Calvert
Tax-Free Reserves California
Money Market Portfolio
Semi-Annual Report
June 30,1998
Contents
President's Letter
1
Portfolio
Manager Remarks
2
Statement of
Net Assets
4
Statement of
Operations
7
Statements of Changes in Net Assets
8
Notes to
Financial Statements
9
Financial Highlights
11
Dear Investor:
The previous quarter serves as a reminder that U.S. stock and bond markets can
be severely impacted by global forces and points out some of the challenges
portfolio managers will face in the months ahead.
The Asian financial crisis remains the number one issue. Devaluation of
foreign currencies makes U.S. goods more expensive for buyers overseas and
cheapens the cost of imports to the U.S. This radical shift in pricing power
and advantage caused investors to reduce their expectations for future U.S.
corporate profits growth and helped keep stock prices from rising further.
Asia's struggles also touched off a general flight-to-quality, with investors
bailing out of stocks and riskier bonds, especially emerging market issues,
and running for the safety of U.S. Treasury securities. The yield on the
benchmark 30-year Treasury bond fell to an all-time low.
Russia's economic woes also came to the fore. Propping up the ruble is likely
to be a financial drain on world lenders and could spell more trouble for
emerging market countries. There are bright spots. In Europe, corporations
continued to post good returns and most markets advanced during the last
quarter. Looking ahead, progress toward a single currency, the euro, for 11
participating countries should encourage further gains, as it will reduce
corporations' currency risk and make it easier to sell goods and services to
customers in other euro-based countries.
Our equity and fixed-income managers continue to cast a wide net in monitoring
these and other key economic and financial hot spots around the world without
lessening their focus on the changing U.S. economy.
We appreciate your choosing to invest with Calvert Group.
Sincerely,
Barbara J. Krumsiek
President and CEO
July 27, 1998
<PAGE>
(picture)
Tom Dailey is a member of the CAMCO portfolio management team.
Calvert Tax-Free Reserves California Money Market Portfolio seeks to earn the
highest level of interest income exempt from federal and California state
income taxes as is consistent with prudent investment management, preservation
of capital, and the quality and maturity characteristics of the Portfolio.
Fund
Information
asset allocation
California tax-exempt
money market
NASDAQsymbol
CTCXX
CUSIP number
131620-50-2
Calvert Tax-Free Reserves California Money Market Portfolio
How would you describe the investment environment over the past six months?
The domestic economy continued to expand during the first half of 1998, buoyed
by low interest rates, low unemployment, and subdued inflation.
The decline in long-term interest rates was primarily the result of the
anti-inflationary effects of Asia's financial woes and the Treasury's paydown
of outstanding debt. Devaluation of foreign currencies makes U.S. goods more
expensive, so U.S. exports to those regions have declined. Imports to the
U.S., on the other hand, rose, which tends to increase price competition here.
The Federal Reserve opted to maintain its neutral monetary policy on the
assumption that fallout from the Asian financial crisis would act as a
sufficient drag on the U.S. economy. The Fed has not taken steps to raise or
lower rates since hiking the federal funds rate one-quarter of a percent on
March 25, 1997.
What was your strategy?
We looked to exploit seasonal supply and demand conditions, including
tax-season outflows and new issuance. During the second quarter of the year,
large numbers of investors redeem shares of their tax-free money market mutual
funds in order to meet tax payments. Fund managers are forced to sell
securities to meet redemptions, which creates an abundant supply. Yields move
up to lure investors back into the market.
In anticipation of this opportunity, we took steps to shorten the Portfolio's
average maturity from 46 days at the beginning of the period to 25 days at the
mid point. This gave us the flexibility to reinvest a greater percentage of
fund assets in higher yielding securities.
We lengthened the Portfolio's maturity near the second part of the reporting
period. Here we were able to capitalize on seasonal issuance of one-year
notes. These notes are an important part of a money market manager's strategy
for extending maturity and are typically met with strong demand.
This year, supply was reduced by two factors. First, municipalities' financial
conditions have been improved by the robust economy and they do not need to
issue as much debt. Second, a significant portion of the note issuance was
converted into variable-rate demand notes. Reduced supply and level demand
caused yields to trend lower.
We acted quickly to buy one-year notes before supply dried up. At the close of
the period, maturity stood at 39 days.
How did the Fund perform relative to its peers?
The Portfolio's six-month return of 1.65% was 22 basis points ahead of the
return for the Lipper California Tax-Exempt Money Market Funds Average.
What's your near-term outlook for the money markets?
