September 30, 1997
Annual Report
Calvert Capital Accumulation 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
TDD for Hearing Impaired
800-541-1524
Branch Office
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
Registered, Certified or
Overnight Mail
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Calvert Group Web-Site
Address: 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 shareholders unless preceded or
accompanied by a prospectus.
Calvert Capital Accumulation Fund
Special Notice
This audited report replaces the September 30, 1997 semi-annual report. The
next semi-annual you receive will be dated March 31, 1998. The annual report
will now be issued as of September 30 each year.
Calvert Group
PRINCIPAL UNDERWRITER
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
<PAGE>
Table of Contents
President's Letter 1
Portfolio Manager Remarks 2
Report of Independent Accountants 4
Statement of Net Assets 5
Statement of Operations 8
Statements of Changes in Net Assets 9
Notes to Financial Statements 10
Financial Highlights 13
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,
/s/
Barbara J. Krumsiek
President and CEO
November 3, 1997
<PAGE>
Portfolio Statistics
September 30, 1997
Ten Largest Stock Holdings
% of Net Assets
Home Depot 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 Energy Group, Inc. 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>
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
Portfolio Statistics
September 30, 1997
Average Annual Total Returns
Class A Shares
As of 9/30/97
One year 14.96%
Since inception (10/31/94) 21.79%
Class C Shares
As of 9/30/97
One year 19.20%
Since inception (10/31/94) 22.87%
Performance Comparison
Comparison in change of value of $10,000 investment.
Bar chart here showing comparison from 10/31/94 to 9/30/97
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 front-end 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>
Report of Independent Accountants
To the Board of Directors of Calvert World Values Fund, Inc. and Shareholders
of Calvert Capital Accumulation Fund:
We have audited the accompanying statement of net assets of Calvert Capital
Accumulation Fund as of September 30, 1997, and the related statement of
operations for the year then ended, the statement of changes in net assets for
each of the two years then ended and financial highlights for each of the two
years in the period then ended and the period from October 31, 1994
(commencement of operations) through September 30, 1995. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of September 30, 1997, by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Calvert Capital Accumulation Fund as of September 30, 1997, and the results of
its operations, changes in its net assets and financial highlights for the
respective periods stated in the first paragraph, in conformity with generally
accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
April 10, 1998
<PAGE>
STATEMENT OF NET ASSETS
SEPTEMBER 30, 1997
Equity Securities - 94.9% Shares Value
Banks - Money Center - 3.5%
Chase Manhattan Corp. 17,624 $2,079,632
2,079,632
Biotechnology - 2.1%
Amgen, Inc. 25,900 1,241,581
1,241,581
Computer - Hardware - 5.7%
Hewlett Packard Co. 28,000 1,947,750
Network General Corp. * 72,000 1,395,000
3,342,750
Computer - Networking - 3.3%
Cisco Systems, Inc. * 27,000 1,972,687
1,972,687
Computer - Peripherals - 2.4%
EMC Corp. * 24,289 1,417,870
1,417,870
Computer - Software and Services - 10.1%
BMC Software, Inc. * 13,500 874,125
Choicepoint, Inc. * 2,830 105,771
Microsoft Corp. * 7,900 1,045,269
Oracle Corp. * 38,380 1,398,471
Sterling Commerce, Inc. * 38,631 1,388,302
Sterling Software, Inc. * 31,050 1,113,919
5,925,857
Consumer Finance - 3.7%
Green Tree Financial Corp. 45,900 2,157,300
2,157,300
Distributors - Food and Health - 3.5%
Cardinal Health, Inc. 29,150 2,069,650
2,069,650
Electrical Equipment - 8.1%
Belden, Inc. 40,900 1,541,419
Solectron Corp. * 36,000 1,602,000
Vishay Intertechnology, Inc. * 60,684 1,604,333
4,747,752
Electronics - Semiconductors - 2.3%
Intel Corp. 14,400 1,329,300
1,329,300
Health Care - Diversified - 1.7%
Johnson & Johnson 17,500 1,008,437
1,008,437
Health Care - Drug Systems - 2.3%
Scherer (R.P.) Corp. * 22,000 1,362,625
1,362,625
Health Care - Hospital Management - 0.9%
Health Management Associates, Inc., Class A * 17,400 $550,275
550,275
Health Care - Long Term Care - 2.3%
Health Care & Retirement Corp. * 36,250 1,348,047
1,348,047
Health Care - Managed Care - 1.6%
United Healthcare Corp. 18,900 945,000
945,000
Health Care - Special Services - 2.1%
ALZA Corp. * 42,900 1,244,100
