Calvert
Tax-Free
Reserves
Semi-Annual Report
June 30, 1995
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Semi-Annual Report_June 30, 1995
CALVERT TAX-FREE RESERVES
Dear Investor:
The slowing economy, firming dollar and expectations that the Federal
Reserve would move to cut interest rates pushed bond yields lower and
prices higher across all maturity ranges. The stock market also rallied in
anticipation of lower interest rates and reports of continued strong
earnings growth. 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%.
Market Review
Bond fund investors who held their course after 1994's dismal bond market
showing were amply rewarded in the first six months of 1995. Prices of
bonds of all maturities soared as yields retraced much of their 1994
advance. Municipals led taxable bonds in the first quarter, but fell behind
in the second quarter as talk of tax reform rattled the market. For
example, the year-to-date principal-only return for the Lipper General
Municipal Debt Funds average was 6.71%, compared to 8.29% for the Lipper
Corporate Bond Fund Average. After rising sharply in 1994, short-term
interest rates fell slightly during the period covered by this report.
Chart 1: Municipal Rates
A line graph showing the Twenty year, Seven year, and One year AA General
Obligation rates from 6/94 through 6/95.
Performance and Strategy Review
Money Market Portfolio
The annualized yield on the Tax-Free Reserves Money Market Portfolio moved
a bit higher than its year-ago level, due to the higher rates available in
the second half of 1994. The Portfolio's 3.69% annualized compound dividend
yield was above the yield available on an average of similar funds.
Chart 2: Money Market Porfolio Compound Dividend Yield
A Bar Chart showing 12 month compound dividend yield for each of the 12
month periods ending 6/30/94 and 6/30/95 for the Tax Free Reserve Money
Market fund and the Lipper Tax-Exempt Money Market Average.
Anticipating that much of the pick up in interest rates was over, we
selected longer-term securities in order to lock in the higher yields. The
Portfolio's weighted average maturity was extended from 16 days on December
31, 1994 to 38 days on June 30, 1995.
Limited-Term Portfolio
After outperforming its benchmark average for the previous six-month
period, the Limited-Term Portfolio fell slightly behind for the six months
ended June 30, 1995. This is a function of the Portfolio's shorter than
average maturity, which allows it to reflect any increase in rates more
quickly, but performance tends to lag in a flat or declining rate
environment.
After maintaining a defensive position during 1994, we did move to lock in
the higher rates now available by extending the Portfolio's weighted
average maturity from 285 days on December 31, 1994 to 292 days on June 30,
1995. Typically, this Portfolio's average maturity will not be above one
year.
Limited-Term Portfolio Investment Performance
Periods Ended 6/30/95 6 Months 12 Months
Limited-Term Portfolio 3.21% 4.53%
Lipper Short Muni
Debt Funds Avg. 4.18% 4.89%
Investment performance is for Class A shares and does
not reflect the deduction of any front-end sales charge.
Long-Term Portfolio
The Long-Term Portfolio's return was ahead of the benchmark averages for
the 12-month period but, due to our shorter than average maturity, lagged a
bit for the six months ended June 30, 1995.
Long-Term Portfolio Investment Performance
Periods Ended 6/30/95 6 Months 12 Months
Long-Term Portfolio 8.12% 9.40%
Lipper General
Muni Fund Avg. 9.01% 7.68%
Investment performance is for Class A shares and does
not reflect the deduction of any front-end sales charge.
Outlook
We believe the Fed will continue to have a neutral to easier policy bias in
reaction to mixed economic data. The markets will likely be volatile until
a clearer picture of second and early-third quarter economic activity forms
later in the summer.
While the possibility of lighter tax burdens depressed the municipal
markets during the first half of 1995, the gap in the performance of
municipals and taxables has narrowed a bit since the close of this
reporting period. In our opinion, the markets had overreacted. Proposals
for tax reform will face a long period of debate_a process that is not
likely to begin until late in 1995. We think municipals are now priced to
reflect the possibility of tax reform, and future jolts are less likely.
Sincerely,
(signature)
David R. Rochat
Senior Vice President
July 20, 1995
Portfolio Statistics
Weighted Average Maturity
12/31/94 6/30/95
Tax-Free Reserves Money Market 16 Days 38 Days
Tax-Free Reserves Limited-Term 285 Days 292 Days
Tax-Free Reserves Long-Term 17 Years 20 Years
SEC Yields
Class A Class C
Thirty Days Ended 6/30/95 6/30/95
Tax-Free Reserves Limited-Term 4.70% 3.61%
Tax-Free Reserves Long-Term 5.19% 4.40%
Yields assume reinvestment of dividends.
Average Annual Total Returns
Since
Periods Ended 6/30/95 1 Year 5 Year 10 Year Inception
Class A Shares
Tax-Free Reserves
Limited-Term (3/81) 2.41% 4.45% 5.35% 6.45%
Tax-Free Reserves
Long-Term (8/82) 5.28% 7.02% 7.65% 8.37%
Class C Shares
Tax-Free Reserves
Limited-Term (3/94) 3.78% NA NA 3.21%
Tax-Free Reserves
Long-Term (3/94) 7.89% NA NA 3.76%
Portfolio Statistics
Calvert Tax-Free Reserves Money Market Portfolio
Change in value of a hypothetical $10,000 investment.
Chart 3: A line graph showing the value of a $10,000 investment in 6/86
rising to $15,540 by 6/95
Calvert Tax-Free Reserves Limited-Term Portfolio
Comparison of change in value of $10,000 investment.*
Chart 4: A line graph showing the value of a $10,000 investment in 12/84
rising to $16,839 in CTFR-Limited 12/84, to 17,744 in the Lipper Short Muni
Debt Avg., and to $28,096 in the Lehman Municipal Bond by 6/95
Calvert Tax-Free Reserves Long-Term Portfolio
Comparison of change in value of $10,000 investment.*
Chart 5: A line graph showing the value of a $10,000 investment in 12/84
rising to $20,892 in CTFR-Long 12/84 and to $28,096 in the Lehman Municipal
Bond by 6/95
* The Lehman Municipal Bond Index has a maturity of approximately 20 years,
which is comparable to that of the Long-Term Portfolio but much longer than
that of the Limited-Term Portfolio.
Total returns assume reinvestment of dividends and, for Class A shares,
reflect the deduction of each fund's maximum front-end sales charge of
2.00% for the Limited-Term Portfolio and 3.75% for the Long-Term Portfolio.
No sales charge has been applied to the indices used for comparison. The
value of an investment in Class A shares is plotted in the line graphs. The
value of an investment in Class C shares would be different. Past
performance is no guarantee of future returns.
<TABLE>
<CAPTION>
Calvert Tax-Free Reserves_Money Market
Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
State/Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <S>
Alabama (1.3%)
$ 5,000,000 Alabama State Industrial Development Authority VRDN,
4.40%, 9/1/04, LOC: Southtrust <F2> $ 5,000,000 VMIG1/NR
7,140,000 Alabama State Industrial Development Authority VRDN,
4.40%, 11/1/14, LOC: Southtrust <F2> 7,140,000 NR/A-1
6,600,000 Auburn Industrial Development Board VRDN, 4.80%,
12/1/16, LOC: Lloyds Bank <F2> 6,600,000 VMIG1/NR
1,000,000 Wynlakes Government Utility Authority VRDN, 4.50%,
5/1/06, LOC: Amsouth Bank <F2> 1,000,000 NR/A-1
Arizona (5.1%)
2,050,000 Casa Grande Industrial Development Authority VRDN,
6.75%, 9/1/07, LOC: Banque Nationale De Paris <F2> 2,050,000 NR/NR
21,800,000 Glendale Industrial Development Authority VRDN, 4.45%,
1/1/20, LOC: Sumitomo Bank, Ltd. <F2> 21,800,000 VMIG1/NR
8,000,000 Goodyear Industrial Development Authority VRDN,
4.40%, 5/1/15, LOC: PNC Bank, Kentucky <F2> 8,000,000 P-1/A
5,415,000 Maricopa Industrial Development Authority VRDN, Desert
Star Apartments, 4.40%, 10/1/08, C/LOC: Great
American FSB <F2> 5,415,000 NR/NR
3,000,000 Maricopa Pollution Control Revenue VRDN, 4.90%,
7/1/14, LOC: Citibank <F2> 3,000,000 VMIG1/NR
10,100,000 Maricopa Pollution Control Revenue VRDN, 4.80%,
12/1/14, LOC: Credit Suisse <F2> 10,100,000 VMIG1/NR
14,000,000 Phoenix Civic Improvement Corporation VRDN, 4.25%,
6/1/20, LOC: Lanaesbank Hessen <F2> 14,000,000 VMIG1/NR
1,300,000 Prescott Convention Center Industrial Development
Authority Series A VRDN, 4.45%,12/1/14, GA:
Household Financial Corp. 1,300,000 NR/A-1
4,225,000 Prescott Convention Center Industrial Development
Authority Series B VRDN, 4.45%,12/1/14, GA:
Household Financial Corp. 4,225,000 NR/A-1
11,251,000 Tucson Los Portales Industrial Development Authority
VRDN, 4.375%, 12/1/07, C/LOC: Mercury S&L <F2> 11,251,000 NR/A-1+
California (28.9%)
3,700,000 Barstow Multi-Family Housing VRDN, 4.40%, 4/1/18,
