Dear Shareholders:
The financial markets have been exceptionally volatile over the past
few weeks. Events began to unfold in mid August, when the Asian
currency crisis bled over to the Far East markets causing those
markets to stumble, setting off a domino-effect that spread to all
world markets. Just as market observers were predicting a repeat of
the October 19, 1987 slide, stocks rallied back.
At Calvert Group, we see this recent roller coaster ride as an
example of the ups and downs inevitable in stock market investing. We
don't believe the skies have suddenly darkened over the entire
market. Fundamentals are still strong. There is no evidence of
surging inflation, the economy is expanding at a sustainable pace and
money continues to flow into the market.
For investors troubled by the recent volatility, we suggest two
time-tested approaches. First, make investment decisions based on
your time horizon and tolerance for risk. Second, diversifying among
different types of asset classes can help lessen the sting of a
sudden fall in stock prices. Your financial professional can help you
decide whether your portfolio is well balanced.
In closing, I'd like to call your attention to the new format of our
shareholder reports. The changes were intended to put you in closer
contact with the portfolio manager and make the reports more
interesting to read. We welcome your comments.
Sincerely,
Barbara J. Krumsiek
President and CEO
November 3, 1997
<PAGE>
A DISCUSSION WITH PORTFOLIO MANAGER,
ED BROWN
How would you characterize the investment climate during the past six
months?
The stock market continued to race ahead, with all major market
averages posting positive returns. Modest inflation, relatively
stable interest rates and sustained growth in corporate profits are
supporting the market's strength.
What is the Fund's strategy?
We utilize a bottom-up, fundamental approach to investing that has
proven to be effective in ideal and less-than-ideal investment
climates. We seek to identify stocks with strong growth potential
trading at fair valuations. This is known as a "Growth at a
Reasonable Price," or GARP, philosophy.
This period, we continued to focus on two key themes: the Information
Age and the Graying of America. We maintained sizable positions in
health care and financial services companies and in technology
companies that help individuals and businesses enhance their
productivity.
One investment candidate that met both our fundamental and valuation
selection criteria and was added to the portfolio
during the final quarter covered by this report was Health Management
Associates (HMA). HMA is a rapidly growing acquirer and operator of
hospitals in non-urban areas in the Southeast and Southwest and is
led by a lean, centralized management team with a successful track
record.
The Fund turned in strong gains for
the six-month period but lagged its benchmark. Why?
The majority of underperformance can be attributed to the last
quarter. During this period, mid-cap stocks dramatically outperformed
large-cap stocks. The presence of a number of large-cap companies in
the Fund's portfolio diluted our return relative to that of a pure
mid-cap index.
Do you think this bull market is running out of steam?
The stock market is richly valued at a current price/earnings
multiple of 19.1 times our 12-month forward earnings estimate, but in
an environment of low inflation and low interest rates, we don't
believe the market is overvalued. (The price/earnings multiple is an
indication of how much investors are paying for a company's earnings
potential. The higher the p/e, the more investors are willing to
pay.) In addition, valuations for small- and mid-cap stocks are not
as stretched as they are within the large-cap universe. Still,
investors should expect returns closer to historical averages than
the exceptional returns we've seen over the past three years.
October 20, 1997
<PAGE>
Portfolio Statistics
September 30, 1997
Ten Largest Stock Holdings
% of Net Assets
Home Depot, Inc. 3.8%
Greentree Financial Corp. 3.7%
Chase Manhattan Corp. 3.5%
Cardinal Health, Inc. 3.5%
T. Rowe Price Assoc., Inc. 3.4%
Autozone 3.4%
Cisco Systems, Inc. 3.4%
Hewlett Packard Co. 3.3%
Carnival Corp., Class A 2.8%
MCN Corp. 2.8%
Total 33.6%
Investment Performance
6 Months 12 Months
Capital
Accumulation Fund 27.81% 20.67%
S&P Midcap 400
Index TR 33.14% 39.10%
Lipper Mid-Cap
Fund Index 32.23% 24.80%
Investment performance is for Class A shares and does not reflect the
deduction of any front-end sales charge. TR represents total return. Source:
Lipper Analytical Services, Inc.
