MARCH 31, 2000
SEMI-ANNUAL
REPORT
CALVERT NEW VISION SMALL CAP FUND
<PAGE>
TABLE
OF
CONTENTS
PRESIDENT'S LETTER
1
SOCIAL UPDATE
2
PORTFOLIO
MANAGER REMARKS
3
PORTFOLIO OF INVESTMENTS
6
STATEMENT
OF ASSETS AND LIABILITIES
9
STATEMENT
OF OPERATIONS
10
STATEMENTS
OF CHANGES IN
NET ASSETS
11
NOTES TO
FINANCIAL STATEMENTS
12
FINANCIAL HIGHLIGHTS
16
DEAR SHAREHOLDERS:
IN A QUARTER WHERE FEARS OVER A DISRUPTING Y2K BUG SUBSIDED JUST DAYS INTO THE
START OF THE NEW YEAR, THE SPECTER OF INCREASED MARKET VOLATILITY TOOK EVEN
GREATER SUBSTANCE - WITH LARGE UPWARD SWINGS ONE DAY - ESPECIALLY IN THE
TECHNOLOGY-LADEN NASDAQ - FOLLOWED BY DROPS OF 100 (OR EVEN 487) POINTS, THE
NEXT.
AT THE SAME TIME THE FEDERAL RESERVE, FRETTING OVER AN OVERHEATING ECONOMY,
CONTINUED TO PUSH UP SHORT-TERM INTEREST RATES.
AS IN PAST QUARTERS, YOU COULD PICK THE TOP PERFORMERS BY CAPITALIZATION RANGE
AND INDUSTRY GROUP. JUST AS TECHNOLOGY AND BIOTECH PLAYS FUELED MUCH OF THE
ADVANCE EARLIER IN THE QUARTER, THE INITIAL MICROSOFT JUDGMENT, ALONG WITH WORDS
OF WARNING FROM PRESIDENT BILL CLINTON AND BRITISH PRIME MINISTER TONY BLAIR
OVER GENETIC RESEARCH PROPERTY RIGHTS, SIGNALED A SHARP DECLINE IN BOTH "NEW
ECONOMY" SECTORS. AND ALL THIS DURING A QUARTER WHEN, ON MARCH 16, THE DOW
JONES INDUSTRIAL AVERAGE POSTED A 499-POINT GAIN!
MARKET VOLATILITY - IF NOT DOWNRIGHT TURMOIL - IS, WE BELIEVE, A CURRENT
CONDITION, NOT A CONSTANT. STILL, THIS CHALLENGING ENVIRONMENT UNDERSCORES THE
VALUE OF PROFESSIONAL MONEY MANAGEMENT. REMEMBER TO MAKE DECISIONS BASED ON
YOUR FINANCIAL OBJECTIVES AND TOLERANCE FOR RISK. REEVALUATE YOUR ASSET
ALLOCATION TO BE SURE YOU ARE POSITIONED AT A COMFORTABLE LEVEL. IF YOU THINK
CHANGE IS IN ORDER, YOUR FINANCIAL PROFESSIONAL CAN SUGGEST STRATEGIES THAT KEEP
YOU ON TRACK TO MEET YOUR LONG-TERM FINANCIAL OBJECTIVES WITHOUT EXPOSING YOU TO
UNDUE LEVELS OF RISK.
WE APPRECIATE YOUR INVESTMENT IN CALVERT GROUP FUNDS AND LOOK FORWARD TO WORKING
WITH YOU TO ACHIEVE YOUR FINANCIAL GOALS.
SINCERELY,
BARBARA J. KRUMSIEK
PRESIDENT AND CEO
APRIL 28, 2000
<PAGE>
SOCIAL
UPDATE
CALVERT-HENDERSON QUALITY OF LIFE INDICATORS
CALVERT GROUP HAS PUBLISHED CALVERT-HENDERSON QUALITY OF LIFE INDICATORS - THE
RESULT OF A RESEARCH PROJECT THAT EXAMINES SOCIETAL TRENDS AND PRESENTS A
COMPREHENSIVE PICTURE OF THE OVERALL WELLBEING OF THE NATION.
THE PURPOSE OF THE INDICATORS IS TO EDUCATE THE PUBLIC, BROADEN THE DEBATE ABOUT
THE QUALITY OF OUR LIFE, HOLD GOVERNMENT AND BUSINESS ACCOUNTABLE, AND CLARIFY
THE IMPACT OF THE MULTIPLE CHOICES WE MAKE IN OUR WORK, LEISURE AND CIVIC LIVES.
STATISTICAL DATA, DRAWN FROM 12 AREAS OF THE US ECONOMY, IS USED TO DETERMINE
WHETHER WE ARE MAKING PROGRESS OR LOSING GROUND IN AREAS THAT CONTRIBUTE
SIGNIFICANTLY TO OUR QUALITY OF LIFE.
CALVERT HELPS PROTECT GRAY WHALE BREEDING GROUND
CALVERT GROUP JOINED FORCES WITH SEVERAL OTHER SOCIAL INVESTMENT COMPANIES TO
SUPPORT A CAMPAIGN SPONSORED BY THE INTERNATIONAL FUND FOR ANIMAL WELFARE. THE
CAMPAIGN, CALLED "DON'T BUY IT!" WAS TARGETED AT THE MITSUBISHI INTERNATIONAL
CORPORATION'S PLANS TO DEVELOP A HUGE SALT WORKS IN LAGUNA SAN IGNACIO THAT
WOULD HAVE AFFECTED THE BREEDING GROUNDS OF THE EASTERN PACIFIC GRAY WHALE.
CALVERT RECEIVED FAVORABLE PRESS COVERAGE FROM A LOCAL ABC AFFILIATE.
