March 31, 1998
SEMI-ANNUAL
REPORT
CALVERT CASH RESERVES
INSTITUTIONAL PRIME FUND
Table of Contents
President's Letter 1
Portfolio Manager Remarks 2
Report of Independent Accountants 4
Schedule of Investments 5
Statement of Assets and Liabilities 7
Statement of Operations 8
Statements of Changes in Net Assets 9
Notes to Financial Statements 10
Financial Highlights 13
<PAGE>
CALVERT CASH RESERVES
INSTITUTIONAL PRIME FUND
To Open an Account
800-368-2748
Principal Underwriter
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
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 1000N
Bethesda, Maryland 20814
Registered, Certified or
Overnight Mail
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Calvert Group Web-Site
Address: http://www.calvertgroup.com
This report is intended to provide fund information to shareholders. It is not
authorized for distribution to prospective shareholders unless preceded or
accompanied by a prospectus.
Dear Shareholders:
During the six months ended March 31, 1998, the economy continued to expand,
inflation remained tame and interest rates trended lower.
The Federal Reserve maintained a neutral monetary policy, taking no steps to
nudge interest rates either higher or lower. The financial crisis in Southeast
Asia played a role here. The Fed did not want to risk acting prematurely given
the instability in this region. Waiting for more economic data also allows the
Fed to better evaluate whether the massive currency devaluation in those
countries is working to slow the US economy.
Market Review
The strong domestic economy created some difficulties for money market
managers. First, stock market investors' gains have boosted tax payments and
allowed the Treasury to pay down government debt on a rolling basis. This has
meant fewer new Treasury securities have been issued. Level demand in the face
of decreasing supply has caused prices to rise and yields to decline. The
downward pressure on Treasury yields has carried over to yields on commercial
paper, government agency issues and the other short-term securities that form
the bulk of our investment universe.
Second, low long-term financing rates have added even more pressure to
short rates. In the current environment, corporate borrowers have been able to
lock-in very low rates by issuing long-term debt securities. This has allowed
them to cut back on their issuance of short-term debt, and, again, the lack of
supply has driven yields on short-term securities lower.
Fund Performance and Strategy
With inflation at 30-year lows, real short-term interest rates are currently
very attractive compared to yields on longer maturity investments. We are
pleased with the Portfolio's above-average performance in this environment.
We continued to invest heavily in variable rate demand notes. These securities
offer higher yields than other types of money market eligible securities but
don't expose us to significantly more credit risk. If market rates rise, these
securities adjust upward within one week, helping to protect the Portfolio if
the Fed tightens. If rates decline, they move downward quickly as well.
To protect ourselves against the possibility of a Fed ease and corresponding
decline in rates, we have extended the average days to maturity of the
portfolio since our last report by investing in corporate notes which have
attractive fixed rates of return. As long as the direction of the economy
remains uncertain and monetary policy remains neutral, we will continue to
pursue a strategy that affords us some protection against either possible
outcome.
Outlook
Over the course of the second and third quarters, a more clear consensus on
the direction of the economy is likely to emerge and the bond market will
begin to price in expectations of the Fed's next move. However, over the
near-term we still anticipate that trends such as the continuing Treasury
pay-down are likely to affect money market rates relative to the federal funds
rate, regardless of whether that rate goes up or down in the months ahead.
