Calvert
Tax-Free Reserves
California And
New Jersey Money Market Portfolios
Semi-Annual Report
June 30, 1995
(logo) Investing with Vision (TM) Calvert Group (R) A member of the Acacia
Group
To Open an Account:
800-368-2748
Yields and Prices:
Calvert Information Network
24 hours, 7 days a week
800-368-2745
Service for
Existing Account:
Shareholders: 800-368-2745
Brokers: 800-368-2746
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, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Principal
Underwriter:
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders.
It is not authorized for distribution to prospective investors unless
preceded or accompanied by a prospectus.
Semi-Annual Report_June 30,1995
CALVERT TAX-FREE RESERVES
CALIFORNIA AND NEW JERSEY
MONEY MARKET PORTFOLIOS
Dear Investor:
The stock and bond markets soared during the first six months of 1995,
following a bleak 1994. Money market issues did not keep pace, as the
economy slowed and the Federal Reserve was able to relax its grip on
short-term market rates.
Stocks and bonds advanced as investors realized that the slowing pace of
economic growth made further interest rate hikes unlikely and a cut even
possible. In general, U.S. companies continued to post strong earnings,
which also worked to drive stock prices higher. Shortly after the close of
this reporting period, the Federal Reserve moved to lower rates by reducing
its target for the federal funds rate (the rate banks charge each other)
from 6% to 5.75%.
Chart 1: Municipal Rates
A comparison of Twenty year, Seven year, and One year AA General Obligation
rates from 6/94 through 6/95.
Performance and Strategy Review
After rising sharply in 1994, short-term interest rates fell slightly
during the period covered by this report. Annualized yields on the
California and
New Jersey Portfolios were above their year-ago levels due to the higher
rates available in the second half of 1994. For the 12 months ended June
30, 1994, the California Portfolio's yield was 40 basis points above the
yield available on an average of similar funds. The New Jersey Portfolio's
yield lagged its benchmark by 10 points.
Chart 2: California Portfolio Compound Divisdend Yield
A bar chart comparing the California Money Market Portfolio to the Lipper
CA Money Market Fund Average for years ended June 30, 1994 and June 30,
1995.
Chart 3. New Jersey Portfolio Compound Dividend Yield
A bar chart comparing the New Jersey Money Market Portfolio to the Lipper
NJ Money Market Fund Average for years ended June 30, 1994 and June 30,
1995.
As we discussed in our last report, the Calvert Tax-Free Reserves
California Money Market Portfolio owned $4 million in Orange County notes.
These notes were paid in full on June 30, 1995. As these notes were backed
by a guarantee from Calvert Group to purchase the securities from the fund
at face value, shareholders had been protected against any potential
decline in their value.
Outlook
We believe the Fed will continue to have a neutral to easier policy bias in
reaction to mixed economic data. Stock and bond markets will likely be
volatile until a clearer picture of second and third quarter economic
activity forms.
While it's not likely that money market investors will see yields pick up
as dramatically as they did in 1994, the California and New Jersey
Portfolios continue to provide maximum principal stability and competitive
levels of tax-free income.
Sincerely,
(signature)
David R. Rochat
Senior Vice President
July 19, 1995
Portfolio Statistics
Maturity Schedule
12/31/94 6/30/95
California
1-60 Days 83% 95%
61-120 Days 4% _
121-180 Days _ 3%
181-360 Days 13% 2%
Weighted Average 44 Days 15 Days
New Jersey
1-60 Days 84% 79%
61-120 Days 3% 16%
121-180 Days 3% 5%
181-360 Days 10% _
Weighted Average 49 Days 32 Days
Average Annual Total Returns
for periods ended 6/30/95
California
One Year 3.42%
Since Inception (10/89) 3.84%
New Jersey
One Year 2.88%
Since Inception (1/91) 2.94%
Portfolio Statistics
Calvert Tax-Free Reserves California Money Market Portfolio
Change in value of a hypothetical $10,000 investment.
Chart 4: A line graph showing the rise of a $10,000 investment in 10/89
rising to $12,295 in 6/95
Calvert Tax-Free Reserves New Jersey Money Market Portfolio
Change in value of a hypothetical $10,000 investment.
Chart 5: A line graph showing the rise of a $10,000 investment in 12/90
rising to $11,442 in 6/95
Total returns assume reinvestment of dividends.
Past performance is no guarantee of future results.