SUBSEQUENTLY, MEXICAN PRESIDENT ERNESTO ZEDILLO RESPONDED BY CANCELING PLANS TO
PARTNER WITH MITSUBISHI IN BUILDING THE SALT WORKS, STATING THAT THE PRISTINE
SITE SHOULD BE PRESERVED FOR FUTURE GENERATIONS.
CALVERT FOUNDATION WINS AWARD
BUSINESS ETHICS MAGAZINE GAVE THE CALVERT FOUNDATION THE "1999 COMMUNITY
INVESTMENT" AWARD AS PART OF THEIR ANNUAL SOCIAL INVESTMENT AWARDS. IN
PARTICULAR, THE PUBLICATION CITED THE FOUNDATION'S ROLE IN ESTABLISHING THE
COMMUNITY INVESTMENT AS A NEW ASSET CLASS.
<PAGE>
JAMES
AWAD
OF
AWAD ASSET MANAGEMENT
HOW DID THE FUND PERFORM?
THE CALVERT NEW VISION SMALL CAP FUND'S CLASS A SHARES RETURNED 46.48% FOR THE
SIX MONTHS VERSUS THE RUSSELL 2000 INDEX RETURN OF 26.83%.
WE AT AWAD ASSET MANAGEMENT, LIKE OTHER INVESTORS, HAVE HAD TO DEAL WITH THE
SURGE IN TECHNOLOGY STOCKS AND WITH THE SPLITTING OF THE EQUITY MARKETS INTO NEW
AND OLD ECONOMY MARKETS.
WHAT WERE THE MARKET AND ECONOMIC CONDITIONS THAT SHAPED THE FUND'S PERFORMANCE?
CLEARLY, THE PRICE VALUE IS IN THE OLD ECONOMY NON-TECHNOLOGY SECTORS. MANY OF
THESE STOCKS HAVE BEEN IN BEAR MARKETS AND ARE AT HISTORIC LOWS IN TERMS OF
TRADITIONAL VALUATION MATRICES. MANY ARE ACQUISITION CANDIDATES OR EVEN
FINANCIAL LBO CANDIDATES.
ON THE OTHER SIDE OF THE COIN, THE GROWTH PROSPECTS OF THE NEW ECONOMY AND
TECHNOLOGY SECTORS ARE SO HIGH AS TO COMMAND RESPECT AND ATTENTION. THE U.S. IS
HOME TO WORLD CLASS COMPANIES WITH HIGH GROWTH RATES, SEEMINGLY SUSTAINABLE
BRIGHT PROSPECTS, AND PROMISING FINANCIAL CHARACTERISTICS. YET, THE VALUATIONS
OF SOME OF THESE COMPANIES ARE STRETCHED BY MOST HISTORICAL MEASURES AND WITH
TECHNOLOGY MOVING AND CHANGING QUICKLY, THERE CAN BE BUSINESS MODEL RISK TO
COMPANIES THAT DO NOT CONSISTENTLY AND SUCCESSFULLY REMAIN AHEAD OF THE CURVE.
CALVERT NEW VISION SMALL CAP FUND PORTFOLIO STATISTICS
MARCH 31, 2000
INVESTMENT PERFORMANCE
6 MONTHS 12 MONTHS
ENDED ENDED
3/31/00 3/31/00
CLASS A 46.48% 69.18%
CLASS B 45.56% 67.07%
CLASS C 45.85% 67.59%
CLASS I 47.02% 70.66%
RUSSELL 2000
INDEX TR 26.83% 37.29%
LIPPER SMALL-CAP CORE
FUNDS AVERAGE 36.23% 54.55%
TEN LARGEST STOCK HOLDINGS
% OF NET ASSETS
RESEARCH IN MOTION, LTD. 4.7%
LTX CORP. 4.5%
INVESTORS FINANCIAL SERVICES CORP. 4.1%
PENTON MEDIA, INC. 3.7%
SILICONE STORAGE TECHNOLOGU, INC. 3.6%
AMERICAN TOWERCORP. 3.4%
STARTEK, INC. 3.1%
NOVA CORP. 3.0%
S3, INC. 2.6%
HOUGHTON MIFFLIN CO. 2.6%
TOTAL 35.3%
ASSET ALLOCATION
STOCKS 86%
BONDS 1%
CASH & CASH EQUIVALENTS 13%
100%
INVESTMENT PERFORMANCE DOES NOT REFLECT THE DEDUCTION OF ANY FRONT-END OR
DEFERRED SALES CHARGE.
TR REPRESENTS TOTAL RETURN.
SOURCE: LIPPER ANALYTICAL SERVICES, INC.
NEW SUBADVISOR ASSUMED MANAGEMENT OF THE FUND EFFECTIVE OCTOBER 1997.
<PAGE>
PORTFOLIO STATISTICS
MARCH 31, 2000
AVERAGE ANNUAL TOTAL RETURNS
CLASS A SHARES
ONE YEAR 61.17%
SINCE INCEPTION 7.52%
(1/31/97)
CLASS B SHARES
ONE YEAR 62.07%
SINCE INCEPTION 7.44%
(4/1/98)
CLASS C SHARES
ONE YEAR 66.59%
SINCE INCEPTION 8.44%
(1/31/97)
CLASS I SHARES
ONE YEAR 70.66%
SINCE INCEPTION 56.64%
(3/1/99)
WHAT IS YOUR STRATEGY FOR THE MONTHS AHEAD?
THE CHOICE IS DIFFICULT: BUY VALUE STOCKS THAT HAVE NO STOCK PRICE MOMENTUM OR
SWING WITH THE CROWD INTO TECHNOLOGY AND NEW ECONOMY STOCKS WITH EXCELLENT
PROSPECTS AND GOOD STOCK MOMENTUM THAT AT DEBATABLE VALUATIONS.
