The Harvard College Fund annual drive for 1978-79 has raised about $5 million to date, nearly $500,000 ahead of last year's total at this time of year, Peter F. Clifton '49, executive director of the fund, said yesterday.

Clifton predicted that the fund will reach its goal of $6.5 million in contributions from alumni when the drive closes June 30.

Money from the drive goes either directly to meet College operating costs or into the University's endowment for undergraduate financial aid.

Fund-raisers will begin a massive telephone campaign in major cities across the country April 23 to boost the number of donors. Fund officials are aiming for contributions from 40 per cent of all alumni.

Clifton said the University's imminent $250 million capital fund drive has not discouraged contributions this year.

"You would think, if you were a Harvard alum who knows there's a $250 million drive coming up, you'd bury your pocket book and wait for the shot," Clifton said. Instead, the publicity for the capital drive has "stimulated interest in giving to Harvard," Clifton added.

The fund has already raised about $673,000 toward the capital drive, above and beyond the $5 million pledged to this year's College campaign.

After this year's drive is finished, the College Fund will merge temporarily with the capital campaign, pending Corporation approval this spring. University financial officers expect the fund's network of alumni volunteers to be an effective tool in the capital drive.

Money from the capital drive will bolster the University's $1.4 billion endowment, helping to pay for faculty salaries, undergraduate financial aid, building renovations and the transition to the Core Curriculum.

Robert S. Kaufmann '62 assistant dean of the Faculty for financial affairs, said yesterday the College Fund has deliberately encouraged alumni in recent years to give money restricted to the endowment, since it is easier to raise.

Although the fund has increased its total contributions to the College each year, unrestricted income has not increased as quickly. This makes it more difficult to balance the College budget, Kaufmann said.

Unrestricted money made up 75 per cent of the fund total in 1972, but only about 55 per cent this year.

Kaufmann added that he does not regret the trend, because the additional endowment income will benefit the College in the future.

Clifton said, "I try to keep a good balance [between restricted and unrestricted gifts], but we'll have to struggle this year." Gifts to the endowment are increasingly popular, especially among older alumni, he said.

Last year the College Fund raised $6.31 million, exceeding its goal of $6.25 million.

The telephone drive--which aims for small gifts to increase the number of participating alumni--is larger than in past years, Clifton said. Seventy volunteers each in Los Angeles and San Francisco will solicit contributions from their classmates starting in two weeks.