<TABLE>
<CAPTION>
Calvert Tax-Free Reserves
California Money Market Portfolio
Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <S>
$2,000,000 Auburn Unified School District Certificates of Participation VRDN,
4.35%, 12/1/19, LOC: Bank of California <F2> $2,000,000 VMIG1/A-1
6,800,000 California Buena Park Community Development Authority VRDN,
5.67%, 12/28/99, GA: Connecticut Mutual <F2> 6,800,000 NR/NR
7,000,000 California Butte County Office of Education Bond Anticipation
Notes, 5.00%, 10/27/95 7,012,655 NR/SP-1+
2,410,000 California Housing Finance Agency Revenue VRDN, 4.26%,
8/1/10, TOA: Citibank <F2> 2,410,000 NR/NR
2,000,000 California Housing Finance Agency Revenue VRDN, 4.30%,
2/1/23, LOC: Dai-Ichi Kangyo Bank <F2> 2,000,000 VMIG1/A-1
750,000 California Pollution Control Financing Authority Revenue VRDN,
6.75%, 3/1/08, LOC: Banque National de Paris <F2> 750,000 NR/NR
1,100,000 California Pollution Control Financing Authority Revenue
VRDN, 4.30%, 6/1/17, LOC: Bank America <F2> 1,100,000 P-1/NR
10,000,000 California State Revenue Anticipation Warrants/Notes P-Floats
VRDN, 4.45%, 4/25/96, TOA: Merrill Lynch <F2> 10,000,000 VMIG1/NR
1,100,000 Chula Vista Industrial Development Authority VRDN,
4.50%, 12/1/21, LOC: Bank of California <F2> 1,100,000 NR/A-1
6,815,000 City of Palmdale Community Redevelopment Agency VRDN,
5.85%, 12/1/05, LOC: National Bank of Canada <F2> 6,815,000 NR/NR
3,130,000 Commerce California Joint Powers Financing Authority VRDN,
4.40%, 11/1/14, LOC: Bank of America <F2> 3,130,000 NR/A-1
4,825,000 Custodial Receipt 1992 Series VRDN, 4.35%, 10/1/07, TOA: First
National Bank of Chicago <F2> 4,825,000 NR/NR
1,700,000 Fairfield Industrial Development Authority VRDN, 4.40%, 4/1/12,
LOC: Wells Fargo Bank NA <F2> 1,700,000 VMIG1/NR
4,900,000 Fresno Multi-Family Housing VRDN, 4.625%, 7/1/05, C/LOC:
Western Federal S&L 4,900,000 NR/A-1+
2,300,000 Fresno Multi-Family Housing VRDN, 4.625%, 7/1/05, C/LOC:
Western Federal S&L 2,300,000 NR/A-1+
3,300,000 Fresno Multi-Family Housing VRDN, 5.45%, 5/1/15, LOC :Tokai
Bank Ltd. <F2> 3,300,000 NR/A-2
3,150,000 Glendora Industrial Development Authority VRDN, 4.73%,
12/1/16, LOC: Bank of California 3,150,000 NR/NR
7,050,000 Hemet Multi-Family Housing Authority VRDN, 4.50%, 7/1/06,
C/LOC: Mercury S&L <F2> 7,050,000 NR/A-1+
7,900,000 Hemet Multi-Family Housing Authority VRDN, 4.40%, 8/15/04,
C/LOC: Redland S&L <F2> 7,900,000 NR/NR
14,300,000 Irvine Public Facilities Revenue VRDN, 4.40%, 11/1/10, LOC:
National Westminster Bank <F2> 14,300,000 VMIG1/NR
6,200,000 Irvine Ranch Water District Revenue VRDN, 4.35%, 4/1/33, LOC:
Bank of America <F2> 6,200,000 VMIG1/A-1
2,000,000 Lake Elsinore Multi-Family Housing VRDN, 4.625%, 10/1/07,
C/LOC: Mercury S&L <F2> 2,000,000 NR/A-1+
$3,000,000 Lancaster Multi-Family Housing VRDN, 4.625%, 11/1/04, GA:
Household Financial Corp. <F2> $3,000,000 NR/A-1
2,000,000 Los Angeles County Tax & Revenue Anticipation Notes, 4.50%,
7/1/96 2,013,380 MIG1/SP-1
4,900,000 Los Angeles County Industrial Development Authority Revenue
VRDN, 6.75%, 9/1/07, LOC: Banque National de Paris <F2> 4,900,000 NR/NR
5,825,000 Midpeninsula Regional VRDN, 4.15%, 2/1/08, LOC: Fuji Bank
Ltd. <F2> 5,825,000 VMIG1/NR
6,540,000 Oceanside Multi-Family Housing VRDN, 4.30%, 8/1/17,
SURBD: Continental Casualty <F2> 6,540,000 NR/A-1+
4,600,000 Oceanside Multi-Family Housing VRDN, 4.375%, 12/1/07,
C/LOC: Western Federal S&L <F2> 4,600,000 NR/A-1+
2,500,000 Orange County Apartment Development Revenue VRDN, 4.50%,
11/1/08, LOC: Tokai Bank Ltd. <F2> 2,500,000 VMIG2/NR
