CALVERT SOCIALLY
RESPONSIBLE PROSPECTUS
January 31, 1999, as Revised May 31, 1999
About the Funds
2 Investment objective, strategy, past performance
18 Fees and Expenses
22 Principal Investment Practices and Risks
About Social Investing
26 Socially Responsible Investment Criteria
27 Investment Selection Process
31 High Social Impact Investments
31 Special Equities
About Your Investment
32 Subadvisors and Portfolio Managers
34 Advisory Fees
36 How to Buy Shares
36 Getting Started
36 Choosing a Share Class
38 Calculation of CDSC/Waiver
39 Distribution and Service Fees
40 Account Application
41 Important - How Shares are Priced
41 When Your Account Will be Credited
42 Other Calvert Group Features
(Exchanges, Minimum Account Balance, etc.)
45 Dividends, Capital Gains and Taxes
46 How to Sell Shares
48 Financial Highlights
57 Exhibit A- Reduced Sales Charges (Class A)
59 Exhibit B- Service Fees and
Other Arrangements with Dealers
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FUNDS IN THIS PROSPECTUS
Equity Funds
Calvert Social Investment Fund (CSIF)
CSIF Balanced
CSIF Managed Index
CSIF Equity
Calvert Capital Accumulation
Calvert World Values International Equity
Calvert New Vision Small Cap
Bond and Money Market Funds
Calvert Social Investment Fund (CSIF)
CSIF Bond
CSIF Money Market
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These securities have not been approved or disapproved by the Securities and
Exchange Commission (SEC) or any State Securities Commission, nor has the SEC
or any State Securities Commission passed on the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal offense.
<PAGE>
CSIF Balanced (Note: Formerly known as CSIF Managed Growth)
Advisor Calvert Asset Management Company, Inc.
Subadvisors: Brown Capital Management, Inc.
NCM Capital Management, Inc.
Objective
CSIF Balanced seeks to achieve a competitive total return through an actively
managed portfolio of stocks, bonds and money market instruments which offer
income and capital growth opportunity and which satisfy the investment and
social criteria.
Principal investment strategies
The Fund typically invests about 60% of its assets in stocks and 40% in bonds
or other fixed-income investments. Stock investments are primarily common
stock in large-cap companies, while the fixed-income investments are primarily
a wide variety of investment grade bonds.
CSIF Balanced invests in a combination of stocks, bonds and money market
instruments in an attempt to provide a complete investment portfolio in a
single product. The Advisor rebalances the Fund quarterly to adjust for
changes in market value. The Fund is a large-cap, growth-oriented U.S.
domestic portfolio, although it may have other investments, including some
foreign securities and some mid-cap stocks. For the equity portion, the Fund
seeks companies with better than average expected growth rates at lower than
average valuations. The fixed-income portion reflects an active trading
strategy, seeking total return.
Equity investments are selected by the two Subadvisors, while the Advisor
manages the fixed-income assets and determines the overall mix for the Fund
depending upon its view of market conditions and economic outlook.
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PRINCIPAL RISKS
You could lose money on your investment in the Fund, or the Fund could
underperform for any of the following reasons:
The stock or bond market goes down
The individual stocks and bonds in the Fund do not perform as well as
expected
For the fixed-income portion of the Fund, the Advisor's forecast as to
interest rates is not correct
For the foreign securities held in the Fund, if foreign currency values
go down versus the U.S. dollar
The Advisor's allocation among different sectors of the stock and bond
markets does not perform as well as expected
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
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<PAGE>
The Fund invests with the philosophy that long-term rewards to investors will
come from those organizations whose products, services, and methods enhance
the human condition and the traditional American values of individual
initiative, equality of opportunity and cooperative effort. Investments are
selected on the basis of their ability to contribute to the dual objectives of
financial soundness and social criteria. See "Investment Selection Process."
CSIF Balanced Performance
The bar chart and table below show the Fund's annual returns and its long-term
performance. The chart and table provide some indication of the risks of
investing in the Fund. The chart shows how the performance of the Class A
shares has varied from year to year. The table compares the Fund's performance
over time to that of the Standard & Poor's 500 Index and the Lehman Aggregate
Bond Index, a widely recognized, unmanaged index of common stock and bonds
prices, respectively. It also shows the Fund's returns compared to the Lipper
Balanced Funds Index, a composite index of the annual return of mutual funds
that have an investment goal similar to that of the Fund. The Fund's past
performance does not necessarily indicate how the Fund will perform in the
future.
The return for the Fund's other classes of shares offered by this prospectus
will differ from the Class A returns shown in the bar chart, depending upon
the expenses of that Class. The bar chart does not reflect any sales charge
that you may be required to pay upon purchase or redemption of the Fund's
shares. Any sales charge will reduce your return. The average total return
table shows returns with the maximum sales charge deducted. No sales charge
has been applied to the indexes used for comparison in the table.
Bar Chart
CSIF Balanced
Year-by-Year Total Return
(Class A return at NAV)
1989 18.73% 1994 -5.50%
1990 1.79% 1995 25.85%
1991 17.79% 1996 9.03%
1992 7.46% 1997 18.92%
1993 5.95% 1998 17.49%
Best Quarter (of periods shown) Q4 '98 12.42%
Worst Quarter (of periods shown) Q3 '98 (6.47)%
Average Annual Total Returns (as of 12-31-98)
(with maximum sales charge deducted)
1 year 5 years 10 years
CSIF Balanced: Class A 11.92% 11.53% 10.83%
CSIF Balanced: Class B N/A N/A N/A
CSIF Balanced: Class C 15.24% N/A N/A
S&P 500 Index Monthly Reinvested 28.74% 24.08% 19.20%
Lehman Aggregate Bond Index TR 8.69% 7.27% 9.26%
Lipper Balanced Funds Index 15.09% 13.87% 13.32%
For current yield information call 800-368-2745, or visit Calvert Group's
website at www.calvertgroup.com
<PAGE>
CSIF Managed Index
Advisor Calvert Asset Management Company, Inc.
Subadvisor: State Street Global Advisors
Objective
CSIF Managed Index seeks a total return after expenses which exceeds over time
the total return of the Russell 1000 Index. It seeks to obtain this objective
while maintaining risk characteristics similar to those of the Russell 1000
Index and through investments in stocks that meet the Fund's investment and
social criteria. This objective may be changed by the Fund's Board of
Trustees/Directors without shareholder approval.
Principal investment strategies
The Fund invests in stocks that meet the social criteria and creates a
portfolio whose characteristics closely resemble the characteristics of the
Russell 1000 Index, while emphasizing the stocks which it believes offer the
greatest potential of return.
CSIF Managed Index follows an enhanced index management strategy. Instead of
passively holding a representative basket of securities designed to match the
Russell 1000 Index, the Subadvisor actively uses a proprietary analytical
model to attempt to enhance the Fund's performance, relative to the Index. The
Fund may purchase stocks not in the Russell 1000 Index, but at least 65% of
the Fund's total assets will be invested in stocks that are in the Index. Any
investments not in the Index will meet the Fund's social screening criteria
and be selected to closely mirror the Index's risk/return characteristics. The
Subadvisor rebalances the Fund quarterly to maintain its relative exposure to
the Index.
The first step of the investment strategy is to identify those stocks in the
Russell 1000 Index which meet the Fund's social screening criteria. From this
list of stocks, the Subadvisor chooses stocks that closely mirror the Index in
terms of various factors such as industry weightings, capitalization, and
yield. Even though certain industries may be eliminated from the Fund by the
screens, the factor model permits mathematical substitutes which the
Subadvisor expects to mimic the return characteristics of the missing
industries and stocks.
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PRINCIPAL RISKS
You could lose money on your investment in the Fund, or the Fund could
underperform the stock market for any of the following reasons:
The stock market or the Russell 1000 Index goes down
The individual stocks in the Fund or the index modeling portfolio do not
perform as well as expected
An index fund has operating expenses; a market index does not. The Fund
- while expected to track its target index as closely as possible while
satisfying its investment and social criteria - will not be able to match
the performance of the index exactly
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The Fund is not sponsored, sold, promoted or endorsed by
the Frank Russell Company.
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<PAGE>
The final step in the process is to apply the Subadvisor's proprietary
valuation method which attempts to identify the stocks which have the greatest
potential for superior performance. Each security identified for potential
investment is ranked according to two separate measures: value and momentum of
market sentiment. These two measures combine to create a single composite
score of each stock's attractiveness. The Fund is constructed from securities
that meet its social criteria, weighted through a mathematical process that
seeks to reduce risk vis-a-vis the Russell 1000 Index.
The Russell 1000 Index measures the performance of the 1,000 largest U.S.
companies based on total market capitalization. The Index is adjusted, or
reconstituted, annually. As of the latest reconstitution, the average market
capitalization of the Russell 1000 was approximately $7.6 billion.
Tracking the Index
The Subadvisor expects a tracking error over time of no more than 2.5%,
relative to the return of the Index before deducting expenses, although there
can be no guarantee such results will be achieved. The Fund's ability to track
the Index will be monitored by analyzing returns to ensure that the returns
are reasonably consistent with Index returns. Any deviations of realized
returns from the Index which are in excess of those expected will be analyzed
for sources of variance. Where variations are deemed to be systematic or
associated with a particular feature of the investment process, the
constraints on the Fund associated with that factor may be adjusted to ensure
a higher degree of correlation to the Index.
The Fund invests with the philosophy that long-term rewards to investors will
come from those organizations whose products, services, and methods enhance
the human condition and the traditional American values of individual
initiative, equality of opportunity and cooperative effort. Investments are
selected on the basis of their ability to contribute to the dual objectives of
financial soundness and social criteria. See "Investment Selection Process."
(No performance results are shown for CSIF Managed Index since its inception
was 4/15/98.)
<PAGE>
CSIF Equity
Advisor Calvert Asset Management Company, Inc.
Subadvisors: Atlanta Capital Management Company, L.L.C.
Objective
CSIF Equity seeks growth of capital through investment in stocks of issuers in
industries believed to offer opportunities for potential capital appreciation
and which meet the Fund's investment and social criteria.
Principal investment strategies
The Fund invests primarily in the common stocks of large-cap companies,
having, on average, market capitalization of at least $1 billion. Investment
returns will be mostly from changes in the price of the Fund's holdings
(capital appreciation).
The Subadvisor looks for growing companies with a history of steady earnings
growth. Companies are selected based on the Subadvisor's opinion that the
company has the ability to sustain growth through growing profitability and
that the stock is favorably priced with respect to those growth expectations.
The Fund invests with the philosophy that long-term rewards to investors will
come from those organizations whose products, services, and methods enhance
the human condition and the traditional American values of individual
initiative, equality of opportunity and cooperative effort. Investments are
selected on the basis of their ability to contribute to the dual objectives of
financial soundness and social criteria. See "Investment Selection Process."
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PRINCIPAL RISKS
You could lose money on your investment in the Fund, or the Fund could
underperform for any of the following reasons:
The stock market goes down
The individual stocks in the Fund do not perform as well as expected
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
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CSIF Equity Performance
The bar chart and table below show the Fund's annual returns and its long-term
performance. The chart and table provide some indication of the risks of
investing in the Fund. The chart shows how the performance of the Class A
shares has varied from year to year. The table compares the Fund's performance
over time to that of the Standard & Poor's 500 Index. This is a widely
recognized, unmanaged index of common stock prices. It also shows the Fund's
returns compared to the Lipper Growth Funds Index, a composite index of the
annual return of mutual funds that have an investment goal similar to that of
the Fund. The Fund's past performance does not necessarily indicate how the
Fund will perform in the future.
The return for each of the Fund's other Classes of shares offered by this
prospectus will differ from the Class A returns shown in the bar chart,
depending upon the expenses of that Class. The bar chart does not reflect any
sales charge that you may be required to pay upon purchase or redemption of
the Fund's shares. Any sales charge will reduce your return. The average total
return table shows returns with the maximum sales charge deducted. No sales
charge has been applied to the indexes used for comparison in the table.
Bar Chart
CSIF Equity
Year-by-Year Total Return
(Class A return at NAV)
1989 27.45% 1994 -12.06%
1990 -4.87% 1995 20.29%
1991 21.93% 1996 21.68%
1992 8.37% 1997 19.33%
1993 2.13% 1998 10.89%
Best Quarter (of periods shown) Q1 '98 11.73%
Worst Quarter (of periods shown) Q3 '98 (17.56)%
Average Annual Total Returns (as of 12-31-98)
(with maximum sales charge deducted)
1 year 5 years 10 years
CSIF Equity: Class A 5.62% 10.17% 10.25%
CSIF Equity: Class B N/A N/A N/A
CSIF Equity: Class C 8.76% N/A N/A
S&P 500 Index Monthly Reinvested 28.74% 24.08% 19.20%
Lipper Growth Funds Index 25.69% 19.82% 17.21%
<PAGE>
Calvert Capital Accumulation
Advisor Calvert Asset Management Company, Inc.
Subadvisor: Brown Capital Management, Inc.
Objective
Capital Accumulation seeks to provide long-term capital appreciation by
investing primarily in mid-cap stocks that meet the Fund's investment and
social criteria. This objective may be changed by the Fund's Board of
Trustees/Directors without shareholder approval.
Principal investment strategies
Investments are primarily in the common stocks of mid-size companies. Returns
in the Fund will be mostly from the changes in the price of the Fund's
holdings (capital appreciation.)
The Fund currently defines mid-cap companies as those within the range of
market capitalizations of the S & P's Mid-cap 400 Index. Most companies in the
Index have a capitalization of $500 million to $10 billion. Stocks chosen for
the Fund combine growth and value characteristics or offer the opportunity to
buy growth at a reasonable price.
The Subadvisor favors companies which have an above market average prospective
growth rate, but sell at below market average valuations. The Subadvisor
evaluates each stock in terms of its growth potential, the return for risk
free investments, and the risk and reward potential for the company to
determine a reasonable price for the stock.
The Fund invests with the philosophy that long-term rewards to investors will
come from those organizations whose products, services, and methods enhance
the human condition and the traditional American values of individual
initiative, equality of opportunity and cooperative effort. Investments are
selected on the basis of their ability to contribute to the dual objectives of
financial soundness and social criteria. See "Investment Selection Process."
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PRINCIPAL RISKS
You could lose money on your investment in the Fund, or the Fund could
underperform for any of the following reasons:
The stock market goes down
The individual stocks in the Fund do not perform as well as expected
The Fund is non-diversified. Compared to other funds, the Fund may
invest more of its assets in a smaller number of companies. Gains or
losses on a single stock may have greater impact on the Fund.
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
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<PAGE>
Capital Accumulation Performance
The bar chart and table below show the Fund's annual returns and its long-term
performance. The chart and table provide some indication of the risks of
investing in the Fund. The chart shows how the performance of the Fund's Class
A shares has varied from year to year. The table compares the Fund's
performance over time to that of the Standard & Poor's Mid-Cap 400 Index. This
is a widely recognized, unmanaged index of common stock prices. It also shows
the Fund's returns compared to the Lipper Mid-Cap Funds Index, a composite
index of the annual return of mutual funds that have an investment goal
similar to that of the Fund. The Fund's past performance does not necessarily
indicate how the Fund will perform in the future.
The return for the Fund's other classes of shares offered by this prospectus
will differ from the Class A returns shown in the bar chart, depending upon
the expenses of that Class. The bar chart does not reflect any sales charge
that you may be required to pay upon purchase or redemption of the Fund's
shares. Any sales charge will reduce your return. The average total return
table shows returns with the maximum sales charge deducted. No sales charge
has been applied to the indexes used for comparison in the table.
