Dear Shareholders:
The financial markets have been exceptionally volatile over the past
few weeks. Events began to unfold in mid August, when the Asian
currency crisis bled over to the Far East markets causing those
markets to stumble, setting off a domino-effect that spread to all
world markets. Just as market observers were predicting a repeat of
the October 19, 1987 slide, stocks rallied back.
At Calvert Group, we see this recent roller coaster ride as an
example of the ups and downs inevitable in stock market investing. We
don't believe the skies have suddenly darkened over the entire
market. Fundamentals are still strong. There is no evidence of
surging inflation, the economy is expanding at a sustainable pace and
money continues to flow into the market.
For investors troubled by the recent volatility, we suggest two
time-tested approaches. First, make investment decisions based on
your time horizon and tolerance for risk. Second, diversifying among
different types of asset classes can help lessen the sting of a
sudden fall in stock prices. Your financial professional can help you
decide whether your portfolio is well balanced.
In closing, I'd like to call your attention to the new format of our
shareholder reports. The changes were intended to put you in closer
contact with the portfolio manager and make the reports more
interesting to read. We welcome your comments.
Sincerely,
Barbara J. Krumsiek
President and CEO
November 3, 1997
<PAGE>
A DISCUSSION WITH PORTFOLIO MANAGER, GREG HABEEB
What was your view of the strength of the economy and the investment
climate over the past 12 months?
The economy looked to be expanding at a robust but not runaway pace.
The most obvious indicators of rising prices -the consumer price
index and producer price index -have not pointed to surging
inflation. But there was a steady increase in new job hires and
shrinking unemployment. Tight labor markets typically push wages
higher which can trigger higher prices at the consumer level.
Bond yields traded in a fairly tight range. The high and low yields
on the benchmark 30-year Treasury bond were within 95 basis points of
each other for the year, with a high of 7.20% and a low of 6.25%
What was your strategy?
We kept the Fund's duration, a measure of interest rate sensitivity, near
the short end of our range through the first half of this reporting period.
Going into the second half, we lengthened duration a bit in order to capture
more yield. This less cautious stance is in line with our generally favorable
outlook for the bond market. Once we hit our target duration, we tend to stay
there. Instead of trying to predict the direction of rates day-to-day or
week-to-week, we look to enhance returns by implementing relative value trades.
That is, we purchase undervalued issues and sell them when they return to fair
value. We were successful with that approach during this period, finding trading
opportunities primarily among corporate bonds. We further reduced our holdings
of mortgage-backed securities because they seemed overvalued. Since the
beginning of the calendar year, we have implemented a more active management
strategy. We expect this strategy to improve the Fund's total return over time.
Higher portfolio trading activity will result in a higher turnover ratio due to
the Fund's current asset size.
For the year ended September 30, 1997, the turnover was 2,961%.
How did the Fund's return compare to that of its benchmark?
For the 12-month period, we led our benchmark, the Lehman Aggregate
Bond Index, by 132 basis points. For the six-month period, we led by
69 basis points.
What's your prediction for the economy and interest rates over the
next six months and beyond?
The Federal Reserve is determined not to get behind the curve with
inflation and may take steps to nudge key short-term rates higher in
the coming months. Long rates would likely follow suit. However, we
don't expect any steep increases in the notes that the Fed controls.
Looking out over the next year, we see a number of trends that
portend lower rates. These include a secular downtrend in inflation
over the last three years, fundamental changes in US fiscal policy
and a strong US economy that has practically eliminated the need for
net new Treasury borrowings. Thus our long-term outlook for the bond
market for the next year is positive.
October 20, 1997
<PAGE>
Portfolio Statistics
September 30, 1997
Investment Performance
6 Months 12 Months
Income Fund 7.81% 11.03%
Lehman Aggregate
Bond Index TR 7.12% 9.71%
Lipper Corp. Debt
BBB Funds Index 7.99% 11.01%
Maturity Schedule
Weighted Average
9/30/97 3/31/97
14 years 15 years
SEC Yields
30 days ended
9/30/97 3/31/97
4.72% 5.52%
Portfolio Quality Structure
Pie chart here showing percentage of each bond:
AAA/Aaa 5%
A/a 17%
BB 12%
NR 2%
Cash Equivalents 14%
AA/Aa 3%
BBB/Baa 47%
Investment performance does not reflect the deduction of any front-end sales
charge. TR represents total return.
