CALVERT
CASH RESERVES
INSTITUTIONAL
PRIME
FUND
ANNUAL REPORT
SEPTEMBER 30, 1997
<PAGE>
CALVERT GROUP
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Address: http://www.calvertgroup.com
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-FREE
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
CTFR Limited-Term Portfolio
CTFR Long-Term Portfolio
CTFR Vermont Municipal Portfolio
National Municipal Intermediate
Portfolio
AZ Municipal Intermediate Portfolio
CA Municipal Intermediate Portfolio
FL Municipal Intermediate Portfolio
MD Municipal Intermediate Portfolio
MI Municipal Intermediate Portfolio
NY Municipal Intermediate Portfolio
PA Municipal Intermediate Portfolio
VA Municipal Intermediate Portfolio
TAXABLE BOND FUNDS
CSIF Bond Portfolio
Income Fund
EQUITY FUNDS
CSIF Equity Portfolio
Capital Accumulation Portfolio
CWVF International Equity Fund
New Vision Small Cap Fund
Strategic Growth Fund
New Africa Fund
<PAGE>
CALVERT
CASH
RESERVES INSTITUTIONAL PRIME
FUND
TABLE OF
CONTENTS
Shareholder Letter
1
Report of
Independent Accountants
2
Statement of
Net Assets
3
Statement of
Operations
7
Statements of
Changes in Net Assets
8
Notes to
Financial Statements
9
Financial Highlights
11
<PAGE>
Dear Shareholder:
Money market yields traded in a fairly tight band during the 12 months covered
by this Fund report, as investors had difficulty getting a clear reading on
the strength of the economy and the direction of interest rates. The one-year
Treasury Bill was yielding about 5.69% at the beginning of the period, peaked
at 6% in April, then fell back to close the period at 5.45%, slightly below
where it began.
Repeatedly during the year, Federal Reserve Chairman Alan Greenspan expressed
concern about the pace of economic growth, but the Fed maintained its neutral
monetary policy. In March, the Fed made only one change to its target for key
rates, a 25 basis points increase to the Fed Funds rate (the rate banks charge
each other for overnight loans to meet reserve requirements).
PORTFOLIO STRATEGY
Expecting that money market rates would be more likely to rise than fall, we
kept the Portfolio's maturity near the short end of its one-year range
throughout the year. The weighted average maturity was 25 days at the close of
this period, compared to 28 days at the start.
To enhance yields without taking significantly greater market risk, we shifted
to a barbelled maturity structure, concentrating assets both at the short and
long end of the money market spectrum. At the short end, we continued to
invest heavily in variable rate demand notes, which typically yield 15 to 20
basis points more than comparable corporate issues. Their yields are reset
periodically, usually weekly, so they are quick to reflect any change in
market interest rates. Variable rate demand notes comprised about 65% of the
total Portfolio on September 30, 1997, up from about 53% one year ago. On the
long end, we've added to our holdings of government agency issues and CDs.
PERFORMANCE
The Portfolio's yield has consistently outperformed the yield on the average
money market fund over the past year.
OUTLOOK
Although we don't expect money market yields will move dramatically higher,
the Federal Reserve could take further action to keep inflation in check. This
would in turn bring about a moderate rise in short-term rates. The Portfolio
is well positioned to capitalize on any increase in rates.
Sincerely,
[OBJECT OMITTED]
Barbara J. Krumsiek
President and CEO
November 3, 1997
QUALITY STRUCTURE OF PORTFOLIO
It is the operating policy of the Fund to invest only in tier-one securities
as defined by Rule 2a-7 of the Investment Policy Act of 1940. It is a further
operating policy of the Fund that it will invest only in issues rated A-1 or
P-1 rated issues. See the Statement of Additional Information, "Appendix,
Commercial Paper and Bond Ratings."
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Calvert Cash Reserves and Shareholders of
Institutional Prime Fund:
We have audited the accompanying statement of net assets of Institutional
Prime Fund (the sole series of Calvert Cash Reserves), 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 the
Institutional Prime 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>
NOTES TO FINANCIAL STATEMENTS
NOTE A - SIGNIFICANT ACCOUNTING POLICIES
General: The Calvert Institutional Prime Fund (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. 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.
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 are
accrued daily and 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 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
reporting 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 received a monthly fee based on an
annual rate of .50% on the first $500 million of average daily net assets.
Effective November 1, 1996, the monthly fee is based on an annual rate of .25%.
