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. 24 XX
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 24 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
XX Immediately upon filing __ on (date)
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>
KS:\\SAREK\Legalshr\EE\CCR\PEA#24\CCRPROS.rtf
PROSPECTUS January 31, 1999
Calvert Cash Reserves
Institutional Prime Fund
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.
Table of Contents Page
About the Fund
Investment goal 2
Investment strategies and risks 2
Performance chart 3
Fees and expenses 3
About the Advisor
Management 4
Year 2000 4
Shareholder Guide:
How to Buy Shares 4
Other Calvert Group Features 5
Dividends, Capital Gains and Taxes 6
How to Sell Shares 7
Financial Highlights 7
<PAGE>
Fundamental Goal - Investment Objective
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 seeks to maintain
a constant net asset value of $1.00 per share for the Fund.
The Fund is designed for institutional investors who are looking for a high
quality money market portfolio.
Principal Investment Strategies
The Fund's assets are invested primarily in Top-Tier Securities, such as:
high-quality short-term investments, including US Government and agency
or instrumentality securities;
high-quality, US dollar denominated international money market
investments;
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;
reverse repurchase agreements (up to 5% of total assets);
bankers acceptances;
floating rate notes;
variable-rate demand notes; and
taxable municipal securities.
Rule 2a-7 under the Investment Company Act of 1940 applies to every money
market fund to ensure that a money market fund invests only in high quality
obligations, takes minimal credit risks, and has a stable price per share. The
Fund invests in accordance with Rule 2a-7 under the Investment Company Act of
1940, as amended.
Risks of investing
The yield of the Fund will vary daily, depending on market interest rates, and
tends to follow the same direction as the rates.
Dividends paid by the Fund will fluctuate as interest rates and net investment
income fluctuate.
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.
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.
The sudden credit deterioration of a holding could cause the yield or overall
value of the Fund to decrease. The Fund limits the amount it invests in any
one issuer to lessen exposure.
An investment in the Fund is not a deposit of any bank and is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the Fund.
Bar Chart and Performance Table
The bar chart and table below show the Fund's annual returns and its
long-term performance by calendar year. The chart shows how the performance
has varied from year to year. Prior to July 1, 1996, the Fund was known as
Money Management Plus Prime, and was not an institutional fund. Therefore, the
performance for the periods from 1989 through 1996 will be lower, since the
Fund was a standard non-institutional money market fund. The table compares
the Fund's returns over time to the Lipper Institutional Money Market Funds
Index, a composite index of the annual return of mutual funds that have an
investment goal similar to that of the Fund. The Fund's past performance does
not necessarily indicate how the Fund will perform in the future.
Bar Chart with Year-by-Year Total Return
1989 8.68% 1994 3.21%
1990 7.55% 1995 4.55%
1991 5.65% 1996 N/A
1992 3.20% 1997 5.74%
1993 2.50% 1998 5.62%
Best Quarter (of periods shown) Q4 '97 1.43%
Worst Quarter (of periods shown) Q4 '98 1.32%
Average annual total returns (for the periods ended December 31, 1998)
1 year 5 years 10 years
CCR Institutional Prime 5.62% N/A N/A
Lipper Institutional Money
Market Funds Index 5.47% 5.21% 5.60%
For the seven-day period ended September 30, 1998, the Fund's yield and
effective yield were 5.47% and 5.61%, respectively. For current yield
information, call 1-800-368-2745, or visit Calvert's website at:
www.calvertgroup.com.
Fees and Expenses of the Fund
This table describes the fees and expenses you may pay if you buy and hold
shares of the Fund.
A. Shareholder Fees (fees paid directly from your investment)
Maximum Sales Load on Purchases None
Maximum Deferred Sales Load None
Maximum Sales Load on Reinvested Dividends None
Redemption Fees None
Exchange Fee None
B. Annual Fund Operating Expenses - Fiscal Year ended September 30, 1998
(expenses that are deducted from Fund assets)
Management Fees 0.30%
Rule 12b-1 and/or Service Fees None
Other Expenses 0.07%
Total Fund Operating Expenses 0.37%*
* The Total Fund Operating Expenses, net of reimbursement or fee waiver, were
0.13% for fiscal year 1998.
C. Example:
This example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The example assumes that:
You invest $1,000,000 (the minimum required investment) in the
Fund for the time periods indicated;
You redeem all shares at the end of the periods;
Your investment has a 5% return each year; and
The Fund's operating expenses remain the same.
Although your actual costs may be higher or lower, under these
assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$3,786 $11,891 $20,764 $46,801
Management and Advisory Fees
Calvert Asset Management Company, Inc. ("CAMCO") is the Fund's investment
advisor. CAMCO has been managing mutual funds since 1976, and is a subsidiary
of Calvert Group, Ltd. CAMCO currently advises 25 Calvert funds, including the
first and largest family of socially screened funds. CAMCO is located at 4550
Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814. As of December 31,
1998, it had over $5.8 billion in assets under management.