Bar Chart
Capital Accumulation
Year-by-Year Total Return
(Class A return at NAV)
1989 N/A 1994 N/A
1990 N/A 1995 36.75%
1991 N/A 1996 9.37%
1992 N/A 1997 22.02%
1993 N/A 1998 29.35%
Best Quarter (of periods shown) Q4 '98 25.03%
Worst Quarter (of periods shown) Q3 '98 (14.00)%
Average Annual Total Returns (as of 12-31-98)
(with maximum sales charge deducted)
1 year 5 years 10 years
Capital Accumulation: Class A1 23.19% N/A N/A
Capital Accumulation: Class B N/A N/A N/A
Capital Accumulation: Class C 27.34% N/A N/A
S&P Mid-Cap 400 Index 18.25% N/A N/A
Lipper Mid-Cap Funds Index 13.92% N/A N/A
1 Since inception "A" (10/31/94) 22.09; S&P Mid Cap 400 Index 22.77; and
Lipper Mid-Cap Funds Index 18.36.
<PAGE>
Calvert World Values
International Equity Fund
Advisor Calvert Asset Management Company, Inc.
Subadvisor: Murray Johnstone International, Ltd.
Objective
CWVF International Equity seeks to provide a high total return consistent with
reasonable risk by investing primarily in a globally diversified portfolio of
stocks that meet the Fund's investment and social criteria.
Principal investment strategies
The Fund invests primarily in the common stocks of mid- to large-cap companies
using a value approach. The Fund identifies those countries with markets and
economies that it believes currently provide the most favorable climate for
investing. The Subadvisor selects countries based on a "20 questions" model
which uses macro-and micro-economic inputs to rank the attractiveness of
markets in various countries. Within each country, the Subadvisor uses
valuation techniques that have been shown to best determine value within that
market. In some countries, the valuation process may favor the comparison of
price-to-cash-flow while in other countries, price-to-sales or price-to-book
may be more useful in determining which stocks are undervalued.
The Fund invests primarily in more developed economies and markets. No more
than 5% of Fund assets are invested in the U.S. (excluding High Social Impact
and Special Equities investments).
The Fund invests with the philosophy that long-term rewards to investors will
come from those organizations whose products, services, and methods enhance
the human condition and the traditional American values of individual
initiative, equality of opportunity and cooperative effort. Investments are
selected on the basis of their ability to contribute to the dual objectives of
financial soundness and social criteria. See "Investment Selection Process."
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PRINCIPAL RISKS
You could lose money on your investment in the Fund, or the Fund could
underperform for any of the following reasons:
The stock markets go down (including those outside the U.S.)
The individual stocks in the Fund do not perform as well as expected
Foreign currency values go down versus the U.S. dollar
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
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<PAGE>
CWVF International Equity Performance
The bar chart and table below show the Fund's annual returns and its long-term
performance. The chart and table provide some indication of the risks of
investing in the Fund. The chart shows how the performance of the Class A
shares has varied from year to year. The table compares the Fund's performance
over time to that of the Morgan Stanley Capital International EAFE Index. This
is a widely recognized, unmanaged index of common stock prices around the
world. It also shows the Fund's returns compared to the Lipper International
Funds Index, a composite index of the annual return of mutual funds that have
an investment goal similar to that of the Fund. The Fund's past performance
does not necessarily indicate how the Fund will perform in the future.
The return for the Fund's other Classes of shares offered by this prospectus
will differ from the Class A returns shown in the bar chart, depending upon
the expenses of that Class. The bar chart does not reflect any sales charge
that you may be required to pay upon purchase or redemption of the Fund's
shares. Any sales charge will reduce your return. The average total return
table shows returns with the maximum sales charge deducted. No sales charge
has been applied to the indexes used for comparison in the table.
Bar Chart
International Equity
Year-by-Year Total Return
(Class A return at NAV)
1989 N/A 1994 -2.66%
1990 N/A 1995 11.81%
1991 N/A 1996 12.02%
1992 N/A 1997 6.57%
1993 25.78% 1998 16.10%
Best Quarter (of periods shown) Q4 '98 17.97%
Worst Quarter (of periods shown) Q3 '98 (14.82)%
Average Annual Total Returns (as of 12-31-98)
(with maximum sales charge deducted)
1 year 5 years 10 years
CWVF International Equity: Class A1 10.59% 7.52% N/A
CWVF International Equity: Class B N/A N/A N/A
CWVF International Equity: Class C 13.92% N/A N/A
MSCI EAFE Index GD 20.33% 9.50% N/A
Lipper International Funds Index 12.66% 8.59% N/A
1 Inception "A" (7/31/92) 9.22%; MSCI EAFE Index GD 12.25%; and Lipper
International Funds Index 11.75%. The month end date of 7/31/92 is used for
comparison purposes only, actual fund inception is 7/2/92.
<PAGE>
Calvert New Vision Small Cap
Advisor Calvert Asset Management Company, Inc.
Subadvisor: Awad Asset Management, Inc.
Objective
New Vision Small Cap seeks to provide long-term capital appreciation by
investing primarily in small-cap stocks that meet the Fund's investment and
social criteria. This objective may be changed by the Fund's Board of
Trustees/Directors without shareholder approval.
Principal Investment Strategies
At least 65% of the Fund's assets will be invested in the common stocks of
small-cap companies. Returns in the Fund will be mostly from the changes in
the price of the Fund's holdings (capital appreciation).
The Fund currently defines small-cap companies as those with market
capitalization of $1 billion or less at the time the Fund initially invests.
The Fund invests with the philosophy that long-term rewards to investors will
come from those organizations whose products, services, and methods enhance
the human condition and the traditional American values of individual
initiative, equality of opportunity and cooperative effort. Investments are
selected on the basis of their ability to contribute to the dual objectives of
financial soundness and social criteria. See "Investment Selection Process."
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PRINCIPAL RISKS
You could lose money on your investment in the Fund, or the Fund could
underperform for any of the following reasons:
The stock market goes down
The individual stocks in the Fund do not perform as well as expected
Prices of small-cap stocks may respond to market activity differently
than larger more established companies
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
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<PAGE>
New Vision Small Cap Performance
The bar chart and table below show the Fund's annual returns and its long-term
performance. The chart and table provide some indication of the risks of
investing in the Fund. The chart shows how the performance of the Class A
shares has varied from year to year. The table compares the Fund's performance
over time to that of the Russell 2000 Index. This is a widely recognized,
unmanaged index of common stock prices. It also shows the Fund's returns
compared to the Lipper Small-Cap Funds Index, a composite index of the annual
return of mutual funds that have an investment goal similar to that of the
Fund. The Fund's past performance does not necessarily indicate how the Fund
will perform in the future.
The return for the Fund's other Classes of shares offered by this prospectus
will differ from the Class A returns shown in the bar chart, depending upon
the expenses of that Class. The bar chart does not reflect any sales charge
that you may be required to pay upon purchase or redemption of the Fund's
shares. Any sales charge will reduce your return. The average total return
table shows returns with the maximum sales charge deducted. No sales charge
has been applied to the indexes used for comparison in the table.
Bar Chart
New Vision
Year-by-Year Total Return
(Class A return at NAV)
1989 N/A 1994 N/A
1990 N/A 1995 N/A
1991 N/A 1996 N/A
1992 N/A 1997 N/A
1993 N/A 1998 -9.43%
Best Quarter (of periods shown) Q2 '97 15.51%
Worst Quarter (of periods shown) Q3 '98 (21.82)%
Average Annual Total Returns (as of 12-31-98)
(with maximum sales charge deducted)
1 year 5 years 10 years
New Vision Small Cap: Class A1 -13.75% N/A N/A
New Vision Small Cap: Class B N/A N/A N/A
New Vision Small Cap: Class C -11.20% N/A N/A
Russell 2000 Index TR -2.55% N/A N/A
Lipper Small-Cap Funds Index -0.85% N/A N/A
1 From inception (1/31/97) -13.73%; Russell 2000 Index TR 8.48%; Lipper
Small-Cap Funds Index 5.83%.
<PAGE>
CSIF Bond
Advisor: Calvert Asset Management Company, Inc.
Objective
CSIF Bond seeks to provide as high a level of current income as is consistent
with prudent investment risk and preservation of capital through investment in
bonds and other straight debt securities meeting the Fund's investment and
social criteria.
Principal investment strategies
The Fund uses an active strategy, seeking relative value to earn incremental
income. The Fund typically invests at least 65% of its assets in investment
grade debt securities.
The Fund invests with the philosophy that long-term rewards to investors will
come from those organizations whose products, services, and methods enhance
the human condition and the traditional American values of individual
initiative, equality of opportunity and cooperative effort. Investments are
selected on the basis of their ability to contribute to the dual objectives of
financial soundness and social criteria. See "Investment Selection Process."
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PRINCIPAL RISKS
You could lose money on your investment in the Fund, or the Fund could
underperform, most likely for any of the following reasons:
The bond market goes down
The individual bonds in the Fund do not perform as well as expected
The Advisor's forecast as to interest rates is not correct
The Advisor's allocation among different sectors of the bond market does
not perform as well as expected
The Fund is non-diversified. Compared to other funds, the Fund may
invest more of its assets in a smaller number of companies. Gains or
losses on a single bond may have greater impact on the Fund.
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
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<PAGE>
CSIF Bond Performance
The bar chart and table below show the Fund's annual returns and its long-term
performance. The chart and table provide some indication of the risks of
investing in the Fund. The chart shows how the performance of the Class A
shares has varied from year to year. The table compares the Fund's performance
over time to that of the Lehman Aggregate Bond Index . This is a widely
recognized, unmanaged index of bond prices. It also shows the Fund's returns
compared to the Lipper Corporate Debt Funds A Rated Index, a composite index
of the annual return of mutual funds that have an investment goal similar to
that of the Fund. The Fund's past performance does not necessarily indicate
how the Fund will perform in the future.
The return for the Fund's other Classes of shares offered by this prospectus
will differ from the Class A returns shown in the bar chart, depending upon
the expenses of that Class. The bar chart does not reflect any sales charge
that you may be required to pay upon purchase or redemption of the Fund's
shares. Any sales charge will reduce your return. The average total return
table shows returns with the maximum sales charge deducted. No sales charge
has been applied to the indexes used for comparison in the table.
Bar Chart
CSIF Bond
Year-by-Year Total Return
(Class A return at NAV)
1989 13.56% 1994 -5.80%
1990 8.30% 1995 17.39%
1991 15.75% 1996 2.92%
1992 6.72% 1997 9.87%
1993 11.64% 1998 6.13%
Best Quarter (of periods shown) Q3 '91 5.99%
Worst Quarter (of periods shown) Q1 '94 (3.57)%
Average Annual Total Returns (as of 12-31-98)
(with maximum sales charge deducted)
1 year 5 years 10 years
CSIF Bond: Class A 2.16% 5.02% 8.04%
CSIF Bond: Class B N/A N/A N/A
CSIF Bond: Class C N/A N/A N/A
Lehman Aggregate Bond Index TR 8.69% 7.27% 9.26%
Lipper Corporate Debt Funds
A Rated Index 7.31% 6.61% 8.85%
<PAGE>
CSIF Money Market
Advisor: Calvert Asset Management Company, Inc.
Objective
CSIF Money Market seeks to provide the highest level of current income,
consistent with liquidity, safety and security of capital, through investment
in money market instruments meeting the Fund's investment and social criteria
Principal investment strategies
The Fund invests in high quality, money market instruments, such as commercial
paper, variable rate demand notes, corporate, agency and taxable municipal
obligations. All investments must comply with the SEC money market fund
requirements.
The Fund invests with the philosophy that long-term rewards to investors will
come from those organizations whose products, services, and methods enhance
the human condition and the traditional American values of individual
initiative, equality of opportunity and cooperative effort. Investments are
selected on the basis of their ability to contribute to the dual objectives of
financial soundness and social criteria. See "Investment Selection Process."
- --------------------------------------------------------------------------------
PRINCIPAL RISKS
The Fund's yield will change in response to market interest rates. In general,
as market rates go up so will the Fund's yield, and vice versa. Although the
Fund tries to keep the value of its shares constant at $1.00 per share,
extreme changes in market rates, and or sudden credit deterioration of a
holding could cause the value to decrease. The Fund limits the amount it
invests in any one issuer to try to lessen its exposure.
An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the Fund.
- --------------------------------------------------------------------------------
<PAGE>
CSIF Money Market Performance
The bar chart and table below show the Fund's annual returns and its long-term
performance. The chart and table provide some indication of the risks of
investing in the Fund. The chart shows how the performance has varied from
year to year. The table compares the Fund's returns over time to the Lipper
Money Market Funds Index, a composite index of the annual return of mutual
funds that have an investment goal similar to that of the Fund. The Fund's
past performance does not necessarily indicate how the Fund will perform in
the future.
Bar Chart
CSIF Money Market
Year-by-Year Total Return
1989 8.80% 1994 3.64%
1990 7.69% 1995 5.25%
1991 5.67% 1996 4.83%
1992 3.27% 1997 4.95%
1993 2.54% 1998 5.14%
Best Quarter (of periods shown) Q2 '89 2.26%
Worst Quarter (of periods shown) Q2 '93 0.59%
Average Annual Total Returns (as of 12-31-98)
1 year 5 years 10 years
CSIF Money Market 4.93% 4.72% 5.14%
Lipper Money Market Funds Index 5.10% 4.90% 5.32%
For current yield information call 800-368-2745, or visit Calvert Group's
website at www.calvertgroup.com
<PAGE>
FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and
hold shares of a Fund. Shareholder fees are paid directly from your account;
annual Fund operating expenses are deducted from Fund assets.
CLASS A CSIF CSIF CSIF Capital
Shareholder fees Balanced9 Mn. Indx1 Equity9 Accum.9
Maximum sales charge (load)
imposed on purchases
(as a percentage of offering price) 4.75 4.75 4.75 4.75
Maximum deferred sales charge (load) None2 None2 None2 None2
(as a percentage of purchase or
redemption proceeds, whichever is lower)
Maximum account fee 3
Annual fund operating expenses
Management fees .70 .75 .70 .90
Distribution and service (12b-1) fees .24 .25 .23 .35
Other expenses .26 .86 .37 .51
Total annual fund operating expenses 1.20 1.86 1.30 1.76
Fee waiver and/or expense reimbursement5 - (.61) - -
Net Expenses 1.20 1.25 1.30 1.76
CLASS A CWVF New CSIF CSIF
Shareholder fees Int Eq. Vision10 Bond Mon. Mkt.
Maximum sales charge (load)
imposed on purchases
(as a percentage of offering price) 4.75 4.75 3.75 None
Maximum deferred sales charge (load) None2 None2 None2 None
(as a percentage of purchase or
redemption proceeds, whichever is lower)
Maximum account fee 4
Annual fund operating expenses
Management fees 1.10 1.00 .55 .50
Distribution and service (12b-1) fees .25 .25 .20 .00
Other expenses .51 .65 .38 .44
Total annual fund operating expenses 1.86 1.90 1.13 .94
Fee waiver and/or expense reimbursement5 - - - -
Net Expenses 1.86 1.90 1.13 .89
CLASS B CSIF CSIF CSIF Capital
Shareholder fees Balanced9 Mn. Indx1 Equity9 Accum.9
Maximum sales charge (load)
imposed on purchases
(as a percentage of offering price) None None None None
Maximum deferred sales charge (load) 5%6 5%6 5%6 5%6
(as a percentage of purchase or
redemption proceeds, whichever is lower)
Maximum account fee 3
Annual fund operating expenses
Management fees .70 .75 .70 .90
Distribution and service (12b-1) fees 1.00 1.00 1.00 1.00
Other expenses 1.96 3.86 2.02 1.52
Total annual fund operating expenses 3.66 5.61 3.72 3.42
Fee waiver and/or expense reimbursement5 (1.16) (3.11) (1.16) (.26)
Net Expenses 2.50 2.50 2.56 3.16
CLASS B CWVF New CSIF CSIF
Shareholder fees Int Eq. Vision10 Bond Mon. Mkt.