Calvert Administrative Services Company, an affiliate of the Advisor, provides
administrative services to the Fund for an annual fee, payable monthly, of
.05% of the average daily net assets of the Fund.
The Advisor voluntarily reimbursed the Fund for advisory fees, administrative
fees, and other operating expenses of $1,107,017.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor
and principal underwriter for the Fund.
Calvert Shareholders 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
The cost of investments owned at September 30, 1997 was substantially the same
for federal income tax and financial reporting purposes.
As a cash management practice, the Fund may sell or purchase short-term
variable rate demand notes from other Portfolios managed by the Advisor. All
transactions are executed at independently derived prices.
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>
STATEMENTS OF CHANGES IN NET ASSETS
YEAR YEAR
ENDED ENDED
SEPTEMBER 30, 1997 SEPTEMBER 30, 1996
INCREASE (DECREASE) IN
NET ASSETS
Operations
Net investment income $19,659,630 $2,019,344
Net realized gain (loss) on investments (3,929) 2,789
INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS 19,655,701 2,022,133
Distributions to shareholders from:
Net investment income (19,659,571) (2,019,344)
Total distributions (19,659,571) (2,019,344)
Capital share transactions in dollars
and shares: Shares sold 4,326,893,535 396,914,759
Reinvestment of distributions 13,265,042 1,595,167
Shares redeemed (4,096,022,244) (294,069,678)
Total capital share transactions 244,136,333
104,440,248
TOTAL INCREASE (DECREASE) IN
NET ASSETS 244,132,463 104,443,037
NET ASSETS
Beginning of year 131,218,266 26,775,229
End of year (including undistributed net
investment income of $498 and $0,
respectively.) $375,350,729 $131,218,266
See notes to financial statements.
ANNUAL REPORT CALVERT CASH RESERVES INSTITUTIONAL PRIME FUND - 8
<PAGE>
STATEMENT OF OPERATIONS
YEAR ENDED SEPTEMBER 30, 1997
NET INVESTMENT INCOME
Investment Income
Interest income $19,861,125
Expenses
Investment advisory fee 934,322
Transfer agency fees and expenses 6,596
Trustees' fees and expenses 45,115
Administrative fees 176,987
Custodian fees 40,762
Registration fees 103,602
Reports to shareholders 20,168
Professional fees 9,400
Miscellaneous 12,322
Reimbursement from Advisor (1,107,017)
Total expenses 242,257
Fees paid indirectly (40,762)
Net expenses 201,495
NET INVESTMENT INCOME 19,659,630
REALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on investments (3,929)
INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $19,655,701
See notes to financial statements.
<PAGE>
ANNUAL REPORT
CALVERT CASH RESERVES INSTITUTIONAL
PRIME FUND - 7 Financial Highlights
YEAR YEAR
ENDED ENDED
SEPT. 30, SEPT. 30,
1997 1996
Net asset value, beginning $1.00 $1.00
Income from investment operations
Net investment income 0.055 0.040
Distributions from
Net investment income (0.055) (0.040)
Net asset value, ending $1.00 $1.00
Total return 5.55% 3.99%
Ratios to average net assets:
Net investment income 5.55% 4.80%
Total expenses * 0.07% 0.73%
Net expenses 0.06% 0.69%
Expenses reimbursed 0.31% 0.47%
Net assets, ending (in thousands) $375,351 $131,218
Number of shares outstanding,