CAMCO provides the Fund with investment supervision and management;
administrative services and office space; and furnishes executive and other
personnel to the Fund. CAMCO also pays the salaries and fees of all Trustees
who are affiliated persons. CAMCO may pay certain advertising and promotional
expenses of the Fund. Pursuant to the Investment Advisory Agreement, CAMCO is
entitled to an annual advisory fee of 0.25% of the Fund's average daily net
assets. CAMCO may voluntarily waive a portion of its advisory fee.
A Word About the Year 2000 (Y2K) and Our Computer Systems
Like other mutual funds, Calvert and its service providers use computer
systems for all aspects of our business -- processing shareholder and fund
transactions, fund accounting, executing trades, and pricing securities, just
to name a few. Many current software programs cannot distinguish between the
year 2000 and the year 1900. This can cause problems with retirement plan
distributions, dividend payment software, transaction software, and numerous
other areas that could impact the Funds. Calvert has been reviewing all of its
computer systems for Y2K compliance. Although, at this time, there can be no
assurance that there will be no negative impact on the Funds, the Advisor, the
underwriter, transfer agent and custodian have advised the Funds that they
have been actively working on any necessary changes to their computer systems
to prepare for Y2K and expect that their systems, and those of their outside
service providers, will be adapted in time for that event. For more
information, please visit our website at www.calvertgroup.com.
SHAREHOLDER GUIDE
HOW TO BUY SHARES
Complete and sign an application for each new account. For more information,
please contact the Calvert Institutional Marketing Group at 800-317-2274.
The minimum initial investment and minimum balance required is $1,000,000.
There is no minimum for subsequent investments. Investments may be made by
wire or by exchange from another Calvert Group account:
ABA#011000028
FBO: Calvert Cash Reserves Fund 707
Wire Account #9903-765-7
Insert your name and account number here
State Street Bank & Trust Company
Boston, Massachusetts
Important - How Shares are Priced
The price of shares is based on the Fund's net asset value ("NAV"). NAV is
computed by adding the value of the Fund's holdings plus other assets,
subtracting liabilities, and then dividing the result by the number of shares
outstanding.
The Fund is valued according to the "amortized cost" method, which is intended
to stabilize the NAV at $1 per share. If market quotations are not readily
available, securities are valued by a method that the Fund's Board of
Trustees/Directors believes accurately reflects fair value.
The NAV is calculated as of the close of each business day, which coincides
with the closing of the regular session of the New York Stock Exchange
("NYSE") (normally 4 p.m. ET). The Fund is open for business each day the NYSE
is open. Please note that there are some federal holidays, however, such as
Columbus Day and Veterans' Day, when the NYSE is open and the Fund is open but
purchases cannot be made due to the closure of the banking system.
When Your Account Will Be Credited
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.
OTHER CALVERT GROUP FEATURES
CALVERT INFORMATION NETWORK
For 24 hour performance and account information call 800-368-2745 or visit
http://www.calvertgroup.com
You can obtain current performance and pricing information, verify account
balances, and authorize certain transactions with the convenience of one phone
call, 24 hours a day.
ACCOUNT SERVICES
By signing up for services when you open your account, you avoid having to
obtain a signature guarantee. If you wish to add services at a later date, a
signature guarantee to verify your signature may be obtained from any bank,
trust company and savings and loan association, credit union, broker-dealer
firm or member of a domestic stock exchange. A notary public cannot provide a
signature guarantee.
TELEPHONE TRANSACTIONS
You may redeem by exchange of shares or by wire if you have pre-authorized
service instructions. You receive telephone privileges automatically when you
open your account unless you elect otherwise. For our mutual protection, the
Fund, the shareholder servicing agent and their affiliates use precautions
such as verifying shareholder identity and recording telephone calls to
confirm instructions given by phone. A confirmation statement is sent for most
transactions; please review this statement and verify the accuracy of your
transaction immediately.
EXCHANGES
Calvert Group offers a wide variety of investment options that includes common
stock funds, tax-exempt and corporate bond funds, and money market funds. We
make it easy for you to purchase shares in other Calvert funds if your
investment goals change. The exchange privilege offers flexibility by allowing
you to exchange shares on which you have already paid a sales charge from one
mutual fund to another at no additional charge.
Complete and sign an account application, 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.
Before you make an exchange, please note the following:
Each exchange represents the sale of shares of one Fund and the purchase of
shares of another.
You may exchange shares acquired by reinvestment of dividends or distributions
into another Calvert Fund at no additional charge.
Shares may only be exchanged for shares of the same class of another Calvert
Fund.
The Fund reserves the right to terminate or modify the exchange privilege with
60 days' written notice.
