5.88%, 5/11/98 2,000,000 1,992,244 Aa3/A+
Ford Holding Inc., 9.25%, 3/1/00 1,000,000 1,097,730 A1/A+
Morgan Stanley Group, Inc., 9.375%, 6/15/01 500,000 561,580 A1/A+
NationsBank Corp., 5.375%, 12/1/95 1,500,000 1,498,710 A2/A
PNC Bank, 7.875%, 4/15/05 1,000,000 1,063,280 A2/A-
6,213,544
Industrials (13.5%)
Parker & Parsley Pete Co., 8.875%, 4/15/05 $2,000,000 $2,144,400 Ba2/BBB-
USG Corp., 8.50%, 8/1/05 2,000,000 2,035,000 Ba3/BB
Union Carbide Corp., 6.79%, 6/1/25 1,000,000 998,470
Westinghouse Electric Corp.,8.375%,6/15/02 700,000 694,197 Ba1/BBB-
5,872,067
Insurance (5.1%)
Aegon N.V., 8.00%, 8/15/06 850,000 919,521 A1/AA-
Nationwide Mutual Life, 7.50%, 2/15/24 650,000 627,848 Aa3/NR
Zenith National Insurance Corp.,9.00%,5/1/02 600,000 666,342 Baa1/A-
2,213,711
Real Estate Management (1.3%)
Secured Finance Inc., 9.05%, 12/15/04 500,000 559,585 Aaa/AAA
559,585
Retail Goods (0.6%)
K Mart Corp., 6.00%, 1/1/08 315,000 276,044 Baa2/BBB
276,044
Utilities (2.3%)
Pacific Bell Telephone, 7.375%, 7/15/43 1,000,000 992,820 Aa3/AA-
992,820
Municipal Bonds (8.4%)
Arkansas Development Financial
Authority, 6.80%, 2/15/10 600,000 553,500 Aa1/NR
Chicksaw Nation Oklahoma, 10.00%, 8/1/03 1,310,000 1,310,000 NR/NR
Eastern Connecticut Res. Recovery Authority,
7.50%, 1/1/20 800,000 692,000 NR/A-
Tampa, Florida, Capital Improvement Project,
8.375%, 10/1/18 1,000,000 1,074,920 NR/BBB
3,630,420
Yankee Dollar Denominated Bonds (8.4%)
BCH Cayman Island Ltd., 7.50%, 6/15/05 2,000,000 2,025,620 A3/A-
Petroliam Nasional Berhad, 7.125%, 8/15/05 1,000,000 1,018,687 NR/A+
Societe Generale, 9.875%, 7/15/03 500,000 589,423 Aa3/A+
3,633,730
Total Debt Securities
(Cost $39,548,536) 31,224,368
Repurchase Agreements, for Delivery
at Cost, Collateralized by Securities
Issued or Guaranteed by the Principal
U.S. Government (2.3%) Amount Value Ratings<F1>
Paine Webber:
5.75%, dated 9/26/95, due 10/5/95
($1,024,415, GNMA 6.50%, 1/15/24) $1,000,000 $1,000,000
Total Repurchase Agreements (Cost $1,000,000) 1,000,000
Equity Securities (3.2%) Shares
Preferred Stocks (3.2%)
Australian & New Zealand Bank, 9.125% 13,000 349,375 A3/A-
Bankers Trust NY Corp., 7.625%, Series O 15,000 376,875 A2/A
ELF Overseas Ltd., 8.50%, Series A 12,500 321,875 Aa3/A+
Santander Overseas Bank,Inc.,8.00%,Series D 15,000 367,500 A2/A-
Total Equity Securities (Cost $1,388,250) 1,415,625
TOTAL INVESTMENTS (98.2%) <F3>
(Cost $41,936,786) <F2> $42,639,993
[FN]
Notes to Portfolio of Investments:
<F1> Ratings (Unaudited): Moody's Investors Service, Inc. ratings of securities
in descending order of quality are Aaa, Aa, A, Baa. Ratings may be modified by a
1, 2, or 3 indicating quality within the generic rating classification. Standard
and Poor's Corporation ratings are AAA, AA, A, BBB. Ratings may be modified by a
plus or minus sign to show relative standing within the major rating categories.