ending (in thousands) $375,353 $131,217
<PAGE>
ANNUAL REPORT
CALVERT CASH RESERVES INSTITUTIONAL
PRIME FUND - 7Financial Highlights (con't)
YEAR ENDED
SEPT. 30,
1995
Net asset value, beginning $1.00
Income from investment operations
Net investment income 0.045
Distributions from
Net investment income (0.045)
Net asset value, ending $1.00
Total return 4.55%
Ratios to average net assets:
Net investment income 4.53%
Total expenses * 1.41%
Net expenses 0.06% 1.39%
Expenses reimbursed -
Net assets, ending (in thousands) $26,775
Number of shares outstanding,
ending (in thousands) $26,821
<PAGE>
ANNUAL REPORT
CALVERT CASH RESERVES INSTITUTIONAL
PRIME FUND - 7Financial Highlights
YEAR YEAR
ENDED ENDED
SEPT. 30, SEPT. 30,
1997 1996
Net asset value, beginning $1.00 $1.00
Income from investment operations
Net investment income 0.055 0.040
Distributions from
Net investment income (0.055) (0.040)
Net asset value, ending $1.00 $1.00
Total return 5.55% 3.99%
Ratios to average net assets:
Net investment income 5.55% 4.80%
Total expenses * 0.07% 0.73%
Net expenses 0.06% 0.69%
Expenses reimbursed 0.31% 0.47%
Net assets, ending (in thousands) $375,351 $131,218
Number of shares outstanding,
ending (in thousands) $375,353 $131,217
<PAGE>
YEAR
ENDED
SEPT. 30,
1995
Net asset value, beginning $1.00
Income from investment operations
Net investment income 0.045
Distributions from
Net investment income (0.045)
Net asset value, ending $1.00
Total return 4.55%
Ratios to average net assets:
Net investment income 4.53%
Total expenses * 1.41%
Net expenses 1.39%
Expenses reimbursed -
Net assets, ending (in thousands) $26,775
Number of shares outstanding,
ending (in thousands) $26,821
<PAGE>
Financial Highlights Continued
YEAR YEAR
ENDED ENDED
SEPT. 30, SEPT. 30,
1994 1993
Net asset value, beginning $1.00 $1.00
Income from investment operations
Net investment income 0.028 0.025
Distributions from
Net investment income (0.028) (0.025)
Net asset value, ending $1.00 $1.00
Total return 2.78% 2.59%
Ratios to average net assets:
Net investment income 2.75% 2.48%
Total expenses * NA NA
Net expenses 1.23% 0.92%
Expenses reimbursed - -
Net assets, ending (in thousands) $99,973 $102,325
Number of shares outstanding,
ending (in thousands) 100,024 102,370
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.
NA Disclosure not applicable to prior periods.
ANNUAL REPORT CALVERT CASH RESERVES INSTITUTIONAL PRIME FUND - 11
<PAGE>
STATEMENT OF NET ASSETS
SEPTEMBER 30, 1997
PRINCIPAL
CORPORATE OBLIGATIONS - 33.4% AMOUNT
Allegheny County, Pennsylvania Hospital
VRDN, 5.80%,
2/15/12,
BPA: FNB Chicago * $5,500,000
Arbor Properties, Inc., VRDN, 5.70%, 11/1/21,
LOC: Amsouth Bank * 4,695,000
Audley Investments Opic Certificates of
Participation VRDN,
5.75%, 11/29/04 * 4,000,000
Berks County, Pennsylvania Industrial
Development Authority VRDN,
5.75%, 7/1/16, LOC: Corestates * 3,000,000
Betters Group, LP. VRDN, 5.70%, 2/1/12,
LOC: Century National Bank and Trust,
Confirming LOC: Mellon Bank * 2,800,000
Blount/Strange Realty Holdings, LLC. VRDN,
5.70%, 7/1/16, LOC: Regions Bank * 4,900,000
Botsford General Hospital VRDN, 5.70%,
2/15/27, LOC: Michigan National * 2,000,000
Concrete Co., VRDN, 5.70%, 11/1/46, LOC:
Columbus Bank and Trust * ,525,000