COMBINED GENERAL MAILINGS (Householding)
Multiple accounts with the same tax identification number will receive one
mailing per household of information such as prospectuses and semi-annual and
annual reports. You may request further grouping of accounts to receive fewer
mailings. Separate statements will be generated for each separate account and
will be mailed in one envelope for each combination above.
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 or a stop payment on a draft. You may be required to pay a fee
for these special services; for example, the fee for stop payments is $25.
If you are purchasing shares through a program of services offered by a
broker/dealer or financial institution, you should read the program materials
together with this Prospectus. Certain features may be modified in these
programs, and the broker/dealer or financial institution may impose charges
for their services.
DIVIDENDS, CAPITAL GAINS AND TAXES
The Fund accrues dividends daily from its net investment income, and pays the
dividends monthly. Net investment income consists of interest income, net
short-term capital gains, if any, and dividends declared and paid on
investments, less expenses. Distributions of net short-term capital gains
(treated as dividends for tax purposes) and net long-term capital gains, if
any, are normally paid once a year; however, the Fund does not anticipate
making any such distributions unless available capital loss carryovers have
been used or have expired.
Dividend payment options
Dividends and any distributions are automatically reinvested in the same Fund
at NAV (without sales charge), unless you elect to have amounts of $10 or more
paid in cash by wire to a predesignated bank account. Dividends and
distributions from any Calvert Group Fund may be automatically invested in an
identically registered account in any other Calvert Group Fund at NAV. If
reinvested in the same account, new shares will be purchased at NAV on the
reinvestment date, which is generally 1 to 3 days prior to the payment date.
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 returns the check as undeliverable, 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 during the
past year. Generally, dividends and distributions are taxable in the year they
are paid. However, any dividends and distributions paid in January but
declared during the prior three months are taxable in the year declared.
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
shares.
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 us to withhold 31% of your reportable dividends, and possibly 31% of
certain redemptions. In addition, you may be subject to a fine by the Internal
Revenue Service. 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 (closed) at the current
NAV on the date of redemption. Calvert Group reserves the right to reject any
new account or any purchase order for failure to supply a certified TIN.
HOW TO SELL SHARES
You may redeem all or a portion of your shares on any day the Fund is open for
business, provided the amount requested is not on hold. Your shares will be
redeemed at the next NAV calculated after your redemption request is received
and accepted. You will receive dividends through the date the request is
received and processed. A telephone order for a redemption must be received by
the Calvert Institutional Marketing Group by noon Eastern time in order for
the proceeds to be sent to you on the same business day. If making immediate
payment could adversely affect the Fund, it may take up to seven (7) days to
make payment. 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 net asset value of the Fund, whichever is less. When the NYSE 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. Please note that there are some federal
holidays, however, such as Columbus Day and Veterans' Day, when the NYSE is
open and the Fund is open but redemptions cannot be made due to the closure of
the banking system.
Follow these suggestions to ensure timely processing of your redemption
request:
By Telephone
You may redeem shares from your account by telephone and have your money
electronically transferred or wired to a bank you have previously authorized.
To better enable CAMCO 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. A charge of $5 may be imposed on wire
transfers of less than $50,000.
Written Requests
Calvert Group, P.O. Box 419544, Kansas City, MO 64141-6544
Your letter should include your account number and fund and the number of
shares or the dollar amount you are redeeming. Please provide a daytime
telephone number, if possible, for us to call if we have questions. If the
money is being sent to a new bank, person, or address other than the address
of record, your letter must be signature guaranteed.
Corporations and Associations
Your letter of instruction and corporate resolution should be signed by
person(s) authorized to act on the account, accompanied by signature
guarantee(s).
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand the
Fund's financial performance for the past 5 years. Certain information reflects
financial results for a single share. The total returns in the table represent
the rate that an investor would have earned (or lost) on an investment in the
Fund, assuming reinvestment of all dividends and distributions. The Fund was
not an institutional fund prior to July 1, 1996. This information has been
audited by PricewaterhouseCoopers, LLP, whose report and the Fund's financial
statements are included in the Fund's annual report, available upon request.
Years Ended September 30,
1998 1997 1996
Net asset value, beginning $1.00 $1.00 $1.00
Income from investment operations
Net investment income .056 .055 .040
Distributions from
Net investment income (.056) (.055) (.040)
Net asset value, ending $1.00 $1.00 $1.00
Total return 5.74% 5.55% 3.99%
Ratios to average net assets:
Net investment income 5.59% 5.55% 4.80%
Total expenses + .14% .07% .73%
Net expenses .13% .06% .69%
Expenses reimbursed .21% .31% .47%
Net assets, ending (in thousands) $436,685 $375,351 $131,218
Number of shares outstanding,
ending (in thousands) 436,680 375,353 131,217
Years Ended September 30,
1995 1994
Net asset value, beginning $1.00 $1.00
Income from investment operations
Net investment income .045 .028
Distributions from
Net investment income (.045) (.028)
Net asset value, ending $1.00 $1.00
Total return 4.55% 2.78%
Ratios to average net assets:
Net investment income 4.53% 2.75%
Total expenses + 1.41% N/A
Net expenses 1.39% 1.23%
Expenses reimbursed - -
Net assets, ending (in thousands) $26,775 $99,973
Number of shares outstanding,
ending (in thousands) 26,821 100,024
+ Effective September 30, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
N/A Disclosure not applicable to prior periods.
