CALVERT Responsibly Invested Portfolios
Acacia Capital Corporation
Semi-Annual Report
June 30, 1995
ACACIA CAPITAL CORPORATION
SEMI-ANNUAL REPORT - June 30, 1995
Dear Investor:
Both stocks and bonds rallied during the six months ended June 30, 1995, as
measured by broad market indicators.
The markets advanced as investors realized that the slowing pace of
economic growth made further interest rate hikes unlikely and a cut even
possible. In general, U.S. companies continued to post strong earnings,
which also worked to drive stock prices higher. Large-capitalization growth
stocks led the rally. The best performing stock market sectors included
technology, health care and financial services.
Shortly after the close of this reporting period, the Federal Reserve moved
to lower rates by reducing its target for the federal funds rate (the rate
banks charge each other) from 6% to 5.75%.
Calvert Responsibly Invested Money Market Portfolio
Managed by Calvert Asset Management
After rising sharply in 1994, short-term interest rates fell slightly
during the period covered by this report. The Portfolio's yield moved a bit
higher during the 12-month period, due to the higher rates available during
the second half of 1994. The annualized compound dividend yield for the
12-months ended June 30, 1995 was 5.02%, up from 3.29% one year ago.
For those investors concerned primarily with principal stability, this
Portfolio continues to provide a safe harbor while offering competitive
money market rates.
Calvert Responsibly Invested Bond Portfolio
Managed by United States Trust Company
The Bond Portfolio had a total return of 10.05% for the six months ended
June 30, 1995. In comparison, the Lipper Corporate A Index returned 11.36%.
Within the investment-grade bond category, all bonds performed well, with
the strongest returns generated by longer-maturity bonds and bonds with
bigger coupons, such as lower-rated corporate bonds. The Bond Portfolio has
a higher percentage of high-quality bonds and did not hold a high
percentage of longer-maturity bonds, and thus trailed the Index slightly.
The current economic environment is favorable and bond valuations, while
not cheap, are far from their peak levels in comparison to prevailing
interest rates. However, given the significant rise in bond prices during
this first six months of 1995, market risk is higher than at the beginning
of the year. We expect that bonds will continue to reward investors with
higher than money market returns over the next several years.
In the months ahead, we will strive to anticipate changes in economic
trends that would lead to a reversal in market direction. We will also
concentrate on selecting individual securities that are likely to perform
well within their asset categories.
Calvert Responsibly Invested Balanced Portfolio
(formerly the Managed Growth Portfolio)
Managed by Calvert Asset Management and NCM Capital, effective February 9,
1995
In seeking to provide investors with consistently competitive returns, the
Board of Directors selected a different investment manager. In February,
NCM Capital assumed responsibility for managing the equity portion of the
Portfolio and Calvert Asset Management Company assumed responsibility for
managing the Portfolio's fixed-income assets. U.S. Trust Company of Boston
was the previous investment manager.
The Balanced Portfolio returned 17.35% for the six months ended June 30,
1995. This return compares favorably to the 13.72% return of the Lipper
Balanced Funds Average.
The Portfolio's above-average gain was due to substantial equity
investments in the better performing market sectors, including technology,
financials, consumer staples and capital goods. In addition, our holdings
of major foreign growth stocks, such as Ericsson and Philips, also
contributed positive returns. The fixed-income portion also made a strong
contribution as we quickly brought the Portfolio's duration out to a
position longer than that of the benchmarks. In addition, we added
positions in corporate bonds, which enhanced Portfolio diversification and
boosted yields.
We are now adding to our exposure to cyclical stocks, as this area of the
market looks to be gathering momentum. As prices of technology stocks have
enjoyed an extended rally, the risk of a slowdown in this sector is high.
We will remain market-weighted in this sector. Financial and capital goods
stocks continue to show promise.
As of this writing, the stock market is giving back a little of the ground
it had gained during its long, previously uninterrupted rally. Bond markets
have corrected to a greater extent. This degree of volatility is to be
expected, and serves to remind investors that the markets typically don't
go up in a straight line. Despite such corrections, our outlook for the
remainder of 1995 is one of cautious optimism.
On April 20, 1995, a special meeting of the Portfolio's shareholders was
held to approve NCM as a new sub-advisor, and certain other changes. Voting
results were:
Item 1: To approve a new investment advisory agreement for the Portfolio
with Calvert Asset Management, including an incentive performance fee.
For: 25,564,024.55 Against: 1,300,418.787 Abstain: 1,941,926.908
Item: 2: To approve a new investment subadvisory agreement from the
Portfolio with NCM Capital Management Group, Inc., including an incentive
performance fee.
For: 22,531,258.61 Against: 3,556,424.404 Abstain: 2,767,777.917
Item 3: To approve a change in the Portfolio from diversified to
nondiversified.
For: 21,332,836.64 Against: 5,025,714.753 Abstain: 2,497,188.581
Item 4: To allow the investment objective to be nonfundamental.
For: 20,851,389.57 Against: 5,385,187.787 Abstain: 2,509,063.236
Calvert Responsibly Invested Equity Portfolio
Managed by Loomis, Sayles & Co.
The Equity Portfolio returned 12.08% for the six months ended June 30,
1995. Performance was behind that of the Standard & Poor's 500 Stock Index,
which returned 20.19%, and the Lipper Growth Funds Average, which returned
17.47%.
The Portfolio's weaker return relative to the Standard & Poor's 500 was
primarily due to our underweighting in some of the consumer staples groups,
including drug and tobacco stocks. (Of course, as a responsibly managed
fund, we will not take positions in tobacco stocks. Our exclusion of these
stocks held back performance for the six months ended June 30; however,
shortly after the close of this reporting period, the American Medical
Association stepped up its attack on tobacco manufacturers and prices of
tobacco company stocks plummeted.)
The gap in performance has been narrowed considerably during the first few
weeks of July, largely due to good gains from our technology holdings. From
December 30, 1994 to July 17, 1995, the Portfolio returned 19.63%, compared
to 24.27% for the S&P 500 Index.
Going forward, our outlook for the holdings in the Portfolio is very
positive. Currently, investors are taking money out of sectors such as
consumer staples and buying into sectors where the Portfolio is positioned,
such as retail and apparel, freight transportation and housing-related
stocks. Portfolio holdings Federal Express, Ryder, Liz Claiborne, Masco,
Whirlpool and the Gap should benefit from this trend. And, while technology
stocks look to be experiencing a correction after racking up tremendous ga-
ins, the fundamentals of this sector remain solid.
Calvert Responsibly Invested Capital Accumulation Portfolio
Managed by Apodaca-Johnston, Brown Capital Management and Fortaleza Asset
Management
The strongly positive 25.12% return on the Capital Accumulation Portfolio
for the six months ended June 30, 1995, was well ahead of the 17.47% return
for the Lipper Growth Funds Average.
Each of the Portfolio's investment managers contributed positive returns
that were ahead of their individual benchmarks. Concentrations in the
better performing sectors, including technology, health care and specialty
retailers boosted performance. Within the technology sector, the
Portfolio's investments in semi-conductor/silicon-related issues
experienced enormous growth.
Going forward, managers will continue to focus on those stocks that help
corporate America obtain and use information efficiently, including
computer hardware and software, telecommunications, medical information
systems and diagnostic testing. The Information Revolution is one of the
most significant forces influencing economic activity, and we are excited
about the prospects for continued growth within these industries.
While our outlook for the Portfolio and the U.S. stock market is
optimistic, investors have enjoyed an extended period of strongly rising
stock prices, and it's unlikely such exceptional short-term gains can be
maintained. We encourage shareholders to focus on the Portfolio's long-term
potential.
On January 25, 1995, a special meeting of the Portfolio's shareholders was
held to approve the new multiple subadvisors, and certain other changes.
Voting results were:
Item 1: To approve a new investment advisory agreement for the Portfolio
with Calvert Asset Management Company, currently investment manager to the
Portfolio and investment advisor to the Fund's other Portfolios.
For: 98,164.7878 Against: 47,644.8307
Item 2: To approve a new form of investment subadvisory agreement to be
entered into with seven portfolio management companies, three of which
would initially co-manage the Portfolio. The agreement allows for a
performance fee adjustment, to be added to or deducted from the base fee,
beginning two years after approval of the agreement.
For: 94,091.0164 Against: 50,928.6321
Item 3: To approve a change in the investment objective to allow
investment in companies with a market value generally between $100 million
and $5 billion, but which may be larger or smaller as appropriate.
For: 134,076.5479 Against: 10,815.1351
Item 4: To approve a change in the investment objective to allow
investment in a nondiversified portfolio of securities, and to approve a
change to the fundamental investment restriction to reflect this status.
For: 81,292.1285 Against: 59,210.4355
Item 5: To allow the investment objective to be nonfundamental, so that
future changes may be made by the Board of Directors with advance written
notice to shareholders.
For: 85,287.6891 Against: 57,296.751
Item 6: To approve a change to the fundamental investment restrictions to
permit investment in options and futures.
For: 75,968.3468 Against: 64,954.4916
Item 7: To approve a change to the fundamental investment restriction to
permit investment in foreign securities.
For: 127,931.0561 Against: 10,710.8422
Item 8: To approve a substitution of "Capital Accumulation" in the place
of "Ariel Appreciation II" in the name of the Portfolio, since Ariel
Capital Management is no longer with the Fund.
For: 107,881.3533 Against: 2,383.3733
Calvert Responsibly Invested Global Equity Portfolio
Managed by Murray Johnstone, Ltd.
The Global Equity Portfolio returned 5.35% for the six months ended June
30, 1995, a bit behind the 9.42% return on the Morgan Stanley Capital
International World Index.
During January and February, markets were buffeted by the collapse of the
Mexican currency which had a negative impact on emerging and smaller
markets generally. Stability returned to currencies and equity markets
recovered in the period from March. The exception to this trend was Japan,
where the rising yen continued to depress profits. The U.S. market was one
of the strongest, and most European markets also posted good gains.
The broad strategy for the period was to overweight the European and Far
Eastern markets, underweight the U.S. and Japan and hold existing positions
in Latin America. Less exposure to Japan and more exposure to Europe and
the Far East proved correct and contributed to performance. The Portfolio's
return lagged the MSCI World Index's due to heavy losses from our Mexican
holdings, which we believe will recover, and our underweighting in the U.S.
market, which may be coming to the end of its extended rally.
