SEC Registration Nos.
2-76527 and 811-3418
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
Post-Effective Amendment No. 22 XX
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 22 XX
Calvert Cash Reserves
(Exact Name of Registrant as Specified in Charter)
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Address of Principal Executive Offices)
Registrant's Telephone Number: (301) 951-4800
William M. Tartikoff, Esq.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
Immediately upon filing XX on January 31, 1998
pursuant to paragraph (b) pursuant to paragraph (b)
60 days after filing on (date)
pursuant to paragraph (a) pursuant to paragraph (a)
of Rule 485.
<PAGE>
Calvert Cash Reserves
Form N-1A Cross Reference Sheet
Item number Prospectus Caption
1. Cover Page
2. Fund Expenses
3. Financial Highlights
Yield
4. Investment Objective and Policies
5. Management of the Fund
6. Management of the Fund
Management of the Fund
Dividends, and Taxes
7. How to Buy Shares
Management of the Fund Share Price
When Your Account Will Be Credited
Exchanges
8. How to Sell Your Shares
9. *
Statement of Additional Information Caption
10. Cover Page
11. Table of Contents
12. General Information
13. Investment Objective and Policies
Investment Restrictions
14. Trustees and Officers
15. Trustees and Officers
16. Investment Advisor
Independent Accountants and Custodians
Method of Distribution
17. Portfolio Transactions
18. General Information
19. Purchase and Redemption of Shares
Valuation of Shares
20 Dividends and Taxes
21. Method of Distribution
22. Calculation of Yield
23. Financial Statements
* Inapplicable or negative answer
<PAGE>
PROSPECTUS January 31, 1998
Calvert Cash Reserves
Institutional Prime Fund
4550 Montgomery Avenue, Bethesda, Maryland 20814
Investment Objective and Policies
CALVERT CASH RESERVES Institutional Prime Fund (the "Fund") is a money market
fund which seeks to obtain the highest level of current income, consistent
with safety, preservation of capital and liquidity that is available through
investments in specified money market instruments. The Fund's assets are
invested in certificates of deposit of major banks, prime commercial paper and
high-grade short-term corporate obligations, and short-term US Government and
agency securities. The investments mature in 13 months or less, with an
average weighted maturity of 90 days or less. The Fund seeks to maintain a
constant net asset value of $1.00 per share for the Fund. It is an operating
policy of the Fund that it will not invest in A2/P2 commercial paper. An
investment in the Fund is neither insured nor guaranteed by the US Government.
There can be no assurance that the Fund will be successful in maintaining a
constant net asset value of $1.00 per share.
To Open An Account
Complete and return the enclosed Account Application. Minimum initial
investment is $1,000,000.
About This Prospectus
Please read this Prospectus before investing. It is designed to provide you
with information you ought to know before investing and to help you decide if
the Fund's goals match your own. Keep this document for future reference.
A Statement of Additional Information ("SAI")(dated January 31, 1998) for the
Fund has been filed with the Securities and Exchange Commission and is
incorporated by reference. This free Statement is available upon request from
the Fund: 800-317-2274. The Commission maintains a website
(http://www.sec.gov) that contains the SAI, material incorporated by
reference, and other information regarding registrants that file
electronically with the Commission.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE FEDERAL OR
ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
SHARES OF THE FUND ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY, ANY BANK, AND ARE NOT FEDERALLY INSURED BY THE FDIC, THE FEDERAL
RESERVE BOARD, OR ANY OTHER AGENCY.
FUND EXPENSES
A. Shareholder Transaction Expenses Institutional Prime Fund
Sales Load on Purchases None
Sales Load on Reinvested Dividends None
Deferred Sales Load None
Redemption Fees None
Exchange Fee None
B. Annual Fund Operating Expenses - Fiscal Year 1997
(as a percentage of average net assets)
Management Fees (net of fee waiver) 0.09%
Rule 12b-1 Fees None
Other Expenses 0.07%
Total Fund Operating Expenses 0.16%
C. Example:
You would pay the following expenses on a $1,000 investment, assuming
(1) 5% annual return; and (2) redemption at the end of each period:
1 Year 3 Years 5 Years 10 Years
$2 $5 $9 $20
The example, which is hypothetical, should not be considered a
representation of past or future expenses. Actual expenses may be higher or
lower than those shown.
Explanation of Table: The purpose of the table is to assist you in
understanding the various costs and expenses that an investor in the Fund may
bear directly (shareholder transaction costs) or indirectly (annual fund
operating expenses).
Shareholder Transaction Expenses
are charges you pay when you buy or sell shares of the Funds. If you request a
wire redemption of less than $50,000, you may be charged a $5 wire fee.
Annual Fund Operating Expenses
have been restated to reflect expenses anticipated in the current fiscal year.
Management Fees are paid by the Fund to Calvert Asset Management Company, Inc.
(the "Advisor") for managing its investments and business affairs and are
shown net of the Advisor's voluntary fee waiver. Management fees include the
administrative service fee paid to Calvert Administrative Services Company.
The Fund incurs Other Expenses for maintaining shareholder records, furnishing
shareholder statements and reports, and other services. Management Fees and
Other Expenses have already been reflected in the Fund's yield and are not
charged directly to individual shareholder accounts. Please refer to the
section "Management of the Fund" for further information. If the Advisor had
not waived fees, Management Fee would have been 0.30% and Total Fund Operating
Expenses would have been 0.37% for the most recent fiscal year.
FINANCIAL HIGHLIGHTS
The following table provides information about the Fund's financial history.
It expresses the information in terms of a single share outstanding throughout
each period. The table has been audited by those independent accountants whose
reports are included in the Annual Reports to Shareholders. The table should
be read in conjunction with the financial statements and their related notes.
The current Annual Report to Shareholders is incorporated by reference into
the SAI.
Year Ended Sept. 30,
Calvert Cash Reserves 1997 1996 1995 1994 1993
Net asset value, beginning of year $1.00 $1.00 $ 1.00 $1.00 $ 1.00
Income from investment operations
Net investment income .055 .040 .045 .028 .025
Distributions to shareholders
Dividends from net
investment income (.055) (.040) (.045) (.028) (.025)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return1 5.55% 3.99% 4.55% 2.78% 2.59%
Ratio to average net assets:
Net investment income 5.55% 4.80% 4.53% 2.75% 2.48%
Total expenses2 0.07% 0.73% 1.41% - -
Net expenses 0.06% 0.69% 1.39% 1.23% .92%
Expenses reimbursed &/or waived 0.31% 0.47% - - -
Net assets, end of year
(in thousands) $ 375,351 $131,218 $26,775 $99,973 $102,235
Number of shares outstanding
at end of year (in thousands) 375,353 131,217 26,821 100,024 102,370
Year Ended Sept. 30,
Calvert Cash Reserves 1992 1991 1990 1989 1988
Net asset value, beginning of year $1.00 $1.00 $1.00 $1.00 $ 1.00
Income from investment operations
Net investment income .037 .061 .074 .083 .067
Distributions to shareholders
Dividends from net
investment income (.037) (.061) (.074) (.083) (.067)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total return1 3.72% 6.27% 7.71% 8.69% 6.99%
Ratio to average net assets:
Net investment income 3.69% 6.09% 7.45% 8.27% 6.44%
Total expenses2 - - - - -
Net expenses .87% .93% .96% .91% .87%
Expenses reimbursed &/or waived - - .13% .12% .25%
Net assets, end of year
(in thousands) $106,851 $119,316 $117,684 $156,777 $91,640
Number of shares outstanding
at end of year (in thousands) 106,897 119,362 117,699 156,797 91,660
1. Total return prior to 1989 is not audited.
2. 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.
INVESTMENT OBJECTIVE AND POLICIES
Investment Objective: The Fund seeks to earn the highest level of current
income, consistent with preservation of capital and liquidity.
Calvert Cash Reserves Institutional Prime Fund is a diversified money market
fund. Its objective is to earn the highest level of current income, consistent
with safety, preservation of capital and liquidity, that is available through
investment in specified money market instruments. The Fund's assets are
invested in securities maturing in 13 months or less, and it maintains an
average weighted maturity of 90 days or less. It is the operating policy of
the Fund to invest in first-tier securities, according to Rule 2a-7 of the
Investment Company Act of 1940.
Institutional Prime Fund invests primarily in Top-Tier Securities.
The Fund's assets are invested in high-quality short-term investments
including US Government and agency or instrumentality securities, certificates
of deposit of major banks, commercial paper, eligible high-grade short-term
corporate obligations, including participation interests in loans extended to
issuers of such obligations, repurchase agreements, bankers acceptances,
floating rate notes and variable-rate demand notes and taxable municipal
securities. The Fund may invest in high-quality, US dollar denominated
international money market investments and may invest up to 5% of its total
assets in reverse repurchase agreements. 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 or better, or, if not
rated, of equivalent quality. The Fund will not invest in A-2 or P-2 rated
issues. See the SAI, "Appendix, Commercial Paper and Bond Ratings."
Other Policies
The Fund has adopted certain fundamental investment restrictions which are
discussed in detail in the SAI. Unless specifically noted otherwise, the
investment objective, policies and restrictions of the Fund are fundamental
and may not be changed without shareholder approval. There can be no assurance
that the Fund will be successful in meeting its investment objective.
Purchasing obligations for future delivery or on a "when-issued" basis may
increase the Fund's overall investment exposure and involves a risk of loss if
the value of the securities declines prior to the settlement date. The
transactions are fully secured at all times.
YIELD
Yield refers to income generated by an investment over a period of time.
From time to time, the Fund may advertise "yield" and "effective yield." Yield
figures are based on historical earnings and are not intended to indicate
future performance. The "yield" refers to the actual income generated by an
investment in the Fund over a particular base period, stated in the
advertisement. If the base period is less than one year, the yield will be
"annualized." That is, the amount of income generated by the investment during
the base period is assumed to be generated over a one-year period and is shown
as a percentage of the investment. The "effective yield" is calculated
similarly, but, when annualized, the income earned by an investment in the
Fund is assumed to be reinvested. The "effective yield" will be slightly
higher than the "yield" because of the compounding effect of this assumed
reinvestment.
MANAGEMENT OF THE FUND
The Board of Trustees supervises the activities and reviews its contracts with
companies that provide the Fund with services.
The Fund is a Massachusetts business trust organized on March 16, 1982. Prior
to June 30, 1996, Calvert Cash Reserves was doing business as Money Management
Plus. In October 1992, Prime Portfolio began offering a second class of
shares, the CCR Prime Shares, which was discontinued during 1994.
The Fund is an open-end diversified management investment company. The Fund is
not required to hold annual shareholder meetings, but special meetings may be
called for certain purposes such as electing (or removing) Trustees, changing
fundamental policies, or approving a management contract. As a shareholder,
you receive one vote for each share you own (with proportionate voting for
fractional shares).
Calvert Group is one of the largest investment management firms in the
Washington, D.C. area.
Calvert Group, Ltd., parent of the Fund's investment advisor, shareholder
servicing agent, and distributor, is a subsidiary of Acacia Mutual Life
Insurance Company of Washington, D.C. Calvert Group is one of the largest
investment management firms in the Washington, D.C. area. Calvert Group, Ltd.
and its subsidiaries are located at 4550 Montgomery Avenue, Suite 1000N,
Bethesda, Maryland 20814. As of December 31, 1997, Calvert Group managed and
administered assets in excess of $5. billion and more than ,000 shareholder
and depositor accounts.
Calvert Asset Management serves as Advisor to the Funds.