<PAGE>
To Open an Account:
800-317-2274
Performance and Prices:
Calvert Information Network
24 hours, 7 days a week
800-368-2745
Service for Existing Accounts:
800-317-2274
TDD for Hearing-Impaired:
800-541-1524
Branch Office:
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
Registered, Certified or
Overnight Mail:
Calvert Group
c/o NFDS
330 W. 9th Street
Kansas City, MO 64105
Calvert Group Web-Site
Address: http://www.calvertgroup.com
PRINCIPAL UNDERWRITER
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
<PAGE>
A Statement of Additional Information ("SAI") (dated January 31, 1999) for the
Fund has been filed with the Securities and Exchange Commission and is
incorporated by reference. Additional information about the Fund's investments
is available in the Fund's annual and semi-annual reports to shareholders. The
SAI and the Fund's annual and semi-annual reports are available, without
charge and upon request, from the Fund at 800-317-2274.
Information about the Fund (including the SAI) can be reviewed at the
Commission's Public Reference Room in Washington, D.C. Information on the
operation of the public reference room may be obtained by calling the
Commission at 1-800-SEC-0330. Reports and other information about the Fund are
available on the Commission's internet site at http://www.sec.gov. Copies of
this information may be obtained, by payment of a duplicating fee, by writing
the Public Reference Section of the Commission, Washington, D.C. 20549-6009.
811-3418
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION-January 31, 1999
Calvert Cash Reserves
Institutional Prime Fund
4550 Montgomery Avenue, Bethesda, Maryland 20814
New Account (800) 368-2748
Information: (301) 951-4820
Shareholder Services: (800) 368-2745
Broker (800) 368-2746
Services: (301) 951-4850
TDD for the Hearing- 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, 1999, which may be obtained free
of charge by writing or calling the Fund.
The audited financial statements included in the Annual Report to
Shareholders dated September 30, 1998, 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.
TABLE OF CONTENTS
Investment Policies and Risks 1
Investment Restrictions 4
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 9
Transfer and Shareholder Servicing Agents 10
Independent Accountants and Custodians 10
Method of Distribution 11
Portfolio Transactions 11
General Information 11
Control Persons and Principal Holders of Securities 12
Appendix 12
- --------------------------------------------------------------------------------
INVESTMENT POLICIES AND RISKS
- --------------------------------------------------------------------------------
Calvert Cash Reserves is an open-end management investment company.
Calvert Cash Reserves Institutional Prime Fund (the "Fund") is a diversified
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. The
following discussion supplements the discussion in the Prospectus.
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 Fund's Advisor, Calvert Asset Management Company,
Inc. ("CAMCO") 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 CAMCO 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 CAMCO under the direction and supervision of
the Fund's Board of Trustees. Repurchase agreements are always for periods of
less than one year and are subject to limitations on illiquid securities.
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 CAMCO 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. CAMCO 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.
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INVESTMENT RESTRICTIONS
- --------------------------------------------------------------------------------
Shareholders of the Fund are currently voting on various changes to
the Fund, pursuant to a proxy statement mailed in early January, 1999. If
approved at the special meeting of shareholders on February 24, 1999, the
revised fundamental investment restrictions will be as follows:
Fundamental Investment Restrictions
The Fund has adopted the following fundamental investment
restrictions. These restrictions cannot be changed without the approval of the
holders of a majority of the outstanding shares of the Fund.
(1) The Fund may not make any investment inconsistent with
its classification as a diversified investment company under
the 1940 Act.
(2) The Fund may not concentrate its investments in the
securities of issuers primarily engaged in any particular
industry (other than securities issued or guaranteed by the
U.S. Government or its agencies or instrumentalities and
repurchase agreements secured thereby), or domestic bank
money market instruments.
(3) The Fund may not issue senior securities or borrow
money, except from banks for temporary or emergency purposes
and then only in an amount up to 33 1/3% of the value of its
total assets or as permitted by law and except by engaging
in reverse repurchase agreements, where allowed. In order to
secure any permitted borrowings and reverse repurchase
agreements under this section, the Fund may pledge, mortgage
or hypothecate its assets.
(4) The Fund may not underwrite the securities of other
issuers, except as allowed by law or to the extent that the
purchase of obligations in accordance with its investment
objective and policies, either directly from the issuer, or
from an underwriter for an issuer, may be deemed an
underwriting.