Fed One Dayton VRDN, Series A, 6.80%, 8/1/09,
LOC: Bank One Ohio * 2,155,000
Fed One Dayton VRDN, Series B, 6.80%, 8/1/09,
LOC: Bank One Ohio * 1,620,000
Garmong Newspaper Development Co.,
LLC. VRDN, 5.90%, 9/1/16, LOC: Citizens
National Bank of Evansville,Confirming LOC:
Harris Trust * 3,100,000
Gesmundo & Associates, Inc., VRDN, 5.68%,
8/15/27, LOC: First America Bank, MI * 4,500,000
Glen Oaks Real Estate & Development VRDN,
5.75%, 12/1/26, LOC: American National
Bank and Trust * 7,500,000
Health Midwest Ventures Group VRDN,
5.75%, 8/1/19, LOC: Bank of America * 8,170,000
Healthrack Sports and Wellness VRDN, 5.75%,
2/15/27, LOC: American National Bank and Trust * 5,600,000
Idaho Associates, LLC. VRDN, 5.75%, 4/1/27,
LOC: La Salle Bank * 4,300,000
KBL Capital Funding, Inc., VRDN, 5.68%, 5/1/27,
LOC: First America Bank, MI * 5,000,000
KBL Capital Funding, Inc., VRDN, 5.68%, 5/1/27,
LOC: First America Bank, MI * 1,000,000
Kit Carson County, Colorado VRDN, 5.75%, 6/1/27,
LOC: Norwest Bank * 2,000,000
Lexington Financial Services, LLC. VRDN, 5.75%,
3/1/27, LOC: LaSalle Bank * 2,300,000
Mahoning County, Ohio VRDN, 6.07%, 11/1/98,
LOC: PNC Bank * 305,000
Massachusetts Nursing Homes VRDN, 5.75%,
11/15/13, LOC: American Naitonal
Bank and Trust * 1,900,000
Meriter Hospital, Inc., VRDN, 5.65%, 12/1/16,
LOC: Firstar Bank * 2,000,000
Meriter Management Services, Inc., VRDN,
5.70%, 12/1/16, LOC: Firstar Bank * 3,500,000
Physicians Plus Medical Group VRDN, 5.70%,
8/1/16, LOC: Marshall and Ilsley Bank * 5,031,000
Pleasant Hill, California Redevelopment Agency
VRDN, 5.75%, 8/1/26, LOC: Heller Financial,
Confirming LOC: Commerze Bank * 1,430,000
PRD Finance, LLC. VRDN, 5.68%, 4/1/27,
LOC: First America Bank, MI * 7,000,000
CORPORATE OBLIGATIONS - 33.4%
VALUE
Allegheny County, Pennsylvania Hospital
VRDN, 5.80%,
2/15/12,
BPA: FNB Chicago * $5,500,000
Arbor Properties, Inc., VRDN, 5.70%, 11/1/21,
LOC: Amsouth Bank * 4,695,000
Audley Investments Opic Certificates of
Participation VRDN, 5.75%, 11/29/04 * 4,000,000
Berks County, Pennsylvania Industrial Development
Authority VRDN,
5.75%, 7/1/16, LOC: Corestates * 3,000,000
Betters Group, LP. VRDN, 5.70%, 2/1/12,
LOC: Century National Bank and Trust,
Confirming LOC: Mellon Bank * 2,800,000
Blount/Strange Realty Holdings, LLC. VRDN,
5.70%, 7/1/16, LOC: Regions Bank* 4,900,000
Botsford General Hospital VRDN, 5.70%,
2/15/27, LOC: Michigan National * 12,000,000
Concrete Co., VRDN, 5.70%, 11/1/46, LOC:
Columbus Bank and Trust * 7,525,000
Fed One Dayton VRDN, Series A, 6.80%, 8/1/09,
LOC: Bank One Ohio * 2,155,000
Fed One Dayton VRDN, Series B, 6.80%, 8/1/09,
LOC: Bank One Ohio * 1,620,000
Garmong Newspaper Development Co., LLC
VRDN, 5.90%, 9/1/16, LOC: Citizens National
Bank of Evansville,Confirming LOC: Harris Trust* 3,100,000
Gesmundo & Associates, Inc., VRDN, 5.68%,
8/15/27, LOC: First America Bank, MI * 4,500,000
Glen Oaks Real Estate & Development VRDN,
5.75%, 12/1/26, LOC: American National
Bank and Trust * 7,500,000
Health Midwest Ventures Group VRDN,
5.75%, 8/1/19, LOC: Bank of America * 8,170,000
Healthrack Sports and Wellness VRDN, 5.75%,
2/15/27, LOC: American National Bank and Trust * 5,600,000
Idaho Associates, LLC. VRDN, 5.75%, 4/1/27,
LOC: La Salle Bank * 4,300,000