OUR ANSWER TO THIS DILEMMA HAS BEEN TO NAVIGATE THE MIDDLE GROUND BY USING A
BAR-BELLED PORTFOLIO APPROACH. APPROXIMATELY ONE-HALF OF OUR PORTFOLIO IS IN OLD
ECONOMY STOCKS THAT HAVE STRONG GROWING EARNINGS, YET WHICH SELL AT COMPELLING
VALUATIONS. THE OTHER HALF IS INVESTED CAREFULLY IN NEW ECONOMY STOCKS THAT SELL
AT VALUATIONS WE CAN LIVE WITH AND WHICH, BASED ON OUR INTENSIVE PERSONAL
RESEARCH, WE BELIEVE, HAVE SUSTAINABLE BUSINESS MODELS.
PERFORMANCE COMPARISON
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT. (SOURCE: LIPPER ANALYTICAL
SERVICES, INC.)
[INSERT LINE GRAPH HERE]
TOTAL RETURNS ASSUME REINVESTMENT OF DIVIDENDS AND REFLECT THE DEDUCTION OF THE
FUND'S MAXIMUM FRONT-END OR DEFERRED SALES CHARGE. NO SALES CHARGE HAS BEEN
APPLIED TO THE INDICES USED FOR COMPARISON. THE VALUE OF AN INVESTMENT IN CLASS
A & C SHARES IS PLOTTED IN THE LINE GRAPH. THE VALUE OF AN INVESTMENT IN ANOTHER
CLASS OF SHARES WOULD BE DIFFERENT. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE
RESULTS.
<PAGE>
GIVEN THAT THE BUILDING BLOCKS OF THE BULL MARKET REMAIN IN PLACE, WE ARE
COMFORTABLE WITH OUR BAR-BELL APPROACH.
OF COURSE, WE MUST REMAIN ATTENTIVE TO THE FED, WHICH IS LIKELY TO CONTINUE
RAISING INTEREST RATES, AND TIGHTER U.S. MONETARY POLICY IS LIKELY TO CREATE
TIGHTER POLICY AROUND THE GLOBE AS CENTRAL BANKS ATTEMPT TO KEEP THEIR
CURRENCIES IN BALANCE AGAINST THE U.S. DOLLAR.
GOING FORWARD, WE EXPECT THE MARKETS TO REMAIN VOLATILE BUT ESSENTIALLY SOUND.
THE BALANCE BETWEEN VALUE (OLD ECONOMY) AND GROWTH (NEW ECONOMY) WILL CONTINUE
TO BE FOUGHT IN THE MARKETPLACE. OUR HEDGE APPROACH ALLOWS US TO PARTICIPATE IN
BOTH SECTORS. WITH GOOD STOCK SELECTION WE HOPE WILL LEAD TO POSITIVE RETURNS.
VALUE WHEN ACCOMPANIED BY GROWING EARNINGS PROVIDES FOR A GOOD INVESTMENT FOR
NEW VISION. GROWTH WHEN ACCOMPANIED BY SENSIBLE VALUATION AND PRUDENT BUSINESS
MODELS SHOULD ALSO BE POSITIVE FOR THE FUND.
APRIL 28, 2000
PORTFOLIO STATISTICS
MARCH 31, 2000
PORTFOLIO CHARACTERISTICS
NEW VISION RUSSELL
SMALL CAP 2000
FUND INDEX
NUMBER OF STOCKS 45 1802
MEDIAN MARKET
CAPITALIZATION ($BIL) 0.95 1.02
(BY PORTFOLIO WEIGHT)
PRICE/EARNINGS
RATIO 37.30 35.76
EARNINGS PER SHARE
GROWTH 25.71% 20.82%
YIELD 0.40% 1.14%
(RETURN ON CAPITAL INVESTMENT)
VOLATILITY MEASURES
NEW VISION RUSSELL
SMALL CAP 2000
FUND INDEX
BETA1 0.74 0.73
R-SQUARED2 0.32 0.29
1MEASURE OF VOLATILITY COMPARED TO THE S&P 500 STOCK INDEX (S&P 500) BETA OF 1.
THE HIGHER THE BETA, THE HIGHER THE RISK AND POTENTIAL REWARD.
2MEASURE OF CORRELATION BETWEEN THE FUND'S RETURNS AND THE OVERALL MARKET'S
(S&P 500) RETURNS. AN R-SQUARED OF 0 WOULD MEAN NO CORRELATION, AN R-SQUARED
OF 1 WOULD MEAN TOTAL CORRELATION.
