ACACIA CAPITAL CORPORATION
CALVERT RESPONSIBLY INVESTED
STRATEGIC GROWTH PORTFOLIO
Prospectus dated April 30, 1997
Date of Supplement: September 10, 1997
The following is added to the cover page of the Prospectus:
Effective October 1, 1997, Portfolio Advisory Services, Inc. is no
longer the investment subadvisor for the Fund's CRI Strategic Growth
Portfolio ("CRI Strategic Growth"). The Fund's Board of Directors and
investment advisor have retained AWAD Associates ("AWAD"), also
effective October 1, 1997, to manage the CRI Strategic Growth
Portfolio. All references in the Prospectus to "PASI" or "Subadvisor"
of the CRI Strategic Growth Portfolio now refer to AWAD.
The CRI Strategic Growth Portfolio will be managed by a team of
investment professionals. The senior investment officer is James D.
Awad. Mr. Awad has been in the investment business since 1965,
focusing on research and portfolio management. Prior to forming
Awad, he was founder and President of BMI Capital, a successful money
management firm. In addition, he has managed assets at Neuberger &
Berman, Channing Management and First Investment Corp. Mr. Awad
earned an MBA from Harvard Business School and a BS Cum Laude from
Washington & Lee University.
The shareholders of the CRI Strategic Growth Portfolio will be
receiving a proxy statement to vote on approval of the new
sub-advisory agreement with AWAD. Shareholders will also be asked to
approve new investment, policies and restrictions for the CRI
Strategic Growth Portfolio, as well as to approve Acacia Capital
Corporation and the investment advisor entering into and materially
amending the investment subadvisory agreement in the future without
shareholder approval.