KBL Capital Funding, Inc., VRDN, 5.68%, 5/1/27,
LOC: First America Bank, MI * 5,000,000
KBL Capital Funding, Inc., VRDN, 5.68%, 5/1/27,
LOC: First America Bank, MI * 1,000,000
Kit Carson County, Colorado VRDN, 5.75%, 6/1/27,
LOC: Norwest Bank * 2,000,000
Lexington Financial Services, LLC. VRDN, 5.75%,
3/1/27, LOC: LaSalle Bank * 2,300,000
Mahoning County, Ohio VRDN, 6.07%, 11/1/98,
LOC: PNC Bank * 305,000
Massachusetts Nursing Homes VRDN, 5.75%,
11/15/13, LOC: American Naitonal Bank and Trust * 1,900,000
Meriter Hospital, Inc., VRDN, 5.65%, 12/1/16,
LOC: Firstar Bank * 2,000,000
Meriter Management Services, Inc., VRDN,
5.70%, 12/1/16, LOC: Firstar Bank 3,500,000 *
Physicians Plus Medical Group VRDN, 5.70%,
8/1/16, LOC: Marshall and Ilsley Bank * 5,031,000
Pleasant Hill, California Redevelopment Agency
VRDN, 5.75%, 8/1/26, LOC: Heller Financial,
Confirming LOC: Commerze Bank* 1,430,000
PRD Finance, LLC. VRDN, 5.68%, 4/1/27,
LOC: First America Bank, MI * 7,000,000
<PAGE>
ANNUAL REPORT
CALVERT CASH RESERVES
INSTITUTIONAL PRIME FUND - 3
PRINCIPAL
CORPORATE OBLIGATIONS - (CONT'D) AMOUNT
Roosevelt Paper Co., VRDN, 5.75%, 6/1/12, LOC:
Corestates * $3,000,000
St. Paul, Minnesota Housing and Redevelopment
Authority VRDN, 5.75%, 6/1/15, LOC: Credit Local
de France * 2,500,000
Waukesha Health Systems, Inc., VRDN, 5.65%,
8/15/26, LOC: Bank of America * 3,200,000
Westminster Asset Corp., VRDN, 5.74%, 4/1/22,
LOC: Wells Fargo Bank * 3,750,000
Total Corporate Obligations (Cost $125,281,000)
COMMERCIAL PAPER - 32.1%
Accor S.A., 5.53%, 11/25/97, LOC: Banque Natl de Paris 8,100,000
Cargill Financial Services Corp., 5.40%, 10/24/97 3,000,000
Centre Square Funding Corp., 5.58%, 12/22/97 4,000,000
CXC, Inc., 5.52%, 10/24/97, BPA: Citibank 10,000,000
Deerfield Capital, 5.60%, 10/1/97 10,000,000
Enterprise Funding Corp., 5.53%, 10/27/97,
LOC: Bayer Vereinsbk, BPA: Nationsbank 7,000,000
Epson America, Inc., 5.60%, 10/8/97,
LOC: Dai-Ichi Kangyo Bank * 7,000,000
Internationale Nederlanden U.S. Ins., 5.53%, 12/18/97,
GA: Internationale Nederlanden 5,000,000
Island Finance, 5.53%, 12/2/97,
Capital Maintenance Agreement: Norwest Bank 7,500,000
Kitty Hawk Funding Corp., 5.54%, 10/15/97,
LOC: Nationsbank, BPA: Nationsbank 5,000,000
National Australia Funding, 5.50%, 10/14/97,
GA: National Australia Bank * 5,000,000
Northwestern University, 5.55%, 10/21/97 2,900,000
Northwestern University, 5.51%, 11/6/97 3,000,000
Oakland Alameda County, 5.58%, 10/14/97,
LOC: Canadian Imperial 14,800,000
Pitney Bowes Credit Corp., 5.57%, 12/15/97 5,000,000
Receivables Capital Corp., 5.55%, 10/10/97 3,247,000
Receivables Capital Corp., 5.53%, 10/15/97 11,572,000
San Diego Gas and Electric, 5.75%, 10/8/97 4,000,000
Vehicle Services of America, 5.53%, 10/22/97,
LOC: Nationsbank 5,000,000
Total Commercial Paper (Cost $120,637,493)
<PAGE>
ANNUAL REPORT
PRIME FUND - 3
CORPORATE OBLIGATIONS - (CONT'D)
CALVERT CASH RESERVES INSTITUTIONAL
VALUE
Roosevelt Paper Co., VRDN, 5.75%, 6/1/12, LOC
: Corestates * $3,000,000
St. Paul, Minnesota Housing and Redevelopment
Authority
VRDN, 5.75%, 6/1/15, LOC: Credit Local de France * 2,500,000
Waukesha Health Systems, Inc., VRDN, 5.65%,
8/15/26,
LOC: Bank of America * 3,200,000
Westminster Asset Corp., VRDN, 5.74%, 4/1/22,
