13F-HR 1 t23611.txt QUARTERLY HOLDINGS REPORT 12/31/01 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2001 ------------------ Check here if Amendment [ ]; Amendment Number: ___ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Calvert Investment Counsel ----------------------------- Address: 206 Village Square/Cross Keys ----------------------------- Baltimore, Maryland 21210 ----------------------------- Form 13F File Number: 028-06266 --------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: E. Kingdon Hurlock, Jr., CFA ----------------------------- Title: Principal ----------------------------- Phone: 410-435-3270 ----------------------------- Signature, Place, and Date of Signing: /s/ E. Kingdon Hurlock Baltimore, MD 01/14/2002 ---------------------------- ---------------------------- ----------- [Signature] [City, State] [Date] Report Type (Check only one.): [ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report. [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] NONE Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: ------------- Form 13F Information Table Entry Total: 117 ------------- Form 13F Information Table Value Total: $ 118,882,070 ------------- (thousands) List of other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE

Form 13F INFORMATION TABLE --INVESTMENT DISCRETION-- --VOTING POWER-- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 SHARED MARKET VALUE SHARES / SOLE SHARED OTHER SOLE SHARED NONE ------------ -------- ---- ----- ----- ---- ------ ---- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PAR VALUE (A) (B) (C) MANAGER (A) (B) (C) -------------- -------------- ------ ------------ -------- --- ----- ----- ------- ---- ------ ---- Abbott Labs COM 002824100 2,~~812~~929,~~863~~663 5452,~~250~~550 X 5452,~~250~~550 Abbott Labs COM 002824100 1011,~~370~~150 200 X 200 ADC Telecom COM 000886101 ~~454~~476,~~049~~560 130,~~100~~600 X 130,~~100~~600 Automatic Data COM 053015103 ~~759~~944,~~414~~992 16,~~144~~044 X 16,~~144~~044 Processing Automatic Data COM 053015103 1114,~~760~~724 250 X 250 Processing American Home Prod COM 026609107 209,238 3,410 X 3,410 American Intl. Group COM 026874107 1,~~582~~922,~~464~~512 2024,~~288~~213 X 2024,~~288~~213 American Intl. Group COM 026874107 4243,~~744~~511 548 X 548 AOL Time Warner COM 00184A105 2,~~528~~202,~~840~~060 7668,~~400~~600 X 7668,~~400~~600 AOL Time Warner COM 00184A105 2928,~~790~~890 900 X 900 Apollo Group COM 037604105 204,210 4,537 X 4,537 American Express Co. COM 025816109 23,~~806~~248,~~470~~682 9691,~~575~~025 X 9691,~~575~~025 Bank of New York COM 064057102 4,~~011~~663,~~875~~440 114,~~625~~300 X 114,~~625~~300 Bell South COM 079860102 ~~285~~261,~~241~~900 6,865 X 6,865 Bristol Myers COM 110122108 ~~288~~284,~~023~~784 5,~~184~~584 X 5,~~184~~584 Squibb Co. BP Amoco PLC COM 055622104 ~~287~~271,~~054~~525 5,838 X 5,838 Citigroup Inc. COM 172967101 23,~~984~~674,~~121~~035 7372,~~682~~782 X 7372,~~682~~782 