The question from here is whether growth in the U.S. economy will rebound
in the second half or continue to drift down. In reducing the federal funds
rate, the Fed confirmed its belief that industry has passed the period of
peak earnings for this cycle. If this is true, earnings results could begin
to undershoot predictions and the market will likely begin to cool. Under
these circumstances, we believe investors will return to markets of
economies seeing high sustainable growth rates, specifically those of the
Pacific region, and the Portfolio will continue to highlight these areas.
Calvert Responsibly Invested Strategic Growth Portfolio
Managed by Portfolio Advisory Services, Inc.
We are pleased to offer a seventh responsibly managed investment option,
the CRI Strategic Growth Portfolio, to participants in the National Home
Life PRISM Variable Annuity. Strategic Growth is an aggressively managed
portfolio that seeks maximum long-term gains. During normal market
conditions the Portfolio will be invested primarily in stocks. The
Portfolio manager looks to identify the most dynamic industries and selects
those companies experiencing the strongest earnings growth. If the
manager's market outlook turns decidedly negative, assets may be moved into
cash or short sales may be used to preserve gains.
For the period since inception March 1, 1995, through June 30, 1995, the
Strategic Growth Portfolio returned -.10%, compared to 8.77% for the
benchmark Russell 2000 Index. This essentially flat return reflects the
Portfolio's defensive position.
Beginning early in 1995, the manager's opinion of the level of risk
inherent in the stock market move dramatically higher. This opinion is
based on an assessment of various economic and market indicators, termed
the Five Market Principles. Assets were moved out of long positions in
stocks and into cash and short positions. This defensive approach will be
maintained until the manager's market outlook changes.
We appreciate your investment in the CRI Portfolios of the National Home
Life PRISM Variable Annuity.
Sincerely,
(signature)
Clifton S. Sorrell
President
July 19, 1995
PORTFOLIO STATISTICS
Chart1:
CALVERT RESPONSIBLY INVESTED BOND PORTFOLIO
Comparison of change in value of a
hypothetical $10,000 investment.
A line graph showing an investment of $10,000 from 6/92 growing to $11,760
in the Calvert Responsibly Invested Bond Portfolio compared to that in the
Lehman Aggregate Bond index growing to $12,417 by 6/95.
Average Annual Total Return
(periods ending June 30, 1995)
1 Year 10.91% Life of Fund 5.56% (6/92)
CALVERT RESPONSIBLY INVESTED EQUITY PORTFOLIO
Comparison of change in value of a
hypothetical $10,000 investment.
A line graph showing an investment of $10,000 from 6/92 growing to $11,329
in the Calvert Responsibly Invested Equity Portfolio compared to that in
the S&P 500 growing to $14,519 by 6/95.
Average Annual Total Return
(periods ending June 30, 1995)
1 Year 7.66% Life of Fund 5.46% (6/92)
CALVERT RESPONSIBLY INVESTED GLOBAL EQUITY PORTFOLIO
Comparison of change in value of a
hypothetical $10,000 investment.
A line graph showing an investment of $10,000 from 6/92 growing to $12,995
in the Calvert Responsibly Invested Global Equity Portfolio compared to
that in the MSCI Worldindex growing to $14,466 by 6/95.
Average Annual Total Return
(periods ending June 30, 1995)
1 Year 0.33% Life of Fund 8.82% (6/92)
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
Comparison of change in value of a
hypothetical $10,000 investment.
A line graph showing an investment of $10,000 from 9/86 growing to $22,912
in the Calvert Responsibly Invested Balanced Portfolio compared to that in
90 Day T-Bills growing to $16,097, in the Lehman Aggregate Bond index
growing to $21,601, and the S&P 500 growing to $28,897 by 6/95.
Average Annual Total Return
(periods ending June 30, 1995)
1 Year 19.21% 5 Year 9.39% Life of Fund 9.51% (9/86)
CALVERT RESPONSIBLY INVESTED
CAPITAL ACCUMULATION PORTFOLIO
Comparison of change in value of a
hypothetical $10,000 investment.
A line graph showing an investment of $10,000 from 7/91 growing to $14,777
in the Calvert Responsibly Invested Capital Accumulation Portfolio compared
to that in the S&P 400 Midcap growing to $17,787, in the Russell 2000
growing to$16,942, and in the s&p 500 growing to $16,460 by 6/95.
Average Annual Total Return
(periods ending June 30, 1995)
1 Year 18.06% Life of Fund 10.37% (7/91)
Performance information is for the Portfolio only and does not reflect
charges and expenses of the variable annuity. Past performance does not
indicate future results.
<TABLE>
<CAPTION>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
Principal
Amount Value Ratings <F1>
<S> <C> <C> <S>
CORPORATE DEBT (13.3%)
Health Midwest Ventures Group, 6.15%, 8/1/19 $ 225,000 $ 225,000 VMIG1/-A-1
Medic Funding Corp., 6.12%, 1/1/15 225,000 225,000 P-1/A-1+
National Funding Corp., 6.07%, 10/1/14 225,000 225,000 VMIG1/A-1
Total Corporate Debt (Cost $675,000) 675,000
MUNICIPAL OBLIGATIONS (8.2%)
Broome County, New York Industrial Development
Agency VRDN, 6.10%, 6/1/00 <F5> 225,000 225,000 P-1/A-1
Mahoning County VRDN, 6.49%, 11/1/98, LOC: Marine Bank <F5> 190,000 190,000 P-1/A-1
Total Municipal Obligations (Cost $415,000) 415,000
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES (67.1%)
Federal Farm Credit Bank, 5.82%, 7/10/95 1,400,000 1,398,416
Federal Home Loan Mortgage Corp., 5.90%, 7/5/95 240,000 239,921
Federal Home Loan Mortgage Corp., 5.90%, 7/17/95 182,000 181,582
Federal Home Loan Mortgage Corp., 5.83%, 8/2/95 500,000 497,571
Federal Home Loan Mortgage Corp., 5.77%, 9/20/95 390,000 385,062
Federal National Mortgage Assn., 5.87%, 7/11/95 200,000 199,740
Federal National Mortgage Assn., 5.88%, 7/31/95 500,000 497,713
Total U.S. Government Agencies and Instrumentalities
(Cost $3,400,005) 3,400,005
TOTAL INVESTMENTS (88.6%) <F4> (Cost $4,490,005) <F3> $4,490,005
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
Principal
Amount Value Ratings <F1>
CORPORATE DEBT (20.2%)
Albertson's, Inc., 6.18%, 3/22/00 $ 25,000 $ 24,704 Aa3/A+
AMR Corp., 9.82%, 3/7/01 25,000 27,909 Baa3/BB+
Becton Dickinson & Co., 8.80%, 3/1/01 40,000 44,136 A1/A+
Bell Telephone of Pennsylvania, 6.125%, 3/15/03 20,000 44,136 Aa1/AA
Chubb Corp., 8.75%, 11/15/99 50,000 52,436 Aa2/AA+
Dayton Hudson Corp., 9.00%, 10/1/21 60,000 68,510 A3/A
Donnelly (R.R.) & Sons Co., 7.00%, 1/1/03 55,000 56,143 Aa3/AA-
Healthsouth Corp., 9.50%, 4/1/01 25,000 25,688 Ba3/B
New England Telephone & Telegraph Co., 5.05%, 10/1/98 50,000 48,060 Aa2/AA-
Norwest Corp., 6.00%, 3/15/00 50,000 49,053 Aa3/AA-
Pacific Bell Telephone, 6.25%, 3/1/05 Aa3/AA- 43,375 Aa3/AA-
Payless Cashways, Inc., 9.125%, 4/15/03 50,000 38,750 Ba3/B+
Pitney Bowes Credit Corp., 8.625%, 2/15/08 50,000 57,574 Aa3/AA
Stanley Works, 9.00%, 2/1/98 25,000 26,517 A2/A
Wisconsin Telephone Co., 4.375%, 5/1/02 25,000 22,130 Aaa/AAA
Total Corporate Debt (Cost $621,826) 604,423
MUNICIPAL OBLIGATIONS (10.8%)
Atlanta, Georgia Downtown Development Authority, 6.875%, 2/1/21 50,000 47,001 NR/AAA
Conneaut, Pennsylvania School District, 6.55%, 11/1/03, Ambac Insured 25,000 24,682
Aaa/AAA
Cranston, Rhode Island Housing and Urban Development, 7.14%, 8//1/02 15,000 15,409
NR/NR
Long Beach, California Redevelopment Agency, 7.00%, 11/1/01 15,000 14,945 Aaa/AAA
Los Angeles County, California Pension Fund, 8.30%, 6/30/02 50,000 53,836 A/A
Salem, Massachusetts Housing and Urban Development, 8.75%, 8/1/99 15,000 16,193
NR/NR
San Diego County, General Obligation Bonds, Series A, 6.38%, 8/15/03 50,000 46,196
A/A+
Silver Spring Metro Center, 6.875%, 5/15/13 50,000 47,531 NR/AA
State of Connecticut General Obligation Bonds, 6.00%, 1/15/03 60,000 57,370 Aa/AA-