Maximum sales charge (load)
imposed on purchases
(as a percentage of offering price) None None None N/A
Maximum deferred sales charge (load) 5%6 5%6 4%7 N/A
(as a percentage of purchase or
redemption proceeds, whichever is lower)
Maximum account fee
Annual fund operating expenses
Management fees 1.10 1.00 .55 N/A
Distribution and service (12b-1) fees 1.00 1.00 1.00 N/A
Other expenses 4.01 5.40 6.54 N/A
Total annual fund operating expenses 6.11 7.40 8.09 N/A
Fee waiver and/or expense reimbursement5 (2.95) (4.39) (5.59) N/A
Net Expenses 3.16 3.01 2.50 N/A
<PAGE>
CLASS C CSIF CSIF CSIF Capital
Shareholder fees Balanced9 Mn. Indx1 Equity9 Accum.9
Maximum sales charge (load)
imposed on purchases
(as a percentage of offering price) None None None None
Maximum deferred sales charge (load) 1%8 1%8 1%8 1%8
(as a percentage of purchase or
redemption proceeds, whichever is lower)
Maximum account fee 3
Annual fund operating expenses
Management fees .70 .75 .70 .90
Distribution and service (12b-1) fees 1.00 1.00 1.00 1.00
Other expenses .62 3.07 .62 .75
Total annual fund operating expenses 2.32 4.82 2.32 2.65
Fee waiver and/or expense reimbursement5 - (2.32) - -
Net Expenses 2.32 2.50 2.32 2.65
CLASS C CWVF New CSIF CSIF
Shareholder fees Int Eq. Vision10 Bond Mon. Mkt.
Maximum sales charge (load)
imposed on purchases
(as a percentage of offering price) None None None N/A
Maximum deferred sales charge (load) 1%8 1%8 1%8 N/A
(as a percentage of purchase or
redemption proceeds, whichever is lower)
Maximum account fee
Annual fund operating expenses
Management fees 1.10 1.00 .55 N/A
Distribution and service (12b-1) fees 1.00 1.00 1.00 N/A
Other expenses .81 .93 5.36 N/A
Total annual fund operating expenses 2.91 2.93 6.91 N/A
Fee waiver and/or expense reimbursement5 - - (4.41) N/A
Net Expenses 2.91 2.93 2.50 N/A
Explanation of Fees and Expenses Table
1 Expenses are based on estimates for the current fiscal year.
2 Purchases of Class A shares for accounts with $1 million or more are not
subject to front-end sales charges, but may be subject to a 1.0% contingent
deferred sales charge on shares redeemed within 1 year of purchase. (See "How
to Buy Shares - Class A)
3 For each account with a balance of less than $5000 (less than $1000 for
IRAs), the Fund charges a monthly account maintenance fee of $1.00.
4 For each account with a balance of less than $1000, the Fund charges a
monthly account maintenance fee of $3.00.
5 CAMCO has agreed to waive fees and or reimburse expenses (net of any expense
offset arrangements) for certain of the Funds through December 31, 1999: CSIF
Money Market, CSIF Balanced (Class B), CSIF Equity (Class B), CSIF Bond (Class
B and C), CSIF Managed Index (Class A, B and C), CWVF International Equity
(Class B) Capital Accumulation (Class B), and New Vision (Class B). The
contractual expense cap is shown as "Net Expenses", this is the maximum amount
that may be charged to the Funds for this period.
6 A contingent deferred sales charge is imposed on the proceeds of Class B
shares redeemed within 6 years, subject to certain exceptions. The charge is a
percentage of net asset value at the time of purchase or redemption, whichever
is less, and declines from 5% in the first year that shares are held, to 4% in
the second and third year, 3% in the fourth year, 2% in the fifth year, and 1%
in the sixth year. There is no charge on redemptions of Class B shares held
for more than six years. See "Calculation of Contingent Deferred Sales Charge"
7 A contingent deferred sales charge is imposed on the proceeds of Class B
shares of CSIF Bond redeemed within 4 years, subject to certain exceptions.
The charge is a percentage of net asset value at the time of purchase or
redemption, whichever is less, and declines from 4% in the first year that
shares are held, to 3% in the second, 2% in the third year, and 1% in the
fourth year. There is no charge on redemptions of Class B shares held for more
than four years. See "Calculation of Contingent Deferred Sales Charge"
8 A contingent deferred sales charge is imposed on the proceeds of Class C
shares redeemed within one year. The charge is a percentage of net asset value
at the time of purchase or redemption, whichever is less. See "Calculation of
Contingent Deferred Sales Charge"
9 The Management fees for CSIF Balanced, CSIF Equity, and Calvert Capital
Accumulation have been restated to reflect changes approved by shareholders in
early 1999.
<PAGE>
See "About Calvert Group - Advisory Fees".
10 Expenses for New Vision Small Cap have been restated to reflect expenses
expected to be incurred in 1999.
Annual Fund Operating Expenses
Expenses are based on expenses for the Fund's most recent fiscal year, unless
otherwise indicated. Management fees include the Subadvisory fees paid by the
Advisor ("CAMCO") to the Subadvisors, and, if applicable, the administrative
fee paid by the Fund to Calvert Administrative Services Company, an affiliate
of CAMCO.
Each Fund's Rule 12b-1 fees include an asset-based sales charge. Thus,
long-term shareholders in a Fund may pay more in total sales charges than the
economic equivalent of the maximum front-end sales charge permitted by rules
of the National Association of Securities Dealers, Inc. (the "NASD").
Example
This example is intended to help you compare the cost of investing in a Fund
with the cost of investing in other mutual funds. The example assumes that:
You invest $10,000 in the Fund for the time periods indicated;
Your investment has a 5% return each year; and
The Fund's operating expenses remain the same.
Although your actual costs may be higher or lower, under these assumptions
your costs would be:
Number of Class B Class B Class C Class C
Years Investment (with (no (with (no
is Held Class A redemp.) redemp.) redemp.) redemp.)
CSIF Balanced
1 591 753 253 335 235
3 838 1,414 1,014 724 724
5 1,103 1,994 1,794 1,240 1,240
10 1,860 3,286 3,286 2,656 2,656
CSIF Managed Index
1 596 753 253 353 253
3 976 1,796 1,396 1,243 1,243
5 1,379 2,725 2,525 2,236 2,236
10 2,504 4,570 4,570 4,736 4,736
<PAGE>
CSIF Equity
1 601 759 259 335 235
3 868 1,431 1,031 724 724
5 1,154 2,023 1,823 1,240 1,240
10 1,968 3,351 3,351 2,656 2,656
Capital Accumulation
1 645 819 319 368 268
3 1,003 1,427 1,027 823 823
5 1,384 1,957 1,757 1,405 1,405
10 2,450 3,309 3,309 2,983 2,983
CWVF International Equity
1 655 819 319 394 294
3 1,032 1,950 1,550 901 901
5 1,433 2,953 2,753 1,533 1,533
10 2,551 4,870 4,870 3,233 3,233
Calvert New Vision Small Cap
1 659 804 304 396 296
3 1,044 2,177 1,777 907 907
5 1,453 3,381 3,181 1,543 1,543
10 2,592 5,500 5,500 3,252 3,252
CSIF Bond
1 486 653 253 353 253
3 721 2,061 1,861 1,643 1,643
5 974 3,371 3,371 2,980 2,980
10 1,698 4,518 4,518 6,105 6,105
CSIF Money Market
1 91 N/A N/A N/A N/A
3 295 N/A N/A N/A N/A
5 515 N/A N/A N/A N/A
10 1,150 N/A N/A N/A N/A
<PAGE>
PRINCIPAL INVESTMENT PRACTICES AND RISKS
The most concise description of each Fund's principal investment strategies
and associated risks is under the earlier summary for each Fund. The Funds are
also permitted to invest in certain other investments and to use certain
investment techniques that have higher risks associated with them. On the
following pages are brief descriptions of the investments and techniques,
summarized earlier, along with certain additional investment techniques and
their risks.
For each of the investment practices listed, the table below shows each Fund's
limitations as a percentage of its assets and the principal types of risk
involved. (See the pages following the table for a description of the types of
risks). Numbers in this table show maximum allowable amount only; for actual
usage, consult the Fund's annual/semi-annual reports.
Key to Table
@ Fund currently uses
0 Permitted, but not typically used
(% of assets allowable, if restricted)
- -- Not permitted
xN Allowed up to x% of fund's net assets
xT Allowed up to x% of Fund's total assets
NA Not applicable to this type of fund
Column 1 = Explanation of Practice
Column 2 = CSIF Balanced
Column 3 = CSIF Managed Index
Column 4 = CSIF Equity
Column 5 = Capital Accumulation
Column 2 = CWVF International Equity
Column 7 = Calvert New Vision Small Cap
Column 8 = CSIF Bond
Column 9 = CSIF Money Market
Investment Practices
- -------------------------------------------------------------------------------
Column 1 2 3 4 5 6 7 8 9
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Active Trading @ 0 0 0 0 0 @ NA
Strategy/Turnover
involves selling a
security soon after
purchase. An active
trading strategy
causes a fund to have
higher portfolio
turnover compared to
other funds and
higher transaction
costs, such as
commissions and
custodian and
settlement fees, and
may increase a Fund's
tax liability. Risks:
Opportunity, Market
and Transaction.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Temporary Defensive
Positions. 0 0 0 0 0 0 0 NA
During adverse (35T) (35T)
market, economic or
political conditions,
the Fund may depart
from its principal
investment strategies
by increasing its
investment in U.S.
government securities
and other short-term
interest-bearing
securities. During
times of any
temporary defensive
positions, a Fund may
not be able to
achieve its
investment objective
Risks: Opportunity.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Conventional
Securities 25N -- 25N @ 25N 15T1 25N NA
Foreign Securities.
Securities issued by
companies located
outside the U.S.
and/or traded
primarily on a
foreign exchange.
Risks: Market,
Currency,
Transaction,
Liquidity,
Information and
Political.
- -------------------------------------------------------------------------------
1 New Vision may invest only in American Depositary Receipts (ADRs) -
dollar-denominated receipts representing shares of a foreign issuer. ADRs are
traded on U.S. exchanges. See the SAI.
<PAGE>
- -------------------------------------------------------------------------------
Column 1 2 3 4 5 6 7 8 9
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Small Cap Stocks.
Investing in small 0 NA 0 0 0 @ NA NA
companies involves
greater risk than
with more established
companies. Small cap
stock prices are more
volatile and the
companies often have
limited product
lines, markets,
financial resources,
and management
experience. Risks:
Market, Liquidity and
Information.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Investment grade
bonds. Bonds rated @ Na 0 0 0 0 @ NA
BBB/Baa or higher or
comparable unrated
bonds. Risks:
Interest Rate, Market
and Credit.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Below-investment 20N3 NA 20N3 10N3 5N3 5N3 20T3 NA
grade bonds. Bonds
rated below BBB/Baa
or comparable unrated
bonds are considered
junk bonds. They are
subject to greater
credit risk than
investment grade
bonds. Risks: Credit,
Market, Interest
Rate, Liquidity and
Information.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Unrated debt @ NA 0 0 0 0 @ @2
securities. Bonds
that have not been
rated by a recognized
rating agency; the
Advisor has
determined the credit
quality based on its
own research. Risks:
Credit, Market,
Interest Rate,
Liquidity and
Information.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Illiquid securities.
Securities which 15N 15N 15N 15N 15N 15N 15N 10N
cannot be readily
sold because there is
no active market.
Risks: Liquidity,
Market and
Transaction.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Unleveraged
derivative securities @ NA 0 0 0 0 @ @4
Asset-backed
securities.
Securities are backed
by unsecured debt,
such as credit card
debt. These
securities are often
guaranteed or
over-collateralized
to enhance their
credit quality.
Risks: Credit,
Interest Rate and
Liquidity.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Mortgage-backed
securities. @ NA 0 0 0 0 @ 05
Securities are backed
by pools of
mortgages, including
passthrough
certificates, and
other senior classes
of collateralized
mortgage obligations
(CMOs). Risks:
Credit, Extension,
Prepayment, Liquidity
and Interest Rate.
- -------------------------------------------------------------------------------
2 Must be money-market eligible under SEC Rule 2a-7.
3 Excludes any high social impact investments.
4 Must be money-market eligible under SEC Rule 2a-7.
5 Must be money-market eligible under SEC Rule 2a-7.
<PAGE>
- -------------------------------------------------------------------------------
Column 1 2 3 4 5 6 7 8 9
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Unleveraged
derivative
securities, (con't.)
Participation 0 NA 0 0 0 0 0 06
interests. Securities
representing an
interest in another
security or in bank
loans. Risks: Credit,
Interest Rate and
Liquidity.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Leveraged derivative
instruments Currency
contracts. Contracts 0 NA 0 5T 5T - - 0 NA
involving the right
or obligation to buy
or sell a given
amount of foreign
currency at a
specified price and
future date. Risks:
Currency, Leverage,
Correlation,
Liquidity and
Opportunity.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Options on securities
and indices. 5T7 5T7 5T7 5T7 5T7 5T7 5T7 NA
Contracts giving the
holder the right but
not the obligation to
purchase or sell a
security (or the cash
value, in the case of
an option on an
index) at a specified
price within a
specified time. In
the case of selling
(writing) options,
the Funds will write
call options only if
they already own the
security (if it is
"covered"). Risks:
Interest Rate,
Currency, Market,
Leverage,
Correlation,
Liquidity, Credit and
Opportunity.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Futures contract. 0 0 0 0 0 0 0 NA
Agreement to buy or 5N 5N 5N 5N 5N 5N 5N
sell a specific
amount of a commodity
or financial
instrument at a
particular price on a
specific future date.
Risks: Interest Rate,
Currency, Market,
Leverage,
Correlation,
Liquidity and
Opportunity.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Structured securities
Indexed and/or
leveraged 0 NA NA NA 0 NA 0 NA
mortgage-backed and
other debt
securities, including
principal-only and
interest-only
securities, leveraged
floating rate
securities, and
others. These
securities tend to be
highly sensitive to
interest rate
movements and their
performance may not
correlate to these
movements in a
conventional fashion.
Risks: Credit,
Interest Rate,
Extension,
Prepayment, Market,
Leverage, Liquidity
and Correlation.
- -------------------------------------------------------------------------------
6 Must be money-market eligible under SEC Rule 2a-7.
7 Based on net premium payments.
<PAGE>
The Funds have additional investment policies and restrictions that are
not principal to their investment strategies (for example, repurchase
agreements, real estate investment trusts, borrowing, pledging, and
reverse repurchase agreements, securities lending, when-issued securities
and short sales.) These policies and restrictions are discussed in the SAI.
Types of Investment Risk
Correlation risk
This occurs when a Fund "hedges"- uses one investment to offset the Fund's
position in another. If the two investments do not behave in relation to one
another the way Fund managers expect them to, then unexpected or undesired
results may occur. For example, a hedge may eliminate or reduce gains as well
as offset losses.
Credit risk
The risk that the issuer of a security or the counterparty to an investment
contract may default or become unable to pay its obligations when due.
Currency risk
Currency risk occurs when a Fund buys, sells or holds a security denominated
in foreign currency. Foreign currencies "float" in value against the U.S.
dollar. Adverse changes in foreign currency values can cause investment losses
when a Fund's investments are converted to U.S. dollars.
Extension risk
The risk that an unexpected rise in interest rates will extend the life of a
mortgage-backed security beyond the expected prepayment time, typically
reducing the security's value.
Information risk
The risk that information about a security or issuer or the market might not
be available, complete, accurate or comparable.
Interest rate risk
The risk that changes in interest rates will adversely affect the value of an
investor's securities. When interest rates rise, the value of fixed-income
securities will generally fall. Conversely, a drop in interest rates will
generally cause an increase in the value of fixed-income securities.
