MARCH 31, 2000
SEMI-ANNUAL
REPORT
CALVERT INCOME FUND
<PAGE>
TABLE
OF
CONTENTS
PRESIDENT'S LETTER
1
PORTFOLIO
MANAGER REMARKS
2
SCHEDULE
OF INVESTMENTS
4
STATEMENT
OF ASSETS AND LIABILITIES
6
STATEMENT
OF OPERATIONS
7
STATEMENTS
OF CHANGES IN
NET ASSETS
8
NOTES TO
FINANCIAL STATEMENTS
10
FINANCIAL HIGHLIGHTS
14
DEAR SHAREHOLDERS:
IN A QUARTER WHERE FEARS OVER A DISRUPTING Y2K BUG SUBSIDED JUST DAYS INTO THE
START OF THE NEW YEAR, THE SPECTER OF INCREASED MARKET VOLATILITY TOOK EVEN
GREATER SUBSTANCE - WITH LARGE UPWARD SWINGS ONE DAY - ESPECIALLY IN THE
TECHNOLOGY-LADEN NASDAQ - FOLLOWED BY DROPS OF 100 (OR EVEN 487) POINTS, THE
NEXT.
AT THE SAME TIME THE FEDERAL RESERVE, FRETTING OVER AN OVERHEATING ECONOMY,
CONTINUED TO PUSH UP SHORT-TERM INTEREST RATES.
AS IN PAST QUARTERS, YOU COULD PICK THE TOP PERFORMERS BY CAPITALIZATION RANGE
AND INDUSTRY GROUP. JUST AS TECHNOLOGY AND BIOTECH PLAYS FUELED MUCH OF THE
ADVANCE EARLIER IN THE QUARTER, THE INITIAL MICROSOFT JUDGMENT, ALONG WITH WORDS
OF WARNING FROM PRESIDENT BILL CLINTON AND BRITISH PRIME MINISTER TONY BLAIR
OVER GENETIC RESEARCH PROPERTY RIGHTS, SIGNALED A SHARP DECLINE IN BOTH "NEW
ECONOMY" SECTORS. AND ALL THIS DURING A QUARTER WHEN, ON MARCH 16, THE DOW JONES
INDUSTRIAL AVERAGE POSTED A 499-POINT GAIN!
MARKET VOLATILITY - IF NOT DOWNRIGHT TURMOIL - IS, WE BELIEVE, A CURRENT
CONDITION, NOT A CONSTANT. STILL, THIS CHALLENGING ENVIRONMENT UNDERSCORES THE
VALUE OF PROFESSIONAL MONEY MANAGEMENT. REMEMBER TO MAKE DECISIONS BASED ON
YOUR FINANCIAL OBJECTIVES AND TOLERANCE FOR RISK. REEVALUATE YOUR ASSET
ALLOCATION TO BE SURE YOU ARE POSITIONED AT A COMFORTABLE LEVEL. IF YOU THINK
CHANGE IS IN ORDER, YOUR FINANCIAL PROFESSIONAL CAN SUGGEST STRATEGIES THAT KEEP
YOU ON TRACK TO MEET YOUR LONG-TERM FINANCIAL OBJECTIVES WITHOUT EXPOSING YOU TO
UNDUE LEVELS OF RISK.
WE APPRECIATE YOUR INVESTMENT IN CALVERT GROUP FUNDS AND LOOK FORWARD TO WORKING
WITH YOU TO ACHIEVE YOUR FINANCIAL GOALS.
SINCERELY,
BARBARA J. KRUMSIEK
PRESIDENT AND CEO
APRIL 28, 2000
<PAGE>
PORTFOLIO STATISTICS
MARCH 31, 2000
INVESTMENT PERFORMANCE
6 MONTHS 12 MONTHS
ENDED ENDED
3/31/00 3/31/00
CLASS A 4.14% 7.52%
CLASS B 3.46% N/A
CLASS I 4.30% 7.94%
LEHMAN AGGREGATE
BOND INDEX TR 2.08% 1.87%
LIPPER CORPORATE
DEBT FUNDS
BBB-RATED AVERAGE 1.88% 0.57%
MATURITY SCHEDULE
WEIGHTED AVERAGE
3/31/00 9/30/99
15 YEARS 19 YEARS
SEC YIELDS
30 DAYS ENDED
3/31/00 9/30/99
CLASS A 6.87% 6.41%
CLASS B 5.99% 5.12%
CLASS I 7.64% 7.22%
PORTFOLIO QUALITY STRUCTURE
AAA 16%
AA -
A 23%
BBB 40%
BB 9%
B 2%
NR -
CASH & CASH EQUIVALENTS 10%
100%
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.