Total Municipal Obligations (Cost $330,567) 323,163
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES (58.1%)
Federal Home Loan Banks, 6.32%, 12/4/97 70,000 70,421
Federal Home Loan Banks, 8.60%, 8/25/99 300,000 326,289
Federal Home Loan Banks, 6.15%, 9/14/99 15,000 14,984
Federal Home Loan Mortgage Corp., 8.70%, 7/6/95 125,000 125,030
Federal Home Loan Mortgage Corp., 7.90%, 1/27/00 300,000 320,136
Federal Home Loan Mortgage Corp., 7.84%, 4/26/00 75,000 76,041
Federal Home Loan Mortgage Corp., 7.28%, 5/8/00 100,000 102,297
Federal National Mortgage Assn., 5.90%, 8/4/95 50,000 49,738
Federal National Mortgage Assn., 8.25%, 12/18/00 300,000 327,888
Federal National Mortgage Assn., 5.49%, 10/2/03 75,000 69,965
Financing Corp., 9.80%, 11/30/17 50,000 65,224
Financing Corp., 9.80%, 4/6/18 50,000 65,303
Resolution Funding Corp., 8.125%, 10/15/19 20,000 22,947
Student Loan Marketing Assn., 7.50%, 3/27/98 100,000 101,034
Total U.S. Government Agencies and Instrumentalities
(Cost $1,675,799) 1,737,297
Other debt (0.5%)
South Africa Rep., 9.625%, 12/15/99 15,000 15,563 Baa3/BB
Total Other Debt (Cost $14,675) 15,563
TOTAL INVESTMENTS (89.6%) <F4> (Cost $2,642,867) <F3> $2,680,446
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (96.7%)
Airline (1.9%)
AMR Corp. 700 $ 52,238
52,238
Auto (2.5%)
Federal Mogul Corp. 3,750 68,438
68,438
Capital Goods (2.3%)
Hubbell, Inc., Class B 1,100 62,150
62,150
Chemicals (5.7%)
Morton International, Inc. 2,100 61,425
Praxair, Inc. 3,700 92,500
153,925
Computers - Equipment and Services (2.3%)
Digital Equipment Corp. <F2> 1,500 61,125
61,125
Computers - Software (4.0%)
Computer Associates International, Inc. 1,600 108,400
108,400
Consumer Products (11.2%)
Black and Decker Corp. 4,000 123,500
Masco Corp. 2,200 59,400
Sonoco Products Co. 2,415 59,771
Whirlpool Corp. 1,100 60,500
303,171
Delivery (2.7%)
Federal Express Corp. <F2> 1,200 72,900
72,900
Electronics (7.7%)
E M C Corp. <F2> 3,900 94,575
Intel Corp. 1,800 113,963
208,538
Freight Transportation (2.7%)
Ryder System, Inc. 3,000 71,625
71,625
Financial Services (13.0%)
BankAmerica Corp. 1,500 78,938
Chemical Bkg Corp. 1,900 89,775
Dean Witter Discover & Co. 1,500 70,500
Federal Home Loan Mortgage Corp 1,400 96,250
Grupo Financiero Serfin, S.A. <F2> 3,300 15,263
350,726
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (continued)
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (CON'T)
Health Care (2.3%)
Healthsouth Corp. <F2> 3,500 $ 60,813
$ 60,813
Industrial Products (4.5%)
Applied Materials, Inc. <F2> 1,400 121,275
121,275
Insurance (5.0%)
Chubb Corp. 1,000 80,125
USF&G Corp. 3,300 53,625
133,750
Machinery (5.9%)
Consorcio G Grupo Dina, S.A. 8,200 25,625
Deere & Co. 800 68,500
Giddings & Lewis, Inc. 3,700 66,138
160,263
Media and Publishing (2.7%)
Knight Ridder, Inc. 1,300 73,938
73,938
Medical Devices and Supplies (1.9%)
Ventritex, Inc. <F2> 3,100 52,313
52,313
Retail (10.0%)
Dayton Hudson Corp. 900 64,570
Gap, Inc. 1,900 66,263
Liz Claiborne, Inc. 3,800 80,750
Toys R(R) Us, Inc. <F2> 2,000 58,500
270,083
Telecommunications (8.4%)
Compania de Telefonos de Chile, S.A. 1,200 97,650
Telefonica de Argentina, S.A., Class B 2,800 69,300
Telefonos de Mexico, S.A. 2,000 59,250
226,200
TOTAL INVESTMENTS (96.7%) <F4> (Cost $2,599,559) <F3> $2,611,871
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED GLOBAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (95.4%)
Australia (1.8%)
National Australia Bank 23,000 $ 181,777
181,777
Belgium (0.1%)
G.I.B. 19 902
902
Denmark (1.5%)
Tele Danmark 2,680 149,123
149,123
Finland (0.1%)
Werner Soderstrom 110 10,302
10,302
France (5.9%)
Ass Gen de France 4,140 133,336
CPR CIE Par Reesco 1,780 135,024
Credit Fonc France 897 99,291
Pinault Printemps Redoute, S.A. 740 158,638
Securidev 2,111 60,267
586,556
Germany (1.5%)
Herlitz, A.G. 484 102,897
Munchener Ruckvers 21 46,012
148,909
Hong Kong (3.0%)
Hang Seng Bank 22,000 167,748
Hysan Development 55,000 125,811
293,559
Italy (2.9%)
IMI 23,000 140,706
Telecom Italia 53,600 145,281
285,987
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED GLOBAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (continued)
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (CON'T)
Japan (18.9%)
Canon, Inc. 10,000 $ 162,822
Itochu Corp. 24,000 140,169
Kuraray Co. 13,000 141,266
Nippon Telephone & Telegraph 18 150,788
Omron Corp. 8,000 152,911
Sanwa Bank 6,000 113,268
Secom Co. 6,000 377,323
Takeda Chem Inds 10,000 132,146
TDK Corp. 3,000 136,629
Tokyo Style Co. 8,000 120,819
Tokyu Construction 30,000 153,973
Tsukishima Kikai 6,000 100,524
1,882,638
Netherlands (2.8%)
Elsevier, N.V. 13,500 159,439
Polygram, N.V. 2,050 121,055
280,494
New Zealand (1.3%)
Telecom Corp. of New Zealand 35,000 131,034
131,034
Norway (2.2%)
Hafslund Nycomed 5,210 120,494
Tomra Systems 25,500 100,154
220,648
Singapore (2.8%)
Keppel Corp. 17,000 138,676
United Overseas, Ltd. (warrants) <F2> 149,000 137,538
276,214
Spain (4.2%)
Aguas de Barcelona 3,880 109,553
Centros Com Pryca 6,810 126,502
Sotogrande, S.A. <F2> 30,650 78,191
Vallehermoso, S.A. 6,340 108,610
422,856
Sweden (1.9%)
Aga A.B., Series B 6,900 81,611
Autoliv A.B. 2,041 109,192
190,803
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED GLOBAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (continued)
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (CON'T)
Switzerland (2.3%)
Landis & Gyr, A.G. 100 $ 64,264
Roche Holdings, A.G. 13 83,769
Winterthur Finance, rights issued 140 1,009
Winterthur Finance 140 84,134
233,176
United Kingdom (14.9%)
Allied Irish Banks 31,800 150,477
British Telecom 17,000 105,997
BTR 29,000 147,376
Cable & Wireless 24,000 164,148
EMAP 19,000 141,737
Forte 33,770 122,199
Glynwed International 20,000 103,547
Hays 28,500 142,795
Marks & Spencer 23,000 147,797
MFI Furniture Group 61,000 113,520
United Biscuits 29,000 147,836
1,487,429
United States (27.3%)
Albertson's, Inc. 5,200 154,700
Banpais, S.A. <F2> 10,000 8,750
Bay Apartment Community, Inc. 6,700 130,650
Cifra, S.A. de C.V. 69,000 95,151
Dallas Semiconductor Corp. 4,000 82,000
Duriron, Inc. 4,500 101,250
El Paso Natural Gas Co. 3,500 99,750
Enron Corp. 3,000 105,375
General Re Corp. 500 66,938
Giddings & Lewis, Inc. 3,300 58,988
Grainger (W.W.), Inc. 1,000 58,750
Grupo Indl Durango, S.A. <F2> 11,000 88,000
Hannaford Brothers Co. 3,500 99,750
Home Depot, Inc. 3,500 142,188
Illinois Tool Works, Inc. 2,500 137,500
McGraw Hill Cos., Inc. 2,000 151,750
Metalclad Corp. <F2> 35,000 72,188
Molex, Inc., Class A 4,000 146,000
New World Power Corp. <F2> 7,000 36,750
Northern Trust Corp. 2,400 96,600
Partner Re Holding 6,700 175,038
Sprint Corp. 2,800 94,150
Telefonos de Mexico, S.A. 3,600 106,650
Transportadora de Gas 21,000 220,500
Westcott Communications, Inc. <F2> 7,500 133,125
Worldcom, Inc. <F2> 2,122 57,292
2,719,783
Total Equity Securities (Cost $9,557,000) 9,502,190
PRINCIPAL AMOUNT
TIME DEPOSITS (4.5%)
State Street Bank, London, 6.25%, 7/3/95 $ 448,492 $ 448,492
Total Time Deposit (Cost $448,492) 448,492
TOTAL INVESTMENTS (99.9%) <F4> (Cost $10,005,492) <F3> $ 9,950,682
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (Unaudited)
Principal
Amount Value Ratings <F1>
CORPORATE DEBT (10.7%)
AMR Corp., 9.82%, 3/7/01 $ 525,000 $ 586,084 Baa3/BB+
BellSouth Savings, 9.19%, 7/1/03 404,118 445,257 Aa1/AAA
BellSouth Telecommunications, 6.25%, 5/15/03 500,000 491,425 Aaa/AAA
Chugach Elec Assn., Inc., 9.14%, 3/15/22 1,000,000 1,122,530 A3/A
CIT Group Hldgs, Inc., 6.11%, 5/11/98 3,000,000 2,976,243 AA3/A+
Liberty Mutual Capital Corp., 7.90%, 3/14/03 500,000 520,033 A1/AA
Nationsbank Corp., 5.375%, 12/1/95 1,000,000 997,500 A2/A
Payless Cashways, Inc., 9.125%, 4/15/03 250,000 193,750 Ba3/B+
