18f-3 Multiple Class Plan
As Restated September 2000
Page 13 of 13
CALVERT SOCIAL INVESTMENT FUND
PLAN OF DISTRIBUTION PURSUANT TO RULE 12b-1
UNDER THE INVESTMENT COMPANY ACT OF 1940
Class A
As permitted by Rule 12b-1 under the Investment company Act of 1940 and in
accordance with the terms and conditions of this Distribution Plan ("Plan"), as
hereinafter set forth, Calvert Social Investment Fund ("Fund") may incur certain
expenditures to promote the Fund and further the distribution of shares of Fund.
1. Payment of Distribution Expenses. (a) The Fund may incur expenditures for
certain expenses associated with the distribution of its shares. Such
distribution expenses include, but need not be limited to: the cost of printing
and mailing prospectuses, sales literature and other relevant material to other
than current shareholders of the Fund; advertising and public relations; and
payments to sales personnel, broker-dealers and other third parties in return
for distribution assistance. Payments for distribution expenses incurred by the
Fund pursuant to this Plan may be made directly or indirectly; however, all
agreements with any person relating to the implementation of this Plan shall be
in writing, and such agreements shall be subject to termination, without
penalty, pursuant to the provisions of paragraph 2(c) of this Plan.
(b) Distribution expenses incurred by the Fund pursuant to this Plan may
not exceed, on an annual basis, 0.35% of the Managed Growth, Equity and Bond
Portfolios' average daily net assets and 0.25% of the Money Market and
Technology Portfolios' average daily net assets.
(c) Nothing in this Plan shall operate or be construed to limit the extent
to which the Fund's investment Advisor or any other person, other than the Fund,
at its expense apart from this Plan, may incur costs and pay expenses associated
with the distribution of Fund shares.
2. Effective Date and Term. (a) This Plan shall become effective upon
approval by majority votes of (i) the Board of Trustees of the Fund and the
Trustees who are not interested persons within the meaning of Section 2(a) (19)
of the Investment Company Act of 1940 and have no direct or indirect financial o
interest in the operation of the Plan or in any agreements related to the Plan
(such trustees are hereinafter referred to as "Qualified Trustees"), cast in
person at a meeting called for the purpose of voting on this Plan, and (ii) the
outstanding voting securities of the Fund.
b) This Plan shall remain in effect for one year from its adoption date
and may continue in effect thereafter if this Plan is approved at least annually
by a majority vote of the trustees of the Fund, including a majority of the
Qualified Trustees, cast in person at a meeting called for the purpose of voting
on the Plan.
c). This Plan may be terminated at any time by a majority vote of the
Qualified Trustees or by vote of a majority of the outstanding voting securities
of the Fund or, with respect to a Portfolio, by a vote of a majority of the
outstanding voting securities of that Portfolio.
3. Reports. The person authorized to direct the disposition of monies
paid or payable by the Fund pursuant to 'he Plan shall provide, on at least a
quarterly basis, a written report to The Fund's Board of Trustees of the amounts
expended pursuant to this Plan or any related agreement and the purposes for
which such expenditures were made.
4. Selection of Disinterested Trustees. While this Plan is in effect, the
selection and nomination of those trustees who are not interested persons of the
Fund within the meaning of Section 2(a)(19) of the Investment Company Act of
1940 shall be committed to the discretion of the trustees then in office who are
not interested persons of the Fund.
5. Effect of Plan. This Plan shall not obligate the Fund or any other
person to enter into an agreement with any particular person.
6. Amendment. This Plan may not be amended to increase materially the
amount authorized in paragraph l(b) hereof to be spent for distribution without
approval by a vote of the majority of the outstanding securities of the Fund or,
with respect to a Portfolio, by a vote of a majority of the outstanding voting
securities of the Portfolio. All material amendments to this Plan must be
approved by a majority vote of the Board of Trustees of the Fund, and of the
Qualified Trustees, cast in person at a meeting called for the purpose of voting
thereon.
As amended by Shareholders
on September 28, 1990
<PAGE>
Calvert Social Investment Fund
Technology Portfolio
PLAN OF DISTRIBUTION PURSUANT TO RULE 12B-1
UNDER THE INVESTMENT COMPANY ACT OF 1940
Class A Distribution Plan expenses incurred by the Portfolio, pursuant to this
Plan may not exceed, on an annual basis, 0.25%, of the Portfolio's Class A
average daily net assets.
