THE CALVERT FUND
CALVERT STRATEGIC GROWTH FUND
Prospectus dated July 31, 1997
Date of Supplement: September 10, 1997
The following is added to the cover page of the Prospectus:
Effective October 1, 1997, Portfolio Advisory Services, Inc. is no
longer the investment subadvisor for the Calvert Strategic Growth
Fund ("Strategic Growth Fund"), a portfolio of The Calvert Fund. The
Fund's Board of Trustees and investment advisor have retained Awad &
Associates ("AWAD"), also effective October 1, 1997, to manage the
Strategic Growth Fund. AWAD's principal business office is located at
477 Madison Avenue, New York, New York 10022. All references in the
Prospectus to "PASI" or "Subadvisor" of the Strategic Growth Fund
will refer to AWAD as of October 1, 1997.
The Strategic Growth Fund will be managed by a team of investment
professionals. The senior investment officer is James D. Awad. Mr.
Awad has been in the investment business since 1965, focusing on
research and portfolio management. Prior to forming AWAD, he was
founder and President of BMI Capital, a successful money management
firm. In addition, he has managed assets at Neuberger & Berman,
Channing Management and First Investment Corp. Mr. Awad earned an
MBA from Harvard Business School and a BS Cum Laude from Washington &
Lee University.
In addition, the Board of Trustees has approved a resolution to
"merge" the Calvert Strategic Growth Fund ("Strategic Growth Fund"),
a portfolio of The Calvert Fund, into the Calvert New Vision Small
Cap Fund ("Small Cap Fund"), also a portfolio of The Calvert Fund.
Strategic Growth Fund shareholders will be asked to vote on the
proposed merger and must approve the transaction before any change
may take place. If shareholders approve the transaction, your shares
of Strategic Growth Fund will be exchanged for shares of the Small
Cap Fund. The number of Small Cap Fund shares you receive will depend
on the value of your Strategic Growth Fund shares at the time the
merger takes place.
Please note that as of October 1, 1997, Awad & Associates will manage
the Small Cap Fund.
A proxy statement is being filed with the Securities Exchange
Commission detailing the proposed changes pursuant to the merger. It
will be sent to shareholders further explaining the proposed
Agreement and Plan of Reorganization, which will not be implemented
before shareholder approval.