Calvert Asset Management Company, Inc. (the "Advisor") is the Fund's
investment advisor. The Advisor provides the Fund with investment supervision
and management; administrative services and office space; furnishes executive
and other personnel to the Fund; and pays the salaries and fees of all
Trustees who are affiliated persons of the Advisor. The Advisor may also
assume and pay certain advertising and promotional expenses of the Fund and
reserves the right to compensate broker/dealers in return for their
promotional or administrative services.
The Advisor receives a fee based on a percentage of the Fund's assets.
The Fund pays the Advisor an advisory fee of 0.25% of its average daily net
assets pursuant to the Investment Advisory Agreement. However, the Advisor
voluntarily waived all of its fee for fiscal year 1997.
Calvert Administrative Services Company provides administrative services for
the Fund.
Calvert Administrative Services Company ("CASC"), an affiliate of the Advisor,
provides certain administrative services to the Fund, including the
preparation of regulatory filings and shareholder reports, the daily
determination of its net asset value per share and dividends, and the
maintenance of its portfolio and general accounting records. For providing
such services, CASC is entitled to an annual fee of 0.05% of the Fund's
average daily net assets. During fiscal year 1996 and 1997, CASC voluntarily
waived all fees.
Calvert Distributors, Inc. serves as underwriter to market the Fund's shares.
Calvert Distributors, Inc. ("CDI") is the Fund's principal underwriter and
distributor. Under the terms of its underwriting agreement with the Fund, CDI
markets and distributes the Fund's shares and is responsible for preparing
advertising and sales literature, and printing and mailing of prospectuses to
prospective investors. CDI does not receive any compensation from the Fund.
The transfer agent keeps your account records and the shareholder servicing
agent answers shareholders' questions.
National Financial Data Services, Inc. ("NFDS"), 1004 Baltimore, Kansas City,
Missouri, 64105, is the Fund's transfer agent and dividend paying agent.
Calvert Shareholder Services, Inc. is the Fund's shareholder servicing agent.
SHAREHOLDER GUIDE
Opening An Account
You can buy shares of the Fund in several ways which are described here and in
the chart below.
An account application accompanies this prospectus. A completed and signed
application is required for each new account you open. Additional forms may be
required from corporations, associations, and certain fiduciaries. If you have
any questions or need extra applications, call Calvert Group at 800-317-2274.
Share Price
The Fund's shares are sold without a sales charge.
The price of one share is its "net asset value," or NAV. NAV is computed by
adding the value of a Fund's investments plus cash and other assets, deducting
liabilities and then dividing the result by the number of shares outstanding.
The NAV is calculated at the close of the Fund's business day, which coincides
with the closing of the regular session of the New York Stock Exchange
(normally 4:00 p.m. Eastern time). The Fund is open for business each day the
New York Stock Exchange is open. The Fund's securities are valued according to
the "amortized cost" method, which is intended to stabilize the NAV at $1.00
per share.
All purchases of Fund shares will be confirmed and credited to your account in
full and fractional shares (rounded to the nearest 1/100 of a share). The Fund
may send monthly statements in lieu of immediate confirmations of purchases
and redemptions.
HOW TO BUY SHARES
Method Initial investment Additional Investments
BY WIRE $1,000,000 minimum No minimum
ABA# 011000028 FBO: Calvert Cash Reserves Fund 707 Wire Account
Wire investments to: State Street Bank and Trust Company, Boston, MA
#9903-765-7 Client's name and account number
BY EXCHANGE $1,000,000 minimum No minimum
(FROM YOUR ACCOUNT IN ANOTHER CALVERT GROUP FUND)
When opening an account by exchange, your new account must be established
taxpayer with the same name(s), address and identification number as your
existing Calvert account.
WHEN YOUR ACCOUNT WILL BE CREDITED
Before you buy shares, please read the following information to make sure your
investment is accepted and credited properly.
Your purchase will be processed at the NAV calculated after your order is
received and accepted. A telephone order placed to Calvert Institutional
Marketing Group by 1:00 p.m. Eastern time will receive the dividend on Fund
shares declared that day if federal funds are received by the custodian by 5
p.m. Eastern time. Telephone orders placed after 1:00 p.m. will begin earning
dividends on Fund shares the next business day. If no telephone order is
placed, investments begin earning dividends the next business day. Exchanges
begin earning dividends the next business day after the exchange request is
received by mail or telephone.
All of your purchases must be made by wire. No cash or checks will be
accepted. The Fund reserves the right to suspend the offering of shares for a
period of time or to reject any specific purchase order.
EXCHANGES
Each exchange represents the sale of shares of one Fund and the purchase of
shares of another.
If your investment goals change, the Calvert Group Family of Funds has a
variety of investment alternatives that includes common stock funds,
tax-exempt and corporate bond funds, and money market funds. The exchange
privilege is a convenient way to buy shares in other Calvert Group Funds in
order to respond to changes in your goals or in market conditions. Before you
make an exchange from a Fund or Portfolio, please note the following:
Call the Calvert Institutional Marketing Group for information and a
prospectus for any of Calvert's other Funds registered in your state. Read the
prospectus of the Fund or Portfolio into which you want to exchange for
relevant information.
Complete and sign an application for an account in that Fund or
Portfolio, taking care to register your new account in the same name and
taxpayer identification number as your existing Calvert account(s). Exchange
instructions may then be given by telephone if telephone redemptions have been
authorized and the shares are not in certificate form.
Shares on which you have already paid a sales charge at Calvert Group
may be exchanged into another Fund at no additional charge. Shares acquired by
reinvestment of dividends or distributions may be exchanged into another Fund
at no additional charge. Except for money market funds, if you make a purchase
at NAV, you may exchange that amount to another fund at no additional sales
charge.
The Fund reserves the right to terminate or modify the exchange privilege with
60 days written notice.
OTHER CALVERT GROUP SERVICES
Calvert Information Network
24 hour performance and prices
Calvert Group has a round-the-clock telephone service and a website at
http://www.calvertgroup.com that lets existing customers obtain prices,
performance information, and account balances. Complete instructions for this
service may be found on the back of each statement.
Telephone Transactions
Calvert may record all telephone calls.
If you have telephone transaction privileges, you may purchase, redeem, or
exchange shares, and wire funds by telephone. You automatically have telephone
privileges unless you elect otherwise. The Fund, the transfer agent, the
shareholder servicing agent and their affiliates are not liable for acting in
good faith on telephone instructions relating to your account, so long as they
follow reasonable procedures to determine that the telephone instructions are
genuine. Such procedures may include recording the telephone calls and
requiring some form of personal identification. You should verify the accuracy
of telephone transactions immediately upon receipt of your confirmation
statement.
Complete the account application for the easiest way to establish services.
The easiest way to establish optional services on your Calvert Group account
is to select the options you desire when you complete your account
application. If you wish to add other options later, you may have to provide
us with additional information and a signature guarantee. Please call the
Calvert Institutional Marketing Group at 800-317-2274 for further assistance.
For our mutual protection, we may require a signature guarantee on certain
written transaction requests. A signature guarantee verifies the authenticity
of your signature, and may be obtained from any bank, savings and loan
association, credit union, trust company, broker/dealer firm or member of a
domestic stock exchange. A signature guarantee cannot be provided by a notary
public.
Special Services and Charges
The Fund pays for shareholder services but not for special services that are
required by a few shareholders, such as a request for a historical transcript
of an account. You may be required to pay a research fee for these special
services.
HOW TO SELL YOUR SHARES
You may redeem all or a portion of your shares on any business day. Your
shares will be redeemed at the next NAV calculated after your redemption
request is received and accepted.
Redemption Requirements To Remember
To ensure acceptance of your redemption request, please follow the procedures
described here and below.
Once your shares are redeemed, the proceeds will normally be sent to you on
the next business day, but if making immediate payment could adversely affect
the Fund, it may take up to seven (7) days. When the New York Stock Exchange
is closed (or when trading is restricted) for any reason other than its
customary weekend or holiday closings, or under any emergency circumstances as
determined by the Securities and Exchange Commission, redemptions may be
suspended or payment dates postponed.
Redemption proceeds are normally paid in cash. However, at the sole discretion
of the Fund, the Fund has the right to redeem shares in assets other than cash
for redemption amounts exceeding, in any 90 day period, $250,000 or 1% of the
NAV of the Fund, whichever is less, or as allowed by law.
If you sell shares by telephone or written request, you will receive dividends
through the date the request is received and processed. To better enable the
Advisor to keep the Fund fully invested, Calvert requests that you notify the
Institutional Marketing Group at least 24 hours in advance for any redemption
over $10 million per day.
Minimum account balance
Please maintain a balance in your account of at least $1,000,000. If, due to
redemptions, the account falls below $1,000,000, or you fail to invest at
least $1,000,000, it may be closed and the proceeds mailed to you at the
address of record. You will be given notice that your account will be closed
after 30 days unless you make an additional investment to increase your
account balance to the $1,000,000 minimum.
Telephone
Please call the Institutional Marketing Group at 800-317-2274. You may redeem
shares from your account by telephone and have your money mailed to your
address of record or wired to a bank you have previously authorized. Same-day
wire redemptions may be ordered by calling the Institutional Marketing Group
by noon Eastern time. All other wires will be transmitted the next business
day. A charge of $5 may be imposed on wire transfers of less than $50,000. See
"Telephone Transactions."
Exchange to Another Calvert Group Fund
You must meet the minimum investment requirement of the other Calvert Group
Fund or Portfolio. You can only exchange between accounts with identical
names, addresses and taxpayer identification number, unless previously
authorized with a signature-guaranteed letter.
Mail To: Calvert Institutional Marketing Group, 4550 Montgomery Avenue,
Bethesda, Maryland 20814.
You may redeem available shares from your account at any time by sending a
letter of instruction, including your name, account and Fund number, the
number of shares or dollar amount, and where you want the money to be sent.
The letter of instruction must be signed by all required authorized signers.
If you want the money to be wired to a bank not previously authorized, then a
voided bank check must be enclosed with your letter. If you do not have a
voided check, you must enclose a letter on corporate letterhead, signed by one
or more authorized signers.
DIVIDENDS AND TAXES
Each year, the Fund distributes substantially all of its net investment income
to shareholders.
Dividends from the Fund's net investment income are declared daily and paid
monthly. Net investment income consists of interest income, net short-term
capital gains, if any, and dividends declared and paid on investments, less
expenses.
Dividend payment options
Dividends and any distributions are automatically reinvested in additional
shares of the same Fund, unless you elect to have the dividends of $10 or more
paid in cash (by check). Dividends and distributions from the Fund may be
invested in shares of any other Calvert Group Fund or Portfolio with no
additional sales charge. You must notify the Fund in writing to change your
payment options. If you elect to have dividends and/or distributions paid in
cash, and the US Postal Service cannot deliver the check, or if it remains
uncashed for six months, it, as well as future dividends and distributions,
will be reinvested in additional shares. No dividends will accrue on amounts
represented by uncashed distribution or redemption checks.
Federal Taxes
In January, the Fund will mail you Form 1099-DIV indicating the federal tax
status of dividends and any capital gain distributions paid to you by the Fund
during the past year. Dividends and distributions are taxable to you
regardless of whether they are taken in cash or reinvested. Dividends,
including short-term capital gains, are taxable as ordinary income.
Distributions from long-term capital gains are taxable as long-term capital
gains, regardless of how long you have owned Fund shares. A portion of the
Fund's dividends may qualify for the dividends received deduction for
corporations.