SOURCE: VESTEK
<PAGE>
PORTFOLIO OF INVESTMENTS
MARCH 31, 2000
EQUITY SECURITIES - 86.2% SHARES VALUE
AGRICULTURAL PRODUCTS - 1.7%
CORN PRODUCTS INTERNATIONAL, INC. 67,000 $1,612,187
BANKS - MAJOR REGIONAL - 3.6%
CAPITAL CROSSING BANK* 125,000 1,257,813
NORTH FORK BANCORPORATION, INC. 120,000 2,145,000
3,402,813
COMMUNICATIONS EQUIPMENT - 9.3%
AMERICAN TOWER CORP.* 65,000 3,209,375
NORTEL NETWORKS CORP. 8,525 1,074,150
RESEARCH IN MOTION, LTD.* 41,000 4,366,500
8,650,025
COMPUTERS - HARDWARE - 1.9%
ANCOR COMMUNICATIONS, INC.* 44,000 1,809,500
COMPUTERS - PERIPHERALS - 8.7%
PRINTRONIX, INC.* 88,800 1,764,900
QUANTUM CORP. HARD DISK DRIVE GROUP* 215,000 2,418,750
SBS TECHNOLOGIES, INC.* 45,000 1,293,750
TRANSACT TECHNOLOGIES, INC.* 20,000 181,250
ZEBRA TECHNOLOGIES CORP.* 48,250 2,412,500
8,071,150
COMPUTERS - SOFTWARE & SERVICES - 4.7%
AFFILIATED COMPUTER SERVICES INC.* 50,000 1,900,000
BARRA, INC.* 7,500 254,062
ECLIPSYS CORP.* 56,575 1,096,141
HEALTH MANAGEMENT SYSTEMS, INC.* 241,000 1,159,813
4,410,016
DISTRIBUTORS - FOOD & HEALTH - 1.3%
VENTIV HEALTH, INC.* 117,500 1,182,344
ELECTRICAL EQUIPMENT - 1.6%
AUDIBLE, INC.* 149,500 1,495,000
ELECTRONICS - INSTRUMENT - 4.5%
LTX CORP.* 92,000 4,157,250
ELECTRONICS - SEMICONDUCTORS - 6.2%
S3, INC.* 117,500 2,467,500
SILICON STORAGE TECHNOLOGY, INC.* 45,000 3,324,375
5,791,875
FINANCIAL - DIVERSIFIED - 2.0%
DORAL FINANCIAL CORP. 164,000 1,855,250
HEALTHCARE - DRUGS - 2.1%
EMISPHERE TECHNOLOGIES, INC.* 37,000 1,919,375
<PAGE>
EQUITY SECURITIES - 86.2% SHARES VALUE
HOMEBUILDING - 0.1%
EXCEL LEGACY CORP.* 25,000 $84,375
INSURANCE - LIFE & HEALTH - 3.3%
ANNUITY AND LIFE REINSURANCE (HOLDINGS), LTD. 68,000 1,768,000
PRESIDENTIAL LIFE CORP. 97,500 1,340,625
3,108,625
INVESTMENT MANAGEMENT - 4.1%
INVESTORS FINANCIAL SERVICES CORP. 65,200 3,838,650
LODGING - HOTELS - 0.0%
LODGIAN, INC.* 4,500 16,875
MACHINERY - DIVERSIFIED - 2.3%
KAYDON CORP. 80,000 2,185,000
TOKHEIM CORP.* 100 319
2,185,319
MANUFACTURING - DIVERSIFIED - 0.0%
LTC HEALTHCARE, INC.* 6,400 6,800
MANUFACTURING - SPECIALIZED - 2.1%
ASTEC INDUSTRIES INC.* 75,500 2,005,469
PUBLISHING - 8.6%
HOUGHTON MIFFLIN CO. 58,000 2,461,375
PENTON MEDIA, INC. 132,000 3,432,000
WILEY (JOHN) & SONS 119,400 2,149,200
8,042,575
RETAIL - DISCOUNTERS - 1.2%
BRADLEES, INC.* 185,000 1,144,687
RETAIL - SPECIALTY - 0.3%
U.S. VISION, INC.* 109,700 260,537
SERVICES - COMMERCIAL & CONSUMER - 8.9%
IRON MOUNTAIN, INC.* 65,000 2,214,062
NEW HORIZONS WORLDWIDE, INC.* 129,375 2,296,406
STARTEK, INC.* 40,050 2,953,688
TELETECH HOLDINGS, INC.* 24,000 828,000
8,292,156
SERVICES - DATA PROCESS - 3.0%
NOVA CORP.* 95,000 2,766,875
SPECIALTY PRINTING - 2.5%
CUNNINGHAM GRAPHICS INTERNATIONAL, INC.* 93,000 2,293,031
TELECOMMUNICATIONS - LONG DISTANCE - 2.2%
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.* 130,000 1,576,250
NEXTLINK COMMUNICATIONS* 4,000 494,750
2,071,000
TOTAL EQUITY SECURITIES (COST $60,303,553) $80,473,759
<PAGE>
PRINCIPAL
CORPORATE OBLIGATIONS - 0.6% AMOUNT VALUE
ANGEION CORP., 7.50%, 4/15/03 # $1,000,000 $520,000
TOTAL CORPORATE OBLIGATIONS (COST $1,000,000) 520,000
HIGH SOCIAL IMPACT INVESTMENTS - 0.3%
DORCHESTER BAY ECONOMIC DEVELOPMENT CORP., 4.50%, 6/30/00 + #
100,000 98,159
MERCY LOAN FUND, 4.50%, 1/13/01 # 200,000 190,928
TOTAL HIGH SOCIAL IMPACT INVESTMENTS (COST $300,000) 289,087
TOTAL INVESTMENTS (COST $61,603,553) - 87.1% 81,282,846
OTHER ASSETS AND LIABILITIES - 12.9% 12,029,416
NET ASSETS - 100% $93,312,262
* NON INCOME PRODUCING.