C/LOC: Mercury S&L <F2> 3,700,000 NR/A-1+
6,800,000 California Educational Facilities Authority VRDN, 4.65%,
10/1/09, LOC: L/T Credit Bank of Japan <F2> 6,800,000 VMIG2/NR
22,085,000 California Housing Finance Authority Revenue VRDN,
4.50%, 7/1/25, LOC: Sumitomo Bank <F2> 22,085,000 NR/A-1
2,500,000 California Pollution Control Financing Authority Industrial
Development Revenue VRDN, 5.00%, 1/15/04, LOC:
Sumitomo T&B <F2> 2,500,000 VMIG2/NR
California (Cont'd)
$30,000,000 California Revenue Anticipation Warrants/Notes, 6.50%,
4/25/96, (Optional Tender 4/25/96 @ 100), LOC: JP
Morgan Securities $30,437,393 NR/NR
15,000,000 California Revenue Anticipation Warrants/Notes, 6.50%,
4/25/96, (Tender 11/15/95 @ 100.75), LOC: JP
Morgan Securities 15,000,000 NR/NR
7,075,000 Cudahy Redevelopment Agency VRDN, 4.85%, 12/1/15,
LOC: Tokai Bank <F2> 7,075,000 NR/A-2
4,900,000 Fresno Multi-Family Housing VRDN, 5.45%, 5/1/15,
LOC: Tokai Bank <F2> 4,900,000 NR/A-2
5,000,000 Hemet Multi-Family Housing Authority VRDN, 4.50%,
7/1/06, C/LOC: Mercury S&L <F2> 5,000,000 NR/A-1+
3,000,000 Lake Elsinore Multi-Family Housing VRDN, 4.625%,
10/1/07, C/LOC: Mercury S&L <F2> 3,000,000 NR/A-1+
5,700,000 Lancaster Multi-Family Housing VRDN, 4.625%, 11/1/04,
GA: Household Financial Corp. <F2> 5,700,000 NR/A-1
950,000 Lancaster Multi-Family Housing VRDN, 4.45%, 5/1/17,
C/LOC: Mercury S&L <F2> 950,000 NR/A-1+
14,500,000 Los Angeles County Tax and Revenue Anticipation
Notes, 4.50%, 7/1/96 14,597,005 MIG1/SP-1
3,000,000 Los Angeles County Transportation Commission Series B34
Revenue VRDN, 5.25%, 7/1/05, LOC: Sakura Bank <F2> 3,000,000 VMIG1/NR
3,000,000 Los Angeles County Transportation Commission Series B35
Revenue VRDN, 5.25%, 7/1/05, LOC: Sakura Bank <F2> 3,000,000 VMIG1/NR
3,000,000 Los Angeles County Transportation Commission Series B36
Revenue VRDN, 5.25%, 7/1/05, LOC: Sakura Bank <F2> 3,000,000 VMIG1/NR
2,890,000 Los Angeles County Transportation Commission Series B37
Revenue VRDN, 5.25%, 7/1/05, LOC: Sakura Bank <F2> 2,890,000 VMIG1/NR
2,500,000 Los Angeles Industrial Development Authority VRDN,
5.30%, 7/1/14, LOC: Tokai Bank <F2> 2,500,000 A-2/NR
6,400,000 Los Angeles Multi-Family Housing VRDN, 4.15%,
12/1/16, C/LOC: Mercury S&L <F2> 6,400,000 NR/A-1+
87,300,000 Los Angeles Regional Airport Lease Revenue VRDN,
5.05%, 12/1/25, LOC: L/T Credit Bank of Japan <F2> 87,300,000 NR/A-2
8,500,000 Los Angeles Regional Airports Lease Revenue VRDN,
3.50%, 12/1/15, LOC: L/T Credit Bank of Japan <F2> 8,500,000 NR/A-2
200,000 Oceanside Multi-Family Housing VRDN, 4.375%,
12/1/07, C/LOC: Western Federal S & L <F2> 200,000 NR/A-1+
19,000,000 Orange County Apartment Development Revenue VRDN,
4.55%, 11/1/05, LOC: First Interstate Bancorp <F2> 19,000,000 VMIG2/NR
1,400,000 Orange County Apartment Development Revenue VRDN,
4.75%, 4/1/06, LOC: Mitsubishi Bank, Ltd. <F2> 1,400,000 VMIG1/NR
7,100,000 Orange County Apartment Development Revenue VRDN,
4.60%, 10/1/07, LOC: Mitsubishi Bank, Ltd. <F2> 7,100,000 NR/A-1+
5,500,000 Orange County Apartment Development Revenue VRDN,
4.50%, 11/1/08, LOC: Tokai Bank <F2> 5,500,000 VMIG2/NR
California (Cont'd)
$ 3,400,000 Orange County Apartment Development Revenue VRDN,
4.60%, 11/1/08, LOC: Banque Paribas <F2> $ 3,400,000 NR/A-1
3,800,000 Orange County Apartment Development Revenue VRDN,
4.55%, 12/1/21, LOC: Bank of America <F2> 3,800,000 VMIG1/NR
9,000,000 Orange County Multi-Family Housing VRDN, 4.55%,
11/1/05, LOC: First Interstate Bancorp <F2> 9,000,000 VMIG2/NR
4,685,714 Palmdale School District Project Lease VRDN, 4.80%,
12/13/10, LOC: National Westminster Bank <F2> 4,685,714 NR/NR
2,875,000 Pasadena Community Development Commission
Certificates of Participation VRDN, 5.15%, 11/15/17,
LOC: Tokai Bank <F2> 2,875,000 VMIG2/NR
3,000,000 Riverside Multi-Family Housing VRDN, 4.625%, 12/1/05,
GA: Household Financial Corp. <F2> 3,000,000 NR/A-1
15,400,000 Riverside Multi-Family Housing VRDN, 4.50%, 12/1/07,
C/LOC: Mercury S&L <F2> 15,400,000 NR/A-1+
3,630,000 Riverside Multi-Family Housing VRDN, 4.60%, 6/1/09,
LOC: Tokai Bank <F2> 3,630,000 VMIG2/A-2
5,015,000 Riverside Multi-Family Housing VRDN, 4.75%, 12/1/16,
LOC: Tokai Bank <F2> 5,015,000 VMIG2/NR
5,000,000 Sacramento City Unified School District Revenue
Anticipation Notes, 5.00%, 11/10/95 4,941,647 MIG1/SP-1+
4,335,000 Sacramento Yolo District Improvement Lease Revenue
VRDN, 4.50%, 10/1/22, LOC: Tokai Bank 4,335,000 VMIG2/NR
14,400,000 San Bernadino County Multi-Family Revenue VRDN,
10.50%, 10/1/07, LOC: Sumitomo T&B <F2> 14,400,000 VMIG2/NR
28,000,000 San Bernadino County Multi-Family Revenue VRDN,
10.50%, 10/1/07, LOC: Sumitomo T&B <F2> 28,000,000 VMIG2/NR
3,850,000 San Bernardino County VRDN, 4.375%, 6/1/05, GA:
Household Financial Corp. <F2> 3,850,000 NR/A-1
1,000,000 San Diego Multi-Family Housing VRDN, 4.40%, 6/1/07,
C/LOC: Mercury S&L <F2> 1,000,000 NR/A-1+
17,360,000 San Francisco City and County Redevelopment Agency
Multi-Family Housing Revenue VRDN, 4.80%,
10/1/00, LOC: Mitsubishi T&B <F2> 17,360,000 VMIG2/NR
1,000,000 Santa Ana Multi-Family Housing VRDN, 4.625%,
11/1/05, C/LOC: Mercury S&L <F2> 1,000,000 NR/A-1+
6,100,000 Santa Ana Multi-Family Housing VRDN, 4.25%, 12/1/07,
C/LOC: Mercury S&L <F2> 6,100,000 NR/A-1+
2,825,000 Santa Ana Multi-Family Housing VRDN, 4.65%, 12/1/16,
LOC: Tokai Bank <F2> 2,825,000 VMIG2/NR
3,600,000 Santa Ana Unified School District VRDN, 4.10%, 7/1/15,
LOC: Sanwa Bank <F2> 3,600,000 VMIG1/NR
4,900,000 Santa Ana Village Verde Apartments VRDN, 4.25%,
12/1/07, C/LOC: Mercury S&L <F2> 4,900,000 NR/A-1+
California (Cont'd)
$ 5,700,000 Santa Margarita/Dana Point Revenue VRDN, 4.30%, 8/1/11,
TOA: Morgan Guaranty <F2> $ 5,700,000 VMIG1/AAA
5,130,000 Santa Margarita/Dana Point Revenue VRDN, 4.30%, 8/1/13,
MBIA Insured, TOA: Morgan Guaranty <F2> 5,130,000 VMIG1/AAA
2,975,000 Union City Housing Revenue VRDN, 4.80%, 10/1/11,
LOC: Mitsubishi T&B <F2> 2,975,000 VMIG2/NR
25,100,000 Victor Valley Community College Revenue VRDN, 4.60%,
11/1/24, GA: Anchor National Life <F2> 25,100,000 NR/A-1+
2,900,000 Victorville Multi-Family Housing VRDN, 4.40%, 12/1/15,
C/LOC: Redlands S&L <F2> 2,900,000 NR/NR
Colorado (0.2%)
2,825,000 Castle Rock Industrial Development VRDN, 5.31%,
11/1/16, LOC: L/T Credit Bank of Japan <F2> 2,825,000 VMIG2/NR
Delaware (0.3%)
3,020,000 Delaware State Economic Development Authority VRDN,
4.50%, 11/1/99, LOC: Sumitomo Bank <F2> 3,020,000 VMIG1/A-1
1,800,000 Delaware State Economic Development Authority VRDN,
4.40%, 6/1/07, LOC: PNC Bank, Delaware <F2> 1,800,000 A-1/NR
District of Columbia (3.3%)
10,200,000 D.C. General Fund Series B VRDN, 4.70%, 6/1/03, LOC:
Union Bank of Switzerland <F2> 10,200,000 VMIG1/A-1+
2,000,000 D.C. General Fund Series B-2 VRDN, 4.70%, 6/1/03,
LOC: Westdeutsche Landesbank <F2> 2,000,000 VMIG1/A-1+
14,000,000 D.C. Tax and Revenue Anticipation Notes, 6.25%, 9/30/95,
LOC: Toronto-Dominion Bank <F2> 14,050,815 MIG1/SP-1+
1,900,000 D.C. Tax and Revenues Anticipation Notes, 6.25%, 9/30/95,
LOC: Canadian Imperial Bank <F2> 1,906,764 MIG1/SP-1+
5,300,000 D.C. Tender Option-Custodial Receipt Series B40 Vrdn,
5.45%, 6/1/03, AMBAC Insured, TOA: Sakura Bank <F2> 5,300,000 VMIG1/AAA
5,450,000 D.C. Tender Option-Custodial Receipt Series B41 Vrdn,
5.45%, 6/1/03, AMBAC Insured, TOA: Sakura Bank <F2> 5,450,000 VMIG1/AAA
5,450,000 D.C. Tender Option-Custodial Receipt Series B42 Vrdn,
5.45%, 6/1/03, AMBAC Insured, TOA: Sakura Bank <F2> 5,450,000 VMIG1/AAA
7,710,000 D.C. Tender Option-Custodial Receipt Series B43 VRDN,
5.45%, 6/1/05, AMBAC Insured, TOA: Sakura Bank <F2> 7,710,000 VMIG1/AAA
Florida (7.3%)
11,500,000 City of Jacksonville, 4.30%, 8/18/95 11,500,000 P-1/A-1
13,000,000 Dade County Aviation VRDN, 4.50%, 10/1/24, LOC:
Bayerische Hypobank <F2> 13,000,000 NR/A-1+
Florida (Cont'd)
$ 8,750,000 Florida Housing Finance Agency Lighthouse Bay
Apartments Series A VRDN, 4.30%, 7/1/23, LOC:
Heller Financial Corp. <F2> $ 8,750,000 VMIG1/A-1
20,000,000 Florida Housing Finance Authority VRDN, 4.90%,
12/1/07, LOC: Citibank <F2> 20,000,000 NR/A-1
10,500,000 Hialeah Hospital Revenue VRDN, 4.25%, 2/1/14, LOC:
Bank of Montreal <F2> 10,500,000 VMIG1/NR
30,033,900 Jacksonville Electric Authority Revenue VRDN, 4.375%,
10/1/15, TOA: Bankers Trust <F2> 30,033,900 NR/NR
4,775,000 Manatee County Housing Finance Authority VRDN,
4.50%, 12/1/07, LOC: Marine Midland Bank <F2> 4,775,000 NR/A-2
6,835,000 Orange County Health Facilities Authority Tender Option-
Custodial Receipts Series C45 VRDN, 4.95%, 10/1/07,
TOA: Sakura Bank <F2> 6,835,000 VMIG1/A-2
4,380,000 Palm Beach Industrial Development Authority VRDN,