Polaroid Corp., 8.00%, 3/15/99 250,000 260,663 Baa3/BBB+
Potomac Electric Power Co., 6.70%, 5/28/97 500,000 503,465 A2/A-
United Dominion Realty Trust, Inc., 8.50%, 9/15/24 1,200,000 1,302,180 Baa1/BBB+
Total Corporate Debt (Cost $9,282,079) 9,399,130
MUNICIPAL OBLIGATIONS (6.8%)
Conneaut, Pennsylvania School District, 6.55%, 11/1/03,
Ambac Insured 350,000 345,548 Aaa/AAA
Georgia State, 3.25%, 7/1/14 2,000,000 1,413,640 Aaa/AA+
Illinois Housing Development Authority, 8.35%, 8/1/26 1,000,000 1,036,250 Aa/AA
New York State Environmental General Obligation Bonds,
7.65%, 5/1/99 550,000 559,735 A/A-
New York State, Job Development Authority, 7.70%, 3/1/03 500,000 516,525 A/NR
Richmond County, Georgia Development Authority, Zero Coupon,
12/1/21 4,810,000 790,956 AAA
San Diego County, General Obligation Bonds, Series A, 6.38%,
8/15/03 750,000 692,933 A/A+
University of Maryland Systems Facility & Tuition Revenue Bonds,
Series B, 6.95%, 4/1/11 670,000 642,108 Aa/AA+
Total Municipal Obligations (Cost $6,073,760) 5,997,695
REPURCHASE AGREEMENTS, FOR DEPOSIT AT COST,
COLLATERALIZED BY SECURITIES ISSUED OR GUARANteed
BY THE U.S. GOVERNMENT (8.8%)
Prudential Securities, Inc., 6.08%, dated 6/30/95,
due 7/5/95 ($7,911,171) FHLMC Bond, 9.00%, 6/1/25) 7,700,000 7,700,000
Total Repurchase Agreements (Cost $7,700,000) 7,700,000
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIEs (20.1%)
Federal Home Loan Mortgage Corp., 5.87%, 7/7/95 2,000,000 1,998,696
Federal Home Loan Mortgage Corp., 6.00%, 12/15/19 1,000,000 968,450
Federal Home Loan Mortgage Corp., 6.50%, 8/15/21 1,000,000 983,750
Federal National Mortgage Assn., 6.00%, 9/5/95 2,700,000 2,671,200
Federal National Mortgage Assn., 5.90%, 9/11/95 1,000,000 988,508
Federal National Mortgage Assn., 8.00%, 3/15/00 1,000,000 1,011,980
Federal National Mortgage Assn., 5.49%, 10/2/03 1,000,000 932,870
Federal National Mortgage Assn., 7.00%, 12/25/19 1,000,000 982,810
Federal National Mortgage Assn., 6.50%, 12/25/23 1,000,000 954,290
Federal National Mortgage Assn., 7.93%, 2/14/25 3,000,000 3,340,380
Small Business Administration, 8.05%, 6/1/12 885,761 931,776
U.S. Department of Veteran Affairs, 8.00%, 7/15/18 1,000,000 1,077,700
WNH Ltd Partnership, 9.40%, 10/1/99 705,000 753,955
Total U.S. Government Agencies and Instrumentalities
(Cost $16,911,002) 17,596,365
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED Portfolio
PORTFOLIO OF INVESTMENTS (continued)
JUNE 30, 1995 (Unaudited)
principal
amount value ratings <F1>
OTHER DEBT (1.4%)
Puget Power Consv., 6.45%, 4/11/05 $ 1,000,000 $ 995,051 Aa2/AAA
South Africa Republic, 9.625%, 12/15/99 250,000 259,375 Baa3/BB
Total Other Debt (Cost $1,244,588) 1,254,426
EQUITY SECURITIES (53.3%) SHARES
Beverage Hotel and Leisure (0.9%)
Delta Corp. 550,000 804,094
Biotechnology (0.9%)
Amgen, Inc. <F2> 9,380 754,504
Business Equipment and Services (1.8%)
Hewlett Packard Co. 10,000 745,000
Xerox Corp. 7,350 861,788
1,606,788
Capital Goods (0.5%)
Grainger (W.W.), Inc. 6,900 405,375
405,375
Communications (2.0%)
Ameritech Corp. 27,500 1,210,000
DSC Communications Corp. <F2> 12,425 577,763
1,787,763
Computers - Equiptment and Services (1.4%)
Sun Microsystems, Inc. <F2> 25,400 1,231,900
1,231,900
Computers - Software (0.6%)
Computer Associates International, Inc. 6,900 467,475
467,475
Consumer Products (4.7%)
American Greetings Corp. 42,100 1,236,688
Colgate Palmolive Co. 6,500 475,312
Gillette Co. 28,200 1,258,425
Polygram N.V. 20,000 1,182,500
4,152,925
Delivery (1.1%)
Federal Express Corp. <F2> 16,400 996,300
996,300
Electronics (4.9%)
E M C Corp. <F2> 53,300 1,292,525
Intel Corp. 10,600 671,113
Linear Technology Corp. 7,900 521,400
Philips Electrs N.V. 24,300 1,038,825
Teradyne, Inc. <F2> 11,500 751,812
4,275,675
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED Portfolio
PORTFOLIO OF INVESTMENTS (continued)
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (CON'T)
Energy (0.5%)
Northern Borders Partners Limited Partnership 19,200 $ 468,000
468,000
Financial Services (6.3%)
Advanta Corp., Class A 13,400 558,613
Bank New York, Inc. 22,800 920,550
Bank of Boston Corp. 20,000 750,000
Baybanks, Inc. 7,000 554,750
Federal National Mortgage Assn. 10,600 1,000,375
Green Tree Finl Corp. 22,400 994,000
UJB Finl Corp. 24,200 735,075
5,513,363
Food Services (2.6%)
Kellogg Co. 17,250 1,231,219
Sysco Corp. 34,500 1,017,750
2,248,969
Health Care (1.1%)
Johnson & Johnson 14,800 1,000,850
1,000,850
Industrial Products (4.3%)
Applied Materials, Inc. <F2> 8,300 718,988
Briggs & Stratton Corp. 17,500 603,750
Modine Manufacturing Co. 15,000 551,250
Sealed Air Corp. <F2> 20,800 915,200
Sigma Aldrich Corp. 20,625 1,013,203
3,802,391
Insurance (1.1%)
AFLAC, Inc. 11,100 485,625
American International Group, Inc. 4,200 478,800
964,425
Machinery (1.7%)
AGCO Corp. 20,000 750,000
Deere & Co. 8,200 702,125
1,452,125
Manufacturing (0.6%)
Dover Corp. 6,950 505,613
505,613
Media and Publishing (0.8%)
Houghton Mifflin Co. 13,000 685,750
685,750
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (continued)
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (Con't)
Medical Devices and Supplies (4.5%)
Becton Dickinson & Co. 20,000 $ 1,165,000
Boston Scientific Corp. <F2> 21,400 682,125
Cordis Corp. <F2> 15,600 1,041,300
Medtronic, Inc. 13,800 1,064,325
3,952,750
Merchandising (1.4%)
Albertson's, Inc. 42,180 1,254,855
1,254,855
Oil & Gas (0.5%)
Plains Petroleum Co. 15,000 444,375
444,375
Paper and Packaging (2.1%)
Chesapeake Corp. 10 311
Consolidated Papers, Inc. 17,500 1,008,438
Nampak 190,000 851,690
1,860,439
Pharmaceutical (1.7%)
Merck & Co., Inc. 30,500 1,494,500
1,494,500
Retail (1.5%)
Consolidated Stores Corp. <F2> 61,300 1,279,638
1,279,638
Telecommunications (1.2%)
Ericsson L M Tel, Co., Class B 52,400 1,048,000
1,048,000
Utilities (2.6%)
Cinergy Corp. 45,400 1,191,750
Equitable Resources, Inc. 38,900 1,123,233
2,314,983
Total Equity Securities (Cost $39,309,360) 46,773,825
TOTAL INVESTMENTS (101.1%) <F4> (Cost $80,520,789) <F3> $88,721,441
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED CAPITAL ACCUMULATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (97.8%)
Airline (0.8%)
Atlantic Coast Airlines, Inc. <F2> 2,000 $ 17,500
Comair Hldgs, Inc. 1,000 37,875
55,375
Biotechnology (1.0%)
Amgen, Inc. <F2> 800 64,350
64,350
Business Equipment and Services (1.4%)
Corporate Express, Inc. <F2> 1,500 32,063
Datametrics Corp. <F2> 6,700 63,231
95,294
Chemicals (0.6%)
Sigma Aldrich Corp. 900 44,213
44,213
Communication Equipment (10.2%)
California Microwave, Inc. <F2> 1,000 25,063
Chips & Technologies, Inc. <F2> 4,000 52,500
Cisco Systems, Inc. <F2> 1,700 85,955
Gandalf Technologies, Inc. <F2> 8,000 72,500
Global Village Communications <F2> 4,000 62,500
Itron, Inc. <F2> 2,500 78,125
Mirocom, Inc. <F2> 5,000 75,000
Network Gen Corp. <F2> 1,500 40,875
Seeq Technology, Inc. <F2> 23,500 85,188
Spectran Corp. <F2> 500 19,875
Summa Four, Inc. <F2> 2,000 56,500
Vtel Corp. <F2> 3,000 39,750
693,831
Computers - Software (11.3%)
Cadence Design Systems, Inc. <F2> 1,000 32,375
Cheyenne Software, Inc. <F2> 1,600 29,600
Datalogix International, Inc. <F2> 2,500 60,938
DSP Group, Inc. <F2> 3,500 87,555
Excalibur Technologies Corp. <F2> 3,000 48,000
Hummingbird Communications Ltd. <F2> 2,000 58,500
Macromedia, Inc. <F2> 1,600 69,200
Microsoft Corp. <F2> 900 81,338
Oracle Sys Corp. <F2> 1,650 63,731
Softkey International, Inc. <F2> 1,500 47,813
State of the Art, Inc. <F2> 7,000 69,125
Sterling Software, Inc. <F2> 1,100 42,350
Symantec Corp. <F2> 1,500 43,311
System Software Assoc., Inc. 1,800 36,000
769,836
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED CAPITAL ACCUMULATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (continued)