(5) The Fund may not invest directly in commodities or real
estate, although it may invest in securities which are
secured by real estate or real estate mortgages and
securities of issuers which invest or deal in commodities,
commodity futures, real estate or real estate mortgages.
(6) The Fund may not make loans, other than through the
purchase of money market instruments and repurchase
agreements or by the purchase of bonds, debentures or other
debt securities, or as permitted by law. The purchase of all
or a portion of an issue of publicly or privately
distributed debt obligations in accordance with the Fund's
investment objective, policies and restrictions, shall not
constitute the making of a loan.
Nonfundamental Investment Restrictions
The Board of Trustees has adopted the following nonfundamental
investment restrictions. A nonfundamental investment restriction can be
changed by the Board at any time without a shareholder vote.
(1) 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, do not exceed 33 1/3% of its
total assets. The Fund does not intend to make any purchases
of securities if borrowing exceeds 5% of total assets.
(2) The Fund may not purchase common stocks, preferred
stocks, warrants, or other equity securities.
(3) No more than 10% of the Fund's net assets may be
invested in illiquid securities.
(4) The Fund may not sell securities short.
(5) The Fund may not write or purchase put or call options.
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As noted above, the shareholders of the Fund are currently voting on
various changes to the Fund, pursuant to a proxy statement mailed in early
January, 1999. These are the fundamental investment restrictions in effect
until February 24, 1999, or which may be in effect if the above changes are
not approved by shareholders:
Fundamental
The Fund's investment objective and the following fundamental
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. Issue senior securities or borrow money, except
from banks for temporary or emergency purposes and then only
in an amount up to 33 1/3% of the value of the Fund's total
assets or as permitted by law 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 the Fund 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.
2. Underwrite the securities of other issuers, except
as permitted by the Board of Trustees within applicable law,
and except to the extent that in connection with the
disposition of its portfolio securities, the Fund may be
deemed to be an underwriter.
3. Invest directly in commodities, commodities futures
contracts, or real estate, although it may invest in
securities which are secured by real estate or real estate
mortgages and securities of issuers which invest or deal in
commodities, commodity futures, real estate or real estate
mortgages.
4. Make loans of more than one-third of the total
assets of the Fund, or as permitted by law, other than
through the purchase of money market instruments and
repurchase agreements or by the purchase of bonds,
debentures or other debt securities. The purchase by the
Fund of all or a portion of an issue of publicly or
privately distributed debt obligations in accordance with
its investment objective, policies and restrictions, shall
not constitute the making of a loan.
5. Concentrate 25% or more of the value of its assets
in any one industry, or as permitted by law; provided,
however, that there is no limitation with respect to
investments in obligations issued or guaranteed by the
United States Government or its agencies and
instrumentalities, and repurchase agreements secured
thereby, and there is no limitation with respect to
investments in money market instruments of banks.
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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.
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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 1998 the Fund did qualify and in 1999 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.
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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.
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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, 1998, the yield and effective yield were
5.47% and 5.61%, respectively.
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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, December 31, 1998). Calvert Group was also
the first to offer a family of socially responsible mutual fund portfolios.
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TRUSTEES AND OFFICERS
- --------------------------------------------------------------------------------
RICHARD L. BAIRD, JR., Trustee. Mr. Baird is Executive Vice President
for 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 Calvert Variable Series, Inc., Calvert New World Fund, Inc.
and Calvert World Values Fund, Inc. 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 Snevily, Ely, Williams & Blatz. He was formerly a partner with Abrams,
Blatz, Gran, Hendricks & Reina, P.A. He is also a director of Calvert Variable
Series, Inc. DOB: 10/29/35. Address: 308 East Broad Street, Westfield, New
Jersey 07091.
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: 16 Iliahi Street,
Honolulu, Hawaii, 96817.
CHARLES E. DIEHL, Trustee. Mr. Diehl is a self-employed consultant
and is Vice President and Treasurer Emeritus of the George Washington
University. He has retired from University Support Services, Inc. of Herndon,
Virginia. Formerly, he was a Director of Acacia Mutual Life Insurance Company,
and is currently a Director of Servus Financial Corporation. DOB: 10/13/22.
Address: 1658 Quail Hollow Court, McLean, Virginia 22101.
DOUGLAS E. FELDMAN, M.D., Trustee. Dr. Feldman is managing partner of
Feldman Otolaryngology, Head and Neck Surgery in Washington, D.C. A graduate
of Harvard Medical School, he is Associate Professor of Otolaryngology, Head
and Neck Surgery at Georgetown University and George Washington University
Medical School, and past Chairman of the Department of Otolaryngology, Head
and Neck Surgery at the Washington Hospital Center. He is included in The Best
Doctors in America. DOB: 05/23/48. Address: 7536 Pepperell Drive, Bethesda,
Maryland 20817.