4.48%, 5/5/10, LOC: Bank of California <F2> 4,380,000 NR/NR
3,553,800 Tampa Utility Tax and Special Revenue VRDN, 4.375%,
10/1/05, TOA: Bankers Trust <F2> 3,553,800 AA3/NR
1,500,000 Volusia Multi-Family Housing Revenue VRDN, 4.625%,
9/1/05, GA: Household Financial Corp. <F2> 1,500,000 NR/A-1
Georgia (3.3%)
1,000,000 Athens Multi-Family Housing VRDN, 4.375%, 8/1/05,
LOC: First National Bank of Chicago <F2> 1,000,000 VMIG1/NR
13,200,000 Atlanta Multi-Family Housing VRDN, 4.50%, 12/1/08,
LOC: Marine Midland Bank <F2> 13,200,000 NR/A-2
2,500,000 Cartersville Industrial Development Authority Revenue
VRDN, 4.40%, 11/1/11, LOC: Harris Trust and
Savings Bank <F2> 2,500,000
7,500,000 Clayton County Industrial Development Authority VRDN,
4.35%, 8/1/14, LOC: Chemical Bank <F2> 7,500,000 P-1/NR
7,470,000 De Kalb County Multi-Family Housing Authority VRDN,
4.40%, 11/1/15, LOC: Amsouth Bank of Florida <F2> 7,470,000 7,470,000
7,000,000 Jackson Industrial Development Authority VRDN, 4.50%,
12/1/15, LOC: Multi-Bank <F2> 7,000,000 7,000,000
2,650,000 Jackson Industrial Development Authority VRDN, 4.50%,
12/1/24, LOC: Barclays Bank Plc. <F2> 2,650,000 VMIG1/NR
8,000,000 Paulding County Industrial Development Authority
VRDN, 4.40%, 12/1/09, LOC: National Bank of
Detroit <F2> 8,000,000 VMIG1/NR
2,000,000 Thomaston Upson County Industrial Development
Authority VRDN, 4.35%, 10/1/09, LOC: ABN Amro
Bank N.V. <F2> 2,000,000 VMIG1/NR
Idaho (0.3%)
$ 5,000,000 Idaho Student Loan Promissory Notes, 3.75%, 2/15/95 <F7> $ 5,000,000 NR/NR
Illinois (8.3%)
20,000,000 Chicago Adjusted Tender Notes Series B, 4.60%, 11/1/95,
LOC: Morgan Guaranty Trust 20,012,243 VMIG1/A-1+
4,200,000 Chicago Illinois Industrial Development Revenue VRDN,
4.65%, 8/1/09, LOC: Chase Manhattan Bank <F2> 4,200,000 NR/NR
10,000,000 Chicago Multi-Family Housing Development Finance
Authority Waveland Series 85 C VRDN, 4.05%,
11/1/10, LOC: Fleet National Bank <F2> 10,000,000 VMIG1/NR
10,000,000 Chicago Multi-Family Housing Development Finance
Authority Waveland Series 85 D VRDN, 4.05%,
11/1/10, LOC: Fleet National Bank <F2> 10,000,000 VMIG1/NR
10,000,000 Multi-Family Housing Development Finance
Authority Waveland Series A VRDN, 4.05%, 11/1/10,
LOC: Fleet National Bank <F2> 10,000,000 VMIG1/NR
10,000,000 Chicago Multi-Family Housing Development Finance
Authority Waveland Series B VRDN, 4.05%, 11/1/10,
LOC: Fleet National Bank <F2> 10,000,000 VMIG1/NR
10,600,000 Chicago Multi-Family Housing Development Finance
Authority Waveland Series F VRDN, 4.05%, 11/1/10,
LOC: Fleet National Bank <F2> 10,600,000 VMIG1/NR
15,000,000 Chicago O'Hare Airport Revenue VRDN, 5.10%, 12/1/17,
LOC: L/T Credit Bank of Japan <F2> 15,000,000 VMIG2/NR
7,980,000 Illinois Health Facilities Authority Revenue VRDN, 4.40%,
7/1/12, C/LOC: 1st S&L Assn Holland <F2> 7,980,000 NR/A-1+
6,410,000 Illinois Industrial Development Finance Authority Revenue
VRDN, 4.50%, 7/1/02, LOC: American National
B&T <F2> 6,410,000 NR/NR
3,200,000 Illinois Industrial Development Finance Authority Revenue
VRDN, 5.40%, 11/1/02, LOC: American National
B&T <F2> 3,200,000 NR/NR
3,400,000 Illinois Industrial Development Finance Authority Revenue
VRDN, 5.40%, 9/2/05, LOC: American National
B&T <F2> 3,400,000 VMIG1/NR
6,080,000 Illinois Industrial Development Finance Authority Revenue
VRDN, 4.35%, 12/1/18, LOC: LaSalle Bank <F2> 6,080,000 VMIG1/NR
3,400,000 Illinois Industrial Development Finance Authority Series A
VRDN, 4.40%, 1/1/10, LOC: American National
B&T <F2> 3,400,000 NR/A-1
2,225,000 Illinois Industrial Development Finance Authority Series B
VRDN, 4.25%, 1/1/10, LOC: American National
B&T <F2> 2,225,000 NR/A-1
2,000,000 North Aurora Industrial Development Revenue VRDN,
4.45%, 2/1/10, LOC: LaSalle Bank <F2> 2,000,000 NR/A-1+
3,800,000 Southwestern Illinois Development Authority VRDN,
4.40%, 9/1/10, LOC: Meridian Bank <F2> 3,800,000 P-1/NR
Illinois (Cont'd)
$ 2,280,000 Winnebago County Industrial Development VRDN,
6.39%, 12/1/06, LOC: Bank of Nova Scotia <F2> $ 2,280,000 NR/NR
Indiana (2.2%)
4,270,000 Jeffersonville Economic Development Revenue VRDN,
5.50%, 3/1/01, LOC: PNC Bank, Kentucky <F2> 4,270,000 NR/A-1
8,420,000 Lawrence Economic Development Revenue VRDN, 4.80%,
6/1/24, LOC: Heller Financial Corp. <F2> 8,420,000 NR/A-1
4,200,000 Madison Economic Development Revenue VRDN, 5.40%,
8/1/17, LOC: Tokai Bank <F2> 4,200,000 A-2/NR
1,500,000 Newton County Economic Development Revenue VRDN,
4.35%, 9/1/10, LOC: LaSalle Bank <F2> 1,500,000 NR/A-1+
12,500,000 Rockport Pollution Control Revenue VRDN, 4.70%,
8/1/14, LOC: L/T Credit Bank of Japan <F2> 12,500,000 12,500,000
4,500,000 South Bend Multi-Family Housing Revenue VRDN,
4.40%, 10/1/09, LOC: Society Bank of Cleveland <F2> 4,500,000 NR/NR
Iowa (0.7%)
1,600,000 Davenport Industrial Development Revenue VRDN,
6.39%, 12/1/06, LOC: Bank of Nova Scotia <F2> 1,600,000 NR/NR
10,000,000 Iowa School Corps Warrants Certificates Series B, 5.75%,
2/1/96, CAPITAL GUARANTY Insured 10,041,666 Aaa/AAA
Kansas (0.9%)
3,875,000 Kansas City Multi-family Housing VRDN, 4.35%, 6/1/15,
LOC: First Alabama <F2> 3,875,000 NR/A-1+
11,075,000 Shawnee Multi-Family Housing VRDN, 4.60%, 2/1/24,
LOC: Heller Financial Corp. <F2> 11,075,000 NR/A-1
Kentucky (1.3%)
1,000,000 Bowling Green Industrial Development VRDN, 5.25%,
12/1/96, LOC: L/T Credit Bank of Japan <F2> 1,000,000 P-2/NR
2,000,000 Clark County Industrial Development VRDN, 4.40%,
9/1/10, LOC: Union Bank of Switzerland <F2> 2,000,000 Aaa/NR
2,000,000 Glasgow Industrial Development Revenue VRDN, 6.30%,
6/1/20, LOC: National Westminster Bank <F2> 2,000,000 NR/NR
2,200,000 Jefferson County Industrial Development Revenue VRDN,
4.40%, 12/1/06, LOC: PNC Bank, Kentucky <F2> 2,200,000 NR/NR
700,000 Jefferson County Industrial Development VRDN, 4.40%,
6/1/99, LOC: PNC Bank, Kentucky <F2> 700,000 NR/NR
3,450,000 Jefferson County Strawberry Lane Venture VRDN, 4.40%,
7/1/19, LOC: PNC Bank, Kentucky <F2> 3,450,000 NR/NR
800,000 Kentucky Rural Economic Development Authority VRDN,
4.40%, 10/1/16, LOC: PNC Bank, Kentucky <F2> 800,000 Aa3/NR
Kentucky (Cont'd)
$ 3,000,000 Ohio County Pollution Control Revenue VRDN, 4.35%,
10/1/15, LOC: Chemical Bank <F2> $ 3,000,000 NR/NR
5,000,000 Richmond Industrial Building Revenue VRDN, 4.65%,
4/1/20, LOC: Seattle First National Bank <F2> 5,000,000 Aa3/NR
Louisiana (1.1%)
8,000,000 Calcasieu Parish Louisiana School District 28, 4.85%,
3/1/96 8,007,600 NR/NR
2,175,000 Louisiana Multi-Family Housing VRDN, 4.90%, 12/1/25,
LOC: Sumitomo T&B <F2> 2,175,000 VMIG2/A-2
7,900,000 Plaquemines Port Harbor and Terminal District Port
Facilities VRDN, 4.50%, 3/15/06, LOC: Morgan
Guaranty Trust <F2> 7,900,000 Aa1/NR
Maine (1.6%)
7,765,000 Orrington Maine Resource Recovery Revenue VRDN,
4.875%, 5/1/03, LOC: Multi-Bank <F2> 7,765,000 VMIG2/NR
6,280,000 Orrington Maine Resource Recovery Revenue VRDN,
5.125%, 5/1/03, LOC: Multi-Bank <F2> 6,280,000 VMIG2/NR
6,000,000 Regional Solid Waste System Revenue VRDN, 4.20%,
7/1/09, LOC: Midland Bank <F2> 6,000,000 NR/A-1
5,090,000 Regional Solid Waste Systems Revenue VRDN, 4.20%,
7/1/04, LOC: Hong Kong Shanghai Bank <F2> 5,090,000 NR/A-1
Maryland (2.2%)
3,210,000 Anne Arundel County Revenue VRDN, 4.98%, 5/1/02 3,210,000 P-1/NR
664,000 Chesapeake Center VRDN, 6.75%, 12/31/09, LOC: First
National Bank of Maryland <F2> 664,000 VMIG1/NR
1,500,000 Maryland Economic Development VRDN, 6.25%,
11/1/02, LOC: First National Bank of Maryland 1,500,000 NR/NR
14,250,000 Maryland Health and Education VRDN, 4.25%, 7/1/14,
LOC: First National Bank of Maryland <F2> 14,250,000 VMIG1/NR
3,705,000 Maryland Industrial Authority Economic Development
VRDN, 6.75%, 12/31/11, LOC: First National Bank of
Maryland <F2> 3,705,000 NR/NR
5,000,000 Maryland State Economic Development Corporation
VRDN, 4.20%, 6/1/20, LOC: NationsBank <F2> 5,000,000 NR/A-1
4,013,488 Ocean City Industrial Development Revenue VRDN,
5.85%, 7/1/13, LOC: First National Bank of Maryland
<F2> 4,013,488 NR/NR
1,875,800 Prince Georges County Economic Development Revenue
VRDN, 6.30%, 8/1/11, LOC: First National Bank of
Maryland <F2> 1,875,800 NR/NR
Massachusetts (1.7%)
$ 1,325,000 Hudson Industrial Development Authority VRDN, 4.73%,
10/1/13, C/LOC: FNB Boston $ 1,325,000
14,980,000 Massachusetts Bay Transportation Authority Series A Notes,
5.50%, 3/1/96 15,064,685 MIG2/SP-1
2,000,000 Massachusetts State Industrial Finance Authority VRDN,
4.48%, 11/3/99, C/LOC: FNB Boston 2,000,000 NR/NR
1,700,000 Massachusetts State Industrial Finance Authority VRDN,
4.73%, 10/1/00, C/LOC: FNB Boston 1,700,000 NR/NR
5,500,000 Massachusetts State Industrial Finance Authority VRDN,
4.73%, 8/1/14, C/LOC: FNB Boston 5,500,000 NR/NR