4,000,000 Orange County Apartment Development Revenue VRDN, 4.60%,
10/1/07, LOC: Mitsubishi Bank Ltd. <F2> 4,000,000 NR/A-1+
500,000 Orange County Certificates of Participation, Florence Crittendon
Services VRDN, 4.20%, 3/1/16, LOC: Swiss Bank Corp. <F2> 500,000 VMIG1/NR
9,200,000 Orange County Multi-Family Housing VRDN, 4.60%, 11/1/05,
LOC: First Interstate Bank Corp. <F2> 9,200,000 VMIG2/NR
5,000,000 Orange County Multi-Family Housing VRDN, 4.60%, 11/1/08,
LOC: Banque Paribas <F2> 5,000,000 NR/A-1
1,700,000 Orange County Multi-Family Housing VRDN, 4.65%, 4/1/24,
LOC: Tokai Bank Ltd. <F2> 1,700,000 VMIG2/NR
3,900,000 Orange County Multi-Family Housing VRDN, 4.75%, 12/1/09,
LOC: Tokai Bank Ltd. <F2> 3,900,000 VMIG2/NR
13,000,000 Orange County Municipal Water District VRDN, 4.45%, 7/1/06,
LOC: Multi-Bank <F2> 13,000,000 VMIG1/A-1+
4,500,000 Orange County Sanitation Districts 1, 2, & 3 Certificates of
Participation, 4.15%, 8/1/13, LOC: Industrial Bank of Japan 4,500,000 VMIG1/A-1
9,214,532 Palmdale School District Project Lease VRDN, 4.70%, 12/13/10,
LOC: National Westminster Bank 9,214,532 NR/NR
1,874,286 Palmdale School District Project Lease VRDN, 4.70%, 12/13/10,
LOC: National Westminster Bank 1,874,286 NR/NR
1,000,000 Riverside Multi-Family Housing VRDN, 4.60%, 6/1/09, LOC:
Tokai Bank Ltd. <F2> 1,000,000 VMIG2/NR
2,750,000 Riverside Multi-Family Housing VRDN, 4.625%, 5/1/05, GA:
Household Financial Corp. <F2> 2,750,000 NR/A-1
2,890,000 Riverside Multi-Family Housing VRDN, 4.625%,12/1/05, GA:
Household Financial Corp. <F2> 2,890,000 NR/A-1
1,170,000 Riverside Multi-Family Housing VRDN, 4.75%, 12/1/16, LOC:
Tokai Bank Ltd. <F2> 1,170,000 VMIG2/NR
4,050,000 Salinas Multi-Family Housing VRDN, 4.625%, 12/1/16, C/LOC:
Mercury S&L <F2> 4,050,000 NR/A-1+
$5,000,000 San Bernadino Multi-Family Housing Revenue Bonds, 6.00%,
5/1/15, Mandatory Put 5/1/96 @100 $5,000,000 NR/NR
3,150,000 San Bernadino Multi-Family Housing Revenue VRDN, 4.25%,
6/1/15, C/LOC: Mercury S&L <F2> 3,150,000 NR/A-1+
1,000,000 San Bernadino Multi-Family Housing VRDN, 4.625%, 6/1/05,
GA: Household Financial Corp. <F2> 1,000,000 NR/A-1
3,000,000 San Diego Multi-Family Housing VRDN, 4.40%, 6/1/07, C/LOC:
Mercury S&L <F2> 3,000,000 NR/A-1+
8,000,000 San Francisco Multi-Family Housing VRDN, 4.80%, 10/1/00,
LOC: Mitsubishi Trust & Banking 8,000,000 VMIG2/NR
2,000,000 San Marcos Redevelopment VRDN, 4.48%, 12/1/10, LOC: Bank
of America <F2> 2,000,000 NR/NR
4,168,000 Santa Ana Industrial Development VRDN, 4.95%, 10/1/15, LOC:
Tokai Bank Ltd. 4,168,000 VMIG2/NR
1,500,000 Santa Ana Multi-Family Housing VRDN, 4.25%, 12/1/07 C/LOC:
Mercury S&L <F2> 1,500,000 NR/A-1+
3,250,000 Santa Ana Multi-Family Housing VRDN, 4.65%, 12/1/16, LOC:
Tokai Bank Ltd. <F2> 3,250,000 VMIG2/NR
4,000,000 Santa Ana Unified School District Certificates of Participation
VRDN, 4.10%, 7/1/15, LOC: Sanwa Bank Ltd. <F2> 4,000,000 VMIG1/NR
3,585,000 Santa Margarita Improvement District Revenue Series 25-A VRDN,
4.30%, 8/1/07, TOA: Morgan Guaranty <F2> 3,585,000 VMIG1/NR
3,490,000 Santa Margarita Improvement District Revenue Series 25-C VRDN,
4.30%, 8/1/12, TOA: Morgan Guaranty <F2> 3,490,000 VMIG1/NR
2,500,000 Santa Rosa High School District Revenue Anticipation Notes,
5.00%, 11/10/95 2,506,067 MIG1/NR
2,800,000 Stockton County Nursing Home VRDN, 4.73%, 12/1/16, LOC:
Bank of California <F2> 2,800,000 NR/NR
1,450,000 Stockton Heritage Convalescent Center Project VRDN, 6.30%,
12/1/05, LOC: Tokai Bank Ltd. <F2> 1,450,000 NR/NR
2,500,000 Stockton Multi-Family Housing VRDN, 3.95%, 9/1/18, LOC:
Bank of America <F2> 2,500,000 NR/A-1