Long-term corporate debt obligations not rated by one of the above services are
marked NR. Obligation is not rated by a commercial rating service, such as
Moody's Investor Services, Inc., or Standard and Poor's Corporation; obligation
has been determined to be of appropriate quality for the Portfolio by Calvert
Asset Management Company, Inc. the Investment Advisor.
<F2> Cost of investments is substantially the same for federal income tax
purposes.
<F3> The percentages shown represent the percentage of the investments to net
assets.
[/FN]
Calvert Income Fund
Statement of Assets and Liabilities
September 30, 1995
Assets
Investments in securities, at value - see accompanying portfolio $42,639,993
Cash 243,385
Receivable for securities sold 1,021,072
Receivable for shares sold 20,685
Interest and dividends receivable 668,573
Other assets 6,147
Total assets 44,599,855
Liabilities
Payable for securities purchased 1,101,076
Payable for shares redeemed 30,308
Payable to Calvert Asset Management Co., Inc. 37,940
Payable to Calvert Shareholder Services, Inc. 4,494
Payable to Calvert Distributors, Inc. 5,907
Accrued expenses and other liabilities 17,538
Total liabilities 1,197,263
Net assets $43,402,592
Net Assets
Net assets consist of:
Paid-in capital applicable to 2,534,815 outstanding Class A
Shares of beneficial interest, no par value (unlimited
number of Class A Shares authorized) $42,147,520
Paid-in capital applicable to 46,243 outstanding Class C
Shares of beneficial interest, no par value (unlimited
number of Class C Shares authorized) 737,103
Undistributed net investment income 12,419
Accumulated realized gains (losses) (197,657)
Net unrealized appreciation (depreciation) on investments 703,207
Net assets $43,402,592
Net Asset Value and Offering Price Per Share
Class A net asset value per share ($42,637,008 divided
by 2,534,815 Class A shares) $16.82
Maximum sales charge (3.75% of Class A Shares offering price) .66
Offering price per Class A Share $17.48
Class C net asset value and offering price per share
($765,584 divided by 46,243 Class C shares) $16.56
See notes to financial statements.
Calvert Income Fund
Statement of Operations
Year Ended September 30, 1995
Net Investment Income
Investment Income
Interest income $3,455,968
Dividend income 116,897
Total investment income 3,572,865
Expenses
Investment advisory fee 307,737
Transfer agency fees and expenses 59,078
Distribution Plan expenses:
Class A 64,981
Class C 5,779
Trustee's fees and expenses 3,439
Custodian fees 11,661
Registration fees 41,117
Reports to shareholders 34,743
Professional fees 31,277
Miscellaneous 10,388
Reimbursement from Advisor (4,456)
Total expenses 565,744
Fees paid indirectly (10,054)
Net expenses 555,690
Net Investment Income 3,017,175
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) (197,657)
Change in unrealized appreciation or depreciation 3,274,958
Net Realized and Unrealized Gain
(Loss) on Investments 3,077,301
Increase (Decrease) in Net Assets
Resulting From Operations $6,094,476
Calvert Income Fund
Statements of Changes in Net Assets
Year Ended Year Ended
September 30, September 30,
1995 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $3,017,175 $3,440,686
Net realized gain (loss) on investments (197,657) 316,898
Change in unrealized appreciation
or depreciation of investments 3,274,958 (7,484,504)
Increase (Decrease) in Net
Assets Resulting From Operations 6,094,476 (3,726,920)
Distributions to shareholders from
Net investment income:
Class A Shares (2,966,046) (3,435,836)
Class C Shares (38,710) (7,639)
Net realized gain on investments _ (889,015)
Total distributions (3,004,756) (4,332,490)
Capital share transactions
Class A Shares (6,344,891) 845,359
Class C Shares 308,671 428,684
Total capital share transactions (6,036,220) 1,274,043
Total Increase (Decrease) in
Net Assets (2,946,500) (6,785,367)
Net Assets
Beginning of year 46,349,092 53,134,459
End of year (including undistributed net investment
income (loss) of $12,419 and ($5,970)
for 1995 and 1994, respectively). $43,402,592 $46,349,092
Notes to Financial Statements
Note A_Significant Accounting Policies
General: The Calvert Income Fund (the "Series"), a series of The Calvert
Fund (the "Fund"), is registered under the Investment Company Act of 1940
as a non-diversified, open-end management investment company. The Fund
accounts separately for the operations of each series. The Series offers
Class A and Class C shares of beneficial interest. Class A shares are sold
with a maximum front-end sales charge of 3.75%. Class C shares, which have
no transaction-based sales charge, have a higher annual expense rate than
Class A. Each class has different: (a) Distribution Plan expenses, (b)
class specific expenses, including transfer agency fees, registration fees,
reports to shareholders, (c) dividend rates due to (a) and (b) above, (d)
exchange privileges and (e) class specific voting rights.