1,400,000 New Bedford Industrial Development Authority VRDN,
4.73%, 10/1/97, C/LOC: FNB Boston 1,400,000 NR/NR
Michigan (2.0%)
2,675,000 Michigan State Housing Development Authority VRDN,
4.68%, 11/1/14, LOC: Citibank <F2> 2,675,000 VMIG1/NR
3,180,000 Michigan State Housing Development Authority VRDN,
4.68%, 5/1/16, LOC: Citibank <F2> 3,180,000 VMIG1/NR
25,000,000 Michigan State Notes, 5.00%, 9/29/95 25,044,806 MIG1/SP-1+
Minnesota (3.2%)
1,000,000 Cottage Grove Pollution Control Revenue VRDN, 4.59%,
8/1/12, GA: MN Mining and Manufacturing <F2> 1,000,000 Aaa/A-1+
18,360,000 Minneapolis Multi-Family Housing Revenue VRDN,
4.90%, 12/1/14, LOC: Citibank <F2> 18,360,000 VMIG1/NR
31,275,000 Minneapolis Special School District Tax Anticipation
Certificates, 5.75%, 1/25/96 31,384,084 MIG1/SP-1+
Mississippi (0.4%)
2,500,000 Flowood Industrial Development Revenue VRDN, 5.50%,
11/1/01, LOC: L/T Credit Bank of Japan <F2> 2,500,000 NR/NR
3,300,000 Panola County Automotive Inc. Project VRDN, 4.50%,
9/1/10, LOC: Istituto Bancario <F2> 3,300,000 NR/A-1
Missouri (0.9%)
4,045,000 Kansas City Industrial Development Woodlands Partnership
VRDN, 4.30%, 8/1/20, LOC: Heller Financial Corp. <F2> 4,045,000 NR/A-1
1,355,000 Missouri Industrial Development Authority VRDN, 4.73%,
3/1/01, C/LOC: FNB Boston 1,355,000 NR/NR
9,300,000 Saint Louis Industrial Development Authority VRDN,
4.40%, 1/1/21, LOC: Banca Nazionale Del Lavoro <F2> 9,300,000 NR/A-1
Nevada (0.1%)
2,000,000 Henderson Public Improvement Trust VRDN, 4.70%,
4/1/07, LOC: Union Bank of Switzerland <F2> 2,000,000 NR/NR
New Hampshire (0.9%)
$ 6,505,000 Manchester Multi-Family Housing Series A Revenue
VRDN, 5.15%, 6/15/15, LOC: Daiwa Bank <F2> $ 6,505,000 NR/A-2
1,570,000 Manchester Multi-Family Housing Series B Revenue
VRDN, 5.35%, 6/15/15, LOC: Daiwa Bank <F2> 1,570,000 NR/A-2
6,500,000 New Hampshire Industrial Development Authority VRDN,
3.50%, 6/1/14, LOC: Citibank <F2> 6,500,000 VMIG2/NR
New Jersey (1.9%)
2,790,000 Hudson Improvement Authority VRDN, 4.00%, 7/15/26,
CONF: Hong Kong Shanghai Bank <F2> 2,790,000 NR/A-1
5,900,000 New Jersey Economic Development Authority Revenue
VRDN, 5.00%, 12/1/15, LOC: The Asahi Bank, Ltd. <F2> 5,900,000 P-2/NR
925,000 New Jersey Economic Development Authority VRDN,
4.625%, 3/1/98, LOC: Meridian Bank <F2> 925,000 NR/A-2
1,100,000 New Jersey Economic Development Authority VRDN,
4.20%, 8/1/17, CONF: Bank of America <F2> 1,100,000 NR/A-1
19,000,000 New Jersey State General Obligation Bonds, 4.65%,
2/15/07, (Tender 8/14/95 @ 100), LOC: Banque
Nationale De Paris 19,000,000 VMIG1/NR
New York (2.2%)
3,000,000 Metropolitan Transportation Authority Revenue VRDN,
5.25%, 7/1/07, TOA: Sakura Bank <F2> 3,000,000 VMIG1/AAA
5,000,000 New York City Cust Receipts Series A28 VRDN, 5.25%,
8/1/03, TOA: Sakura Bank <F2> 5,000,000 VMIG1/AAA
4,000,000 New York City Cust Receipts Series A29 VRDN, 5.25%,
8/1/03, TOA: Sakura Bank <F2> 4,000,000 VMIG1/AAA
5,000,000 New York City Cust Receipts Series A30 C VRDN, 5.25%,
8/1/01, LOC: Sakura Bank <F2> 5,000,000 VMIG1/AAA
2,000,000 New York State Dormitory Authority Revenues VRDN,
5.25%, 7/1/03, TOA: Sakura Bank <F2> 2,000,000 VMIG1/AAA
8,220,000 New York State Mortgage Agency Revenue VRDN, 4.60%,
4/1/13, TOA: Bank of America 8,220,000 NR/NR
8,000,000 Orange County Industrial Development Agency VRDN,
4.75%, 6/1/98, LOC: Sakura Bank 8,000,000 VMIG1/NR
Ohio (0.1%)
500,000 Lancaster Industrial Development Revenue VRDN, 6.75%,
3/1/08, LOC: Banque Nationale De Paris <F2> 500,000 NR/NR
Oklahoma (0.4%)
4,000,000 Oklahoma Housing Finance Authority Multi-Family
Housing Embarcadero Project VRDN, 4.75%, 12/1/05,
C/LOC: Binghampton Savings <F2> 4,000,000 NR/A-1+
Oklahoma (Cont'd)
$3,000,000 Oklahoma State Industrial Development Authority Revenue
VRDN, 3.75%, 9/12/95, LOC: Sanwa Bank <F2> $ 3,000,000 NR/A-1
Oregon (0.2%)
3,600,000 Oregon Economic Development Authority VRDN,
Kyotaiu Oregon Project, 4.375%, 12/1/99, LOC:
Bank of Tokyo <F2> 3,600,000 NR/A-1
Pennsylvania (2.1%)
7,610,000 Montgomery County Industrial Development VRDN,
4.40%, 12/1/13, LOC: Dai-Ichi Kangyo Bank <F2> 7,610,000 NR/NR
4,335,000 Pennsylvania State Certificates of Participation VRDN,
5.25%, 7/1/00, TOA: Sakura Bank <F2> 4,335,000 VMIG1/AAA
1,400,000 Philadelphia Redevelopment Authority VRDN, 4.60%,
12/1/09, LOC: Marine Midland Bank <F2> 1,400,000 NR/A-2
10,400,000 Philadelphia Tax and Revenue Anticipation Series A Notes,
4.50%, 6/27/96 10,448,776 VMIG1/SP-1
8,750,000 York County Hospital Authority Revenue VRDN, 4.73%,
1/1/15, LOC: First National Bank of Maryland 8,750,000 NR/NR
Rhode Island (0.3%)
5,500,000 Rhode Island Housing and Mortgage Finance Corporation,
4.60%, 4/1/19, TOA: Bank of America 5,500,000 VMIG1/NR
South Carolina (1.5%)
5,100,000 Dorchester Industrial Development VRDN,
4.92%, 10/1/24, LOC: Bayerische Vereinsbank <F2> 5,100,000 Aaa/NR
5,250,000 Orangeburg Industrial Revenue VRDN, 4.73%,
6/1/08, C/LOC: FNB Boston 5,250,000 NR/NR
6,000,000 South Carolina State Housing Finance and Development
Authority Revenue VRDN, 4.65%, 7/1/07, SURBD:
Continental Casualty Co. <F2> 6,000,000 NR/A-1
6,700,000 South Carolina State Public Service Authority VRDN,
4.40%, 1/1/25, BPA: Bayerische Hypobank 6,700,000 Aaa/A-1+
Tennessee (1.9%)
6,300,000 Coffee County Tennessee Board VRDN, 5.25%, 12/1/01,
LOC: Asahi Bank, Ltd. <F2> 6,300,000 P-2/NR
1,900,000 Jackson Industrial Development VRDN, 4.45%, 1/1/07,
LOC: NationsBank <F2> 1,900,000 NR/A-1
3,000,000 McMinn County Industrial Development Board
Industrial Revenue VRDN, 4.40%, 10/2/04, LOC:
Southtrust Bank <F2> 3,000,000 VMIG1/NR
1,000,000 Nashville Metro Government Industrial Development
VRDN, 4.35%, 11/1/99, LOC: Star Bank <F2> 1,000,000 NR/NR
4,000,000 Nashville Metro Government Industrial Development
VRDN, 4.20%, 6/1/10 <F2> 4,000,000 NR/A-1
Tennessee (Cont'd)
$14,205,000 Nashville Metro Government Industrial Development
VRDN, 4.60%, 11/1/12, SURBD: Continental
Casualty <F2> $14,205,000 NR/A-1
Texas (4.7%)
4,300,000 Brazos River Industrial Development VRDN, 4.50%,
10/1/07, LOC: West One Bank <F2> 4,300,000 P-1/NR
2,850,000 Cleburne Industrial Development Authority Revenue
VRDN, 4.50%, 2/1/04, LOC: National City Bank <F2> 2,850,000 VMIG1/NR
2,400,000 Grand Prairie Texas Industrial Development Authority
Revenue VRDN, 4.45%, 5/1/14, LOC: Texas
Commerce Bank <F2> 2,400,000 VMIG1/NR
3,150,000 Guadalupe Blanco River Authority Texas Industrial
Development Revenue VRDN, 6.75%, 3/1/08, LOC:
Banque Nationale De Paris <F2> 3,150,000 NR/NR
2,600,000 Port Arthur Solid Waste Disposal VRDN, 4.375%, 1/1/97,
LOC: National Bank of Detroit <F2> 2,600,000 VMIG1/NR
9,490,000 Port Corpus Christi Authority Texas Nueces County
Revenue Bonds, 5.00%, 8/1/95, GA: Union Pacific
Corp 9,490,000 A-3/A-2
5,000,000 Small Business Industrial Development Public Facility
VRDN, 4.30%, 7/1/26, LOC: Credit Suisse <F2> 5,000,000 VMIG1/NR
30,000,000 Texas Tax and Revenue Anticipation Notes (Dated 3/30/95),
5.00%, 8/31/95 30,040,917 MIG1/SP-1+
15,000,000 Texas Tax and Revenue Anticipation Notes (Dated 9/1/94),
5.00%, 8/31/95 15,005,163 MIG1/SP-1+
Utah (0.9%)
14,700,000 Tooele County Hazardous Waste Treatment Revenue Bonds,
4.90%, 7/21/95, GA: Union Pacific Corp. 14,700,000 VMIG2/A-2
Vermont (1.3%)
20,000,000 Vermont State Bond Anticipation Notes, 3.89%, 7/19/95 20,000,000 NR/NR
Washington (2.1%)
6,000,000 Grandview Industrial Development VRDN Shonan USA
PJ, 4.80%, 10/1/04, LOC: Sakura Bank <F2> 6,000,000 VMIG1/NR
3,100,000 Port Everett Limited VRDN, 4.60%, 12/1/06, LOC:
Sumitomo Bank <F2> 3,100,000 VMIG1/NR
3,000,000 Port Moses Lake Public Corporation Washington Revenue
VRDN, 4.75%, 7/1/02, BPA: Seattle First <F2> 3,000,000 VMIG1/NR
8,100,000 Port Seattle Industrial Development Corporation Airport
Revenue VRDN, 4.305%, 12/1/09, LOC: Bank of
New York <F2> 8,100,000 P-1/NR
4,005,000 Seattle Housing Authority Low Income Housing Revenue
VRDN, 4.20%, 12/1/24, LOC: U.S. Bank of
Washington <F2> 4,005,000 NR/A-1
Washington (Cont'd)
$ 5,600,000 Yakima Public Finance Authority Revenue VRDN, 4.30%,
12/1/14, LOC: Toronto Dominion <F2> $ 5,600,000 P-1/NR
3,170,000 Yakima Public Finance Authority VRDN, 4.45%, 7/1/07,
LOC: U.S. Bank, Washington <F2> 3,170,000 VMIG1/NR
Wisconsin (3.5%)
800,000 Deerfield Industrial Development Authority VRDN,
4.40%, 5/1/03, LOC: Commerz-bank <F2> 800,000 Aa2/NR
4,000,000 Oak Creek Industrial Development Revenue VRDN,
4.45%, 7/1/04, LOC: Firstar Bank Milwaukee, N.A. <F2> 4,000,000 NR/A-1
7,000,000 Sun Prairie Industrial Development Revenue VRDN,
4.45%, 5/1/15, LOC: Firstar Bank <F2> 7,000,000 NR/A-1
28,550,000 Wisconsin Housing and Economic Development Authority