8,000,000 Union City Multi-Family Housing Revenue VRDN, 4.80%,
10/1/11, LOC: Mitsubishi Trust & Banking <F2> 8,000,000 VMIG2/NR
7,500,000 Victor Valley Community College Revenue VRDN, 4.60%,
11/1/24, GA: Anchor National Life <F2> 7,500,000 NR/A-1+
4,400,000 Victorville Multi-Family Housing VRDN, 4.40%, 12/1/15,
C/LOC: Redland S&L <F2> 4,400,000 NR/NR
11,625,000 Victorville Multi-Family Housing VRDN, 4.65%, 12/1/15,
C/LOC: Union Federal S&L <F2> 11,625,000 NR/NR
TOTAL INVESTMENTS (Cost $277,793,920) <F3>
(97.7%) <F4> $277,793,920
See notes to portfolio of investments.
Calvert Tax-Free Reserves
New Jersey Money Market Portfolio
Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
$1,500,000 Burlington County General Obligation Notes, 4.35%, 10/15/95 $1,500,601 Aa/AA
1,500,000 Hudson County Improvement Authority VRDN, 4.00%, 7/15/26,
LOC: Hong Kong Shanghai Bank <F2> 1,500,000 NR/A-1
1,364,000 New Jersey Economic Development Authority VRDN, 4.50%,
1/1/00, LOC: Marine Midland Bank <F2> 1,364,000 P-2/NR
1,100,000 New Jersey Economic Development Authority VRDN, 3.65%,
2/1/02, LOC: Chemical Bank <F2> 1,100,000 NR/A-1
125,000 New Jersey Economic Development Authority VRDN, 4.05%,
8/1/05, LOC: Barclays Bank <F2> 125,000 NR/A-1+
1,000,000 New Jersey Economic Development Authority VRDN, 4.20%,
2/1/19, BPA: Pittsburgh National Bank <F2> 1,000,000 NR/A-1
1,450,000 New Jersey Economic Development Authority VRDN, 4.20%,
8/1/17, LOC: Bank of America <F2> 1,450,000 NR/A-1
1,500,000 New Jersey Economic Development Authority VRDN, 4.51%,
12/1/04, LOC: Credit Suisse <F2> 1,500,000 VMIG1/NR
1,475,000 New Jersey Economic Development Authority VRDN, 4.625%,
3/1/98, LOC: Meridian Bank <F2> 1,475,000 NR/A-2
1,500,000 New Jersey Economic Development Authority VRDN, 5.00%,
12/1/15, LOC: Asahi Bank <F2> 1,500,000 P-2/NR
1,500,000 New Jersey Economic Development Authority VRDN, 5.25%,
12/1/14, LOC: Citibank <F2> 1,500,000 NR/NR
1,000,000 New Jersey Economic Development Authority VRDN, 4.40%,
8/1/01, LOC: CoreStates Bank <F2> 1,000,000 P-1/NR
2,400,000 New Jersey General Obligation Bonds Topstars Series D, 4.65%,
2/15/07, (Tender 8/15/95 @100), TOA: Banque National de Paris <F2> 2,400,000 VMIG1/NR
400,000 New Jersey Health Care VRDN, 3.90%, 7/1/35, LOC: Chemical
Bank <F2> 400,000 VMIG1/NR
925,000 New Jersey Housing and Mortgage Finance Agency Series 87A VRDN,
4.35%, 4/1/12, TOA: Citibank 925,000 NR/NR
500,000 New Jersey Housing and Mortgage Finance Agency VRDN,
4.15%,11/1/14, TOA: Citibank <F2> 500,000 NR/NR
$1,345,000 New Jersey Housing and Mortgage Finance Agency VRDN,
4.45%, 4/1/12, TOA: Bank of America $1,345,000 NR/NR
1,500,000 New Jersey Sport & Exposition VRDN, 3.90%, 9/1/24, BPA:
Industrial Bank of Japan <F2> 1,500,000 VMIG1/A-1
200,000 New Jersey State Educational Facilities Authority Revenue Bonds,
6.30%, 7/1/95 200,000 Aaa/AAA
500,000 New Jersey State Turnpike Authority VRDN, 3.85%, 1/1/18,
LOC: Societe Generale <F2> 500,000 VMIG1/A-1+
1,100,000 New Jersey State Turnpike Authority VRDN, 4.05%, 1/1/00,
MBIA Insured, TOA: Bankers Trust <F2> 1,100,000 NR/NR
1,750,000 New Jersey State Turnpike Authority VRDN, 4.05%, 1/1/01,
MBIA Insured, TOA: Bankers Trust <F2> 1,750,000 NR/NR
1,500,000 Passaic County Bond Anticipation Notes, 4.75%, 9/28/95 1,500,579 NR/NR
1,000,000 Port Authority of NewYork and New Jersey Commercial Paper,
4.05%, 8/29/95, LOC: Daiwa Bank 1,000,000 P-2/A-2
1,500,000 Port Authority of New York and New Jersey Special Obligation
Revenue Bonds, 3.85%, 5/1/19, BPA: Morgan Guaranty <F2> 1,500,000 VMIG1/A-1+
