Acacia Capital Corporation
Calvert Responsibly Invested Portfolios
(Supplement applicable to CRI Balanced Portfolio only)
Supplement to April 30, 1997
Additional Information
Date of Supplement: August 10, 1997
Insert the following at the end of the first paragraph on page 19 of the
Statement of Additional Information:
The CRI Balanced Portfolio's investment strategy caused it to have a
relatively high portfolio turnover compared to other funds. For the six-months
ended June 30, 1997, the portfolio turnover was 590%. All else being equal, a
fund with high turnover may incur higher transactions costs such as custodian
and settlement fees. Because the strategy deals with the Portfolio's fixed
income investments, which are traded on a spread rather than on commission
basis, brokerage commission expenses have remained relatively level even though
turnover increased significantly.