Revenue Bonds, 5.00%, 3/1/20, FSA Insured, TOA:
Meridian Bank 28,550,000 Aaa/AAA
2,805,000 Wisconsin Housing and Economic Development Authority
Revenue Bonds, 4.50%, 3/1/21, TOA: Citibank 2,805,000 Aa/AA
7,220,000 Wisconsin Public Power Incorporated Systems Revenue
VRDN, 4.25%, 7/1/21, TOA: Societe Generale <F2> 7,220,000 NR/NR
5,000,000 Wisconsin Unified School District, 5.00%, 8/23/95 4,998,017 NR/SP-1+
Other (1.0%)
1,078,821 Lasalle National Bank 1993 Series A VRDN, 4.40%,
1/1/97, LOC: LaSalle Bank <F2> 1,078,821 NR/A-1+
14,337,952 Lasalle National Bank Leasetops Trust, Series 1994B
Certificate Various Tender Option Bonds, 4.40%,
2/6/02, LOC: LaSalle Bank <F2> 14,337,952 NR/A-1+
TOTAL INVESTMENTS (101.6%)<F4>
(Cost $1,604,896,056)<F3> $1,604,896,056
Calvert Tax-Free Reserves_Limited Term
Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
State or Territory/
Principal Amount Description Value Ratings <F1>
Alabama (0.3%)
$1,315,000 Alabama State Industrial Access and Bridge Corporation
Bonds Series A, 3.70%, 6/1/96 $1,311,436 A-1/NR
Arizona (4.4%)
5,000,000 Arizona State Certificates of Participation Series A
Revenue Bonds, 4.80%, 5/1/96, AMBAC Insured 5,006,150 Aaa/AAA
5,005,000 Arizona State Certificates of Participation Series A
Revenue Bonds, 4.90%, 11/1/96, AMBAC Insured 5,023,919 Aaa/AAA
2,900,000 Arizona State Certificates of Participation Series A
Revenue Bonds, 5.20%, 5/1/97, AMBAC Insured 2,920,967 Aaa/AAA
2,900,000 Glendale County Industrial Development Authority
VRDN, 5.75%, 12/1/13, LOC: Dresder Bank 2,900,000 NR/NR
2,250,000 Maricopa Certificates of Participation, 5.125%, 6/1/97,
LOC: Citibank 2,268,495 Baa/BBB
5,000,000 Pima County Industrial Development Authority VRDN,
3.95%, 3/15/18, LOC: Barclays Bank 5,000,000 VMIG1/A-2
Arkansas (0.2%)
1,000,000 Arkansas State Student Loan Authority Revenue Bonds,
6.40%, 6/1/97 1,030,620 A/NR
California (22.5%)
10,000,000 California Revenue Anticipation Warrants,
7.4333%, 4/25/96, LOC: Multi-Bank 10,525,000 NR/NR
1,010,288 California State Certificates of Participation,
6.75%, 8/31/95 1,013,288 NR/NR
977,467 California State Certificates of Participation,
6.75%, 8/31/96 995,863 NR/NR
1,043,446 California State Certificates of Participation,
6.75%, 8/31/97 1,072,422 NR/NR
2,050,000 California State General Obligation Bonds,
11.00%, 9/01/95 2,075,010 A-1/A
5,000,000 California State General Obligation Bonds,
11.00%, 9/01/96 5,405,000 A-1/A
12,500,000 Cathedral City Bond Anticipation Notes Series
1993A, 4.50%, 12/1/95 12,509,250 NR/SP-1
7,500,000 Clovis Multi-Family Housing VRDN, 4.85%,
10/1/10, LOC: Tokai Bank 7,500,000 VMIG1/NR
1,000,000 Foothill Transit Zone Certificates of Participation,
4.25%, 5/1/96 999,850 Baa1/NR
9,000,000 Fort Mojave Indian Tribe Series A Bonds,
5.75%, 12/1/18 9,029,880 NR/NR
California (Cont'd)
$ 5,000,000 Los Angeles Multi-Family Housing Promenade Towers
VRDN, 4.55%, 12/1/10, LOC: Tokai Bank <F2> $ 5,000,000 NR/A-2
1,690,000 Oakland Unified School District Alameda County 1994
Certificates of Participation Revenue Bonds, 3.90%,
9/15/95 1,686,485 NR/BBB+
1,750,000 Oakland Unified School District Alameda County 1994
Certificates of Participation Revenue Bonds, 4.40%,
9/15/96 1,736,088 NR/BBB+
11,400,000 Orange County Apartment Development Revenue
VRDN, 4.50%, 11/1/08, LOC: Tokai Bank <F2> 11,400,000 VMIG2/NR
1,000,000 Orange County Industrial Development VRDN,
4.85%, 3/1/07, LOC: Tokai Bank <F2> 1,000,000 VMIG2/NR
1,000,000 Orange County Laguna Summit #112 VRDN, 4.50%,
11/1/08, LOC: Tokai Bank 1,000,000 VMIG2/NR
3,750,000 Orange County Multi-Family Housing VRDN, 4.55%,
11/1/05, LOC: First Interstate Bancorp <F2> 3,750,000 VMIG2/NR
475,468 Palmdale School District Jupiter Land II Project VRDN,
4.70%, 12/13/10, LOC: National Westminster Bank 475,468 NR/NR
18,400,000 Redlands Sewer Facilities Project Certificates of
Participation, 4.50%, 9/1/17, (Tender 6/1/96 @
100), FGIC Insured 18,394,480 VMIG1/AAA
960,000 Riverside Multi-Family Housing VRDN, 4.75%,
12/1/16, LOC: Tokai Bank <F2> 960,000 VMIG2/NR
5,000,000 San Bernadino County Multi-Family Revenue VRDN,
10.50%, 10/1/07, LOC: Sumitomo T&B <F2> 5,000,000 VMIG2/NR
14,500,000 San Francisco City and County Redevelopment Agency
Multi-Family Housing Revenue VRDN, 4.80%,
10/1/00, LOC: Mitsubishi T&B <F2> 14,500,000 VMIG2/NR
500,000 Santa Ana Multi-Family Housing VRDN, 4.65%,
12/1/16, LOC: Tokai Bank <F2> 500,000 VMIG2/NR
965,000 Tri-City Hospital District Certificates of Participation,
9.875%, 2/1/09, (Tender 2/1/96 @ 100) 999,566 NR/AAA
Colorado (3.0%)
3,600,000 Denver City and County Airport Revenue Bonds,
6.35%, 11/15/96 3,683,736 Baa/BB
9,500,000 Denver City and County Airport Revenue Bonds,
6.60%, 11/15/97 9,859,385 Baa/BB
2,150,000 Lakewood Industrial Development Revenue Bonds,
Verden Associates Holiday Inn Project VRDN,
4.90%, 8/1/07, LOC: West One Bank 2,150,000 NR/A-1
Connecticut (2.3%)
$ 7,500,000 Connecticut Development Authority Airport Facility
Revenue VRDN, 4.90%, 12/1/20, LOC: Daiwa
Bank <F2> $ 7,500,000 P-1/A-2
1,260,000 Connecticut Health and Educational Facilities
Kingswood/Oxford Project VRDN, 4.30%,
2/1/09, LOC: Barclay's Bank <F2> 1,260,000 NR/NR
1,325,500 Connecticut Industrial Development Authority
Regional YMCA of West Connecticut VRDN,
4.30%, 6/1/08, LOC: Barclay's Bank 1,325,500 NR/NR
2,000,000 Connecticut State General Obligation Bonds,
5.25%, 8/15/96 2,032,860 Aa/AA-
District of Columbia (0.7%)
3,770,000 District of Columbia Hospital Revenue Bonds,
5.625%, 8/15/96 3,802,988 Baa1/BBB
Florida (6.7%)
2,000,000 Dade County General Obligation Bonds,
12.00%, 10/1/96, FGIC Insured 2,197,460 Aaa/AAA
3,225,000 Dade County Industrial Development Authority
Dolphins Stadium VRDN, 4.20%, 1/1/16, LOC:
Marine Midland Bank 3,225,000 VMIG1/NR
6,850,000 Duval County Multi-Family Housing VRDN, 5.10%,
6/1/07, LOC: Household Financial Corp. <F2> 6,850,000 NR/A
50,000 Florida Housing Finance Agency Lighthouse Bay
Apartments Series A VRDN, 4.30%, 7/1/23, LOC:
Heller Financial Corp. <F2> 50,000 VMIG1/A-1
330,000 Florida State Construction Equip. Finance Program
Certificates of Participation, 5.90%, 5/15/96 335,132 A/A+
10,000,000 Jacksonville Methodist Hospital Revenue Bonds,
10.375%, 10/1/07, (Pre-refunded 10/1/97 @ 102) 11,523,100 Aaa/AAA
590,000 Orange County Sutton Place Multi-Family Housing
VRDN, 4.00%, 8/1/08, LOC: Pittsburgh National
Bank 590,000 NR/A-1
1,055,000 Orange County Sutton Place Multi-Family Housing
VRDN, 4.00%, 10/1/08, LOC: Pittsburgh
National Bank 1,055,000 NR/A-1
5,035,000 Palm Beach Housing Finance Authority Mallards Cove
VRDN, 5.94%, 3/1/22, INSUR: Firemen's
Insurance Co. NR/NR
1,985,000 Saint Lucie County School Board Certificates of
Participation, 3.90%, 7/1/96, FSA Insured 1,985,000 Aaa/AAA
2,204,100 Tampa Utility Tax and Special Revenue VRDN,
4.375%, 10/1/05, TOA: Bankers Trust <F2> 2,204,100 Aa3/NR
Illinois (3.0%)
$ 2,600,000 Chicago Public Building Commonwealth Revenue
Bonds, 9.00%, 1/1/96 $2,663,908 A-1/AA-
4,000,000 Du Page Airport Authority Unlimited Tax General
Obligation Bonds, 6.25%, 1/1/96 4,047,680 Aa/AA
940,000 Illinois Health Facilities Authority La Grange Memorial
Hospital Revenue Bonds, 4.25%, 5/15/96,
AMBAC Insured 944,117 Aaa/AAA
1,000,000 Illinois Housing Development Authority Multi-Family
Series A Bonds, 5.30%, 7/1/96 1,010,000 A-1/A+
6,825,000 Village of Bloomingdale Industrial Development
Revenue Bonds Series 1993, 5.25%, 1/1/98,
INSUR: Firemen's Insurance Co. 6,843,564 NR/NR
Indiana (0.2%)
1,225,000 Indiana Bond Bank Revenue Bonds, 4.60%, 2/1/96 1,229,018 NR/A
Iowa (0.2%)
1,190,000 Iowa State Certificates of Participation, 5.20%, 7/1/95,
AMBAC Insured 1,190,000 Aaa/AAA
Kentucky (3.1%)
7,000,000 Bowling Green Industrial Development VRDN, 5.25%,
12/1/96, LOC: L/T Credit Bank of Japan <F2> 7,000,000 P-2/NR
6,610,000 Covington County Industrial Development Revenue
Bonds, 5.38%, 12/1/11, (Tender 12/1/95 @ 100),
LOC: Bank of California 6,648,669 NR/A-1
2,500,000 Glasgow Industrial Development Revenue VRDN,
6.30%, 6/1/20, LOC: National Westminster Bank <F2> 2,500,000 NR/NR
Louisiana (1.4%)
2,000,000 Louisiana General Obligation Bonds, 8.00%, 5/1/96 2,068,120 Baa1/A
4,000,000 Louisiana Public Facilities Authority Revenue Bonds,
7.30%, 12/1/15, (Tender 6/1/97 @ 100), LOC:
Sumitomo T&B 4,188,720 A-1/A-1
1,000,000 Louisiana State Offshore Terminal Authority Deepwater
Port Revenue Bonds, 6.25%, 9/1/96 1,026,640 A-3/A
Maine (1.3%)
6,940,000 Finance Authority of Maine Multi-Family Housing
Revenue Bonds, 4.50%, 9/1/18, (Tender 9/1/96 @
100), LOC: Sakura Bank 6,940,000 A-2/NR
Maryland (0.8%)
$ 173,499 Baltimore County Economic Development Corp.
