DECEMBER 31, 1999
ANNUAL
REPORT
CALVERT FIRST
GOVERNMENT MONEY MARKET FUND
<PAGE>
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
11
FINANCIAL HIGHLIGHTS
14
DEAR SHAREHOLDERS:
1999 WAS A VERY CHALLENGING YEAR FOR THE U.S. BOND MARKETS. ALL SEGMENTS FROM
U.S. TREASURIES TO LONG MUNICIPALS SUFFERED IN A PERIOD OF RISING RATES. THE
YIELD CURVE HAS FLATTENED AS SHORT-TERM RATES ROSE FASTER EACH TIME THE
BENCHMARK FEDERAL FUNDS RATE ROSE.
WE HAVE BEEN WATCHFUL OF THE FED AND HAVE ANTICIPATED THE UPWARD TREND AS THEY
HIKED RATES IN JUNE, AUGUST AND NOVEMBER OF 1999. EACH TIME, THE CONSENSUS WAS
THAT THE INCREASES WERE ENOUGH, BUT AS WE NOW KNOW THE FED PROBABLY WILL
CONTINUE TO RAISE RATES INTO EARLY 2000.
THE TREND IN INTEREST RATES CONTINUES TO BE HIGHER AND WE EXPECT TO SEE SEVERAL
TIGHTENING STEPS BEING TAKEN BEFORE COMPLETING THE CURRENT CYCLE. ALTHOUGH THERE
ARE SOME SIGNS OF MODERATION IN VARIOUS SECTORS OF THE ECONOMY, WE BELIEVE THE
ECONOMY WILL NOT COOL DOWN UNTIL FURTHER RATE HIKES TAKE PLACE. SIGNS OF
POTENTIAL INFLATION ARE BEGINNING TO CREEP BACK INTO THE ECONOMIC STATISTICS AND
THESE WILL PLAY AN IMPORTANT ROLE IN THE DIRECTION OF INTEREST RATES.
OVERALL, THE ECONOMIC ENVIRONMENT IS HEALTHY ALTHOUGH MARKED WITH VOLATILITY.
INVESTOR DISCIPLINE AND THE NEED TO MAKE INFORMED DECISIONS IS AS IMPORTANT AS
EVER. AS ALWAYS, WE ENCOURAGE YOU TO MAKE DECISIONS BASED ON YOUR FINANCIAL
OBLIGATIONS AND TOLERANCE FOR RISK. YOUR FINANCIAL PROFESSIONAL CAN SUGGEST
STRATEGIES THAT CAN KEEP YOU ON TRACK TO MEET THESE OBJECTIVES.
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
JANUARY 20, 2000
<PAGE>
LAURIE WEBSTER IS A MEMBER OF THE CAMCO PORTFOLIO MANAGEMENT TEAM.
CALVERT FIRST GOVERNMENT MONEY MARKET FUND SEEKS
TO EARN THE HIGHEST
POSSIBLE YIELD CONSISTENT WITH SAFETY, LIQUIDITY AND PRESERVATION OF CAPITAL.
FUND
INFORMATION
ASSET ALLOCATION
TAXABLE
MONEY MARKET
NASDAQ SYMBOL
FVRXX
CUSIP NUMBER
131577-10-8
CALVERT FIRST GOVERNMENT MONEY MARKET FUND
HOW WOULD YOU CHARACTERIZE THE INVESTMENT CLIMATE OVER THE PAST YEAR?
1999 MARKED A YEAR OF INCREASING RATES IN THE BOND MARKETS. AT THE START OF THE
YEAR, ALTHOUGH INTEREST RATES WERE NEAR THE LOW FOR 1999, THE MARKET EXPECTED
THE FEDERAL RESERVE TO HOLD THE FED FUNDS RATE STEADY AT 4.75%. WHILE THE
ECONOMY WAS GROWING RAPIDLY, FINANCIAL DIFFICULTIES ABROAD KEPT THE US MARKETS
AS THE SAFE HAVEN. PAYDOWNS IN TREASURY FINANCING NEEDS MEANT LOW SUPPLY AND
KEPT DOWNWARD PRESSURE ON YIELDS. PARTICIPANTS WERE TORN AS TO WHETHER THE
MARKET WAS UNDER A "NEW PARADIGM". COULD THE ECONOMY CONTINUE TO GROW WITHOUT
INFLATION? OR, WOULD THE US ECONOMY BE THREATENED BY INSTABILITY IN OUR TRADING
PARTNERS: ASIA, BRAZIL AND MEXICO?
