THE CALVERT FUND
CALVERT NEW VISION SMALL CAP 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 New Vision Small Cap
Fund ("Small Cap 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
Small Cap 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 Small Cap Fund will refer
to AWAD as of October 1, 1997.
The Small Cap 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.