Other Tax Information
In addition to federal taxes, you may be subject to state or local taxes on
your investment, depending on the laws in your area. You will be notified to
the extent, if any, that dividends reflect interest received from US
government securities. Such dividends may be exempt from certain state income
taxes.
Taxpayer Identification Number
If we do not have your correct Social Security or Taxpayer Identification
Number ("TIN") and a signed certified application or Form W-9, Federal law
requires the Fund to withhold 31% of your dividends. In addition, you may be
subject to a fine. You will also be prohibited from opening another account by
exchange. If this TIN information is not received within 60 days after your
account is established, your account may be redeemed at the current NAV on the
date of redemption. The Fund reserves the right to reject any new account or
any purchase order for failure to supply a certified TIN.
<PAGE>
Calvert Cash Reserves
Institutional Prime Fund
Statement of Additional Information
January 31, 1998
INVESTMENT ADVISOR
Calvert Asset Management Company, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
SHAREHOLDER SERVICE TRANSFER AGENT
Calvert Shareholder Services Inc. National Financial Data Services, Inc.
4550 Montgomery Avenue 1004 Baltimore
Suite 1000 6th Floor
Bethesda, Maryland 20814 Kansas City, Missouri 64105
PRINCIPAL UNDERWRITER INDEPENDENT ACCOUNTANTS
Calvert Distributors, Inc. Coopers & Lybrand, L.L.P.
4550 Montgomery Avenue 250 West Pratt Street
Suite 1000N Baltimore, Maryland 21201
Bethesda, Maryland 20814
TABLE OF CONTENTS
Investment Objective and Policies 1
Investment Restrictions 3
Purchase and Redemption of Shares 4
Dividends and Taxes 5
Valuation of Shares 6
Calculation of Yield 6
Advertising 7
Trustees and Officers 7
Investment Advisor 10
Transfer and Shareholder Servicing Agents 10
Independent Accountants and Custodians 11
Method of Distribution 11
Portfolio Transactions 11
General Information 11
Financial Statements 12
Control Persons and Principal Holders of Securities 12
Appendix 12
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION-January 31, 1998
Calvert Cash Reserves
Institutional Prime Fund
4550 Montgomery Avenue, Bethesda, Maryland 20814
New Account (800) 368-2748 Shareholder (800) 368-2745
Information: (301) 951-4820 Services: (301) 951-4810
Broker (800) 368-2746 TDD for the Hearing-
Services: (301) 951-4850 Impaired: (800) 541-1524
This Statement of Additional Information is not a prospectus.
Investors should read the Statement of Additional Information in conjunction
with the Fund's Prospectus dated January 31, 1998, which may be obtained
free of charge by writing or calling the Fund.
INVESTMENT OBJECTIVE AND POLICIES
Calvert Cash Reserves Institutional Prime Fund (the "Fund") is a
money market fund which seeks to obtain the highest level of current income,
consistent with safety, preservation of capital and liquidity, that is
available through investment in specified money market instruments.
Currently, the Fund's assets are invested in securities maturing in 13
months or less and the Fund maintains an average weighted maturity of 90
days or less. Fund investments are valued at amortized cost. The Fund
intends to maintain a constant net asset value of $1.00 per share. The Fund
invests exclusively in short-term money market instruments.
The Fund will be invested exclusively in:
(1) U.S. dollar-denominated certificates of deposit, bankers'
acceptances and other debt obligations of U.S. banks and their branches
located outside of the U.S. and of U.S. branches of foreign banks, provided
that the bank has total assets of at least $1 billion (or the equivalent in
other currencies) or, if its total assets are less than $1 billion, the
principal amount of such obligation is insured in full by the Federal
Deposit Insurance Corporation;
(2) commercial paper of both domestic and foreign issuers which at
the date of investment is rated A-1 by Standard & Poor's Corporation or
Prime-1 by Moody's Investors Service, Inc., or, if unrated, is of comparable
quality as determined by the Advisor under the supervision of the Board of
Trustees;
(3) short-term (one year or less) corporate obligations of both
domestic and foreign issuers which at the date of investment are rated AAA
or AA by Standard & Poor's or Aaa or Aa by Moody's or, if unrated, are of
comparable quality as determined by the Advisor under the supervision of the
Board of Trustees;
(4) obligations issued or guaranteed as to principal and interest
by the U.S. Government, its agencies and instrumentalities, or by foreign
governments, their agencies and instrumentalities, or by international
agencies and instrumentalities; and
(5) such obligations subject to repurchase agreements with
recognized securities dealers and banks.
While the Fund invests only in high-grade, short-term money market
instruments, there can be, of course, no assurance that the Fund will be
successful in meeting its investment objective or in maintaining a constant
net asset value of $1.00 per share because there are inherent risks in the
ownership of any investment. An increase in interest rates will generally
reduce the value of Fund investments, and a decline in interest rates will
generally increase the value of Fund investments. Investments in obligations
not guaranteed by the full faith and credit of the U.S. Government are
subject to the ability of the issuer to make payment at maturity. Dividends
paid by the Fund will fluctuate as interest rates and net investment income
fluctuate. The Fund will attempt, through careful management and
diversification, to reduce these risks and enhance the opportunities for
higher income and greater price stability.
Repurchase Agreements
The Fund engages in repurchase agreements in order to earn a higher
rate of return than it could earn simply by investing in the obligation
which is the subject of the repurchase agreement. Repurchase agreements are
not, however, without risk.
In the event of the bankruptcy of a seller during the term of a
repurchase agreement, a legal question exists as to whether the Fund would
be deemed the owner of the underlying security or would be deemed only to
have a security interest in and lien upon such security. The Fund will only
engage in repurchase agreements with recognized securities dealers and banks
determined to present minimal credit risk by the Advisor under the direction
and supervision of the Fund's Board of Trustees. Repurchase agreements are
always for periods of less than one year and no more than 10% of a Fund's
net assets may be invested in repurchase agreements not terminable within
seven days.
In addition, the Fund will only engage in repurchase agreements
reasonably designed to secure fully during the term of the agreement the
seller's obligation to repurchase the underlying security and will monitor
the market value of the underlying security during the term of the
agreement. If the value of the underlying security declines and is not at
least equal to the repurchase price due the Fund pursuant to the agreement,
the Fund will require the seller to pledge additional securities or cash to
secure the seller's obligations pursuant to the agreement. If the seller
defaults on its obligation to repurchase and the value of the underlying
security declines, the Fund may incur a loss and may incur expenses in
selling the underlying security.
Reverse Repurchase Agreements
The Fund may also engage in reverse repurchase agreements. Under a
reverse repurchase agreement, the Fund sells its securities to a bank or
securities dealer and agrees to repurchase those securities from such party
at an agreed upon date and price reflecting a market rate of interest. The
Fund invests the proceeds from each reverse repurchase agreement in
obligations in which it is authorized to invest. The Fund intends to enter
into a reverse repurchase agreement only when the interest income provided
for in the obligation in which the Fund invests the proceeds is expected to
exceed the amount the Fund will pay in interest to the other party to the
agreement, plus all costs associated with the transactions. The Fund does
not intend to borrow for leverage purposes. The Fund will only be permitted
to pledge assets to the extent necessary to secure borrowings and reverse
repurchase agreements.
During the time a reverse repurchase agreement is outstanding, the
Fund will maintain in a segregated custodial account an amount of cash, U.S.
Government securities or other liquid, high-quality debt securities equal in
value to the repurchase price. The Fund will mark to market the value of
assets held in the segregated account, and will place additional assets in
the account whenever the total value of the account falls below the amount
required under applicable regulations.
The Fund's use of reverse repurchase agreements involves the risk
that the other party to the agreements could become subject to bankruptcy or
liquidation proceedings during the period the agreements are outstanding. In
such event, the Fund may not be able to repurchase the securities it has
sold to that other party. Under those circumstances, if at the expiration of
the agreement such securities are of greater value than the proceeds
obtained by the Fund under the agreements, the Fund may have been better off
had it not entered into the agreement. However, the Fund will enter into
reverse repurchase agreements only with banks and dealers which the Advisor
believes present minimal credit risks under guidelines adopted by the Fund's
Board of Trustees. In addition, the Fund bears the risk that the market
value of the securities sold by the Fund may decline below the agreed-upon
repurchase price, in which case the dealer may request the Fund to post
additional collateral.
International Money Market Instruments
The Fund may invest in U.S. dollar-denominated obligations of
foreign branches of U.S. banks and U.S. branches of foreign banks ("bank
obligations"). Such bank obligations may be subject to risks not associated
with domestically insured bank obligations. For example, foreign and
domestic bank reserve requirements may differ.
The Fund may also invest in commercial paper, short-term corporate
obligations, and obligations issued or guaranteed by foreign governments,
their agencies and instrumentalities, or by international agencies and
instrumentalities, so long as such instruments are U.S. dollar-denominated
and meet the same credit, liquidity, and concentration requirements as
domestic obligations.
The bank obligations and other money market instruments of foreign
issuers described above are subject to certain additional risks. Payment of
interest and principal upon these obligations and the marketability and
liquidity of such obligations in the secondary market may also be adversely
affected by governmental action in the country of domicile of the branch
(generally referred to as "sovereign risk"). Examples of governmental
actions would be the imposition of exchange or currency controls, interest
limitations or withholding taxes on interest income, seizure of assets, or
the declaration of a moratorium on the payment of principal or interest. In
addition, evidences of ownership of Fund securities may be held outside of
the U.S., and the Fund may be subject to the risks associated with the
holding of such property overseas.
These instruments are not subject to currency fluctuations, since
they are denominated in U.S. dollars. The Advisor will consider the
political and economic conditions in a country, the location of custody, and
the liquidity in selecting such instruments for the Fund. Also, as an
operating policy, it will only invest in bank obligations of foreign
branches of U.S. banks if the parent bank guarantees the obligation, and
where the parent bank either has assets of at least $1 billion (or
equivalent in other currencies), or is insured in full by the Federal
Deposit Insurance Corporation.
Obligations with Puts Attached
The Fund has authority to purchase securities at a price which
would result in a yield to maturity lower than that generally offered by the
seller at the time of purchase when it can acquire at the same time the
right to sell the securities back to the seller at an agreed upon price at
any time during a stated period or on a certain date. Such a right is
generally denoted as a "put."
When-Issued Purchases
Securities purchased on a when-issued basis and the securities held
in the Fund are subject to changes in market value based upon the public's
perception of the creditworthiness of the issuer and changes in the level of
interest rates (which will generally result in both changing in value in the
same way, i.e., both experiencing appreciation when interest rates decline
and depreciation when interest rates rise). Therefore, if in order to
achieve higher interest income, the Fund remains substantially fully
invested at the same time that it has purchased securities on a when-issued
basis, there will be a greater possibility that the market value of the
Fund's assets may vary. No new when-issued commitments will be made by a Fund
if more than 50% of that Fund's net assets would become so committed.
When the time comes to pay for when-issued securities, the Fund
will meet its obligations from then available cash flow, sale of securities
or, although it would not normally expect to do so, from sale of the
when-issued securities themselves (which may have a market value greater or
less than the Fund's payment obligation). Sale of securities to meet such
obligations carries with it a greater potential for the realization of
capital losses and capital gains which are not exempt from federal income
tax.