BY SUMMER IT WAS CLEAR THAT THE ECONOMY WAS HEATING UP AND THAT FOREIGN CONCERNS
WERE DISSIPATING. FED CHAIRMAN GREENSPAN BEGAN MAKING PUBLIC REMARKS ABOUT
INFLATION CONCERNS. THE FED EMBARKED ON WHAT WOULD TURN OUT TO BE THREE RATE
HIKES. LABOR MARKETS BECAME TIGHTER AND TIGHTER, UNEMPLOYMENT DROPPED TO NEW
LOWS, THE STOCK MARKETS HIT ALL TIME HIGHS, AND PURCHASING ON THE CONSUMER AND
MANUFACTURING LEVELS SOARED. WHILE SOME FELT THAT THIS INCREASE COULD BE OFFSET
WITH GAINS IN PRODUCTIVITY, THE MARKETS BECAME MORE CONVINCED THAT INFLATION
WOULD BECOME A PROBLEM.
RATE HIKES OF 25 BASIS POINTS OCCURRED IN JUNE, AUGUST AND NOVEMBER. THE FED
ALSO STARTED A NEW POLICY OF ANNOUNCING THEIR INTENTIONS FOR THE NEXT MEETING.
INTERPRETATION OF THE WORDING VARIED GREATLY AND CAUSED SOME VOLATILITY IN SHORT
RATES RATHER THAN INCREASING STABILITY AS THE FED HAD INTENDED. THE ENTIRE
TREASURY YIELD CURVE FLATTENED WITH SHORT RATES INCREASING FASTER THAN LONG BOND
RATES.
THE FOURTH QUARTER OF THE YEAR WAS DOMINATED BY Y2K CONCERNS. MARKET
PARTICIPANTS WORRIED THAT THERE COULD BE A RUSH ON BANKS AND THAT INDIVIDUALS
WOULD PULL SIGNIFICANT AMOUNTS OF MONEY OUT OF MUTUAL FUNDS. ISSUERS BECAME
WORRIED ABOUT LIQUIDITY AND ATTEMPTED TO ENTICE INVESTORS INTO OBLIGATIONS
MATURING IN THE NEW YEAR. RATES SPIKED TO LEVELS NOT SEEN IN YEARS. THE FED,
HOWEVER, INJECTED LARGE AMOUNTS OF LIQUIDITY INTO THE BANKING SYSTEM AND
EFFECTIVELY MANAGED TO ALLAY FEARS OF A SHORTFALL IN CASH. INVESTORS DID NOT
PANIC AS FEARED AND THE MARKETS ENJOYED A QUIET CLOSE TO THE YEAR.
HOW DID THE FUND PERFORM?
FOR THE 12 MONTHS ENDED DECEMBER 31, 1999, THE FUND'S CLASS O SHARES RETURNED
4.38%, TRAILING THE 4.47% RETURN FOR THE LIPPER US GOVERNMENT MONEY MARKET
FUNDS AVERAGE.
<PAGE>
WHAT WAS YOUR STRATEGY DURING THIS PERIOD?
THE FUND STARTED THE YEAR IN A NEUTRAL STANCE WITH AN AVERAGE MATURITY OF 46
DAYS. DURING THE FIRST QUARTER THE SHORT-TERM INTEREST RATE CURVE STEEPENED AND
INVESTORS WERE ENCOURAGED TO PLACE MONEY OUT LONGER. THE FUND WAS MOVED TO 55
DAYS. HOWEVER, AS IT BECAME CLEAR THAT THE FED INTENDED TO RAISE RATES AND CURB
INFLATION, WE SHORTENED OUR MATURITY TO APPROXIMATELY 35 DAYS. THIS ALLOWED THE
FUND TO ENJOY INCREASING RATES WITHOUT BEING LOCKED INTO DEPRECIATING ASSETS
FURTHER ALONG THE YIELD CURVE. THE FUND IS CURRENTLY SHORT TO NEUTRAL IN
ANTICIPATION OF MORE RATE INCREASES.
WHAT IS YOUR OUTLOOK?
WE BELIEVE THAT INFLATION CONCERNS WILL CONTINUE TO PLAGUE THE MARKETS AND FORCE
THE FED TO RAISE RATES AT LEAST ONE MORE TIME THIS YEAR. THE ECONOMY CONTINUES
TO GROW, CONSUMERS CONTINUE TO PURCHASE, CREDIT CARD DEBT IS RISING AND LABOR
MARKETS ARE VERY TIGHT. WITH THE STOCK MARKET AT HIGH LEVELS, THE AVAILABILITY
OF JOBS, AND HIGH CONSUMER CONFIDENCE, HIGHER RATES APPEAR A CERTAINTY. THE FED
WILL MOST LIKELY RAISE RATES IN FEBRUARY AND SEE IF THE ECONOMY SLOWS DOWN TO A
SUSTAINABLE LEVEL. IF NO SIGNIFICANT SLOWDOWN IS SEEN ANOTHER RATE HIKE LATER IN
THE FIRST HALF OF THE YEAR IS LIKELY. THE RISK, HOWEVER, REMAINS WITH THE STOCK
MARKET. A SIGNIFICANT DECLINE IN STOCK MARKET PRICES COULD FORCE A FLIGHT TO
QUALITY, CAUSING A RALLY IN SHORT TERM FIXED INCOME MARKETS.