Revenue Bonds for John Schmitz & Sons, 5.00%,
12/1/08, (Tender 12/1/96 @ 100), LOC: First
National Bank of Maryland $167,054 NR/NR
2,027,119 Harford Industrial Development Board Revenue Bonds
for Citrus/ Allied, 5.25%, 6/1/10, (Tender 6/1/96 @
100), LOC: First National Bank of Maryland 2,046,296 NR/NR
660,000 Maryland Industrial Economic Development Authority
Corp. Bonds for P.A.M. Engineering, 5.875%,
11/1/09, (Tender 11/1/96 @ 100), LOC: First
National Bank of Maryland 660,000 NR/NR
15,593 Maryland Industrial Economic Development Revenue
Bonds for South Baltimore Family Health Center,
6.75%, 5/1/96, LOC: First National Bank of
Maryland 15,611 NR/NR
1,050,000 Montgomery County Economic Development
Authority Granite Canyon Revenue Bonds, 6.375%,
11/1/09, (Tender 11/1/97 @ 100), LOC: First
National Bank of Maryland 1,050,000 NR/NR
Massachusetts (3.7%)
7,000,000 Massachusetts Dedicated Tax Series A General
Obligation Bonds, 7.25%, 6/1/96 7,215,180 A-1/A+
400,000 Massachusetts Municipal Wholesale Electric Power
Supply Series A Revenue Bonds, 5.50%, 7/1/95 400,000 A/BBB+
1,655,000 Massachusetts Municipal Wholesale Electric Power
Supply Series B Revenue Bonds, 5.50%, 7/1/95 1,655,000 A/BBB+
10,000,000 Massachusetts State Water Resources Authority Bond
Anticipation Notes Series A, 4.125%, 10/15/95 10,014,200 MIG1/SP-1
Michigan (4.1%)
1,630,000 Detroit Distributable State Aid Revenue Bonds,
5.375%, 5/01/96 1,645,192 Baa/BBB+
2,000,000 Detroit Distributable State Aid Revenue Bonds,
5.625%, 5/01/97 2,033,780 Baa/BBB+
5,030,000 Detroit Self Insurance Series A Bonds, 5.20%, 5/1/98 5,036,187 NR/BBB-
295,000 Michigan Housing Development Authority Limited
Obligation River Place Plaza, Adjustable Rate
Housing Revenue Bonds, 6.00%, 10/1/11 292,050 NR/AAA
575,000 Michigan Housing Development Authority Limited
Obligation River Place Plaza Apartments, Adjustable
Rate Housing Revenue Bonds, 5.00%, 10/1/11 573,063 NR/AAA
325,000 Michigan State Housing Development Authority
VRDN, 4.68%, 11/1/14, LOC: Citibank <F2> 325,000 VMIG1/NR
Michigan (Cont'd)
$1,070,000 Michigan State Housing Development Authority
VRDN, 4.68%, 5/1/16, LOC: Citibank <F2> $ 1,070,000 VMIG1/NR
3,525,000 Oakland County Economic Development Obligation
Revenue Bonds, 5.25%, 11/1/14, (Tender 11/1/97 @
100) 3,573,011 Aa/NR
6,980,000 Southfield Economic Development Corporation
VRDN, 6.30%, 5/15/11, INSUR: Firemen's
Insurance Co. 6,980,000 NR/NR
Minnesota (0.9%)
4,790,000 Saint Paul Port Authority Battlecreek Hotel Revenue
Bonds, 4.75%, 7/1/12, (Tender 4/1/96 @ 100), GA:
Northwestern National Life 4,805,184 NR/A+
Missouri (0.9%)
1,100,000 Kansas City Industrial Development Willowcreek
VRDN, 4.00%, 9/15/05, LOC: Citibank 1,100,000 NR/A-1
1,500,000 Missouri State Health and Educational Facilities
Bethesda Group, 4.75%, 8/15/95 1,486,395 NR/NR
1,200,000 Missouri State Health and Educational Facilities
Bethesda Group, 5.25%, 8/15/96 1,194,600 NR/NR
900,000 Saint Louis County Industrial Development Housing
VRDN, 4.10%, 10/1/07, GA: Household Financial
Corp. 900,000 MIG1/NR
Nevada (0.9%)
3,440,000 Las Vegas Paiute Tribe Sales and Excise Tax Notes,
6.75%, 7/1/97 3,446,674 NR/NR
1,000,000 Las Vegas Valley Nevada Water District, 6.90%, 3/1/96 1,020,010 A-1/A+
New Hampshire (0.1%)
585,000 Health & Higher Education Notes, 7.50%, 12/1/00,
(Tender 6/1/94 @ 100), FGIC Insured 596,700 Aaa/AAA
New Jersey (2.1%)
1,200,000 New Jersey Economic Development Authority Floating
Fixed Rate Refunding Bonds, Volvo of America
Corp. Project Series 1984 VRDN, 4.51%, 12/1/04,
LOC: Credit Suisse <F2> 1,200,000 Aa2/NR
850,000 New Jersey Economic Development Authority VRDN,
4.20%, 8/1/17, CONF: Bank of America <F2> 850,000 NR/A-1
2,000,000 New Jersey State Turnpike Authority Option Certificate
#61, 4.05%, 1/1/01, MBIA Insured, TOA: Bankers
Trust 2,000,000 Aaa/AAA
New Jersey (Cont'd)
$7,000,000 New Jersey State Turnpike Authority Series A Revenue
Bonds, 5.50%, 1/1/96 $7,058,240 A/A
New Mexico (0.2%)
1,030,000 Educational Assistance Student Loan Revenue Bonds,
5.75%, 4/1/96, AMBAC Insured 1,040,702 Aaa/AAA
New York (3.7%)
1,500,000 New York City General Obligation Bonds,
7.20%, 8/15/96 1,546,335 Baa1/A-
1,940,000 New York Series D Bonds, 6.80%, 2/1/97 2,002,953 Baa1/A
1,000,000 New York Series E Bonds, 5.50%, 8/01/97 1,016,660 Baa1/A-
4,265,000 New York State Certificates of Participation,
4.75%, 2/01/96 4,277,539 Baa1/BBB
2,500,000 New York State Certificates of Participation, 5.50%,
9/01/96 2,525,975 Baa1/BBB
3,000,000 New York State Certificates of Participation,
5.75%, 3/01/97 3,052,200 Baa1/BBB
130,000 New York State Job Development Authority VRDN,
4.55%, 3/1/05, BPA: Fuji Bank 130,000 VMIG1/NR
3,750,000 New York State Thruway Authority Service Contract
Revenue Bonds Series 1993, 4.00%, 4/1/96 3,748,388 Baa1/BBB
1,005,000 Orange County Industrial Development Authority
Barcana Inc. VRDN, 5.94%, 12/1/05, LOC: United
Jersey Bank 1,005,000 Aa/NR
North Carolina (0.7%)
3,800,000 Mecklenburg Pollution Control Revenue Bonds
Edgecomb Metals Project VRDN, 4.125%,
12/1/09, LOC: Bankers Trust 3,800,000 VMIG1/NR
North Dakota (0.4%)
2,325,000 Fargo Industrial Development Authority Broadway Park
VRDN, 6.30%, 10/1/95, INSUR: Firemen's
Insurance Co. 2,325,000 NR/A-
Ohio (2.6%)
1,500,000 Cleveland Ohio City School District, 6.35%, 6/15/96 1,521,000 NR/NR
2,450,000 Cleveland Ohio City School District, 7.25%, 6/15/98 2,581,688 NR/NR
2,500,000 Cuyahoga Housing Finance Authority for Portage Care
VRDN, 4.45%, 9/1/14, LOC: Fifth Third Bank 2,500,000 NR/NR
3,400,000 Cuyahoga Housing Finance Authority for Portage Care
VRDN, 4.45%, 5/1/15, LOC: Provident Bank 3,400,000 NR/NR
Ohio (Cont'd)
$ 3,350,000 Lucas Industrial Development Revenue for Reynolds/
Dussel VRDN, 5.85%, 9/1/14, LOC: Bank of
Tokyo $ 3,350,000 NR/NR
Oklahoma (0.7%)
1,500,000 Oklahoma Housing Finance Authority Multi-Family
Housing Embarcadero Project VRDN, 4.75%,
12/1/15, C/LOC: Binghampton Savings <F2> 1,500,000 NR/A-1+
2,000,000 Oklahoma State Student Loan Authority Revenue
Refunding Series A Bonds, 5.00%, 9/1/95 2,000,620 Aaa/NR
Pennsylvania (6.4%)
4,725,000 Cambria County Industrial Development Authority
Adjustable Rate Revenue Bonds, 6.65%, 12/1/16 4,677,750 A-3/A-
7,000,000 Pennsylvania Intergovernmental Cooperative Authority
Special Tax Revenue Bonds, 5.40%, 6/15/97, FGIC
Insured 7,160,160 Aaa/AAA
2,000,000 Philadelphia Gas Works Revenue Bonds, 6.80%,
7/1/96, AMBAC Insured 2,058,280 Aaa/AAA
2,900,000 Philadelphia Gas Works Revenue Bonds Series 14,
4.50%, 7/1/95 2,900,000 Baa1/BBB
6,415,000 Philadelphia Power and Utility Revenue Bonds, 4.90%,
7/1/96 6,472,414 Baa1/BBB
740,000 Sharon General Regional Health Systems Revenue
Bonds, 4.75%, 12/1/95 740,429 NR/BBB+
1,560,000 Washington County Industrial Development Engineer
VRDN, 4.40%, 12/1/16, LOC: Pittsburgh National Bank 1,560,000 A-1/NR
8,000,000 Westmoreland Industrial Development Authority
Revenue Bonds, 4.375%, 5/1/18, (Tender 5/1/96 @
100), LOC: ABN- Amro Bank 8,012,160 VMIG1/AA
South Carolina (0.9%)
2,500,000 Cherokee County South Carolina Industrial Revenue
VRDN, 4.15%, 12/1/15, LOC: Chemical Bank 2,500,000 NR/NR
2,300,000 Darlington County South Carolina Industrial
Development VRDN Hobart Project, 4.25%,
1/1/98, LOC: Fuji Bank <F2> 2,300,000 A-1/NR
Tennessee (0.2%)
1,100,000 Milan Industrial Development VRDN, 3.75%, 11/1/15,
LOC: Chemical Bank 1,100,000 NR/NR
Texas (1.2%)
$3,000,000 Austin Utility Systems, 10.00%, 11/15/98,
(Pre-refunded 11/15/95 @ 102) $3,129,480 Aaa/AAA
1,440,000 Brazos Higher Education Authority Series A Bonds,
5.75%, 9/1/95 1,443,931 A/NR
1,000,000 Grand Prairie Industrial Development Board A.M.
Castle & Co. Project VRDN, 4.05%, 12/1/06,
LOC: Pittsburgh National Bank <F2> 1,000,000 P-1/NR
600,000 Sunbelt Industrial Development Gohmann Asphalt
VRDN, 4.40%, 12/1/98, LOC: PNC Bank,
Kentucky 600,000 NR/A-1
Vermont (3.5%)
2,700,000 Vermont Educational and Health Building Finance
Agency Adj. Middlebury College Project, 4.15%,
11/1/27, (Tender 12/1/95 @ 100) 2,699,973 NR/A-1+
700,000 Vermont General Obligation Bonds, 6.70%, 8/15/95 702,688 Aa/AA-
1,000,000 Vermont General Obligation Bonds, 6.60%, 10/15/96 1,035,650 Aa/AA-
505,000 Vermont Industrial Development Authority 1983 Series,
Central Vermont Public Service Corp. East Barnet
Project VRDN, 3.60%, 12/1/13, LOC: Toronto
Dominion 505,000 NR/A-1+
1,750,000 Vermont Industrial Development Authority Central
Vermont Public Service Corp. VRDN, 6.30%,
12/1/01, LOC: Vermont National Bank <F2> 1,750,000 NR/NR
515,000 Vermont Industrial Redevelopment VRDN,
4.48%, 12/1/04, C/LOC: FNB Boston 515,000 NR/NR
250,000 Vermont Municipal Bond Bank Revenue Bonds,
6.75%, 12/1/97 265,040 Aaa/AAA
3,940,000 Vermont Student Assistance Revenue Bonds,
5.50%, 12/15/95 3,940,000 NR/NR
2,500,000 Vermont Student Assistance Revenue Bonds,
5.50%, 12/15/95 2,500,000 NR/NR
4,495,000 Vermont Student Assistance Revenue Bonds,
5.50%, 12/15/95 4,495,000 NR/NR
Virginia (2.0%)
1,925,000 Hampton Redevelopment Housing Authority Magruder
Pines, 7.125%, 5/1/08, (Tender 5/1/96 @ 100),
LOC: Pioneer Federal Savings Bank 1,947,677 NR/A-1+
970,000 Peninsula Port Authority Industrial Development Board
Revenue Bonds for Olde Hampton Inn, 4.25%,
7/1/16, (Tender 7/1/96 @ 100), LOC: Nationsbank 969,127 NR/NR
Virginia (Cont'd)
$ 2,240,000 Virginia State Housing Development Authority
Adjustable Rate Construction Loan Notes,
6.875%, 1/1/17 $ 2,290,131 Aa/A
5,000,000 Virginia State Housing Development Authority Series B
Bonds, 5.30%, 7/1/95 5,000,000 Aa1/AA+
Washington (0.3%)
1,500,000 Washington State General Obligation Bonds, 8.00%,
9/1/09, (Pre-refunded 9/1/96 @ 100) 1,570,545 Aaa/AAA
West Virginia (3.0%)
3,730,000 School Building Authority Revenue Bonds,
6.25%, 7/01/96 3,814,596 Baa1/BBB
11,295,000 School Building Authority Revenue Bonds,
7.00%, 7/01/97 11,878,613 Baa1/BBB
Other (3.0%)
2,000,000 Absaloka Casino Enterprise Incorporated Montana
Revenue Bond Anticipation Notes, 8.50%, 12/1/97 2,020,060 NR/NR
6,000,000 Eagle Tax Exempt Trust Class A VRDN, 4.30%,
8/15/16, TOA: Citibank 6,000,000 NR/A-1
3,675,000 Oneida Utilities Commission (An Instrumentality of the
Oneida Tribe of Indians of Wisconsin), Government
Facilities Lease Revenue Bonds Series 1993, 5.75%,
7/1/95 3,675,000 NR/NR
3,900,000 Oneida Utilities Commission (An Instrumentality of the
