CALVERT SOCIAL VENTURE PARTNERS

Calvert Group Ltd., known in 1976 as the Government Securities Management Company (GSMC), was brought to life by two young entrepreneurs driven by the need for change and creativity. While conventional investment strategies at the time recommended putting capital into low-interest-bearing savings accounts, former college friends D. Wayne Silby and John G. Guffey, Jr., saw the opportunity to create a higher-yielding money market fund available to the general public. In 1976, they introduced the First Variable Rate Fund—the first variable-rate money fund in the country—that sought to combine short-term, fixed-rate securities with long-term, variable-rate securities to provide attractive yields, as well as a strong measure of safety.