JANUARY 20, 2000
PLEASE REMEMBER, THIS DISCUSSION REFLECTS THE VIEWS AND OPINIONS OF CALVERT
ASSET MANAGEMENT COMPANY AT DECEMBER 31, 1999, THE END OF THE REPORTING PERIOD.
OUR STRATEGY AND THE FUND'S PORTFOLIO COMPOSITION MAY DIFFER DUE TO
EVER-CHANGING MARKET AND ECONOMIC CONDITIONS. WHILE HISTORICAL PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS, IT MAY GIVE YOU A BETTER AND MORE THOROUGH
UNDERSTANDING OF OUR INVESTMENT DECISIONS AND MANAGEMENT PHILOSOPHY.
PORTFOLIO
STATISTICS
WEIGHTED
AVERAGE MATURITY
12.31.99 39 DAYS
12.31.98 46 DAYS
CREDIT QUALITY
DISTRIBUTION
AS OF 12.31.99
THE FUND INVESTS SOLELY IN DEBT OBLIGATIONS ISSUED OR GUARANTEED BY THE UNITED
STATES, ITS AGENCIES OR INSTRUMENTALITIES, ASSIGNMENTS OF INTEREST IN SUCH
OBLIGATIONS AND COMMITMENTS TO PURCHASE SUCH OBLIGATIONS ("U.S.
GOVERNMENT-BACKED OBLIGATIONS"). THE FUND MAY INVEST IN U.S. GOVERNMENT-BACKED
OBLIGATIONS SUBJECT TO REPURCHASE AGREEMENTS WITH THE RECOGNIZED SECURITIES
DEALERS AND BANKS.
COMPARATIVE MONTH-END YIELDS
CALVERT IBC'S
FIRST GOVERNMENT GOVERNMENT
MONEY MARKET MONEY MARKET
CLASS O AVERAGES
12.31.99 4.92% 4.76%
11.30.99 4.65% 4.67%
10.31.99 4.50% 4.52%
9.30.99 4.45% 4.49%
8.31.99 4.35% 4.35%
7.31.99 4.21% 4.25%
6.30.99 3.94% 4.12%
TOTAL RETURNS ASSUME REINVESTMENT OF DIVIDENDS. PERFORMANCE INFORMATION
REPRESENTS THE VALUE OF AN INVESTMENT IN CLASS O SHARES. THE VALUE OF AN
INVESTMENT IN CLASS B, C, I OR T SHARES WOULD BE DIFFERENT. PAST PERFORMANCE IS
NO GUARANTEE OF FUTURE RESULTS. SOURCES: IBC'S MONEY FUND REPORT, IBC FINANCIAL
DATA INC. AND LIPPER ANALYTICAL SERVICES, INC.
CLASS O
AVERAGE ANNUAL
TOTAL RETURN
AS OF 12.31.99
1 YEAR 4.38%
5 YEAR 4.86%
10 YEAR 4.72%
INCEPTION 7.29%
(12.07.76)
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF TRUSTEES OF FIRST VARIABLE RATE FUND FOR GOVERNMENT INCOME AND
SHAREHOLDERS OF CALVERT FIRST GOVERNMENT MONEY MARKET FUND:
IN OUR OPINION, THE ACCOMPANYING STATEMENT OF NET ASSETS AND THE RELATED
STATEMENT OF OPERATIONS, STATEMENTS OF CHANGES IN NET ASSETS AND FINANCIAL
HIGHLIGHTS PRESENT FAIRLY, IN ALL MATERIAL RESPECTS, THE FINANCIAL POSITION OF
CALVERT FIRST GOVERNMENT MONEY MARKET FUND (HEREINAFTER REFERRED TO AS THE
"FUND"), AT DECEMBER 31, 1999, THE RESULTS OF ITS OPERATIONS, THE CHANGES IN ITS
NET ASSETS AND THE FINANCIAL HIGHLIGHTS FOR EACH OF THE PERIODS PRESENTED, IN
CONFORMITY WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES.
THESE FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS (HEREINAFTER REFERRED TO AS
"FINANCIAL STATEMENTS") ARE THE RESPONSIBILITY OF THE FUND'S MANAGEMENT; OUR
RESPONSIBILITY IS TO EXPRESS AN OPINION ON THESE FINANCIAL STATEMENTS BASED ON
OUR AUDITS. WE CONDUCTED OUR AUDITS OF THESE FINANCIAL STATEMENTS IN ACCORDANCE
WITH AUDITING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES, WHICH REQUIRE
THAT WE PLAN AND PERFORM THE AUDIT TO OBTAIN REASONABLE ASSURANCE ABOUT WHETHER
THE FINANCIAL STATEMENTS ARE FREE OF MATERIAL MISSTATEMENT. AN AUDIT INCLUDES
EXAMINING, ON A TEST BASIS, EVIDENCE SUPPORTING THE AMOUNTS AND DISCLOSURES IN
THE FINANCIAL STATEMENTS, ASSESSING THE ACCOUNTING PRINCIPLES USED AND
SIGNIFICANT ESTIMATES MADE BY MANAGEMENT, AND EVALUATING THE OVERALL FINANCIAL
STATEMENT PRESENTATION. WE BELIEVE THAT OUR AUDITS, WHICH INCLUDED CONFIRMATION
OF SECURITIES AT DECEMBER 31, 1999 BY CORRESPONDENCE WITH THE CUSTODIAN AND
BROKERS, PROVIDE A REASONABLE BASIS FOR THE OPINION EXPRESSED ABOVE.