As long as inflation appears benign, the Fed can assume weakening currencies
in Southeast Asia and Japan are working to slow the US economy and should not
be inclined to raise rates.
We also expect to see continued strong demand for money market securities,
given the increased volatility of global stock markets. As we don't anticipate
a steep rise in rates and believe demand will remain firm, we'll be looking to
lengthen maturity a bit in the coming months.
Of course, we'll continue to monitor the strength of the economy and inflation
and will be ready to take a more conservative stance if necessary.
July 21, 1998
Please remember, this discussion reflects the views and opinions of Calvert
Asset Management Company at June 30, 1998, 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.
comparative month-end yields
IBC's State
CTFR Specific GP
California Tax-Free Money
Money Market Market Averages
6.30.98 3.29% 2.92%
5.31.98 3.57% 3.13%
4.30.98 3.59% 3.13%
3.31.98 3.12% 2.68%
2.28.98 3.02% 2.65%
1.31.98 3.19% 2.87%
12.31.97 3.39% 3.11%
Total returns assume reinvestment of dividends. Past performance is no
guarantee of future results. Sources: IBC's Money Fund Report, IBC Financial
Data Inc. and Lipper Analytical Services Inc.
Portfolio
statistics
weighted
average maturity
6.30.98 39 days
12.31.97 46 days
credit quality
distribution
Pie chart shows tiers of credit quality distribution as of 6.30.98
First tier 92%
Second tier 8%
All securities in Calvert Group money market funds are eligible securities
under rule 2a-7 of the Investment Company
Act of 1940. First Tier Securities are eligible securities rated in the
highest rating category
for short-term debt obligations by at least two of the Nationally Recognized
Statistical Ratings Organizations. Second Tier Securities are eligible
securities not in the First Tier.
average annual
total return
as of 6.30.98
1 year 3.32%
5 year 3.13%
inception 3.66%
(10.16.89)
Statement of Net Assets
June 30, 1998
Principal
Municipal Obligations - 111.0% Amount Value
California - 102.2%
Alameda County Tax & Revenue
Anticipation Notes,
4.50%, 7/7/99 $15,000,000 $15,129,901
Buena Park Community Development
Authority VRDN,
5.355%, 12/28/99, GA: Mass Mutual Life
Insurance 6,100,000 6,100,000
California Housing Finance Agency
Revenue VRDN:
3.54%, 8/1/10, TOA: Citibank,
INSUR: MBIA 2,410,000 2,410,000
3.58%, 8/1/14, BPA: Banco Santander,
INSUR: MBIA 9,120,000 9,120,000
California Schools Cash Reserve
Program Authority
Series A Notes:
4.75%, 7/2/98 9,375,000 9,375,238
4.50%, 7/2/99 15,000,000 15,109,800
California State VRDN:
3.85%, 8/1/15, BPA: Societe
Generale, INSUR: MBIA 9,600,000 9,600,000
3.60%, 10/1/19, BPA: Societe
Generale, INSUR: FGIC 10,740,000 10,740,000
California Statewide Community
Development Authority
MFH Revenue VRDN:
3.70%, 3/25/25, LOC: Chase Manhattan 8,000,000 8,000,000
3.45%, 7/1/27, LOC: Banque Paribas 5,070,000 5,070,000
California Statewide Community
Development Authority
Tax & Revenue Anticipation
Notes, 4.75%, 9/30/98 5,860,000 5,875,485
California Valleys Housing
Finance Authority
Revenue VRDN, 4.45%, 7/1/25,
LOC: Sumitomo
Bank, Ltd. 9,500,000 9,500,000
Contra Costa County MFH VRDN,
4.40%, 10/20/28,
LOC: Sumitomo Bank, Ltd. 2,460,000 2,460,000
Fresno MFH VRDN, 4.50%, 5/1/15, LOC:
Tokai Bank, Ltd. 1,188,000 1,188,000
Inland Valley Development
Agency California
Tax Allocation VRDN, 3.75%,
3/1/27, CONF:
National Westminster Bank 10,000,000 10,000,000
Irvine Ranch Water District GO
VRDN, 3.25%, 6/1/15,
LOC: National Westminster Bank 8,000,000 8,000,000
Kern California Community College
District COPs VRDN,
3.20%, 1/1/25, LOC:
Union Bank California 17,500,000 17,500,000
Los Angeles Convention &