GREG HABEEB
OF CALVERT ASSET MANAGEMENT COMPANY
HOW DID THE FUND PERFORM RELATIVE TO ITS PEER GROUP?
THE INCOME FUND'S CLASS A SHARES RETURNED 4.14% FOR THE SIX MONTHS ENDED MARCH
31, 2000, CONTINUING TO OUTPERFORM ALL ITS MAJOR BENCHMARKS INCLUDING THE LIPPER
BBB CORPORATE INDEX AT 1.88% AND THE LEHMAN AGGREGATE BOND INDEX AT 2.08% - AS
IT HAD DONE OVER ALL SIGNIFICANT PERIODS INCLUDING 1, 3, AND 5-YEARS.
WHAT WERE THE DRIVING FORCES IN THE CREDIT MARKETS?
THE LAST QUARTER OF 1999 WAS CHARACTERIZED BY DECLINING TREASURY BOND PRICES AS
FEARS OF Y2K RESULTED IN A DEARTH OF BUYERS OF FIXED INCOME PRODUCT. BUYING OF
NON-TREASURIES COMMENCED AT THE BEGINNING OF THE NEW MILLENNIUM AS ACTIVITY
PICKED UP IN THE MONTH OF JANUARY.
A MAJOR EVENT OCCURRED AT THE END OF JANUARY THAT HAS CAUSED TREMENDOUS DISORDER
IN THE FIXED INCOME MARKETS. THE U.S. TREASURY ANNOUNCED A TREASURY BUY-BACK
PROGRAM THAT WOULD BE CHARACTERIZED BY REGULAR PURCHASES OF GOVERNMENT BONDS BY
THE TREASURY AND SMALLER BOND AUCTIONS. THIS RESULTED IN A STARTLING RUN OF
TREASURIES WHERE TREASURY YIELDS DROPPED BETWEEN 50 TO 100 BASIS POINTS IN SHORT
ORDER. IN LIEU OF A FED THAT HAS MADE IT CLEAR THAT IT INTENDS TO RAISE INTEREST
RATES TO "COOL OFF" A ROBUST ECONOMY, THIS RALLY WAS UNEXPECTED.
UNFORTUNATELY OTHER SECTORS OF THE FIXED INCOME MARKET (CORPORATES, MORTGAGES,
ASSET-BACKED, AGENCIES, ETC.) DID NOT PARTICIPATE IN
<PAGE>
THIS RALLY AND THUS SIGNIFICANTLY UNDERPERFORMED THE TREASURY MARKETS.
NON-TREASURIES CHEAPENED TO LEVELS NOT EVEN SEEN IN THE WORST OF THE WORLD
CRISIS OF 1998 WHEN THE WORLD WAS FUNDAMENTALLY IN MUCH WORSE SHAPE THAN IT IS
NOW. IN FACT, WORLD ECONOMIES IN GENERAL ARE CONSIDERED QUITE STRONG AS A GROUP.
WHAT WAS YOUR STRATEGY?
OUR STRATEGY HAS NOT VARIED. WE ARE OVERALLOCATED IN NON-TREASURIES, AND
UNDERALLOCATED IN HIGH YIELD BONDS AND MORTGAGES. BECAUSE OF THE WEAKENING OF
NON-TREASURIES OUR PERFORMANCE HAS SUFFERED RECENTLY AS EVEN THE HIGHEST QUALITY
CREDITS SUCH AS AGENCIES HAVE HAD SEVERE DECLINES IN PRICES RELATIVE TO TREASURY
BONDS.
WHAT SHOULD INVESTORS EXPECT IN THE COMING MONTHS?
WE WOULD EXPECT THE CONTINUING TURMOIL IN THE FIXED INCOME MARKETS TO END OVER
THE NEXT SIX MONTHS, PERHAPS AFTER THE PRESIDENTIAL ELECTION, HOPEFULLY SOONER.
GENERALLY, SUCH DISTURBANCES AS THIS DON'T LAST LONG, AND WE WOULD EXPECT
EQUILIBRIUM TO ENTER INTO THE FIXED INCOME MARKETS BY THE END OF SUMMER.
APRIL 28, 2000
PORTFOLIO STATISTICS
MARCH 31, 2000
AVERAGE ANNUAL TOTAL RETURNS
CLASS A SHARES
ONE YEAR 3.50%
FIVE YEAR 8.95%
TEN YEAR 8.62%
SINCE INCEPTION 9.76%
(10/12/82)
CLASS I SHARES
ONE YEAR 7.94%
SINCE INCEPTION 9.37%
(3/1/99)
PERFORMANCE COMPARISON
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT. (SOURCE: LIPPER ANALYTICAL
SERVICES, INC.)
