Calvert Strategic Growth Fund
Semi-Annual Report
September 30, 1995
Investing with Vision (TM) (logo) Calvert Group(R)
A member of the Acacia Group(R)
Semi-Annual Report_September 30, 1995
Calvert Strategic Growth Fund
Dear Shareholder:
This report covers performance results for the Calvert Strategic
Growth Fund for the six-month period ending September 30, 1995.
The stock market rally, now in its fifth year, continued through the
first three quarters of 1995, making it the longest period in history that
blue chip indices have advanced without at least a 10% correction. The
recent stock rally has been driven by speculation in the technology sector,
aggressive mutual fund purchases and a high level of investor optimism,
all of which suggest increasing market risk.
We have observed numerous warning signs in this year's rally. From a
fundamental perspective, many issues appear overvalued, with the dividend
yield ratios for blue chip indices falling to their lowest point in
history. Our
Contrarian Principle points to a high level of investor optimism and
speculation, while our Smart Money Trades Principle indicates that
corporate insiders have accelerated their selling activities. This is
noteworthy because these groups have a successful track record of selling
prior-
to market corrections. It is also of note that mutual fund cash holdings
have dropped to dangerously low levels, indicating diminished purchasing
power. A final point to consider is that the Federal Reserve's
much-anticipated interest rate cuts have failed to materialize.
Performance and Strategy
Although our approach has differed from that which is popular on Wall
Street, it has remained defensive, based on our assessment that an
excessive level of risk exists in the market. As a result, our performance
for the period was below that of the S&P 500 and Russell 2000 indices.
Investment Performance
Period Ended 9/30/95 6 Months 12 Months
Strategic Growth Fund -0.41% 4.34%
S&P 500 18.23% 29.71%
Russell 2000 19.02% 21.19%
Investment performance is for Class A shares and does
not reflect the deduction of any front-end sales charges.
Our style of management is based on investment disciplines that are
structured to achieve long-term growth with reduced downside volatility.
When market risk is assessed to be low, the Calvert Strategic Growth Fund
is close to fully invested, moving aggressively into the market to take
advantage of equity growth opportunities. This was the case in 1994 when,
after only eight months of performance (since its inception in May 5,
1994), the Strategic Growth Fund finished the year with an outstanding
return of 18.6%. The Fund clearly outperformed the return of the S&P
500(R) (2.9%) and Russell 2000 (-1.5%) for the 12 months of 1994.
In times of excessive market risk, such as the type we are currently
experiencing, we assume a defensive strategy that is weighted toward
capital preservation. With our econometric risk assessment model, the Five
Market Principles, negative on balance, we adopted the following measures
to limit our market risk during the recent six-month period:
* An increase in our cash position. We raised our cash holdings to 60%
of Portfolio assets as a protection against a declining market and to be
available if a good buying opportunity emerges.
* Equity long positions. An average of 20% of the Portfolio has been
invested in selected growth and special-situation equities during the
period. Special situation investments may include oil, natural gas,
precious metals and interest-sensitive investments such as Treasury bonds
and financial sector stocks. We invested 5% of assets in precious metals
beginning in July.
* Equity short exposure. We have shorted selected equity positions as
a hedge against some of our long equity positions. Our short exposure
averaged in the 14% range during the period.
* Treasury notes. We are holding 2% of assets in Treasury notes
(intermediate securities with maturities of one to ten years).
Outlook
Our indicators show that the market is still too risky, and as a
result, our strategy will continue to emphasize capital preservation. We
feel our current defensive posture puts us in an excellent position to take
advantage of buying opportunities once they surface.
We appreciate your investment in the Fund.