Exhibition Center
Revenue VRDN,
3.68%, 8/15/18, BPA: Merrill Lynch,
INSUR: MBIA 13,500,000 13,500,000
Los Angeles County Housing Authority
MFH Revenue VRDN, 4.45%,
11/1/09, LOC:
Industrial Bank Japan 5,000,000 5,000,000
Los Angeles County Tax & Revenue
Anticipation Notes,
4.50%, 6/30/99 15,000,000 15,119,550
Los Angeles Transportation Community Sales
Tax Revenue VRDN,
3.60%, 8/20/03, LOC: Credit
Suisse, INSUR: MBIA 6,000,000 6,000,000
Los Angeles Unified School District Tax &
Revenue Anticipation Notes,
4.50%, 10/1/98 5,500,000 5,511,421
Marin County Housing Authority
MFH Revenue VRDN,
4.10%, 10/15/29, LOC:
Dai-ichi Kangyo Bank 17,900,000 17,900,000
Midway School District COPs
VRDN, 4.10%, 2/1/23,
LOC: Union Bank of California 4,965,000 4,965,000
Oceanside MFH VRDN, 3.80%, 8/1/17,
SURBD: Continental Casualty Co. 6,540,000 6,540,000
Principal
Municipal Obligations (Cont'd) Amount Value
Orange County Apartment
Development Revenue VRDN:
4.70%, 3/1/07, LOC: Tokai Bank Ltd. $6,550,000 $6,550,000
4.35%, 8/15/07, LOC: Tokai Bank Ltd. 3,200,000 3,200,000
3.30%, 11/1/08, LOC: Banque Paribas 9,400,000 9,400,000
Orange County MFH Authority
VRDN, 3.30%, 5/1/22,
LOC: Banque Paribas 4,900,000 4,900,000
Palmdale School District Project
Lease VRDN:
3.90%, 12/13/10, LOC: National
Westminster Bank 5,169,999 5,169,999
3.90%, 12/13/10, LOC: National
Westminster Bank 5,820,000 5,820,000
Paramount MFH Authority VRDN,
4.67%, 10/1/18,
LOC: Heller Financial 4,250,000 4,250,000
Pitney Bowes Credit Corporation
LeaseTOPS
Trust Certificates VRDN:
3.76%, 10/10/01, BPA: Pitney
Bowes Credit Corp.,
INSUR, AMBAC 9,000,000 9,000,000
3.85%, 2/11/11, BPA: Pitney Bowes
Credit Corp.,
LOC: Landesbank Hessen 6,422,509 6,422,509
Redland Redevelopment Agency
Tax Allocation VRDN,
4.45%, 8/1/22, CONF: Sumitomo
Bank, Ltd.,
LOC: Sumitomo Trust & Banking 4,000,000 4,000,000
Riverside MFH VRDN, 4.25%,
6/1/09, LOC:
Tokai Bank Ltd. 1,000,000 1,000,000
San Bernardino COPs VRDN,
4.75%, 3/1/24,
LOC: Bank Tokyo Mitsubishi 3,950,000 3,950,000
San Bernardino MFH Revenue VRDN,
3.65%, 6/1/05,
LOC: Household Federal Savings 2,000,000 2,000,000
San Diego Area Local Government
COPs Tax & Revenue
Anticipation Notes, 4.50%, 10/1/98 4,500,000 4,509,384
San Diego Tax & Revenue Anticipation Notes,
4.50%, 9/30/98,
LOC: Bank of Nova Scotia,
LOC: Canadian Imperial,
LOC: Commerze Bank 8,000,000 8,009,818
San Francisco Redevelopment MFH VRDN:
4.40%, 10/1/00, LOC: Mitsubishi
Trust & Banking 16,275,000 16,275,000
4.25%, 12/1/05, LOC: Industrial
Bank of Japan 7,500,000 7,500,000
San Jose Financing Authority Revenue
VRDN, 4.70%, 12/1/25,
LOC: Sumitomo Bank, Ltd. 2,945,000 2,945,000
San Marcos IDA VRDN, 4.00%, 12/1/20,
LOC: Union Bank California 1,620,000 1,620,000
San Marcos Redevelopment
VRDN, 4.33%, 12/1/10,
LOC: Bank of America 1,700,000 1,700,000
Santa Paula Public Financing
Authority Revenue VRDN,
4.30%, 2/1/26, LOC: Sumitomo Bank, Ltd.,
Confirming LOC: Sumitomo Bank, Ltd. 10,800,000 10,800,000
Stockton Heritage Convalescent
Center Project VRDN,
5.95%, 12/1/05, LOC:
Tokai Bank Ltd. 1,165,000 1,165,000
Union City MFH Authority Revenue
VRDN, 4.10%, 10/1/07,
LOC: Credit Lyonnais, Confirming LOC:
Den Danske Bank 9,500,000 9,500,000
Upland Apartment Development Revenue
VRDN, 4.60%, 1/1/09,
LOC: Tokai Bank, Ltd. 4,000,000 4,000,000
Vallejo IDA Revenue VRDN,
4.10%, 12/1/23,
LOC: Bank Tokyo Mitsubishi 2,000,000 2,000,000
Principal
Municipal Obligations (Cont'd) Amount Value
Ventura County Tax & Revenue
Anticipation Notes,
4.50%, 7/1/98 $7,900,000 $7,900,000
Victorville MFH Revenue VRDN,
4.30%, 12/1/15,
C/LOC: Redlands S&L 6,610,000 6,610,000
Other - 8.8%
Puerto Rico Commonwealth Tax & Revenue