Source: Lipper Analytical Services, Inc.
NR: Obligation is not rated by a commercial credit rating service, such as
Moody's Investors Services, Inc., or Standard & Poor's Corporation; obligation
has been determined to be of appropriate quality for the Portfolio by Calvert
Asset Management Company, Inc., the Investment Advisor.
<PAGE>
PORTFOLIO STATISTICS
September 30, 1997
Average Annual Total Returns
As of 9/30/97
One year 7.00%
Five year 5.88%
Ten year 8.99%
Since inception 9.69%
(10/12/82)
Performance Comparison
Comparison of change in value of $10,000 investment.
Bar chart here showing comparison from 10/1/87 to 9/30/97
Calvert Income Fund $23,659
Lehman Aggregate Bond Index TR $24,731
Total returns assume reinvestment of dividends and reflect the deduction of the
Fund's maximum front-end sales charge of 3.75%. No sales charge has been applied
to the index used for comparison. Past performance is no guarantee of future
results.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of The Calvert Fund and Shareholders of Calvert
Income Fund:
We have audited the accompanying statement of net assets of Calvert Income
Fund (one of the portfolios comprising The Calvert Fund), as of September 30,
1997, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended and financial highlights for each of the four years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the year ended September 30, 1993, were
audited by other auditors whose opinion dated October 29, 1993, expressed an
unqualified opinion thereon.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
September 30, 1997, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Calvert Income Fund as of September 30, 1997, and the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended and financial highlights for each of the four years in
the period then ended, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
November 7, 1997
<PAGE>
STATEMENT OF NET ASSETS
SEPTEMBER 30, 1997
Principal
Debt Securities - 93.0% Amount Value
Corporate Bonds - 75.0%
Banc One Auto Grantor Trust,
6.40%, 11/20/03 $1,818,304 $1,828,177
Bankamerica Corp., 6.625%, 8/1/07 2,000,000 1,976,220
Countrywide Capital III, 8.05%, 6/15/27 2,000,000 2,083,140
Dime Capital Trust I, 9.33%, 5/6/27 1,500,000 1,626,780
HSB Capital I, 6.66%, 7/15/27 1,000,000 997,337
Keycorp, 7.50%, 6/15/06 2,000,000 2,083,720
Medpartners, Inc., 6.875%, 9/1/00 3,000,000 2,996,901
Merita Bank Ltd., 7.15%, 12/29/49 4,000,000 4,034,360
Ohio Savings Capital Trust I, 9.50%,
6/3/27 1,000,000 1,059,860
Riggs Capital II, 8.875%, 3/15/27 1,000,000 1,046,450
Salomon, Inc., 6.75%, 2/15/03 1,000,000 1,004,890
SKF AB, 7.125%, 7/1/07 2,500,000 2,549,525
Socgen Real Estate Co., LLC,
7.64%, 12/29/49 1,000,000 1,014,616
Staples, Inc., 7.125%, 8/15/07 1,000,000 1,002,250
USF&G Capital III, 8.312%, 7/1/46 1,500,000 1,554,975
Xerox Capital Trust I, 8.00%, 2/1/27 1,500,000 1,553,505
Zurich Capital Trust, 8.376%, 6/1/37 1,000,000 1,058,500
29,471,206
Mortgage Securities - 0.0%
Government National Mortgage
Association, Pool 137518,
11.00%, 10/15/15 1,551 1,765
1,765
Municipal Bonds - 4.5%
Chickasaw Nation Oklahoma Certificate
of Participation,
10.00%, 8/1/03* 1,310,000 786,000
Dauphin County Pennsylvania Health
Center General Authority Revenue
Bond, 7.25%, 9/1/10 1,000,000 1,000,400
1,786,400
Repurchase Agreements - 13.5%
Donaldson Lufkin Jenrette, 6.125%
, dated 9/30/97, due 10/1/97
(Collateral: $5,442,440,
FNMA, 5.64%, 2/20/01) 5,300,000 5,300,000
5,300,000
Total Debt Securities (Cost $36,672,391) 36,559,371
<PAGE>
Equity Securities - 5.3% Shares Value
Preferred Stocks
Highwood Properties, Inc.,
Series A, Preferred, 8.625% 1,000 $1,068,100
Simon Debartolo Group, Inc.,
Series C, Preferred, 7.89% 20,000 1,023,020
Total Equity Securities
(Cost $2,029,600) 2,091,120
TOTAL INVESTMENTS
(Cost $38,701,991) - 98.3% 38,650,491
Other assets and liabilities, net - 1.7% 651,619
Net Assets - 100% $39,302,110
Net Assets Consist of:
Paid-in capital applicable to 2,285,465
outstanding shares of beneficial
interest; unlimited number of
no par shares authorized $38,333,602
Accumulated net realized gain (loss) on investments 1,020,008
Net unrealized appreciation (depreciation)
on investments (51,500)
Net Assets $39,302,110
Net Asset Value per Share $17.20
* This security is in default and was valued by the Board of Trustees. See
Note A.