Sincerely,
(signature) (signature)
Cedd Moses Clifton S. Sorrell
Portfolio Manager President
Portfolio Statistics
Ten Largest Stock Holdings
as of September 30,1995
% of Net Assets
Staples, Inc. 1.3%
Micron Technology, Inc. 1.1%
CISCO Systems, Inc. 1.1%
Apache Corporation 1.0%
Burlington Resources, Inc. 0.9%
Nokia Corporation 0.9%
Smith International, Inc. 0.8%
Cyberoptics Corporation 0.7%
Barrett Resources Corporation 0.7%
Optical Data Systems, Inc. 0.7%
Total 9.2%
Average Annual Total Returns
for periods ended September 30, 1995
Class A Shares
One Year -0.63%
Since Inception (5/94) 7.07%
Class C Shares
One Year 3.53%
Since Inception (5/94) 10.00%
Calvert Strategic Growth Fund
Comparison of change in value of $10,000 investment
Chart 1: Comparison of change in value of $10,000 investment
A line graph showing showing the growth of a $10,000 investment by 9/95
for:
Stategic Growth (Class A) which gew to $11,010
Strategic Growth (Class C) which grew to $11,437
S&P 500 which grew to $13,271
Russell 2000 which grew to $12,215
Total returns assume reinvestment of dividends and, for Class A shares,
reflect the deduction of the Fund's maximum sales charge of 4.75%. Past
performance is no guarantee of future results.
Calvert Strategic Growth Fund
Portfolio of Investments
September 30, 1995 (Unaudited)
Principal
Community Loan Notes (0.2%) Amount Value
Illinois Facilities Fund, 4.00%, 9/30/96 <F5> $ 100,000 $100,000
Rural Community Assistance Corp.,3.50%,6/28/96<F5> 100,000 94,950
Unitarian Universalist Affordable Housing Corp.,
3.50%, 6/28/96<F5> 50,000 47,475
Washington Area Community Investment Fund, 3.50%,
6/28/96 <F5> 50,000 47,475
Working Capital Management, 4.00%, 9/30/96 <F5> 50,000 50,000
Total Community Loan Notes (Cost $350,000) 339,900
Equity Securities (21.2%) Shares
Airline (0.6%)
Valujet Airlines, Inc. <F1> 28,800 939,600
939,600
Auto - Equipment (0.2%)
Breed Technologies, Inc. 20,000 397,500
397,500
Computer - Equipment & Services (1.3%)
C Cube Microsystems, Inc. <F1> 19,600 896,700
Desktop Data, Inc. <F1> 300 10,425
Pyxis Corp. <F1> 63,920 1,238,450
2,145,575
Computer - Graphics (1.1%)
Silicon Graphics, Inc. <F1> 34,700 1,192,813
Trident Microsystems, Inc. <F1> 30,000 652,500
1,845,313
Computer - Local Networks (2.3%)
Cisco Systems, Inc. <F1> 25,200 1,738,800
Madge Networks, N.V. <F1> 27,000 864,000
Optical Data Systems, Inc. <F1> 29,000 1,131,000
3,733,800
Computer - Software (3.9%)
Aladdin Knowledge Systems 22,500 250,313
Arcsys, Inc. <F1> 8,800 363,000
Astea International, Inc. <F1> 5,100 102,000
Atria Software, Inc. <F1> 28,000 819,000
CBT Group Pub Ltd. <F1> 13,500 644,625
Crystal Dynamics, Inc. 13,334 100,005
Legato Systems, Inc. <F1> 2,000 53,000
Macromedia, Inc. <F1> 14,100 805,463
Mcafee Associates, Inc. <F1> 10,700 $551,050
Microsoft Corp. <F1> 15,600 1,411,800
Novadigm, Inc. <F1> 17,250 291,093
Peoplesoft, Inc. <F1> 10,400 945,100
6,336,449
Computer - Systems (0.4%)