JUNE 30, 1995 (Unaudited)
Shares Value
EQUITY SECURITIES (CON'T)
Computers - Systems (8.5%)
3D Sys Corp. 3,166 $ 58,571
Asyst Technologies, Inc. <F2> 1,000 37,125
Bay Networks, Inc. <F2> 1,800 74,475
Boca Research, Inc. <F2> 3,500 94,500
Data Race, Inc. <F2> 5,000 53,125
Discreet Logic <F2> 2,000 66,000
Mentor Graphics Corp. <F2> 1,300 22,425
Optical Data Sys, Inc. <F2> 4,000 105,000
Plaintree Sys, Inc. <F2> 3,000 31,500
Verifone, Inc. <F2> 1,400 34,300
577,021
Cosmetics (0.6%)
Guest Supply, Inc. <F2> 1,500 39,000
39,000
Electrical Equipment (5.7%)
AFC Cable Sys, Inc. <F2> 2,900 56,550
Checkpoint Sys, Inc. <F2> 3,000 66,750
Electro Scientific Inds., Inc. <F2> 2,000 66,500
Flextronics International <F2> 1,200 26,250
Kulicke & Soffa Inds, Inc. <F2> 1,000 66,313
Ultratech Stepper, Inc. <F2> 3,000 105,750
388,113
Electronics (13.9%)
Adaptec, Inc. <F2> 2,200 81,400
Adaptive Solutions, Inc. <F2> 2,000 15,500
Alpha Inds, Inc. <F2> 8,000 114,000
Anadigics, Inc. <F2> 1,000 19,500
E M C Corp. <F2> 1,400 33,950
GaSonics International, Inc. <F2> 1,400 39,900
Input/Output, Inc. <F2> 1,600 57,600
OEA, Inc. 1,100 32,588
Photronic, Inc. <F2> 1,750 53,813
PRI Automation, Inc. <F2> 2,000 65,500
Sanmina Corp. <F2> 500 19,000
Sierra Semi Conductor Corp. <F2> 2,300 73,025
Solectron Corp. <F2> 1,500 51,188
Uniphase Corp. <F2> 4,300 91,913
Vishay Intertechnology, Inc. 2,730 98,621
VLSI Technology, Inc. <F2> 1,700 51,213
Zilog, Inc. <F2> 1,000 49,873
948,584
Financial Services (5.6%)
Citicorp 400 23,150
First USA, Inc. 1,100 48,813
Glendale Federal Bank Federal Savings Bank <F2> 4,800 60,000
Green Tree Finl Corp. 1,900 84,313
ISB Financial Corp. <F2> 4,500 67,500
Price T. Rowe & Associates, Inc. 1,800 69,300
Roosevelt Finl Group, Inc. 1,800 30,038
383,114
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED CAPITAL ACCUMULATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (continued)
June 30, 1995 (Unaudited)
Shares Value
Equity securities (Cont'd)
Health Care (4.7%)
American Homepatient, Inc. <F2> 1,000 $ 29,750
CRA Managed Care, Inc. <F2> 2,000 45,000
Health Care & Retirement Corp. <F2> 1,600 46,800
Healthcare Compare Corp. <F2> 1,300 39,000
Healthsource, Inc. <F2> 1,000 35,000
Manor Care, Inc. 2,300 66,988
OccuSystems, Inc. <F2> 2,000 34,250
U.S. Healthcare, Inc. 800 24,500
321,288
Industrial Equipment and Services (1.8%)
Intermagnetics Gen Corp. <F2> 2,575 36,694
Lo Jack Corp. <F2> 4,000 44,250
Lydall, Inc. <F2> 2,000 44,000
124,944
Insurance (1.5%)
AFLAC, Inc. 1,800 78,750
American Bankers Ins Group, Inc. 700 22,225
100,975
Leisure (0.7%)
Carnival Corp., Class A 2,100 49,088
49,088
Machine Tools (0.9%)
FSI Intl, Inc. <F2> 2,600 60,613
60,613
Manufacturing (0.5%)
Wabash National Corp. 1,000 31,125
31,125
Medical Devices & Supplies (6.2%)
ALZA Corp. <F2> 1,900 44,413
Cardinal Health, Inc. 1,200 56,700
Heart Technology, Inc. <F2> 1,250 24,219
North American Vaccine, Inc. <F2> 2,500 24,843
Ren Corp USA <F2> 1,950 30,956
Research Inds Corp. <F2> 3,000 69,000
Resmed, Inc. <F2> 500 6,000
Respironics, Inc. <F2> 3,000 42,750
Sofamor/Danek Group, Inc. <F2> 1,000 22,625
Steris Corp. <F2> 1,000 48,500
Uromed Corp. <F2> 2,000 16,250
Ventritex, Inc. <F2> 2,000 33,750
420,006
Oil & Gas (0.6%)
Belden & Blake Corp. <F2> 2,500 40,625
40,625
Paper (0.7%)
Chesapeake Corp. 1,500 46,688
46,688
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED CAPITAL ACCUMULATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (continued)
June 30, 1995 (Unaudited)
Shares Value
Equity securities (Cont'd)
Pharmaceutical (1.1%)
Merck & Co., Inc. 1,500 $ 73,500
73,500
Real Estate (1.5%)
General Growth Properties, Inc. 2,000 40,750
Post Properties, Inc. 1,200 36,300
Prime Residential, Inc. 1,800 27,225
104,275
Recycling (0.7%)
Imco Recycling, Inc. 2,500 46,875
46,875
Restaurants (2.3%)
Buffets, Inc. <F2> 2,800 38,500
Cheesecake Factory, Inc. <F2> 2,000 51,500
Daka Intl, Inc. <F2> 3,000 69,375
159,375
Retail (11.8%)
Autozone, Inc. <F2> 1,200 30,150
Barnes & Noble, Inc. <F2> 2,000 68,000
Bombay, Inc. <F2> 3,200 25,200
Federated Department Stores, Inc. <F2> 1,900 25,200
Gymboree Corp. <F2> 2,000 58,125
Heilig Meyers Co. 1,300 33,150
Home Depot, Inc. 1,000 40,625
Just For Feet, Inc. <F2> 1,500 59,813
Lechters, Inc. <F2> 1,500 23,250
Mens Wearhouse, Inc. <F2> 2,100 57,750
Movie Gallery, Inc. <F2> 3,500 122,718
Quiksilver, Inc. <F2> 2,000 52,500
Revco D.S., Inc. <F2> 2,100 50,400
St. John Knits, Inc. 1,700 76,288
Sunglass Hut International, Inc. <F2> 1,000 35,000
Whole Foods Mkt, Inc. <F2> 1,500 22,870
804,764
Specialized Services (1.4%)
Equifax, Inc. 1,175 39,216
Gartner Group, Inc., Class A <F2> 1,000 29,000
Webb Del Corp. 1,200 27,900
96,116
Telecommunications (1.8%)
Mobile Telecommunication Technologies Corp. <F2> 2,000 54,750
Telefonos de Mexico, S.A. 800 23,700
U.S. Order, Inc. 3,000 44,250
122,700
TOTAL INVESTMENTS (97.8%) <F4> (Cost $5,403,613) <F3> $6,661,688
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
CALVER RESPONSIBLY INVESTED STRATEGIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
Shares Value
EQUITY SECURITIES (17.4%)
Communications (0.7%)
Premisys Communications, Inc. <F2> 100 $ 6,456
6,456
Computers - Equipment and Services (0.8%)
Oracle Systems Corp. <F2> 200 7,725
7,725
Computers - Software (2.7%)
Informix Corp. <F2> 400 10,150
Peoplesoft, Inc. <F2> 200 10,850
Wonderware Corp. <F2> 100 4,025
25,025
Computers - Systems (0.9%)
Silicon Graphics, Inc. <F2> 200 7,975
7,975
Electronics (0.7%)
Trident Microsystems, Inc. <F2> 300 6,225
6,225
Oil & Gas - Field Services (1.2%)
Smith International, Inc. <F2> 440 7,370
Tuboscope Vetco International Corp. <F2> 500 3,188
10,558
Oil & Gas - U.S. Exploration & Production (7.8%)
Apache Corp. 800 21,900
Barrett Res Corp. <F2> 400 9,300
Burlington Res, Inc. 400 14,750
Coda Energy, Inc. <F2> 500 3,437
Parker & Parsley Pete Co. 300 5,887
Seagull Energy Corp. <F2> 500 8,250
Valero Energy Corp. 200 4,050
Western Gas Res, Inc. 200 3,450
71,024
Oil & Gas - U.S. Integrated (1.2%)
KCS Energy, Inc. 500 10,688
10,688
Retail (1.4%)
Just For Feet, Inc. <F2> 100 3,988
Petsmart, Inc. <F2> 300 8,625
12,613
Total Equity Securities (Cost $154,083) 158,289
OUNCES
GOLD (4.2%)
Gold Bar 99 38,190
Total Gold (Cost $38,944) 38,190
Total Investments (21.6%) <F4> (Cost $193,027) <F3> $196,479
See notes to portfolio of investments.
ACACIA CAPITAL CORPORATION
NOTES TO PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
<FN>
<F1> Ratings: Moody's Investor Service, Inc. ratings of long-term
corporate debt obligations in descending order of quality are
Aaa, Aa, A, Baa. Moody's ratings of state and municipal notes in descending
order of quality are MIG1, MIG2, MIG3. VMIG rating is the same as MIG
rating but is designated for issues that have periodic demand features.
Standard and Poor's Corporation ratings of state and municipal notes in
descending order of quality are: A-1, A-2, A-3, B, C, D. Standard and
Poor's ratings of corporate debt are AAA, AA, A, BBB. Numerical modifiers
and plus or minus indicate the ranking of a security within its generic
rating category. Moody's ratings are indicated before Standard and Poor's
in the portfolio of investments.
NR: Obligation is not rated by a commercial credit rating service.
Obligation has been determined to be of appropriate quality for the
Portfolio by Calvert Asset Management Company, Inc., the Investment
Advisor.
<F2> These equity securities have not declared dividends in the past
twelve months.
<F3> Cost of investments is substantially the same for federal income tax
purposes.
<F4> The percentages shown represent the percentage of the investments in
net assets.
<F5> These obligations have a daily or seven day tender at par, at
holder's option.