See notes to financial statements.
<PAGE>
STATEMENT OF OPERATIONS
YEAR ENDED SEPTEMBER 30, 1997
Net Investment Income
Investment Income
Interest income $2,956,582
Dividend income 75,377
Total investment income 3,031,959
Expenses
Investment advisory fee 290,440
Transfer agency fees and expenses 66,217
Distribution Plan expenses:
Class A 62,090
Class C 983
Trustees' fees and expenses 5,468
Custodian fees 28,965
Registration fees 30,918
Reports to shareholders 34,199
Professional fees 19,592
Miscellaneous 11,904
Reimbursement from Advisor (620)
Total expenses 550,156
Fees paid indirectly (28,965)
Net expenses 521,191
Net Investment Income 2,510,768
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Securities 1,527,877
Futures 2,925
1,530,802
Change in unrealized appreciation or depreciation 306,476
Net Realized and Unrealized Gain
(Loss) on Investments 1,837,278
Increase (Decrease) in Net Assets
Resulting From Operations $4,348,046
See notes to financial Statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended Year Ended
September 30, September 30,
Increase (Decrease) in Net Assets 1997 1996
Operations
Net investment income $2,510,768 $2,648,037
Net realized gain (loss) 1,530,802 83,953
Change in unrealized appreciation
or depreciation 306,476 (889,184)
Increase (Decrease) in
Net Assets
Resulting From Operations 4,348,046 1,842,806
Distributions to shareholders from
Net investment income:
Class A Shares (2,507,902) (2,606,323)
Class C Shares (2,866) (54,133)
Net realized gain:
Class A Shares (13,944) -
Distribution in excess of net
realized gain:
Class A Shares - (62,966)
Class C Shares - (1,516)
Total distributions (2,524,712) (2,724,938)
Capital share transactions:
Shares sold:
Class A Shares 3,817,591 4,750,562
Class C Shares 4,736 1,203,271
Shares issued from merger:
Class A Shares - 7,603,794
Class C Shares - 303,797
Reinvestment of distributions:
Class A Shares 2,067,569 2,243,906
Class C Shares 2,459 54,829
Shares redeemed:
Class A Shares (12,829,618) (11,964,864)
Class C Shares (1,393,740) (905,976)
Total capital share transactions (8,331,003) 3,289,319
Total Increase (Decrease)
in Net Assets (6,507,669) 2,407,187
Net Assets
Beginning of year 45,809,779 43,402,592
End of year $39,302,110 $45,809,779
Capital Share Activity
Shares sold:
Class A Shares 228,602 284,027
Class C Shares 291 72,532
Shares issued from merger:
Class A Shares - 461,675
Class C Shares - 18,753
Reinvestment of distributions:
Class A Shares 123,607 134,740
Class C Shares 151 3,352
Shares redeemed:
Class A Shares (764,324) (717,676)
Class C Shares (85,584) (55,738)
Total capital share activity (497,257) 201,665
<PAGE>
NOTES TO FINANCIAL STATEMENTS Note A - Significant Accounting Policies
General: The Calvert Income Fund (the "Fund"), a series of The Calvert Fund, is
registered under the Investment Company Act of 1940 as a non-diversified,
open-end management investment company. The operations of each series are
accounted for separately. Shares of the Fund are sold with a maximum front-end
sales charge of 3.75%. On October 29, 1996, all outstanding Class C shares in
the Fund were converted into an equivalent value of Class A shares. This
transaction was a non-taxable exchange and no sales charge was applied to the
Class A shares issued. On May 23, 1996, the net assets of Calvert U.S.