Longer-term securities and zero coupon/"stripped" coupon securities ("strips")
are subject to greater interest rate risk.
Leverage risk
The risk that occurs in some securities or techniques which tend to magnify
the effect of small changes in an index or a market. This can result in a loss
that exceeds the amount actually invested.
<PAGE>
Liquidity risk
The risk that occurs when investments cannot be readily sold. A Fund may have
to accept a less-than-desirable price to complete the sale of an illiquid
security or may not be able to sell it at all.
Management risk
The risk that a Fund's portfolio management practices might not work to
achieve their desired result.
Market risk
The risk that securities prices in a market, a sector or an industry will
fluctuate, and that such movements might reduce an investment's value.
Opportunity risk
The risk of missing out on an investment opportunity because the assets needed
to take advantage of it are committed to less advantageous investments or
strategies.
Political risk
The risk that may occur with foreign investments, and means that the value of
an investment may be adversely affected by nationalization, taxation, war,
government instability or other economic or political actions or factors.
Prepayment risk
The risk that unanticipated prepayments may occur, reducing the value of a
mortgage-backed security. The Fund must then reinvest those assets at the
current, market rate which may be lower.
Transaction risk
The risk that a Fund may be delayed or unable to settle a transaction or that
commissions and settlement expenses may be higher than usual.
INVESTMENT SELECTION PROCESS
Investments are selected on the basis of their ability to contribute to the
dual objectives of financial soundness and social criteria.
Potential investments for a Fund are first selected for financial soundness
and then evaluated according to that Fund's social criteria. To the greatest
extent possible, Calvert Social Investment Fund (CSIF) and Calvert World
Values International Equity Fund (CWVF) seek to invest in companies that
exhibit positive accomplishments with respect to
<PAGE>
one or more of the social criteria. Investments for all Funds must meet the
minimum standards for all its financial and social criteria.
Although each Fund's social criteria tend to limit the availability of
investment opportunities more than is customary with other investment
companies, CAMCO and the Subadvisors of the Funds believe there are sufficient
investment opportunities to permit full investment among issuers which satisfy
each Fund's investment and social objectives.
The selection of an investment by a Fund does not constitute endorsement or
validation by that Fund, nor does the exclusion of an investment necessarily
reflect failure to satisfy the Fund's social criteria. Investors are invited
to send a brief description of companies they believe might be suitable for
investment.
Socially Responsible Investment Criteria
The Funds invest in accordance with the philosophy that long-term rewards to
investors will come from those organizations whose products, services, and
methods enhance the human condition and the traditional American values of
individual initiative, equality of opportunity and cooperative effort. In
addition, we believe that there are long-term benefits in an investment
philosophy that demonstrates concern for the environment, labor relations,
human rights and community relations. Those enterprises that exhibit a social
awareness in these issues should be better prepared to meet future societal
needs. By responding to social concerns, these enterprises should not only
avoid the liability that may be incurred when a product or service is
determined to have a negative social impact or has outlived its usefulness,
but also be better positioned to develop opportunities to make a profitable
contribution to society. These enterprises should be ready to respond to
external demands and ensure that over the longer term they will be viable to
seek to provide a positive return to both investors and society as a whole.
Each Fund has developed social investment criteria, detailed below. These
criteria represent standards of behavior which few, if any, organizations
totally satisfy. As a matter of practice, evaluation of a particular
organization in the context of these criteria will involve subjective judgment
by CAMCO and the Subadvisors. All social criteria may be changed by the Board
of Trustees/Directors without shareholder approval.
<PAGE>
Calvert Social Investment Fund
CSIF seeks to invest in companies that:
Deliver safe products and services in ways that sustain our natural
environment. For example, CSIF looks for companies that produce energy
from renewable resources, while avoiding consistent polluters.
Manage with participation throughout the organization in defining and
achieving objectives. For example, CSIF looks for companies that offer
employee stock ownership or profit-sharing plans.
Negotiate fairly with their workers, provide an environment supportive
of their wellness, do not discriminate on the basis of race, gender,
religion, age, disability, ethnic origin, or sexual orientation, do not
consistently violate regulations of the EEOC, and provide opportunities
for women, disadvantaged minorities, and others for whom equal
opportunities have often been denied. For example, CSIF considers both
unionized and non-union firms with good labor relations.
Foster awareness of a commitment to human goals, such as creativity,
productivity, self-respect and responsibility, within the organization
and the world, and continually recreates a context within which these
goals can be realized. For example, CSIF looks for companies with an
above average commitment to community affairs and charitable giving.
CSIF will not invest in companies that the Advisor determines to be
significantly engaged in:
Production, or the manufacture of equipment, to produce nuclear energy
Business activities in support of repressive regimes
Manufacture of weapon systems
Manufacture of alcoholic beverages or tobacco products
Operation of gambling casinos
With respect to U.S. government securities, CSIF invests primarily in debt
obligations issued or guaranteed by agencies or instrumentalities of the U.S.
Government whose purposes further or are compatible with CSIF's social
criteria, such as obligations of the Student Loan Marketing Association,
rather than general obligations of the U.S. Government, such as Treasury
securities.
<PAGE>
Calvert International Equity Fund
The spirit of Calvert World Values International Equity Fund's social criteria
is similar to CSIF, but the application of the social analysis is
significantly different. International investing brings unique challenges in
terms of corporate disclosure, regulatory structures, environmental standards,
and differing national and cultural priorities. Due to these factors, the CWVF
social investment standards are less stringent than those of CSIF.
CWVF seeks to invest in companies that:
Achieve excellence in environmental management. We select investments
that take positive steps toward preserving and enhancing our natural
environment through their operations and products. We avoid companies
with poor environmental records.
Have positive labor practices. We consider the International Labor
Organization's basic conventions on worker rights as a guideline for our
labor criteria. We seek to invest in companies that hire and promote
women and ethnic minorities; respect the right to form unions; comply, at
a minimum, with domestic hour and wage laws; and provide good health and
safety standards. We avoid companies that demonstrate a pattern of
engaging in forced, compulsory, or child labor.
CWVF avoids investing in companies that:
Contribute to human rights abuses in other countries1
Produce nuclear power or nuclear weapons, or have more than 10% of
revenues derived from the production or sale of weapons systems
Derive more than 10% of revenues from the production of alcohol or
tobacco products, but actively seeks to invest in companies whose
products or services improve the quality of or access to health care,
including public health and preventative medicine
1 CWVF may invest in companies that operate in countries with poor human
rights records if we believe the companies are making a positive contribution.
<PAGE>
Calvert Capital Accumulation Fund
Calvert New Vision Small Cap Fund
The Funds carefully review company policies and behavior regarding social
issues important to quality of life such as:
environment
employee relations
product criteria
weapons systems
nuclear energy
human rights
Both Funds will avoid investing in companies that have:
Significant or historical patterns of violating environmental
regulations, or otherwise have an egregious environmental record
Significant or historical patterns of discrimination against employees
on the basis of race, gender, religion, age, disability or sexual
orientation, or that have major labor-management disputes
Nuclear power plant operators and owners, or manufacturers of key
components in the nuclear power process
Significantly engaged in weapons production (including weapons systems
contractors and major nuclear weapons systems contractors)
Significantly involved in the manufacture of tobacco or alcohol products
Products or offer services that, under proper use, are considered harmful
The Advisor will seek to review companies' overseas operations consistent with
the social criteria stated above.
While Capital Accumulation and New Vision may invest in companies that exhibit
positive social characteristics, they make no explicit claims to seek out
companies with such practices.
<PAGE>
High Social Impact Investments - CSIF Balanced, Bond and Equity, Calvert World
Values International Equity, Capital Accumulation and New Vision Small Cap
High Social Impact Investments is a program that targets a percentage of the
Fund's assets (up to 1% for each of CSIF Balanced, CSIF Equity and CSIF Bond
and New Vision and up to 3% for each of CWVF International Equity and Capital
Accumulation) to directly support the growth of community-based organizations
for the purposes of promoting business creation, housing development, and
economic and social development of urban and rural communities. These types of
investments offer a rate of return below the then-prevailing market rate, and
are considered illiquid, unrated and below-investment grade. They also involve
a greater risk of default or price decline than investment grade securities.
However, they have a significant social return by making a tremendous
difference in our local communities. High Social Impact Investments are valued
under the direction and control of the Fund's Board. The program is
administered by the Calvert Social Investment Foundation, which may receive a
fee from the Fund.
The Funds have received an exemptive order to permit them to invest those
assets allocated for investment in high social impact investments through the
purchase of Community Investment Notes from the Calvert Social Investment
Foundation. The Calvert Social Investment Foundation is a non-profit
organization, legally distinct from Calvert Group, organized as a charitable
and educational foundation for the purpose of increasing public awareness and
knowledge of the concept of socially responsible investing. It has instituted
the Calvert Community Investments program to raise assets from individual and
institutional investors and then invest these assets directly in non-profit or
not-for-profit community development organizations and community development
banks that focus on low income housing, economic development and business
development in urban and rural communities.
Special Equities
CSIF Balanced and Calvert World Values International Equity
CSIF Balanced and CWVF International Equity each have a Special Equities
investment program that allows the Fund to promote especially promising
approaches to social goals through privately placed investments. The
investments are generally venture capital investments in small, untried
enterprises. The Special Equities Committee of each Fund identifies,
evaluates, and selects the Special Equities investments. Special Equities
involve a high degree of risk - they are subject to liquidity, information,
and if a debt investment, credit risk. Special Equities are valued under the
direction and control of the Fund's Board.
<PAGE>
About Calvert Group
Calvert Asset Management Company, Inc. (4550 Montgomery Avenue, Suite 1000N,
Bethesda, MD 20814) ("CAMCO") is the Funds' investment advisor and provides
day-to-day investment management services to the Funds. It has been managing
mutual funds since 1976. CAMCO is the investment advisor for over 25 mutual
funds, including the first and largest family of socially screened funds. As
of December 31, 1998, CAMCO had $6 billion in assets under management.
CAMCO uses a team approach to its management of CSIF Bond (since February
1997) and the fixed-income assets of CSIF Balanced Portfolio (June 1995). Reno
J. Martini, Senior Vice President and Chief Investment Officer, heads this
team and oversees the management of all Calvert Funds for CAMCO. Mr. Martini
has over 18 years of experience in the investment industry and has been the
head of CAMCO's asset management team since 1985.
Subadvisors and Portfolio Managers
Brown Capital Management, Inc., 809 Cathedral Street, Baltimore, Maryland, has
managed part of the equity investments of CSIF Balanced since 1996, and
Capital Accumulation since 1994. In 1997, Brown Capital became the sole
Subadvisor for Capital Accumulation. It uses a bottom-up approach that
incorporates growth-adjusted price earnings, concentrating on mid-/large-cap
growth stocks.
Eddie C. Brown, founder and President of Brown Capital Management, Inc., heads
the portfolio management team for Capital Accumulation and Brown Capital's
portion of CSIF Balanced. He brings over 24 years of management experience to
the Funds, and has held positions with T. Rowe Price Associates and Irwing
Management Company. Mr. Brown is a frequent panelist on "Wall Street Week with
Louis Rukeyser" and is a member of the Wall Street Week Hall of Fame.
NCM Capital Management Group, Inc., 103 West Main Street, Durham, NC 27701,
has managed part of the equity investments of CSIF Balanced since 1995. NCM is
one of the largest minority-owned investment management firms in the country
and provides products in equity fixed income and balanced portfolio
management. It is also one of the industry leaders in the employment and
training of minority and women investment professionals.
NCM's portfolio management team consists of several members, headed by Maceo
K. Sloan. Mr. Sloan has more than 12 years of experience in the investment
industry, and is a frequent panelist on Wall Street Week with Louis Rukeyser.
State Street Global Advisors (SSgA); 225 Franklin St., Boston, MA, was
established in 1978 as an investment management division of the State Street
Bank and Trust Company. SSgA is a pioneer
<PAGE>
in the development of domestic and international index funds, and has managed
CSIF Managed Index since its inception.
SSgA's portfolio management team consists of several members, headed by Arlene
Rockefeller. She joined SSgA in 1982, with 10 years experience in investment
computer systems. Ms. Rockefeller is currently director of SSgA's Global
Equity Group. She manages a variety of SSgA's equity and tax-free funds.
Atlanta Capital Management Company, L.L.C.; Two Midtown Plaza, Suite 1600,
1360 Peachtree Street, Atlanta, GA 30309 has managed CSIF Equity since
September 1998.
Daniel W. Boone, III, C.F.A. heads the Atlanta portfolio management team for
CSIF Equity. He is a senior Partner and senior investment professional for
Atlanta Capital. He has been with the firm since 1976. He specializes in
equity portfolio management and research. Before joining the firm, he held
positions with the international firm of Lazard, Freres in New York, and
Wellington Management Company. Mr. Boone has earned a MBA from the Wharton
School of University of Pennsylvania, where he graduated with distinction, and
a B.A. from Davidson College.
Murray Johnstone International, Ltd.; 875 North Michigan Ave., Suite 3415,
Chicago, IL 60611. The firm has managed Calvert World Values International
Equity Fund since its inception.
Andrew Preston heads the portfolio management team for International Equity.
He joined Murray Johnstone International in 1985, and has held positions as
investment analyst in the United Kingdom and U.S. Department, and Fund Manager
in the Japanese Department. He was appointed director of the company in 1993.
Prior to joining Murray Johnstone, he was a member of the Australian Foreign
Service and attended University in Australia and Japan.
Awad Asset Management, Inc. (Awad); 250 Park Avenue, New York, NY 10177, a
subsidiary of Raymond James & Associates, has managed the New Vision Small Cap
Fund since 1997. The firm specializes in the management of
small-capitalization growth stocks. They emphasize a
growth-at-a-reasonable-price investment philosophy.
James Awad, President of Awad, founded the firm in 1992. He heads the
portfolio management team for New Vision Small Cap. Mr. Awad has more than 30
years experience in the investment business, holding positions with firms such
as Neuberger & Berman and First Investors Corporation.
Each of the Funds has obtained an exemptive order from the Securities and
Exchange Commission to permit the Fund, pursuant to approval by the Board of
Trustees/Directors, to enter into and materially amend contracts with the
Fund's Subadvisor without shareholder approval. See "Investment Advisor and
Subadvisor" in the SAI for further details.
<PAGE>
Advisory Fees
The following table shows the aggregate annual advisory fee paid to CAMCO by
each Fund for the most recent fiscal year as a percentage of that Fund's
average daily net assets .
Fund Advisory Fee
CSIF Balanced 0.62% 2, 5
CSIF Managed Index 0.60% 3, 4
CSIF Equity 0.56% 2, 5
CSIF Bond 0.55% 1, 2
CSIF Money Market 0.50% 2
CWVF International Equity 1.00% 2
Capital Accumulation 0.79% 2, 5
New Vision Small Cap 0.90% 2
1 CAMCO waived part of its advisory fee for CSIF Bond. The full contractual
rate CSIF Bond was obligated to pay CAMCO for fiscal year 1998 was 0.65%.
2 These advisory agreements were changed by a vote of shareholders in February
1999. The new advisory fee is: CSIF Balanced, 0.425% of the first $500 million
of average daily net assets, 0.40% of the next $500 million, and 0.375% of
such assets over $1 billion; CSIF Equity, 0.50%; CSIF Bond, 0.35%; CSIF Money
Market, 0.30%; CWVF International Equity, 0.75% of the first $250 million of
average daily net assets, 0.725% of the next $250 million, and 0.675% of such
assets over $500 million; Capital Accumulation, 0.65%; and New Vision Small
Cap, 0.75%. The new advisory fee for each Fund, when added to the new
administrative services fee, , paid to the Advisor's affiliate, equals the old
advisory fee.