LOC: Wells Fargo Bank * 3,750,000
Total Corporate Obligations (Cost $125,281,000) 125,281,000
COMMERCIAL PAPER - 32.1%
Accor S.A., 5.53%, 11/25/97, LOC: Banque Natl
de Paris 8,031,566
Cargill Financial Services Corp., 5.40%, 10/24/97 2,989,650
Centre Square Funding Corp., 5.58%, 12/22/97 3,949,160
CXC, Inc., 5.52%, 10/24/97, BPA: Citibank 9,964,733
Deerfield Capital, 5.60%, 10/1/97 10,000,000
Enterprise Funding Corp., 5.53%, 10/27/97,
LOC: Bayer Vereinsbk, BPA: Nationsbank 6,972,043
Epson America, Inc., 5.60%, 10/8/97,
LOC: Dai-Ichi Kangyo Bank * 6,992,378
Internationale Nederlanden U.S. Ins., 5.53%, 12/18/97,
GA: Internationale Nederlanden 4,940,092
Island Finance, 5.53%, 12/2/97,
Capital Maintenance Agreement: Norwest Bank 7,428,571
Kitty Hawk Funding Corp., 5.54%, 10/15/97,
LOC: Nationsbank, BPA: Nationsbank 4,989,228
National Australia Funding, 5.50%, 10/14/97,
GA: National Australia Bank * 4,990,069
Northwestern University, 5.55%, 10/21/97 2,891,058
Northwestern University, 5.51%, 11/6/97 2,983,470
Oakland Alameda County, 5.58%, 10/14/97,
LOC: Canadian Imperial 14,800,000
Pitney Bowes Credit Corp., 5.57%, 12/15/97 4,941,979
Receivables Capital Corp., 5.55%, 10/10/97 3,242,511
Receivables Capital Corp., 5.53%, 10/15/97 11,547,114
San Diego Gas and Electric, 5.75%, 10/8/97 4,000,000
Vehicle Services of America, 5.53%, 10/22/97,
LOC: Nationsbank 4,983,871
Total Commercial Paper (Cost $120,637,493) 120,637,493
<PAGE>
PRINCIPLE
MUNICIPAL OBLIGATIONS - 25.5% AMOUNT
Alabama State Industrial Development Authority VRDN,
5.70%, 5/1/10,
LOC: Regions Bank * 5,850,000
Allegheny County, Pennsylvania Industrial Development
Revenue VRDN, 5.75%, 7/1/27, LOC: Dresdner Bank * 5,000,000
Arkansas State Development Finance Authority VRDN,
5.75%, 8/1/30, LOC: Credit Suisse * 1,600,000
California Statewide Community Development VRDN,
5.85%, 5/1/27, LOC: Heller Financial, Confirming LOC:
Commerze Bank * 495,000
<PAGE>
MUNICIPAL OBLIGATIONS - 25.5% CONT
VALUE
Alabama State Industrial Development Authority VRDN,
5.70%, 5/1/10,
LOC: Regions Bank * 5,850,000
Allegheny County, Pennsylvania Industrial
Development Revenue VRDN, 5.75%, 7/1/27, LOC:
Dresdner Bank * 5,000,000
Arkansas State Development Finance Authority VRDN,
5.75%, 8/1/30, LOC: Credit Suisse * 1,600,000
California Statewide Community Development VRDN,
5.85%, 5/1/27, LOC: Heller Financial, Confirming LOC:
Commerze Bank * 495,000
ANNUAL REPORT
CALVERT CASH RESERVES
INSTITUTIONAL PRIME FUND - 4
PRINCIPAL
MUNICIPAL OBLIGATIONS - (CONT'D) AMOUNT
California Statewide Community Development VRDN,
5.85%, 5/1/27, LOC: Heller Financial, Confirming
LOC: Commerze Bank * $455,000
California Statewide Community Development VRDN
, 5.90%, 7/1/27, LOC: Heller Financial, Confirming
LOC: Commerze Bank * 525,000
Colorado Health Facilities Authority Revenue VRDN,
5.98%, 2/1/25, LOC: Kredietbank * 4,445,000
Colorado Health Facilities Authority Revenue VRDN,
5.75%, 2/1/25, LOC: Kredietbank * 5,775,000
Columbus, Georgia Development Authority Industrial
Revenue VRDN, 5.70%, 1/1/05, LOC: Fleet Bank * 1,000,000
Columbus, Georgia Development Authority Industrial
Revenue VRDN, 5.68%, 7/1/17, LOC: Regions Bank * 7,000,000
Florida Housing Finance Agency VRDN, 6.60%, 7/1/23,