<PAGE>
PORTFOLIO STATISTICS
September 30, 1997
Average Annual Total Returns
Class A Shares
as of 9/30/97
One year 14.96%
Since inception 21.79%
(10/31/94)
Class C Shares
as of 9/30/97
One year 19.20%
Since inception 22.87%
(10/31/94)
Performance Comparison
Comparison of change in value of $10,000 investment.
Line chart here showing comparison from 10/94 to 9/97
Calvert Capital Accumulation Fund (A) $17,785
Calvert Capital Accumulation Fund (C) $18,249
S&P Midcap 400 Index TR - $19,728
Total returns assume reinvestment of dividends and, for Class A shares,
reflect the deduction of the Fund's maximum sales charge of 4.75%. No sales
charge has been applied to the index used for comparison. Past performance is no
guarantee of future results.
<PAGE>
STATEMENT OF NET ASSETS
SEPTEMBER 30, 1997
Equity Securities - 94.9% Shares Value
Biotechnology - 2.1%
Amgen, Inc. 25,900 $1,241,581
1,241,581
Business Equipment and Services - 6.3%
Acxiom Corp.* 45,400 791,663
Choicepoint, Inc.* 2,830 105,771
Equifax, Inc. 28,300 889,681
Hewlett Packard Co. 28,000 1,947,750
3,734,865
Capital Goods - 2.0%
Illinois Tool Works, Inc. 23,400 1,170,000
1,170,000
Computer - Memory Devices - 2.4%
EMC Corp. * 24,289 1,417,870
1,417,870
Computer - Networks - 5.7%
Cisco Systems, Inc.* 27,000 1,972,687
Network General Corp.* 72,000 1,395,000
3,367,687
Computer - Software - 5.2%
BMC Software, Inc.* 13,500 874,125
Microsoft Corp.* 7,900 1,045,269
Sterling Software, Inc.* 31,050 1,113,919
3,033,313
Computer - Systems - 2.4%
Oracle Corp.* 38,380 1,398,471
1,398,471
Consumer Products and Services - 2.6%
Newell Co. 38,400 1,536,000
1,536,000
Electrical Equipment and Services - 5.0%
Belden, Inc. 40,900 1,541,419
Sterling Commerce, Inc.* 38,631 1,388,302
2,929,721
Electronics - Components - 2.7%
Vishay Intertechnology, Inc.* 60,684 1,604,333
1,604,333
<PAGE>
Equity Securities (Cont'd) Shares Value
Electronics - Semiconductors - 5.0%
Intel Corp. 14,400 $1,329,300
Solectron Corp.* 36,000 1,602,000
2,931,300
Financial Services - 10.6%
Chase Manhattan Corp. 17,624 2,079,632
Green Tree Financial Corp. 45,900 2,157,300
T. Rowe Price Associates, Inc. 29,600 1,990,600
6,227,532
Health Care - 11.4%
Cardinal Health, Inc. 29,150 2,069,650
Health Care & Retirement Corp.* 36,250 1,348,047
Health Management Associates,
Inc., Class A* 17,400 550,275
Johnson & Johnson 17,500 1,008,437
Pall Corp. 37,200 802,125
United Healthcare Corp. 18,900 945,000
6,723,534
Insurance - 1.4%
AFLAC, Inc. 14,900 808,325
808,325
Leisure - 2.8%
Carnival Corp., Class A 36,250 1,676,563
1,676,563
Medical - 4.4%
ALZA Corp.* 42,900 1,244,100
Scherer (R.P.) Corp.* 22,000 1,362,625
2,606,725
Oil and Gas - 2.8%
MCN Energy Group, Inc. 51,300 1,641,600
1,641,600
Property Management - 2.3%
Rouse Co. 43,900 1,360,900
1,360,900
Real Estate - 2.0%
Post Properties, Inc. 29,100 1,156,725
1,156,725
Restaurants - 1.2%
Cheesecake Factory, Inc.* 26,300 724,894
724,894
<PAGE>
Equity Securities (Cont'd) Shares Value
Retail - Department Stores - 1.4%
Nordstrom, Inc. 13,300 $847,875
847,875
Retail - Discount and Variety - 4.0%
Caseys General Stores, Inc. 51,300 1,263,263
Dollar General Corp. 31,421 1,070,286
2,333,549
Retail - Special Line - 9.2%
Autozone, Inc.* 66,000 1,980,000
Fastenal Co. 22,600 1,203,450
Home Depot, Inc. 43,050 2,243,981
5,427,431
Total Equity Securities (Cost $44,902,531) 55,900,794
Principal
Repurchase Agreements - 4.4% Amount Value