Citigroup Inc. COM 172967101 3442,~~425~~908 850 X 850 Cardinal Health Inc. COM 14149Y108 ~~530~~1,~~000~~269,276 719,~~167~~630 X 719,~~167~~630 Cardinal Health Inc. COM 14149Y108 4438,~~370~~796 600 X 600 ---------- 22,742,857 Carnival Corp. C1 A COM 143658102 ~~353~~451,~~972~~386 16,075 X 16,075 Clear Channel Comm. COM 184502102 1,~~997~~543,~~279~~591 5030,~~246~~320 X 5030,~~246~~320 ~~---------- 21,855,122~~ Cendant Corp. COM 151313103 ~~966~~1,~~643~~453,474 7574,~~519~~119 X 7574,~~519~~119 Constellation Energy COM 210371100 ~~313~~291,~~196~~838 1210,~~942~~992 X 1210,~~942~~992 Group ~~Chevron COM 166751107 1,464,056 17,275 X 17,275~~ Colgate Palmolive COM 194162103 ~~291~~317,~~250~~625 5,~~000~~500 X 5,~~000~~500 Conseco, Inc. COM 208464107 ~~151~~83,~~901~~919 2018,~~923~~816 X 2018,~~923~~816 Costco Wholesale COM 22160K105 ~~469~~637,~~392~~963 1314,~~200~~375 X 1314,~~200~~375 Costco Wholesale COM 22160K105 3239,~~004~~942 900 X 900 Computer Sciences COM 205363104 1718,~~038,287~~879 3114,~~302~~677 X 3114,~~302~~677 Cisco Systems COM 17275R102 710,~~073~~307,~~632~~451 ~~580~~569,~~758~~158 X ~~580~~569,~~758~~158 Cisco Systems COM 17275R102 1624,~~443~~449 1,350 X 1,350 CVS Corp COM 126650100 ~~947~~572,~~860~~760 2819,~~550~~350 X 2819,~~550~~350 ChevronTexaco Corp COM 166764100 1,871,594 20,886 X 20,886 DuPont E 1 COM 263534109 ~~474~~533,~~328~~160 12,~~642~~542 X 12,~~642~~542 DuPont E 1 COM 263534109 78,~~504~~502 200 X 200 Walt Disney Co. COM 254687106 ~~775~~861,~~821~~248 41,~~666~~566 X 41,~~666~~566 Diamond Offshore COM 25271C102 ~~803~~899,~~257~~840 3129,~~850~~600 X 3129,~~850~~600 Darden Restaurants COM 237194105 566,400 16,000 X 16,000 Duke Energy Corp. COM 264399106 1,~~041~~593,~~405~~524 2740,~~514~~589 X 2740,~~514~~589 Duke Energy Corp. COM 264399106 3537,~~958~~297 950 X 950 ---------- 22,814,842 DeVRY Inc. COM 251893103 ~~332~~263,~~075~~163 9,250 X 9,250 Electronic Data Systems COM 285661104 ~~883~~1,~~450~~079,183 15,~~343~~743 X 15,~~343~~743 ~~EMC Corp. COM 268648102 280,943 23,910 X 23,910 ---------- 17,399,405 EMC Corp. COM 268648102 8,813 750 X 750~~ Equity Office COM 294741103 ~~235~~251,~~200~~168 78,350 X 78,350 Properties Tr. REIT El Paso Corporation COM 28336L109 1,~~585~~691,~~756~~388 3837,~~165~~915 X 3837,~~165~~915 El Paso Corporation COM 28336L109 3537,~~318~~919 850 X 850 Ericsson Tel ADR COM 294821400 ~~551~~772,~~891~~476 ~~158~~147,~~135~~984 X ~~158~~147,~~135~~984 ~~FelCor~~First ~~Lodging~~Data ~~Trust~~Corp COM ~~31430F101~~319963104 ~~254~~238,~~878~~017 183,~~950~~034 X 183,~~950~~034 Flextronics Intl COM Y2573F102 ~~229~~341,~~079~~858 1314,~~850~~250 X 1314,~~850~~250 Flextronics Intl COM Y2573F102 2232,~~329~~387 1,350 X 1,350 Federal Natonal Mortgage Assn. COM 313586109 ~~237~~235,~~618~~956 2,968 X 2,968 ~~First Tr 474JLH Nasdaq Tgt 15 12/00 COM 30265X476 52,201 11,299 X 11,299~~ General Electric COM 369604103 1112,~~418~~155,~~800~~142 ~~306~~303,~~957~~272 