[INSERT LINE GRAPH HERE]
TOTAL RETURNS ASSUME REINVESTMENT OF DIVIDENDS AND REFLECT THE DEDUCTION OF THE
FUND'S CLASS A MAXIMUM FRONT-END SALES CHARGE OF 3.75%. NO SALES CHARGE HAS BEEN
APPLIED TO THE INDEX USED FOR COMPARISON. THE VALUE OF AN INVESTMENT IN CLASS A
SHARES IS PLOTTED IN THE LINE GRAPH. THE VALUE OF AN INVESTMENT IN ANOTHER CLASS
OF SHARES WOULD BE DIFFERENT. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE
RESULTS.
<PAGE>
SCHEDULE OF INVESTMENTS
MARCH 31, 2000
PRINCIPAL
DEBT SECURITIES - 97.8% AMOUNT VALUE
CORPORATE BONDS - 79.2%
ABBEY NATIONAL PLC, 8.963%, 12/29/49 $10,750,000 $10,945,016
ACE CAPITAL TRUST II, 9.70%, 4/1/30 13,500,000 13,607,865
ATLANTIC METHANOL, 8.95%, 12/15/04 3,550,000 3,528,345
ATLANTIC MUTUAL INSURANCE CO., 8.15%, 2/15/28 2,500,000 1,850,450
BCI US FUNDING TRUST I, 8.01%, 12/29/49 3,000,000 2,730,852
BANK OF OKLAHOMA NA, 7.125%, 8/15/07 2,000,000 1,853,920
BANK UNITED CORP, 8.00%, 3/15/09 1,795,000 1,629,358
BLYTH INDUSTRIES, INC., 7.90%, 10/1/09 3,000,000 2,873,760
BOMBARDIER CAPITAL MORTGAGE SECURITIES, 8.29%, 6/15/30
5,000,000 5,136,400
CREDIT-BASED ASSET SERVING AND SECURITIES, LTD., 8.20%, 9/25/30
1,000,000 933,200
COMPUTER ASSOCIATES INTERNATIONAL, INC., 6.375%, 4/15/02
4,688,000 4,389,140
CONSECO FINANCIAL TRUST II, 8.70%, 11/15/26 2,000,000 1,540,220
CONSECO, INC.:
6.80%, 6/15/05 14,725,000 13,323,474
9.00%, 10/15/06 2,000,000 1,963,600
COVAD COMMERCIAL GROUP, 12.00%, 2/15/10 2,000,000 1,760,000
COX COMMUNICATIONS, INC., 7.75%, 8/15/06 5,000,000 4,977,550
COX ENTERPRISES, INC., 8.00%, 2/15/07 13,500,000 13,545,765
CRESCENT REAL ESTATE EQUITIES, 7.50%, 9/15/07 2,500,000 2,051,050
DILLARDS INC., 6.39%, 8/1/13 500,000 461,205
ERAC USA FINANCE CO., 7.95%, 12/15/09 3,000,000 2,964,360
EVEREST REINSURANCE HOLDINGS, INC., 8.75%, 3/15/10 4,000,000 4,066,840
FINOVA CAPITAL CORP, 6.125%, 3/15/04 5,000,000 4,618,600
GOLDEN STATE HOLDINGS:
7.00%, 8/1/03 5,610,000 5,170,288
7.125%, 8/1/03 4,000,000 3,579,120
GREENPOINT CAPITAL TRUST I, 9.10%, 6/1/27 1,000,000 918,250
HSB CAPITAL TRUST I, 6.95%, 7/15/27 3,000,000 2,737,050
IMPERIAL BANK, 8.50%, 4/1/09 2,000,000 1,887,140
INTERPOOL CAPITALTRUST, 9.875%, 2/15/27 1,500,000 1,147,215
LILLY DEL MAR INC, 7.717%, 8/1/29 1,000,000 989,584
LIMESTONE ELECTRON TRUST, 8.625%, 3/15/03 2,000,000 2,009,520
LUBERMENS MUTUAL CASUALTY INSURANCE CO., 8.30%, 12/1/37
1,575,000 1,395,371
MARK IV INDUSTRIES, INC., 7.50%, 9/1/07 1,000,000 918,690
MARKEL CAPITAL TRUST I, 8.71%, 1/1/46 5,660,000 4,713,478
NORDBANKEN AB, 8.95%, 11/29/49 3,000,000 3,033,489
NORTHWEST AIRLINES TRUST, 9.485%, 4/1/15 4,000,000 4,041,760
OSPREY TRUST OSPREY, INC., 8.31%, 1/15/03 4,000,000 3,999,720
PENNSYLVANIA POWER AND LIGHT, 7.15%, 6/25/09 1,500,000 1,458,795
PSEG ENERGY HOLDINGS, 10.00%, 10/1/09 3,000,000 3,173,760
PEPCO ENERGY TRANSITION TRUST, 6.13%, 3/1/09 1,000,000 920,320