Restated September 2000
<PAGE>
THE CALVERT GROUP OF FUNDS
Rule 18f-3 Multiple Class Plan
Under the Investment Company Act of 1940
Rule 18f-3 under the Investment Company Act of 1940, as amended (the "1940
Act"), requires that an investment company desiring to offer multiple classes of
shares pursuant to the Rule adopt a plan setting forth the differences among the
classes with respect to shareholder services, distribution arrangements, expense
allocations and any related conversion features or exchange privileges. Any
material amendment to the plan must be approved by the investment company's
Board of Trustees/Directors, including a majority of the disinterested Board
members, who must find that the plan is in the best interests of each class
individually and the investment company as a whole.
This Rule 18f-3 Multiple Class Plan ("Plan") shall apply to those funds in
the Calvert Group of Funds listed in Exhibit I (each a "Fund" and collectively,
"Funds") and to any future fund for which this Plan has been approved in
accordance with the above paragraph.
The provisions of this Plan are severable for each Fund or Series thereof
("Series") or Class, and whenever action is to be taken with respect to this
Plan, that action must be taken separately for each Fund, Series or Class
affected by the matter.
1. Class Designation. A Fund may offer shares designated Class A, Class B,
Class C , Class I, and for certain money market portfolios, Class O and Class T.
2. Differences in Availability. Class A, Class B, Class C, and Class O
shares shall each be available through the same distribution channels, except
that (a) Class B shares may not be available through some dealers and are not
available for purchases of $500,000 or more, (b) Class B shares of Calvert First
Government Money Market Fund are available only through exchange from Class B or
Class C shares of another Calvert Fund, and (c) Class C shares may not be
available through some dealers and are not available for purchases of $1 million
or more. Class I shares are generally available only directly from Calvert Group
and not through dealers, and each Class I shareholder must maintain a $1 million
minimum account balance. Class T shares are only available through certain
dealers.
3. Differences in Services. The services offered to shareholders of each
Class shall be substantially the same, except that the Rights of Accumulation,
Letters of Intent and Reinvestment Privileges shall be available only to holders
of Class A shares. Class I purchases and redemptions may only be made by bank
wire. Class T shares have limited services by Calvert, rather the services to
shareholders are provided by the dealer offering the Class T shares.
4. Differences in Distribution Arrangements. Class A shares shall be offered
with a front-end sales charge, as such term is defined in Rule 2830 of the
Conduct Rules of the National Association of Securities Dealers, Inc. The amount
of the sales charge on Class A shares is set forth at Exhibit II. Sales of Class
A shares of $1 million or more sold at NAV shall be subject to a 1.00%
contingent deferred sales charge ("CDSC") if the shares are redeemed within one
year of purchase. Class A shares shall be subject to a Distribution Plan
adopted pursuant to Rule 12b-1 under the 1940 Act. The amount of the
Distribution Plan expenses for Class A shares, as set forth at Exhibit II, are
used to pay the Fund's principal underwriter for distributing and or providing
services to the Fund's Class A shares. This amount includes a service fee at the
annual rate of .25 of 1% of the value of the average daily net assets of Class
A.
Class B shares shall be offered with a CDSC and no front-end sales charge.
The amount of the CDSC on Class B shares is set forth at Exhibit II. Class B
shares shall be subject to a Distribution Plan adopted pursuant to Rule 12b-1
under the 1940 Act. The amount of the Distribution Plan expenses for Class B
shares, as set forth at Exhibit II, are used to pay each Fund's principal
underwriter for distributing and or providing services to the Fund's Class B
shares. This amount includes a service fee at the annual rate of .25 of 1% of
the value of the average daily net assets of Class B.
Class C shares shall not be subject to a front-end sales charge, but shall
be subject to a 1.00% CDSC if the shares are redeemed within one year of
purchase. Class C shares shall be subject to a Distribution Plan adopted
pursuant to Rule 12b-1 under the 1940 Act. The amount of the Distribution Plan
expenses for Class C shares are set forth at Exhibit II. The Class C
Distribution Plan pays each applicable Fund's principal underwriter for
distributing and or providing services to such Fund's Class C shares. This
amount includes a service fee at the annual rate of .25 of 1% of the value of
the average daily net assets of Class C.
Class I and Class O shares shall be subject to neither a front-end sales
charge, nor a CDSC, nor are they subject to a Distribution Plan adopted pursuant
to Rule 12b-1 under the 1940 Act.