X ~~306~~303,~~957~~272 General Electric COM 369604103 4044,~~920~~088 1,100 X 1,100 ~~Corning Glass Works COM 219350105 334,940 37,975 X 37,975~~ Health Care COM 42191510 ~~544~~513,~~990~~241 14,174 X 14,174 Properties Home Depot, Inc. COM 437076102 ~~272~~347,~~498~~888 6,~~320~~820 X 6,~~320~~820 Home Depot, Inc. COM 437076102 3040,~~696~~808 800 X 800 Intl Business Machns COM 459200101 ~~254~~679,~~248~~795 25,~~772~~620 X 25,~~772~~620 Intel Corp. COM 458140100 23,~~104~~119,~~809~~054 ~~102~~99,~~975~~175 X ~~102~~99,~~975~~175 Intel Corp. COM 458140100 1828,~~805~~934 920 X 920 Jabil Circuit COM 466313103 ~~223~~274,~~750~~912 12,~~500~~100 X 12,~~500~~100 ~~---------- 18,427,538~~ Johnson & Johnson COM 478160104 ~~616~~691,~~048~~352 11,~~620~~698 X 11,~~620~~698 ---------- 22,838,727 Johnson & Johnson COM 478160104 3841,~~780~~370 700 X 700 J.P. Morgan Chase COM 46625H100 ~~623~~575,~~647~~675 1815,~~262~~837 X 1815,~~262~~837 J.P. Morgan Chase COM 46625H100 1314,~~660~~540 400 X 400 Kimberly Clark Corp. COM 49436810 ~~403~~388,~~000~~700 6,500 X 6,500 Coca Cola COM 191216100 ~~562~~551,~~153~~655 11,~~999~~700 X 11,~~999~~700 ~~Lear~~Liberty ~~Corp.~~Media COM ~~521865105~~530718105 ~~606~~917,~~599~~700 2265,~~450~~550 X 2265,~~450~~550 ~~Liberty~~Corp ~~Media~~A Lear Corp. COM ~~530718105~~521865105 ~~837~~833,~~565~~359 6521,~~950~~850 X 6521,~~950~~850 ~~Corp A~~ Lockheed Martin Corp. COM 539830109 ~~205~~219,~~625~~349 4,700 X 4,700 Lowes Cos. COM 548661107 34,~~140~~447,~~756~~656 9995,~~234~~834 X 9995,~~234~~834 LSI Logic COM 502161102 ~~314~~419,~~900~~748 26,~~800~~600 X 26,~~800~~600 Marriott Int'l A New COM 571903202 203,250 5,000 X 5,000 McDonalds Corp. COM 580135101 1213,~~324,921~~560 488,~~818~~068 X 488,~~818~~068 Medtronic Inc. COM 585055106 ~~274~~322,~~050~~623 6,300 X 6,300 Medtronic Inc. COM 585055106 67,~~525~~682 150 X 150 Mercury Interactive COM 589405109 1,~~041~~845,~~488~~114 54,~~700~~300 X 54,~~700~~300 Mercury Interactive COM 589405109 20,388 600 X 600 McCormick & Co. Com Non Vtg. COM 579780206 260,327 5,684 X 5,684 Mutual Risk Mgmt. COM 628351108 136,420 17,950 X 17,950 Philip Morris Cos. COM 718154107 1,651,421 34,198 X 34,198 Mutual Risk Mgmt COM 628351108 87,045 11,924 X 11,924 Philip Morris Cos. COM 718154107 1,567,978 34,198 X 34,198 Motorola Inc. COM 620076109 ~~883~~781,~~490~~551 5652,~~634~~034 X 5652,~~634~~034 Merck & Co. COM 589331107 2,~~376~~078,~~288~~286 35,~~680~~345 X 35,~~680~~345 ---------- 15,~~317~~537,~~664~~229 Microsoft Corp. COM 594918104 255,394 3,855 X 3,855 Nokia Corp ADR COM 654902204 ~~187~~294,~~800~~360 12,000 X 12,000 Nokia Corp ADR COM 654902204 1829,~~780~~436 1,200 X 1,200 Nextel Communication COM 65332V103 ~~407~~510,~~808~~736 4746,~~200~~600 X 4746,~~200~~600 Oracle Systems COM 68389X105 335,997 24,330 X 24,330 Pepsico COM 713448108 12,~~733~~382,~~148~~645 3548,~~735~~935 X 3548,~~735~~935 Pepsico COM 713448108 65,~~475~~732 1,350 X 