Government Fund were merged into the Fund. The acquisition was accomplished by a
tax free exchange of 480,428 shares of the Fund (valued at $7,907,591) for the
555,054 shares of the U.S. Government Fund outstanding at May 23, 1996. The U.S.
Government Fund's net assets at that date, including $172,000 of unrealized
depreciation and $328,884 of undistributed realized net losses were combined
with those of the Fund. The aggregate net assets of the Fund and U.S. Government
Fund immediately before the acquisition were $40,339,463 and $7,910,153,
respectively.
Security Valuation: Securities listed or traded on a national securities
exchange are valued at the last reported sale price. Unlisted securities and
listed securities for which the last sale price is not available are valued at
the most recent bid price or based on a yield equivalent obtained from the
securities' market maker. Municipal securities are valued utilizing the average
of bid prices or at bid prices based on a matrix system (which considers such
factors as security prices, yields, maturities and ratings) furnished by dealers
through an independent pricing service. Other securities and assets for which
market quotations are not available or deemed inappropriate are valued in good
faith under the direction of the Board of Trustees. In determining fair value,
the Board considers all relevant qualitative and quantitative information
available. These factors are subject to change over time and are reviewed
periodically. The values assigned to fair value investments are based on
available information and do not necessarily represent amounts that might
ultimately be realized, since such amounts depend on future developments
inherent in long-term investments. However, because of the inherent uncertainty
of valuation, those estimated values may differ significantly form the values
that would have been used had a ready market of the investments existed, and the
differences could be material. At September 30, 1997, $786,000 or 2.0% of net
assets, were valued by the Board of Trustees.
Repurchase Agreements: The Fund may enter into repurchase agreements with
recognized financial institutions or registered broker/dealers and, in all
instances, holds underlying securities with a value exceeding the total
repurchase price, including accrued interest. Although risk is mitigated by the
collateral, the Fund could experience a delay in recovering its value and a
possible loss of income or value if the counterparty fails to perform in
accordance with the terms of the agreement.
Options: The Fund may write or purchase option securities. The option
premium is the basis for recognition of unrealized or realized gain or loss on
the option. The cost of securities acquired or the proceeds from securities sold
through the exercise of the option is adjusted by the amount of the premium.
Risks arise from the possible illiquidity of the options market and from
movements in security values.
Futures Contracts: The Fund may enter into futures contracts agreeing to
buy or sell a financial instrument for a set price at a future date. The Fund
maintains securities with a value equal to its obligation under each contract.
Initial margin deposits of either cash or securities are made upon entering in
futures contracts; thereafter, variation margin payments are made or received
daily reflecting the change in market value. Unrealized or realized gains and
losses are recognized based on the change in market value. Risks of futures
contracts arise from the possible illiquidity of the futures markets and the
movement in the value of the investment or in interest rates. Security
Transactions and Investment Income: Security transactions are accounted for on
trade date. Realized gains and losses are recorded on an identified cost basis.
Dividend income is recorded on the ex-dividend date or, in the case of dividends
on certain foreign securities, as soon as the Fund is informed of the
ex-dividend date. Interest income, accretion of discount and amortization of
premium are recorded on an accrual basis.
Distributions to Shareholders: Distributions to shareholders are recorded
by the Fund on ex-dividend date. Dividends from net investment income are paid
monthly. Distributions from net realized capital gains, if any, are paid at
least annually. Distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles;
accordingly, periodic reclassifications are made within the Fund's capital
accounts to reflect income and gains available for distribution under income tax
regulations.
Estimates: The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amount of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reported
period. Actual results could differ from those estimates.
Expense Offset Arrangements: The Fund has an arrangement with its custodian
bank whereby the custodian's fees are paid indirectly by credits earned on the
Fund's cash on deposit with the bank. Such deposit arrangement is an alternative
to overnight investments.
Federal Income Taxes: No provision for federal income or excise tax is
required since the Fund intends to continue to qualify as a regulated investment
company under the Internal Revenue Code and to distribute substantially all of
its earnings.