RIGGS CAPITAL TRUST, 8.625%, 12/31/26 4,750,000 4,233,343
ROYAL BANK OF SCOTLAND GROUP PLC, 9.118%, 10/15/29 15,500,000 15,954,227
SKANDINAVISKA ENSKILDA BANKEN, 7.50%, 3/29/49 2,320,000 2,104,873
SOVEREIGN BANCORP, INC., 10.50%, 11/15/06 3,000,000 3,061,560
SWEDBANK, 9.00%, 3/17/49 7,500,000 7,536,495
TYCO INTERNATIONAL GROUP, 6.375%, 6/15/05 3,000,000 2,827,380
UNION BANK NORWAY, 7.35%, 12/31/49 7,000,000 6,762,000
<PAGE>
PRINCIPAL
DEBT SECURITIES - CONT'D AMOUNT VALUE
CORPORATE BONDS - CONT'D
UNITED DOMINION REALTY TRUST, 8.625%, 3/15/03 $2,000,000 $1,992,040
WESTERN RESOURCES, INC., 6.25%, 8/15/03 4,000,000 3,313,120
XEROX CAPITAL TRUST I, 8.00%, 2/1/27 8,705,000 7,969,428
TOTAL CORPORATE BONDS (COST $198,302,571) 198,598,986
MORTGAGE SECURITIES - 0.0%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, POOL 137518,
11.00%, 10/15/15 1,016 1,115
TOTAL MORTGAGE SECURITIES (COST $1,052) 1,115
MUNICIPAL BONDS - 0.9%
CHICKASAW NATION OKLAHOMA CERTIFICATE OF PARTICIPATION,
10.00%, 8/1/03 * 71,219 67,658
PHILADELPHIA PA IDA REVENUE BONDS, 6.488%, 6/15/04 2,418,178 2,341,205
TOTAL MUNICIPAL BONDS (COST $2,422,973) 2,408,863
U.S.TREASURY - 5.9%.
U.S. TREASURY NOTES:
5.875%, 11/15/04 4,000,000 3,927,800
6.25%, 2/15/07 1,000,000 998,100
6.50%, 2/15/10 9,500,000 9,830,315
TOTAL U.S. TREASURY (COST $14,703,001) 14,756,215
REPURCHASES AGREEMENTS - 11.8%
DONALDSON, LUFKIN & JENRETTE: 6.15%, DATED 3/31/00, DUE 4/3/00
(COLLATERAL: $30,151,230 FHLMC, 6.34%, 5/31/00) 29,600,000 29,600,000
TOTAL REPURCHASES AGREEMENTS (COST $29,600,000) 29,600,000
TOTAL DEBT SECURITIES (COST $245,029,597) 245,365,179
EQUITY SECURITIES - 1.4% SHARES
PREFERRED STOCKS - 1.4%
FIRST REPUBLIC PREFERRED CAPITAL CORP, 10.50% 3,000 2,790,000
HIGHWOOD PROPERTIES, INC., SERIES A, PREFERRED, 8.625% 1,055 719,711
TOTAL EQUITY SECURITIES (COST $4,076,370) 3,509,711
TOTAL INVESTMENTS (COST $249,105,967) - 99.2% 248,874,890
OTHER ASSETS AND LIABILITIES, NET - 0.8% 1,933,077
NET ASSETS - 100% $250,807,967
* THIS SECURITY WAS VALUED BY THE BOARD OF TRUSTEES. SEE NOTE A.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2000
ASSETS VALUE
INVESTMENTS IN SECURITIES, AT VALUE $248,874,890
CASH 6,000
RECEIVABLE FOR SECURITIES SOLD 6,017,898
RECEIVABLE FOR SHARES SOLD 17,595,489
INTEREST AND DIVIDENDS RECEIVABLE 3,246,546
OTHER ASSETS 32,744
TOTAL ASSETS 275,773,567
LIABILITIES
PAYABLE TO BANK 308,893
PAYABLE FOR SECURITIES PURCHASED 24,044,493
PAYABLE FOR SHARES REDEEMED 316,265
PAYABLE TO CALVERT ASSET MANAGEMENT CO., INC. 133,658
PAYABLE TO CALVERT ADMINISTRATIVE SERVICES COMPANY 55,013
PAYABLE TO CALVERT SHAREHOLDERS SERVICES, INC. 6,608
PAYABLE TO CALVERT DISTRIBUTORS, INC. 34,178
PAYABLE FOR SECURITIES SOLD SHORT 434
ACCRUED EXPENSES AND OTHER LIABILITIES 66,058
TOTAL LIABILITIES 24,965,600
NET ASSETS $250,807,967
NET ASSETS CONSIST OF:
PAID IN CAPITAL APPLICABLE TO THE FOLLOWING SHARES OF BENEFICIAL INTEREST,
UNLIMITED NUMBER OF NO PAR SHARES AUTHORIZED:
CLASS A: 13,682,380 SHARES OUTSTANDING $231,477,540
CLASS B: 661,395 SHARES OUTSTANDING 11,188,715
CLASS I: 440,649 SHARES OUTSTANDING 7,463,582
UNDISTRIBUTED NET INVESTMENT INCOME 81,529
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS 827,678
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS (231,077)
NET ASSETS $250,807,967
NET ASSET VALUE PER SHARE
CLASS A (BASED ON NET ASSETS $232,126,758) $16.97
CLASS B (BASED ON NET ASSETS $11,217,428) $16.96
CLASS I (BASED ON NET ASSETS $7,463,781) $16.94
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2000
NET INVESTMENT INCOME
INVESTMENT INCOME:
INTEREST INCOME $6,080,774
DIVIDEND INCOME 201,811
TOTAL INVESTMENT INCOME 6,282,585
EXPENSES:
INVESTMENT ADVISORY FEE 307,999
ADMINISTRATIVE FEES 220,492
TRANSFER AGENCY FEES AND EXPENSES 139,011
DISTRIBUTION PLAN EXPENSES:
CLASS A 106,664
CLASS B 24,809
TRUSTEES' FEES AND EXPENSES 9,993
CUSTODIAN FEES 41,192
REGISTRATION FEES 47,206
REPORTS TO SHAREHOLDERS 18,590
PROFESSIONAL FEES 10,032
ACCOUNTING FEES 24,020
MISCELLANEOUS 3,169
TOTAL EXPENSES 953,177
REIMBURSEMENT FROM ADVISOR:
CLASS I (5,679)
FEES PAID INDIRECTLY (22,439)
NET EXPENSES 925,059
NET INVESTMENT INCOME 5,357,526
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN 1,103,265
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) 790,377
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS 1,893,642
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $7,251,168
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS 2000 1999
OPERATIONS:
NET INVESTMENT INCOME $5,357,526 $3,473,725
NET REALIZED GAIN (LOSS) 1,103,265 3,031,934
CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION)
790,377 (1,125,125)
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 7,251,168 5,380,534
DISTRIBUTIONS TO SHAREHOLDERS FROM
NET INVESTMENT INCOME:
CLASS A SHARES (4,924,808) (3,366,927)
CLASS B SHARES (146,614) (5,526)
CLASS I SHARES (236,373) (104,476)
NET REALIZED GAIN:
CLASS A SHARES (1,859,284) (2,096,000)
CLASS B SHARES (64,644) -
CLASS I SHARES (97,419) -
TOTAL DISTRIBUTIONS (7,329,142) (5,572,929)
CAPITAL SHARE TRANSACTIONS:
SHARES SOLD:
CLASS A SHARES 155,246,130 61,186,513
CLASS B SHARES 9,889,068 1,231,561
CLASS I SHARES 1,156,146 6,555,652
REINVESTMENT OF DISTRIBUTIONS:
CLASS A SHARES 5,497,913 4,576,723
CLASS B SHARES 179,917 4,841
CLASS I SHARES 332,793 104,476
SHARES REDEEMED:
CLASS A SHARES (20,317,319) (15,371,155)
CLASS B SHARES (105,952) (10,720)
CLASS I SHARES (429,204) (256,281)
TOTAL CAPITAL SHARE TRANSACTIONS 151,449,492 58,021,610
TOTAL INCREASE (DECREASE) IN NET ASSETS 151,371,518 57,829,215
NET ASSETS
BEGINNING OF PERIOD 99,436,449 41,607,234
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT
INCOME OF $81,529 AND $31,798, RESPECTIVELY.)