Discreet Logic, Inc. <F1> 11,200 616,000
616,000
Electrical Products (0.1%)
Smartflex Systems, Inc. <F1> 3,500 59,500
59,500
Electronics - Laser Sys/Components (0.7%)
Cyberoptics Corp. 33,900 1,152,600
1,152,600
Electronics - Semiconductors (2.0%)
Burr Brown Corp. <F1> 10,400 395,200
CP Clare Corp. <F1> 16,200 413,100
Micrel, Inc. <F1> 16,800 470,400
Micron Technology, Inc. <F1> 23,100 1,836,450
Ontrak Systems, Inc. <F1> 3,000 82,875
3,198,025
Medical (0.9%)
American Oncology Res., Inc. <F1> 10,200 438,600
Compdent Corp. <F1> 35,800 1,047,150
Resmed, Inc. <F1> 5,000 88,750
1,574,500
Office Equipment and Supplies (1.3%)
Staples, Inc. <F1> 72,750 2,055,188
2,055,188
Oil & Gas - Field Services (0.2%)
Hornbeck Offshore Services, Inc. <F1> 20,700 320,850
320,850
Oil & Gas - Equipment (0.8%)
Smith International, Inc. <F1> 72,900 1,266,638
1,266,638
Oil & Gas - U.S. Exploration & Production (3.3%)
Apache Corp. 60,100 $1,577,625
Barrett Resources Corp. <F1> 51,000 1,147,500
Burlington Resources, Inc. 39,500 1,530,625
Coda Energy, Inc. <F1> 10,500 78,092
Parker & Parsley Petroleum Co. 46,400 928,000
5,261,842
Retail (0.7%)
Best Buy Co., Inc. <F1> 15,700 412,125
Just For Feet, Inc. <F1> 20,800 639,600
1,051,725
Telecommunications Equipment (1.4%)
Nokia Corp. 21,300 1,485,675
Stratacom, Inc. <F1> 14,800 817,700
2,303,375
Total Equity Securities (Cost $32,255,940) 34,258,480
Metal (7.3%) Ounces
Gold Bars <F4> 21,193 8,138,013
Platinum Bars <F4> 8,490 3,612,495
Total Metal (Cost $11,994,154) 11,750,508
Options Purchased (0.6%)
NASDAQ Index, 140 Put Contracts
Expiration 12/15/95, Strike Price 600 530,250
S&P 500 Index, 250 Put Contracts
Expiration 12/15/95, Strike Price 580 221,875
S&P 500 Index, 50 Put Contracts
Expiration 3/15/96, Strike Price 580 58,750
S&P 500 Index, 100 Put Contracts
Expiration 3/15/96, Strike Price 575 135,000
Total Options Purchased (Premium $873,308) 945,875
U.S. Government Agencies And Principal
Instrumentalities (25.4%) Amount
Federal Farm Credit Banks, 5.75%, 10/5/95 $41,000,000 40,980,354
Total U.S. Government Agencies and
Instrumentalities (Cost $40,980,354) 40,980,354
Principal
U.S. Treasury (40.8%) Amount Value
U. S. Treasury Bills, 5.325%, 12/28/95 $37,500,000 $37,017,422
U. S. Treasury Bills, 5.34%, 2/22/96 12,250,000 11,990,157
U. S. Treasury Bills, 5.47%, 3/7/96 12,500,000 12,201,809
U. S. Treasury Bills, 5.25%, 3/14/96 1,500,000 1,464,091
U. S. Treasury Notes, 7.25%, 11/30/96 1,500,000 1,523,220
U. S. Treasury Notes, 7.375%, 11/15/97 1,500,000 1,543,770
Total U.S. Treasury (Cost $65,674,002) 65,740,469
TOTAL INVESTMENTS (95.5%) <F3>
(Cost $152,127,758) <F2> $154,015,586
See notes to portfolio of investments.
[FN]
Notes to Portfolio of Investments:
<F1> These equity securities have not declared dividends in the past twelve
months.
<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.
<F4> Non-income producing.
<F5> Restricted securities representing 0.2% of net assets.