<F6> Explanation of Guarantees
LOC: Letter of Credit
<F7> Abbreviations
VRDN: Variable Rate Demand Notes
</FN>
</TABLE>
<TABLE>
<CAPTION>
ACACIA CAPITAL CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1995 (UNaudited)
<S> <C> <C> <C> <C>
CRI CRI
Money CRI CRI Global
Market Bond Equity Equity
ASSETS
Investments in securities, at value -
see accompanying portfolio $ 4,490,005 $ 2,680,446 $ 2,611,871 $ 9,950,682
Cash and foreign currency 576,001 258,746 88,405 29,871
Interest and dividends receivable 6,117 56,067 2,680 49,424
Receivable for securities sold _ _ _ 8,242
Total assets 5,072,123 2,995,259 2,702,956 10,038,219
LIABILITIES
Payable to Calvert Asset Management Company, Inc.- <F2> 2,580 1,823 1,363 9,133
Payable for securities purchased _ _ _ 62,459
Accrued expenses and other liabilities 1,764 500 880 6,388
Total liabilities 4,344 2,323 2,243 77,980
Net assets $ 5,067,779 $ 2,992,936 $ 2,700,713 $ 9,960,239
NET ASSETS
Net assets consist of:
Paid-in capital applicable to 5,072,383 outstanding shares
of common stock, for the CRI Money Market Portfolio,
$1.00 par value (14,000,000 shares authorized) 5,067,808
Paid-in capital applicable to 186,010 outstanding shares
of common stock, for the CRI Bond Portfolio,
$1.00 par value (1,000,000 shares authorized) 2,904,855
Paid-in capital applicable to 158,254 outstanding shares
of common stock, for the CRI Equity Portfolio,
$1.00 par value (2,000,000 shares authorized) 2,632,890
Paid-in capital applicable to 594,876 outstanding shares
of common stock, for the CRI Global Equity Portfolio,
$1.00 par value (4,000,000 shares authorized) 9,923,390
Accumulated net investment income - net of distributions (168) 70,238 10,612 99,864
Accumulated realized gains (losses) on investments -
net of distributions 139 (19,736) 44,899 (370,636)
Accumulated realized gains (losses) on foreign currency
transactions - net of distributions _ _ _ 360,886
Net unrealized appreciation (depreciation) on investments _ 37,579 12,312 (54,810)
Net unrealized appreciation (depreciation) on
foreign currency _ _ _ 1,545
Net assets $ 5,067,779 $ 2,992,936 $ 2,700,713 $ 9,960,239
NET ASSET VALUE, offering and redemption price per share
CRI Money Market Portfolio ($5,067,779 divided by
5,072,383 shares) $ 1.00
CRI Bond Portfolio ($2,992,936 divided by 186,010 shares) $ 16.09
CRI Equity Portfolio ($2,700,713 divided by 158,254 shares) $ 17.07
CRI Global Equity Portfolio ($9,960,239 divided by
594,876 shares) $ 16.74
See notes to financial statements.
ACACIA CAPITAL CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES (continued)
june 30, 1995 (Unaudited)
CRI CRI
CRI Capital Strategic
Balanced Accumulation Growth
ASSETS
Investments in securities, at value -
see accompanying portfolio $ 88,721,441 $ 6,661,688 $ 196,479
Cash 359 171,579 723,454
Interest and dividends receivable 469,460 1,938 121
Receivable for securities sold _ 171,609 _
Receivable for shares sold 39,368 _ _
Other assets 3,687 297 _
Total assets 89,234,315 7,007,111 920,054
LIABILITIES
Payable to Calvert Asset Management Company, Inc.- <F2> 69,569 5,606 1,093
Payable for securities purchased 1,431,283 192,254 9,950
Payable for shares redeemed 8,852 590 530
Accrued expenses and other liabilities 5,483 _ _
Total liabilities 1,515,187 198,450 11,573
Net assets $ 87,719,128 $ 6,808,661 $ 908,481
NET ASSETS
Net assets consist of:
Paid-in capital applicable to 51,873,106 outstanding shares
of common stock, for the CRI Balanced Portfolio,
$1.00 par value (70,000,000 shares authorized) 75,589,690
Paid-in capital applicable to 320,874 outstanding shares
of common stock, for the CRI Capital Accumulation
Portfolio, $1.00 par value (4,000,000 shares authorized) 5,633,955
Paid-in capital applicable to 90,840 outstanding shares
of common stock, for the CRI Strategic Growth Portfolio,
$1.00 par value (5,000,000 shares authorized) 908,794
Accumulated net investment income - net of distributions 1,214,651 (11,828) (3,557)
Accumulated realized gains (losses) on investments -
net of distributions 2,729,060 (71,541) (208)
Accumulated realized gains (losses) on foreign currency
transactions - net of distributions (14,982) _ _
Net unrealized appreciation (depreciation) on investments 8,200,652 1,258,075 3,452
Net unrealized appreciation (depreciation) on foreign
currency 57 _ _
Net assets $87,719,128 $6,808,661 $908,481
NET ASSET VALUE, offering and redemption price per share
CRI Balanced Portfolio
($87,719,128 divided by 51,873,106 shares) $ 1.691
CRI Capital Accumulation Portfolio
($6,808,661 divided by 320,874 shares) $ 21.22
CRI Strategic Growth Portfolio
($908,481 divided by 90,840 shares) $ 10.00
See notes to financial statements.
ACACIA CAPITAL CORPORATION
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
CRI CRI
MONEY CRI CRI Global
INVESTMENT INCOME MARKET Bond Equity equity
Interest income $ 164,007 $ 78,613$ 349 $ 36,712
Dividend income (net of foreign taxes of
$12,108 for the Global Equity Series) _ _ 19,617 110,461
Total investment income 164,007 78,613 19,966 147,173
Expenses - <F2>
Investment advisory fee 13,770 7,878 8,287 43,034
Custodian fees (5) (13) (4) 138
Postage and delivery 145 47 48 204
Printing and stationery 1,834 477 853 2,172
Professional fees (117) 54 (85) 111
Miscellaneous expenses _ _ 757 48
Total expenses 15,627 8,443 9,856 45,707
NET INVESTMENT INCOME 148,380 70,170 10,110 101,466
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on investments 159 _ 113,856 (151,487)
Net realized gain (loss) on foreign currency _ _ _ 141,737
Change in unrealized appreciation or depreciation of
investments _ 164,391 171,124 420,001
Change in unrealized appreciation or depreciation
of foreign currency _ _ _ 1,313
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY 159 164,391 284,980 411,564
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 148,539 $ 234,561 $ 295,090 $ 513,030
See notes to financial statements.
ACACIA CAPITAL CORPORATION
STATEMENTS OF OPERATIONS (continued)
SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
CRI
CRI CAPITAL
INVESTMENT INCOME BALANCED ACCUMULATION
Interest income $ 1,159,038 $ 2,615
Dividend income 403,033 10,353
Total investment income 1,562,071 12,968
Expenses - <F2>
Investment advisory fee 261,386 21,758
Directors' fees and expenses 16,366 1,266
Federal and state registration fees 2,804 224
Insurance 778 71
Postage and delivery 469 47
Printing and stationery 53,035 4,084
Professional fees 11,179 867
Miscellaneous expenses 1,381 107
Total expenses 347,398 28,424
NET INVESTMENT INCOME (LOSS) 1,214,673 (15,456)
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on investments 3,520,511 188,613
Net realized gain (loss) on foreign currency (14,982) _
Change in unrealized appreciation or depreciation
of investments 7,431,304 1,176,503
Change in unrealized appreciation or depreciation
of foreign currency 57 _
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY 10,936,890 1,365,116
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $12,151,563 $1,349,660
See notes to financial statements.
ACACIA CAPITAL CORPORATION
STATEMENTS OF OPERATIONS (continued)
FROM INCEPTION (MARCH 1, 1995) THROUGH
JUNE 30, 1995 (UNAUDITED)
CRI
strategic
INVESTMENT INCOME growth
Dividend income $ 121
Total investment income 121
Expenses - <F2>
Investment advisory fee 3,124
Postage and delivery 54
Printing and stationery 430
Professional fees 70
Total expenses 3,678
NET INVESTMENT INCOME (LOSS) (3,557)
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) (208)
Change in unrealized appreciation or depreciation of investments 3,452
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS 3,244
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (313)
See notes to financial statements.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED MONEY MARKET PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS (UNAUDITED) 1994
Operations
Net investment income $ 148,380 $ 212,908
Net realized gain (loss) on investments 159 (20)
Net increase (DECREASE) in net assets
resulting from operations 148,539 212,888
Distributions to shareholders
Net investment income (148,548) (216,901)
Capital share transactions - <F3> (1,411,227) 2,451,508
TOTAL INCREASE (DECREASE) IN NET ASSETS (1,411,236) 2,447,495
NET ASSETS
Beginning of period 6,479,015 4,031,520
End of period (including accumulated net investment
income - net of distributions of ($168) and $0
for 1995 and 1994, respectively.) $ 5,067,779 $ 6,479,015
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BOND PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS YEAR ENDED
ended DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS JUNE 30, 1995 1994
Operations
Net investment income $ 70,170 $ 73,710
Net realized gain (loss) on investments _ (19,736)
Change in unrealized appreciation or
depreciation of investments 164,391 (133,324)
Net increase (decrease) in net assets
resulting from operations 234,561 (79,350)
Distributions to shareholders
Net investment income _ (73,642)
Net realized gain on investments _ _
Total distributions _ (73,642)
Capital share transactions - <F3> 1,355,000 (70,894)
TOTAL INCREASE (DECREASE) IN NET ASSETS 1,589,561 (223,886)
NET ASSETS
Beginning of period 1,403,375 1,627,261
End of period (including accumulated net investment
income - net of distributions of $70,238 and $68
for 1995 and 1994, respectively.) $ 2,992,936 $ 1,403,375
See notes to financial statements.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED EQUITY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994
INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment income $ 10,110 $ 34,508
Net realized gain (loss) on investments 113,856 (51,195)
Change in unrealized appreciation or depreciation
of investments 171,124 (242,697)
Net increase (decrease) in net assets
resulting from operations 295,090 (259,384)
Distributions to shareholders
Net investment income _ (34,006)
Net realized gain on investments _ _
Total distributions _ (34,006)
Capital share transactions - <F3> (266,672) 439,077
TOTAL INCREASE (DECREASE) IN NET ASSETS 28,418 145,687
NET ASSETS
Beginning of period 2,672,295 2,526,608
End of period (including accumulated net investment
income - net of distributions of $10,612 and $502
for 1995 and 1994, respectively.) $ 2,700,713 $ 2,672,295
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED GLOBAL EQUITY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS (UNAUDITED) 1994
Operations
Net investment income $ 101,466 $ 37,962
Net realized gain (loss) on investments (151,487) 390,637
Net realized gain (loss) on foreign currency 141,737 219,148
Change in unrealized appreciation or depreciation
of investments 420,001 (973,929)
Change in unrealized appreciation or depreciation
of foreign currency 1,313 5,375
Net increase (decrease) in net assets
resulting from operations 513,030 (320,807)
Distributions to shareholders
Net investment income _ (62,195)
Net realized gain on investments _ (587,297)
Total distributions _ (649,492)
Capital share transactions - <F3> 1,682,489 4,205,722
TOTAL INCREASE (DECREASE) IN NET ASSETS 2,195,519 3,235,423
NET ASSETS
Beginning of period 7,764,720 4,529,297
End of period (including accumulated net
investment income - net of distributions of
$99,864 and $(1,303) for 1995 and 1994, respectively.) $ 9,960,239 $ 7,764,720
See notes to financial statements.