# THIS SECURITY WAS VALUED BY THE BOARD OF DIRECTORS. SEE NOTE A.
+ RESTRICTED SECURITIES REPRESENT 0.3% OF NET ASSETS FOR THE FUND.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2000
ASSETS
INVESTMENTS IN SECURITIES, AT VALUE $81,282,846
CASH 13,104,169
RECEIVABLE FOR SECURITIES SOLD 251,037
INTEREST AND DIVIDENDS RECEIVABLE 69,193
OTHER ASSETS 27,033
TOTAL ASSETS 94,734,278
LIABILITIES
PAYABLE FOR SECURITIES PURCHASED 1,203,750
PAYABLE FOR SHARES REDEEMED 56,781
PAYABLE TO CALVERT ASSET MANAGEMENT CO., INC. 76,884
PAYABLE TO CALVERT ADMINISTRATIVE SERVICES COMPANY 19,453
PAYABLE TO CALVERT SHAREHOLDER SERVICES, INC. 6,075
PAYABLE TO CALVERT DISTRIBUTORS, INC. 26,693
ACCRUED EXPENSES AND OTHER LIABILITIES 32,380
TOTAL LIABILITIES 1,422,016
NET ASSETS $93,312,262
NET ASSETS CONSIST OF:
PAID-IN CAPITAL APPLICABLE TO THE FOLLOWING SHARES OF COMMON STOCK,
WITH 250,000,000 SHARES OF $0.01 PAR VALUE SHARE AUTHORIZED:
CLASS A: 4,000,277 SHARES OUTSTANDING $63,663,690
CLASS B: 170,858 SHARES OUTSTANDING 2,514,225
CLASS C: 468,541 SHARES OUTSTANDING 7,192,430
CLASS I: 94,907 SHARES OUTSTANDING 1,124,643
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) (347,404)
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (514,615)
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 19,679,293
NET ASSETS $93,312,262
NET ASSET VALUE PER SHARE
CLASS A: (BASED ON NET ASSETS OF $79,049,630) $19.76
CLASS B: (BASED ON NET ASSETS OF $3,304,557) $19.34
CLASS C: (BASED ON NET ASSETS OF $9,064,429) $19.35
CLASS I: (BASED ON NET ASSETS OF $1,893,646) $19.95
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2000
NET INVESTMENT INCOME
INVESTMENT INCOME:
DIVIDEND INCOME (NET OF FOREIGN TAXES WITHHELD OF $2,320) $195,103
INTEREST INCOME 86,794
TOTAL INVESTMENT INCOME 281,897
EXPENSES:
INVESTMENT ADVISORY FEE 278,607
TRANSFER AGENCY FEES AND EXPENSES 137,966
DISTRIBUTION PLAN EXPENSES:
CLASS A 78,959
CLASS B 10,618
CLASS C 36,938
TRUSTEE'S FEES AND EXPENSES 4,121
ADMINISTRATIVE FEES 93,344
ACCOUNTING FEES 21,887
CUSTODIAN FEES 9,132
REGISTRATION FEES 22,685
REPORTS TO SHAREHOLDERS 26,052
PROFESSIONAL FEES 6,636
MISCELLANEOUS 5,384
TOTAL EXPENSES 732,329
REIMBURSEMENT FROM ADVISOR:
CLASS A (16,234)
CLASS B (546)
CLASS C (1,899)
CLASS I (7,718)
FEES PAID INDIRECTLY (76,631)
NET EXPENSES 629,301
NET INVESTMENT INCOME (LOSS) (347,404)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) 11,824,890
CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) 16,740,060
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS 28,564,950
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $28,217,546
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS 2000 1999
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ($347,404) ($333,016)
NET REALIZED GAIN (LOSS) 11,824,890 (8,698,475)
CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)
16,740,060 16,538,405
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 28,217,546 7,506,914
CAPITAL SHARE TRANSACTIONS:
SHARES SOLD:
CLASS A SHARES 10,905,478 14,204,261
CLASS B SHARES 1,097,432 1,514,296
CLASS C SHARES 1,242,813 1,751,372
CLASS I SHARES 198,152 1,481,253
SHARES REDEEMED:
CLASS A SHARES (8,821,878) (29,811,556)
CLASS B SHARES (91,824) (633,676)
CLASS C SHARES (1,182,173) (3,093,613)
CLASS I SHARES (246,775) (310,855)
TOTAL CAPITAL SHARE TRANSACTIONS 3,101,225 (14,898,518)
TOTAL INCREASE (DECREASE) IN NET ASSETS 31,318,771 (7,391,604)
NET ASSETS
BEGINNING OF PERIOD 61,993,491 69,385,095
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) OF $0 AND ($347,404), RESPECTIVELY) $93,312,262 $61,993,491
CAPITAL SHARE ACTIVITY
SHARES SOLD:
CLASS A SHARES 566,519 1,108,786
CLASS B SHARES 61,743 117,732
CLASS C SHARES 55,586 115,503
CLASS I SHARES 9,746 120,487
SHARES REDEEMED:
CLASS A SHARES (491,759) (2,312,642)
CLASS B SHARES (4,085) (48,067)
CLASS C SHARES (55,505) (241,125)
CLASS I SHARES (11,660) (23,666)
TOTAL CAPITAL SHARE ACTIVITY 130,585 (1,162,992)
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
GENERAL: THE CALVERT NEW VISION SMALL CAP FUND (THE "FUND"), A SERIES OF THE
CALVERT FUND, IS REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940 AS A
DIVERSIFIED, OPEN-END MANAGEMENT INVESTMENT COMPANY. THE OPERATION OF EACH
SERIES IS ACCOUNTED FOR SEPARATELY. THE FUND OFFERS FOUR CLASSES OF SHARES OF
BENEFICIAL INTEREST. CLASS A SHARES ARE SOLD WITH A MAXIMUM FRONT-END SALES
CHARGE OF 4.75%. CLASS B SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE. WITH
CERTAIN EXCEPTIONS, THE FUND WILL IMPOSE A DEFERRED SALES CHARGE AT THE TIME OF
REDEMPTION, DEPENDING ON HOW LONG YOU HAVE OWNED THE SHARES. CLASS C SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE. WITH CERTAIN EXCEPTIONS, THE FUND WILL
IMPOSE A DEFERRED SALES CHARGE ON SHARES SOLD WITHIN ONE YEAR. CLASS B AND CLASS
C SHARES HAVE HIGHER LEVEL OF EXPENSES THAN CLASS A SHARES. CLASS I SHARES
REQUIRE A MINIMUM ACCOUNT BALANCE OF $1,000,000. CLASS I SHARES HAVE NO
FRONT-END OR DEFERRED SALES CHARGE. EACH CLASS HAS DIFFERENT: (A) DIVIDEND
RATES, DUE TO DIFFERENCE IN DISTRIBUTION PLAN EXPENSES AND OTHER CLASS SPECIFIC
EXPENSES, (B) EXCHANGE PRIVILEGES AND (C) CLASS SPECIFIC VOTING RIGHTS.