300,000 Port Authority of New York and New Jersey Special Obligation
Revenue Bonds, 4.25%, 8/1/28, BPA: Sumitomo Bank, Bank
of Tokyo and Sanwa Bank 300,000 VMIG1/A-1+
2,100,000 Salem County Pollution Control DuPont VRDN, 4.00%, 3/1/12 2,100,000 NR/A-1+
TOTAL INVESTMENTS (Cost $32,035,180) <F3> (96.3%) <F4> $32,035,180
See notes to portfolio of investments.
Notes to Portfolio of Investments:
<FN>
<F1> Ratings: Moody's Investors Service, Inc.'s ratings of state and
municipal notes, in descending order of quality, are: MIG1, MIG2, MIG3,
MIG4, and SG. VMIG rating is the same as MIG rating but is designated for
issues that have periodic demand features. Moody's ratings of municipal
bonds, in descending order of quality, are: Aaa, Aa, A, and Baa. Moody's
ratings of tax-exempt commercial paper, in descending order of quality,
are: P-1, P-2, and P-3. Standard & Poor's ratings of municipal debt, in
descending order of quality, are: AAA, AA, A, and BBB. Standard & Poor's
ratings of tax-exempt notes, in descending order of quality, are: SP-1,
SP-2, and SP-3. For variable rate obligations with a demand feature, S&P
ratings are: A-1+, A-1, A-2, A-3. Numerical modifiers and plus or minus
indicate the ranking of a security within its generic rating category.
Moody's ratings are indicated before Standard & Poor's in the portfolio of
investments.
NR: Obligation is not rated by a commercial credit rating service, such as
Moody's Investors Service, Inc., or Standard & Poor's Corporation;
obligation has been determined to be of appropriate quality for the
Portfolio by Calvert Asset Management Company, Inc. the Investment Advisor.
<F2> These obligations have a daily or seven day tender at par, at holder's
option.
<F3> Cost of investments represents amortized cost and is substantially the
same for federal income tax purposes.
<F4> The percentages shown represent the percentage of the investments to
net assets.
<F5> Explanation of Guarantees
BPA: Bond-Purchase Agreement IA: Investment Agreement
CD: Certificate of Deposit INSUR: Insurance
LOC: Letter of Credit SURBD: Surety Bond
C/LOC: Collateralized LOC REPO: Repurchase Agreement
GIC: Guaranteed Investment Contract TOA: Tender Option Agreement
GA: Guaranty Agreement TPG: Third Party Guarantee
<F6> Abbreviations
VRDN: Variable Rate Demand Notes
</FN>
</TABLE>
Calvert Tax-Free Reserves
California Money Market Portfolio
Statement of Assets and Liabilities
June 30, 1995 (Unaudited)
Assets
Investments in securities, at value -
see accompanying portfolio $277,793,920
Cash 6,158,392
Interest receivable 2,556,704
Receivable for fund shares sold 26,591
Other assets 1,419
Total assets 286,537,026
Liabilities
Payable for securities purchased 2,013,380
Payable to Calvert Asset Management Company,
Inc. - <F2> Note B 143,163
Payable to Calvert Administrative Services
Corp. - <F2> Note B 1,786
Payable to Calvert Shareholder Services,
Inc. - <F2> Note B 5,752
Payable for shares redeemed 26,903
Payable for income distributions 12,374
Accrued expenses and other liabilities 15,820
Total liabilities 2,219,178
Net assets $284,317,848
Net Assets
Net assets consisting of:
Paid-in capital applicable to 284,539,193 outstanding
shares of beneficial interest, no par value
(unlimited number of shares authorized) 284,539,233
Accumulated net investment income -
net of distributions (78,003)
Accumulated realized gains/(losses) -
net of distributions (143,382)
Net assets $284,317,848
Net Asset Value
Net asset value, offering and redemption price per share
($284,317,848 divided by 284,539,193 shares) $1.00
See notes to financial statements.