Security Valuation: Securities for which market quotations are readily
available are valued at the most recent closing price of their primary
exchange, or, if closing prices are unavailable, at the bid prices or based
on a yield equivalent obtained from the securities' market maker. Municipal
securities are valued utilizing the average of bid prices or at bid prices
based on a matrix system (which considers such factors as security prices,
yields, maturities and ratings) furnished by dealers through an independent
pricing service. Short-term securities maturing within 60 days are valued
at amortized cost which approximates market. Other securities and assets
for which market quotations are not available or deemed inappropriate are
valued in good faith under the direction of the Board of Trustees.
Repurchase Agreements: The Series 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.
Security Transactions and Investment Income: Security transactions are
accounted for on trade date. Realized gains and losses are recorded on an
identified cost basis. Dividend income is recorded on the ex-dividend date.
Interest income, accretion of discount and amortization of premium are
recorded on an accrual basis.
Distributions to Shareholders: Distributions to shareholders are recorded
by the Series on ex-dividend date. Dividends from net investment income are
paid monthly. 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
Series' capital accounts to reflect income and gains available for
distribution under income tax regulations.
Expense Offset Arrangement: The Series has an arrangement with its
custodian bank whereby the custodian's fees are paid indirectly by credits
earned on the Series' cash on deposit with the bank. Such deposit
arrangement is an alternative to overnight investments.
Federal Income Taxes: No provision for federal income or excise tax is
required since the Series intends to continue to qualify as a regulated
investment company under the Internal Revenue Code and to distribute
substantially all of its earnings.
Note B_Related Party Transactions
Calvert Asset Management Company, Inc. (the "Advisor") is wholly-owned by
Calvert Group, Ltd. ("Calvert"), which is indirectly wholly-owned by Acacia
Mutual Life Insurance Company. The Advisor provides investment advisory
services and pays the salaries and fees of officers and affiliated
Trustees of the Series. For its services, the Advisor receives a monthly
fee based on an annual rate of .70% of the Series' average daily net
assets.
The Advisor reimburses the Series for its operating expenses (excluding
brokerage fees, taxes, interest, Distribution Plan expenses and
extraordinary items) exceeding the following annual rates of average daily
net assets: 2.5% on the first $30 million, 2.0% on the next $70 million and
1.5% on the excess of $100 million. Additionally, during the year, other
operating expenses were voluntarily reimbursed by the Advisor.
Calvert Distributors, Inc. (the successor of Calvert Securities Corp.
effective April, 1995), both affiliates of the Advisor, is the distributor
and principal underwriter for the Series. Distribution Plans, adopted by
each class of shares, allow the Series to pay the distributor for expenses
and services associated with distribution of shares. The expenses paid may
not exceed .50% and 1.0% annually of average daily net assets of each Class
A and Class C, respectively.
The Distributor received $7,656 as its portion of the commissions charged
on sales of the Series' shares.
Calvert Shareholder Services, Inc., an affiliate of the Advisor, acts as
transfer, dividend disbursing and shareholder servicing agent for the
Series.
Each Trustee who is not affiliated with the Advisor receives an annual fee
of $20,250 plus $1,200 for each Board and Committee meeting attended.
Trustee's fees are allocated to each of the funds served.
Note C_Investment Activity
During the year, purchases and sales of investments, other than short-term
securities, were $56,318,452 and $64,139,653, respectively.