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. THE FUND MAY INVEST IN SECURITIES WHOSE RESALE IS
SUBJECT TO RESTRICTIONS. INVESTMENTS FOR WHICH MARKET QUOTATIONS ARE NOT
AVAILABLE OR DEEMED INAPPROPRIATE ARE VALUED IN GOOD FAITH UNDER THE DIRECTION
OF THE BOARD OF TRUSTEES.
IN DETERMINING FAIR VALUE, THE BOARD CONSIDERS ALL RELEVANT QUALITATIVE AND
QUANTITATIVE INFORMATION AVAILABLE. THESE FACTORS ARE SUBJECT TO CHANGE OVER
TIME AND ARE REVIEWED PERIODICALLY. THE VALUES ASSIGNED TO FAIR VALUE
INVESTMENTS ARE BASED ON AVAILABLE INFORMATION AND DO NOT NECESSARILY REPRESENT
AMOUNTS THAT MIGHT ULTIMATELY BE REALIZED, SINCE SUCH AMOUNTS DEPEND ON FUTURE
DEVELOPMENTS INHERENT IN LONG-TERM INVESTMENTS. FURTHER, BECAUSE OF THE INHERENT
UNCERTAINTY OF VALUATION, THOSE ESTIMATED VALUES MAY DIFFER SIGNIFICANTLY FROM
THE VALUES THAT WOULD HAVE BEEN USED HAD A READY MARKET OF THE INVESTMENTS
EXISTED, AND THE DIFFERENCES COULD BE MATERIAL.
AT MARCH 31, 2000, $809,807, OR 0.9% OF NET ASSETS, WERE VALUED BY THE BOARD OF
TRUSTEES.
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.
OPTIONS: THE FUND MAY WRITE OR PURCHASE OPTION SECURITIES. THE OPTION PREMIUM IS
THE BASIS FOR RECOGNITION OF UNREALIZED OR REALIZED GAIN OR LOSS ON THE OPTION.
THE COST OF SECU-
<PAGE>
RITIES ACQUIRED OR THE PROCEEDS FROM SECURITIES SOLD THROUGH THE EXERCISE OF THE
OPTION IS ADJUSTED BY THE AMOUNT OF THE PREMIUM. RISKS FROM WRITING OR
PURCHASING OPTION SECURITIES ARISE FROM POSSIBLE ILLIQUIDITY OF THE OPTIONS
MARKET AND THE MOVEMENT IN THE VALUE OF THE INVESTMENT OR IN INTEREST RATES. THE
RISK ASSOCIATED WITH PURCHASING OPTIONS IS LIMITED TO THE PREMIUM ORIGINALLY
PAID.
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. INTEREST INCOME, ACCRETION OF DISCOUNT AND AMORTIZATION OF PREMIUM ARE
RECORDED ON AN ACCRUAL BASIS. INVESTMENT INCOME AND REALIZED AND UNREALIZED
GAINS AND LOSSES ARE ALLOCATED TO SEPARATE CLASSES OF SHARES BASED UPON THE
RELATIVE NET ASSETS OF EACH CLASS. EXPENSES ARISING IN CONNECTION WITH A CLASS
ARE CHARGED DIRECTLY TO THAT CLASS. EXPENSES COMMON TO THE CLASSES ARE ALLOCATED
TO EACH CLASS IN PROPORTION TO THEIR RELATIVE NET ASSETS.
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 AND TRANSFER AGENT'S FEES MAY BE 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 TAXABLE
EARNINGS.
<PAGE>
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 AMERITAS
ACACIA MUTUAL HOLDING COMPANY. THE ADVISOR PROVIDES INVESTMENT ADVISORY SERVICES
AND PAYS THE SALARIES AND FEES OF OFFICERS AND AFFILIATED TRUSTEES OF THE FUND.
FOR ITS SERVICES, THE ADVISOR RECEIVES A MONTHLY FEE BASED ON AN ANNUAL RATE OF
.75% BASED ON THE FUND'S AVERAGE DAILY NET ASSETS.
THE ADVISOR CONTRACTUALLY REIMBURSED THE FUND FOR EXPENSES OF $26,397.
CALVERT ADMINISTRATIVE SERVICES COMPANY, AN AFFILIATE OF THE ADVISOR, PROVIDES
ADMINISTRATIVE SERVICES TO THE FUND FOR AN ANNUAL FEE, PAYABLE MONTHLY, OF .25%
FOR CLASS A, CLASS B, AND CLASS C SHARES AND .10% FOR CLASS I SHARES BASED ON
THEIR AVERAGE DAILY NET ASSETS.
CALVERT DISTRIBUTORS, INC., AN AFFILIATE OF THE ADVISOR, IS THE DISTRIBUTOR AND
PRINCIPAL UNDERWRITER FOR THE FUND. DISTRIBUTION PLANS, ADOPTED BY CLASS A,
CLASS B AND CLASS C SHARES, ALLOW THE FUND TO PAY THE DISTRIBUTOR FOR EXPENSES
AND SERVICES ASSOCIATED WITH DISTRIBUTION OF SHARES. THE EXPENSES PAID MAY NOT
EXCEED .25%, 1.00% AND 1.00% ANNUALLY OF AVERAGE DAILY NET ASSETS OF EACH CLASS
A, CLASS B AND CLASS C, RESPECTIVELY. CLASS I DOES NOT HAVE DISTRIBUTION PLAN
EXPENSES.