3 CSIF Managed Index has not had a full year of operations. Its advisory
agreement provides for a fee of 0.60% of the Portfolio's first $500 million of
average daily net assets and 0.55% of any such assets over $500 million.
4 CSIF Managed Index has a recapture provision under which CAMCO may elect to
recapture from the Fund in a later year any fees CAMCO waives or expenses it
assumes, subject to certain limitations.
<PAGE>
A Word About the Year 2000 (Y2K) and Our Computer Systems
Like other mutual funds, CAMCO and its service providers use computer systems
for all aspects of our business -- processing shareholder and fund
transactions, fund accounting, executing trades, and pricing securities just
to name a few. Many current software programs cannot distinguish between the
year 2000 and the year 1900. This can cause problems with retirement plan
distributions, dividend payment software, transaction software, and numerous
other areas that could impact the Funds. Calvert Group has been reviewing all
of its computer systems for Y2K compliance. Although, at this time, there can
be no assurance that there will be no negative impact on the Funds, the
Advisor, the underwriter, transfer agent and custodian have advised the Funds
that they have been actively working on any necessary changes to their
computer systems to prepare for Y2K and expect that their systems, and those
of their outside service providers, will be adapted in time for that event.
For more information, please visit our website at www.calvertgroup.com
<PAGE>
HOW TO BUY SHARES
Getting Started - Before You Open an Account
You have a few decisions to make before you open an account in a mutual fund.
First, decide which fund or funds best suits your needs and your goals.
Second, decide what kind of account you want to open. Calvert offers
individual, joint, trust, Uniform Gifts/Transfers to Minor Accounts,
Traditional, Education and Roth IRAs, Qualified Profit-Sharing and Money
Purchase Plans, SIMPLE IRAs, SEP-IRAs, 403(b)(7) accounts, and several other
types of accounts. Minimum investments are lower for the retirement plans.
Then decide which class of shares is best for you.
You should make this decision carefully, based on:
the amount you wish to invest;
the length of time you plan to keep the investment; and
the Class expenses.
Choosing a Share Class
CSIF Money Market offers only one class of shares, which is sold without a
sales charge. The other Funds in this prospectus offer three different Classes
(Class A, B, or C). This chart shows the difference in the Classes and the
general types of investors who may be interested in each Class:
Class A: Front-End Sales Class B: Deferred Sales Class C: Deferred Sales
Charge Charge for 6 years (4 Charge for 1 year
years for CSIF Bond)
For all investors, For investors who plan For investors who are
particularly those to hold the shares at investing for at least
investing a substantial least 6 years (4 for one year, but less than
amount who plan to hold CSIF Bond). The six years. The expenses
the shares for a long expenses of this class of this Class are
period of time. are higher than Class higher than Class A,
A, because of the 12b-1 because of the 12b-1
fee. fee.
<PAGE>
Sales charge on each No sales charge on each No sales charge on each
purchase of 4.75% or less purchase, but if you purchase, but if you
(3.75% or less for CSIF sell your shares within sell shares within 1
Bond), depending on the 6 years, you will pay a year, then you will pay
amount you invest. deferred sales charge a deferred sales charge
of 5% or less on shares of 1% at that time.
you sell (4% or less on
shares of CSIF Bond you
sell within 4 years of
purchase).
Class A shares have an Class B shares have an Class C shares have an
annual 12b-1 fee of up to annual 12b-1 fee of annual 12b-1 fee of
0.35%. 1.00%. 1.00%.
Class A shares have lower Your shares will Class C shares have
annual expenses due to a automatically convert higher annual expenses
lower 12b-1 fee. to Class A shares after than Class A and there
8 years (6 years for is no automatic
CSIF Bond), reducing conversion to Class A.
your future annual
expenses.
Purchases of Class A If you are investing If you are investing
shares at NAV for more than $250,000, you more than $100,000, you
accounts with $1,000,000 should consider should invest in Class
or more will be subject investing in Class A or A.
to a 1.0% deferred sales C.
charge for 1 year.
Class A
If you choose Class A, you will pay a sales charge at the time of each
purchase. This table shows the charges both as a percentage of offering price
and as a percentage of the amount you invest. The term "offering price"
includes the front-end sales charge. If you invest more, the sales charge will
be lower. For example, if you invest more than $50,000, or if your cumulative
purchases or the value in your account is more than $50,000,4 then the sales
charge is reduced to 3.75%.
CSIF Balanced, CSIF Managed Index, CSIF Equity, Capital Accumulation, CWVF
International Equity, and Calvert New Vision Small Cap:
Your investment in Sales Charge % % of Amt.
Class A shares of offering price Invested
Less than $50,000 4.75% 4.99%
$50,000 but not less than $100,000 3.75% 3.90%
$100,000 but not less than $250,000 2.75% 2.83%
$250,000 but not less than $500,000 1.75% 1.78%
$500,000 but not less than $1,000,000 1.00% 1.01%
$1,000,000 and over None* None*
CSIF Bond
Your investment in Sales Charge % % of Amt.
Class A shares of offering price Invested
Less than $50,000 3.75% 3.90%
$50,000 but not less than $100,000 3.00% 3.09%
$100,000 but not less than $250,000 2.25% 2.30%
$250,000 but not less than $500,000 1.75% 1.78%
$500,000 but not less than $1,000,000 1.00% 1.01%
$1,000,000 and over None* None*
4 This is called "Rights of Accumulation." The sales charge is calculated by
taking into account not only the dollar amount of the new purchase of shares,
but also the higher of cost or current value of shares you have previously
purchased in Calvert Group Funds that impose sales charges. This automatically
applies to your account for each new purchase of Class A shares.
* Purchases of Class A shares at NAV for accounts with $1,000,000 or more are
subject to a one year CDSC of 1.00%. See the "Calculation of Contingent
Deferred Sales Charge and Waiver of Sales Charges."
<PAGE>
The Class A front-end sales charge may be waived for certain purchases or
investors, such as participants in certain group retirement plans or other
qualified groups and clients of registered investment advisers. For details on
these and other purchases that may qualify for a reduced sales charge, see
Exhibit A.
Class B
If you choose Class B, there is no front-end sales charge like Class A, but if
you sell the shares within the first 6 years (or 4 years for CSIF Bond), you
will have to pay a "contingent deferred" sales charge ("CDSC"). This means
that you do not have to pay the sales charge unless you sell your shares
within the first 6 years after purchase (or 4 years for CSIF Bond). Keep in
mind that the longer you hold the shares, the less you will have to pay in
deferred sales charges.
- --------------------------- ---------------------------------- -----------
CSIF Balanced
CSIF Equity
CSIF Managed Index
CWVF International Equity
Capital Accumulation CSIF Bond
Time Since Purchase New Vision Small Cap
- --------------------------- ---------------------------------- -----------
---------------------------------- -----------
CDSC % CDSC %
- --------------------------- ---------------------------------- -----------
- --------------------------- ---------------------------------- -----------
1st year 5% 4%
- --------------------------- ---------------------------------- -----------
- --------------------------- ---------------------------------- -----------
2nd year 4% 3%
- --------------------------- ---------------------------------- -----------
- --------------------------- ---------------------------------- -----------
3rd year 4% 2%
- --------------------------- ---------------------------------- -----------
- --------------------------- ---------------------------------- -----------
4th year 3% 1%
- --------------------------- ---------------------------------- -----------
- --------------------------- ---------------------------------- -----------
5th year 2% None
- --------------------------- ---------------------------------- -----------
- --------------------------- ---------------------------------- -----------
6th year 1% None
- --------------------------- ---------------------------------- -----------
- --------------------------- ---------------------------------- -----------
After 6 years None None
- --------------------------- ---------------------------------- -----------
Calculation of Contingent Deferred Sales Charge and Waiver of Sales Charges
The CDSC will not be charged on shares you received as dividends or from
capital gains distributions or on any capital appreciation (gain in the value)
of shares that are sold.
Shares that are not subject to the CDSC will be redeemed first, followed by
shares you have held the longest. The CDSC is calculated by determining the
share value at both the time of purchase and redemption and then multiplying
whichever value is less by the percentage that applies as shown above. For
example, if you invested $5,000 in CSIF Equity Class B shares three years ago,
and it is now worth $5,750, the CDSC will be calculated by taking the lesser
of the two values ($5,000), and multiplying it by 4%, for a CDSC of $200. If
you choose to sell only part of your shares, the capital appreciation for
those shares only is included in the calculation, rather than the capital
appreciation for the entire account.
The CDSC on Class B Shares will be waived in the following circumstances:
<PAGE>
Redemption upon the death or disability of the shareholder, plan
participant, or beneficiary.1
Minimum required distributions from retirement plan accounts for
shareholders 70 1/2 and older.2
The return of an excess contribution or deferral amounts, pursuant to
sections 408(d)(4) or (5), 401(k)(8), 402(g)(2), or 401(m)(6) of the
Internal Revenue Code.
Involuntary redemptions of accounts under procedures set forth by the
Fund's Board of Trustees/Directors.
A single annual withdrawal under a systematic withdrawal plan of up to
10% per year of the shareholder's account balance.3
Class C
If you choose Class C, there is no front-end sales charge like Class A, but if
you sell the shares within the first year, you will have to pay a 1% CDSC.
Class C may be a good choice for you if you plan to buy shares and hold them
for at least 1 year, but not more than five or six years.
Distribution and Service Fees
Each Fund has adopted a plan under Rule 12b-1 of the Investment Company Act of
1940 that allows the Fund to pay distribution fees for the sale and
distribution of its shares. The distribution plan also pays service fees to
persons (such as your financial professional) for services provided to
shareholders. Because these fees are paid out of a Fund's assets on an ongoing
basis, over time, these fees will increase the cost of your investment and may
cost you more than paying other types of sales charges. Please see Exhibit B
for more service fee information.
1 "Disability" means a total disability as evidenced by a determination by the
federal Social Security Administration.
2 The maximum amount subject to this waiver is based only upon the
shareholder's Calvert Group retirement accounts.
3 This systematic withdrawal plan requires a minimum account balance of
$50,000 to be established.
<PAGE>
The table below shows the maximum annual percentage payable under the
distribution plan, and the amount actually paid by each Fund for the most
recent fiscal year. The fees are based on average daily net assets of the
particular Class.
Maximum Payable under Plan/Amount Actually Paid
CSIF Money Market 0.25%/0.00%
Class A Class B Class C
CSIF Balanced 0.35%/0.24% 1.00%/1.00% 1.00%/1.00%
CSIF Bond 0.35%/0.20% 1.00%/1.00% 1.00%/1.00%
CSIF Equity 0.35%/0.23% 1.00%/1.00% 1.00%/1.00%
CSIF Managed Index 0.25%/ 0.25% 1.00%/1.00% 1.00%/1.00%
CWVF International Equity 0.35%/0.25% 1.00%/1.00% 1.00%/1.00%
Capital Accumulation 0.35%/0.35% 1.00%/1.00% 1.00%/1.00%
New Vision Small Cap 0.25%/0.25% 1.00%/1.00% 1.00%/1.00%
NEXT STEP - ACCOUNT APPLICATION
Complete and sign an application for each new account. When multiple classes
of shares are offered, please specify which class you wish to purchase. For
more information, contact your broker or our shareholder services department
at 800-368-2748.
Minimum To Open an Account Minimum additional
investments -$250
CSIF Money Market $1,000
CSIF Balanced $1,000
CSIF Bond $1,000
CSIF Equity $1,000
CSIF Managed Index $5,000
CWVF International Equity $2,000
Capital Accumulation $2,000
New Vision Small Cap $2,000
<PAGE>
Please make your check payable
to the Fund and mail it to:
New Accounts Subsequent Investments
(include application) (include investment slip)
Calvert Group Calvert Group
P.O. Box 419544 P.O. Box 419739
Kansas, City MO Kansas City, MO
64141-6544 64141-6739
By Registered, Calvert Group
Certified, or c/o NFDS,
Overnight Mail 330 West 9th St.,
Kansas City, MO 64105-1807
At the Calvert Office Visit the Calvert Office to make
investments by check. See the back
cover page for the address.
IMPORTANT - HOW SHARES ARE PRICED
The price of shares is based on each Fund's net asset value ("NAV"). NAV is
computed by adding the value of a Fund's holdings plus other assets,
subtracting liabilities, and then dividing the result by the number of shares
outstanding. If a Fund has more than one class of shares, the NAV of each
class will be different, depending on the number of shares outstanding for
each class.
Portfolio securities and other assets are valued based on market quotations,
except that securities maturing within 60 days are valued at amortized cost.
CSIF Money Market is valued according to the "amortized cost" method, which is
intended to stabilize the NAV at $1 per share. If market quotations are not
readily available, securities are valued by a method that the Fund's Board of
Trustees/Directors believes accurately reflects fair value.
The NAV is calculated as of the close of each business day, which coincides
with the closing of the regular session of the New York Stock Exchange
("NYSE") (normally 4 p.m. ET). Each Fund is open for business each day the
NYSE is open. Please note that there are some federal holidays, however, such
as Columbus Day and Veterans' Day, when the NYSE is open and the Fund is open
but purchases cannot be made due to the closure of the banking system.
Some Funds hold securities that are primarily listed on foreign exchanges that
trade on days when the NYSE is closed. These Funds do not price shares on days
when the NYSE is closed, even if foreign markets may be open. As a result, the
value of the Fund's shares may change on days when you will not be able to buy
or sell your shares.
WHEN YOUR ACCOUNT WILL BE CREDITED
Your purchase will be processed at the next NAV calculated after your order is
received in good order. All of your purchases must be made in US dollars.
<PAGE>
No cash will be accepted. No credit card or credit loan checks will be
accepted. Each Fund reserves the right to suspend the offering of shares for a
period of time or to reject any specific purchase order. As a convenience,
check purchases received at Calvert's office in Bethesda, Maryland will be
sent by overnight delivery to the Transfer Agent and will be credited the next
business day upon receipt. Any check purchase received without an investment
slip may cause delayed crediting. If your check does not clear your bank, your
purchase will be canceled and you will be charged a $10 fee plus any costs
incurred. All purchases will be confirmed and credited to your account in full
and fractional shares (rounded to the nearest 1/1000th of a share).
CSIF Money Market
Your purchase will be credited at the net asset value calculated after your
order is received and accepted. If the Transfer Agent receives your wire
purchase by 5 p.m. ET, your account will begin earning dividends on the next
business day. Exchanges begin earning dividends the next business day after
the exchange request is received by mail or telephone. Purchases received by
check will begin earning dividends the next business day after they are
credited to the account.
OTHER CALVERT GROUP FEATURES
CALVERT INFORMATION NETWORK
For 24 hour performance and account information call 800-368-2745 or visit
http://www.calvertgroup.com
You can obtain current performance and pricing information, verify account
balances, and authorize certain transactions with the convenience of one phone
call, 24 hours a day.
ACCOUNT SERVICES
By signing up for services when you open your account, you avoid having to
obtain a signature guarantee. If you wish to add services at a later date, a
signature guarantee to verify your signature may be obtained from any bank,
trust company and savings and loan association, credit union, broker-dealer
firm or member of a domestic stock exchange. A notary public cannot provide a
signature guarantee.
CALVERT MONEY CONTROLLER
Calvert Money Controller allows you to purchase or sell shares by electronic
funds transfer without the time delay of mailing a check or the added expense
of a wire. Use this service to transfer up to $300,000 electronically. Allow
one or two business days after you
<PAGE>
place your request for the transfer to take place. Money transferred to
purchase new shares will be subject to a hold of up to 10 business days before
redemption requests will be honored. Transaction requests must be received by
4 p.m. ET. You may request this service on your initial account application.
Calvert Money Controller transactions returned for insufficient funds will
incur A $25 charge.