The cost of investments owned at September 30, 1995 was substantially the
same for federal income tax and financial reporting purposes. Net
unrealized appreciation aggregated $703,207, of which $998,838 related to
appreciated securities and $295,631 related to depreciated securities.
Net realized capital loss carryforwards, for federal income tax purposes,
of approximately $175,000 at year end may be utilized to offset future
capital gains until expiration in 2003.
Note D_Capital Share Transactions
The change in net assets resulting from capital share transactions for 1995
and 1994 is indicated below:
Class C
Shares
Class a Class a Class C From Inception
Shares shares Shares March 1, 1994
Year Ended Year Ended Year Ended Through
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1995 1994 1995 1994
In dollars:
Shares sold $5,198,976 $8,804,378 $565,580 $433,339
Reinvestment of dividends 2,746,478 4,325,449 34,511 7,639
Shares redeemed (14,290,345) (12,284,468) (291,420) (12,294)
$(6,344,891) $845,359 $308,671 $428,684
In shares:
Shares sold 322,555 521,794 35,781 26,725
Reinvestment of dividends 172,149 257,019 2,165 474
Shares redeemed (889,362) (735,260)
(18,136) (766)
(394,658) 43,553 19,810 26,433
Financial Highlights
Class A Shares Class A Shares
Year Ended Year Ended Year Ended
September 30, September 30, September 30,
1995 1994 1993
Net asset value, beginning of year $15.68 $18.41 $17.50
Income from investment operations
Net investment income 1.11 1.16 1.23
Net realized and unrealized gain
(loss) on investments 1.14 (2.42) .91
Total from investment operations 2.25 (1.26) 2.14
Distributions from
Net investment income (1.11) (1.16) (1.23)
Net realized gains _ (.31) _
Total distributions (1.11) (1.47) (1.23)
Total increase (decrease) in
net asset value 1.14 (2.73) .91
Net asset value, end of year $16.82 $15.68 $18.41
Total return<F1> 14.90% (6.94%) 12.74%
Ratios to average net assets:
Net investment income 6.89% 6.86% 6.93%
Total expenses <F2> 1.26% _ _
Net expenses 1.23% 1.07% 1.00%
Expenses reimbursed and/or waived _ _ _
Portfolio turnover 135% 34% 25%
Net assets, end of year (in thousands) $42,637 $45,936 $53,134
Number of shares outstanding at
end of year (in thousands) 2,535 2,929 2,886
[FN]
<F1>Total return does not reflect deduction of Class A front-end sales charges.
<F2>Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; previously such reductions were included in
the ratio.
[/FN]
Financial Highlights (continued)
Class C
Shares
From
Class C Inception
Shares Mar.1,1994
Year Ended Year Ended Year Ended Through
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1992 1991 1995 1994
Net asset value, beginning
of period $16.61 $15.58 $15.63 $17.35
Income from investment operations
Net investment income 1.28 1.31 .81 .57
Net realized and unrealized
gain (loss) on investments .89 1.03 1.09 (1.67)
Total from investment
operations 2.17 2.34 1.90 (1.10)
Distributions from
Net investment income (1.28) (1.31) (.97) (.62)
Net realized gains _ _ _ _
Total distributions (1.28) (1.31) (.97) (.62)
Total increase (decrease) in
net asset value .89 1.03 .93 (1.72)
Net asset value, end
of period $17.50 $16.61 $16.56 $15.63
Total return<F1> 13.66% 15.72% 12.58% (5.47%)
Ratios to average net assets:
Net investment income 7.59% 8.22% 4.71% 5.62%<F3>
Total expenses<F2> _ _ 3.37% _
Net expenses 1.04% 1.08% 3.34% 2.65%<F3>
Expenses reimbursed
and/or waived _ _ .69% 7.29%<F3>
Portfolio turnover 18% 27% 135% 34%
Net assets, end of period
(in thousands) $43,494 $36,413 $766 $413
Number of shares outstanding at
end of period (in thousands) 2,486 2,193 46 26
[FN]
<F1>Total return is not annualized and does not reflect deduction of Class A
front-end sales charges.
<F2>Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; previously such reductions were included in
the ratio.
<F3> Annualized
[/FN]
Investing with Vision (TM) (logo) Calvert Group(R)
A member of the Acacia Group(R)
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