Sincerely,
Barbara J. Krumsiek
President and CEO
April 22, 1998
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>
STATEMENT OF NET ASSETS
March 31, 1998
Principal
Corporate Obligations - 72.2% Amount Value
Aegis Assisted Living Prop., LLC. VRDN,
6.05%, 2/1/28, LOC: Banque Paribas $6,970,000 $6,970,000
Alabama State Industrial Development Authority
VRDN,
5.70%, 5/1/10, LOC: Regions Bank * 5,750,000 5,750,000
Alabama State Industrial Development Authority
VRDN,
5.75%, 12/1/19, LOC: Nationsbank * 5,840,000 5,840,000
Allegheny County, Pennsylvania Hospital
VRDN,
5.80%, 2/15/12, BPA: FNB Chicago * 5,500,000 5,500,000
Allegheny County, Pennsylvania Industrial
Development Revenue
VRDN, 5.75%, 7/1/27, LOC: Dresdner Bank * 4,850,000 4,850,000
American Baptist Homes Certificates of
Participation
VRDN,
6.20%, 1/1/27, LOC: Banque Natl de Paris * 6,615,000 6,615,000
American Baptist Homes Certificates of
Participation
VRDN,
6.20%, 1/1/27, LOC: Banque Natl de Paris * 9,600,000 9,600,000
Arkansas State Development Finance Authority
VRDN,
5.75%, 8/1/30, LOC: Credit Suisse * 1,600,000 1,600,000
Audley Investments Opic Certificates of
Participation
VRDN,
5.71%, 11/29/04 * 4,000,000 4,000,000
BP America, Inc., 9.75%, 3/1/99 5,000,000 5,169,400
Barton Healthcare, LLC. VRDN, 5.75%, 2/15/25,
LOC: American National Bank and Trust * 6,000,000 6,000,000
Berks County, Pennsylvania Industria
l Development
Authority
VRDN, 5.80%, 7/1/16, LOC: Corestates * 3,000,000 3,000,000
Betters Group, LP. VRDN, 5.75%, 2/1/12, LOC:
Century
National Bank and Trust, Confirming LOC:
Mellon Bank * 800,000 800,000
Bexar County, Texas Health Facilities
Development
VRDN,
5.95%, 2/1/22, LOC: Kredietbank * 3,425,000 3,425,000
Blount/Strange Realty Holdings, LLC.
VRDN, 5.75%, 7/1/16,
LOC: Regions Bank * 4,900,000 4,900,000
Botsford General Hospital VRDN, 5.70%,
2/15/27,
LOC: Michigan National * 12,000,000 12,000,000
California Statewide Community
Development
VRDN,
5.80%, 5/1/27, LOC: Heller Financial,
Confirming
LOC: Commerze Bank * 495,000 495,000
California Statewide Community Development
VRDN,
5.80%, 5/1/27, LOC: Heller Financial,
Confirming
LOC: Commerze Bank * 455,000 455,000
California Statewide Community Development
VRDN,
5.90%, 7/1/27, LOC: Heller Financial,
Confirming
LOC: Commerze Bank * 525,000 525,000
Colorado Health Facilities Authority Revenue
VRDN,
5.66%, 2/1/13, LOC: Kredietbank * 5,700,000 5,700,000
Colorado Health Facilities Authority Revenue
VRDN,
5.95%, 2/1/25, LOC: Kredietbank * 5,510,000 5,510,000
Colorado Health Facilities Authority Revenue
VRDN,
5.75%, 2/1/25, LOC: Kredietbank * 2,675,000 2,675,000
<PAGE>
Principal
Corporate Obligations (Cont'd) Amount Value
Colorado Health Facilities Authority Revenue
VRDN,
5.85%, 11/1/26, LOC: Kredietbank * $5,990,000 $5,988,503
Columbus, Georgia Development Authority
Industrial Revenue
VRDN, 5.75%, 1/1/05, LOC: Fleet Bank * 875,000 875,000
Concrete Co., VRDN, 5.75%, 11/1/46,
LOC: Columbus Bank and Trust * 6,975,000 6,975,000
Fed One Dayton VRDN, Series A, 6.55%, 8/1/09,
LOC: Bank One Ohio * 2,155,000 2,155,000
Fed One Dayton VRDN, Series B, 6.55%, 8/1/09,
LOC: Bank One Ohio * 1,620,000 1,620,000
First National Bank Chicago, Il, 5.52%, 2/16/99 8,000,000 7,989,163
Florida Housing Finance Agency VRDN, 6.35%,
7/1/23,
LOC: Heller Financial, Confirming LOC:
Commerze Bank * 750,000 750,000
Garmong Newspaper Development Co., LLC.