PRICEWATERHOUSECOOPERS LLP
BALTIMORE, MARYLAND
FEBRUARY 11, 2000
<PAGE>
STATEMENT OF NET ASSETS
DECEMBER 31, 1999
PRINCIPAL
U.S. GOVERNMENT AGENCY OBLIGATIONS - 72.2% AMOUNT VALUE
FEDERAL AGRICULTURAL MORTGAGE CORPORATION, DISCOUNT NOTES:
5.50%, 1/26/00 $6,000,000 $5,977,083
5.67%, 2/17/00 6,500,000 6,451,884
FEDERAL FARM CREDIT BANK:
5.62%, 3/1/00 3,900,000 3,896,891
5.755%, 7/3/00 10,000,000 10,000,000
FEDERAL HOME LOAN BANK:
6.013%, 1/28/00 7,000,000 7,000,000
4.98%, 4/14/00 5,000,000 4,999,716
5.01%, 4/28/00 5,000,000 4,999,226
5.71%, 8/9/00 5,000,000 4,999,710
FEDERAL HOME LOAN MORTGAGE CORPORATION, DISCOUNT NOTES:
5.20%, 1/13/00 15,000,000 14,973,810
5.63%, 1/18/00 8,000,000 7,978,958
5.57%, 1/26/00 8,000,000 7,969,056
5.60%, 2/8/00 15,000,000 14,911,333
5.53%, 2/15/00 15,000,000 14,896,312
5.60%, 3/9/00 10,000,000 9,894,222
5.53%, 3/16/00 12,000,000 11,861,750
5.76%, 4/3/00 12,000,000 11,821,440
5.24%, 6/2/00 5,000,000 4,888,650
5.24%, 6/27/00 5,000,000 4,870,456
FEDERAL NATIONAL MORTGAGE ASSOCIATION,
4.98%, 3/24/00 5,500,000 5,486,688
FEDERAL NATIONAL MORTGAGE ASSOCIATION, DISCOUNT NOTES:
5.48%, 1/20/00 15,000,000 14,956,617
5.40%, 2/2/00 10,000,000 9,952,000
5.54%, 2/4/00 8,000,000 7,958,142
5.40%, 2/7/00 10,000,000 9,944,500
5.61%, 3/9/00 15,000,000 14,841,050
5.76%, 3/16/00 10,000,000 9,880,000
STUDENT LOAN MARKETING ASSOCIATION:
5.893%, 1/20/00 10,000,000 10,000,000
6.093%, 2/17/00 10,000,000 10,000,000
STUDENT LOAN MARKETING ASSOCIATION,
MEDIUM TERM NOTE, 4.93%, 2/8/00 8,400,000 8,399,053
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $253,808,547)
253,808,547
<PAGE>
DEPOSITORY RECEIPTS FOR PRINCIPAL
U.S. GOVERNMENT GUARANTEED LOANS - 0.0% AMOUNT VALUE
COLSON SERVICES CORPORATION LOAN SETS: ^ *
8.00%, 4/1/12 $10,392 $10,592
TOTAL DEPOSITORY RECEIPTS FOR
U.S. GOVERNMENT GUARANTEED LOANS (COST $10,592) 10,592
VARIABLE RATE LOANS GUARANTEED
BY AGENCIES OF THE U.S. GOVERNMENT - 11.3%
RURAL ELECTRIC COOP GRANTOR TRUST CERTIFICATES
VRDN, 6.50%, 12/18/17 39,896,260 39,896,260
TOTAL VARIABLE RATE LOANS GUARANTEED
BY AGENCIES OF THE U.S. GOVERNMENT (COST $38,896,260)
39,896,260
REPURCHASE AGREEMENTS, FOR DELIVERY
AT COST, COLLATERALIZED BY SECURITIES
ISSUED OR GUARANTEED BY THE
U.S. GOVERNMENT - 15.1%
STATE STREET BANK, 3.95%, DATED 12/30/99, DUE 1/6/00,
(COLLATERAL: $20,618,254, FNMA, 5.78%, 7/7/00)
20,000,000 20,000,000
STATE STREET BANK, 3.00%, DATED 12/31/00, DUE 1/3/00,
(COLLATERAL: $35,060,000, FHLB, 3.00%,4/7/00)
33,100,000 33,100,000
TOTAL REPURCHASE AGREEMENTS (COST $53,100,000) 53,100,000
TOTAL INVESTMENTS (COST $346,815,399) - 98.6% 346,815,399
OTHER ASSETS IN EXCESS OF LIABILITIES, NET - 1.4% 4,870,522
NET ASSETS - 100.0% $351,685,921
NET ASSETS CONSIST OF:
PAID-IN CAPITAL APPLICABLE TO THE FOLLOWING SHARES OF BENEFICIAL INTEREST,
UNLIMITED NUMBER OF NO PAR VALUE SHARES AUTHORIZED
CLASS O: 230,100,288 SHARES OUTSTANDING $229,839,835
CLASS B: 419,695 SHARES OUTSTANDING 419,667
CLASS C: 1,055,314 SHARES OUTSTANDING 1,055,244
INSTITUTIONAL CLASS: 19,664,141 SHARES OUTSTANDING 19,662,842