New Jersey Money Market Portfolio
Statement of Operations
Six Months Ended June 30, 1995 (Unaudited)
Assets
Investments in securities, at value -
see accompanying portfolio $ 32,035,180
Cash 183,940
Receivable for fund shares sold 736,850
Interest receivable 337,601
Other assets 941
Total assets 33,294,512
Liabilities
Payable to Calvert Asset Management Company,
Inc. - <F2> Note B 17,789
Payable to Calvert Administrative Services
Corp. - <F2> Note B 209
Payable to Calvert Shareholder Services,
Inc. - <F2> Note B 5,377
Payable for income distributions 1,764
Accrued expenses and other liabilities 1,234
Total liabilities 26,373
Net assets $ 33,268,139
Net Assets
Net assets consisting of:
Paid-in capital applicable to 33,294,607 outstanding
shares of beneficial interest,
no par value (unlimited number of shares authorized) 33,293,385
Accumulated net investment income - net of distributions (25,366)
Accumulated realized gains/(losses) - net of distributions 120
Net assets $ 33,268,139
Net Asset Value
Net asset value, offering and redemption price per share
($33,268,139 divided by 33,294,607 shares) $1.00
See notes to financial statements.
California Money Market Portfolio
Statement of Operations
Six Months Ended June 30, 1995 (Unaudited)
Investment Income
Interest income $ 6,289,742
Expenses - <F2> Note B
Investment advisory fee 691,018
Transfer, dividend disbursing and shareholder
servicing agent's fees 181,300
Professional fees 71,000
Printing and stationery 47,398
Postage and delivery 25,454
Trustees' fees and expenses 11,570
Insurance 11,536
Administrative services fees 10,671
Miscellaneous expenses 8,293
Telephone 2,916
Total expenses 1,061,156
Net Investment Income 5,228,586
Realized And Unrealized Gain (Loss) on Investments
Net realized gain (loss) on securities (143,382)
Net realized gain (loss) on Tender Option
Agreement - <F2> Note B (600,000)
Change in unrealized appreciation or depreciation 600,000
Net realized and unrealized gain (loss)
on investments (143,382)
Net Increase (Decrease) in Net Assets
Resulting from Operations $5,085,204
New Jersey Money Market Portfolio
Statement of Operations
Six Months Ended June 30, 1995 (Unaudited)
Investment Income
Interest income $ 627,105
Expenses - <F2> Note B
Investment advisory fee 80,596
Transfer, dividend disbursing and shareholder
servicing agent's fees 34,090
Printing and stationery 8,067
Postage and delivery 6,597
Miscellaneous expenses 1,420
Trustees' fees and expenses 1,362
Administrative services fees 1,245
Professional fees 608
Telephone 522
Insurance 424
Total expenses 134,931
Net Investment Income 492,174
Realized And Unrealized Gain (Loss) on Investments
Net realized gain (loss) 120
Net Increase (Decrease) in Net Assets
Resulting from Operations $ 492,294
See notes to financial statements.