TELEPHONE TRANSACTIONS
You may purchase, redeem, or exchange shares, wire funds and use Calvert Money
Controller by telephone if you have pre-authorized service instructions. You
receive telephone privileges automatically when you open your account unless
you elect otherwise. For our mutual protection, the Fund, the shareholder
servicing agent and their affiliates use precautions such as verifying
shareholder identity and recording telephone calls to confirm instructions
given by phone. A confirmation statement is sent for most transactions; please
review this statement and verify the accuracy of your transaction immediately.
EXCHANGES
Calvert Group offers a wide variety of investment options that includes common
stock funds, tax-exempt and corporate bond funds, and money market funds (call
your broker or Calvert representative for more information). We make it easy
for you to purchase shares in other Calvert funds if your investment goals
change. The exchange privilege offers flexibility by allowing you to exchange
shares on which you have already paid a sales charge from one mutual fund to
another at no additional charge.
Complete and sign an account application, taking care to register your new
account in the same name and taxpayer identification number as your existing
Calvert account(s). Exchange instructions may then be given by telephone if
telephone redemptions have been authorized and the shares are not in
certificate form.
Before you make an exchange, please note the following:
Each exchange represents the sale of shares of one Fund and the purchase of
shares of another. Therefore, you could realize a taxable gain or loss.
You may exchange shares acquired by reinvestment of dividends or distributions
into another Calvert Fund at no additional charge.
Shares may only be exchanged for shares of the same class of another Calvert
Fund.
No CDSC is imposed on exchanges of shares subject to a CDSC at the time of the
exchange. The applicable CDSC is imposed at the time the shares acquired by
the exchange are redeemed.
<PAGE>
Shareholders (and those managing multiple accounts) who make two purchases and
two redemptions of shares of the same Fund during any six-month period will be
given written notice and may be prohibited from placing additional
investments. This policy does not prohibit a shareholder from redeeming shares
of any Fund, and does not apply to trades solely between money market funds.
Each Fund reserves the right to terminate or modify the exchange privilege
with 60 days' written notice.
COMBINED GENERAL MAILINGS (Householding)
Multiple accounts with the same social security number will receive one
mailing per household of information such as prospectuses and semi-annual and
annual reports. You may request further grouping of accounts to receive fewer
mailings. Separate statements will be generated for each separate account and
will be mailed in one envelope for each combination above.
SPECIAL SERVICES AND CHARGES
Each Fund pays for shareholder services but not for special services that are
required by a few shareholders, such as a request for a historical transcript
of an account or a stop payment on a draft. You may be required to pay a fee
for these special services; for example, the fee for stop payments is $25.
If you are purchasing shares through a program of services offered by a
broker/dealer or financial institution, you should read the program materials
together with this Prospectus. Certain features may be modified in these
programs. Investors may be charged a fee if they effect transactions in Fund
shares through a broker or agent.
MINIMUM ACCOUNT BALANCE
Please maintain a balance in each of your Fund accounts of at least $1,000 per
class ($5,000 for the CSIF Managed Index). If the balance in your account
falls below the minimum during a month, a fee of may be charged to your
account (CSIF Money Market, $3.00/month, and CSIF Managed Index, $1.00/month).
If the balance in your account falls below the minimum during a month, your
account may be closed and the proceeds mailed to the address of record. You
will receive notice that your account is below the minimum, and will be closed
if the balance is not brought up to the required minimum amount within 30 days.
<PAGE>
DIVIDENDS, CAPITAL GAINS AND TAXES
Each Fund pays dividends from its net investment income as shown below. Net
investment income consists of interest income, net short-term capital gains,
if any, and dividends declared and paid on investments, less expenses.
Distributions of net short-term capital gains (treated as dividends for tax
purposes) and net long-term capital gains, if any, are normally paid once a
year; however, the Funds do not anticipate making any such distributions
unless available capital loss carryovers have been used or have expired.
Dividend and distribution payments will vary between classes; dividend
payments are anticipated to be generally higher for Class A shares.
CSIF Money Market Accrued daily, paid monthly
CSIF Bond Paid monthly
CSIF Balanced Paid quarterly
CSIF Equity Paid annually
CSIF Managed Index Paid annually
CWVF International Equity Paid annually
Capital Accumulation Paid annually
New Vision Small Cap Paid annually
Dividend payment options
Dividends and any distributions are automatically reinvested in the same Fund
at NAV (without sales charge), unless you elect to have amounts of $10 or more
paid in cash (by check or by Calvert Money Controller). Dividends and
distributions from any Calvert Group Fund may be automatically invested in an
identically registered account in any other Calvert Group Fund at NAV. If
reinvested in the same account, new shares will be purchased at NAV on the
reinvestment date, which is generally 1 to 3 days prior to the payment date.
You must notify the Funds in writing to change your payment options. If you
elect to have dividends and/or distributions paid in cash, and the US Postal
Service returns the check as undeliverable, it, as well as future dividends
and distributions, will be reinvested in additional shares. No dividends will
accrue on amounts represented by uncashed distribution or redemption checks.
Buying a Dividend (Not Applicable to Money Market Funds)
At the time of purchase, the share price of each class may reflect
undistributed income, capital gains or unrealized appreciation of securities.
Any income or capital gains from these amounts which are later distributed to
you are fully taxable. On the record date for a distribution, share value is
reduced by the amount of the distribution. If you buy shares just before the
record date ("buying a dividend") you will pay the full price for the shares
and then receive a portion of the price back as a taxable distribution.
<PAGE>
Federal Taxes
In January, each Fund will mail you Form 1099-DIV indicating the federal tax
status of dividends and any capital gain distributions paid to you during the
past year. Generally, dividends and distributions are taxable in the year they
are paid. However, any dividends and distributions paid in January but
declared during the prior three months are taxable in the year declared.
Dividends and distributions are taxable to you regardless of whether they are
taken in cash or reinvested. Dividends, including short-term capital gains,
are taxable as ordinary income. Distributions from long-term capital gains are
taxable as long-term capital gains, regardless of how long you have owned
shares.
For Non-Money Market Funds
You may realize a capital gain or loss when you sell or exchange shares. This
capital gain or loss will be short- or long-term, depending on how long you
have owned the shares which were sold. In January, these Funds will mail you
Form 1099-B indicating the total amount of all sales, including exchanges. You
should keep your annual year-end account statements to determine the cost
(basis) of the shares to report on your tax returns.
Other Tax Information
In addition to federal taxes, you may be subject to state or local taxes on
your investment, depending on the laws in your area. You will be notified to
the extent, if any, that dividends reflect interest received from US
government securities. Such dividends may be exempt from certain state income
taxes.
Taxpayer Identification Number
If we do not have your correct Social Security or Taxpayer Identification
Number ("TIN") and a signed certified application or Form W-9, Federal law
requires us to withhold 31% of your reportable dividends, and possibly 31% of
certain redemptions. In addition, you may be subject to a fine by the Internal
Revenue Service. You will also be prohibited from opening another account by
exchange. If this TIN information is not received within 60 days after your
account is established, your account may be redeemed (closed) at the current
NAV on the date of redemption. Calvert Group reserves the right to reject any
new account or any purchase order for failure to supply a certified TIN.
HOW TO SELL SHARES
You may redeem all or a portion of your shares on any day your Fund is open
for business, provided the amount requested is not on hold. When you purchase
by check or with Calvert Money Controller (electronic funds transfer), the
purchase will be on hold for up to 10 business days from the date of receipt.
During the hold period, redemptions proceeds will not be sent until the
Transfer Agent is reasonably satisfied that the purchase payment has been
collected. Drafts written on CSIF Money Market during the hold period will be
returned for uncollected funds.
Your shares will be redeemed at the next NAV calculated after your redemption
request is
<PAGE>
received (less any applicable CDSC). The proceeds will normally be sent to you
on the next business day, but if making immediate payment could adversely
affect your Fund, it may take up to seven (7) days to make payment. Calvert
Money Controller redemptions generally will be credited to your bank account
by the second business day after your phone call. The Funds have the right to
redeem shares in assets other than cash for redemption amounts exceeding, in
any 90-day period, $250,000 or 1% of the net asset value of the affected Fund,
whichever is less. When the NYSE is closed (or when trading is restricted) for
any reason other than its customary weekend or holiday closings, or under any
emergency circumstances as determined by the Securities and Exchange
Commission, redemptions may be suspended or payment dates postponed. Please
note that there are some federal holidays, however, such as Columbus Day and
Veterans' Day, when the NYSE is open and the Fund is open but redemptions
cannot be made due to the closure of the banking system.
Follow these suggestions to ensure timely processing of your redemption
request:
By Telephone
You may redeem shares from your account by telephone and have your money
mailed to your address of record or electronically transferred or wired to a
bank you have previously authorized. A charge of $5 may be imposed on wire
transfers of less than $1,000.
Written Requests
Calvert Group, P.O. Box 419544, Kansas City, MO 64141-6544
Your letter should include your account number and fund and the number of
shares or the dollar amount you are redeeming. Please provide a daytime
telephone number, if possible, for us to call if we have questions. If the
money is being sent to a new bank, person, or address other than the address
of record, your letter must be signature guaranteed.
Draftwriting (CSIF Money Market Portfolio only)
You may redeem shares in your CSIF Money Market Portfolio account by writing a
draft for at least $250. If you complete and return the signature card for
Draftwriting, the Portfolio will mail bank drafts to you, printed with your
name and address. Drafts may not be ordered until your initial purchase has
cleared. Calvert will provide printed drafts (checks). You may not print your
own. Any customer - printed checks will not be honored and will be returned
without notice. CSIF Money Market will charge a service fee for drafts
returned for insufficient funds. CSIF Money Market will charge $25 for any
stop payment on drafts. As a service to shareholders, shares may be
automatically transferred between your Calvert accounts to cover drafts you
have written. The signature of only one authorized signer is required to honor
a draft.
Systematic Check Redemptions
If you maintain an account with a balance of $10,000 or more, you may have up
to two (2) redemption checks for a fixed amount sent to you on the 15th of the
month, simply by sending a letter with all information, including your account
number, and the dollar amount ($100 minimum). If you would like a regular
check mailed to another person or place, your letter must be
<PAGE>
signature guaranteed. Unless they otherwise qualify for a waiver, Class B or
Class C shares redeemed by Systematic Check Redemption will be subject to the
Contingent Deferred Sales Charge.
Corporations and Associations
Your letter of instruction and corporate resolution should be signed by
person(s) authorized to act on the account, accompanied by signature
guarantee(s).
Trusts
Your letter of instruction should be signed by the Trustee(s) (as Trustee(s)),
with a signature guarantee. (If the Trustee's name is not registered on your
account, please provide a copy of the trust document, certified within the
last 60 days.)
Through your Dealer
Your dealer must receive your request before the close of regular trading on
the NYSE to receive that day's NAV. Your dealer will be responsible for
furnishing all necessary documentation to Calvert Group and may charge you for
services provided.
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the Funds'
financial performance for the past 5 years (or if shorter, the period of the
Fund's operations). Certain information reflects financial results for a
single share, by Fund and Class. The total returns in the table represent the
rate that an investor would have earned (or lost) on an investment in a Fund
(assuming reinvestment of all dividends and distributions), and does not
reflect any applicable front- or back-end sales charge. This information has
been audited by PricewaterhouseCoopers LLP whose report, along with a Fund's
financial statements, are included in the Fund's annual report, which is
available upon request.