1,244,100
Home Building - 2.3%
Rouse Co. 43,900 1,360,900
1,360,900
Housewares - 2.6%
Newell Co. 38,400 1,536,000
1,536,000
Insurance - Life and Health - 1.4%
AFLAC, Inc. 14,900 808,325
808,325
Investment Management - 3.4%
T. Rowe Price Associates, Inc. 29,600 1,990,600
1,990,600
Leisure - 2.8%
Carnival Corp., Class A 36,250 1,676,563
1,676,563
Manufacturing - Diversified - 2.0%
Illinois Tool Works, Inc. 23,400 1,170,000
1,170,000
Manufacturing - Specialized - 1.4%
Pall Corp. 37,200 802,125
802,125
Natural Gas - 2.8%
MCN Energy Group, Inc. 51,300 1,641,600
1,641,600
Real Estate Investment Trusts - 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
Retail - Building Supplies - 5.9%
Fastenal Co. 22,600 1,203,450
Home Depot, Inc. 43,050 2,243,981
3,447,431
Retail - Department Stores - 1.4%
Nordstrom, Inc. 13,300 $847,875
847,875
Retail - Discount - 1.8%
Dollar General Corp. 31,421 1,070,286
1,070,286
Retail - Specialty - 5.5%
Autozone, Inc. * 66,000 1,980,000
Caseys General Stores, Inc. 51,300 1,263,263
3,243,263
Services - Advertising and Marketing - 1.3%
Acxiom Corp. * 45,400 791,663
791,663
Services - Data Processing - 1.5%
Equifax, Inc. 28,300 889,681
889,681
Total Equity Securities (Cost $44,902,531) 55,900,794
Principal
Repurchase Agreements - 4.4% Amount
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 in excess of liabilities - 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
Accumulated net realized gain (loss) on investments 5,016,462
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
YEAR ENDED SEPTEMBER 30, 1997
NET INVESTMENT INCOME
Investment Income
Interest income $60,028
Dividend income 303,970
Total investment income 363,998
Expenses
Investment advisory fee 383,438
Transfer agency fees and expenses 163,597
Distribution Plan expenses:
Class A 156,781
Class C 33,870
Directors' fees and expenses 9,246
Administrative fees 48,182
Custodian fees 29,873
Registration fees 39,677
Reports to shareholders 59,220
Professional fees 10,021
Miscellaneous 27,640
Total expenses 961,545
Fees paid indirectly (29,873)
Net expenses 931,672
Net Investment Income (Loss) (567,674)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) 6,355,994
Change in unrealized appreciation or depreciation 4,031,882
Net Realized and Unrealized Gain
(Loss) on Investments 10,387,876
Increase (Decrease) in Net Assets
Resulting From Operations $9,820,202
See notes to financial statements.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended Year Ended
Increase (Decrease) September 30, September 30,
in Net Assets 1997 1996
Operations
Net investment income (loss) $(567,674) $(508,712)
Net realized gain (loss) 6,355,994 (770,972)
Change in unrealized appreciation
or depreciation 4,031,882 4,563,488
Increase (Decrease) in Net Assets
Resulting From Operations 9,820,202 3,283,804
Distributions to shareholders from
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 25,046,771 30,827,635
Class C Shares 1,469,185 2,840,269
Reinvestment of distributions:
Class A Shares - 477,674
Class C Shares - 66,109
Shares redeemed:
Class A Shares (19,310,865) (10,158,587)
Class C Shares (1,088,191) (1,877,841)
Total capital share transactions 6,116,900 22,175,259
Total Increase (Decrease) in Net Assets 15,937,102 24,895,428
NET ASSETS
Beginning of year 42,998,068 18,102,640
End of year $58,935,170 $42,998,068
CAPITAL SHARE ACTIVITY
Shares sold:
Class A Shares 1,067,042 1,470,804
Class C Shares 64,057 137,319
Reinvestment of distributions:
Class A Shares - 23,450
Class C Shares - 3,242
Shares redeemed:
Class A Shares (821,581) (477,461)
Class C Shares (48,629) (91,346)
Total capital share activity 260,889 1,066,008
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.
The Fund issued an audited report dated March 31, 1997. The Funds fiscal
year-end remains September 30, and this annual report covers the period
October 1, 1996 through September 30, 1997.
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 a 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. Under the terms of
the agreement, $50,274 was payable at year end. 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 year
ended September 30, 1997, the performance fee adjustment decreased management
fees by $2,015.
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. Under the terms of the
agreement, $4,742 was payable at year end.
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. Under the terms of the agreement, $18,810 was payable
at year end.
The Distributor received $93,429 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.
Under the terms of the agreement, $14,649 was payable at year end.