State Street Bank: 5.75%, dated
9/30/97, due 10/1/97
(Collateral: $2,742,417,
FNMA, 6.25%, 11/10/99) $2,600,000 2,600,000
Total Repurchase Agreements
(Cost $2,600,000) 2,600,000
TOTAL INVESTMENTS
(Cost $47,502,531) - 99.3% $58,500,794
Other assets and liabilities, net - 0.7% 434,376
Net Assets - 100% $58,935,170
Net Assets Consist of:
Paid-in capital applicable to the following
shares of common stock, 250,000,000
shares of $0.01 par value authorized for
Class A and Class C combined:
Class A: 2,012,314 shares outstanding $39,737,868
Class C: 157,065 shares outstanding 3,182,577
Undistributed net investment income (loss) (265,423)
Accumulated net realized
gain (loss) on investments 5,281,885
Net unrealized appreciation (depreciation) on investments 10,998,263
Net Assets $58,935,170
Net Asset Value per Share
Class A (based on net assets of $54,751,182) $27.21
Class C (based on net assets of $4,183,988) $26.64
* Non-income producing.
See notes to financial statements.
<PAGE>
STATEMENT OF OPERATIONS
Six MonthS Ended September 30, 1997
Net Investment Income
Investment Income
Interest income $37,225
Dividend income 194,905
Total investment income 232,130
Expenses
Investment advisory fee 206,069
Transfer agency fees and expenses 86,045
Distribution Plan expenses:
Class A 84,403
Class C 18,184
Directors' fees and expenses 6,174
Administrative fees 25,934
Custodian fees 6,814
Registration fees 20,661
Reports to shareholders 27,880
Professional fees 7,445
Miscellaneous 14,758
Total expenses 504,367
Fees paid indirectly (6,814)
Net expenses 497,553
Net Investment Income (Loss) (265,423)
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) 2,644,175
Change in unrealized appreciation or depreciation 9,933,000
Net Realized and Unrealized Gain
(Loss) on Investments 12,577,175
Increase (Decrease) in Net Assets
Resulting From Operations $12,311,752
<PAGE>
Statements of Changes in Net Assets
Six Months Ended Six Months Ended
Increase (Decrease) September 30, March 31,
in Net Assets 1997 1997*
Operations
Net investment income (loss) $(265,423) $(302,251)
Net realized gain (loss) 2,644,175 3,711,819
Change in unrealized
appreciation or depreciation 9,933,000 (5,901,118)
Increase (Decrease) in
Net Assets
Resulting From Operations 12,311,752 (2,491,550)
Distributions to shareholders from
Net investment income:
Class A Shares - -
Net realized gain:
Class A Shares - -
Class C Shares - -
Total distributions - -
Capital share transactions:
Shares sold:
Class A Shares 11,879,636 13,167,135
Class C Shares 705,393 763,792
Reinvestment of distributions:
Class A Shares - -
Class C Shares - -
Shares redeemed:
Class A Shares (9,669,900) (9,640,965)
Class C Shares (415,158) (673,033)
Total capital share
transactions 2,499,971 3,616,929
Total Increase (Decrease)
in Net Assets 14,811,723 1,125,379
Net Assets
Beginning of period 44,123,447 42,998,068
End of period (including
undistributed net
investment income (loss) of
$(265,423)
and $0 and $0, respectively) $58,935,170 $44,123,447
Capital Share Activity
Shares sold:
Class A Shares 474,577 592,465
Class C Shares 29,045 35,012
Reinvestment of distributions:
Class A Shares - -
Class C Shares - -
Shares redeemed:
Class A Shares (391,335) (430,246)
Class C Shares (17,681) (30,948)
Total capital share activity 94,606 166,283
<PAGE>
Statements of Changes in Net Assets
(Cont'd)
Increase (Decrease) Year Ended
in Net Assets September 30,
Operations 1996