Oneida Tribe of Indians of Wisconsin), Government
Facilities Lease Revenue Bonds Series 1993, 5.75%,
7/1/96 3,921,015 NR/NR
TOTAL INVESTMENTS (91.6%)<F4>
(Cost $476,912,775)<F3> $ 478,837,140
Calvert Tax-Free Reserves_Long-Term
Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
State/Principal
Amount Description Value Ratings <F1>
Arizona (0.6%)
$ 300,000 Prescott Convention Center Industrial Development
Authority Series A VRDN, 4.45%, 12/1/14, GA:
Household Financial Corp. $ 300,000 NR/A-1
California (8.1%)
500,000 California Revenue Anticipation Warrants, 7.4333%,
4/25/96, LOC: Multi-Bank 526,250 NR/NR
1,189,065 California State Certificates of Participation, 6.75%,
8/31/99 1,225,343 NR/NR
1,000,000 Montebello Unified School District Certificates of
Participation, 6.30%, 6/1/11 972,550 NR/BBB-
550,000 Riverside Multi-Family Housing VRDN, 4.75%,
12/1/16, LOC: Tokai Bank 550,000 VMIG2/NR
1,000,000 Walnut Valley School District General Obligation Bonds,
6.10%, 8/1/08, AMBAC Insured 1,051,580 Aaa/AAA
Colorado (6.2%)
5,280,000 Colorado Health Facilities Authority Retirement
Facilities, Zero Coupon Bonds, 7/15/20 920,146 NR/AAA
6,500,000 Dawson Ridge Metropolitan District Series B, Zero
Coupon Bonds, 10/1/22 1,003,860 Aaa/NR
1,300,000 Denver City and County Airport Revenue Bonds, 7.20%,
11/15/02 1,396,538 Baa/BB
Delaware (0.2%)
80,000 Dover Electric Power Revenue Bonds, 7.00%, 7/1/15 83,938 A-1/NR
Florida (16.1%)
450,000 Collier County Special Assessment Bonds, Pine/Naples,
5.375%, 11/1/07 446,162 NR/BBB
1,500,000 Dade County Industrial Development Authority Revenue
Bonds, 8.00%, 6/1/22 1,500,000 NR/NR
1,000,000 Flagler County Special Assessment Revenue Bonds,
7.20%, 7/1/14 1,086,970 A-3/NR
500,000 Hillsborough County Port District Special Refunding
Revenue Bonds, 5.75%, 6/1/13, FSA Insured 483,695 Aaa/AAA
1,250,000 Palm Beach County Florida School Board Certificates of
Participation, Series A, 5.375%, 8/1/15 1,163,538 Aaa/AAA
250,000 Sarasota County Florida Health Facility Authority
Hospital Revenue Bonds, 4.35%, 12/1/15, LOC:
Kredietbank, N.V. 250,000 VMIG1/A-3
1,500,000 Tampa Capital Improvement Program Series B Revenue
Bonds, 8.375%, 10/1/18, IA: Multi-Bank 1,594,140 NR/BBB
2,000,000 Tampa Palms Community Development Special Assessment
Revenue Bonds, 5.90%, 5/1/08, MBIA Insured 2,059,760 Aaa/AAA
Arizona (0.6%)
$ 300,000 Prescott Convention Center Industrial Development
Authority Series A VRDN, 4.45%, 12/1/14, GA:
Household Financial Corp. $ 300,000 NR/A-1
California (8.1%)
500,000 California Revenue Anticipation Warrants, 7.4333%,
4/25/96, LOC: Multi-Bank 526,250 NR/NR
1,189,065 California State Certificates of Participation, 6.75%,
8/31/99 1,225,343 NR/NR
1,000,000 Montebello Unified School District Certificates of
Participation, 6.30%, 6/1/11 972,550 NR/BBB-
550,000 Riverside Multi-Family Housing VRDN, 4.75%,
12/1/16, LOC: Tokai Bank 550,000 VMIG2/NR
1,000,000 Walnut Valley School District General Obligation Bonds,
6.10%, 8/1/08, AMBAC Insured 1,051,580 Aaa/AAA
Colorado (6.2%)
5,280,000 Colorado Health Facilities Authority Retirement
Facilities, Zero Coupon Bonds, 7/15/20 920,146 NR/AAA
6,500,000 Dawson Ridge Metropolitan District Series B, Zero
Coupon Bonds, 10/1/22 1,003,860 Aaa/NR
1,300,000 Denver City and County Airport Revenue Bonds, 7.20%,
11/15/02 1,396,538 Baa/BB
Delaware (0.2%)
80,000 Dover Electric Power Revenue Bonds, 7.00%, 7/1/15 83,938 A-1/NR
Florida (16.1%)
450,000 Collier County Special Assessment Bonds, Pine/Naples,
5.375%, 11/1/07 446,162 NR/BBB
1,500,000 Dade County Industrial Development Authority Revenue
Bonds, 8.00%, 6/1/22 1,500,000 NR/NR
1,000,000 Flagler County Special Assessment Revenue Bonds,
7.20%, 7/1/14 1,086,970 A-3/NR
500,000 Hillsborough County Port District Special Refunding
Revenue Bonds, 5.75%, 6/1/13, FSA Insured 483,695 Aaa/AAA
1,250,000 Palm Beach County Florida School Board Certificates of
Participation, Series A, 5.375%, 8/1/15 1,163,538 Aaa/AAA
250,000 Sarasota County Florida Health Facility Authority
Hospital Revenue Bonds, 4.35%, 12/1/15, LOC:
Kredietbank, N.V. 250,000 VMIG1/A-3
1,500,000 Tampa Capital Improvement Program Series B Revenue
Bonds, 8.375%, 10/1/18, IA: Multi-Bank 1,594,140 NR/BBB
2,000,000 Tampa Palms Community Development Special Assessment
Revenue Bonds, 5.90%, 5/1/08, MBIA Insured 2,059,760 Aaa/AAA
Georgia (2.6%)
$ 2,000,000 Georgia State General Obligation Series C Bonds, 3.25%,
7/1/14 $ 1,413,640 Aaa/AA+
Hawaii (1.7%)
1,000,000 Honolulu General Obligation Series B Bonds, 5.00%, 10/1/13 906,370 Aa/AA
Indiana (2.0%)
1,000,000 Indianapolis Bank Revenue Series D Bonds, 6.75%, 2/1/14 1,089,170 NR/A+
Kansas (2.0%)
975,000 Sedgwick & Shawnee County Housing Mortgage Revenue
Bonds, 8.625%, 11/1/18, (GNMA Collateralized) 1,058,996 NR/AAA
Louisiana (6.8%)
1,690,000 Louisiana Public Facilities Authority Multi-Family Housing
Revenue Bonds, 7.75%, 11/1/16, Asset Guaranty Insured 1,832,095 NR/AA
1,740,000 Louisiana Public Facility Authority Multi-Family Housing
Revenue Bonds, 7.00%, 6/1/24 1,811,966 NR/A
Maryland (6.5%)
2,100,000 Cambridge Economic Development Revenue Bonds, Dorchester
General Hospital, 8.50%, 4/1/14 2,236,521 NR/NR
158,150 Maryland Industrial Development Finance Authority Revenue
Bonds, 6.75%, 5/1/96 158,193 NR/NR
995,000 Maryland State Community Development Authority Mortgage
Revenue Bonds, 7.70%, 4/1/15 1,060,650 Aa/NR
Michigan (3.9%)
1,000,000 Michigan Hospital Finance Authority Revenue Bonds, 7.00%,
11/1/21 1,063,390 Aa/NR
995,000 Michigan State Finance Authority Industrial Development
Revenue Bonds, 10.00%, 11/1/15 1,033,815 Aa/NR
Mississippi (3.9%)
2,000,000 Mississippi Hospital Equipment and Facilities Authority Revenue
Bonds, 7.50%, 8/1/16, GIC: Banque National de Paris 2,107,560 Aa/NR
Missouri (1.9%)
985,000 St Louis County Industrial Development Authority Revenue
Bonds, 10.00%, 11/1/15 1,023,425 Aa/NR
New York (4.7%)
2,500,000 New York and New Jersey Port Authority Revenue Bonds,
6.125%, 6/1/94 2,532,150 A-1/AA-
Ohio (1.7%)
$ 1,000,000 Cleveland Waterworks Revenue Bonds, 5.50%, 1/1/21, MBIA
Insured $ 937,570 Aaa/AAA
Pennsylvania (8.7%)
1,350,000 Northeastern Pennsylvania Hospital Authority Revenue
Bonds, Wilkes Barre General Hospital, 7.65%, 7/1/10 1,505,250 A/NR
990,000 Pennsylvania Housing Finance Authority Mortgage Revenue
Bonds, 8.15%, 10/1/21 1,061,993 Aa/AA
2,000,000 Philadelphia Airport Revenue Bonds, 9.00%, 6/15/15 2,070,320 Baa/BBB
Rhode Island (2.0%)
500,000 Rhode Island Port Authority and Economic Development
Corp.Revenue Bonds, 7.00%, 7/1/14, FSA Insured 562,340 Aaa/AAA
500,000 Rhode Island State Housing Finance Authority Revenue Bonds,
7.95%, 10/1/30 527,805 NR/A
Tennessee (2.8%)
1,500,000 Knox County Industrial Development Revenue Bonds, Spartan
Food Systems, 7.50%, 12/1/12, LOC: Citibank 1,504,065 NR/A+
Texas (2.0%)
1,000,000 Houston Water Conveyance Systems Certificates of
Participation, 6.125%, 12/15/09, AMBAC Insured 1,051,530 Aaa/AAA
Virginia (7.1%)
1,000,000 Arlington County Series 1993 General Obligation Bonds,
6.00%, 6/1/11 1,041,710 Aaa/AAA
1,000,000 Virginia State Housing Development Authority Series C
Revenue Bonds, 8.00%, 1/1/38 1,059,080 Aa1/AA+
1,000,000 Virginia State Housing Development Authority Series I
Revenue Bonds, 6.00%, 7/1/03 1,037,910 Aa1/AA+
700,000 Virginia State Water and Sewer System Authority Revenue
Bonds, 5.50%, 10/1/19 652,953 NR/AA
Washington (3.3%)
1,915,000 Washington Public Power Supply Series B Revenue Bonds,
5.50%, 7/1/17, MBIA Insured 1,761,609 Aaa/AAA
West Virginia (2.2%)
4,000,000 Kanawha Merc Nicholas, Zero Coupon Bonds, 2/1/15 1,155,080 Aaa/BBB+
Wisconsin (1.9%)
$ 1,000,000 Oneida Utilities Commission (An Instrumentality of the
Oneida Tribe of Indians of Wisconsin), Government
Facilities Lease Revenue Bonds, 6.25%, 7/1/97 $ 1,011,960 NR/NR
Total Municipal Obligations (Cost $50,807,816) 52,883,586
Options (0.1%)
55,000 118 Calls on September United States Treasury Bond Futures
Contract (Expiration 8/19/95) 21,484
Total Options (Cost $ 46,956) 21,484
TOTAL INVESTMENTS (99.0%) <F4>
(Cost $50,854,772) <F3> $52,905,070
Calvert Tax-Free Reserves
Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
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, and MIG3.
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. 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-2, and 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.
Con./P: Conditional/Provisional; security depends upon the completion of
some act or the fulfillment of some condition.
*Obligation is escrowed to maturity in Treasury bills, Government agency
obligations, or commercial paper of high quality, is secured by an
irrevocable letter of credit from a bank with assets of one billion dollars
or more, or has guaranteed investment contracts with various insurance
companies, investment companies, or banks with assets of one billion
dollars or more.
<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 INSUR: Insurance
CD: Certificate of Deposit SURBD: Surety Bond
GA: Guaranty Agreement REPO: Repurchase Agreement
LOC: Letter of Credit TOA: Tender Option Agreement
C/LOC: Collateralized LOC TPG: Third Party Guarantee
CONF: Confirming Letter of Credit IA: Investment Agreement
GIC: Guaranteed Investment Contract
<F6> Abbreviations
VRDN: Variable Rate Demand Notes
<F7> This security is in default but continues to accrue interest. It is
fully collateralized by guaranteed student loans.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Calvert Tax-Free Reserves
Statements of Assets and Liabilities
June 30, 1995 (Unaudited)
Money Limited- Long-
Market Term Term
Assets Portfolio Portfolio Portfolio
<S> <C> <C> <C>
Investments in securities, at value _
see accompanying portfolios $1,604,896,056 $478,837,140 $52,905,070
Cash 10,447,903 2,256,433 2,256,433
Interest receivable 14,926,068 8,564,235 849,909
Receivable for securities sold 48,757,370 42,152,000 65,000
Receivable for shares sold 3,280,985 245,448 46,725
Other assets 61,872 20,628 14,900
Total assets 1,682,370,254 532,075,884 56,364,258
Liabilities
Payable to Calvert Asset Mgt. Co., Inc.
- <F2> Note B 683,378 284,167 34,755
Payable to Calvert Administrative Svcs. Co.
- <F2> Note B 10,131 3,341 337
Payable to Calvert Shareholder Svcs., Inc.
- <F2> Note B 153,639 40,156 2,205
Payable to Calvert Distributors, Inc.