Anticipation Notes,
4.50%, 7/30/98 9,000,000 9,005,253
Puerto Rico Electric Power
Authority General
Obligation VRDN,
3.45%, 7/1/22, BPA: Societe
Generale, INSUR: MBIA 12,000,000 12,000,000
Puerto Rico Infrastructure Finance
Authority VRDN,
3.58%, 7/1/28, BPA:
Societe Generale, INSUR: AMBAC 8,865,000 8,865,000
Puerto Rico Infrastructure Municipal Trust
VRDN, 3.70%, 7/1/28 2,000,000 2,000,000
Total Municipal Obligations (Cost $401,781,358) 401,781,358
TOTAL INVESTMENTS (Cost $401,781,358) - 111.0% $401,781,358
Payable for investments purchased - (13.2%) (47,671,208)
Other assets in excess of liabilities - 2.2% 7,888,640
Net Assets - 100% $361,998,790
Net Assets Consist of:
Paid in capital applicable to 362,104,310
shares of beneficial interest,
unlimited number of no par shares authorized $362,104,351
Undistributed net investment income 9,915
Accumulated realized gain/(loss) on investments (115,476)
Net Assets $361,998,970
Net Asset Value Per Share $1.00
Explanation of Guarantees Abbreviations
BPA: Bond-Purchase Agreement AMBAC: American Municipal Bond Assurance
Corp.
CONF: Confirming Letter of Credit COPs: Certificates of Participation
GA: Guaranty Agreement FGIC: Financial Guaranty Insurance
Company
IA: Investment Agreement GO: General Obligation
INSUR: Insurance IDA: Industrial Development Authority
LOC: Letter of Credit MBIA: Municipal Bond Insurance
Association
C/LOC: Collateralized LOC MFH: Multi-Family Housing
SURBD: Surety Bond VRDN: Variable Rate Demand Note
TOA: Tender Option Agreement
See notes to financial statements.
Statement of Operations
Six Months Ended June 30, 1998
Net Investment Income
Investment Income
Interest income $6,664,524
Expenses
Investment advisory fee 845,146
Transfer agency fees and expenses 216,861
Trustees' fees and expenses 19,607
Administrative fees 14,454
Custodian fees 16,992
Registration fees 7,065
Reports to shareholders 56,419
Professional fees 6,826
Miscellaneous 8,389
Reimbursement from Advisor(84,515)
Total expenses 1,107,244
Fees paid indirectly (31,141)
Net expenses 1,076,103
Net Investment Income 5,588,421
Realized Gain (Loss) on Investments
Net realized gain (loss) 16,196
Increase (Decrease) in Net Assets
Resulting from Operations $5,604,617
See notes to financial statements
Statements of Changes in Net Assets
Six Months Ended Year Ended
June 30, December 31,
Increase (Decrease) in Net Assets 1998 1997
Operations
Net investment income $5,588,421 $10,583,693
Net realized gain (loss) on securities 16,196 12,061
Increase (Decrease)
in Net Assets
Resulting from Operations 5,604,617 10,595,754
Distributions to shareholders from
Net investment income (5,585,502) (10,603,640)
Capital share transactions
Shares sold 240,082,964 373,188,095
Reinvestment of distributions 5,465,454 10,433,911
Shares redeemed (204,570,038) (408,620,397)
Total capital share transactions 40,978,380 (24,998,391)
Total Increase (Decrease)
in Net Assets 40,997,495 (25,006,277)
Net Assets
Beginning of period 321,001,295 346,007,572
End of period (including undistributed
net investment income
of $9,915 and $6,996, respectively) $361,998,790 $321,001,295
Share Activity
Shares sold 240,082,964 373,188,095
Reinvestment of distributions 5,465,454 10,433,911
Shares redeemed (204,570,038) (408,620,397)
Net share activity 40,978,380 (24,998,391)
Notes To Financial Statements
Note A - Significant Accounting Policies
General: The California Money Market Portfolio (the "Portfolio"), a series of
Calvert Tax-Free Reserves (the "Fund"), is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The operations of each series are accounted for separately. The Portfolio
offers shares of beneficial interest to the public with no sales charges.