Net investment income (loss) $(508,712)
Net realized gain (loss) (770,972)
Change in unrealized appreciation
or depreciation 4,563,488
Increase (Decrease) in Net Assets
Resulting From Operations 3,283,804
Distributions to shareholders from
Net investment income:
Class A Shares -
Net realized gain:
Class A Shares (495,825)
Class C Shares (67,810)
Total distributions (563,635)
Capital share transactions:
Shares sold:
Class A Shares 30,827,635
Class C Shares 2,840,269
2,840,269
Reinvestment of distributions:
Class A Shares 477,674
Class C Shares 66,109
Shares redeemed:
Class A Shares (10,158,587)
Class C Shares (1,877,841)
Total capital share transactions 22,175,259
Total Increase (Decrease
in Net Assets 24,895,428
Net Assets
Beginning of period 18,102,640
End of period (including undistributed net
investment income (loss) of $(265,423)
and $0 and $0, respectively) $42,998,068
Capital Share Activity
Shares sold
Class A Shares: 1,470,804
1,470,804
Class C Shares 137,319
Reinvestment of distributions
Class A Shares: 23,450
Class C Shares 3,242
Shares redeemed:
Class A Shares (477,461)
Class C Shares (91,346)
Total capital share activity 1,066,008
* The Fund's fiscal year-end was changed to March 31.
See notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Note A -Significant Accounting Policies
General: The Calvert Capital Accumulation Fund (the "Fund"), a series of
Calvert World Values Fund, Inc., is registered under the Investment Company Act
of 1940 as a non-diversified, open-end management investment company. The
operations of each series are accounted for separately. The Fund, which
commenced operations on October 31, 1994, offers Class A and Class C shares of
capital stock. 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) dividend
rates, due to differences in Distribution Plan expenses and other class specific
expenses, (b) exchange privileges and (c) class specific voting rights.
Effective October 1, 1996, the fiscal year-end of the Fund changed from
September 30 to March 31.
Security Valuation: Securities listed or traded on a national securities
exchange are valued at the last reported sale price. Unlisted securities and
listed securities for which the last sale price is unavailable are valued at the
most recent bid price or based on a yield equivalent obtained from the
securities' market maker. 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 Directors.
Repurchase Agreements: The Fund 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. Although risk is mitigated by the
collateral, the Fund could experience a delay in recovering its value and a
possible loss of income or value if the counterparty fails to perform in
accordance with the terms of the agreement.
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. Investment income, expenses and realized and unrealized
gains and losses are allocated to separate classes of shares based upon the
relative net assets of each class.
Distributions to Shareholders: Distributions to shareholders are
recorded by the Fund on ex-dividend date. Dividends from net investment income
and 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 Fund's capital accounts to
reflect income and gains available for distribution under income tax
regulations.
Estimates: The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of income and expenses during
the reporting period. Actual results could differ from those estimates.