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS (UNAUDITED) 1994
Operations
Net investment income $ 1,214,673 $ 2,063,409
Net realized gain (loss) on investments 3,520,511 (604,541)
Net realized gain (loss) on foreign currency (14,982) _
Change in unrealized appreciation or depreciation
of investments 7,431,304 (3,394,657)
Change in unrealized appreciation or depreciation
of foreign currency 57 _
Net increase (decrease) in net assets
resulting from operations 12,151,563 1,935,789
Distributions to shareholders
Net investment income _ (2,067,159)
Net realized gain on investments _ _
Total distributions _ (2,067,159)
Capital share transactions - <F3> 8,974,885 16,595,869
TOTAL INCREASE (DECREASE) IN NET ASSETS 21,126,448 12,592,921
NET ASSETS
Beginning of period 66,592,680 53,999,759
End of period (including accumulated net
investment income - net of distributions of
$1,214,651 and ($22) for 1995 and 1994, respectively.) $87,719,128 $66,592,680
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED CAPITAL ACCUMULATION PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS (UNAUDITED) 1994
Operations
Net investment income $ (15,456) $ 36,868
Net realized gain (loss) on investments 188,613 (260,154)
Change in unrealized appreciation or depreciation
of investments 1,176,503 (358,629)
Net increase (decrease) in net assets
resulting from operations 1,349,660 (581,915)
Distributions to shareholders
Net investment income _ (33,260)
Net realized gain on investments _ _
Total distributions _ (33,260)
Capital share transactions - <F3> (229,820) 1,317,773
TOTAL INCREASE (DECREASE) IN NET ASSETS 1,119,840 702,598
NET ASSETS
Beginning of period 5,688,821 4,986,223
End of period (including accumulated net investment
income - net of distributions of ($11,828) and $3,628
for 1995 and 1994, respectively.) $ 6,808,661 $ 5,688,821
See notes to financial statements.
ACACIA CAPITAL CORPORATION
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE A_SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General: Acacia Capital Corporation ("Fund"), a Maryland corporation, is
registered under the Investment Company Act of 1940, as amended ("Act"), as
an open-end management investment company. The Fund operates as a series
fund, each series issuing a separate class of common stock. The Calvert
Responsibly Invested (CRI) Capital Accumulation (formerly known as
Calvert-Ariel Appreciation II), CRI Money Market, CRI Bond, CRI Equity, CRI
Global Equity, CRI Balanced (formerly known as Calvert Responsibly
Invested Managed Growth Portfolio or Calvert Socially Responsible Series)
Series ("Series"), and CRI Strategic Growth are all series of the Fund.
Shares of the CRI Capital Accumulation, CRI Money Market, CRI Bond, CRI
Equity, CRI Global Equity, CRI Balanced, and CRI Strategic Growth series
are sold to National Home Life Assurance Company. Shares of the CRI Capital
Accumulation and CRI Balanced series are also sold to other insurance
companies. Shares in Prism are offered only to separate accounts of
insurance companies at a price equal to their respective net asset values
per share, without a sales charge.
Portfolio Valuation: Investments in the CRI Money Market Series are
carried at amortized cost, which approximates market value. Securities of
the other series are valued as follows: (a) securities for which market
quotations are readily available are valued at the most recent closing
price, mean between bid and asked price, or yield equivalent as obtained
from one or more market makers for such securities; (b) securities maturing
within 60 days are valued at cost, plus or minus any amortized discount
or premium, unless the Board of Directors determines such method not to be
appropriate under the circumstances; and (c) fair values for all other
securities and assets for which market quotations are not readily available
are determined by the Advisor in good faith under the supervision of the
Board of Directors.
Securities Transactions and Investment Income: Securities transactions are
recorded on a trade-date basis. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Dividend income is
recorded on the ex-dividend date and interest income is recorded on the
accrual basis.
Share Valuation, Dividends and Distributions to Shareholders: The net
asset value per share, the price at which shares are issued and redeemed,
is computed for each Series by dividing the value of the Series' total
assets, less its liabilities, by the total number of shares outstanding
each business day. It is the Fund's policy to maintain a constant net asset
value of $1.00 per share for the CRI Money Market Portfolio and it has
adopted certain investment, portfolio valuation, and dividend and
distribution policies intended to enable it to do so. The net asset values
per share of the other Series fluctuate daily in response to changes in the
market value of investments. Dividends and distributions on the CRI Capital
Accumulation, CRI Bond, CRI Equity, CRI Global Equity, CRI Balanced and CRI
Strategic Growth Series are paid annually. Dividends and distributions on
the CRI Money Market are paid monthly.
Federal Income Taxes: It is the policy of the Fund to continue to qualify
as a regulated investment company by complying with the provisions of the
Internal Revenue Code available to certain investment companies, and to
make distributions of taxable income sufficient to relieve it from all, or
substantially all, federal income and excise taxes.
CRI Bond and CRI Equity have unused realized capital loss carryforwards for
federal income tax purposes of $19,736 and $68,957 respectively, at June
30, 1995, which expire in 2002.
Foreign Currency Translation: Portfolio securities and other assets and
liabilities denominated in foreign currencies are translated into U.S.
dollar amounts at the prevailing exchange rates at the end of each
respective period. Purchases and sales of portfolio securities and income
items denominated in foreign currencies are translated into U.S. dollar
amounts at the rate of exchange prevailing on the dates of such
transactions. When the Fund purchases or sells a foreign security it will
customarily enter into a foreign exchange contract to minimize foreign
exchange risk from the trade date to the settlement date of such
transaction.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of forward contracts, currency
gains or losses realized between the trade and settlement dates on
securities transactions, the difference between the amounts of dividends,
interest, and foreign withholding taxes recorded on the Fund's books, and
the U.S. dollar equivalent of the amounts actually received or paid. Net
unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities resulting from changes in the exchange
rate.
<F2> NOTE B _ INVESTMENT ADVISORY FEE
The Fund's investment advisor is Calvert Asset Management Company, Inc.
("CAM"), a wholly-owned subsidiary of Calvert Group, Ltd., which is an
indirect, wholly-owned subsidiary of Acacia Mutual Life Insurance Company.
Under the Advisory Contract, CAM manages the investment and reinvestment of
the Fund's assets, subject to the direction and control of the Directors,
provides office space, facilities and equipment to the Fund, pays the
salaries and fees of the affiliated Directors, and pays all Fund
advertising and promotional expenses. For its services, CAM receives a fee
of 0.50% of the average daily net assets from CRI Money Market, 0.70% from
CRI Equity and Balanced, 0.65% from CRI Bond, 1.00% from CRI Global, 0.80%
from CRI Capital Accumulation, and 1.50% from CRI Strategic Growth. In
addition to the fee payable to the Advisor, CRI Equity pays a performance
fee based on the investment performance of the Portfolio in relation to the
investment record of the Standard & Poor's Composite Stock Price Index.
Until December 8, 1994, CAM was the investment manager for CRI Ariel
Appreciation, now known as CRI Capital Accumulation. For its services, CAM
received an annual fee of 0.50% of the series' average daily net assets,
payable monthly. The investment advisor was Ariel Capital Management, Inc.
(R) ("Ariel Capital"). Ariel Capital provided investment advice to the
Series and was responsible, subject to the direction and control of the
Fund's Board of Directors, for the selection of the Series' investments.
For its services, Ariel Capital received a fee of 0.25% of the Series net
assets, for a total of 0.75% paid by the Series for advisory services. As
of December 8, 1994, CAM is the investment advisor, and received 0.75% for
its services. Certain officers and directors of the Fund are "affiliated
persons," as defined in the Act, of the Advisor. Each director of the Fund
who is not affiliated with the Advisor receives a meeting fee of $500 for
each Board meeting attended.