CLASS T: 100,768,290 SHARES OUTSTANDING 100,761,635
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) 5,774
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (59,076)
NET ASSETS $351,685,921
<PAGE>
NET ASSET VALUE PER SHARE
CLASS O (BASED ON NET ASSETS OF $229,753,994) $1.00
CLASS B (BASED ON NET ASSETS OF $419,767) $1.00
CLASS C (BASED ON NET ASSETS OF $1,055,575) $1.00
INSTITUTIONAL CLASS (BASED ON NET ASSETS OF $19,678,758) $1.00
CLASS T (BASED ON NET ASSETS OF $100,777,827) $1.00
( ^ ) REPRESENTS RATES IN EFFECT AT DECEMBER 31,1999, AFTER REGULARLY SCHEDULED
ADJUSTMENTS ON SUCH
DATE. INTEREST RATES ADJUST MONTHLY AND QUARTERLY, GENERALLY AT THE BEGINNING OF
THE MONTH OR
CALENDAR QUARTER, OR SEMIANNUALLY BASED ON PRIME PLUS CONTRACTED ADJUSTMENTS. AS
OF DECEMBER 31,
1999, THE PRIME INTEREST RATE WAS 8.50%.
( * ) COLSON SERVICES CORPORATION IS THE CUSTODIAN, COLLECTION, AND TRANSFER
AGENT FOR CERTAIN OF
THE FUND'S U.S. GOVERNMENT GUARANTEED VARIABLE RATE LOANS. EACH DEPOSITORY
RECEIPT PERTAINS TO
A SET, GROUPED BY INTEREST RATE, OF THESE LOANS.
ABBREVIATIONS:
VRDN: VARIABLE RATE DEMAND NOTES
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
NET INVESTMENT INCOME
INVESTMENT INCOME:
INTEREST INCOME $16,037,455
EXPENSES:
INVESTMENT ADVISORY FEE 784,621
TRANSFER AGENCY FEES AND EXPENSES 534,164
DISTRIBUTION PLAN EXPENSES:
CLASS B 1,996
CLASS C 4,884
CLASS T 135,968
TRUSTEES' FEES AND EXPENSES 29,244
ACCOUNTING FEES 41,866
ADMINISTRATIVE FEES:
CLASS O 594,037
CLASS B 499
CLASS C 1,221
INSTITUTIONAL CLASS 10,580
CLASS T 135,968
CUSTODIAN FEES 34,977
REGISTRATION FEES 95,799
REPORTS TO SHAREHOLDERS 100,773
PROFESSIONAL FEES 28,329
MISCELLANEOUS 74,174
TOTAL EXPENSES 2,609,100
REIMBURSEMENT FROM ADVISOR:
CLASS B (12,108)
CLASS C (13,355)
INSTITUTIONAL CLASS (24,131)
FEES PAID INDIRECTLY (40,869)
NET EXPENSES 2,518,637
NET INVESTMENT INCOME 13,518,818
REALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) 201,884
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $13,720,702
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
INCREASE (DECREASE) IN NET ASSETS 1999 1998
OPERATIONS:
NET INVESTMENT INCOME $13,518,818 $12,181,953
NET REALIZED GAIN (LOSS) 201,884 (24,011)
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
13,720,702 12,157,942
DISTRIBUTIONS TO SHAREHOLDERS FROM
NET INVESTMENT INCOME:
CLASS O SHARES (10,169,908) (11,791,212)
CLASS B SHARES (6,324) (912)
CLASS C SHARES (15,638) (3,911)
INSTITUTIONAL CLASS SHARES (998,810) (390,877)
CLASS T SHARES (2,335,338) -
TOTAL DISTRIBUTIONS (13,526,018) (12,186,912)
CAPITAL SHARE TRANSACTIONS:
SHARES SOLD:
CLASS O SHARES 362,273,732 400,225,222
CLASS B SHARES 545,037 170,699
CLASS C SHARES 1,926,834 657,732
INSTITUTIONAL CLASS SHARES 79,366,483 52,364,180
CLASS T SHARES 166,734,229 -
REINVESTMENT OF DISTRIBUTIONS:
CLASS O SHARES 9,872,756 11,511,736
CLASS B SHARES 6,006 869
CLASS C SHARES 14,787 3,395
INSTITUTIONAL CLASS SHARES 942,859 375,403
CLASS T SHARES 2,347,451 -
SHARES REDEEMED:
CLASS O SHARES (388,580,940) (397,714,517)