PETER W. GAVIAN, CFA, Trustee. Mr. Gavian is President of Corporate
Finance of Washington, Inc. Formerly, he was a principal of Gavian De Vaux
Associates, an investment banking firm. He is also a Chartered Financial
Analyst and an accredited senior business appraiser. DOB: 12/08/32. Address:
3005 Franklin Road North, Arlington, Virginia 22201.
JOHN G. GUFFEY, JR., Trustee. Mr. Guffey is Executive Vice President
of Calvert Social Investment Fund. He is on the Board of Directors 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, a director of Ariel Funds, 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 Calvert Variable Series, Inc. and Calvert New World
Fund, Inc.
Mr. Guffey has been advised that the Securities and Exchange
Commission ("SEC") has entered an order against him relating to his former
service as a director of Community Bankers Mutual Fund, Inc. This fund is not
connected with any Calvert Fund or the Calvert Group and ceased operations in
September, 1994. Mr. Guffey consented to the entry of the order without
admitting or denying the findings in the order. The order contains findings
(1) that the Community Bankers Mutual Fund's prospectus and statement of
additional information were materially false and misleading because they
misstated or failed to state material facts concerning the pricing of fund
shares and the percentage of illiquid securities in the fund's portfolio and
that Mr. Guffey, as a member of the fund's board, should have known of these
misstatements and therefore violated the Securities Act of 1933; (2) that the
price of the fund's shares sold to the public was not based on the current net
asset value of the shares, in violation of the Investment Company Act of 1940
(the "Investment Company Act"); and (3) that the board of the fund, including
Mr. Guffey, violated the Investment Company Act by directing the filing of a
materially false registration statement. The order directed Mr. Guffey to
cease and desist from committing or causing future violations and to pay a
civil penalty of $5,000. The SEC placed no restrictions on Mr. Guffey's
continuing to serve as a Trustee or Director of mutual funds. DOB: 05/15/48.
Address: 7205 Pomander Lane, Chevy Chase, Maryland 20815.
*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 a
director of Calvert-Sloan Advisers, L.L.C., and a trustee/director of each of
the investment companies in the Calvert Group of Funds, as well as Senior Vice
President of Calvert Social Investment Fund. Ms. Krumsiek is on the Board of
Directors of the Calvert Social Investment Foundation. Prior to joining
Calvert Group, Ms. Krumsiek served as a Managing Director of Alliance Fund
Distributors, Inc. DOB: 08/09/52.
M. CHARITO KRUVANT, Trustee. Ms. Kruvant is President and CEO of
Creative Associates International, Inc., a firm that specializes in human
resources development, information management, public affairs and private
enterprise development. She is also a director of Acacia Federal Savings Bank.
DOB: 12/08/45. Address: 5301 Wisconsin Avenue, N.W., Washington, D.C. 20015.
ARTHUR J. PUGH, Trustee. Mr. Pugh is a Director of Calvert Variable
Series, Inc., and serves as a director of Acacia Federal Savings Bank. DOB:
09/24/37. Address: 4823 Prestwick Drive, Fairfax, Virginia 22030.
*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. He is the Senior Vice President of First Variable
Rate Fund, Calvert Tax-Free Reserves, Calvert Municipal Fund, Inc., Calvert
Cash Reserves, and The Calvert Fund. 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
Calvert Variable Series, Inc. and Calvert New World Fund, Inc. He is the
President of Calvert Social Investment Fund. Mr. Silby is Executive Chairman
of Group Serve, Inc., an internet company focused on community building
collaborative tools, and 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 and Chairman of the Calvert Social Investment Foundation.
DOB: 7/20/48. Address: 1715 18th Street, N.W., Washington, D.C. 20009.
RENO J. MARTINI, Senior Vice President. Mr. Martini is a director and
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: 1/13/50.
RONALD M. WOLFSHEIMER, CPA, Treasurer. Mr. Wolfsheimer is Senior Vice
President and Chief Financial Officer 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: 07/24/47.
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 also
Vice President and Secretary of Calvert-Sloan Advisers, L.L.C., a director of
Calvert Distributors, Inc., 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, Inc. 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.
IVY WAFFORD DUKE, Esq., Assistant Secretary. Ms. Duke 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 and Secretary and provides
counsel to the Calvert Social Investment Foundation. Prior to working at
Calvert Group, Ms. Duke was an Associate in the Investment Management Group of
the Business and Finance Department at Drinker Biddle & Reath. 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,
Calvert Variable Series, Inc., 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 1998, trustees of the Fund not affiliated with the
Fund's Advisor were paid $57,045. Trustees of the Fund not affiliated with
CAMCO 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.