VRDN,
6.05%, 9/1/16, LOC: Citizens National Bank of
Evansville,
Confirming LOC: Harris Trust * 3,025,000 3,025,000
Glen Oaks Real Estate & Development
VRDN, 5.75%, 12/1/26,
LOC: American National Bank and Trust * 7,200,000 7,200,000
Health Midwest Ventures Group VRDN, 5.75%,
8/1/19, LOC: Bank of America * 8,170,000 8,170,000
Healthrack Sports and Wellness VRDN, 5.75%,
2/15/27,
LOC: American National Bank and Trust * 5,850,000 5,850,000
Idaho Associates, LLC. VRDN, 5.75%, 4/1/27,
LOC: La Salle Bank * 4,150,000 4,150,000
Iowa Finance Authority Economic Development
Authority Revenue
VRDN, 5.65%, 3/1/11, LOC:
Rabobank Nederland * 9,500,000 9,500,000
KFW International Finance Inc., 9.375%,
7/15/98 2,050,000 2,071,411
Kit Carson County, Colorado VRDN,
5.75%, 6/1/27,
LOC: Norwest Bank * 2,000,000 2,000,000
La Mirada, California Industrial Development
Authority VRDN,
5.75%, 12/1/26, LOC: FNB Chicago * 4,700,000 4,700,000
Lexington Financial Services, LLC. VRDN, 5.75%,
3/1/27,
LOC: LaSalle Bank * 2,200,000 2,200,000
Massachusetts Nursing Homes VRDN, 5.75%,
11/15/13,
LOC: American National Bank and Trust * 1,600,000 1,600,000
Meriter Hospital, Inc., VRDN, 5.80%, 12/1/16,
LOC: Firstar Bank * 10,000,000 10,000,000
Meriter Management Services, Inc., VRDN,
5.75%, 12/1/16, LOC: Firstar Bank * 4,825,000 4,825,000
Mississippi Business Finance Authority VRDN,
5.95%, 11/1/06, LOC: Marshall & Ilsley Bank * 4,750,000 4,750,000
Mississippi Business Finance Authority VRDN,
5.75%, 6/1/10, LOC: National Bank of Detroit * 4,300,000 4,300,000
Mississippi Business Finance Authority VRDN,
5.75%, 2/1/19, GA: Sara Lee * 2,000,000 2,000,000
Montgomery Cancer Center, LLC. VRDN,
5.75%, 10/1/12, LOC: Southtrust Bank, AL * 4,300,000 4,300,000
Mount Vernon Industrial Economic Development
VRDN,
6.05%, 7/1/07, LOC: Citizens National Bank,
Confirming LOC: Suntrust Bank * 1,550,000 1,550,000
<PAGE>
Principal
Corporate Obligations (Cont'd) Amount Value
Mount Vernon Industrial Solid Waste
Disposal VRDN,
6.05%, 11/1/11, LOC: Citizens National Bank,
Confirming LOC: Suntrust Bank * $3,350,000 $3,350,000
Northhampton County, Pennsylvania Industrial
Development VRDN,
5.788%, 2/1/13, LOC: Dauphin Deposit
Bank and Trust * 5,000,000 5,000,000
Physicians Plus Medical Group VRDN,
5.75%, 8/1/16, LOC: Marshall and Ilsley Bank * 5,031,000 5,031,000
Pleasant Hill, California Redevelopment
Agency VRDN,
5.75%, 8/1/26, LOC: Heller Financial,
Confirming LOC: Commerze Bank * 1,130,000 1,130,000
Richmond, Virginia Redevelopment and
Housing Authority
VRDN, 5.65%, 12/1/25, LOC: Wachovia
Bank and Trust * 4,235,000 4,235,000
Roosevelt Paper Co., VRDN, 5.80%,
6/1/12, LOC: Corestates * 7,620,000 7,620,000
Rural Electric Coop. VRDN, 5.73%, 12/15/17,
TOA: Morgan Guaranty Trust * 12,500,000 12,500,000
San Leandro, California Multi Family
Housing VRDN,
5.75%, 10/1/27, LOC: Heller Financial,
Confirming
LOC: Commerze Bank * 2,255,000 2,255,000
Shawnee, Kansas VRDN, 5.80%, 12/1/12,
LOC: Chase Manhattan * 5,000,000 5,000,000
South Bend, Indiana VRDN, 5.75%, 12/1/27,
LOC: LaSalle Bank * 5,000,000 5,000,000
St. Paul, Minnesota Housing and
Redevelopment Authority
VRDN, 5.75%, 6/1/15, LOC: Credit
Local de France * 2,200,000 2,200,000
Sussex County, Delaware VRDN, 5.74%, 11/1/27,
LOC: Wilmington Trust Co. * 3,000,000 3,000,000
TLC Holdings, LLC. VRDN, 5.75%, 6/1/26,
LOC: Columbus Bank and Trust * 4,825,000 4,825,000
Triangle Funding, Ltd. VRDN, 5.593%, 11/15/98,
Overcollateralization: Credit Suisse * 7,000,000 7,000,000
Ventura County, California, 5.74%, 11/1/98,
INSUR: FSA 5,420,000 5,427,906
Vermont Economic VRDN, Series A,
6.00%, 6/1/98,