<PAGE>
Financial Highlights
CSIF Balanced
Years Ended September 30,
Class A Shares 1998 1997 1996
Net asset value, beginning $34.88 $31.35 $32.81
Income from investment operations
Net investment income .77 .83 .78
Net realized and unrealized
gain (loss) .92 5.61 2.28
Total from investment
operations 1.69 6.44 3.06
Distributions from
Net investment income (.76) (.81) (.77)
Net realized gain (3.36) (2.10) (3.75)
Total distributions (4.12) (2.91) (4.52)
Total increase (decrease) in
net asset value (2.43) 3.53 (1.46)
Net asset value, ending $32.45 $34.88 $31.35
Total return* 5.50% 21.94% 10.27%
Ratios to average net assets:
Net investment income 2.27% 2.57% 2.58%
Total expenses + 1.13% 1.14% 1.28%
Net expenses 1.11% 1.12% 1.26%
Expenses reimbursed - - .01%
Portfolio turnover 185% 215% 111%
Net assets, ending (in thousands) $673,907 $675,306 $594,482
Number of shares outstanding,
ending (in thousands) 20,768 19,362 18,964
Years Ended September 30,
Class A Shares 1995 1994
Net asset value, beginning $28.77 $30.85
Income from investment operations
Net investment income .87 .93
Net realized and unrealized
gain (loss) 4.25 (1.83)
Total from investment operations 5.12 (.90)
Distributions from
Net investment income (.87) (.95)
Net realized gain (.21) (.23)
Total distributions (1.08) (1.18)
Total increase (decrease) in
net asset value 4.04 (2.08)
Net asset value, ending $32.81 $28.77
Total return* 18.21% (2.95%)
Ratios to average net assets:
Net investment income 2.89% 3.14%
Total expenses + 1.28% N/A
Net expenses 1.26% 1.24%
Expenses reimbursed .02% -
Portfolio turnover 114% 34%
Net assets, ending (in thousands) $560,981 $512,027
Number of shares outstanding,
ending (in thousands) 17,099 17,800
Financial Highlights
CSIF Balanced
Period Ended
September 30, 1998 #
Class B Shares
Net asset value, beginning $34.37
Income from investment operations
Net investment income 0.15
Net realized and unrealized gain (loss) (1.90)
Total from investment operations (1.75)
Distributions from
Net investment income (0.24)
Net realized gain -
Total distributions (0.24)
Total increase (decrease) in net asset value (1.99)
Net asset value, ending $32.38
Total return* (5.10%)
Ratios to average net assets:
Net investment income 1.22%(a)
Total expenses + 2.43%(a)
Net expenses 2.41%(a)
Expenses reimbursed 1.16%(a)
Portfolio turnover 185%
Net assets, ending (in thousands) $2,540
Number of shares outstanding,
ending (in thousands) 78
Financial Highlights
CSIF Balanced
Years Ended September 30,
Class C Shares 1998 1997 1996
Net asset value, beginning $34.52 $31.05 $32.60
Income from investment operations
Net investment income .41 .47 .46
Net realized and unrealized
gain (loss) .89 5.54 2.17
Total from investment
operations 1.30 6.01 2.63
Distributions from
Net investment income (.41) (.44) (.43)
Net realized gain (3.36) (2.10) (3.75)
Total distributions (3.77) (2.54) (4.18)
Total increase (decrease)
in net asset value (2.47) 3.47 (1.55)
Net asset value, ending $32.05 $34.52 $31.05
Total return* 4.35% 20.56% 8.85%
Ratios to average net assets:
Net investment income 1.16% 1.42% 1.34%
Total expenses + 2.25% 2.29% 2.52%
Net expenses 2.23% 2.27% 2.50%
Expenses reimbursed - - .14%
Portfolio turnover 185% 215% 111%
Net assets, ending (in thousands) $11,483 $8,898 $6,715
Number of shares outstanding,
ending (in thousands) 358 258 216
Years Ended September 30,
Class C Shares 1995 1994^
Net asset value, beginning $28.65 $30.43
Income from investment operations
Net investment income .54 .51
Net realized and unrealized gain (loss) 4.20 (1.66)
Total from investment operations 4.74 (1.15)
Distributions from
Net investment income (.58) (.63)
Net realized gain (.21) -
Total distributions (.79) (.63)
Total increase (decrease) in net asset value 3.95 (1.78)
Net asset value, ending $32.60 $28.65
Total return* 16.85% (3.30%)
Ratios to average net assets:
Net investment income 1.61% 1.83%(a)
Total expenses + 2.51% N/A
Net expenses 2.50% 2.47%(a)
Expenses reimbursed .42% 1.46%(a)
Portfolio turnover 114% 34%
Net assets, ending (in thousands) $4,065 $1,893
Number of shares outstanding,
ending (in thousands) 125 66
Footnotes for CSIF Balanced Financial Highlights
(a) = Annualized
+ Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
^ From March 1, 1994 inception
# From April 1, 1998 inception
<PAGE>
Financial Highlights
Managed Index Portfolio
Class A Class B
Shares Shares
Periods Ended September 30,
1998 ## 1998 ##
Net asset value, beginning $15.00 $15.00
Income from investment operations
Net investment income .02 (.03)
Net realized and unrealized gain (loss) (1.48) (1.49)
Total from investment operations (1.46) (1.52)
Total increase (decrease) in net asset value (1.46) (1.52)
Net asset value, ending $13.54 $13.48
Total return* (9.73%) (10.13%)
Ratios to average net assets:
Net investment income .42%(a) (.98%)(a)
Total expenses + 1.01%(a) 2.56%(a)
Net expenses .95%(a) 2.50%(a)
Expense reimbursed .85%(a) 3.05%(a)
Portfolio turnover 27% 27%
Net assets, ending (in thousands) $4,401 $975
Number of shares outstanding,
ending (in thousands) 325 72
Class C
Shares
Period Ended
September 30,
1998 ^^
Net asset value, beginning $14.52
Income from investment operations
Net investment income (.02)
Net realized and unrealized gain (loss) (.98)
Total from investment operations (1.00)
Total increase (decrease) in net asset value (1.00)
Net asset value, ending $13.52
Total return* (6.89%)
Ratios to average net assets:
Net investment income (.96%)(a)
Total expenses + 2.56%(a)
Net expenses 2.50%(a)
Expenses reimbursed 2.26%(a)
Portfolio turnover 27%
Net assets, ending (in thousands) $397
Number of shares outstanding,
ending (in thousands) 29
Footnotes for CSIF Managed Index Financial Highlights
(a) = Annualized
+ Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
^^ From June 1, 1998 inception
## From April 15, 1998 inception
<PAGE>
Financial Highlights
Equity Portfolio
Years Ended September 30,
Class A Shares 1998 1997 1996
Net asset value, beginning $27.77 $22.54 $21.12
Income from investment operations
Net investment income (.04) - .03
Net realized and unrealized
gain (loss) (4.01) 6.73 3.26
Total from investment operations (4.05) 6.73 3.29
Distributions from
Net investment income - (.01) (.06)
Net realized gain (3.36) (1.49) (1.81)
Total distributions (3.36) (1.50) (1.87)
Total increase (decrease) in net
asset value (7.41) $5.23 1.42
Net asset value, ending 20.36 $27.77 $22.54
Total return* 5.70%) 31.34% 16.62%
Ratios to average net assets:
Net investment income (.14%) .03% .15%
Total expenses + 1.16% 1.21% 1.29%
Net expenses 1.07% 1.20% 1.27%
Portfolio turnover 110% 93% 118%
Net assets, ending (in thousands) $128,683 $147,002 $101,344
Number of shares outstanding,
ending (in thousands) 6,320 5,294 4,496
Years Ended September 30,
Class A Shares 1995 1994
Net asset value, beginning $20.13 $21.43
Income from investment operations
Net investment income
.06 .13
Net realized and unrealized gain (loss) 2.22 (1.04)
Total from investment operations 2.28 (.91)
Distributions from
Net investment income (.04) (.28)
Net realized gain (1.25) (.11)
Total distributions (1.29) (.39)
Total increase (decrease) in net asset value .99 (1.30)
Net asset value, ending $21.12 $20.13
Total return* 12.43% (4.33%)
Ratios to average net assets:
Net investment income .32% .65%%
Total expenses + 1.38% N/A
Net expenses 1.36% 1.27%
Portfolio turnover 35% 94%
Net assets, ending (in thousands) $90,951 $92,970
Number of shares outstanding,
ending (in thousands) 4,307 4,620
Financial Highlights
Equity Portfolio
Period Ended
September 30,
Class B Shares 1998 #
Net asset value, beginning $26.01
Income from investment operations
Net investment income (.09)
Net realized and unrealized gain (loss) (5.66)
Total from investment operations (5.75)
Total increase (decrease) in net asset value (5.75)
Net asset value, ending $20.26
Total return* (22.11%)
Ratios to average net assets:
Net investment income (1.55%)(a)
Total expenses + 3.19%(a)
Net expenses 2.56%(a)
Expenses reimbursed .93%(a)
Portfolio turnover 110%
Net assets, ending (in thousands) $1,670
Number of shares outstanding,
ending (in thousands) 82
Financial Highlights
Equity Portfolio
Years Ended September 30,
Class C Shares 1998 1997 1996
Net asset value, beginning $26.37 $21.71 $20.66
Income from investment operations.
Net investment income (loss) (.16) (.05) (.16)
Net realized and unrealized
gain (loss) (3.85) 6.21 3.04
Total from investment operations (4.01) 6.16 2.88
Distributions from
Net investment income - (.01) (.02)
Net realized gain 3.36) (1.49) (1.81)
Total distributions (3.36) (1.50) (1.83)
Total increase (decrease) in net
asset value (7.37) 4.66 1.05
Net asset value, ending $19.00 $26.37 $21.71
Total return* (16.47%) 29.84% 14.85%
Ratios to average net assets:
Net investment income (loss) (1.17%) (1.08%) (1.42%)
Total expenses + 2.21% 2.31% 2.86%
Net expenses 2.09% 2.30% 2.85%
Portfolio turnover 110% 93% 118%
Net assets, ending (in thousands) $5,981 $6,249 $2,996
Number of shares outstanding,
ending (in thousands) 315 237 138
Periods Ended September 30,
Class C Shares 1995 1994^
Net asset value, beginning $19.98 $22.12
Income from investment operations.
Net investment income (.03) (.06)
Net realized and unrealized gain (loss) 2.05 (2.08)
Total from investment operations 2.02 (2.14)
Distributions from
Net investment income (.09) -
Net realized gain (1.25) -
Total distributions (1.34) -
Total increase (decrease) in net asset value .68 (2.14)
Net asset value, ending $20.66 $19.98
Total return* 11.16% (9.14%)
Ratios to average net assets:
Net investment income (loss) (.84%) (1.06%)(a)
Total expenses + 2.51% N/A
Net expenses 2.50% 2.75%(a)
Expenses reimbursed 1.07% 4.60%(a)
Portfolio turnover 35% 94%
Net assets, ending (in thousands) $1,802 $670
Number of shares outstanding,
ending (in thousands) 87 34
Footnotes for CSIF Equity Financial Highlights
(a) = Annualized
+ Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
^ From March 1, 1994 inception
# From April 1, 1998 inception
<PAGE>
Financial Highlights
Calvert Capital Accumulation
Years Ended September 30,
Class A Shares 1998 1997
Net asset value, beginning $27.21 $22.55
Income from investment operations
Net investment income (loss) (.25) (.25)
Net realized and unrealized gain (loss) .96 4.91
Total from investment operations .71 4.66
Distributions from
Net investment income - -
Net realized gain (2.49) -
Total distributions (2.49) -
Total increase (decrease) in net asset value (1.78) 4.66
Net asset value, ending $25.43 $27.21
Total return * 3.37% 20.67%
Ratios to average net assets:
Net investment income (loss) (1.08%) (1.09%)
Total expenses + 1.74% 1.91%
Net expenses 1.61% 1.85%
Expenses reimbursed - -
Portfolio turnover 77% 126%
Net assets, ending (in thousands) $75,068 $54,751
Number of shares outstanding ending
(in thousands) 2,952 2,012
Periods ended September 30,
Class A Shares 1996 1995^
Net asset value, beginning $21.48 $15.00
Income from investment operations
Net investment income (loss) (.24) (.11)
Net realized and unrealized gain (loss) 1.88 6.61
Total from investment operations 1.64 6.50
Distributions from
Net investment income - (.02)
Net realized gain (.57) -
Total distributions (.57) (.02)
Total increase (decrease) in net asset value 1.07 6.48
Net asset value, ending $22.55 $21.48
Total return* 7.92% 43.40%
Ratios to average net assets:
Net investment income (loss) (1.56%) (1.55%)(a)
Total expenses+ 2.16% 2.35%(a)
Net expenses 1.98% 2.06%(a)
Expenses reimbursed - .05%(a)
Portfolio turnover 114% 95%
Net assets, ending (in thousands) $39,834 $16,111
Number of shares outstanding, ending
(in thousands) 1,767 750
Financial Highlights
Calvert Capital Accumulation
Period Ended
September 30,
Class B Shares 1998 #
Net asset value, beginning $28.39
Income from investment operations
Net investment income (loss) (.16)
Net realized and unrealized gain (loss) (2.95)
Total from investment operations (3.11)
Distributions from
Net investment income -
Net realized gain -
Total distributions -
Total increase (decrease) in net asset value (3.11)
Net asset value, ending $25.28
Total return* (10.95)%
Ratios to average net assets:
Net investment income (loss) (2.62%)
Total expenses+ 3.31%
Net expenses 3.01%
Expenses reimbursed .26%
Portfolio turnover 77%
Net assets, ending (in thousands) $3,311
Number of shares outstanding, ending (in thousands) 131
Financial Highlights
Calvert Capital Accumulation
Years Ended September 30,
Class C Shares 1998 1997
Net asset value, beginning $26.64 $22.34
Income from investment operations
Net investment income (loss (.40) (.47)
Net realized and unrealized gain (loss) .88 4.77
Total from investment operations .48 4.30
Distributions from
Net investment income - -
Net realized gain (2.49) -
Total distributions (2.49) -
Total increase (decrease) in net asset value (2.01) 4.30
Net asset value, ending $24.63 $26.64
Total return* 2.52% 19.25%
Ratios to average net assets:
Net investment income (loss) (1.98%) (2.30%)
Total expenses+ 2.75% 3.11%
Net expenses 2.50% 3.05%
Expenses reimbursed - -
Portfolio turnover 77% 126%
Net assets, ending (in thousands) $6,548 $4,184
Number of shares outstanding, ending (in thousands) 266 157
Periods Ended September 30,
Class C Shares 1996 1995^
Net asset value, beginning $21.55 $15.00
Income from investment operations
Net investment income (loss) (.55) (.15)
Net realized and unrealized gain (loss) 1.91 6.70
Total from investment operations 1.36 6.55
Distributions from
Net investment income - -
Net realized gain (.57) -
Total distributions (.57) -
Total increase (decrease) in net asset value .79 6.55
Net asset value, ending $22.34 $21.55
Total return* 6.56% 43.67%
Ratios to average net assets:
Net investment income (loss) (2.82%) (3.13%)(a)
Total expenses + 3.42% 3.79%(a)
Net expenses 3.24% 3.50%(a)
Expenses reimbursed - 2.79%(a)
Portfolio turnover 114% 95%
Net assets, ending (in thousands) $3,164 $1,992
Number of shares outstanding, ending
(in thousands) 142 92
Footnotes for Calvert Capital Accumulation Financial Highlights
(a) = Annualized
+ Ratio reflects total expenses before reduction for fees paid indirectly;
such reductions are included in the ratio of net expenses.
* Total return does not reflect deduction of any front-end or deferred sales
charge.
^ From October 31, 1994 inception
# From April 1, 1998 inception
<PAGE>
Financial Highlights
Calvert World Values International Equity
Years Ended September 30,
Class A Shares 1998 1997 1996
Net asset value, beginning $22.06 $18.62 $17.62
Income from investment operations
Net investment income (.06) .10 .04
Net realized and unrealized gain (loss) (2.11) 3.81 1.53
Total from investment operations (2.05) 3.91 1.57
Distributions from
Net investment income (.06) (.05) (.13)
Excess of net investment income - - -
Net realized gain (loss) (1.38) (.42) (.44)
Total distributions (1.44) (.47) (.57)
Total increase (decrease) in net asset value (3.49) 3.44 1.00
Net asset value, ending $18.57 $22.06 $18.62
Total return* (9.29%) 21.44% 9.22%
Ratios to average net assets:
Net investment income (loss) .27% .51% .23%
Total expenses+ 1.86% 1.91% 1.95%
Net expenses 1.80% 1.76% 1.81%
Expenses reimbursed - - -
Portfolio turnover 84% 58% 96%
Net assets, ending (in thousands) $195,192 $225,169 $194,032
Number of shares outstanding,
ending (in thousands) 10,510 10,207 10,422
Years Ended September 30,
Class A Shares 1995 1994
Net asset value, beginning $17.99 $16.35
Income from investment operations
Net investment income .11 -
Net realized and unrealized gain (loss) .38 2.14
Total from investment operations .49 2.14
Distributions from
Net investment income - (.03)
Excess of net investment income - (.04)
Net realized gains (.86) (.43)
Total distributions (.86) (.50)
Total increase (decrease) in net asset value (.37) 1.64
Net asset value, ending $17.62 $17.99
Total return* 3.19% 13.44%
Ratios to average net assets:
Net investment income (loss) .68% (.04%)
Total expenses + 1.93% N/A
Net expenses 1.79% 1.96%
Expenses reimbursed - .04%
Portfolio turnover 73% 78%
Net assets, ending (in thousands) $191,586 $175,543
Number of shares outstanding,
ending (in thousands) 10,876 9,755
Financial Highlights
Calvert World Values International Equity
Period Ended
September 30,
Class B Shares 1998^^
Net asset value, beginning $21.83
Income from investment operations
Net investment income (.05)
Net realized and unrealized gain (loss) (3.30)
Total from investment operations (3.35)
Total increase (decrease) in net asset value (3.35)
Net asset value, ending $18.48
Total return* (15.35%)
Ratios to average net assets:
Net investment income (loss) (.99%)(a)
Total expenses + 3.22%(a)
Net expenses 3.16%(a)
Expenses reimbursed 2.89%(a)
Portfolio turnover 84%
Net assets, ending (in thousands). $879
Number of shares outstanding,
ending (in thousands) 48
Financial Highlights
Calvert World Values International Equity
Years Ended September 30,
Class C Shares 1998 1997 1996
Net asset value, beginning $21.39 $18.20 $17.28
Income from investment operations
Net investment income (.13) (.07) (.15)
Net realized and unrealized gain (loss) (2.05) 3.68 1.51
Total from investment operations (2.18) 3.61 1.36
Distributions from
Net realized gain (loss) (1.38) (.42) (.44)
Total distributions (1.38) (.47) (.57)
Total increase (decrease) in net asset value (3.56) 3.19 .92
Net asset value, ending $17.83 $21.39 $18.20
Total return* (10.22%) 20.22% 8.07%
Ratios to average net assets:
Net investment income (loss) (.79%) (.47%) (.88%)
Total expenses+ 2.91% 2.91% 3.08%
Net expenses 2.85% 2.76% 2.93%
Expenses reimbursed - - -
Portfolio turnover 84% 58% 96%
Net assets, ending (in thousands) $8,043 $8,799 $6,779
Number of shares outstanding,
ending (in thousands) 451 411 373
Years Ended September 30,
Class C Shares 1995 1994^
Net asset value, beginning $17.86 $18.24
Income from investment operations
Net investment income (.05) (.06 )
Net realized and unrealized gain (loss) .32 (.32)
Total from investment operations .27 (.38)
Distributions from
Net realized gains (.85) -
Total distributions (.85) -
Total increase (decrease) in net asset value (.58) (.38)
Net asset value, ending $17.28 $17.86
Total return* 1.95% (1.27%)
Ratios to average net assets:
Net investment income (loss) (.47%) (1.16%)(a)
Total expenses + 3.12% N/A
Net expenses 2.99% 3.32%(a)
Expenses reimbursed .13% .50%(a)
Portfolio turnover 73% 78%
Net assets, ending (in thousands) $6,061 $3,620
Number of shares outstanding,
ending (in thousands) 351 203
Footnotes for Calvert World Values International Equity Financial Highlights
(a) Annualized
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
+ Effective September 30,1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
^ From March 1, 1994 inception.