Security Valuation: Securities are valued at amortized cost which
approximates market.
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.
Distributions to Shareholders: Distributions to shareholders are recorded by
the Portfolio on ex-dividend date. Dividends from net investment income are
earned 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 Portfolio'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 Portfolio 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 Portfolios' 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 Portfolio intends to continue 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 Trustees of
the Fund. For its services, the Advisor receives a monthly fee based on the
following annual rates of average daily net assets: .50% on the first $500
million, .45% on the next $500 million and .40% on the excess of $1 billion.
Under the terms of the agreement, $135,753 was payable at year end.
The Advisor voluntarily reimbursed the Fund for advisory fees, administrative
fees, and other operating expenses of $84,515. Calvert Administrative
Services Company, an affiliate of the Advisor, provides administrative
services to the Fund for an annual fee. The Fund (exclusive of Money Market
portfolios, Class O and Institutional Class) pays monthly an annual fee of
$80,000, which is allocated between the Portfolios based on their relative net
assets.Under the terms of the agreement, $2,532 was payable at period end.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor
and principal underwriter for the Portfolio.
Calvert Shareholder Services, Inc., an affiliate of the Advisor, is the
shareholder servicing agent for the Fund. Under the terms of the agreement,
$20,056 was payable at period 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's fees are allocated to each of the funds served.
Note C - Investment Activity
The cost of investments owned at June 30, 1998 was substantially the same for
federal income tax and financial reporting purposes. Net capital loss
carryforwards, for federal income tax purposes, of $131,672 at December 31,
1997 may be utilized to offset current and future capital gains until
expiration through 2004.
As a cash management practice, the Portfolio may sell or purchase short-term
variable rate demand notes from other Portfolios managed by the Advisor. All
transactions are executed at independently derived prices.
Note D - Line of Credit
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 June 30, 1998.
Financial Highlights
Periods Ended
June 30, December 31, December 31,
1998 1997 1996
Net asset value, beginning $1.00 $1.00 $1.00
Income from investment operations
Net investment income .016 .032 .031
Distributions from
Net investment income (.016) (.032) (.031)
Net asset value, ending $1.00 $1.00 $1.00
Total return 1.65% 3.28% 3.17%
Ratios to average net assets:
Net investment income 3.31%(a) 3.22% 3.14%
Total expenses + .66%(a) .66% .69%
Net expenses .64%(a) .65% .68%
Expenses reimbursed .05%(a) .05% .03%
Net assets, ending (in thousands) $361,999 $321,001 $346,008
Number of shares outstanding,
ending (in thousands) 362,104 321,126 346,124
Years Ended
December 31, December 31, December 31,
1995 1994 1993
Net asset value, beginning $1.00 $1.00 $1.00
Income from investment operations
Net investment income .037 .026 .022
Distributions from
Net investment income (.037) (.026) (.022)
Net asset value, ending $1.00 $1.00 $1.00
Total return 3.78%* 2.62% * 2.26%
Ratios to average net assets:
Net investment income 3.69% 2.55% 2.22%
Total expenses + .76% - -
Net expenses .75% .69% .69%
Net assets, ending (in thousands) $300,351 $260,719 $296,984
Number of shares outstanding,
ending (in thousands) 300,544 260,716 296,984
(a) Annualized
* Total return numbers do not reflect the Tender Option Agreement. On
December 15, 1994, the Portfolio entered into a Tendered Option Agreement wit
hthe Advisor valued at $600,000 to secure payment of an "at risk" investment.
On June 30, 1995, the investment paid the Portfolio in full and the Option
expired unused. The expiration loss was applied against the Advisor's capital
contribution of the Option.
+ Effective December 31, 1995, this ratio reflects total expenses
before reduction of fees paid indirectly; such reductions are included in the
ratio of net expenses.
<PAGE>
this page is reserved for any comments and questions.
Calvert
Tax-Free
Reserves
California
Money
Market
Portfolio
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
TDDfor Hearing Impaired
800-541-1524
Branch Office
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Web Site
http://www.calvertgroup.com
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 Managed Growth Portfolio
Municipal Funds
CTFRLimited-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
CSIFEquity Portfolio
Capital Accumulation Fund
CWV International Equity Fund
New Vision Small Cap Fund
New Africa Fund