Expense Offset Arrangements: The Fund has an arrangement with its custodian
bank whereby the custodian's fees are paid indirectly by credits earned on the
Fund's 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 Fund intends 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 Directors of the Fund. For its services, the Advisor receives a
monthly fee based on an annual rate of .80% of the Fund's average daily net
assets. Effective January 1997, the Fund began paying a monthly performance fee
of plus or minus up to .05%, on an annual basis, of average daily net assets of
the performance period depending on the Fund's performance compared to the S&P
Mid-Cap 400 Index. For the period ended September 30, 1997, the performance fee
adjustment decreased management fees by $1,400. Calvert Administrative Services
Company, an affiliate of the Advisor, provides administrative services to the
Fund for an annual fee, payable monthly, of .10% of the average daily net assets
of the Fund. Calvert Distributors, Inc., an affiliate of the Advisor, is the
distributor and principal underwriter for the Fund. Distribution Plans, adopted
by each class of shares, allow the Fund to pay the distributor for expenses and
services associated with distribution of shares. The expenses paid may not
exceed .35% and 1.00% annually of average daily net assets of each Class A and
Class C, respectively. The Distributor received $44,211 as its portion of the
commissions charged on sales of the Fund's shares. Calvert Shareholder Services,
Inc., an affiliate of the Advisor, acts as transfer, dividend disbursing and
shareholder servicing agent for the Fund. Each Director who is not affiliated
with the Advisor receives an annual fee of $4,000 plus $1,000 for each Board and
Committee meeting attended. Director's 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 securities, were $13,873,873 and $7,315,344,
respectively. The cost of investments owned at September 30, 1997 was
substantially the same for federal income tax and financial reporting purposes.
Net unrealized appreciation aggregated $10,998,263, of which $11,447,239 related
to appreciated securities and $448,976 related to depreciated securities.
Note D-Line of Credit Effective July 1, 1997, a financing agreement is in
place with all Calvert Group Funds and State Street Bank and Trust Company ("the
Bank"). Under the agreement, the Bank is providing an unsecured line of credit
facility, in the aggregate amount of $50 million ($25 million committed and $25
million uncommitted), to be accessed by the Funds for temporary or emergency
purposes only. Borrowings under this facility bear interest at the overnight
Federal Funds Rate plus .50% per annum. A commitment fee of .10% per annum will
be incurred on the unused portion of the committed facility which will be
allocated to all participating funds. This fee is paid quarterly in arrears. The
Fund had no loans outstanding pursuant to this line of credit at September 30,
1997.
<PAGE>
FINANCIAL HIGHLIGHTS
Periods Ended
September 30, March 31,
Class A Shares 1997 1997
Net asset value, beginning $21.29 $22.55
Income from investment operations
Net investment income (loss) (.11) (.14)
Net realized and unrealized gain (loss) 6.03 (1.12)
Total from investment operations 5.92 (1.26)
Distributions from
Net investment income - -
Net realized gain - -
Total distributions - -
Total increase (decrease) in
net asset value 5.92 (1.26)
Net asset value, ending $27.21 $21.29
Total return* 27.81% (5.59%)
Ratios to average net assets:
Net investment income (loss) (.94%)(a) (1.27%)(a)
Total expenses~ 1.87%(a) 1.96%(a)
Net expenses 1.84%(a) 1.86%(a)
Expenses reimbursed - -
Portfolio turnover 15% 117%
Average commission rate paid $.0501 $.0541
Net assets, ending (in thousands) $54,751 $41,070
Number of shares outstanding ending
(in thousands) 2,012 1,929
Periods Ended
September 30, September 30,
Class A Shares 1996 1995**
Net asset value, beginning $21.48 $15.00
Income from investment operations