^^ From April 1, 1998 inception.
N/A Disclosure not applicable to prior periods.
<PAGE>
Financial Highlights
Calvert New Vision Small Cap
Periods Ended 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 investment income - -
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 + 1.82% 1.36% (a)
Net expenses 1.71% .90%(a)
Expenses reimbursed .06% 3.36%(a)
Portfolio turnover 68% 196%
Net assets, ending (in thousands) $61,765 $3,260
Number of shares outstanding,
ending (in thousands) 5,129 208
Period Ended September 30,
Class B Shares 1998#
Net asset value, beginning $16.18
Income from investment operations
Net investment income (loss) (.05)
Net realized and unrealized gain (loss) (4.12)
Total from investment operations (4.17)
Distributions from
Net investment income -
Net realized gain -
Total distributions -
Total increase (decrease) in net asset value (4.17)
Net asset value, ending $12.01
Total return* (25.77%)
Ratios to average net assets:
Net investment income (loss) (1.39%)(a)
Total expenses + 3.40%(a)
Net expenses 2.99%(a)
Expenses reimbursed 4.28%(a)
Portfolio turnover 68%
Net assets, ending (in thousands) $523
Number of shares outstanding,
ending (in thousands) 44
Periods Ended 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 investment income - -
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 + 2.78% 1.47%(a)
Net expenses 2.64% 1.15%(a)
Expenses reimbursed .16% 9.44%(a)
Portfolio turnover 68% 196%
Net assets, ending (in thousands) $7,097 $318
Number of shares outstanding,
ending (in thousands) 594 20
Footnotes for Calvert New Vision Small Cap Financial Highlights
(a) Annualized
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
+ Ratio reflects total expenses before reduction for fees paid indirectly;
such reductions are included in the ratio of net expenses.
^ From January 31, 1997 inception.
# From April 1, 1998 inception.
<PAGE>
Financial Highlights
Bond Portfolio
Years Ended September 30,
Class A Shares 1998 1997 1996
Net asset value, beginning $16.64 $16.06 $16.34
Income from investment operations
Net investment income .95 .96 .92
Net realized and unrealized
gain (loss) .41 .58 (.29)
Total from investment
operations 1.36 1.54 .63
Distributions from
Net investment income (.96) (.96) (.91)
Net realized gain (.16) - -
Total distributions (1.12) (.96) (.91)
Total increase (decrease) in
net asset value .24 .58 (.28)
Net asset value, ending $16.88 $16.64 $16.06
Total return* 8.46% 9.89% 3.96%
Ratios to average net assets:
Net investment income 5.69% 5.85% 5.60%
Total expenses + 1.14% 1.23% 1.29%
Net expenses 1.07% 1.19% 1.26%
Portfolio turnover 620% 319% 22%
Net assets, ending (in thousands) $65,807 $59,656 $62,259
Number of shares outstanding,
ending (in thousands) 3,897 3,585 3,876
Years Ended September 30,
Class A Shares 1995 1994
Net asset value, beginning $15.49 $17.77
Income from investment operations
Net investment income .96 .94
Net realized and unrealized gain (loss) .91 (1.81)
Total from investment operations 1.87 (.87)
Distributions from
Net investment income (.93) (.94)
Net realized gain (.06) (.47)
Tax return of capital (.03) -
Total distributions (1.02) (1.41)
Total increase (decrease) in net asset value .85 (2.28)
Net asset value, ending $16.34 $15.49
Total return* 12.57% (5.18%)
Ratios to average net assets:
Net investment income 6.04% 5.64%
Total expenses + 1.24% N/A
Net expenses 1.22% 1.10%
Portfolio turnover 29% 19%
Net assets, ending (in thousands) $62,929 $61,573
Number of shares outstanding,
ending (in thousands) 3,850 3,976
Financial Highlights
Bond Portfolio
Period Ended
September 30
Class B Shares 1998#
Net asset value, beginning $16.69
Income from investment operations
Net investment income .36
Net realized and unrealized gain (loss) 19
Total from investment operations 55
Distributions from
Net investment income (.40)
Total increase (decrease) in net asset value 15
Net asset value, ending $16.84
Total return* 3.36%
Ratios to average net assets:
Net investment income 4.14%(a)
Total expenses + 2.55%(a)
Net expenses 2.50%(a)
Expenses reimbursed 5.53%(a)
Portfolio turnover 620%
Net assets, ending (in thousands) $557
Number of shares outstanding,
ending (in thousands) 33
Period Ended
September 30,
Class C Shares 1998^^
Net asset value, beginning $16.81
Income from investment operations
Net investment income .21
Net realized and unrealized gain (loss) .08
Total from investment operations .29
Distributions from
Net investment income (.26)
Total increase (decrease) in net asset value .03
Net asset value, ending $16.84
Total return* 1.75%
Ratios to average net assets:
Net investment income 4.06%(a)
Total expenses + 2.74%(a)
Net expenses 2.50%(a)
Expenses reimbursed 4.35%(a)
Portfolio turnover 620%
Net assets, ending (in thousands) $399
Number of shares outstanding,
ending (in thousands) 24
Footnotes for CSIF Bond Financial Highlights
(a) = Annualized
+ Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
* Total return is not annualized for periods less than one year and does not
reflect deduction of any front-end or deferred sales charge.
^^ From June 1, 1998 inception
# From April 1, 1998 inception
<PAGE>
Financial Highlights
Money Market Portfolio
Years Ended September 30,
1998 1997 1996
Net asset value, beginning $1.00 $1.00 $1.00
Income from investment operations
Net investment income .049 .048 .048
Distributions from
Net investment income (.049) (.048) (.048)
Net asset value, ending $1.00 $1.00 $1.00
Total return 5.02% 4.89% 4.88%
Ratios to average net assets:
Net investment income 4.92% 4.79% 4.77%
Total expenses + .89% .89% .89%
Net expenses .87% .87% .87%
Expenses reimbursed .05% .11% .21%
Net assets, ending (in thousands) $172,701 $166,111 $166,516
Number of shares outstanding,
ending (in thousands) 172,739 166,163 166,569
Years Ended September 30,
1995 1994
Net asset value, beginning $1.00 $1.00
Income from investment operations
Net investment income .050 .031
Distributions from
Net investment income (.050) (.031)
Net asset value, ending $1.00 $1.00
Total return 5.13% 3.13%
Ratios to average net assets:
Net investment income 5.03% 3.07%
Total expenses + .89% N/A
Net expenses .87% .87%
Expenses reimbursed .18% .18%
Net assets, ending (in thousands) $153,996 $143,779
Number of shares outstanding,
ending (in thousands) 154,044 143,826
Footnotes for CSIF Money Market Financial Highlights
+ Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
<PAGE>
EXHIBIT A
REDUCED SALES CHARGES (CLASS A ONLY)
You may qualify for a reduced sales charge through several purchase plans
available. You must notify the Fund at the time of purchase to take advantage
of the reduced sales charge.
Rights of Accumulation can be applied to several accounts
Class A sales charge breakpoints are automatically calculated for each account
based on the higher of cost or current value of shares previously purchased.
This privilege can be applied to a family group or other qualified group* upon
request. Shares could then be purchased at the reduced sales charge which
applies to the entire group; that is, based on the higher of cost or current
value of shares previously purchased and currently held by all the members of
the group.
Letter of Intent
If you (or your group, as described above) plan to purchase $50,000 or more of
Calvert Fund shares over the next 13 months, your sales charge may be reduced
through a "Letter of Intent." You pay the lower sales charge applicable to the
total amount you plan to invest over the 13-month period, excluding any money
market fund purchases, instead of the higher 4.75% sales charge. Part of your
shares will be held in escrow, so that if you do not invest the amount
indicated, you will have to pay the sales charge applicable to the smaller
investment actually made. For more information, see the SAI.
Retirement Plans Under Section 457, Section 403(b)(7), or Section 401(k)
There is no sales charge on shares purchased for the benefit of a retirement
plan under section 457 of the Internal Revenue Code of 1986, as amended
("Code"), or for a plan qualifying under section 403(b) or 401(k) of the Code
if, at the time of purchase, (i) Calvert Group has been notified in writing
that the 403(b) or 401(k) plan has at least 200 eligible employees and is not
sponsored by a K-12 school district, or (ii) the cost or current value of
shares a 401(k) plan has in Calvert Group of Funds (except money market funds)
is at least $1 million.
Neither the Funds, nor Calvert Distributors, Inc. ("CDI"), nor any affiliate
thereof will reimburse a plan or participant for any sales charges paid prior
to receipt of such written communication and confirmation by Calvert Group.
Plan administrators should send requests for the waiver of sales charges based
on the above conditions to: Calvert Group Retirement Plans, 4550 Montgomery
Avenue, Suite 1000N, Bethesda, Maryland 20814.
* A "qualified group" is one which:
1. has been in existence for more than six months, and
2. has a purpose other than acquiring shares at a discount, and
3. satisfies uniform criteria which enable CDI and brokers offering shares
to realize economies of scale in distributing such shares.
A qualified group must have more than 10 members, must be available to arrange
for group meetings between representatives of CDI or brokers distributing
shares, must agree to include sales and other materials related to the Funds
in its publications and mailings to members at reduced or no cost to CDI or
brokers. A pension plan is not a qualified group for rights of accumulation.
<PAGE>
Other Circumstances
There is no sales charge on shares of any Fund of the Calvert Group of Funds
sold to (i) current or retired Directors, Trustees, or Officers of the Calvert
Group of Funds, employees of Calvert Group, Ltd. and its affiliates, or their
family members; (ii) CSIF Advisory Council Members, directors, officers, and
employees of any subadvisor for the Calvert Group of Funds, employees of
broker/dealers distributing the Fund's shares and immediate family members of
the Council, subadvisor, or broker/dealer; (iii) Purchases made through a
Registered Investment Advisor; (iv) Trust departments of banks or savings
institutions for trust clients of such bank or institution, (v) Purchases
through a broker maintaining an omnibus account with the Fund, provided the
purchases are made by (a) investment advisors or financial planners placing
trades for their own accounts (or the accounts of their clients) and who
charge a management, consulting, or other fee for their services; or (b)
clients of such investment advisors or financial planners who place trades for
their own accounts if such accounts are linked to the master account of such
investment advisor or financial planner on the books and records of the broker
or agent; or (c) retirement and deferred compensation plans and trusts,
including, but not limited to, those defined in section 401(a) or section
403(b) of the I.R.C., and "rabbi trusts."
Established Accounts
Shares of CSIF Balanced may be sold at net asset value to you if your account
was established on or before July 17, 1986.
Dividends and Capital Gain Distributions from other Calvert Group Funds
You may prearrange to have your dividends and capital gain distributions from
another Calvert Group Fund automatically invested in another account with no
additional sales charge.
Purchases made at NAV
Except for money market funds, if you make a purchase at NAV, you may exchange
that amount to another Calvert Group Fund at no additional sales charge.
Reinstatement Privilege
If you redeem shares and then within 30 days decide to reinvest in the same
Fund, you may do so at the net asset value next computed after the
reinvestment order is received, without a sales charge. You may use the
reinstatement privilege only once. The Funds reserve the right to modify or
eliminate this privilege.
<PAGE>
EXHIBIT B
SERVICE FEES AND ARRANGEMENTS WITH DEALERS
Calvert Distributors, Inc., each Fund's underwriter, pays dealers a
commission, or reallowance (expressed as a percentage of the offering price
for Class A, and a percentage of amount invested for Class B and C) when you
purchase shares of non-money market funds. CDI also pays dealers an ongoing
service fee while you own shares of that Fund (expressed as an annual
percentage rate of average daily net assets held in Calvert accounts by that
dealer). The table below shows the amount of payment which differs depending
on the Class.
Maximum Commission/Service Fees
CSIF Money Market None/0.25%
Class A Class B* Class C**
CSIF Balanced 4.00%/0.25% 4.00%/0.25% 1.00%/1.00%
CSIF Bond 3.00%/0.25% 3.00%/0.25% 1.00%/1.00%
CSIF Equity 4.00%/0.25% 4.00%/0.25% 1.00%/1.00%
CSIF Managed Index 4.00%/0.25% 4.00%/0.25% 1.00%/1.00%
CWVF International Equity 4.00%/0.25% 4.00%/0.25% 1.00%/1.00%
Capital Accumulation 4.00%/0.25% 4.00%/0.25% 1.00%/1.00%
New Vision Small Cap 4.00%/0.25% 4.00%/0.25% 1.00%/1.00%
*Class B service fee begins to accrue in 13th month.
**Class C pays dealers a service fee of 0.25% and additional compensation of
0.75% for a total of 1.00%. Begins to accrue in 13th month.
Occasionally, CDI may reallow to dealers the full Class A front-end sales
charge. CDI may also pay additional concessions, including non-cash
promotional incentives, such as merchandise or trips, to brokers employing
registered representatives who have sold or are expected to sell a minimum
dollar amount of shares of the Funds and/or shares of other Funds underwritten
by CDI. CDI may make expense reimbursements for special training of a broker's
registered representatives, advertising or equipment, or to defray the
expenses of sales contests. CAMCO, CDI, or their affiliates may pay certain
broker-dealers and/or other persons, for the sale and distribution of the
securities or for services to the Fund. Payments may include additional
compensation based on assets held through that firm beyond the regularly
scheduled rates, and finder's fees. CDI pays dealers a finder's fee on Class A
shares purchased at NAV in accounts with $1 million or more (excluding CSIF
Money Market.) The finder's fee is 1% of the NAV purchase amount on the first
$2 million, .80% on $2 to $3 million, .50% on $3 to $50 million, .25% on $50
to $100 million, and .15 over $1 million. All payments will be in compliance
with the rules of the National Association of Securities Dealers, Inc.
<PAGE>
To Open an Account:
800-368-2748
Performance and Prices:
Calvert Information Network
24 hours, 7 days a week
800-368-2745
Service for Existing Accounts:
Shareholders 800-368-2745
Brokers 800-368-2746
TDD for Hearing-Impaired:
800-541-1524
Branch Office:
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
Registered, Certified or
Overnight Mail:
Calvert Group
c/o NFDS
330 West 9th Street
Kansas City, MO 64105
Calvert Group Web-Site
Address: http://www.calvertgroup.com
PRINCIPAL UNDERWRITER
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
<PAGE>
For investors who want more information about the Funds, the following
documents are available free upon request:
Annual/Semi-Annual Reports: Additional information about each Fund's
investments is available in the Fund's Annual and Semi-Annual reports to
shareholders. In each Fund's annual report, you will find a discussion of the
market conditions and investment strategies that significantly affected the
Fund's performance during its last fiscal year.
Statement of Additional Information (SAI): The SAI for each Fund provides more
detailed information about the Fund and is incorporated into this prospectus
by reference.
You can get free copies of reports and SAIs, request other information and
discuss your questions about the Funds by contacting your broker, or the Funds
at:
Calvert Group
4550 Montgomery Ave, Suite 1000N
Bethesda, Md. 20814
Telephone: 1-800-368-2745
Calvert Group Web-Site
Address: http://www.calvertgroup.com
You can review the Funds' reports and SAIs at the public Reference Room of the
Securities and Exchange Commission. You can get text only copies:
For a fee, by writing to or calling the Public Reference Room of the
Commission, Washington, D.C. 20549-6009, Telephone: 1-800-SEC-0330.
Free from the Commission's Internet website at http://www.sec.gov.
Investment Company Act file: no. 811- 3334 (CSIF)
no. 811- 06563 (CWVF International Equity and
Capital Accumulation)
no. 811- 3416 (New Vision)