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 year, purchases and sales of investments, other than short-term
securities, were $60,634,087 and $55,854,423, 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.
NOTE E - SUBSEQUENT EVENT
Effective April 1, 1998, the Fund began to offer Class B shares of capital
stock. Class B shares are sold without a front-end sales charge, but may
impose a deferred sales charge at the time of redemption, depending on how
long you have owned the shares. Class B shares have a higher level of expenses
than Class A shares, including higher Distribution Plan expenses.
<PAGE>
FINANCIAL HIGHLIGHTS
Years Ended September 30,
Class A Shares 1997 1996
Net asset value, beginning $22.55 $21.48
Income from investment operations
Net investment income (loss) (.25) (.24)
Net realized and unrealized gain (loss) 4.91 1.88
Total from investment operations 4.66 1.64
Distributions from
Net investment income - -
Net realized gain - (.57)
Total distributions - (.57)
Total increase (decrease) in net asset value 4.66
1.07
Net asset value, ending $27.21 $22.55
Total return* 20.67% 7.92%
Ratios to average net assets:
Net investment income (loss) (1.09%) (1.56%)
Total expenses** 1.91% 2.16%
Net expenses 1.85% 1.98%
Expenses reimbursed - -
Portfolio turnover 126% 114%
Average commission rate paid $.0530 $.0563
Net assets, ending (in thousands) $54,751 $39,834
Number of shares outstanding ending (in thousands) 2,012 1,767
Period Ended
September 30,
Class A Shares 1995***
Net asset value, beginning $15.00
Income from investment operations
Net investment income (loss) (.11)
Net realized and unrealized gain (loss) 6.61
Total from investment operations 6.50
Distributions from
Net investment income (.02)
Net realized gain -
Total distributions (.02)
Total increase (decrease) in net asset value 6.48
Net asset value, ending $21.48
Total return* 43.40%
Ratios to average net assets:
Net investment income (loss) (1.55%)(a)
Total expenses** 2.35%(a)
Net expenses 2.06%(a)
Expenses reimbursed .05%(a)
Portfolio turnover 95%
Average commission rate paid N/A
Net assets, ending (in thousands) $16,111
Number of shares outstanding, ending (in thousands) 750
<PAGE>
FINANCIAL HIGHLIGHTS
Years Ended September 30,
Class C Shares 1997 1996
Net asset value, beginning $22.34 $21.55
Income from investment operations
Net investment income (loss) (.47) (.55)
Net realized and unrealized gain (loss) 4.77 1.91
Total from investment operations 4.30 1.36
Distributions from
Net investment income - -
Net realized gain - (.57)
Total distributions - (.57)
Total increase (decrease) in net asset value 4.30
.79
Net asset value, ending $26.64 $22.34
Total return* 19.25% 6.56%
Ratios to average net assets:
Net investment income (loss) (2.30%) (2.82%)
Total expenses** 3.11% 3.42%
Net expenses 3.05% 3.24%
Expenses reimbursed - -
Portfolio turnover 126% 114%
Average commission rate paid $.0530 $.0563
Net assets, ending (in thousands) $4,184 $3,164
Number of shares outstanding, ending (in thousands) 157 142
Period Ended
September 30,
Class C Shares 1995***
Net asset value, beginning $15.00
Income from investment operations
Net investment income (loss) (.15)
Net realized and unrealized gain (loss) 6.70
Total from investment operations 6.55
Distributions from
Net investment income -
Net realized gain -
Total distributions -
Total increase (decrease) in net asset value 6.55
Net asset value, ending $21.55
Total return* 43.67%
Ratios to average net assets:
Net investment income (loss) (3.13%)(a)
Total expenses** 3.79%(a)
Net expenses 3.50%(a)
Expenses reimbursed 2.79%(a)
Portfolio turnover 95%
Average commission rate paid N/A
Net assets, ending (in thousands) $1,992
Number of shares outstanding, ending (in thousands) 92
(a) annualized
* Total return does not reflect deduction of Class A front-end sales charge.
** Ratio reflects total expenses before reduction for fee paid indirectly;
such reductions are included in the ratio of net expenses.
*** 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
CTFR Limited-Term Portfolio
CTFR Long-Term Portfolio
CTFR Vermont Municipal Portfolio
National Muni. Intermediate Portfolio
California Muni. Intermediate Portfolio
Maryland Muni. Intermediate Portfolio
Virginia Muni. Intermediate Portfolio
Taxable Bond Funds
CSIF Bond Portfolio
Income Fund
Equity Funds
NEW! CSIF Managed Index Portfolio
CSIF Equity Portfolio
Capital Accumulation Fund
CWVF International Equity Fund
New Vision Small Cap Fund
New Africa Fund