Net investment income (loss) (.24) (.11)
Net realized and unrealized gain (loss)1.88 6.61
Total from investment operations 1.64 6.50
Distributions from
Net investment income - (.02)
Net realized gain (.57) -
Total distributions (.57) (.02)
Total increase (decrease) in
net asset value 1.07 6.48
Net asset value, ending $22.55 $21.48
Total return* 7.92% 43.40%
Ratios to average net assets:
Net investment income (loss) (1.56%) (1.55%)(a)
Total expenses~ 2.16% 2.35%(a)
Net expenses 1.98% 2.06%(a)
Expenses reimbursed - .05%(a)
Portfolio turnover 114% 95%
Average commission rate paid $.0563 N/A
Net assets, ending (in thousands) $39,834 $16,111
Number of shares outstanding,
ending (in thousands) 1,767 750
<PAGE>
FINANCIAL HIGHLIGHTS
Periods Ended
September 30, March 31,
Class C Shares 1997 1997
Net asset value, beginning $20.96 $22.34
Income from investment operations
Net investment income (loss) (.24) (.27)
Net realized and unrealized gain (loss)5.92 (1.11)
Total from investment operations 5.68 (1.38)
Distributions from
Net investment income - -
Net realized gain - -
Total distributions - -
Total increase (decrease) in
net asset value 5.68 (1.38)
Net asset value, ending $26.64 $20.96
Total return* 27.10% (6.18%)
Ratios to average net assets:
Net investment income (loss) (2.07%)(a) (2.56%)(a)
Total expenses~ 2.99%(a) 3.25%(a)
Net expenses 2.97%(a) 3.14%(a)
Expenses reimbursed - -
Portfolio turnover 15% 117%
Average commission rate paid $.0501 $.0541
Net assets, ending (in thousands) $4,184 $3,054
Number of shares outstanding,
ending (in thousands) 157 146
Periods Ended
September 30, September 30,
Class C Shares 1996 1995**
Net asset value, beginning $21.55 $15.00
Income from investment operations
Net investment income (loss) (.55) (.15)
Net realized and unrealized
gain (loss) 1.91 6.70
Total from investment operations 1.36 6.55
Distributions from
Net investment income - -
Net realized gain (.57) -
Total distributions (.57) -
Total increase (decrease) in
net asset value .79 6.55
Net asset value, ending $22.34 $21.55
Total return* 6.56% 43.67%
Ratios to average net assets:
Net investment income (loss) (2.82%) (3.13%)(a)
Total expenses~ 3.42% 3.79%(a)
Net expenses 3.24% 3.50%(a)
Expenses reimbursed - 2.79%(a)
Portfolio turnover 114% 95%
Average commission rate paid $.0563 N/A
Net assets, ending (in thousands) $3,164 $1,992
Number of shares outstanding,
ending (in thousands) 142 92
(a) Annualized
~ Ratio reflects total expenses before reduction for fees
paid indirectly; such reductions are included in the ratio of net expenses.
*Total return does not reflect deduction of Class A front-end sales charge.
** From October 31, 1994 inception. N/A Disclosure not applicable to prior
periods.
<PAGE>
Calvert Group's
Family of Funds
Tax-Exempt
Money Market Funds
CTFR Money Market Portfolio
CTFR California Money Market Portfolio
Taxable
Money Market Funds
First Government Money Market Fund
CSIF Money Market Portfolio
Balanced Fund
CSIF Managed Growth Portfolio
Municipal Funds
CTFRLimited-Term Portfolio
CTFR Long-Term Portfolio
CTFR Vermont Municipal Portfolio
National Muni. Intermediate Portfolio
Arizona Muni. Intermediate Portfolio
California Muni. Intermediate Portfolio
Florida Muni. Intermediate Portfolio
Maryland Muni. Intermediate Portfolio
Michigan Muni. Intermediate Portfolio
New York Muni. Intermediate Portfolio
Pennsylvania Muni. Intermediate Portfolio
Virginia Muni. Intermediate Portfolio
Taxable Bond Funds
CSIF Bond Portfolio
Income Fund
Equity Funds
CSIFEquity Portfolio
Capital Accumulation Fund
CWV International Equity Fund
New Vision Small Cap Fund
Strategic Growth Fund
New Africa Fund
<PAGE>
Calvert Group
INformation
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
TDDfor Hearing Impaired
800-541-1524
Branch Office
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Web Site
http://www.calvertgroup.com
Please check the inside back cover for
Calvert Group's Family of Funds.
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.