Trustee Compensation Table
Fiscal Year 1998 Aggregate Pension or Total Compensation
Compensation Retirement from Benefits
(unaudited numbers) from Registrant Accrued as Registrant and Fund
for Service part of Complex paid to
as Trustee of Registrant Trustee**
Expenses*
Name of Trustee
Richard L. Baird, Jr. $4,746 $0 $35,800
Frank H. Blatz, Jr. $5,140 $5,140 $40,600
Frederick T. Borts $4,549 $0 $32,500
Charles E. Diehl $4,943 $4,943 $38,500
Douglas E. Feldman $4,254 $0 $30,250
Peter W. Gavian $4,944 $2,472 $35,502
John G. Guffey, Jr. $4,881 $0 $54,715
M. Charito Kruvant $4,746 $2,089 $34,000
Arthur J. Pugh $3,482 $0 $40,000
D. Wayne Silby $4,549 $0 $60,831
*Messrs. Blatz, Diehl, Gavian and Pugh and Ms. Kruvant have chosen to defer a
portion of their compensation. As of September 30, 1998, total deferred
compensation, including dividends and capital appreciation, was $575,605.22,
$544,960.81, $138,513.72, $175,791.63, and $13,006.15, for each trustee,
respectively.
**As of September 30, 1998. 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 CAMCO will remain in
effect until January 1, 2000, 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, CAMCO 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, CAMCO 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.
CAMCO 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 CAMCO. CAMCO 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 1996, 1997 and 1998 fiscal years
were $210,360, $934,322, and $1,254,573, respectively. During 1996, 1997, and
1998 fiscal years, CAMCO voluntarily waived fees or assumed expenses of
$198,710, $1,107,017, and $1,038,689, respectively, which were not charged to
the Fund.
Calvert Administrative Services Company ("CASC"), an affiliate of
CAMCO, 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, 1997, and 1998 fiscal periods, CASC
received $13,365, $176,987, and $250,915 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
- --------------------------------------------------------------------------------
PricewaterhouseCoopers, LLP has been selected by the Board of
Trustees to serve as independent auditors for fiscal year 1999. 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 1996, 1997, and 1998 fiscal years, the Fund paid Distribution
Plan expenses of $53,695, $0, and $0, respectively. Apart from the Plan, CAMCO
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. CAMCO 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 CAMCO 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, 1996, 1997, and
1998, 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 years
1997 and 1998, aggregate brokerage commissions paid to broker-dealers was $0
and $0, respectively.
CAMCO 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.
- --------------------------------------------------------------------------------
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
- --------------------------------------------------------------------------------
As of January 19, 1999, the following shareholders owned of record 5%
or more of the Fund:
Name and Address % of Ownership
Altera Corporation 6.97%
San Jose, California
Musicland Group, Inc. 5.42%
Hopkins, Minnesota
Medical Inter-Insurance Exchange 10.62%
Trenton, New Jersey
- --------------------------------------------------------------------------------
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>
Calvert Cash Reserves
Institutional Prime Fund
Statement of Additional Information
January 31, 1999
INVESTMENT ADVISOR
Calvert Asset Management Company, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
SHAREHOLDER SERVICE
Calvert Shareholder Services, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
PRINCIPAL UNDERWRITER
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
TRANSFER AGENT
National Financial Data Services, Inc.
1004 Baltimore
6th Floor
Kansas City, Missouri 64105
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
250 West Pratt Street
Baltimore, Maryland 21201
<PAGE>
PART C. OTHER INFORMATION
Item 23. 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).
Item 24. Persons Controlled By or Under Common Control With Registrant
Not applicable.
Item 25. 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 $5 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 26. Business and Other Connections of Investment Adviser
Name of Company, Principal
Name Business and Address Capacity
Barbara J. Krumsiek Calvert Variable Series, Inc. 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
Calvert Variable Series, Inc.
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. Officer
Broker-Dealer and
4550 Montgomery Avenue Director
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
Calvert Variable Series, Inc.
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 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
---------------
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 Realty Square, L.L.C. Director
Realty Investments
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Gardner Montgomery Company Director
Tax Return Preparation Services
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, Ltd. 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 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 Square, L.L.C. Director
Realty Investments
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
The Advisors Group, Ltd. Director
Broker-Dealer and
Investment Advisor
7315 Wisconsin Avenue
Bethesda, Maryland 20814
---------------
Gardner Montgomery Company Director
Tax Return Preparation Services
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
Calvert Variable Series, Inc.
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
Calvert Variable Series, Inc.
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
Calvert Variable Series, Inc.
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
Calvert Variable Series, Inc.
Calvert Municipal Fund, Inc.
Calvert World Values Fund, Inc.
Calvert New World Fund, Inc.
Investment Companies
4550 Montgomery Avenue
Bethesda, Maryland 20814
---------------
Victor Frye 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
----------------
The Advisors Group, Ltd. Counsel
Broker-Dealer and and
Investment Advisor Compliance
7315 Wisconsin Avenue Manager
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
Calvert Variable Series, Inc.