CLASS B SHARES (205,575) (97,341)
CLASS C SHARES (1,225,662) (321,772)
INSTITUTIONAL CLASS SHARES (80,773,227) (32,611,557)
CLASS T SHARES (68,313,390) -
TOTAL CAPITAL SHARE TRANSACTIONS 84,931,380 34,564,049
TOTAL INCREASE (DECREASE) IN NET ASSETS 85,126,064 34,535,079
NET ASSETS
BEGINNING OF YEAR 266,559,857 232,024,778
END OF YEAR (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME
OF $5,774 AND $12,974, RESPECTIVELY) $351,685,921 $266,559,857
<PAGE>
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
CAPITAL SHARE ACTIVITY 1999 1998
SHARES SOLD:
CLASS O SHARES 362,273,732 400,225,222
CLASS B SHARES 545,037 170,699
CLASS C SHARES 1,926,834 657,732
INSTITUTIONAL CLASS SHARES 79,366,483 52,364,180
CLASS T SHARES 166,734,229 -
REINVESTMENT OF DISTRIBUTIONS:
CLASS O SHARES 9,872,756 11,511,736
CLASS B SHARES 6,006 869
CLASS C SHARES 14,787 3,395
INSTITUTIONAL CLASS SHARES 942,859 375,403
CLASS T SHARES 2,347,451 -
SHARES REDEEMED:
CLASS O SHARES (388,580,940) (397,714,517)
CLASS B SHARES (205,575) (97,341)
CLASS C SHARES (1,225,662) (321,772)
INSTITUTIONAL CLASS SHARES (80,773,227) (32,611,557)
CLASS T SHARES (68,313,390) -
TOTAL CAPITAL SHARE ACTIVITY 84,931,380 34,564,049
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
GENERAL: THE CALVERT FIRST GOVERNMENT MONEY MARKET FUND (THE "FUND"), THE ONLY
SERIES OF FIRST VARIABLE RATE FUND FOR GOVERNMENT INCOME, IS REGISTERED UNDER
THE INVESTMENT COMPANY ACT OF 1940 AS A DIVERSIFIED, OPEN-END MANAGEMENT
INVESTMENT COMPANY. THE FUND OFFERS FIVE CLASSES OF SHARES OF BENEFICIAL
INTEREST. CLASS O SHARES ARE SOLD TO THE PUBLIC, WITH NO FRONT-END SALES CHARGE
AT THE TIME OF PURCHASE AND NO BACK-END LOAD WHEN THEY ARE REDEEMED. CLASS B
SHARES MAY BE PURCHASED ONLY BY EXCHANGE FROM CLASS B SHARES OF OTHER CALVERT
GROUP FUNDS. CLASS B SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE AT THE
TIME OF PURCHASE, BUT MAY BE SUBJECT TO A DEFERRED SALES CHARGE UPON REDEMPTION
OF THE FUND IN WHICH THE CLASS B SHARES WERE ORIGINALLY PURCHASED. CLASS C
SHARES MAY BE PURCHASED ONLY BY EXCHANGE FROM CLASS C SHARES OF ANOTHER CALVERT
GROUP FUND. CLASS C SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE AT THE TIME
OF PURCHASE. THEY MAY BE SUBJECT TO A DEFERRED SALES CHARGE IF THEY ARE REDEEMED
WITHIN ONE YEAR AFTER PURCHASE OF THE CLASS C SHARES IN THE ORIGINAL FUND. CLASS
B AND C SHARES HAVE HIGHER EXPENSES THAN CLASS O SHARES, INCLUDING DISTRIBUTION
PLAN EXPENSES. CLASS O SHARES ARE NOT SUBJECT TO A DISTRIBUTION PLAN.
INSTITUTIONAL CLASS SHARES REQUIRE A MINIMUM ACCOUNT BALANCE OF $1,000,000. THEY
HAVE NO FRONT-END OR DEFERRED SALES CHARGE. INSTITUTIONAL CLASS SHARES ARE NOT
SUBJECT TO A DISTRIBUTION PLAN. EFFECTIVE MARCH 1, 1999, THE FUND BEGAN TO OFFER
CLASS T SHARES. CLASS T SHARES ARE SOLD TO INVESTORS WITH BROKERAGE ACCOUNTS AT
THE ADVISORS GROUP, INC. CLASS T SHARES ARE SOLD WITH NO FRONT-END SALES CHARGE
AT THE TIME OF PURCHASE AND NO BACK-END LOAD WHEN THEY ARE REDEEMED, AND ARE
SUBJECT TO DISTRIBUTION PLAN EXPENSES.
