Calvert Money Management Plus Prime Portfolio
Annual Report
September 30, 1995
(Logo)
Investing with Vision (TM)
Calvert Group (R)
A member of the American Group (R)
To Open an Account:
800-368-2748
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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 1000N
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail:
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Principal
Underwriter:
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
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.
Annual Report_September 30,1995
Money management plus
prime PORTFOLIO
Dear Shareholder:
This report for the Calvert Money Management Plus Prime Portfolio
covers the fiscal year ending September 30, 1995, a period when both stocks
and bonds rallied. A number of factors contributed to the markets' solid
performances, including higher productivity, lower inflation pressures and
sluggish consumer spending.
Chart 1: Treasury Yield Curve
A line chart showing the Treasury Yield Curve on 9/30/94 and 0n 9/30/95.
After adhering to a restrictive policy for more than a year, the
Federal Reserve changed course, cutting the Federal Funds rate one quarter
of a percentage point in July 1995. The rate cut was in response to slowing
economic growth and good news on the inflation front. Although the decline
in short-term rates caused the average dividend yield on money market
securities to slip in the third quarter, yields remain considerably higher
than a year ago.
Fund Performance and Strategy Review
For the 12-month period ending September 30, 1995, the Portfolio's
compound dividend yield was 4.55% compared to the Lipper Money Market Funds
Average yield of 5.25%. We continue to keep maturities of the portfolio
near the short end of its allowed range in highly liquid instruments. As of
September 30, 1995, the average maturity of the Fund was 13 days.
CHART 2: Prime Portfolio Annualized Compound Dividend Yield
A bar chart comparing the Prime Portfolio with the Lipper Money market
Funds Average for the six months ended 3/31/95 and for the six months ended
9/30/95.
Outlook
Looking forward, the outlook is for continued moderate inflation in
the 2% to 3% range. That appears likely given current expectations for
reasonable GDP growth as well as improving productivity and consumer
spending. In addition, the Group of Seven nations have recently reiterated
their commitment to a stable dollar. Without the threat of higher
inflation, we do not expect the Federal Reserve to lower interest rates in
the near term.
We appreciate your investment in the Money Management Plus Prime
Portfolio.
Sincerely,
(SIGNATURE)
Clifton S. Sorrell
President
Portfolio Statistics
Maturity Schedule
% of Portfolio 9/30/95 3/31/95
Prime Portfolio
1-60 Days 100% 81%
61-120 Days _ 15%
121-180 Days _ 4%
181-360 Days _ _
Weighted Average 13 days 25 days
Compound Dividend Yield
9/30/95 3/31/95
Prime Portfolio 4.55% 3.86%
CHART 2: Change In Value of a Hypothetical $10,000 Investment
A line chart showing a $10,000 investment in the Prime portfolio on 9/85
growing to $17,115 by 9/95
Total returns assume reinvestment of dividends. Past performance is no
guarantee of future results.
Report of Idependent Accountants
To the Board of Trustees of Calvert Cash Reserves
(d/b/a Money Management Plus) and Shareholders of the Prime Portfolio:
We have audited the accompanying statement of assets and liabilities
of the Prime Portfolio (the sole portfolio comprising Calvert Cash Reserves
(d/b/a Money Mangement Plus), including the portfolio of investments, as of
September 30, 1995, and the related statement of operations for the year
then ended, and statements of changes in net assets, and the financial
highlights for each of the two years 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
each of the respective years in the period 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, 1995, 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 the Prime Portfolio as of September 30, 1995, and the results
of its operations for the year then ended, and the changes in net assets
and financial highlights for each of the two years in the period then
ended, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
November 9, 1995
Money Management Plus Prime
Portfolio of Investments
September 30, 1995
Principal
U.S. Treasury Bills (29.8%) Amount Value
U.S. Treasury Bills, 10/19/95 $8,000,000 $7,980,601
Total U.S. Treasury Bills (Cost $7,980,601) 7,980,601
U.S. Government Agencies and
Instrumentalities (47.9%)
Federal National Mortgage Assn., 5.63%, 10/4/95 2,850,000 2,849,109
Federal National Mortgage Assn., 5.58%, 10/5/95 5,000,000 4,997,675
Federal Home Loan Mortgage Corp., 5.57%, 10/20/95 5,000,000 4,986,075
Total U.S. Government Agencies and
Instrumentalities (Cost $12,832,859) 12,832,859
Repurchase Agreements,
for Delivery at Cost,
Collateralized by Securities Issued
or Guaranteed by the U.S. Government (21.7%)
Donaldson Lufkin & Jenrette: 6.25%,
dated 9/29/95, due 10/2/95 ($1,860,834
Resolution Funding Corp., 0%, 10/15/22) 1,800,000 1,800,000
Paine Webber: 5.74%, dated 9/21/95, due
10/5/95 ($4,104,783 Government National
Mortgage Assn., 9.00%, 10/15/16) 4,000,000 4,000,000
Total Repurchase Agreements (Cost $5,800,000) 5,800,000
TOTAL INVESTMENTS (99.4%)<F2>
(Cost $26,613,460)<F1> $26,613,460
Notes to Portfolio of Investments:
<F1> Cost of investments is substantially the same for federal income tax
purposes.
<F2> The percentages shown represent the percentage of the investments to
net assets.