California Money Market Portfolio
Statements of Changes in Net Assets
Six Months
Ended Year Ended
June 30,1995 December 31,
Increase (Decrease) in Net Assets (Unaudited) 1994
Operations
Net investment income $ 5,228,586 $ 7,518,592
Net realized gain (loss) on securities (143,382) 5,228
Net realized gain (loss) on Tender
Option Agreement - <F2> Note B (600,000) _
Change in unrealized appreciation or
depreciation of investments 600,000 (600,000)
Net Increase (Decrease) in Net
Assets Resulting from Operations 5,085,204 6,923,820
Distributions to shareholders
Net investment income (5,309,549) (7,515,632)
Net realized gain on investments _ (5,228)
Total distributions (5,309,549) (7,520,860)
Capital share transactions - <F3> Note C 23,823,604 (36,267,948)
Contribution of Capital - <F2> Note B
(Tender Option Agreement) _ 600,000
Total Increase (Decrease) in Net Assets 23,599,259 (36,264,988)
Net Assets
Beginning of period 260,718,589 296,983,577
End of period (including accumulated net
investment income - net of distributions
$(78,003) and $2,960 for 1995 and 1994,
respectively.) $284,317,848 $260,718,589
New Jersey Money Market Portfolio
Statements of Changes in Net Assets
Six Months
Ended Year Ended
June 30,1995 December 31,
Increase (Decrease) in Net Assets (Unaudited) 1994
Operations
Net investment income $ 492,174 $ 711,510
Net realized gain (loss) on investments 120 _
Net Increase (Decrease) in Net
Assets Resulting from Operations 492,294 711,510
Distributions to shareholders
Net investment income (517,540) (710,971)
Net realized gain on investments _ _
Total distributions (517,540) (710,971)
Capital share transactions - <F3> Note C 821,177 (5,183,357)
Total Increase (Decrease)
in Net Assets 795,931 (5,182,818)
Net Assets
Beginning of period 32,472,208 37,655,026
End of period (including accumulated
net investment income - net of
distributions of $(25,366) and $0 for
1995 and 1994, respectively.) $33,268,139 $32,472,208
See notes to financial statements.
Notes To Financial Statements (Unaudited)
[FN]
<F1> Note A_Summary of Significant Accounting Policies
General: The California Money Market Portfolio and New Jersey Money Market
Portfolio (the "Series") are series of Calvert Tax-Free Reserves (the
"Fund"). The Fund is registered under the Investment Company Act of 1940,
as amended (the "Act"), as a diversified, open-end investment company. The
Fund operates as a Series fund issuing shares of beneficial interest in
seven portfolios. The Fund accounts separately for the assets, liabilities,
and operations of each series. The Series' shares are sold to the public
without a sales charge.
Portfolio Valuation: Investments in both Series are carried at amortized
cost, which approximates market value.
Securities Transactions and Investment Income: Securities transactions are
recorded on a trade date basis. Interest income, including, where
applicable, amortization of premium and discount, is recorded on the
accrual basis. Realized gains and losses from securities transactions are
recorded on an identified cost basis.
Share Valuation, Dividends and Distributions to Shareholders: It is the
policy of both Series to maintain a constant net asset value of $1.00 per
share; both Series have adopted certain investment, portfolio valuation and
dividend and distribution policies intended to enable them to do so. Both
Series declare dividends of their net investment income on a daily basis
and distribute income monthly. Distributions to shareholders are recorded
on the ex-dividend date.
Federal Income Taxes: It is the policy of the Fund to continue to qualify
as a regulated investment company by complying with the provisions of the
Internal Revenue Code available to certain investment companies, and to
make distributions of taxable income and capital gains sufficient to
relieve it from all, or substantially all, federal income and excise taxes.
<F2> Note B_Investment Advisory and Other Transactions With Affiliates
The Fund's investment advisor is Calvert Asset Management Company, Inc.
("Advisor"), wholly-owned by Calvert Group, Ltd., which itself is an
indirect wholly-owned subsidiary of Acacia Mutual Life Insurance Company.
Under the Advisory Contract, the Advisor manages the investment and
reinvestment of the Fund's assets, subject to the direction and control of
the Trustees, pays the salaries and fees of the executive officers of the
Fund who are affiliated with the Advisor, and may pay certain Fund
advertising and promotional expenses. For its services, the Advisor
receives an annual fee of 0.50% of each Series' average daily net assets up
to $500 million; 0.45% of the next $500 million; and 0.40% of such assets
over $1 billion.
The Advisor has agreed to reimburse the Fund for each Series' operating
expenses (excluding brokerage, taxes, interest, Distribution Plan expenses,
and extraordinary items) exceeding, on a pro rata basis, the lowest state
expense limitation in effect.
A Tender Option Agreement, valued by the fund at $600,000, dated December
15, 1994, allowed the Fund the option of selling Orange County Teeter Plan
Notes to Calvert Asset Management, Inc., for the unpaid principal amount
plus interest accrued to the date of sale. The Tender Option Agreement was
fully collateralized by certificates of deposit. On June 30, 1995, the
maturity date of the notes, the notes were paid in full with all accrued
interest to that date. The Tender Option Agreement was allowed to expire
unused.
Calvert Shareholder Services, Inc. ("CSSI"), a wholly-owned subsidiary of
Calvert Group, Ltd., acts as transfer, dividend disbursing and shareholder
servicing agent for the Fund. For these services CSSI receives an annual
fee from each Series of $22 per shareholder account and $1.60 per
transaction.