Note B -Related Party Transactions Calvert
Asset Management Company, Inc. (the "Advisor") is wholly-owned by Calvert Group,
Ltd. ("Calvert"), which is indirectly wholly-owned by Acacia Mutual Life
Insurance Company. The Advisor provides investment advisory services and pays
the salaries and fees of officers and affiliated Trustees of the Fund. For its
services, the Advisor receives a monthly fee based on an annual rate of .70% of
the Fund's average daily net assets.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor
and principal underwriter for the Fund. Distribution Plans, adopted by each
class of shares, allow the Fund to pay the distributor for expenses and services
associated with distribution of shares. The expenses paid may not exceed .50%
and 1.0% annually of average daily net assets of each Class A and Class C,
respectively. The Distributor received $11,470 as its portion of the commissions
charged on sales of the Fund's shares. Calvert Shareholder Services, Inc., an
affiliate of the Advisor, acts as transfer, dividend disbursing and shareholder
servicing agent for the Fund. Each Trustee who is not affiliated with the
Advisor receives an annual fee of $20,500 plus up to $1,500 for each Board and
Committee meeting attended. Trustee's fees are allocated to each of the funds
served.
Note C -Investment Activity During the year, purchases and sales of
investments, other than short-term securities, were $1,109,042,877 and
$1,126,415,839, respectively. The cost of investments owned at September 30,
1997 was substantially the same for federal income tax and financial reporting
purposes. Net unrealized depreciation aggregated $51,500, of which $472,500
related to appreciated securities and $524,000 related to depreciated
securities.
Note D -Line of Credit Effective July 1, 1997, a financing agreement
is in place with all Calvert Group Funds and State Street Bank and Trust Company
("the Bank"). Under the agreement, the Bank is providing an unsecured line of
credit facility, in the aggregate amount of $50 million ($25 million committed
and $25 million uncommitted), to be accessed by the Funds for temporary or
emergency purposes only. Borrowings under this facility bear interest at the
overnight Federal Funds Rate plus .50% per annum. A commitment fee of .10% per
annum will be incurred on the unused portion of the committed facility which
will be allocated to all participating funds. This fee is paid quarterly in
arrears. The Fund had no loans outstanding pursuant to this line of credit at
September 30, 1997.
<PAGE>
Financial Highlights
Years Ended
September 30, September 30,
Class A Shares 1997 1996
Net asset value, beginning $16.47 $16.82
Income from investment operations
Net investment income 1.02 1.01
Net realized and unrealized gain (loss) .74 (.32)
Total from investment operations 1.76 .69
Distributions from
Net investment income (1.02) (1.01)
Net realized gains (.01) -
In excess of net realized gain - (.03)
Total distributions (1.03) (1.04)
Total increase (decrease)
in net asset value .73 (.35)
Net asset value, ending $17.20 $16.47
Total return* 11.03% 4.21%
Ratios to average net assets:
Net investment income 6.04% 6.02%
Total expenses+ 1.33% 1.26%
Net expenses 1.26% 1.23%
Portfolio turnover 2,961% 153%
Net assets, ending (in thousands) $39,302 $44,431
Number of shares outstanding,
ending (in thousands) 2,285 2,698
<PAGE>
Financial Highlights
(Cont'd)
Years Ended
September 30
1995
Class A Shares
Net asset value, beginning $15.68
Income from investment operations
Net investment income 1.11
Net realized and unrealized gain (loss) 1.14
Total from investment operations 2.25
Distributions from
Net investment income (1.11)
Net realized gains -
In excess of net realized gain -
Total distributions (1.11)
Total increase (decrease) in
net asset value 1.14
Net asset value, ending $16.82
Total return* 14.90%
Ratios to average net assets:
Net investment income 6.89%
Total expenses+ 1.26%
Net expenses 1.23%
Portfolio turnover 135%
Net assets, ending (in thousands) $42,637
Number of shares outstanding,
ending (in thousands) 2,535