INVESTMENT RESTRICTIONS
Fundamental
The foregoing investment objective and the following investment
restrictions may not be changed without the consent of the holders of a
majority of the Fund's outstanding shares, including a majority of the
shares of the Fund. Shares have equal rights as to voting. A majority of the
shares means the lesser of (i) 67% of the shares represented at a meeting at
which more than 50% of the outstanding shares are represented or (ii) more
than 50% of the outstanding shares. The Fund may not:
(1) Purchase common stocks, preferred stocks, warrants, or
other equity securities;
(2) Sell securities short, purchase securities on margin,
or write put or call options. The Fund reserves the right,
without percentage limitation, to purchase securities with
puts attached. See "Obligations with Puts Attached";
(3) Issue senior securities, borrow money, except from
banks for temporary or emergency purposes and then only in
an amount up to 10% of the value of that Fund's total
assets and except by engaging in reverse repurchase
agreements; provided, however, that the Fund may only
engage in reverse repurchase agreements so long as, at the
time it enters into a reverse repurchase agreement, the
aggregate proceeds from outstanding reverse repurchase
agreements, when added to other outstanding borrowings
permitted by this section, do not exceed 33 1/3% of the
Fund's total assets. In order to secure any permitted
borrowings and, reverse repurchase agreements under this
section, the Fund may pledge, mortgage or hypothecate its
assets;
(4) Underwrite the securities of other issuers, except to
the extent that either the sale of restricted securities
or the purchase of municipal obligations in accordance
with the Fund's investment objective and policies, either
directly from the issuer, or from an underwriter for an
issuer, may be deemed an underwriting;
(5) Purchase or sell real estate, real estate investment
trust securities, commodities or commodity contracts, or
oil and gas interests, but this shall not prevent the Fund
from investing (a) in securities which are secured by real
estate or real estate mortgages, or (b) in the securities
of issuers which invest or deal in commodities, commodity
futures, oil, gas, or other mineral exploration or
development programs, real estate, or real estate
mortgages;
(6) Purchase or retain securities of an issuer if those
trustees of the Fund, each of whom owns more than 1/2 of
1% of the outstanding securities of such issuer, together
own more than 5% of such outstanding securities;
(7) Make loans to others, except in accordance with the
Fund's investment objective and policies, such as the
purchase of an issue of debt securities in which the Fund
is authorized to invest, or pursuant to contracts
providing for the compensation of service providers by
compensating balances;
(8) Invest in companies for the purpose of exercising
control; or invest in securities of other investment
companies, except as they may be acquired as part of a
merger, consolidation or acquisition of assets, or in
connection with a director's/trustee's deferred
compensation plan, as long as there is no duplication of
advisory fees;
(9) Invest 25% or more of its total assets in any
particular industry or industries, except that the Fund
may invest 25% or more of its total assets in obligations
issued or guaranteed by the U.S. Government, its agencies
or instrumentalities. Industrial development bonds, where
the payment of principal and interest is the
responsibility of companies within the same industry, are
grouped together as an "industry";
(10) Invest more than 5% of the value of its total assets
in securities where the payment of principal and interest
is the responsibility of a company or companies with less
than three years' operating history;
(11) Purchase securities of any issuer (other than
obligations of, or guaranteed by, the United States
Government, its agencies or instrumentalities, a State,
its political subdivisions or municipalities or agencies
thereof) if, as a result, (a) more than 5% of the value of
its total assets would be invested in the securities of
that issuer, or (b) more than 25% of the value of its
total assets would be invested in the securities of
issuers in the same industry. For purposes of this
restriction regarding the Fund only, an investment in U.S.
banks or U.S. branches of foreign banks is not considered
an industry;
Non-Fundamental
(12) No more than 10% of the Fund's net assets may be
invested in illiquid securities;
(13) For purposes of investment restriction number 3
above, the Fund has no current intention to allow its
borrowings due to reverse repurchase agreements to
exceed 5% of total assets.
PURCHASE AND REDEMPTION OF SHARES
The Fund requires a minimum initial investment of $1,000,000.
Shares will be held in book entry form at the Fund's transfer agent. No
share certificates will be issued.
Amounts redeemed by check redemption may be mailed to the investor
without charge. Amounts of $50,000 or more will be transmitted by wire
without charge by the Fund to the investor's account at a domestic
commercial bank that is a member of the Federal Reserve System or to a
correspondent bank. A charge of $5 may be imposed on wire transfers of less
than $50,000. If the investor's bank is not a Federal Reserve System member,
failure of immediate notification to that bank by the correspondent bank
could result in a delay in crediting the funds to the investor's bank
account.
Existing shareholders who at any time desire to change instructions
already given must send a notice either to the broker through which shares
were purchased or to the Fund with a voided check from the bank account to
receive the redemption proceeds. New wiring instructions may be accompanied
by a voided check in lieu of a signature guarantee. If a voided check does
not accompany the request, then the request must be signature guaranteed by
a commercial bank, savings and loan association, trust company, member firm
of any national securities exchange, or credit union. Further documentation,
such as a corporate resolution is required from corporations, fiduciaries,
pension plans, and institutional investors.
The Fund's redemption check normally will be mailed to the investor
on the next business day following the date of receipt by the Fund of the
written or telephone redemption request. If the investor so instructs in the
redemption request, the check will be mailed or the redemption proceeds
wired to a predesignated account at the investor's bank.
The right of redemption may be suspended or the date of payment
postponed for any period during which the New York Stock Exchange is closed
(other than customary weekend and holiday closings), when trading on the New
York Stock Exchange is restricted, or an emergency exists, as determined by
the SEC, or if the Commission has ordered such a suspension for the
protection of shareholders. Redemption proceeds are normally mailed or wired
the next business day after a proper redemption request has been received,
unless redemptions have been suspended or postponed as described above.
DIVIDENDS AND TAXES
The Fund declares dividends daily and pays them monthly, based on
its net investment income. Net investment income consists of the interest
income earned on investments (adjusted for amortization of original issue or
market discount or premium), less expenses. Realized and unrealized gains
and losses are not included in net investment income. Net short-term capital
gains will be distributed once each year, although the Fund may distribute
them more frequently if necessary in order to maintain net asset value at
$1.00 per share. Distributions of net capital gains, if any, are normally
declared and paid by the Fund once a year; however, the Fund does not intend
to make any such distributions from securities profits unless available loss
carryovers, if any, have been used or have expired.
In 1997 the Fund did qualify and in 1998 the Fund intends to
qualify as a "regulated investment company" under Subchapter M of the
Internal Revenue Code as amended. By so qualifying, the Fund will not be
subject to federal income taxes, nor to the federal excise tax imposed by
the Tax Reform Act of 1986, to the extent that it distributes its net
investment income and realized capital gains.
Dividends and distributions are automatically reinvested at net
asset value in additional shares. Shareholders may elect to have their
dividends and distributions paid out monthly or quarterly in cash. The
Fund's dividends of net investment income and dividends of net short-term
capital gains, whether taken in cash or reinvested in additional shares, are
taxable to shareholders as ordinary income and may qualify for the corporate
dividends-received deduction. Net long-term capital gain distributions, if
any, will generally be includable as long-term capital gain in the gross
income of shareholders who are citizens or residents of the United States.
Whether such realized securities gains and losses are long- or short-term
depends on the period the securities are held by the Fund, not the period
for which the shareholder holds shares of the Fund.
The Fund will notify shareholders annually about the tax status of
dividend and distributions paid by the Fund and the amount of dividends
withheld, if any, during the previous year. Many states do not tax the
portion of a Fund's dividends which is derived from interest on U.S.
Government obligations. State law varies considerably concerning the tax
status of dividends derived from U.S. Government obligations. Accordingly,
shareholders should consult their tax advisors about the tax status of
dividends and distributions from the Fund in their respective jurisdictions.
The Fund is required to withhold 31% of any dividends and any
long-term capital gain dividends, paid if: (a) the shareholder's social
security number or other taxpayer identification number ("TIN") is not
provided or an obviously incorrect TIN is provided: (b) the shareholder does
not certify under penalties of perjury that the TIN provided is the
shareholder's correct TIN and that the shareholder is not subject to backup
withholding under section 3406(a)(1)(C) of the Internal Revenue Code because
of underreporting; or (c) the Fund is notified by the Internal Revenue
Service that the TIN provided by the shareholder is incorrect or that there
has been underreporting of interest or dividends by the shareholder.
Affected shareholders will receive statements at least annually specifying
the amount of dividends withheld. Shareholders exempt from backup
withholding include: corporations; financial institutions; tax exempt
organizations; individual retirement plans; the U.S., a state, the District
of Columbia, a U.S. possession, a foreign government, an international
organization, or any political subdivision, agency or instrumentality of any
of the foregoing; U.S. registered commodities or securities dealers; real
estate investment trusts; registered investment companies; bank common trust
funds; certain charitable trusts; and foreign central banks of issue.
Non-resident aliens also are generally not subject to backup withholding but,
along with certain foreign partnerships and foreign corporations, may
instead be subject to withholding under section 1441 of the Internal Revenue
Code. Shareholders claiming exemption from backup withholding should call or
write the Fund for further information.
VALUATION OF SHARES
The net asset value per share, the price at which shares are
continuously issued and redeemed, is computed by dividing the value of the
Fund's total assets, less its liabilities, by the total number of shares
outstanding. The Fund's net asset value is determined every business day at
the close of the New York Stock Exchange (generally, 4:00 p.m. Eastern
time), and at such other times as may be appropriate or necessary. The Funds
do not determine net asset value on certain national holidays or other days
on which the New York Stock Exchange is closed: New Year's Day, Martin
Luther King Day, Presidents' Day, Good Friday, Memorial Day, Independence
Day, Labor Day, Thanksgiving Day, and Christmas Day.
The Fund's assets, including commitments to purchase securities on
a when-issued basis, are valued at their amortized cost which does not take
into account unrealized capital gains or losses. This involves valuing an
instrument at its cost and thereafter assuming a constant amortization to
maturity of any discount or premium, regardless of the impact of fluctuating
interest rates on the market value of the instrument. While this method
provides certainty in valuation, it may result in periods during which
value, as determined by amortized cost, is higher or lower than the price
that would be received upon sale of the instrument. During periods of
declining interest rates, the daily yield on shares of a Fund may tend to be
higher than a like computation made by a fund with identical investments
utilizing a method of valuation based upon market prices and estimates of
market prices for all of its Fund instruments. Thus, if the use of amortized
cost by a Fund resulted in a lower aggregate Fund value on a particular day,
a prospective investor in the Fund would be able to obtain a somewhat higher
yield than would result from investment in a fund utilizing solely market
values, and existing investors in the Fund would receive less investment
income. The converse would apply in a period of rising interest rates.
Rule 2a-7 under the Investment Company Act of 1940 permits the Fund
to value its assets at amortized cost if the Fund maintains a
dollar-weighted average maturity of 90 days or less and only purchases
obligations having remaining maturities of 13 months or less. Rule 2a-7
requires, as a condition of its use, that the Fund invest only in
obligations determined by the Trustees to be of high quality with minimal
credit risks and further requires the Trustees to establish procedures
designed to stabilize, to the extent reasonably possible, the Fund's price
per share as computed for the purpose of sales and redemptions at $1.00.
Such procedures include review of the Fund's investment holdings by the
Trustees, at such intervals as they may deem appropriate, to determine
whether the Fund's net asset value calculated by using available market
quotations or equivalents deviates from $1.00 per share. If such deviation
exceeds 1/2 of 1%, the Trustees will promptly consider what action, if any,
will be initiated. In the event the Trustees determine that a deviation
exists which may result in material dilution or other unfair results to
investors or existing shareholders, the Trustees will take such corrective
action as they regard as necessary and appropriate, including: the sale of
Fund instruments prior to maturity to realize capital gains or losses or to
shorten average Fund maturity; the withholding of dividends or payment of
distributions from capital or capital gains; redemptions of shares in kind;
or the establishment of a net asset value per share based upon available
market quotations.