Class T shares shall be subject to neither a front-end sales charge, nor a CDSC,
but they are subject to a Distribution Plan adopted pursuant to Rule 12b-1 under
the 1940 Act.
5. Expense Allocation. The following expenses shall be allocated, to the
extent practicable, on a Class-by-Class basis: (a) Distribution Plan fees; (b)
transfer agent and shareholder servicing fees; (c) administrative service fees;
and (e) certain state registration fees.
6. Conversion Features. Class B shares shall be subject to an automatic
conversion feature into Class A shares after they have been held for that number
of years set forth in Exhibit II. Class A, Class C ,Class I, Class O, and Class
T are not subject to automatic conversion.
7. Exchange Privileges. Class A shares shall be exchangeable only for: (a)
Class A shares of other funds managed or administered by the Calvert Group; (b)
shares of funds managed or administered by the Calvert Group which do not have
separate share classes; and (c) shares of certain other funds specified from
time to time.
Class B shares shall be exchangeable only for: (a) Class B shares of other
funds managed or administered by the Calvert Group; (b) Class A shares of other
funds managed or administered by the Calvert Group, if the front-end load on the
Class A shares is paid at the time of the exchange; and (c) shares of certain
other funds specified from time to time.
Class C shares shall be exchangeable only for: (a) Class C shares of other
funds managed or administered by the Calvert Group and Class B shares of Calvert
First Government Money Market Fund; (b) Class A shares of other funds managed or
administered by the Calvert Group, if the front-end load on the Class A shares
is paid at the time of the exchange; and (c) shares of certain other funds
specified from time to time.
Class I shares shall be exchangeable only for: (a) Class I shares of other
funds managed or administered by the Calvert Group; (b) Class A shares of other
funds managed or administered by the Calvert Group, if the front-end load on the
Class A shares is paid at the time of the exchange; and (c) shares of certain
other funds specified from time to time.
Class T shares shall be exchangeable only for: (a) Class T shares of other
funds managed or administered by the Calvert Group; (b) Class A shares of other
funds managed or administered by the Calvert Group, if the front-end load on the
Class A shares is paid at the time of the exchange; and (c) shares of certain
other funds specified from time to time.
<PAGE>
Exhibit I
The Calvert Fund
Calvert Tax-Free Reserves
Calvert Municipal Fund, Inc.
Calvert Social Investment Fund
Calvert World Values Fund, Inc.
Calvert New World Fund, Inc.
First Variable Rate Fund
Calvert Social Index Series, Inc.
Calvert Impact Fund, Inc.
Dated: September 2000
<PAGE>
Exhibit II
Calvert Social Investment Fund (CSIF)
Maximum Maximum Maximum
Class A Class A Class C
Front-End 12b-1 Fee 12b-1Fee
Sales Charge
CSIF Balanced 4.75% 0.35% 1.00%
CSIF Equity 4.75% 0.35% 1.00%
CSIF Managed Index 4.75% 0.25% 1.00%
CSIF Bond 3.75% 0.35% 1.00%
CSIF Technology 4.75% 0.25% 1.00%
Balanced,
Class B Equity, and Maximum
Contingent Deferred Sales Charge Managed Index, Technology Bond 12b-1 Fee
Shares held less than one year after purchase
5% 4% 1.00%
More than one year but less than two 4% 3%
More than two years but less than three 4% 2%
More than three years but less than four 3% 1%
More than four years but less than five 2%
More than five years but less than six 1%
Converts to Class A after 8 yrs. 6 yrs.
<PAGE>
Exhibit II
Calvert Tax-Free Reserves (CTFR)
Maximum Maximum Maximum Maximum
Class A Class A Class C Class T
Front-End 12b-1 Fee 12b-1Fee 12b-1 Fee
Sales Charge
CTFR Money Market N/A N/A N/A 0.25%
CTFR Long-Term 3.75% 0.35% 1.00%
CTFR Vermont 3.75% N/A 1.00%
Long-Term Maximum
Class B and Class B
Contingent Deferred Sales Charge Vermont 12b-1 Fee
Shares held less than one year after purchase 4% 1.00%
More than one year but less than two 3%
More than two years but less than three 2%
More than three years but less than four 1%
Converts to Class A after 6 yrs.