LOC: National Westminster Bank * 983,000 983,000
Virginia State Housing Development Authority
VRDN,
5.737%, 7/1/07, BPA: Bayer Hypobank * 4,950,000 4,950,000
Washington State Housing Finance, 5.75%,
7/1/29,
LOC: Bank One, AZ * 3,210,000 3,210,000
Waukesha Health Systems, Inc., VRDN,
5.70%, 8/15/26,
LOC: Bank of America * 3,200,000 3,200,000
Westminster Asset Corp., VRDN, 5.73%,
4/1/22,
LOC: Wells Fargo Bank * 11,060,000 11,060,000
Whetstone Care Center, LLC. VRDN,
5.74%. 1/1/18,
LOC: Fifth Third Bank * 3,700,000 3,700,000
Total Corporate Obligations (Cost $310,600,383) 310,600,383
Commercial Paper - 13.6%
Banco Nacional de Mexicosa, 5.48%, 4/9/98,
LOC: Barclays Bank PLC 3,000,000 2,996,347
Clipper Receivables Corp., 5.54%, 5/20/98 5,000,000 4,962,297
ING US Ins. Holdings., 5.52%, 5/8/98 5,000,000 4,971,633
<PAGE>
Principal
Commercial Paper (Cont'd) Amount Value
Island Finance, 5.46%, 5/20/987,
Capital Maintenance Agreement: Norwest Bank $8,000,000 $7,940,547
Kitty Hawk Funding Corp., 5.54%,6/17/98,
LOC: Nationsbank 6,930,000 6,847,883
National Australia Funding, 5.36%, 6/12/98,
GA: National Australia Bank * 8,000,000 7,914,240
Northwestern University, 5.405%, 5/4/98 3,000,000 2,985,136
Northwestern University, 5.49%, 6/22/98 1,923,000 1,898,953
Northwestern University, 5.49%, 6/23/98 3,600,000 3,554,433
Princeton University, 5.55%, 4/6/98 4,500,000 4,496,531
Receivables Capital Corp., 5.55%, 4/3/98 5,000,000 4,998,458
Receivables Capital Corp., 5.56%, 4/21/98 5,000,000 4,984,556
Total Commercial Paper (Cost $58,551,014) 58,551,014
U.S. Government Agencies
and Instrumentalities - 6.9%
Federal Farm Credit Banks, 6.14%, 5/6/98 3,000,000 3,000,836
Federal Home Loan Mortgage Corp.,
5.425%, 6/19/98 6,000,000 5,928,571
Federal National Mortgage Assn., 5.37%,
9/23/98 4,000,000 3,895,583
Federal National Mortgage Assn., 5.35%,
9/24/98 5,000,000 4,869,222
Student Loan Marketing Assn., 5.79%,
9/16/98 7,000,000 6,999,295
Student Loan Marketing Assn., 5.72%,
11/20/98 5,000,000 4,998,144
Total U.S. Government Agencies
and Instrumentalities
(Cost $29,691,651) 29,691,651
Municipal Obligations - 4.5%
Illinois Housing Development Authority VRDN,
5.79%, 12/1/21, INSUR: AMBAC, TOA:
Citibank * 3,905,000 3,905,000
Illinois Housing Development Authority
VRDN,
5.84%, 6/1/22, INSUR: AMBAC, TOA:
Citibank * 1,590,000 1,590,000
Ohio State VRDN, 5.69%, 10/1/21, LOC:
INSUR:
AMBAC, TOA: Citibank * 6,500,000 6,500,000
Texas State VRDN, 5.72%, 12/1/27, TOA:
Citibank * 1,734,000 1,734,000
Village of Schaumberg, Illinois VRDN,
5.80%, 12/1/20,
BPA: Credit Suisse * 5,800,000 5,800,000
Total Municipal Obligations (Cost $19,529,000) 19,529,000
Repurchase Agreements - 2.2%
Donaldson, Lufkin & Jenrette: 6.00%,
dated 3/31/98, due 4/1/98
(Collateral: $9,450,421, FNMA , 5.53% ,
3/23/00) 9,250,000 9,250,000
Total Repurchase Agreements (Cost $9,250,000) 9,250,000
TOTAL INVESTMENTS (Cost $427,622,048) - 99.4% $427,622,048
Other assets and liabilities, net - 0.6% 2,722,806
Net Assets - 100% $430,344,854
<PAGE>
Net Assets Consist of: Value
Paid-in capital applicable to 430,345,967
shares of beneficial interest,
unlimited number of no par shares authorized $430,347,538
Undistributed net investment income (loss) (1,787)
Accumulated net realized gain (loss) on investments (897)
Net Assets $430,344,854
Net Asset Value Per Share $1.00
Explanation of Guarantees:
BPA: Bond-Purchase Agreement LOC: Letter of Credit
GA: Guarantee Agreement TOA: Tender Option Agreement
INSUR: Insurance
Abbreviations:
VRDN: Variable Rate Demand Notes
* Optional tender features give these securities a shorter effective maturity
date.