CALCULATION OF YIELD
From time to time, the Fund advertises "yield" and "effective
yield." Both yield figures are based on historical earnings and are not
intended to indicate future performance. The "yield" refers to the actual
income generated by an investment in the Fund over a particular base period
of time. The length and closing date of the base periods will be stated in
the advertisement. If the base period is less than one year, the yield is
then "annualized." That is, the net change, exclusive of capital changes, in
the value of a share during the base period is divided by the net asset
value per share at the beginning of the period, and the result is multiplied
by 365 and divided by the number of days in the base period. Capital changes
excluded from the calculation of yield are: (1) realized gains and losses
from the sale of securities, and (2) unrealized appreciation and
depreciation. A Fund's "effective yield" for a seven-day period is its
annualized compounded average yield during the period, calculated according
to the following formula:
Effective yield = [(base period return) + 1]365/7 - 1
From time to time, the Fund may provide, for a given period,
quotations of dividend yield to shareholders or prospective investors. For
the seven-day period ended September 30, 1997, the yield and effective yield
were 5.59% and 5.75%, respectively.
ADVERTISING
The Fund or its affiliates may provide information such as, but not
limited to, the economy, investment climate, investment principles,
sociological conditions and political ambiance. Discussion may include
hypothetical scenarios or lists of relevant factors designed to aid the
investor in determining whether the Fund is compatible with the investor's
goals. The Fund may list Fund holdings or give examples or securities that
may have been considered for inclusion in the Fund, whether held or not.
The Fund or its affiliates may supply comparative performance data
and rankings from independent sources such as Donoghue's Money Fund Report,
Bank Rate Monitor, Money, Forbes, Lipper Analytical Services, Inc., CDA
Investment Technologies, Inc., Wiesenberger Investment Companies Service,
Mutual Fund Values Morningstar Ratings, Mutual Fund Forecaster, Barron's,
and The Wall Street Journal. The Fund may also cite to any source, whether
in print or on-line, such as Bloomberg, in order to acknowledge origin of
information. The Fund may compare itself or its Fund holdings to other
investments, whether or not issued or regulated by the securities industry,
including, but not limited to, certificates of deposit and Treasury notes.
The Fund, its Advisor, and its affiliates reserve the right to update
performance rankings as new rankings become available.
Calvert Group is the leading family of socially responsible mutual
funds, both in terms of socially responsible mutual fund assets under
management, and number of socially responsible mutual fund portfolios
offered (source: Social Investment Forum, November 30, 1997). Calvert Group
was also the first to offer a family of socially responsible mutual fund
portfolios.
TRUSTEES AND OFFICERS
RICHARD L. BAIRD, JR., Trustee. Mr. Baird is Executive Vice
President of the Family Health Council, Inc. in Pittsburgh, Pennsylvania, a
non-profit corporation which provides family planning services, nutrition,
maternal/child health care, and various health screening services. Mr. Baird
is a trustee/director of each of the investment companies in the Calvert
Group of Funds, except for Acacia Capital Corporation, Calvert New World
Fund and Calvert World Values Fund. DOB: 05/09/48. Address: 211 Overlook
Drive, Pittsburgh, Pennsylvania 15216.
FRANK H. BLATZ, JR., Esq., Trustee. Mr. Blatz is a partner in the
law firm of Abrams, Blatz, Gran, Hendricks & Reina, P.A. DOB: 10/29/35
Address: 900 Oak Tree Road, South Plainfield, New Jersey 07080.
FREDERICK T. BORTS, M.D., Trustee. Dr. Borts is a radiologist with
Kaiser Permanente. Prior to that, he was a radiologist at Bethlehem Medical
Imaging in Allentown, Pennsylvania. DOB: 07/23/49. Address: 2040 Nuuanu
Avenue #1805, Honolulu, Hawaii, 96817.
*CHARLES E. DIEHL, Trustee. Mr. Diehl is Vice President and
Treasurer Emeritus of the George Washington University, and has retired from
University Support Services, Inc. of Herndon, Virginia. He is also a
Director of Acacia Mutual Life Insurance Company. DOB: 10/13/22. Address:
1658 Quail Hollow Court, McLean, Virginia 22101.
DOUGLAS E. FELDMAN, M.D., Trustee. Dr. Feldman practices head and
neck reconstructive surgery in the Washington, D.C., metropolitan area. DOB:
05/23/48. Address: 7536 Pepperell Drive, Bethesda, Maryland 20817.
PETER W. GAVIAN, CFA, Trustee. Mr. Gavian is a principal of Gavian
De Vaux Associates, an investment banking firm. He was formerly President of
Corporate Finance of Washington, Inc. DOB: 12/08/32. Address: 1953 Gallows
Road, Suite 130, Vienna, Virginia 22201.
JOHN G. GUFFEY, JR., Trustee. Mr. Guffey is chairman of the Calvert
Social Investment Foundation, organizing director of the Community Capital
Bank in Brooklyn, New York, and a financial consultant to various
organizations. In addition, he is a Director of the Community Bankers Mutual
Fund of Denver, Colorado, and the Treasurer and Director of Silby, Guffey,
and Co., Inc., a venture capital firm. Mr. Guffey is a trustee/director of
each of the other investment companies in the Calvert Group of Funds, except
for Acacia Capital Corporation and Calvert New World Fund. DOB: 05/15/48.
Address: 7205 Pomander Lane, Chevy Chase, Maryland 20815.
ARTHUR J. PUGH, Trustee. Mr. Pugh serves as a Director of Acacia
Federal Savings Bank. DOB: 09/24/37. Address: 4823 Prestwick Drive, Fairfax,
Virginia 22030.
*BARBARA J. KRUMSIEK, President and Trustee. Ms. Krumsiek serves as
President, Chief Executive Officer and Vice Chairman of Calvert Group, Ltd.
and as an officer and director of each of its affiliated companies. She is
President and Director of Calvert-Sloan Advisers, L.L.C., and a
trustee/director of each of the investment companies in the Calvert Group of
Funds. DOB: 08/09/52.
*DAVID R. ROCHAT, Senior Vice President and Trustee. Mr. Rochat is
Executive Vice President of Calvert Asset Management Company, Inc., Director
and Secretary of Grady, Berwald and Co., Inc., and Director and President of
Chelsea Securities, Inc. DOB: 10/07/37. Address: Box 93, Chelsea, Vermont
05038.
*D. WAYNE SILBY, Esq., Trustee. Mr. Silby is a trustee/director of
each of the investment companies in the Calvert Group of Funds, except for
Acacia Capital Corporation and Calvert New World Fund. Mr. Silby is an
officer, director and shareholder of Silby, Guffey & Company, Inc., which
serves as general partner of Calvert Social Venture Partners ("CSVP"). CSVP
is a venture capital firm investing in socially responsible small companies.
He is also a Director of Acacia Mutual Life Insurance Company. DOB:
07/20/48. Address: 1715 18th Street, N.W., Washington, D.C. 20009.
M. CHARITO KRUVANT, Trustee. Ms. Kruvant is President of Creative
Associates International, Inc., a firm that specializes in human resources
development, information management, public affairs and private enterprise
development. DOB: 12/08/45. Address: 5301 Wisconsin Avenue, N.W. Washington,
D.C. 20015.
RENO J. MARTINI, Senior Vice President. Mr. Martini is Senior Vice
President of Calvert Group, Ltd., and Senior Vice President and Chief
Investment Officer of Calvert Asset Management Company, Inc. Mr. Martini is
also a director and President of Calvert-Sloan Advisers, L.L.C., and a
director and officer of Calvert New World Fund. DOB: 01/13/50.
RONALD M. WOLFSHEIMER, CPA, Treasurer. Mr. Wolfsheimer is Senior
Vice President and Controller of Calvert Group, Ltd. and its subsidiaries
and an officer of each of the other investment companies in the Calvert
Group of Funds. Mr. Wolfsheimer is Vice President and Treasurer of
Calvert-Sloan Advisers, L.L.C., and a director of Calvert Distributors, Inc.
DOB: 07/24/52.
WILLIAM M. TARTIKOFF, Esq., Vice President and Secretary. Mr.
Tartikoff is an officer of each of the investment companies in the Calvert
Group of Funds, and is Senior Vice President, Secretary, and General Counsel
of Calvert Group, Ltd., and each of its subsidiaries. Mr. Tartikoff is Vice
President and Secretary of Calvert-Sloan Advisers, L.L.C., and is an officer
of Acacia National Life Insurance Company. DOB: 08/12/47.
DANIEL K. HAYES, Vice President. Mr. Hayes is Vice President of
Calvert Asset Management Company, Inc., and is an officer of each of the
other investment companies in the Calvert Group of Funds, except for Calvert
New World Fund. DOB: 09/09/50.
SUSAN WALKER BENDER, Esq., Assistant Secretary. Ms. Bender is
Associate General Counsel of Calvert Group, Ltd. and an officer of each of
its subsidiaries and Calvert-Sloan Advisers, L.L.C. She is also an officer
of each of the other investment companies in the Calvert Group of Funds.
DOB: 01/29/59.
KATHERINE STONER, Esq., Assistant Secretary. Ms. Stoner is
Associate General Counsel of Calvert Group and an officer of each of its
subsidiaries and Calvert-Sloan Advisers, L.L.C. She is also an officer of
each of the other investment companies in the Calvert Group of Funds. DOB:
10/21/56.
LISA CROSSLEY NEWTON, Esq., Assistant Secretary and Compliance Officer. Ms.
Crossley is Associate General Counsel of Calvert Group and an officer of each of
its subsidiaries and Calvert-Sloan Advisers, L.L.C. She is also an officer of
each of the other investment companies in the Calvert Group of Funds. DOB:
12/31/61.
IVY WAFFORD DUKE, Esq., Assistant Secretary. Ms. Duke is Assistant
Counsel of Calvert Group and an officer of each of its subsidiaries and
Calvert-Sloan Advisers, L.L.C. She is also an officer of each of the other
investment companies in the Calvert Group of Funds. DOB: 09/07/68.
The address of directors and officers, unless otherwise noted, is
4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. Trustees and
officers of the fund as a group own less than 1% of the Fund's outstanding
shares. Trustees marked with an *, above, are "interested persons" of the
Fund, under the Investment Company Act of 1940.
Each of the above directors/trustees and officers is a
director/trustee or officer of each of the investment companies in the
Calvert Group of Funds with the exception of Calvert Social Investment Fund,
of which only Messrs. Baird, Guffey, Silby and Ms. Krumsiek are among the
trustees, Acacia Capital Corporation, of which only Messrs. Blatz, Diehl,
Pugh and Ms. Krumsiek are among the directors, Calvert World Values Fund,
Inc., of which only Messrs. Guffey, Silby and Ms. Krumsiek are among the
directors, and Calvert New World Fund, Inc., of which only Ms. Krumsiek and
Mr. Martini are among the directors.
The Audit Committee of the Board is composed of Messrs. Baird,
Blatz, Feldman, Guffey and Pugh. The Board's Investment Policy Committee is
composed of Messrs. Borts, Diehl, Gavian, Rochat, Silby and Ms. Krumsiek.