Calvert Administrative Services Company ("CASC"), a wholly-owned subsidiary
of Calvert Group, Ltd., provides certain administrative services to the
Fund, including the preparation of regulatory filings and shareholder
reports, the daily determination of net asset value per share and
dividends, and the maintenance of the portfolio and general accounting
records. CASC receives a fee of $200,000 during the year for providing such
services. Such fees are allocated among the Portfolios of the Fund based
upon their relative net assets.
Certain officers and trustees of the Fund are "affiliated persons," as
defined in the Act, of the Advisor. Each trustee of the Fund who is not
affiliated with the Advisor serves on the Board of Trustees of other Funds
sponsored by the Advisor, and receives an annual fee of $20,250 and a
meeting fee of $1,200 for each Board and Committee meeting attended. Such
fees are allocated among the funds based upon their relative net assets.
<F3> Note C_Net Assets
The change in net assets resulting from capital share transactions (at
$1.00 per share) for 1995 and 1994 is indicated below:
California Portfolio
Six Months
Ended year ended
June 30, 1995 December 31,
In dollars (Unaudited) 1994
Shares sold $184,243,141 $348,406,303
Reinvestment of dividends 5,264,291 7,520,860
Shares redeemed (165,683,828) (392,195,111)
$ 23,823,604 $ (36,267,948)
New Jersey Portfolio
Six Months
Ended year ended
June 30, 1995 December 31,
In dollars (Unaudited) 1994
Shares sold $ 17,006,478 $ 32,588,821
Reinvestment of dividends 513,575 710,971
Shares redeemed (16,698,876) (38,483,149)
$ 821,177 $ (5,183,357)
[/FN]
<TABLE>
<CAPTION>
Financial Highlights
California Money Market Portfolio
Six Months
Ended Year Ended Year Ended
June 30, 1995 Dec. 31, Dec. 31,
(Unaudited) 1994 1993
<S> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00
Income from investment operations
Net investment income .019 .026 .022
Distributions to shareholders
Dividends from net investment income (.019) (.026) (.022)
Net asset value, end of period $1.00 $1.00 $1.00
Total return 1.93%* 2.62%* 2.26%
Ratio of expenses to average net assets .77%(a) .69% .69%
Ratio of net investment income to
average net assets 3.78%(a) 2.55% 2.22%
Increase reflected in above net investment
income due to expense reimbursement _ _ _
Net assets, end of period $284,317,848 $260,718,589 $296,983,577
Number of shares outstanding at end
of period (in thousands) 284,539 260,716 296,984
Year Ended Year Ended
Dec. 31, Dec. 31,
1992 1991
Net asset value, beginning of year $1.00 $1.00
Income from investment operations
Net investment income .030 .045
Distributions to shareholders
Dividends from net investment income (.030) (.045)
Net asset value, end of year $1.00 $1.00
Total return 3.08% 4.64%
Ratio of expenses to average net assets .68% .60%
Ratio of net investment income to
average net assets 3.01% 4.51%
Increase reflected in above net investment
income due to expense reimbursement _ _
Net assets, end of year $323,928,342 $287,984,273
Number of shares outstanding at
end of year (in thousands) 323,928 287,984
(a) Annualized
* Total return numbers do not reflect Tender Option Agreement (see <F2> Note B)
Financial Highlights
New Jersey Money Market Portfolio
Six Months
Ended Year Ended Year Ended
June 30,1995, Dec. 31, Dec. 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $1.00 $1.00 $1.00
Income from investment operations
Net investment income .016 .022 .018
Distributions to shareholders
Dividends from net investment income (.016) (.022) (.018)
Net asset value, end of period $1.00 $1.00 $1.00
Total return 1.61% 2.21% 1.85%
Ratio of expenses to average net assets .84%(a) .84% .79%
Ratio of net investment income to
average net assets 3.05%(a) 2.15% 1.83%
Increase reflected in above net investment
income due to expense reimbursement _ _ _
Net assets, end of period $33,268,139 $32,472,208 $37,655,026
Number of shares outstanding at end
of period (in thousands) 33,295 32,473 37,657
Year Ended Year Ended
Dec. 31, Dec. 31,
1992 1991
Net asset value, beginning of year $1.00 $1.00
Income from investment operations
Net investment income .028 .048
Distributions to shareholders
Dividends from net investment income (.028) (.048)
Net asset value, end of year $1.00 $1.00
Total return 2.83% 4.95%
Ratio of expenses to average net assets .66% .24%
Ratio of net investment income to
average net assets 2.78% 4.63%
Increase reflected in above net investment
income due to expense reimbursement _ .05%
Net assets, end of year $53,263,691 $61,923,996
Number of shares outstanding at end
of year (in thousands) 53,264 61,924
(a) Annualized
</TABLE>
(logo) Investing with Vision (TM) Calvert Group (R) A member of the Acacia
Group
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