$250,807,967 $99,436,449
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS
ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30,
CAPITAL SHARE ACTIVITY 2000 1999
SHARES SOLD:
CLASS A SHARES 9,187,775 3,580,320
CLASS B SHARES 584,793 72,520
CLASS I SHARES 68,554 386,659
REINVESTMENT OF DISTRIBUTIONS:
CLASS A SHARES 326,624 271,265
CLASS B SHARES 10,699 283
CLASS I SHARES 19,792 6,120
SHARES REDEEMED:
CLASS A SHARES (1,203,520) (902,773)
CLASS B SHARES (6,272) (628)
CLASS I SHARES (25,377) (15,099)
TOTAL CAPITAL SHARE ACTIVITY 8,963,068 3,398,667
SEE NOTES TO FINANCIAL STATEMENTS.
<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. THE FUND OFFERS THREE CLASSES OF SHARES OF BENEFICIAL
INTEREST. CLASS A SHARES ARE SOLD WITH A MAXIMUM FRONT-END SALES CHARGE OF
3.75%. CLASS B SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE. WITH CERTAIN
EXCEPTIONS, THE FUND WILL IMPOSE A DEFERRED SALES CHARGE AT THE TIME OF
REDEMPTION, DEPENDING ON HOW LONG YOU HAVE OWNED THE SHARES. CLASS B SHARES HAVE
A HIGHER LEVEL OF EXPENSES THAN CLASS A SHARES. CLASS I SHARES REQUIRE A MINIMUM
ACCOUNT BALANCE OF $1,000,000. CLASS I SHARES HAVE NO FRONT-END SALES CHARGE AND
HAVE A LOWER EXPENSE RATIO THAN CLASS A SHARES. EACH CLASS HAS DIFFERENT: (A)
DIVIDEND RATES DUE TO DIFFERENCES IN DISTRIBUTION PLAN EXPENSES AND OTHER CLASS
SPECIFIC EXPENSES, (B) EXCHANGE PRIVILEGES AND (C) CLASS SPECIFIC VOTING RIGHTS.
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. FURTHER, 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 MARCH 31, 2000, $67,658, OR .03% 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
<PAGE>
ADJUSTED BY THE AMOUNT OF THE PREMIUM. RISKS FROM WRITING OR PURCHASING OPTION
SECURITIES ARISE FROM POSSIBLE ILLIQUIDITY OF THE OPTIONS MARKET AND THE
MOVEMENT IN THE VALUE OF THE INVESTMENT OR IN INTEREST RATES. THE RISK
ASSOCIATED WITH PURCHASING OPTIONS IS LIMITED TO THE PREMIUM ORIGINALLY PAID.
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.
SHORT SALES: THE FUND MAY USE SHORT SALES OF U.S. TREASURY SECURITIES FOR THE
LIMITED PURPOSE OF HEDGING THE FUND'S DURATION. ANY SHORT SALES WILL BE COVERED
WITH AN EQUIVALENT AMOUNT OF HIGH QUALITY, LIQUID SECURITIES IN A SEGREGATED
ACCOUNT AT THE FUND'S CUSTODIAN.
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. INVESTMENT INCOME AND REALIZED AND UNREALIZED GAINS AND LOSSES
ARE ALLOCATED TO SEPARATE CLASSES OF SHARES BASED UPON THE RELATIVE NET ASSETS
OF EACH CLASS. EXPENSES ARISING IN CONNECTION WITH A CLASS ARE CHARGED DIRECTLY
TO THAT CLASS. EXPENSES COMMON TO THE CLASSES ARE ALLOCATED TO EACH CLASS IN
PROPORTION TO THEIR RELATIVE NET ASSETS.
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 AND TRANSFER AGENT'S FEES MAY BE PAID INDIRECTLY BY
CREDITS EARNED ON THE FUND'S CASH ON DEPOSIT WITH THE BANK. SUCH A 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
TAXABLE EARNINGS.
<PAGE>
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 AMERITAS
ACACIA MUTUAL HOLDING 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
.40% OF THE FUND'S AVERAGE DAILY NET ASSETS.
THE ADVISOR CONTRACTUALLY REIMBURSED THE FUND FOR EXPENSES OF $5,679.