<F3> NOTE C - NET ASSETS
The change in net assets resulting from capital share transactions for 1995
and 1994 is indicated below:
CRI MONEY MARKET
CRI BOND
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
In dollars
Shares sold $ 4,100,830 $ 23,556,988 $ 1,518,516 $ 1,353,470
Reinvestment of dividends 127,240 216,901 _ 73,642
Shares redeemed (5,639,297) (21,322,381) (163,516) (1,498,006)
$ (1,411,227) $ 2,451,508 $ 1,355,000 $ (70,894)
In shares
Shares sold 4,100,830 23,556,988 100,434 86,776
Reinvestment of dividends 127,240 216,901 _ 216,901
Shares redeemed (5,639,297) (21,322,381) (10,398) (97,551)
(1,411,227) 2,451,508 90,036 (5,859)
CRI EQUITY
CRI GLOBAL EQUITY
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994 UNAUDITED) 1994
In dollars
Shares sold $ 191,755 $1,596,732 $2,125,236 $5,389,240
Reinvestment of dividends _ 34,006 _ 649,491
Shares redeemed (458,427) (1,191,661) (442,747) (1,833,009)
$ (266,672) $ 439,077 $1,682,489 $4,205,722
In shares
Shares sold 12,256 96,305 134,522 293,138
Reinvestment of dividends _ 2,209 _ 40,294
Shares redeemed (29,510) (71,126) (28,182) (100,451)
CRI BALANCED
CRI CAPITAL ACCUMULATION
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
In dollars
Shares sold $11,875,276 $21,821,042 $679,723 $2,889,850
Reinvestment of dividends _ 2,067,159 _ 33,260
Shares redeemed (2,900,391) (7,292,332) (909,543) (1,605,337)
$8,974,885 $16,595,869 $(229,820) $1,317,773
In shares
Shares sold 7,521,851 14,565,450 36,874 158,373
Reinvestment of dividends _ 1,425,675 _ 1,954
Shares redeemed (1,892,312) (4,889,932) (51,226) (88,169)
5,629,539 11,101,193 (14,352) 72,158
CRI STRATEGIC GROWTH
FROM INCEPTION
MARCH 1, 1995
THROUGH
JUNE 30, 1995
(UNAUDITED)
In dollars
Shares sold $ 1,038,907
Reinvestment of dividends _
Shares redeemed (130,113)
$ 908,794
In shares
Shares sold 103,810
Reinvestment of dividends _
Shares redeemed (12,970)
90,840
<F4> NOTE D - INVESTMENT TRANSACTIONS
For the period ended June 30, 1995, the Portfolios made purchases and sales of investment securities, other than
short-term securities, as follows:
CRI CRI CRI
CRI CRI Global CRI capital strategic
bond equity equity balanced accumulation growth
Purchases $ 1,353,497 $ 640,265 $4,905,600 $66,805,397 $6,068,897 $ 239,337
Sales $ 20,000 $ 926,646 $2,816,209 $54,650,807 $3,353,436 $ 46,103
<F5> NOTE E - TAX BASIS OF INVESTMENT SECURITIES
At June 30, 1995, the Portfolio's cost of investment securities for
federal income tax purposes, and gross unrealized appreciation and
depreciation of investments, were as follows:
Cost of investment securities $ 2,642,867$ 2,599,559 $ 10,005,492 $ 80,520,789 $ 5,403,613$ 193,027
Appreciation 80,884 357,052 679,840 8,810,995 1,325,637 8,311
Depreciation (43,305) (344,740) (734,650) (610,343) (67,562) (4,859)
Net unrealized appreciation
(depreciation) $ 37,579 $ 12,312 $(54,810) $ 8,200,652 $1,258,075 $ 3,452
</TABLE>
<TABLE>
<CAPTION>
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
<S> <C> <C> <C> <C>
six months
ended from inception
june 30, year ended year ended june 30, 1992
1995 december 31, december 31, through
(unaudited) 1994 1993 dec. 31,1992
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00
Income from investment operations
Net investment income .026 .039 .031 .009
Net realized and unrealized gain (loss) on
investments _ _ _ _
Total from investment operations .026 .039 .031 .00
Distributions to shareholders
Dividends from net investment income (.026) (.039) (.031) (.009)
Distributions from net realized gains _ _ _ _
Total distributions (.026) (.039) (.031) (.009)
Total increase (decrease) in net asset value _ _ _ _
Net asset value, end of period $1 $1.00 $1.00 $1.00
Total return 2.72% 3.96% 3.09% 2.11%(a)
Ratio of expenses to average net assets .57%(a) .45% _ _
Ratio of net investment income to average net
assets 5.39%(a) 3.91% 3.07% 3.02%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement _ .36% .11% .85%(a)
Net assets, end of period $5,067,779 $6,479,015 $ 4,031,520 $1,795,231
Number of shares outstanding at end of period
(in thousands) 5,072 6,484 4,032 1,795
(a) Annualized
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BOND PORTFOLIO
FINANCIAL HIGHLIGHTS (continued)
six months from inception
ended year ended year ended june 30, 1992
june 30, 1995 december 31, december 31, through
(unaudited) 1994 1993 dec. 31,1992
Net asset value, beginning of period $14.62 $15.98 $15.10 $15.00
Income from investment operations
Net investment income .46 .81 .50 .09
Net realized and unrealized gain (loss)
on investments 1.01 1.36 .91 .10
Total from investment operations 1.47 2.17 1.41 .19
Distributions to shareholders
Dividends from net investment income _ (.81) (.50) (.09)
Distributions from net realized gains _ _ (.03) _
Total distributions _ (.81) (.53) (.09)
Total increase (decrease) in net asset value 1.47 (1.36) .88 .10
Net asset value, end of period $16.09 $14.62 $15.98 $15.10
Total return 10.05% (3.45%) 9.32% 1.33%
Ratio of expenses to average net assets .70%(a) .62% _ _
Ratio of net investment income to average
net assets 5.79%(a) 5.20% 5.24% 5.23%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement _ .30% .13% 2.06%(a)
Portfolio turnover 1% 12% 57% 56%
Net assets, end of period $2,992,936 $1,403,375 $1,627,261 $125,633
Number of shares outstanding at end of period
(in thousands) 186 96 102 8
(a) Annualized
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS (continued)
six months from inception
ended year ended year ended june 30, 1992
june 30, 1995 december 31, december 31, through
(unaudited) 1994 1993 dec. 31,1992
Net asset value, beginning of period $15.23 $17.06 $16.56 $15.00
Income from investment operations
Net investment income .06 .20 .25 .05
Net realized and unrealized gain (loss)
on investments 1.78 1.83 .50 1.56
Total from investment operations 1.84 2.03 .75 1.61
Distributions to shareholders
Dividends from net investment income _ (.20) (.25) (.05)
Distributions from net realized gains _ _ _ _
Total distributions _ (.20) (.25) (.05)
Total increase (decrease) in net asset value 1.84 (1.83) .50 1.56
Net asset value, end of period $17.07 $15.23 $17.06 $16.56
Total return 12.08% (9.58%) 4.54% 10.57%
Ratio of expenses to average net assets .79%(a) .57% _ _
Ratio of net investment income to average net assets .81%(a) 1.36% 2.08% 2.75%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement _ .42% .12% 2.31%(a)
Portfolio turnover 27% 115% 4% 7%
Net assets, end of period $2,700,713 $2,672,295 $2,526,608 $127,727
Number of shares outstanding at end of period
(in thousands) 158 176 148 8
(a) Annualized
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED GLOBAL EQUITY PORTFOLIO
FINANCIAL HIGHLIGHTS (continued)
six months from inception
ended year ended year ended june 30, 1992
june 30, 1995 december 31, december 31, through
(unaudited) 1994 1993 dec. 31,1992
Net asset value, beginning of period $15.89 $17.72 $14.57 $15.00
Income from investment operations
Net investment income .19 .11 .11 (.02)
Net realized and unrealized gain (loss) on
investments .66 (.49) 4.07 (.41)
Total from investment operations .85 (.38) 4.18 (.43)
Distributions to shareholders
Dividends from net investment income _ (.13) (.08) _
Distributions from net realized gains _ (1.32) (.95) _
Total distributions _ (1.45) (1.03) _
Total increase (decrease) in net asset value .85 (1.83) 3.15 (.43)
Net asset value, end of period $16.74 $15.89 $17.72 $14.57
Total return 5.35% (2.13%) 29.72% (3.27%)
Ratio of expenses to average net assets 1.06%(a) 1.24% .94% .98%(a)
Ratio of net investment income to average net assets 2.36%(a) .59% 1.00% (.98%)(a)
Increase reflected in above net investment income
ratio due to expense reimbursement _ .29% .10% 1.07%(a)
Portfolio turnover 35% 84% 64% _
Net assets, end of period $9,960,239 $7,764,720 $4,529,297 $235,701
Number of shares outstanding at end of period
(in thousands) 595 489 256 16
(a) Annualized
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED BALANCED PORTFOLIO
FINANCIAL HIGHLIGHTS (continued)
<S> <C> <C> <C> <C> <C>
six months
ended year ended year ended year ended year ended
june 30, 1995 december 31, december 31, december 31, december 31,
(unaudited) 1994 1993 1992 1991
Net asset value, beginning of period $1.440 $1.537 $1.465 $1.403 $1.249
Income from investment operations
Net investment income .025 .046 .045 .044 .050
Net realized and unrealized
gain (loss) on investments .226 (.097) .072 .062 .154
Total from investment operations .251 (.051) .117 .106 .204
Distributions to shareholders
Dividends from net investment income _ (.046) (.045) (.044) (.050)
Total increase (decrease) in net asset value .251 (.097) .072 .062 .154
Net asset value, end of period $1.691 $1.440 $1.537 $1.465 $1.403
Total return 17.43% (3.30%) 8.00% 7.61% 16.40%
Ratio of expenses to average net assets . .93%(a) .80% .81% .85% .85%
Ratio of net investment income to average net assets 3.25%(a) 3.39% 3.69% 4.05% 4.49%
Portfolio turnover 83% 43% 14% 15% 12%
Net assets, end of period $87,719,128 $66,592,680 $53,999,759 $28,471,358 $14,945,973
Number of shares outstanding at end
of period (in thousands) $51,873 46,244 35,142 19,433 10,656
(a) Annualized
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED CAPITAL ACCUMULATION PORTFOLIO
FINANCIAL HIGHLIGHTS (continued)
From Inception
six months July 16, 1991
ended year ended year ended year ended through
june 30, 1995 december 31, december 31, december 31, December 31,
(unaudited) 1994 1993 1992 1991
Net asset value, beginning of period $16.97 $18.95 $17.87 $15.82 $15.00
Income from investment operations
Net investment income (.05) .10 .08 .09 .26
Net realized and unrealized gain
(loss) on investments 4.30 (1.98) 1.27 2.09 .82
Total from investment operations 4.25 (1.88) 1.35 2.18 1.08
Distributions to shareholders
Dividends from net investment income _ (.10) (.08) (.09) (.26)
Distributions from net realized gains _ _ (.19) (.04) _
Total distributions _ (.10) (.27) (.13) (.26)
Total increase (decrease) in net asset value 4.25 (1.98) 1.08 2.05 .82
Net asset value, end of period $21.22 $16.97 $18.95 $17.87 $15.82
Total return 25.04% (9.92%) 7.56% 13.73% 7.25%
Ratio of expenses to average net assets .98%(a) .79% .80% .39% _
Ratio of net investment income to
average net assets (.53%)(a) .68% .66% 1.19% .84%(a)
Increase reflected in above net
investment income ratio due to
expense reimbursement _ _ _ .87% 4.23%(a)
Portfolio turnover 65% 79% 26% 2% 5%
Net assets, end of period $6,808,661 $5,688,821 $4,986,223 $870,066 $268,040
Number of shares outstanding at end
of period (in thousands) 321 335 263 49 17
(a) Annualized
ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED STRATEGIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS (continued)
<S> <C>
from inception
March 1, 1995
through
June 30, 1995
(unaudited)
Net asset value, beginning of period $10.00
Income from investment operations
Net investment income (.04)
Net realized and unrealized gain (loss) on investments .04
Total from investment operations _
Distributions to shareholders
Distributions from net investment income _
Distributions from net realized gains _
Total distributions _
Total increase (decrease) in net asset value _
Net asset value, end of period $10.00
Total return 0.00%
Ratio of expenses to average net assets . 1.56%(a)
Ratio of net investment income to average net assets (1.51%)(a)
Increase reflected in above net investment income
ratios due to expense reimbursement _
Portfolio turnover 35%
Net assets, end of period $908,481
Number of shares outstanding at end
of period (in thousands) 91
(a) Annualized
</TABLE>