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
------------------
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
------------------
Matthew D. Gelfand Calvert Asset Management Officer
Company, Inc.
Investment Advisor
4550 Montgomery Avenue
Bethesda, Maryland 20814
------------------
Strategic Investment Management Officer
Investment Advisor
1001 19th Street North
Arlington, Virginia 20009
------------------
Item 27. Principal Underwriters
(a) Registrant's principal underwriter underwrites shares of
First Variable Rate Fund for Government Income, Calvert Tax-Free Reserves,
Calvert Social Investment Fund, Calvert Cash Reserves, The Calvert Fund,
Calvert Municipal Fund, Inc., Calvert World Values Fund, Inc., Calvert New
World Fund, Inc., and Calvert Variable Series, Inc. (formerly named 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
Craig Cloyed Senior Vice President None
Karen Becker Vice President, Operations None
Steve Cohen Vice President None
Geoffrey Ashton Regional Vice President None
Martin Brown Regional Vice President None
Bill Hairgrove Regional Vice President None
Janet Haley Regional Vice President None
Steve Himber Regional Vice President None
Ben Ogbogu Regional Vice President None
Tom Stanton Regional Vice President None
Christine Teske Regional Vice President None
Susan Walker Bender Assistant Secretary Assistant Secretary
Katherine Stoner Assistant Secretary Assistant Secretary
Ivy Wafford Duke Assistant Secretary Assistant Secretary
Victor Frye Assistant Secretary None
and Compliance Officer
(c) Inapplicable.
Item 28. Location of Accounts and Records
Ronald M. Wolfsheimer, Treasurer
and
William M. Tartikoff, Assistant Secretary
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
Item 29. Management Services
Not Applicable
Item 30. Undertakings
Not Applicable
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 under Rule
485(b) under the Securities Act and has duly caused this registration
statement to be signed on its behalf by the undersigned, duly authorized, in
the City of Bethesda, and State of Maryland, on the 27th day of January, 1999.
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 1/27/1999
Barbara J. Krumsiek Trustee (Principal Executive Officer)
__________**____________ Principal Accounting 1/27/1999
Ronald M. Wolfsheimer Officer
__________**____________ Trustee 1/27/1999
Richard L. Baird, Jr.
__________**____________ Trustee 1/27/1999
Frank H. Blatz, Jr., Esq.
__________**____________ Trustee 1/27/1999
Frederick T. Borts, M.D.
__________**____________ Trustee 1/27/1999
Charles E. Diehl
__________**____________ Trustee 1/27/1999
Douglas E. Feldman
__________**____________ Trustee 1/27/1999
Peter W. Gavian
__________**____________ Trustee 1/27/1999
John G. Guffey, Jr.
__________**____________ Trustee 1/27/1999
M. Charito Kruvant
__________**____________ Trustee 1/27/1999
Arthur J. Pugh
__________**____________ Trustee 1/27/1999
David R. Rochat
__________**____________ Trustee 1/27/1999
D. Wayne Silby
** Signed by Katherine Stoner pursuant to power of attorney,
attached hereto.
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> 123
<NAME> INSTITUTIONAL PRIME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> APR-01-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 439714
<INVESTMENTS-AT-VALUE> 439714
<RECEIVABLES> 2923
<ASSETS-OTHER> 43
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 442680
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5995
<TOTAL-LIABILITIES> 5995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 436681
<SHARES-COMMON-STOCK> 436680
<SHARES-COMMON-PRIOR> 375353
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 436685
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 28744
<OTHER-INCOME> 0
<EXPENSES-NET> 667
<NET-INVESTMENT-INCOME> 28077
<REALIZED-GAINS-CURRENT> 6
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 28083
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28076
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5373384
<NUMBER-OF-SHARES-REDEEMED> 5331876
<SHARES-REINVESTED> 19819
<NET-CHANGE-IN-ASSETS> 61327
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1255
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1760
<AVERAGE-NET-ASSETS> 572872
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .056
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.056)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Exhibit 10
January 27, 1999
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. 24 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. 24 to its Registration Statement.
Sincerely,
/s/
Katherine Stoner
Associate General Counsel
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in Post-Effective Amendment No.
24 to the Registration Statement of Calvert Cash Reserves Institutional Prime
Fund (the "Fund") on Form N-1A (File Numbers 2-76527 and 811-3418) of our
reports dated November 6, 1998 on our audit of the financial statements and
financial highlights of the Fund, which reports are included in the Annual
Report to Shareholders for the year ended September 30, 1998, which is
incorporated by reference in the Registration Statement. We also consent to
the reference to our firm under the caption "Financial Highlights" in the
Prospectus and "Independent Accountants" in the Statement of Additional
Information.
PricewaterhouseCoopers LLP
Baltimore, Maryland
January 26, 1999