THE DISTRIBUTOR RECEIVED $15,204 AS ITS PORTION OF THE COMMISSIONS CHARGED ON
SALES OF THE FUND'S SHARES.
CALVERT SHAREHOLDER SERVICES, INC. ("CSSI"), AN AFFILIATE OF THE ADVISOR, IS THE
SHAREHOLDER SERVICING AGENT FOR THE FUND. FOR ITS SERVICES, CSSI RECEIVED FEES
OF $33,934 FOR THE PERIOD ENDED MARCH 31, 2000. NATIONAL FINANCIAL DATA
SERVICES, INC., IS THE TRANSFER AND DIVIDEND DISBURSING AGENT.
THE CALVERT SOCIAL INVESTMENT FOUNDATION ("CSI FOUNDATION") PROVIDES CERTAIN
ADMINISTRATIVE SERVICES TO THE FUND. THESE SERVICES INCLUDE A DUE DILIGENCE
REVIEW FOR EACH POTENTIAL ORGANIZATION WHICH IS BEING CONSIDERED FOR A HIGH
SOCIAL IMPACT INVESTMENT ("HSI INVESTMENT"). THE SERVICES ALSO INCLUDE AN ANNUAL
REVIEW THEREAFTER, INVESTMENT MONITORING, QUARTERLY REPORTING TO THE FUND BOARD,
NOTIFICATION OF ANY EVENT OF INFORMATION THAT MAY AFFECT THE VALUE OF AN
INVESTMENT, AND OTHER INCIDENTAL SERVICES. FOR PROVIDING SUCH SERVICES, THE CSI
FOUNDATION RECEIVES AN ANNUAL FEE, PAID QUARTERLY OF 1.00% OF THE FUND'S AVERAGE
DAILY NET ASSETS INVESTED IN HSI INVESTMENTS.
EACH TRUSTEE OF THE FUND WHO IS NOT AFFILIATED WITH THE ADVISOR RECEIVES AN
ANNUAL FEE OF $20,500 PLUS $1,500 FOR EACH BOARD AND COMMITTEE MEETING ATTENDED.
TRUSTEES FEES ARE ALLOCATED TO EACH OF THE FUNDS IN THE SERIES SERVED.
NOTE C - INVESTMENT ACTIVITY
DURING THE PERIOD, PURCHASES AND SALES OF INVESTMENTS, OTHER THAN SHORT-TERM
SECURITIES, WERE $33,332,967 AND $40,779,609, RESPECTIVELY.
THE COST OF INVESTMENTS OWNED AT MARCH 31, 2000 WAS SUBSTANTIALLY THE SAME FOR
FEDERAL INCOME TAX AND FINANCIAL REPORTING PURPOSES. NET CAPITAL LOSS
CARRYFORWARDS, FOR FEDERAL INCOME TAX PURPOSE, OF $4,452,914 AT SEPTEMBER 30,
1999 MAY BE UTILIZED TO OFFSET CURRENT AND FUTURE CAPITAL GAIN UNTIL EXPIRATION
THROUGH SEPTEMBER 30, 2007. NET UNREALIZED
<PAGE>
DEPRECIATION AGGREGATED $19,679,293, OF WHICH $25,516,848 RELATED TO APPRECIATED
SECURITIES AND $5,837,555 RELATED TO DEPRECIATED SECURITIES.
NOTE D - LINE OF CREDIT
A FINANCING AGREEMENT IS IN PLACE WITH ALL CALVERT GROUP FUNDS (EXCEPT FOR THE
CALVERT SOCIAL INVESTMENT FUND MANAGED INDEX AND CVS AMERITAS INDEX 500
PORTFOLIOS) 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. THE FUND HAD NO LOANS OUTSTANDING PURSUANT TO THIS
LINE OF CREDIT AT MARCH 31, 2000.