See notes to financial statements.
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 1998
Net Investment Income
Investment Income
Interest income $12,976,990
Expenses
Investment advisory fee 562,184
Transfer agency fees and expenses 4,135
Trustees' fees and expenses 30,207
Administrative fees 112,437
Custodian fees 25,848
Registration fees 21,422
Reports to shareholders 17,157
Professional fees 5,821
Miscellaneous 20,061
Reimbursement from Advisor (511,659)
Total expenses 287,613
Fees paid indirectly (25,848)
Net expenses 261,765
Net Investment Income 12,715,225
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments 3,471
Increase (Decrease) in Net Assets
Resulting From Operations $12,718,696
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 1998 1997
Operations
Net investment income $12,715,225 $19,659,630
Net realized gain (loss)
on investments 3,471 (6,929)
Increase (Decrease) in Net Assets
Resulting From Operations 12,718,696 19,655,701
Distributions to shareholders from:
Net investment income: (12,717,510 (19,659,571)
Total distributions (12,717,510)
(19,659,571)
Capital share transactions in dollars
and shares:
Shares sold 2,455,493,469 4,326,893,535
Reinvestment of distributions 9,056,271 13,265,042
Shares redeemed (2,409,556,801)(4,096,022,211)
Total capital share transactions 54,992,939 244,136,333
Total Increase (Decrease)
in Net Assets 54,994,125 244,132,463
Net Assets
Beginning of period 375,350,729 131,218,266
End of period (including undistributed
net investment
income (loss) of $(1,787) and $498
respectively) $430,344,854 $375,350,729
See notes to financial statements.
<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 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 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
.25% on the first $500 million of average daily net assets. Under the terms of
the agreement, $26,362 was payable at period end.
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. Under the terms of the
agreement, $20,286 was payable at period end.
The Advisor voluntarily reimbursed the Fund for advisory fees, administrative
fees, and other operating expenses of $511,659.
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.
Under the terms of the agreement, $500 was payable at period end.
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 March 31, 1998 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 March 31, 1998.
<PAGE>
FINANCIAL HIGHLIGHTS
Periods Ended
March 31, Sept. 30, Sept. 30,
1998 1997 1996
Net asset value, beginning $1.00 $1.00 $1.00
Income from investment operations
Net investment income .028 .055 .040
Distributions from
Net investment income (.028) (.055) (.040)
Net asset value, ending $1.00 $1.00 $1.00
Total return* 2.84% 5.55% 3.99%
Ratios to average net assets:
Net investment income 5.65%(a) 5.55% 4.80%
Total expenses+ .13%(a) .07% .73%
Net expenses .12%(a) .06% .69%
Expenses reimbursed .23%(a) .31% .47%
Net assets, ending (in thousands) $430,345 $375,351 $131,218
Number of shares outstanding,
ending (in thousands) 430,346 375,353 131,217
Years Ended
Sept. 30, Sept. 30, Sept. 30,
1995 1994 1993
Net asset value, beginning $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, ending $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+ 1.41% N/A N/A
Net expenses 1.39% 1.23% .92%
Expenses reimbursed - - -
Net assets, ending (in thousands) $26,775 $99,973 $102,325
Number of shares outstanding,
ending (in thousands) 26,821 100,024 102,370
(a) Annualized
+ 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.
N/A Disclosure not applicable to prior periods.
<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
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
NEW! CSIF Managed Index Portfolio
CSIF Equity Portfolio
Capital Accumulation Fund
CWVF International Equity Fund
New Vision Small Cap Fund
New Africa Fund