SECURITY VALUATION: SECURITIES ARE VALUED AT AMORTIZED COST WHICH APPROXIMATES
MARKET.
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. INTEREST INCOME, ACCRETION OF DISCOUNT AND AMORTIZATION
OF PREMIUM ARE RECORDED ON AN ACCRUAL BASIS. INVESTMENT INCOME AND REALIZED
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 ARE ACCRUED DAILY AND
PAID MONTHLY. 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.
<PAGE>
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 CONTINUE TO QUALIFY AS A REGULATED INVESTMENT COMPANY
UNDER THE INTERNAL REVENUE CODE AND TO DISTRIBUTE SUBSTANTIALLY ALL OF ITS
TAXABLE 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 AMERITAS
ACACIA MUTUAL HOLDING COMPANY ("AMERITAS ACACIA"). 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 THE FOLLOWING ANNUAL RATES OF AVERAGE DAILY NET ASSETS:
.25% ON THE FIRST $500 MILLION, .225% ON THE NEXT $400 MILLION, .20% ON THE NEXT
$400 MILLION, .175% ON THE NEXT $700 MILLION AND .15% ON THE EXCESS OF $2
BILLION. UNDER THE TERMS OF THE AGREEMENT, $133,561 WAS PAYABLE AT YEAR END.
THE ADVISORS GROUP, INC., ("TAG"), ALSO A WHOLLY-OWNED SUBSIDIARY OF AMERITAS
ACACIA, IS A BROKER-DEALER. TAG OFFERS CLASS T SHARES AS A SWEEP ACCOUNT FOR
ITS BROKERAGE CUSTOMERS.
CALVERT ADMINISTRATIVE SERVICES COMPANY, AN AFFILIATE OF THE ADVISOR, PROVIDES
ADMINISTRATIVE SERVICES TO THE FUND FOR AN ANNUAL FEE. CLASS O, CLASS B, CLASS
C, AND CLASS T PAY AN ANNUAL RATE OF .25% AND INSTITUTIONAL CLASS PAYS AN ANNUAL
RATE OF .05%, BASED ON THEIR AVERAGE DAILY NET ASSETS. UNDER THE TERMS OF THE
AGREEMENT, $69,812 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 CLASS B, C
AND T SHARES, ALLOW THE FUND TO PAY THE DISTRIBUTOR FOR EXPENSES AND SERVICES
ASSOCIATED WITH DISTRIBUTION OF SHARES. THE EXPENSES PAID MAY NOT EXCEED 1.0%
ANNUALLY OF AVERAGE DAILY NET ASSETS OF CLASS B AND CLASS C AND .25% OF AVERAGE
DAILY NET ASSETS OF CLASS T. UNDER THE TERMS OF THE AGREEMENT, $22,249 WAS
PAYABLE AT YEAR END.
CALVERT SHAREHOLDER SERVICES, INC. ("CSSI"), AN AFFILIATE OF THE ADVISOR, IS THE
SHAREHOLDER SERVICING AGENT FOR THE FUND. FOR ITS SERVICES, CSSI RECEIVED A FEE
OF $216,277 FOR THE YEAR ENDED DECEMBER 31, 1999. UNDER TERMS OF THE AGREEMENT,
$17,748 WAS PAYABLE AT YEAR END. NATIONAL FINANCIAL DATA SERVICES, INC., IS THE
TRANSFER AND DIVIDEND DISBURSING AGENT.
EACH TRUSTEE WHO IS NOT AFFILIATED WITH THE ADVISOR RECEIVED AN ANNUAL FEE OF
$20,500 PLUS UP TO $1,500 FOR EACH BOARD AND COMMITTEE MEETING ATTENDED. TRUSTEE
FEES ARE ALLOCATED TO EACH OF THE FUNDS SERVED.
<PAGE>
NOTE C - INVESTMENT ACTIVITY
THE COST OF INVESTMENTS OWNED AT DECEMBER 31, 1999 WAS SUBSTANTIALLY THE SAME
FOR FEDERAL INCOME TAX AND FINANCIAL REPORTING PURPOSES. THE TABLE BELOW
PRESENTS THE NET CAPITAL LOSS CARRYFORWARDS AS OF DECEMBER 31, 1999 WITH
EXPIRATION DATES:
CAPITAL LOSS CARRYFORWARDS EXPIRATION DATES
25,746 12/31/00
9,320 12/31/01
24,011 12/31/06
CAPITAL LOSS CARRYFORWARDS MAY BE UTILIZED TO OFFSET CURRENT AND FUTURE CAPITAL
GAINS UNTIL EXPIRATION.