<PAGE>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
MARCH 31, SEPTEMBER 30,
CLASS A SHARES 2000 1999
NET ASSET VALUE, BEGINNING $13.49 $12.04
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME (LOSS) (.07) (.05)
NET REALIZED AND UNREALIZED GAIN (LOSS) 6.34 1.50
TOTAL FROM INVESTMENT OPERATIONS 6.27 1.45
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE 6.27 1.45
NET ASSET VALUE, ENDING $19.76 $13.49
TOTAL RETURN* 46.48% 12.04%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME (LOSS) (.83%) (A) (.39%)
TOTAL EXPENSES 1.84% (A) 1.96%
EXPENSES BEFORE OFFSETS 1.79% (A) 1.93%
NET EXPENSES 1.59% (A) 1.66%
PORTFOLIO TURNOVER 49% 68%
NET ASSETS, ENDING (IN THOUSANDS) $79,050 $52,961
PERIODS ENDED
SEPTEMBER 30, SEPTEMBER 30,
CLASS A SHARES 1998 1997^
NET ASSET VALUE, BEGINNING $15.65 $15.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME (LOSS) (.02) (.05)
NET REALIZED AND UNREALIZED GAIN (LOSS) (3.55) .70
TOTAL FROM INVESTMENT OPERATIONS (3.57) .65
DISTRIBUTIONS FROM
NET REALIZED GAIN (.04) -
TOTAL DISTRIBUTIONS (.04) -
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE (3.61) .65
NET ASSET VALUE, ENDING $12.04 $15.65
TOTAL RETURN* (22.86%) 4.33%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME (LOSS) (.17%) (.71%) (A)
TOTAL EXPENSES 1.88% 4.72% (A)
EXPENSES BEFORE OFFSETS 1.82% 1.36% (A)
NET EXPENSES 1.71% .90% (A)
PORTFOLIO TURNOVER 68% 196%
NET ASSETS, ENDING (IN THOUSANDS) $61,765 $3,260
<PAGE>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
MARCH 31, SEPTEMBER 30, SEPTEMBER 30,
CLASS B SHARES 2000 1999 1998#
NET ASSET VALUE, BEGINNING $13.29 $12.01 $16.18
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME (LOSS) (.13) (.15) (.05)
NET REALIZED AND UNREALIZED GAIN (LOSS) 6.18 1.43 (4.12)
TOTAL FROM INVESTMENT OPERATIONS 6.05 1.28 (4.17)
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE
6.05 1.28 (4.17)
NET ASSET VALUE, ENDING $19.34 $13.29 $12.01
TOTAL RETURN* 45.56% 10.66% (25.77%)
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME (LOSS) (2.04%) (A) (1.68%) (1.39%) (A)
TOTAL EXPENSES 3.12% (A) 3.87% 7.68% (A)
EXPENSES BEFORE OFFSETS 3.07% (A) 3.33% 3.40% (A)
NET EXPENSES 2.77% (A) 2.93% 2.99% (A)
PORTFOLIO TURNOVER 49% 68% 68%
NET ASSETS, ENDING (IN THOUSANDS) $3,305 $1,504 $523
<PAGE>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
MARCH 31, SEPTEMBER 30,
CLASS C SHARES 2000 1999
NET ASSET VALUE, BEGINNING $13.27 $11.95
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME (LOSS) (.14) (.22)
NET REALIZED AND UNREALIZED GAIN (LOSS) 6.22 1.54
TOTAL FROM INVESTMENT OPERATIONS 6.08 1.32
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE 6.08 1.32
NET ASSET VALUE, ENDING $19.35 $13.27
TOTAL RETURN* 45.85% 11.05%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME (LOSS) (1.72%) (A) (1.27%)
TOTAL EXPENSES 2.75% (A) 2.87%
EXPENSES BEFORE OFFSETS 2.69% (A) 2.84%
NET EXPENSES 2.45% (A) 2.53%
PORTFOLIO TURNOVER 49% 68%
NET ASSETS, ENDING (IN THOUSANDS) $9,064 $6,215
PERIODS ENDED
SEPTEMBER 30, SEPTEMBER 30,
CLASS C SHARES 1998 1997^
NET ASSET VALUE, BEGINNING $15.62 $15.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME (LOSS) (.15) (.10)
NET REALIZED AND UNREALIZED GAIN (LOSS) (3.48) .72
TOTAL FROM INVESTMENT OPERATIONS (3.63) .62
DISTRIBUTIONS FROM
NET REALIZED GAIN (.04) -
TOTAL DISTRIBUTIONS (.04) -
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE (3.67) .62
NET ASSET VALUE, ENDING $11.95 $15.62
TOTAL RETURN* (23.31%) 4.13%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME (LOSS) (1.15%) (.95%)(A)
TOTAL EXPENSES 2.94% 10.91%(A)
EXPENSES BEFORE OFFSETS 2.78% 1.47%(A)
NET EXPENSES 2.64% 1.15%(A)
PORTFOLIO TURNOVER 68% 196%
NET ASSETS, ENDING (IN THOUSANDS) $7,097 $318
<PAGE>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
MARCH 31, SEPTEMBER 30,
CLASS I SHARES 2000 1999^^
NET ASSET VALUE, BEGINNING $13.57 $12.20
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME (LOSS) (.01) .03
NET REALIZED AND UNREALIZED GAIN (LOSS) 6.39 1.34
TOTAL FROM INVESTMENT OPERATIONS 6.38 1.37
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE 6.38 1.37
NET ASSET VALUE, ENDING $19.95 $13.57
TOTAL RETURN* 47.02% 11.23%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME (LOSS) (.08%) (A) .36% (A)
TOTAL EXPENSES 1.91% (A) 1.87% (A)
EXPENSES BEFORE OFFSETS .96% (A) .93% (A)
NET EXPENSES .82% (A) .82% (A)
PORTFOLIO TURNOVER 49% 68%
NET ASSETS, ENDING (IN THOUSANDS) $1,894 $1,314
<PAGE>
(A) ANNUALIZED
* TOTAL RETURN DOES NOT REFLECT DEDUCTION OF ANY FRONT-END OR DEFERRED SALES
CHARGE.
^ FROM JANUARY 31, 1997 INCEPTION.
# FROM APRIL 1, 1998 INCEPTION.
^^ FROM MARCH 1, 1999 INCEPTION.
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
<PAGE>
CALVERT NEW VISION
SMALL CAP FUND
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 1000 NORTH
BETHESDA, MARYLAND 20814
REGISTERED, CERTIFIED
OR OVERNIGHT MAIL
CALVERT GROUP
C/O NFDS
330 WEST 9TH STREET
KANSAS CITY, MO 64105
WEB SITE
HTTP://WWW.CALVERT.COM
PRINCIPAL UNDERWRITER
CALVERT DISTRIBUTORS, INC.
4550 MONTGOMERY AVENUE
SUITE 1000 NORTH
BETHESDA, MARYLAND 20814
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.
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 BALANCED 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
CSIF MANAGED INDEX PORTFOLIO
CSIF EQUITY PORTFOLIO
CAPITAL ACCUMULATION FUND
CWV INTERNATIONAL EQUITY FUND
NEW VISION SMALL CAP FUND
NEW AFRICA FUND
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USING SOY-BASED INKS
<PAGE>