Money Management Plus Prime
Statement of Assets and Liabilities
September 30, 1995
Assets
Investments in securities, at value-
see accompanying portfolios $26,613,460
Cash 92,959
Receivable for shares sold 129,167
Interest receivable 7,953
Other assets 17,593
Total assets 26,861,132
Liabilities
Payable for shares redeemed 33,309
Payable to Calvert Asset Management Co., Inc. 30,207
Payable to Calvert Shareholder Services, Inc 8,711
Payable to Calvert Distributors, Inc. 7,772
Accrued expenses and other liabilities 5,904
Total liabilities 85,903
Net assets $26,775,229
Net Assets
Net assets consist of:
Paid-in capital Prime Portfolio - applicable to
26,821,448 outstanding shares of
beneficial interest, no par value (unlimited
number of shares authorized) $26,810,988
Undistributed net investment income _
Accumulated realized gains (losses) (35,359)
Net assets $26,775,229
Net Asset Value, Offering and
Redemption Price Per Share
Net asset value, offering and redemption price per share
($26,775,229 divided by 26,821,448 shares) $1.00
Money Management Plus Prime
Statement of Operations
Year Ended September 30, 1995
Net Investment Income
Investment Income
Interest income $5,332,292
Expenses
Investment advisory fee 378,388
Sub-accounting services 234,213
Transfer agency fees and expenses 144,412
Distribution Plan expenses 315,130
Trustees fees and expenses 8,619
Custodian fees 17,747
Registration fees 22,939
Reports to shareholders 113,301
Professional fees 24,054
Miscellaneous 13,021
Total expenses 1,271,824
Fees paid indirectly (16,966)
Net expenses 1,254,858
Net Investment Income 4,077,434
Realized Gain (Loss) on Investments
Net realized gain (loss) 4,547
Increase (Decrease) in
Net Assets Resulting
From Operations $4,081,981
Money Management Plus Prime
Statements of Changes in Net Assets
Year Ended Year Ended
September 30, 1995 September 30, 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $4,077,434 $3,048,958
Net realized gain (loss) on investments 4,547 (3,698)
Increase (Decrease)
in Net Assets
Resulting From Operations 4,081,981 3,045,260
Distributions to shareholders from
Net investment income (4,077,435) (3,048,969)
Capital share transactions (73,202,390) (4,392,686)
Total Increase (Decrease)
in Net Assets (73,197,844) (4,396,395)
Net Assets
Beginning of year 99,973,073 104,369,468
End of year (including undistributed net
investment income (loss) of $0 and
($399) for 1995 and 1994,
respectively.) $26,775,229 $99,973,073
Notes to Financial Statements
Note A_Significant Accounting Policies
General: The Calvert Money Management Plus Prime Portfolio (the "Fund"),
the sole series of Calvert Cash Reserves, is registered under the
Investment Company Act of 1940 as a diversified, open-end management
investment company. The Fund offers shares of beneficial interest to the
public with no sales charge.
Security Valuation: Securities are valued at amortized cost which
approximates market.
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.
Security Transactions and Investment Income: Security transactions are
accounted for on trade date. Realized gains and losses are recorded on an
identified cost basis. 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
accrue daily and 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.
Expense Offset Arrangement: 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 .50% on the first $500 million of average daily
net assets.
During the year, the Advisor voluntarily waived fees or assumed expenses of
$71,798 which were not charged to the Fund.
Calvert Distributors, Inc. (the successor of Calvert Securities Corp.
effective April, 1995), both affiliates of the Advisor, is the distributor
and principal underwriter for the Fund. A distribution plan, adopted by the
shareholders, allows the Fund to pay the distributor for expenses and
services associated with distribution of shares. The expenses paid may not
exceed .35% annually of the Fund's average daily net assets.
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 $20,250 plus $1,200 for each Board and Committee meeting attended.
Trustee's fees are allocated to each of the funds served.
Note C_Investment Activity
The cost of investments owned at September 30, 1995 was substantially the
same for federal income tax and financial reporting purposes.
Net realized capital loss carryforwards, for federal income tax purposes,
of approximately $36,000 at year end may be utilized to offset future
capital gains until expiration in 1998 through 2002.
Note D_Capital Share Transactions
The change in net assets resulting from capital share transactions (at
$1.00 per share) for 1995 and 1994 is indicated below:
Year Ended Year Ended
September 30, 1995 September 30, 1994
In dollars and shares:
Shares sold $161,504,574 $196,261,973
Reinvestment of dividends 3,889,856 3,050,791
Shares redeemed (238,596,820) (203,705,450)
$(73,202,390) $(4,392,686)
Financial Highlights
Year Ended Year Ended Year Ended
Sept. 30, Sept. 30, Sept. 30,
1995 1994 1993
Net asset value, beginning of year $1.00 $1.00 $1.00
Income from investment operations
Net investment income .045 .028 .025
Distributions from
Net investment income (.045) (.028) (.025)
Net asset value, end of year $1.00 $1.00 $1.00
Total return 4.55% 2.78% 2.59%
Ratios to average net assets:
Net investment income 4.53% 2.75% 2.48%
Total expenses <F1> 1.41% _ _
Net expenses 1.39% 1.23% .92%
Net assets, end of year (in thousands)$26,775 $99,973 $102,325
Number of shares outstanding at
end of year (in thousands) 26,821 100,024 102,370
Year Ended Year Ended
Sept. 30, Sept. 30,
1992 1991
Net asset value, beginning of year $1.00 $1.00
Income from investment operations
Net investment income .037 .061
Distributions from
Net investment income (.037) (.061)
Net asset value, end of year $1.00 $1.00
Total return 3.72% 6.27%
Ratios to average net assets:
Net investment income 3.69% 6.09%
Total expenses <F1> _ _
Net expenses .87% .93%
Net assets,end of year(in thousands) $106,851 $119,316
Number of shares outstanding at
end of year (in thousands) 106,897 119,362
[FN]
<F1> Effective September 30, 1995, this ratio reflects total expenses
before reduction for fees paid indirectly; previously, such reductions were
included in the ratio.
[/FN]
(Logo)
Investing with Vision (TM)
Calvert Group (R)
A member of the American Group (R)
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