CALVERT ADMINISTRATIVE SERVICES COMPANY, AN AFFILIATE OF THE ADVISOR, PROVIDES
ADMINISTRATIVE SERVICES TO THE FUND FOR AN ANNUAL FEE, PAYABLE MONTHLY. CLASS A
AND CLASS B SHARES PAY AN ANNUAL RATE OF .30% AND CLASS I SHARES PAY AN ANNUAL
RATE OF .10%, BASED ON THEIR 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 CLASS A AND
CLASS B SHARES, ALLOW THE PORTFOLIOS TO PAY THE DISTRIBUTOR FOR EXPENSES AND
SERVICES ASSOCIATED WITH THE DISTRIBUTION OF SHARES. THE EXPENSES PAID MAY NOT
EXCEED .50%, AND 1.0% ANNUALLY OF THE FUND'S AVERAGE DAILY NET ASSETS OF CLASS A
AND CLASS B, RESPECTIVELY. CLASS I DOES NOT HAVE DISTRIBUTION PLAN EXPENSES.
THE DISTRIBUTOR RECEIVED $189,991 AS ITS PORTION OF THE COMMISSIONS CHARGED ON
SALES OF THE FUND'S SHARES.
CALVERT SHAREHOLDER SERVICES, INC. ("CSSI"), AN AFFILIATE OF THE ADVISOR, IS THE
SHAREHOLDER SERVICING AGENT FOR THE FUND. FOR ITS SERVICES, CSSI RECEIVED A FEE
OF $29,006 FOR THE SIX MONTHS ENDED MARCH 31, 2000. NATIONAL FINANCIAL DATA
SERVICES, INC., IS THE TRANSFER AND DIVIDEND DISBURSING AGENT.
EACH TRUSTEE OF THE FUND 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 IN THE SERIES
SERVED.
NOTE C - INVESTMENT ACTIVITY
DURING THE PERIOD, PURCHASES AND SALES OF INVESTMENTS, OTHER THAN SHORT-TERM AND
U.S. GOVERNMENT SECURITIES, WERE $2,079,217,552 AND $1,941,046,767,
RESPECTIVELY.
THE COST OF INVESTMENTS OWNED AT MARCH 31, 2000 WAS SUBSTANTIALLY THE SAME FOR
FEDERAL INCOME TAX AND FINANCIAL REPORTING PURPOSES. NET UNREALIZED DEPRECIATION
AGGREGATED $231,077, OF WHICH $2,060,429 RELATED TO APPRECIATED SECURITIES
AND $2,291,506 RELATED TO DEPRECIATED SECURITIES.
NOTE D - LINE OF CREDIT
A FINANCING AGREEMENT IS IN PLACE WITH ALL CALVERT GROUP FUNDS (EXCEPT FOR THE
CALVERT SOCIAL INVESTMENT FUND MANAGED INDEX AND CVS AMERITAS INDEX 500
PORTFOLIOS) 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
<PAGE>
ANNUM WILL BE INCURRED ON THE UNUSED PORTION OF THE COMMITTED FACILITY WHICH
WILL BE ALLOCATED TO ALL PARTICIPATING FUNDS. THE FUND HAD NO LOANS OUTSTANDING
PURSUANT TO THIS LINE OF CREDIT AT MARCH 31, 2000.
<PAGE>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
MARCH 31, SEPTEMBER 30, SEPTEMBER 30,
CLASS A SHARES 2000 1999 1998
NET ASSET VALUE, BEGINNING $17.08 $17.17 $17.20
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .55 .99 1.02
NET REALIZED AND UNREALIZED GAIN (LOSS) .14 .74 .61
TOTAL FROM INVESTMENT OPERATIONS .69 1.73 1.63
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.55) (.99) (1.01)
NET REALIZED GAIN (.25) (.83) (.65)
TOTAL DISTRIBUTIONS (.80) (1.82) (1.66)
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE
(.11) (.09) (.03)
NET ASSET VALUE, ENDING $16.97 $17.08 $17.17
TOTAL RETURN* 4.14% 10.68% 9.92%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 6.97% (A) 6.01% 5.96%
TOTAL EXPENSES 1.21% (A) 1.32% 1.43%
EXPENSES BEFORE OFFSETS 1.21% (A) 1.32% 1.43%
NET EXPENSES 1.18% (A) 1.23% 1.36%
PORTFOLIO TURNOVER 1,352% 3,454% 3,461%
NET ASSETS, ENDING (IN THOUSANDS) $232,055 $91,764 $41,607
YEARS ENDED
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
CLASS A SHARES 1997 1996 1995
NET ASSET VALUE, BEGINNING $16.47 $16.82 $15.68
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME 1.02 1.01 1.11
NET REALIZED AND UNREALIZED GAIN (LOSS) .74 (.32) 1.14
