THE UMWA CASH DEFERRED SAVINGS PLAN OF 1988

INVESTMENT OPTION:

Calvert Social Investment Fund Money Market Portfolio 

Fund Numer:

Fund Symbol:

Internet Address:

904

CSIXX

http://www.calvertgroup.com

Click on:

• Calvert Fund Tab
• Performance
• Scroll down to Money Maket Fund

Investment Type

The Calvert Social Investment Fund Money Market Portfolio is a mutual fund which invests in short-term money market instruments and pays daily interest to investors. The Fund attempts to maintain its share price at $1.00 per share.

Investment Risk and Return

The Fund emphasizes stability of principal while paying a varying level of income based on current market interest rates. Stability of principal reduces risk to minimal levels.

Strategy

The Fund invests in high-quality money market instruments such as U.S. Government securities, certificates of deposit, commercial paper, and other short-term corporate obligations.

Taxable Variable Rate Notes

76.9%

0.49%

US Government Agencies

18.9

Deposit of Receipts

2.3

Agency Variable Rate Notes

0.9

Certificates of Deposit

0.5

Other

0.5

TOTAL

100.0%

Fund Manager

Calvert Asset Management Company is the Fund's investment advisor and is a leader in socially responsible investment vehicles with over two decades of experience in socially-concerned portfolio management. Calvert Asset Management Company has a total of $8 billion under management.

Performance

The chart below shows the annual total return of the Calvert Social Investment Fund Money Market Portfolio over each of the past

10 years.

Over the past 10 years, a hypothetical investment of $1,000 in the Calvert Social Investment Fund's Money Market Portfolio would have grown to approximately $1,471 assuming reinvestment of all distributions. Future results, however, may be different than past performance.

Comparison To Other Plan Funds

Calvert Social Investment Fund's Money Market Portfolio is considered to be a low risk investment option offering short-term interest rates with the stability of principal similar to the GIC Fund. The Fund offers less return potential than the Vanguard GNMA Fund, the UMWA 401(k) Balanced Fund, the Fidelity Equity-Income Fund, and the BGI Equity Index Fund.

Investment Costs

An investor in the Fund pays no commissions or sales load. The money market portfolio of the Calvert Social Investment Fund does incur investment management and expense fees based on the average assets of the Fund. For the year ending December 31, 2003 , total fund operating expenses were 0.875% of average assets or $8.75 per $1,000 invested. Plan administrative expenses are not included in these fund expenses.