Years Ended
September 30, September 30,
Class A Shares 1994 1993
Net asset value, beginning $18.41 $17.50
Income from investment operations
Net investment income 1.16 1.23
Net realized and unrealized gain (loss) (2.42) .91
Total from investment operations (1.26) 2.14
Distributions from
Net investment income (1.16) (1.23)
Net realized gain (.31) -
Total distributions (1.47) (1.23)
Total increase (decrease) in
net asset value (2.73) .91
Net asset value, ending $15.68 $18.41
Total return* (6.94%) 12.74%
Ratios to average net assets:
Net investment income 6.86% 6.93%
Total expenses+ N/A N/A
Net expenses 1.07% 1.00%
Portfolio turnover 34% 25%
Net assets, ending (in thousands) $45,936 $53,134
Number of shares outstanding,
ending (in thousands) 2,929 2,886
<PAGE>
FINANCIAL HIGHLIGHTS
Periods Ended
October 29, September 30,
Class C Shares 1996 1996
Net asset value, beginning $16.19 $16.56
Income from investment operations
Net investment income .01 .74
Net realized and unrealized gain (loss) .31 (.42)
Total from investment operations .32 .32
Distributions from
Net investment income (.04) (.66)
In excess of net realized gain - (.03)
Total distributions (.04) (.69)
Total increase (decrease) in
net asset value .28 (.37)
Net asset value, ending $16.47 $16.19
Total return* 2.01% 1.96%
Ratios to average net assets:
Net investment income 3.65%(a) 3.96%
Total expenses+ 3.29%(a) 3.37%
Net expenses 3.26%(a) 3.34%
Expenses reimbursed .63%(a) -
Portfolio turnover 2% 153%
Net assets, ending (in thousands) $1,064 $1,379
Number of shares outstanding,
ending (in thousands) 65 85
Years Ended
September 30, September 30,
Class C Shares 1995 1994**
Net asset value, beginning $15.63 $17.35
Income from investment operations
Net investment income .81 .57
Net realized and unrealized gain (loss) 1.09 (1.67)
Total from investment operations 1.90 (1.10)
Distributions from
Net investment income (.97) (.62)
In excess of net realized gain - -
Total distributions (.97) (.62)
Total increase (decrease)
in net asset value .93 (1.72)
Net asset value, ending $16.56 $15.63
Total return* 12.58% (5.47%)
Ratios to average net assets:
Net investment income 4.71% 5.62%(a)
Total expenses+ 3.37% N/A
Net expenses 3.34% 2.65%(a)
Expenses reimbursed .69% 7.29%(a)
Portfolio turnover 135% 34%
Net assets, ending (in thousands) $766 $413
Number of shares outstanding,
ending (in thousands) 46 26
(a) Annualized
* Total return is not annualized and does not reflect deduction of any
front-end 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.
N/A Disclosure not applicable to prior periods.
<PAGE>
Calvert
Income Fund
To Open an Account
800-368-2748
Yields and Prices
Calvert Information Network
(24 hours, 7 days a week)
800-368-2745
Service for Existing Account
Shareholders: 800-368-2745
Brokers: 800-368-2746
TDDfor Hearing Impaired
800-541-1524
Branch Office
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Web Site
http://www.calvertgroup.com
Principal Underwriter
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders. It is
not authorized for distribution to prospective investors unless preceded or
accompanied by a prospectus.
<PAGE>
Calvert Group's
Family of Funds
Tax-Exempt Money Market Funds
CTFR Money Market Portfolio
CTFR California Money Market Portfolio
Taxable Money Market Funds
First Government Money Market Fund
CSIF Money Market Portfolio
Balanced Fund
CSIF Managed Growth Portfolio
Municipal Funds
CTFRLimited-Term Portfolio
CTFR Long-Term Portfolio
CTFR Vermont Municipal Portfolio
National Muni. Intermediate Portfolio
Arizona Muni. Intermediate Portfolio
California Muni. Intermediate Portfolio
Florida Muni. Intermediate Portfolio
Maryland Muni. Intermediate Portfolio
Michigan Muni. Intermediate Portfolio
New York Muni. Intermediate Portfolio
Pennsylvania Muni. Intermediate Portfolio
Virginia Muni. Intermediate Portfolio
Taxable Bond Funds
CSIF Bond Portfolio
Income Fund
Equity Funds
CSIFEquity Portfolio
Capital Accumulation Fund
CWV International Equity Fund
New Vision Small Cap Fund
Strategic Growth Fund
New Africa Fund
printed on recycled paper
using soy-based inks
