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. 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. AWAD's principal
business office is located at 477 Madison Avenue, New York, New York
10022. All references in the Prospectus to "PASI" or "Subadvisor" of
the CRI Strategic Growth Portfolio will refer to AWAD as of October
1, 1997.
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 which provides for AWAD to receive
an subadvisory fee of 0.40% of Portfolio assets, to be paid by the
investment advisor. Concurrent with the new management of the
Portfolio, shareholders will also be asked to vote on a new
Investment Advisory Agreement with the investment advisor, Calvert
Asset Management Company, Inc., to reflect a lower advisory fee of
0.90% of Portfolio assets.
Shareholders will also be asked to approve new investment objective,
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.