THE FUND MAY SELL OR PURCHASE SECURITIES FROM OTHER FUNDS MANAGED BY THE
ADVISOR, PRIMARILY AS A CASH MANAGEMENT PRACTICE. FOR THE YEAR ENDED DECEMBER
31, 1999, THE FUND EFFECTED TRANSACTIONS WITH OTHER CALVERT PORTFOLIOS, WHICH
RESULTED IN NET REALIZED GAIN ON SALES OF SECURITIES OF $162,209. THE PURCHASES
AND SALES TRANSACTIONS, EXECUTED AT INDEPENDENTLY DERIVED PRICES PURSUANT TO
RULE 17A-7 UNDER THE INVESTMENT COMPANY ACT OF 1940, WERE $0, AND $18,076,437,
RESPECTIVELY.
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 DECEMBER 31, 1999.
<PAGE>
FINANCIAL HIGHLIGHTS
YEARS ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
CLASS O SHARES 1999 1998 1997
NET ASSET VALUE, BEGINNING $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .043 .048 .049
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.043) (.048) (.049)
NET ASSET VALUE, ENDING $1.00 $1.00 $1.00
TOTAL RETURN 4.38% 4.93% 5.00%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 4.28% 4.82% 4.88%
TOTAL EXPENSES .82% .81% .82%
EXPENSES BEFORE OFFSETS .82% .81% .82%
NET EXPENSES .81% .79% .80%
NET ASSETS, ENDING (IN THOUSANDS)
$229,754 $246,019 $232,025
YEARS ENDED
DECEMBER 31, DECEMBER 31,
CLASS O SHARES 1996 1995
NET ASSET VALUE, BEGINNING $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .047 .051
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.047) (.051)
NET ASSET VALUE, ENDING $1.00 $1.00
TOTAL RETURN 4.79% 5.22%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 4.69% 5.04%
TOTAL EXPENSES .86% .89%
EXPENSES BEFORE OFFSETS .86% .89%
NET EXPENSES .85% .88%
NET ASSETS, ENDING (IN THOUSANDS) $239,420 $241,150
<PAGE>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
DECEMBER 31, DECEMBER 31,
CLASS B SHARES 1999 1998^
NET ASSET VALUE, BEGINNING $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .031 .027
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.031) (.027)
NET ASSET VALUE, ENDING $1.00 $1.00
TOTAL RETURN 3.11% 2.72%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 3.18% 3.28%(A)
TOTAL EXPENSES 8.09% 36.93%(A)
EXPENSES BEFORE OFFSETS 2.02% 2.02%(A)
NET EXPENSES 2.00% 2.00%(A)
NET ASSETS, ENDING (IN THOUSANDS) $420 $74
PERIODS ENDED
DECEMBER 31, DECEMBER 31,
CLASS C SHARES 1999 1998^^
NET ASSET VALUE, BEGINNING $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .031 .020
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.031) (.020)
NET ASSET VALUE, ENDING $1.00 $1.00
TOTAL RETURN 3.12% 2.06%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 3.22% 3.35%(A)
TOTAL EXPENSES 4.75% 8.46%(A)
EXPENSES BEFORE OFFSETS 2.02% 2.02%(A)
NET EXPENSES 2.00% 2.00%(A)
NET ASSETS, ENDING (IN THOUSANDS) $1,056 $339
<PAGE>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
DECEMBER 31, DECEMBER 31,
INSTITUTIONAL CLASS SHARES 1999 1998^^^
NET ASSET VALUE, BEGINNING $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .047 .015
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.047) (.015)
NET ASSET VALUE, ENDING $1.00 $1.00
TOTAL RETURN 4.84% 1.49%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 4.72% 4.95%(A)
TOTAL EXPENSES .50% .43%(A)
EXPENSES BEFORE OFFSETS .38% .34%(A)
NET EXPENSES .37% .32%(A)
NET ASSETS, ENDING (IN THOUSANDS) $19,679 $20,128
PERIOD ENDED
DECEMBER 31,
CLASS T SHARES 1999^^^^
NET ASSET VALUE, BEGINNING $1.00
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .035
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.035)
NET ASSET VALUE, ENDING $1.00
TOTAL RETURN 3.59%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 4.29%(A)
TOTAL EXPENSES .95%(A)
EXPENSES BEFORE OFFSETS .95%(A)
NET EXPENSES .94%(A)
NET ASSETS, ENDING (IN THOUSANDS) $100,778
(A) ANNUALIZED
^ FROM APRIL 1,1998 INCEPTION
^^ FROM JUNE 1, 1998 INCEPTION
^^^ FROM SEPTEMBER 16, 1998 INCEPTION
^^^^ FROM MARCH 1, 1999 INCEPTION
<PAGE>
CALVERT
FIRST
GOVERNMENT
MONEY
MARKET
FUND
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.
PRINTED ON
RECYCLED PAPER
USING SOY-
BASED INKS
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
WWW.CALVERT.COM
PRINCIPAL UNDERWRITER
CALVERT DISTRIBUTORS, INC.
4550 MONTGOMERY AVENUE
SUITE 1000 NORTH
BETHESDA, MARYLAND 20814
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