[/FN]
Calvert Strategic Growth Fund
September 30, 1995 (Unaudited)
Schedule Of Investments Sold Short
Equity Securities Shares Value
America Online, Inc. 11,200 $770,000
American Power Conversion Corp. 85,000 1,041,250
Best Buy Co., Inc. 31,400 824,250
Breed Technologies, Inc. 20,000 397,500
Circuit City Stores, Inc. 49,800 1,574,925
Cypress Semiconductor Corp. 20,000 799,173
Integrated Device Technology, Inc. 29,600 740,000
Microsoft Corp. 33,500 3,031,750
Paine Webber Group, Inc. 170,800 3,373,300
Pyxis Corp. 63,920 1,238,450
Qualcomm, Inc. 17,000 779,875
Sensormatic Electronics Corp. 61,200 1,426,885
Silicon Graphics, Inc. 34,700 1,192,813
Starbucks Corp. 42,300 1,611,110
Valujet Airlines, Inc. 49,800 1,624,725
Total Equity Securities Sold Short
(Proceeds $21,363,885) $20,426,006
Schedule Of Options Written
Options Written
Micron Technology, Inc., 231 Call Contracts
Expiration 1/18/96, Strike Price 80 248,325
NASDAQ Index, 65 Put Contracts
Expiration 12/15/95, Strike Price 540 43,875
Optical Data Systems, Inc., 290 Call Contracts
Expiration 10/19/95, Strike Price 35 145,000
Total Options Written (Premiums $700,295) $437,200
Calvert Strategic Growth Fund
Statement of Assets and Liabilities
September 30, 1995 (Unaudited)
Assets
Investments in securities, at value -
see accompanying portfolio $154,015,586
Cash 6,268,396
Receivable for securities sold 11,057,844
Receivable for shares sold 677,782
Interest and dividends receivable 95,039
Deposits with brokers 15,271,965
Other assets 6,754
Total assets 187,393,366
Liabilities
Payable for securities purchased 4,309,990
Payable for shares redeemed 671,752
Securities sold short, at value (proceeds $21,363,885) 20,426,006
Options written, at value (premiums $700,295) 437,200
Payable to Calvert Asset Management Co., Inc. 244,615
Payable to Calvert Shareholder Services, Inc. 23,471
Payable to Calvert Distributors, Inc. 48,811
Accrued expenses and other liabilities 25,704
Total liabilities 26,187,549
Net assets $161,205,817
Net Assets
Net assets consist of:
Paid-in capital applicable to 8,016,165 outstanding
Class A Shares of beneficial interest, no par value
(unlimited shares authorized) $131,103,279
Paid-in capital applicable to 1,543,730 outstanding
Class C Shares of beneficial interest, no par value
(unlimited shares authorized) 25,467,339
Undistributed net investment income 1,988,357
Accumulated realized gains (losses) ( 441,959)
Net unrealized appreciation (depreciation) on investments 3,088,801
Net assets $161,205,817
Net Asset Value and Offering Price Per Share
Class A net asset value per share
($135,387,240 _ 8,016,165 Class A shares) $16.89
Maximum sales charge (4.75% of Class A offering price) .84
Offering price per Class A share $17.73
Class C net asset value and offering price per share
($25,818,577 _ 1,543,730 Class C shares) $16.72
See notes to financial statements.
Calvert Strategic Growth Fund
Statement of Operations
Six Months Ended September 30, 1995 (Unaudited)
Net Investment Income
Investment Income
Interest income $3,197,941
Dividend income 44,458
Total investment income 3,242,399
Expenses
Investment advisory fee 1,125,669
Transfer agency fees and expenses 146,176
Distribution Plan expenses:
Class A 156,590
Class C 119,874
Directors' fees and expenses 6,262
Administrative fees 149,247
Custodian fees 12,446
Registration fees 55,770
Reports to shareholders 66,682
Professional fees 15,400
Miscellaneous expenses 70,214
Reimbursement from Advisor ( 107,473)
Total expenses 1,816,857
Fees paid indirectly (12,446)
Net expenses 1,804,411
Net Investment Income 1,437,988
Realized and Unrealized Gain (Loss)
on Investments
Net realized gain (loss) on:
Securities 5,824,376
Options written (669,696)
Securities sold short (6,220,213)
Futures (175,615)
(1,241,148)
Change in unrealized appreciation or depreciation (498,688)
Net Realized and Unrealized Gain
(Loss) on Investments (1,739,836)
Increase (Decrease) in Net
Assets Resulting From Operations $(301,848)
See notes to financial statements.