During fiscal 1997, trustees of the Fund not affiliated with the
Fund's Advisor were paid $45,115. Trustees of the Fund not affiliated with
the Advisor presently receive an annual fee of $20,500 for service as a
member of the Board of Trustees of the Calvert Group of Funds, and a fee of
$750 to $1,500 for each regular Board or Committee meeting attended; such
fees are allocated among the respective Funds on the basis of net assets.
Trustees of the Fund not affiliated with the Fund's Advisor may
elect to defer receipt of all or a percentage of their fees and invest them
in any fund in the Calvert Group of Funds through the Trustees Deferred
Compensation Plan (shown as "Pension or Retirement Benefits Accrued as part
of Fund Expenses," below). Deferral of the fees is designed to maintain the
parties in the same position as if the fees were paid on a current basis.
Management believes this will have a negligible effect on the Fund's assets,
liabilities, net assets, and net income per share, and will ensure that
there is no duplication of advisory fees.
Trustee Compensation Table
Fiscal Aggregate Pension Total
Year Compensation or Compensation
1997 from Retirement from
Registrant Benefits Registrant
for Service Accrued and Fund
as Trustee as Part of Complex
Registrant paid to
Expenses* Trustee**
Name of Trustee
Richard L. Baird, Jr. $3,181 $0 $34,450
Frank H. Blatz, Jr. $3,975 $3,975 $46,000
Frederick T. Borts $3,165 $0 $32,500
Charles E. Diehl $3,909 $3,909 $44,500
Douglas E. Feldman $3,560 $0 $32,500
Peter W. Gavian $3,666 $1,556 $38,500
John G. Guffey, Jr. $3,818 $0 $61,615
M. Charito Kruvant $3,421 $0 $36,250
Arthur J. Pugh $4,150 $216 $48,250
D. Wayne Silby $3,421 $0 $62,830
*Messrs. Blatz, Diehl, Gavian and Pugh have chosen to defer a portion of
their compensation. As of September 30, 1997, total deferred compensation,
including dividends and capital appreciation, was $542,400.28, $550,026.46,
$132,815.21, and $195,548.47, for each trustee, respectively.
**As of December 31, 1997, the Fund Complex consists of nine (9) registered
investment companies.
INVESTMENT ADVISOR
The Fund's Investment Advisor is Calvert Asset Management Company,
Inc., 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814, a
subsidiary of Calvert Group, Ltd., which is a subsidiary of Acacia Mutual
Life Insurance Company of Washington, D.C. ("Acacia Mutual").
The Advisory Contract between the Fund and the Advisor will remain
in effect until January 1, 1999, and from year to year thereafter, provided
continuance is approved at least annually by the vote of the holders of a
majority of the outstanding shares of the Fund, or by the Trustees of the
Fund; and further provided that such continuance is also approved annually
by the vote of a majority of the Trustees of the Fund who are not parties to
the Advisory Contract or interested persons of such parties, cast in person
at a meeting called for the purpose of voting on such approval. The Advisory
Contract may be terminated without penalty by either party on 60 days' prior
written notice; it automatically terminates in the event of its assignment.
Under the Advisory Contract, the Advisor manages the investment and
reinvestment of the Fund's assets, subject to the direction and control of
the Fund's Board of Trustees. For its services, the Advisor receives an
annual fee, payable monthly, of 0.25% of the Fund's average daily net
assets. Prior to November 6, 1996 the contractual fee was 0.50% of the first
$500 million of the Fund's average daily net assets, 0.475% of the next $500
million of such assets, 0.45% of the next $500 million of such assets,
0.425% of the next $500 million of such assets, and 0.40% of all such assets
over $2 billion. From July 1, 1996 to November 6, 1996, a portion of the fee
was waived.
The Advisor provides the Fund with investment supervision and
management, administrative services, office space, furnishes executive and
other personnel to the Fund, and pays the salaries and fees of all Trustees
who are affiliated persons of the Advisor. The Advisor may assume and pay
certain Fund advertising and promotional expenses and reserves the right to
compensate broker-dealers in consideration of their promotional or
administrative services.
The Fund pays all other expenses including: custodial fees;
shareholder servicing, dividend disbursing and transfer agency fees; federal
and state securities registration fees; insurance premiums; trade
association dues; interest, taxes and other business fees; legal and audit
fees; and brokerage commissions and other costs associated with the purchase
and sale of Fund securities.
The advisory fees accrued for the 1995, 1996 and 1997 fiscal years
were $378,388, $210,360, and $934,322, respectively. During 1995, 1996, and
1997 fiscal years, the Advisor voluntarily waived fees or assumed expenses
of $71,798, $198,710, and $1,107,017, respectively, which were not charged
to the Fund.
Calvert Administrative Services Company ("CASC"), an affiliate of
the Advisor, has been retained by the Fund to provide certain administrative
services necessary to the conduct of its affairs, including the preparation
of regulatory filings and shareholder reports, the daily determination of
its net asset value per share and dividends, and the maintenance of its
portfolio and general accounting records. For the 1996 and 1997 fiscal
periods, CASC received $13,365 and $176,987 in administrative fees,
respectively.
TRANSFER AND SHAREHOLDER SERVICING AGENTS
National Financial Data Services, Inc. ("NFDS"), a subsidiary of
State Street Bank & Trust, has been retained by the Fund to act as transfer
agent and dividend disbursing agent. These responsibilities include:
responding to certain shareholder inquiries and instructions, crediting and
debiting shareholder accounts for purchases and redemptions of Fund shares
and confirming such transactions, and daily updating of shareholder accounts
to reflect declaration and payment of dividends.
Calvert Shareholder Services, Inc., a subsidiary of Calvert Group,
Ltd., and Acacia Mutual, has been retained by the Fund to act as shareholder
servicing agent. Shareholder servicing responsibilities include responding
to shareholder inquiries and instructions concerning their accounts,
entering any telephoned purchases or redemptions into the NFDS system,
maintenance of broker-dealer data, and preparing and distributing statements
to shareholders regarding their accounts. Calvert Shareholder Services, Inc.
was the sole transfer agent prior to January 1, 1998. For these services,
NFDS and Calvert Shareholder Services, Inc. receive a total fee of $14.00
per shareholder account and $1.60 per shareholder transaction.
INDEPENDENT ACCOUNTANTS AND CUSTODIANS
Coopers & Lybrand, L.L.P. has been selected by the Board of
Trustees to serve as independent auditors for fiscal year 1998. State Street
Bank & Trust Company, N.A., 225 Franklin Street, Boston, MA 02110, serves as
custodian of the Fund's investments. First National Bank of Maryland, 25
South Charles Street, Baltimore, Maryland 21203 also serves as custodian of
certain of the Fund's cash assets. The custodian has no part in deciding the
Fund's investment policies or the choice of securities that are to be
purchased or sold for the Fund's Funds.
METHOD OF DISTRIBUTION
The Fund has entered into an agreement with Calvert Distributors,
Inc. ("CDI") whereby CDI, acting as principal underwriter for the Fund,
makes a continuous offering of the Fund's securities on a "best efforts"
basis. Under the terms of the agreement, CDI was entitled to receive,
pursuant to the Fund's Distribution Plan, a distribution service fee from
the Fund of 0.35% of its average daily net assets. However, this
Distribution Plan was terminated, effective June 30, 1996.
For the 1995, 1996, and 1997 fiscal years, the Fund paid
Distribution Plan expenses of $315,130, $53,695, and $0, respectively. Apart
from the Plan, the Advisor and the principal underwriter, at their own
expense, may incur costs and pay expenses associated with the distribution
of shares of the Fund.
PORTFOLIO TRANSACTIONS
Transactions are allocated to various underwriters and
broker-dealers by the Fund's Advisor. Newly issued securities are purchased
from underwriters acting as principals at prices which include underwriting
fees. Purchases of securities in the secondary market and all sales are
placed with broker-dealers who may be acting as agents or principals.
Broker-dealers who execute Fund transactions on behalf of the Fund are
selected primarily on the basis of their execution capability and
secondarily on the value and quality of their services. The Advisor may
place orders for the purchase or sale of Fund securities with qualified
broker-dealers who provide it with statistical, research, or other
information and services. Such broker-dealers may receive compensation for
executing Fund transactions that is in excess of the compensation another
broker-dealer would have received for executing such transactions if the
Advisor determines in good faith that such compensation is reasonable in
relation to the value of the information or services that have been
provided. During the fiscal years ended September 30, 1995 and 1996, no
brokerage commissions were paid by the Fund to any broker-dealer, officer or
director of the Fund or any of their affiliates. For fiscal year 1997,
aggregate brokerage commissions paid to broker-dealers was $0.
The Advisor may also execute Fund transactions with or through
broker-dealers who have sold shares of the Fund. However, such sales will
not be a qualifying or disqualifying factor in a broker-dealer's selection
nor will the selection of any broker-dealer be based on the volume of Fund
shares sold.
GENERAL INFORMATION
The Fund is the only series of a Massachusetts business trust
organized on March 16, 1982, under the name Calvert Cash Reserves, doing
business as Money Management Plus. The Fund is no longer doing business as
Money Management Plus, effective June 30, 1996. The Fund's Declaration of
Trust contains an express disclaimer of shareholder liability for acts or
obligations of the Fund. The shareholders of a Massachusetts business trust
might, however, under certain circumstances, be held personally liable as
partners for its obligations. The Declaration of Trust provides for
indemnification and reimbursement of expenses out of Fund assets for any
shareholder held personally liable for obligations of the Fund. The
Declaration of Trust provides that the Fund shall, upon request, assume the
defense of any claim made against any shareholder for any act or obligation
of the Fund and satisfy any judgment thereon. The Declaration of Trust
further provides that the Fund may maintain appropriate insurance (for
example, fidelity bonding and errors and omissions insurance) for the
protection of the Fund, its shareholders, Trustees, officers, employees, and
agents to cover possible tort and other liabilities. Thus, the risk of a
shareholder incurring financial loss on account of shareholder liability is
limited to circumstances in which both inadequate insurance exists and the
Fund itself is unable to meet its obligations.
The Fund will send its shareholders unaudited semi-annual and
audited annual reports that will include the Fund's net asset value per
share, Fund securities, income and expenses, and other financial information.
This Statement of Additional Information does not contain all the
information in the Fund's registration statement. The registration statement
is on file with the Securities and Exchange Commission and is available to
the public.
FINANCIAL STATEMENTS
The audited financial statements included in the Annual Report to
Shareholders dated September 30, 1997, are expressly incorporated by
reference and made a part of this Statement of Additional Information.
Copies of this Report may be obtained free of charge by writing or calling
the Fund.
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
As of January 2, 1998, the following shareholders owned of record
5% or more of the Fund:
Name and Address % of Ownership
Leland Stanford Jr. University 5.54%
CEFA N
2770 Sand Hill Road
Menlo Park, California 94025-7020
The Stanley Works 17.85%
Darice A. McLellan Adm.
1000 Stanley Drive
New Britain, Connecticut 06053-1675
APPENDIX
Commercial Paper Ratings
Commercial paper rated A-1 by Standard & Poor's Corporation has the
following characteristics: liquidity ratios are adequate to meet cash
requirements; long-term senior debt is rated "A" or better; the issuer has
access to at least two additional channels of borrowing; basic earnings and
cash flow have an upward trend with allowance made for unusual
circumstances; typically, the issuer's industry is well established and the
issuer has a strong position within the industry; and the reliability and
quality of management are unquestioned. The relative strength or weakness of
the above factors determines whether an issuer's commercial paper is rated
Al, A2, or A3.