LOC: Heller Financial, Confirming LOC: Commerze
Bank * 750,000
Gardena, California Certificates of Participation VRDN,
5.90%, 7/1/25, LOC: Sumitomo Trust and Banking,
Confirming LOC: Dai-Ichi Kangyo * 2,840,000
Illinois Housing Development Authority VRDN, 5.738%,
12/1/21,
INSUR: AMBAC, TOA: Citibank * 1,945,000
Illinois Housing Development Authority VRDN, 5.788%,
6/1/22,
INSUR: AMBAC, TOA: Citibank * 1,590,000
Iowa Finance Authority Economic Development
Authority Revenue VRDN, 5.65%, 3/1/11,
LOC: Rabobank Nederland * 8,000,000
La Miranda, California Industrial Development Authority
VRDN, 5.75%, 12/1/26, LOC: FNB Chicago * 10,850,00
Mississippi Business Finance Authority VRDN, 5.70%,
6/1/10, LOC: National Bank of Detroit * 4,300,000
Mississippi Business Finance Authority VRDN, 5.75%,
2/1/19, GA: Sara Lee * 2,000,000
New Jersey Economic Development Authority VRDN,
5.85%, 8/1/14, LOC: Fleet Bank * 1,360,000
Ohio State VRDN, 5.688%, 10/1/21,
INSUR: AMBAC, TOA: Citibank * 6,500,000
Oklahoma State Industrial Finance Authority VRDN,
5.65%, 8/1/19, LOC: Landesbank Hessen-Thuringen
Girozentrale * 10,000,00
Richmond, Virginia Redevelopment and Housing
Authority VRDN, 5.65%, 12/1/25, LOC:
Wachovia Bank and Trust * 4,235,000
Village of Schaumberg, Illinois VRDN, 5.75%, 12/1/20,
BPA: Credit Suisse * 5,850,000
Washington State Housing Finance, 5.70%, 7/1/29,
LOC: Bank One Ohio * 3,360,000
Total Municipal Obligations (Cost $95,725,000)
<PAGE>
U.S. GOVERNMENT AGENCIES
AND INSTRUMENTALITIES - 6.4%
Federal National Mortgage Assn., 5.45%, 10/3/97 5,000,000
Federal National Mortgage Assn., 5.33%, 10/16/97 5,000,000
Federal National Mortgage Assn., 5.40%, 11/10/97 7,000,000
Student Loan Marketing Assn., 5.79%, 9/16/98 7,000,000
Total U.S. Government Agencies and Instrumentalities
(Cost $23,943,913)
<PAGE>
MUNICIPAL OBLIGATIONS - (CONT'D) VALUE
California Statewide Community Development VRDN,
5.85%, 5/1/27, LOC: Heller Financial, Confirming
LOC: Commerze Bank * $455,000
California Statewide Community Development VRDN,
5.90%, 7/1/27, LOC: Heller Financial, Confirming
LOC: Commerze Bank * 525,000
Colorado Health Facilities Authority Revenue VRDN,
5.98%, 2/1/25, LOC: Kredietbank * 4,445,000
Colorado Health Facilities Authority Revenue VRDN,
5.75%, 2/1/25, LOC: Kredietbank * 5,775,000
Columbus, Georgia Development Authority Industrial
Revenue VRDN, 5.70%, 1/1/05, LOC: Fleet Bank * 1,000,000
Columbus, Georgia Development Authority Industrial
Revenue VRDN, 5.68%, 7/1/17, LOC: Regions Bank * 7,000,000
Florida Housing Finance Agency VRDN, 6.60%, 7/1/23,
LOC: Heller Financial, Confirming LOC: Commerze
Bank * 750,000
Gardena, California Certificates of Participation VRDN,
5.90%, 7/1/25, LOC: Sumitomo Trust and Banking,
Confirming LOC: Dai-Ichi Kangyo * 2,840,000
Illinois Housing Development Authority VRDN, 5.738%,
12/1/21,
INSUR: AMBAC, TOA: Citibank * 1,945,000
Illinois Housing Development Authority VRDN, 5.788%,
6/1/22,
INSUR: AMBAC, TOA: Citibank * 1,590,000
Iowa Finance Authority Economic Development
Authority Revenue VRDN, 5.65%, 3/1/11,
LOC: Rabobank Nederland * 8,000,000
La Miranda, California Industrial Development Authority
VRDN, 5.75%, 12/1/26, LOC: FNB Chicago* 10,850,000
Mississippi Business Finance Authority VRDN, 5.70%,