Calvert Strategic Growth Fund
Statement of Changes in Net Assets
From
Six Months Inception
Ended May 5,1994
Sept.30,1995 Through
(Unaudited) Mar.31,1995
Increase (Decrease) in Net Assets
Operations
Net investment income $1,437,988 $727,864
Net realized gain (loss) on investments (1,241,148) 2,798,748
Change in unrealized appreciation or
depreciation of investments (498,688) 3,587,489
Increase (Decrease) in Net Assets
Resulting From Operations (301,848) 7,114,101
Distributions to shareholders from
Net investment income:
Class A Shares _ (158,700)
Class C Shares _ (18,795)
Net realized gain on investments:
Class A Shares _ (1,696,519)
Class C Shares _ (303,040)
Total distributions _ (2,177,054)
Capital share transactions
Class A Shares 28,556,757 102,546,522
Class C Shares 6,168,892 19,298,447
Total capital share transactions 34,725,649 121,844,969
Total Increase (Decrease) in Net Assets 34,423,801 126,782,016
Net Assets
Beginning of period 126,782,016 _
End of period (including undistributed net
investment income of $1,988,357 and
$550,369 for 1995.) $161,205,817 $126,782,016
See notes to financial statements.
Notes to Financial Statements (Unaudited)
Note A_Significant Accounting Policies
General: The Calvert Strategic Growth 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 4.75%. 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.
Short-term securities maturing within 60 days are valued at amortized cost
which approximates market. The Series may invest in securities whose resale
is subject to restrictions. Restricted securities and other securities and
assets for which market quotations are not available or deemed
inappropriate are valued in good faith under the direction of the Board of
Trustees.
Repurchase Agreements: The 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.
Options: The Series 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.
Futures Contracts: The Series may enter into futures contracts agreeing to
buy or sell a financial instrument for a set price at a future date. The
Series segregates securities with a value equal to its obligation under
each contract. Initial margin deposits of either cash or securities are
made upon entering in futures contracts; thereafter, variation margin
payments are made or received daily reflecting the change in market value.
Unrealized or realized gains and losses are recognized based on the change
in market value. Risks of futures contracts arise from the possible
illiquidity of the futures markets and the movement in the value of the
investment or in interest rates.
Securities Sold Short: The Series may sell securities that it does not own
in anticipation of a decline in their market price. Gains or losses
represent the difference between the sale proceeds and the price of the
security.
Deposits with Brokers: The Series maintains, in a segregated account with
brokers, liquid assets sufficient to cover, on a daily basis, the current
values of written options and securities sold short.
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. Dividends declared on securities sold short
are reported as an expense.
Distributions to Shareholders: Distributions to shareholders are recorded
by the Series on ex-dividend date. Dividends from net investment income are
paid annually. 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 Arrangements: 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 1.5% of the Series' average daily net
assets. Effective May, 1995, the Series began paying a monthly performance
fee of plus or minus .15%, on an annual basis, of average daily net assets
of the performance period depending on the Series' performance compared to
the Russell 2000 Index.
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. Expenses reimbursed by the Advisor
before December 31, 1994 may, to the extent permitted by law, be repaid by
the Series from January 1, 1995 through December 31, 1996. All expense
reimbursements made from January 1, 1995 through December 31, 1996 may be
repaid from January 1, 1997 through December 31, 1998. Expense repayments
are subject to the above stated expense limitations.
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 .35% and 1.0% annually of average daily net assets of each Class
A and Class C, respectively.
The Distributor received $171,586 as its portion of 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.
Calvert Administrative Services Company, an affiliate of the Advisor,
provides administrative services to the Series for an annual fee, payable
monthly, of .20% of the average daily net assets of 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.