The rating Prime-1 is the highest commercial paper rating assigned
by Moody's Investors Service, Inc. Among the factors considered by Moody's
in assigning rating are the following: evaluation of the management of the
issuer; economic evaluation of the issuer's industry or industries and an
appraisal of speculative-type risks which may be inherent in certain areas;
evaluation of the issuer's products in relation to competition and customer
acceptance; liquidity; amount and quality of long-term debt; trend of
earnings over a period of ten years; financial strength of a parent company
and the relationships which exist with the issuer; and recognition by the
management of obligations which may be present or may arise as a result of
public interest question and preparations to meet such obligations.
<PAGE>
PART C. OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial statements
Financial statements incorporated by reference to:
All financial statements for Calvert Cash Reserves
are incorporated by reference to Registrant's
Annual Report to Shareholders dated September 30, 1997,
and filed December 10, 1997.
Schedules II-VII, inclusive, for which provision is made
in the applicable accounting regulation of the
Securities and Exchange Commission, are omitted because
they are not required under the related instructions,
or they are inapplicable, or the required information
is presented in the financial statements or notes
thereto.
(b) Exhibits:
1. Declaration of Trust (incorporated by
reference to Registrant's Initial Registration
Statement, March 16, 1982).
2. By-Laws (incorporated by reference to
Registrant's Pre-Effective Amendment No. 2,
August 31, 1982).
4. Specimen Stock Certificate (incorporated by
reference to Registrant's Pre-Effective
Amendment No. 2, August 31, 1982).
5. Advisory Contract (incorporated by reference
to Registrant's Post-Effective Amendment No.
4, December 31, 1984).
6. Underwriting and Dealer Agreements
(incorporated by reference to Registrant's
Post-Effective Amendment No. 17, January 31,
1995).
7. Trustees' Deferred Compensation Agreement
(incorporated by reference to Registrant's
Post-Effective Amendment No. 12, January 31,
1992).
8. Custodial Contract (incorporated by reference
to Registrant's Post-Effective Amendment No.
13, September 30, 1992).
9. Transfer Agency Contract (incorporated by
reference to Registrant's Post-Effective
Amendment No. 4, December 31, 1984).
10. Opinion and Consent of Counsel as to Legality
of Shares Being Registered.
11. Consent of Independent Accountants to
Use of Report.
14. Retirement Plans,(incorporated by reference to
Registrant's Post-Effective Amendment No. 12,
January 31, 1992).
15. Rule 12b-1 Distribution Plan (incorporated by
reference to Registrant's Pre-Effective
Amendment No. 2, August 31, 1982).
16. Schedule for Calculation of Performance
Quotation (incorporated by reference to
Registrant's Post-Effective Amendment No. 9,
January 30, 1989).
Exhibits 3, 12 and 13 are omitted because they are inapplicable.
Item 25. Persons Controlled By or Under Common Control With Registrant
Registrant is controlled by its Board of Trustees, which is a
common Board with five registered investment companies, Calvert Tax-Free
Reserves, First Variable Rate Fund for Government Income, Calvert Cash
Reserves, The Calvert Fund, and Calvert Municipal Fund, Inc. In addition,
certain members of Registrant's Board of Trustees also serve on the Boards of
Calvert Social Investment Fund, Acacia Capital Corporation, Calvert World
Values Fund, Inc., and Calvert New World Fund, Inc.
Item 26. Number of Holders of Securities
As of December 31, 1997, there were 60 holders of record of
Registrant's shares of beneficial interest for Institutional Prime Fund.
Item 27. Indemnification
Registrant's Declaration of Trust, which Declaration is Exhibit
1 of this Registration Statement, provides, in summary, that officers,
trustees, employees, and agents shall be indemnified by Registrant
against liabilities and expenses incurred by such persons in connection
with actions, suits, or proceedings arising out of their offices or
duties of employment, except that no indemnification can be made to such
a person if he has been adjudged liable of willful misfeasance, bad
faith, gross negligence, or reckless disregard of his duties. In the
absence of such an adjudication, the determination of eligibility for
indemnification shall be made by independent counsel in a written
opinion or by the vote of a majority of a quorum of trustees who are
neither "interested persons" of Registrant, as that term is defined in
Section 2(a)(19) of the Investment Company Act of 1940, nor parties to
the proceeding.
Registrant's Declaration of Trust also provides that Registrant
may purchase and maintain liability insurance on behalf of any officer,
trustee, employee or agent against any liabilities arising from such
status. In this regard, Registrant maintains a Directors & Officers
(Partners) Liability Insurance Policy with Chubb Group of Insurance
Companies, 15 Mountain View Road, Warren, New Jersey 07061, providing
Registrant with $5 million in directors and officers liability coverage,
plus $3 million in excess directors and officers liability coverage for
the independent trustees/directors only. Registrant also maintains an
$8 million Investment Company Blanket Bond issued by ICI Mutual
Insurance Company, P.O. Box 730, Burlington, Vermont, 05402.
Item 28. Business and Other Connections of Investment Adviser
Name of Company, Principal
Name Business and Address Capacity
Barbara J. Krumsiek Acacia Capital Corporation Officer
Calvert Municipal Fund, Inc. and
Calvert World Values Fund, Inc. Director
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
First Variable Rate Fund for Officer
Government Income and
Calvert Tax-Free Reserves Trustee
Calvert Social Investment Fund
Calvert Cash Reserves
The Calvert Fund
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Asset Management Co., Inc. Officer
Investment Advisor and
4550 Montgomery Avenue Director
Bethesda, Maryland 20814
----------------
Calvert Group, Ltd. Officer
Holding Company and
4550 Montgomery Avenue Director
Bethesda, Maryland 20814
----------------
Calvert Shareholder Services, Inc. Officer
Transfer Agent and
4550 Montgomery Avenue Director
Bethesda, Maryland 20814
---------------
Calvert Administrative Services Co. Officer
Service Company and
4550 Montgomery Avenue Director
Bethesda, Maryland 20814
---------------
Calvert Distributors, Inc. Officer
Broker-Dealer and
4550 Montgomery Avenue Director
Bethesda, Maryland 20814
---------------
Calvert-Sloan Advisers, LLC Director
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert New World Fund, Inc. Director
Investment Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
--------------
Alliance Capital Mgmt. L.P. Sr. Vice President
Mutual Fund Division Director
1345 Avenue of the Americas
New York, NY 10105
--------------
Ronald M. Wolfsheimer First Variable Rate Fund Officer
for Government Income
Calvert Tax-Free Reserves
Calvert Cash Reserves
Calvert Social Investment Fund
The Calvert Fund
Acacia Capital Corporation
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Calvert New World Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
--------------
Calvert Asset Management Co., Inc. Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Group, Ltd. Officer
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Shareholder Services, Inc. Officer
Transfer Agent
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Administrative Services Co. Officer
Service Company and
4550 Montgomery Avenue Director
Bethesda, Maryland 20814
---------------
Calvert Distributors, Inc. Director
Broker-Dealer and
4550 Montgomery Avenue Officer
Bethesda, Maryland 20814
---------------
Calvert-Sloan Advisers, LLC Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
David R. Rochat First Variable Rate Fund Officer
for Government Income and
Calvert Tax-Free Reserves Trustee
Calvert Cash Reserves
The Calvert Fund
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Municipal Fund, Inc. Officer
Investment Company and
4550 Montgomery Avenue Director
Bethesda, Maryland 20814
---------------
Calvert Asset Management Co., Inc. Officer
Investment Advisor and
4550 Montgomery Avenue Director
Bethesda, Maryland 20814
---------------
Chelsea Securities, Inc. Officer
Securities Firm and
Post Office Box 93 Director
Chelsea, Vermont 05038
---------------
Grady, Berwald & Co. Officer
Holding Company and
43A South Finley Avenue Director
Basking Ridge, NJ 07920
---------------
Reno J. Martini Calvert Asset Management Co., Inc. Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Group, Ltd. Officer
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
First Variable Rate Fund Officer
for Government Income
Calvert Tax-Free Reserves
Calvert Cash Reserves
Calvert Social Investment Fund
The Calvert Fund
Acacia Capital Corporation
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert New World Fund, Inc. Director
Investment Company and
4550 Montgomery Avenue Officer
Bethesda, Maryland 20814
---------------
Calvert-Sloan Advisers, LLC Director
Investment Advisor and
4550 Montgomery Avenue Officer
Bethesda, Maryland 20814
---------------
Charles T. Nason Acacia Mutual Life Insurance Officer
Acacia National Life Insurance and Director
Insurance Companies
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Acacia Financial Corporation Officer
Holding Company and
7315 Wisconsin Avenue Director
Bethesda, Maryland 20814
---------------
Gardner Montgomery Company Director
Tax Return Preparation Services
7315 Wisconsin Avenue
Bethesda, Maryland 20814
----------------
Acacia Federal Savings Bank Director
Savings Bank
7600-B Leesburg Pike
Falls Church, Virginia 22043
---------------
Enterprise Resources, Inc. Director
Business Support Services
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Acacia Insurance Management Officer
Services Corporation and
Service Corporation Director
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Calvert Group, Ltd. Director
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Administrative Services Co. Director
Service Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Asset Management Co., Inc. Director
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Shareholder Services, Inc. Director
Transfer Agent
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Social Investment Fund Trustee
Investment Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
-----------------
The Advisors Group, Inc. Director
Broker-Dealer and
Investment Advisor
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Robert-John H. Acacia National Life Insurance Officer
Sands Insurance Company and
7315 Wisconsin Avenue Director
Bethesda, Maryland 20814
----------------
Acacia Mutual Life Insurance Officer
Insurance Company
7315 Wisconsin Avenue
Bethesda, Maryland 20814
----------------
Acacia Financial Corporation Officer
Holding Company and
7315 Wisconsin Avenue Director
Bethesda, Maryland 20814
----------------
Acacia Federal Savings Bank Officer
Savings Bank
7600-B Leesburg Pike
Falls Church, Virginia 22043
---------------
Enterprise Resources, Inc. Director
Business Support Services
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Acacia Realty Corporation Officer
Real Estate Investments
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Acacia Insurance Management Officer
Services Corporation and
Service Corporation Director
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Gardner Montgomery Company Officer
Tax Return and
Preparation Services Director
7315 Wisconsin Avenue
Bethesda, Maryland 20814
----------------
The Advisors Group, Inc. Director
Broker-Dealer and
Investment Advisor
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Calvert Group, Ltd. Director
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Administrative Services Co. Director
Service Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Asset Management, Co., Inc. Director
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Shareholder Services, Inc. Director
Transfer Agent
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
William M. Tartikoff Acacia National Life Insurance Officer
Insurance Company
7315 Wisconsin Avenue
Bethesda, Maryland 20814
----------------
First Variable Rate Fund for Officer
Government Income
Calvert Tax-Free Reserves
Calvert Cash Reserves
Calvert Social Investment Fund
The Calvert Fund
Acacia Capital Corporation
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Calvert New World Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Group, Ltd. Officer
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Administrative Officer
Services Company
Service Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Asset Management Co. Inc. Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Shareholder Services, Inc. Officer
Transfer Agent
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Distributors, Inc. Director
Broker-Dealer and
4550 Montgomery Avenue Officer
Bethesda, Maryland 20814
----------------
Calvert-Sloan Advisers, LLC Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Susan Walker Bender Calvert Group, Ltd. Officer
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Administrative Services Co. Officer
Service Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Asset Management Co., Inc. Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Shareholder Services, Inc. Officer
Transfer Agent
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Distributors, Inc. Officer
Broker-Dealer
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert-Sloan Advisers, LLC Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
First Variable Rate Fund for Officer
Government Income
Calvert Tax-Free Reserves
Calvert Cash Reserves
Calvert Social Investment Fund
The Calvert Fund
Acacia Capital Corporation
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Calvert New World Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Katherine Stoner Calvert Group, Ltd. Officer
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Administrative Services Co. Officer
Service Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Asset Management Co., Inc. Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Shareholder Services, Inc. Officer
Transfer Agent
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Distributors, Inc. Officer
Broker-Dealer
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert-Sloan Advisers, LLC Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
First Variable Rate Fund for Officer
Government Income
Calvert Tax-Free Reserves
Calvert Cash Reserves
Calvert Social Investment Fund
The Calvert Fund
Acacia Capital Corporation
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Calvert New World Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Lisa Crossley Newton Calvert Group, Ltd. Officer
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Administrative Services Co. Officer
Service Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Asset Management Co., Inc. Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Shareholder Services, Inc. Officer
Transfer Agent
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Distributors, Inc. Officer
Broker-Dealer
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert-Sloan Advisers, LLC Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
First Variable Rate Fund for Officer
Government Income
Calvert Tax-Free Reserves
Calvert Cash Reserves
Calvert Social Investment Fund
The Calvert Fund
Acacia Capital Corporation
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Calvert New World Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Ivy Wafford Duke Calvert Group, Ltd. Officer
Holding Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Administrative Services Co. Officer
Service Company
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Calvert Asset Management Co., Inc. Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Shareholder Services, Inc. Officer
Transfer Agent
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert Distributors, Inc. Officer
Broker-Dealer
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
Calvert-Sloan Advisers, LLC Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
----------------
First Variable Rate Fund for Officer
Government Income
Calvert Tax-Free Reserves
Calvert Cash Reserves
Calvert Social Investment Fund
The Calvert Fund
Acacia Capital Corporation
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Calvert New World Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Daniel K. Hayes Calvert Asset Management Co., Inc. Officer
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
------------------
First Variable Rate Fund for Officer
Government Income
Calvert Tax-Free Reserves
Calvert Cash Reserves
Calvert Social Investment Fund
The Calvert Fund
Acacia Capital Corporation
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
------------------
Steve Van Order Calvert Asset Management Officer
Company, Inc.