<PAGE>
Exhibit II
Calvert Municipal Fund, Inc. (CMF)
Maximum Maximum Maximum
Class A Class A Class C
Front-End 12b-1 Fee 12b-1Fee
Sales Charge
National Intermediate 2.75% 0.25% N/A
California Intermediate 2.75% 0.25% N/A
Maximum
Class B Class B
Contingent Deferred Sales Charge CMF 12b-1 Fee
Shares held less than one year after purchase 3% 1.00%
More than one year but less than two 2%
More than two years but less than three 2%
More than three years but less than four 1%
Converts to Class A after 4 yrs.
<PAGE>
Exhibit II
The Calvert Fund
Maximum Maximum Maximum
Class A Class A Class C
Front-End 12b-1 Fee 12b-1Fee
Sales Charge
New Vision Small Cap 4.75% 0.25% 1.00%
Calvert Income Fund 3.75% 0.50% 1.00%
Maximum
Class B Class B
Contingent Deferred Sales Charge New Vision Income 12b-1 Fee
Shares held less than one year after purchase
5% 4% 1.00%
More than one year but less than two 4% 3%
More than two years but less than three 4% 2%
More than three years but less than four 3% 1%
More than four years but less than five 2%
More than five years but less than six 1%
Converts to Class A after 8 yrs. 6 yrs.
<PAGE>
Exhibit II
Calvert World Values Fund, Inc. (CWVF)
Maximum Maximum Maximum
Class A Class A Class C
Front-End 12b-1 Fee 12b-1Fee
Sales Charge
International Equity 4.75% 0.35% 1.00%
Capital Accumulation 4.75% 0.35% 1.00%
Maximum
Class B Class B
Contingent Deferred Sales Charge CWVF 12b-1 Fee
Shares held less than one year after purchase 5% 1.00%
More than one year but less than two 4%
More than two years but less than three 4%
More than three years but less than four 3%
More than four years but less than five 2%
More than five years but less than six 1%
Converts to Class A after 8 yrs.
<PAGE>
Exhibit II
Calvert New World Fund, Inc. (CNWF)
Maximum Maximum Maximum
Class A Class A Class C
Front-End 12b-1 Fee 12b-1Fee
Sales Charge
Calvert New Africa 4.75% 0.25% 1.00%
Maximum
Class B Class B
Contingent Deferred Sales Charge CNWF 12b-1 Fee
Shares held less than one year after purchase 5% 1.00%
More than one year but less than two 4%
More than two years but less than three 4%
More than three years but less than four 3%
More than four years but less than five 2%
More than five years but less than six 1%
Converts to Class A after 8 yrs.
<PAGE>
Exhibit II
First Variable Rate Fund (FVRF)
Maximum Maximum Maximum Maximum
Class A Class A Class C Class T
Front-End 12b-1 Fee 12b-1 Fee 12b-1 Fee
Sales Charge
First Government
Money Market N/A N/A 1.00% 0.25%
Maximum
Class B Class B
Contingent Deferred Sales Charge 12b-1 Fee
CDSC of original Class B Fund purchased 1.00%
is applied upon redemption from Class B
of Calvert First Government Money Market Fund.
Conversion period of original Class B Fund purchased is applied.
<PAGE>
Exhibit II
Calvert Social Index Series, Inc. (CSIS)
Maximum Maximum Maximum
Class A Class A Class C
Front-End 12b-1 Fee 12b-1 Fee
Sales Charge
Calvert Social Index Fund 4.75% 0.25% 1.00%
Class B Maximum
Contingent Deferred Sales Charge 12b-1 Fee
Shares held less than one year after purchase 5% 1.00%
More than one year but less than two 4%
More than two years but less than three 4%
More than three years but less than four 3%
More than four years but less than five 2%
More than five years but less than six 1%
Converts to Class A after 8 yrs.
<PAGE>
Exhibit II
Calvert Impact Fund, Inc. (CIF)
Maximum Maximum Maximum
Class A Class A Class C
Front-End 12b-1 Fee 12b-1 Fee
Sales Charge
Calvert Large Cap Growth Fund 4.75% 0.25% 1.00%
Class B Maximum
Contingent Deferred Sales Charge 12b-1 Fee
Shares held less than one year after purchase 5% 1.00%
More than one year but less than two 4%
More than two years but less than three 4%
More than three years but less than four 3%
More than four years but less than five 2%
More than five years but less than six 1%
Converts to Class A after 6 yrs.
Dated: September 2000