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 served.
Note C_Investment Activity
During the period, purchases and sales of investments, other than
short-term and U.S. government securities, were $94,736,411 and
$75,715,778, respectively. U.S. government security purchases were $0 and
sales were $7,465,944.
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 $1,887,828, of which $3,129,325 related
to appreciated securities and $1,241,497 related to depreciated securities.
The following summarizes the Series' transactions in written call and put
options during the year:
Contracts Premiums
Options outstanding, beginning $198,000 $1,077,079
Options written 119,000 1,387,393
Options exercised (66,400) (617,617)
Options closed (162,000) (1,034,964)
Options expired (30,000) (111,596)
Options outstanding, ending $58,600 $700,295
Securities having an aggregate market value of approximately $3 million
were identified to cover open options written at September 30, 1995.
Note D_Capital Share Transactions
The change in net assets resulting from capital share transactions for 1995
is indicated below:
Class A Class A Class C Class C
Shares Shares From Shares Shares From
Six Months Inception Six Months Inception
Ended May 5, 1994 Ended May 5, 1994
Sept. 30, Through Sept. 30, Through
1995 March 31, 1995 March 31,
(Unaudited) 1995 (Unaudited) 1995
In dollars:
Shares sold $48,244,316 $110,223,061 $10,929,124 $23,305,871
Reinvestment of
dividends _ 1,855,219 _ 321,835
Shares redeemed (19,687,559) (9,531,758) (4,760,232) (4,329,259)
$28,556,757 $102,546,522 $6,168,892 $19,298,447
In shares:
Shares sold 2,885,410 6,768,943 657,768 1,410,707
Reinvestment of
dividends _ 108,719 _ 18,816
Shares redeemed (1,179,407) (567,500) (287,111) (256,450)
1,706,003 6,310,162 370,657 1,173,073
Calvert Strategic Growth Fund
Financial Highlights
<TABLE>
<CAPTION>
Class A Class A Class C Class C
Shares Shares From Shares Shares From
Six Months Inception Six Months Inception
Ended May 5, 1994 Ended May 5, 1994
Sept. 30, Through Sept. 30, Through
1995 March 31, 1995 March 31,
(Unaudited) 1995 (Unaudited) 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period $16.96 $15.00 $16.86 $15.00
Income from investment operations
Net investment income .14 .20 .08 .12
Net realized and unrealized gain (loss)
on investments (.21) 2.21 (.22) 2.18
Total from investment operations (.07) 2.41 (.14) 2.30
Distributions from
Net investment income _ (.04) _ (.03)
Net realized gains _ (.41) _ (.41)
Total distributions _ (.45) _ (.44)
Total increase (decrease) in net asset value (.07) 1.96 (.14) 1.86
Net asset value, end of period $16.89 $16.96 $16.72 $16.86
Total return<F2> (.41%) 16.08% (.83%) 15.32%
Ratios to average net assets:
Net investment income 2.08% <F1> 1.47% <F1> 1.17%<F1> .83% <F1>
Total expenses<F3> 2.29% <F1> _ 3.21%<F1> _
Net expenses 2.28% <F1> 2.55% <F1> 3.19%<F1> 3.45% <F1>
Expenses reimbursed
and/or waived .17%<F1> .31% <F1> _ .20% <F1>
Portfolio turnover 256% 480% 256% 480%
Net assets, end of period (in thousands) $135,387 $107,004 $25,819 $19,778
Number of shares outstanding
at end of period (in thousands) 8,016 6,310 1,544 1,173
<FN>
<F1> Annualized
<F2> Total return is not annualized and does not reflect deduction of
Class A front-end sales charge.
<F3> Effective September 30, 1995, this ratio reflects total expenses
before reduction for fees paid indirectly; previously, such reductions were
included in the ratio.
</FN>
</TABLE>
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.
Investing with Vision (TM) (logo) Calvert Group(R)
A member of the Acacia Group(R)
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