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
------------------
Annette Krakovitz Calvert Asset Management Officer
Company, Inc.
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
------------------
John Nichols Calvert Asset Management Officer
Company, Inc.
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
------------------
David Leach Calvert Asset Management Officer
Company, Inc.
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
------------------
Item 29. Principal Underwriters
(a) Registrant's principal underwriter also underwrites
shares of First Variable Rate Fund for Government Income, Calvert
Tax-Free Reserves, Calvert Social Investment Fund, The Calvert Fund,
Calvert Municipal Fund, Inc., Calvert World Values Fund, Inc.,
Calvert New World Fund, Inc., and Acacia Capital Corporation.
(b) Positions of Underwriter's Officers and Directors
Name and Principal Position(s) with Position(s) with
Business Address Underwriter Registrant
Barbara J. Krumsiek Director and President President and Trustee
Ronald M. Wolfsheimer Director, Senior Vice Treasurer
President and Chief Financial Officer
William M. Tartikoff Director, Senior Vice Vice President and
President and Secretary Secretary
Karen Becker Vice President, Operations None
Steve Cohen Vice President None
Geoffrey Ashton Regional Vice President None
Martin Brown Regional Vice President None
Janet Haley Regional Vice President None
Ben Ogbogu Regional Vice President None
Susan Walker Bender Assistant Secretary Assistant Secretary
Katherine Stoner Assistant Secretary Assistant Secretary
Lisa Crossley Newton Assistant Secretary Assistant Secretary
and Compliance Officer
Ivy Wafford Duke Assistant Secretary Assistant Secretary
(c) Inapplicable.
Item 30. Location of Accounts and Records
Ronald M. Wolfsheimer, Treasurer
and
William M. Tartikoff, Assistant Secretary
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
Item 31. Management Services
Not Applicable
Item 32. Undertakings
a) Not Applicable
b) Not Applicable
(c) The Registrant undertakes to furnish to each person to
whom a Prospectus is delivered, a copy of the
Registrant's latest Annual Report to Shareholders, upon
request and without charge.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and
the Investment Company Act of 1940, the Registrant certifies that it
meets all of the requirements for effectiveness of this registration
statement pursuant to Rule 485(b) under the Securities Act of 1933 and
has duly caused this registration statement to be signed on its behalf
by the undersigned, thereto duly authorized in the City of Bethesda, and
State of Maryland, on the 21st day of January, 1998.
CALVERT CASH RESERVES
By:
_________________________________
Barbara J. Krumsiek
President and Trustee
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed below by the following
persons in the capacities indicated.
Signature Title Date
__________**____________ President and 1/21/98
Barbara J. Krumsiek Trustee (Principal Executive Officer)
__________**____________ Principal Accounting 1/21/98
Ronald M. Wolfsheimer Officer
__________**____________ Trustee 1/21/98
Richard L. Baird, Jr.
__________**____________ Trustee 1/21/98
Frank H. Blatz, Jr., Esq.
__________**____________ Trustee 1/21/98
Frederick T. Borts, M.D.
__________**____________ Trustee 1/21/98
Charles E. Diehl
__________**____________ Trustee 1/21/98
Douglas E. Feldman
__________**____________ Trustee 1/21/98
Peter W. Gavian
__________**____________ Trustee 1/21/98
John G. Guffey, Jr.
__________**____________ Trustee 1/21/98
M. Charito Kruvant
__________**____________ Trustee 1/21/98
Arthur J. Pugh
__________**____________ Trustee 1/21/98
David R. Rochat
__________**____________ Trustee 1/21/98
D. Wayne Silby
** Signed by Susan Walker Bender pursuant to power of attorney,
attached hereto.
<PAGE>
Exhibit Index
Form N-1A
Item No.
Exhibit-23
24(b)(10) Form of Opinion and Consent of Counsel
Exhibit-23A
24(b)(11) Independent Auditors' Consent
Exhibit-24 Power of Attorney
Exhibit 10
January 21, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Exhibit 10, Form N-1A
Calvert Cash Reserves
File numbers 2-76527 and 811-3418
Ladies and Gentlemen:
As counsel to Calvert Cash Reserves (the "Trust"), it is my opinion,
based upon an examination of the Trust's Declaration of Trust and By-Laws and
such other original or photostatic copies of Trust records, certificates of
public officials, documents, papers, statutes, and authorities as I deemed
necessary to form the basis of this opinion, that the securities being
registered by this Post-Effective Amendment No. 22 of the Trust will, when
sold, be legally issued, fully paid and non-assessable.
Consent is hereby given to file this opinion of counsel with the
Securities and Exchange Commission as an Exhibit to the Trust's Post-Effective
Amendment No. 22 to its Registration Statement.
Sincerely,
Susan Walker Bender
Associate General Counsel
CONSENT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Calvert Cash Reserves
We consent to the incorporation by reference in Post-Effective Amendment
No. 22 to the Registration Statement of Calvert Cash Reserves on Form N-1A (File
Numbers 2-76527 and 811-3418) of our report dated November 7, 1997 on our audit
of the financial statements and financial highlights of Institutional Prime
Fund, which report is included in the Annual Report to Shareholders for the year
ended September 30, 1997 which is incorporated by reference in the Registration
Statement. We also consent to the reference to our firm under the caption
"Independent Accountants and Custodians" in the Statement of Additional
Information.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
January 21, 1998
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Edwidge Saint-Felix Barbara Krumsiek
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Edwidge Saint-Felix Richard L. Baird, Jr.
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Charles E. Diehl Frank H. Blatz, Jr.
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Edwidge Saint-Felix Douglas E. Feldman
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Frank H. Blatz, Jr. Charles E. Diehl
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Edwidge Saint-Felix Peter W. Gavian
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
M. Charito Kruvant John G. Guffey, Jr.
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Edwidge Saint-Felix M. Charito Kruvant
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Charles E. Diehl Arthur J. Pugh
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Katherine Stoner David R. Rochat
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
May 7, 1997
Date /Signature/
Edwidge Saint-Felix D. Wayne Silby
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned Trustee/Director of First Variable Rate Fund for
Government Income, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund, and Calvert Municipal Fund, Inc. (collectively, the "Funds"),
hereby constitute Ronald M. Wolfsheimer, William M. Tartikoff, Susan Walker
Bender, Katherine Stoner, Lisa Crossley, and Ivy Wafford Duke my true and
lawful attorneys, with full power to each of them, to sign for me and in my
name in the appropriate capacities, all registration statements and amendments
filed by the Funds with any federal or state agency, and to do all such things
in my name and behalf necessary for registering and maintaining registration
or exemptions from registration of the Funds with any government agency in any
jurisdiction, domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
January 16, 1998
Date /Signature/
Roger Wilkins Frederick Borts, M.D.
Witness Name of Trustee/Director
<PAGE>
POWER OF ATTORNEY
I, the undersigned officer of Calvert Social Investment Fund, Calvert
World Values Fund, Acacia Capital Corporation, Calvert New World Fund, First
Variable Rate Fund, Calvert Tax-Free Reserves, Calvert Cash Reserves, The
Calvert Fund and Calvert Municipal Fund (each, respectively, the "Fund"),
hereby constitute William M. Tartikoff, Susan Walker Bender, Katherine Stoner,
Lisa Crossley, and Ivy Wafford Duke my true and lawful attorneys, with full
power to each of them, to sign for me and in my name in the appropriate
capacities, all registration statements and amendments filed by the Fund with
any federal or state agency, and to do all such things in my name and behalf
necessary for registering and maintaining registration or exemptions from
registration of the Fund with any government agency in any jurisdiction,
domestic or foreign.
The same persons are authorized generally to do all such things in my
name and behalf to comply with the provisions of all federal, state and
foreign laws, regulations, and policy pronouncements affecting the Funds,
including, but not limited to, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Investment Company Act of 1940, the Investment
Advisers Act of 1940, and all state laws regulating the securities industry.
The same persons are further authorized to sign my name to any
document needed to maintain the lawful operation of the Funds in connection
with any transaction approved by the Board of Trustee/Directors.
When any of the above-referenced attorneys signs my name to any
document in connection with maintaining the lawful operation of the Funds, the
signing is automatically ratified and confirmed by me by virtue of this Power
of Attorney.
WITNESS my hand on the date set forth below.
December 16, 1997
Date /Signature/
William M. Tartikoff Ronald M. Wolfsheimer
Witness Name of Officer
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000701219
<NAME> CALVERT CASH RESERVES
<SERIES>
<NUMBER> 164
<NAME> INSTITUTIONAL PRIME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 373787
<INVESTMENTS-AT-VALUE> 373787
<RECEIVABLES> 1519
<ASSETS-OTHER> 264
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 375570
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219
<TOTAL-LIABILITIES> 219
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 375355
<SHARES-COMMON-STOCK> 375353
<SHARES-COMMON-PRIOR> 131217
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 375351
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19861
<OTHER-INCOME> 0
<EXPENSES-NET> 201
<NET-INVESTMENT-INCOME> 19660
<REALIZED-GAINS-CURRENT> (4)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 19656
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19660
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4326893
<NUMBER-OF-SHARES-REDEEMED> 4096022
<SHARES-REINVESTED> 13265
<NET-CHANGE-IN-ASSETS> 244136
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 934
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1349
<AVERAGE-NET-ASSETS> 488718
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .055
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.055)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