TOTAL FROM INVESTMENT OPERATIONS 1.76 .69 2.25
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (1.02) (1.01) (1.11)
IN EXCESS OF NET REALIZED GAIN (.01) (.03) -
NET REALIZED GAIN -- -
TOTAL DISTRIBUTIONS (1.03) (1.04) (1.11)
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE
.73 (.35) 1.14
NET ASSET VALUE, ENDING $17.20 $16.47 $16.82
TOTAL RETURN* 11.03% 4.21% 14.90%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 6.04% 6.02% 6.89%
TOTAL EXPENSES 1.33% 1.26% 1.26%
EXPENSES BEFORE OFFSETS 1.33% 1.26% 1.26%
NET EXPENSES 1.26% 1.23% 1.23%
PORTFOLIO TURNOVER 2,961% 153% 135%
NET ASSETS, ENDING (IN THOUSANDS) $39,302 $44,431 $42,637
<PAGE>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
MARCH 31, SEPTEMBER 30,
CLASS B SHARES 2000 1999 ^^
NET ASSET VALUE, BEGINNING $17.06 $17.02
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .45 .13
NET REALIZED AND UNREALIZED GAIN (LOSS) .13 .05
TOTAL FROM INVESTMENT OPERATIONS .58 .18
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.43) (.14)
NET REALIZED GAIN (.25) -
TOTAL DISTRIBUTIONS (.68) (.14)
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE (.10) .04
NET ASSET VALUE, ENDING $16.96 $17.06
TOTAL RETURN* 3.46% 1.06%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 6.07% (A) 5.00% (A)
TOTAL EXPENSES 2.37% (A) 3.74% (A)
EXPENSES BEFORE OFFSETS 2.37% (A) 2.98% (A)
NET EXPENSES 2.34% (A) 2.91% (A)
PORTFOLIO TURNOVER 1,352% 3,454%
NET ASSETS, ENDING (IN THOUSANDS) $11,214 $1,231
PERIODS ENDED
MARCH 31, SEPTEMBER 30,
CLASS I SHARES 2000 1999 ^
NET ASSET VALUE, BEGINNING $17.06 $16.73
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME .61 .63
NET REALIZED AND UNREALIZED GAIN (LOSS) .10 .34
TOTAL FROM INVESTMENT OPERATIONS .71 .97
DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.58) (.64)
NET REALIZED GAIN (.25) -
TOTAL DISTRIBUTIONS (.83) (.64)
TOTAL INCREASE (DECREASE) IN NET ASSET VALUE (.12) .33
NET ASSET VALUE, ENDING $16.94 $17.06
TOTAL RETURN* 4.30% 5.83%
RATIOS TO AVERAGE NET ASSETS:
NET INVESTMENT INCOME 7.32% (A) 6.37% (A)
TOTAL EXPENSES .92% (A) 1.07% (A)
EXPENSES BEFORE OFFSETS .75% (A) .81% (A)
NET EXPENSES .72% (A) .72% (A)
PORTFOLIO TURNOVER 1,352% 3,454%
NET ASSETS, ENDING (IN THOUSANDS) $7,461 $6,442
(A) ANNUALIZED
* TOTAL RETURN IS NOT ANNUALIZED AND DOES NOT REFLECT DEDUCTION OF ANY
FRONT-END OR DEFERRED SALES CHARGE.
^ FROM MARCH 1, 1999 INCEPTION.
^^ FROM AUGUST 1, 1999, INCEPTION.
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
<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
TDD FOR 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
330 WEST 9TH STREET
KANSAS CITY, MO 64105
WEB SITE
HTTP://WWW.CALVERT.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.
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 BALANCED PORTFOLIO
MUNICIPAL FUNDS
CTFR LIMITED-TERM PORTFOLIO
CTFR LONG-TERM PORTFOLIO
CTFR VERMONT MUNICIPAL PORTFOLIO
NATIONAL MUNI. INTERMEDIATE PORTFOLIO
CALIFORNIA MUNI. INTERMEDIATE PORTFOLIO
MARYLAND MUNI. INTERMEDIATE PORTFOLIO
VIRGINIA MUNI. INTERMEDIATE PORTFOLIO
TAXABLE BOND FUNDS
CSIF BOND PORTFOLIO
INCOME FUND
EQUITY FUNDS
CSIF MANAGED INDEX PORTFOLIO
CSIF EQUITY PORTFOLIO
CAPITAL ACCUMULATION FUND
CWV INTERNATIONAL EQUITY FUND
NEW VISION SMALL CAP FUND
NEW AFRICA FUND
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