1,350 Conseco Financing PREF 20847P205 ~~291~~171,~~248~~175 16,700 X 16,700 Trust V 8.7% Pfd TVA 6.75%, 6/1/28 PREF 880591300 ~~311~~312,~~922~~285 12,090 X 12,090 Ser D Pfd P 6/03 Pfizer Inc. COM 71708110 2,~~712~~707,~~404~~927 67,~~641~~953 X 67,~~641~~953 Pfizer Inc. COM 71708110 2423,~~060~~910 600 X 600 Proctor & Gamble COM 742718109 ~~464~~307,~~837~~499 ~~6,386 X 6,386 Putnam Health Science Tr CL A COM 746778109 201,525~~ 3,~~127~~886 X 3,~~127~~886 ~~Pilgrim Prime Rate Trust COM 72146W103 85,239 12,300 X 12,300~~ Qwest Communications COM 749121109 ~~274~~402,~~147~~705 1628,~~416~~500 X 1628,~~416~~500 Transocean Sedco COM G90078109 ~~209~~264,~~959~~236 7,~~953~~813 X 7,~~953~~813 Forex Inc. SBC Communications COM 78387G103 ~~554~~461,~~838~~227 11,775 X 11,775 ~~Schering-Plough~~Siebel ~~Corp~~Systems Inc. COM ~~806605101~~826170102 2279,~~394,323~~800 6410,~~537~~000 X 6410,~~537~~000 ~~Seligman~~Siebel ~~Growth~~Systems FdInc. ~~CL A~~ COM ~~816335103~~826170102 4516,~~023~~788 ~~11,485~~600 X ~~11,485~~600 ~~Schlumberger~~Schering-Plough ~~Ltd~~Corp. COM ~~806857108~~806605101 12,~~388~~226,~~183~~916 3062,~~376~~187 X 3062,~~376~~187 Schlumberger Ltd. COM 806857108 271,~~420~~647,181 ~~600~~29,976 X ~~600~~29,976 ~~Staples~~Schlumberger ~~Inc~~Ltd. COM ~~855030102~~806857108 132,~~793,292~~970 ~~134,329~~600 X ~~134,329~~600 ---------- 1312,~~191~~728,~~431~~919 ~~Steinroe~~Staples ~~Intermed~~Inc. ~~Bond Fund~~ COM ~~858420300~~855030102 ~~145~~2,~~112~~295,706 16122,~~250~~765 X 16122,~~250~~765 Service Master Co. COM 81760N109 ~~325~~395,~~059~~011 2928,~~311~~624 X 2928,~~311~~624 Teva Pharm Inds ADR COM 881624209 2,~~952~~912,~~983~~018 4847,~~850~~250 X 4847,~~850~~250 Thermo Electron Corp. COM 883556102 ~~256~~339,~~870~~552 14,231 X 14,231 TOTAL FINA ELF S.A. COM 89151E109 ~~881~~916,~~528~~632 13,050 X 13,050 T. Rowe Price Tax-Free Income Fund COM 779576107 ~~124~~121,~~091~~317 12,611 X 12,611 ~~Texaco, Inc. COM 881694103 321,750 4,950 X 4,950~~ Tyco International COM 902124106 23,~~886~~760,~~793~~529 63,~~446~~846 X 63,~~446~~846 Tyco International COM 902124106 4053,~~950~~010 900 X 900 Viacom Inc. Cl B COM 925524308 2,~~061~~606,~~927~~660 59,~~766~~041 X 59,~~766~~041 Verizon Comm COM 92343V104 ~~940~~716,~~324~~646 1715,~~378~~100 X 1715,~~378~~100 Wachovia Corp. COM 929771103 ~~275~~326,~~900~~677 810,~~900~~417 X 810,~~900~~417 Wells Fargo & Co. COM 949746101 ~~280~~299,~~035~~943 6,~~300~~900 X 6,~~300~~900 Wells Fargo & Co. COM 949746101 2221,~~225~~735 500 X 500 Waste Management Inc. COM 94106L109 430,785 13,500 X 13,500 Wal-Mart COM 931142103 4,~~102~~665,~~313~~866 8281,~~875~~075 X 8281,~~875~~075 Exxon Mobil Corp. COM 30231G102 2,~~376~~349,~~529~~551 6059,~~318~~785 X 6059,~~318~~785 Exxon Mobil Corp. COM 30231G102 7,~~880~~860 200 X 200 ---------- 1822,~~002~~219,~~266~~497 REPORT TOTALS ~~104~~118,~~193~~882,~~426~~070 ===========

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