6/1/10, LOC: National Bank of Detroit * 4,300,000
Mississippi Business Finance Authority VRDN, 5.75%,
2/1/19, GA: Sara Lee * 2,000,000
New Jersey Economic Development Authority VRDN,
5.85%, 8/1/14, LOC: Fleet Bank * 1,360,000
Ohio State VRDN, 5.688%, 10/1/21,
INSUR: AMBAC, TOA: Citibank * 6,500,000
Oklahoma State Industrial Finance Authority VRDN,
5.65%, 8/1/19, LOC: Landesbank Hessen-Thuringen
Girozentrale * 10,000,000
Richmond, Virginia Redevelopment and Housing
Authority VRDN, 5.65%, 12/1/25, LOC:
Wachovia Bank and Trust * 4,235,000
Village of Schaumberg, Illinois VRDN, 5.75%, 12/1/20,
BPA: Credit Suisse * 5,850,000
Washington State Housing Finance, 5.70%, 7/1/29,
LOC: Bank One Ohio * 3,360,000
Total Municipal Obligations (Cost $95,725,000) 95,725,000
U.S. GOVERNMENT AGENCIES
AND INSTRUMENTALITIES - 6.4%
Federal National Mortgage Assn., 5.45%, 10 4,998,486 /3/97
Federal National Mortgage Assn., 5.33%, 10 4,988,896 /16/97
Federal National Mortgage Assn., 5.40%, 11 6,958,000 /10/97
Student Loan Marketing Assn., 5.79%, 9/16/ 6,998,531 98
Total U.S. Government Agencies and Instrumentalities
(Cost $23,943,913) 23,943,913
<PAGE>
ANNUAL REPORT
CALVERT CASH RESERVES
INSTITUTIONAL PRIME FUND - 5
PRINCIPAL
REPURCHASE AGREEMENTS - 2.2% AMOUNT
Donaldson, Lufkin, Jenrette: 6.125%, dated 9/30/97,
due 10/1/97 (Collateral: $8,367,354, REFCO Strip,
Zero Coupon, 7/15/20) $8,200,000
Total Repurchase Agreements (Cost $8,200,000)
TOTAL INVESTMENTS (Cost $373,787,406)
- 99.6%
Other assets and liabilities, net - 0.4%
NET ASSETS - 100%
NET ASSETS CONSIST OF:
Paid-in capital applicable to 375,353,028 shares of
beneficial interest,
unlimited number of no par shares authorized
Undistributed net investment income (loss)
Accumulated net realized gain (loss) on investments
NET ASSETS
NET ASSET VALUE PER SHARE
* Optional tender features give these securities a shorter effective maturity
Explanation of Guarantees:
BPA: Bond-Purchase Agreement
GA: Guarantee Agreement
INSUR: Insurance
LOC: Letter of Credit
TOA: Tender Option Agreement
Abbreviations:
VRDN: Variable Rate Demand Notes
See notes to financial statements.
ANNUAL REPORT CALVERT CASH RESERVES
INSTITUTIONAL PRIME FUND - 6
<PAGE>
VALUE
REPURCHASE AGREEMENTS - 2.2%
Donaldson, Lufkin, Jenrette: 6.125%, dated
9/30/97, due 10/1/97 (Collateral: $8,367,354,
REFCO Strip,
Zero Coupon, 7/15/20) $8,200,000
Total Repurchase Agreements (Cost $8,200,000)
TOTAL INVESTMENTS (Cost $373,787,406)
- 99.6% $373,787,406
Other assets and liabilities, net - 0.4% 1,563,323
NET ASSETS - 100% $375,350,729
NET ASSETS CONSIST OF:
Paid-in capital applicable to 375,353,028 shares of
beneficial interest,
unlimited number of no par shares authorized $375,354,599
Undistributed net investment income (loss) 498
Accumulated net realized gain (loss) on investments (4,368)
NET ASSETS $375,350,729
NET ASSET VALUE PER SHARE $1.00
* Optional tender features give these securities a shorter effective maturity
date.
Explanation of Guarantees:
BPA: Bond-Purchase Agreement
GA: Guarantee Agreement
INSUR: Insurance
LOC: Letter of Credit
TOA: Tender Option Agreement
Abbreviations:
VRDN: Variable Rate Demand Notes
See notes to financial statements.
Annual Report
Prime Fund - 6
Calvert Cash Reserves Institutional