- <F2> Note B _ 13,994 4,842
Payable for income distributions 146,906 553 _
Payable for securities purchased 102,501,691 9,036,302 2,930,953
Other liabilities 53,069 39,663 1,119
Total liabilities 103,548,814 9,418,176 2,974,211
Net assets $1,578,821,440 $522,657,708 $53,390,047
Net Assets
Net assets consisting of:
Paid-in capital applicable to 1,578,903,727
outstanding shares of beneficial interest,
for the Money Market Portfolio,
no par value (unlimited number of
shares authorized) 1,578,919,700
Paid-in capital applicable to 45,997,114
outstanding Class A Shares of beneficial
interest, for the Limited-Term Portfolio,
no par value (unlimited number
of shares authorized) 490,568,849
Paid-in capital applicable to 2,877,802
outstanding Class C Shares of beneficial
interest, for the Limited-Term Portfolio,
no par value (unlimited number of
shares authorized) 30,694,491
Paid-in capital applicable to 3,138,267
outstanding Class A Shares of beneficial
interest, for the Long-Term portfolio,
no par value (unlimited number of
shares authorized) 50,196,941
Paid-in capital applicable to 71,568
outstanding Class C Shares of beneficial
interest, for the Long-Term portfolio,
no par value (unlimited number of
shares authorized) 1,150,374
Accumulated net investment income -
net of distributions (7,028) 388,608 78,672
Accumulated realized gains/(losses) -
net of distributions (91,232) (918,605) (86,238)
Net unrealized appreciation (depreciation)
on investments _ 1,924,365 2,050,298
Net assets $1,578,821,440 $522,657,708 $53,390,047
Net Asset Value and
Offering Price Per Share
Money Market Portfolio
($1,578,821,440 divided by 1,578,903,727 shares) $1.00
Limited-Term Portfolio
Class A net asset value per share
($491,977,994 divided by 45,997,114 Class A shares) $10.70
Maximum sales charge (2.00% of Class A
offering price - <F1> Note A) .22
Offering price per Class A share $10.92
Class C net asset value and offering price per
share ($30,679,714 divided by 2,877,802 shares) $10.66
Long-Term Portfolio
Class A net asset value per share
($52,209,395 divided by 3,138,267 shares) $16.64
Maximum sales charge (3.75% of Class A
offering price - <F1> Note A) .65
Offering price per Class A share $17.29
Class C net asset value and offering price per
share ($1,180,652 divided by 71,568 shares) $16.50
Calvert Tax-Free Reserves
Statements of Operations
six months Ended June 30, 1995 (Unaudited)
Money Limited- Long-
Market Term Term
Investment Income Portfolio Portfolio Portfolio
Interest income $36,093,248 $13,738,036 $1,686,657
Expenses - <F2> Note B
Investment advisory fee 3,479,981 1,610,890 150,317
Transfer, dividend disbursing and
shareholder servicing agent's fee 777,944 106,986 12,929
Administrative services fees 59,998 21,055 1,934
Distribution plan expenses _ 84,344 27,230
Federal and state registration fees 19,360 14,143 7,487
Insurance 12,736 9,551 670
Postage and delivery 102,648 29,856 2,937
Printing and stationery 194,992 47,857 5,284
Professional fees 44,983 9,160 1,176
Telephone 10,277 3,126 389
Trustees' fees and expenses 66,081 24,229 2,073
Valuation service 107 10,327 3,181
Dues and subscriptions 20,550 20,550 711
Miscellaneous 24,916 12,155 1,036
Total expenses 4,814,573 1,992,882 217,354
Net Investment Income 31,278,675 11,745,154 1,469,303
Realized and Unrealized Gain
(Loss) on Investments
Net realized gain (loss) (158) (23,463) 348,314
Change in unrealized appreciation
or depreciation _ 5,147,653 2,006,648
Net Realized and Unrealized
Gain (Loss) on Investments (158) 5,124,190 2,354,962
Net Increase (Decrease) in
Net Assets Resulting
from Operations $31,278,517 $16,869,344 $3,824,265
Calvert Tax-Free Reserves
Statements of Changes in Net Assets
Money Market Portfolio
Six Months
Ended Year
June 30, 1995 Ended
Increase (Decrease) in Net Assets (unaudited) Dec. 31,1994
Operations
Net investment income $ 31,278,675 $ 40,403,451
Net realized gain (loss) on investments (158) (91,118)
Net Increase (Decrease) in Net
Assets Resulting from Operations 31,278,517 40,312,333
Distributions to shareholders
Net investment income (31,288,219) (40,442,346)
Capital share transactions - <F3> Note C 234,236,220 (155,889,327)
Total Increase (Decrease) in Net Assets 234,226,518 (156,019,340)
Net Assets
Beginning of period 1,344,594,922 1,500,614,262
End of period (including accumulated net investment
income - net of distributions of $(7,028) and
$2,516 for 1995 and 1994, respectively.) $1,578,821,440 $1,344,594,922
Calvert Tax-Free Reserves
Statements of Changes in Net Assets
Limited-Term Portfolio
Six Months
Ended Year
June 30, 1995 Ended
Increase (Decrease) in Net Assets (Unaudited) Dec. 31, 1994
Operations
Net investment income $ 11,745,154 $ 24,117,187
Net realized gain (loss) on investments (23,463) (432,419)
Change in unrealized appreciation or depreciation
of investments 5,147,653 (7,554,146)
Net Increase (Decrease) in Net
Assets Resulting from Operations 16,869,344 16,130,622
Distributions to shareholders
Net investment income:
Class A shares (11,004,216) (23,358,514)
Class C shares (575,341) (618,044)
Total distributions (11,579,557) (23,976,558)
Capital share transactions - <F3> Note C
Class A shares (57,851,560) (110,921,906)
Class C shares (683,156) 31,365,125
Total capital share transactions (58,534,716) (79,556,781)
Total Increase (Decrease) in Net Assets (53,244,929) (87,402,717)
Net Assets
Beginning of period 575,902,637 663,305,354
End of period (including accumulated net investment
income - net of distributions of $388,608 and $223,011
for 1995 and 1994, respectively.) $522,657,708 $575,902,637
Calvert Tax-Free Reserves
Statements of Changes in Net Assets
Long-Term Portfolio
Six Months
Ended Year
June 30, 1995 Ended
Increase (Decrease) in Net Assets (Unaudited) Dec. 31,1994
Operations
Net investment income $1,469,303 $2,850,934
Net realized gain (loss) on investments 348,314 (444,711)
Change in unrealized appreciation or depreciation
of investments 2,006,648 (3,669,995)
Net Increase (Decrease) in Net
Assets Resulting from Operations 3,824,265 (1,263,772)
Distributions to shareholders
Net investment income:
Class A shares (1,390,172) (2,806,743)
Class C shares (24,360) (19,132)
Total distributions (1,414,532) (2,825,875)
Capital share transactions - <F3> Note C
Class A shares 2,576,749 (3,870,290)
Class C shares 266,439 892,920
Total capital share transactions 2,843,188 (2,977,370)
Total Increase (Decrease) in Net Assets 5,252,921 (7,067,017)
Net Assets
Beginning of period 48,137,126 55,204,143
End of period (including accumulated net investment
income - net of distributions of $78,672 and $23,901
for 1995 and 1994, respectively.) $53,390,047 $48,137,126
<FN>
Notes To Financial Statements (Unaudited)
<F1> Note A_Summary of Significant Accounting Policies
General: Calvert Tax-Free Reserves ("the Fund") is registered under the
Investment Company Act of 1940, as amended ("Act"), as an open-end
investment company. The Fund operates as a series fund issuing seven series
of shares of beneficial interest. The Fund accounts separately for assets,
liabilities and operations of each series. The Money Market Portfolio's
shares are sold to the public without a sales charge. In March, 1994, the
Limited-Term and Long-Term Portfolios began offering a second class of sha-
res, the Class C Shares. The original class of shares has been designated
the Class A Shares and is sold subject to a front-end sales charge with a
maximum of 2.00% for the Limited-Term and 3.75% for the Long-Term
Portfolios. The Class C Shares have no front-end or back-end sales charge,
but do have higher annual expenses than Class A Shares. The Class A and
Class C shares represent interests in the same portfolio of investments and
are identical in all respects, except: (a) each class has different Distr-
ibution Plan expenses; (b) the classes have different designated class
expenses that are separately allocated, including transfer agency fees,
registration fees, postage and delivery expenses, and printing and
stationery expenses; (c) the classes have different dividend rates due
solely to the effects of (a) and (b) above; and (d) the classes have
different exchange privileges and voting rights. Operating expenses
directly attributable to a class of shares are charged to that class'
operations.
Portfolio Valuation: Investments in the Money Market Portfolio are valued
at amortized cost which approximates market value. Municipal obligations in
the Limited-Term and Long-Term Portfolios are valued utilizing the average
bid dealer market quotation as furnished by an independent pricing service.
If no market quotation is readily available from the pricing service, or if
the portfolio manager disagrees with the quotation, then the obligations
are priced under the direction of the Fund's Board of Trustees.
Securities Transactions and Investment Income: Securities transactions are
recorded on a trade date basis. Realized gains and losses from securities
transactions are recorded on the identified cost basis. Interest income,
including, where applicable, amortization of premium and discount, is
recorded on the accrual basis.
Share Valuation, Dividends and Distributions to Shareholders: The net asset
value per share, the price at which shares are redeemed, is computed for
each class' of a Portfolio by dividing each class' relative share of the
Portfolio's net asset value, by the total number of shares outstanding for
each respective class each business day. It is the Fund's policy to
maintain a constant net asset value of $1.00 per share for the Money Market
Portfolio and it has adopted certain investment, portfolio valuation and
dividend and distribution policies intended to enable it to do so. The net
asset value per share for each class of the Limited-Term and Long-Term
Portfolios fluctuates daily in response to changes in the market value of
investments. The Limited-Term and Long-Term Portfolios declare and pay
dividends for each class of shares from its net investment income on a
monthly basis. The Money Market Portfolio declares dividends of its net
investment income on a daily basis and distributes income monthly. Distr-
ibutions to shareholders are recorded by the Fund 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.
At June 30, 1995, the Money Market, Limited-Term and Long-Term Portfolios
have unused realized capital loss carryforwards for federal income tax
purposes of $91,074, $895,142 and $434,552, respectively, which expire in
2002.
<F2> Note B_Investment advisory Fee and Other Transactions With Affiliates
The Fund's investment advisor is Calvert Asset Management Company, Inc.
("Advisor"), wholly-owned by Calvert Group, Ltd., which 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 and affiliated
Trustees of the Fund and may assume and pay certain Fund advertising and
promotional expenses. For its services, the Advisor receives a fee of: i)
with respect to the Money Market Portfolio, 0.50% per annum of the first
$500 million of such Portfolio's average daily net assets, 0.45% of the
next $500 million of such assets, and 0.40% of all such assets over $1
billion; and ii) with respect to the Limited-Term and Long-Term Portfolios,
0.60% per annum of the first $500 million of such Portfolios' average daily
net assets, 0.50% of the next $500 million of such assets, and 0.40% of all
such assets over $1 billion. The Advisory Contract provides for an expense
reimbursement from the Advisor should the Fund's aggregate expenses,
exclusive of interest, taxes, brokerage distribution plan expenses and
extraordinary expenses, exceed, on an annual basis, the lowest state
expense limitation in effect.
The Fund has entered into a Principal Underwriting Agreement with Calvert
Distributors, Inc. (the successor to Calvert Securities Corp. effective
April 1, 1995), ("CDI"), a wholly-owned subsidiary of Calvert Group, Ltd.
Pursuant to the agreement, CDI serves as distributor and principal
underwriter for the Fund. Pursuant to Rule 12b-1 under the Investment
Company Act of 1940; Class A of Long-Term and Class C of both the
Limited-Term and Long-Term Portfolios have adopted a Distribution Plan
which permits each class to pay certain expenses associated with the
distribution of its shares. For the Class A Shares of the Long-Term
Portfolio such expenses may not exceed, on an annual basis, 0.35% of each
class' respective average daily net assets. For Class C Shares of the
Limited-Term and Long-Term Portfolios such expenses may not exceed, on an
annual basis, 0.55% and 1.00%, respectively, of each class' average daily
net assets. For the six months ended June 30, 1995, Distribution Plan
expenses totaled $22,084 for Class A Shares of the Long-Term Portfolio. For
the six months ended June 30, 1995, Distribution Plan expenses totaled
$84,344 and $5,146 for Class C Shares of the Limited-Term and Long-Term
Portfolios, respectively.
Calvert Shareholder Services, Inc. ("CSSI"), a wholly-owned subsidiary of
Calvert Group, Ltd., has been retained by the Fund to act as transfer,
dividend disbursing and shareholder servicing agent for the Fund. For these
services CSSI receives an annual fee of $14 per account per year ($22 for
the Money Market Portfolio) plus $1.60 per transaction.
Calvert Administrative Services Company ("CASC"), a wholly-owned subsidiary
of Calvert Group, Ltd., has been retained by the Fund to provide certain
administrative services necessary to the conduct of the Fund's affairs
including the preparation of regulatory filings and shareholder reports,
the daily determination of the net asset value per share and dividends of
the Fund, and the maintenance of the portfolio and general accounting
records of the Fund. CASC receives a fee of $200,000 per year for providing
such services. Such fees are allocated among the portfolios 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 for 1995
and 1994 is indicated below:
Money Market Portfolio
Six Months
Ended Year Ended
June 30, 1995 December 31,
(Unaudited) 1994
In dollars and shares
Shares sold $ 3,261,641,376 4,996,477,020
Reinvestment of dividends 30,802,066 40,442,830
Shares redeemed (3,058,207,222) (5,192,809,177)
$ 234,236,220 (155,889,327)
Limited-Term Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Six Months March 1, 1994
Ended Class A Shares Ended Through
June 30, 1995 Year Ended June 30, 1995 Dec. 31,
(Unaudited) Dec. 31, 1994 (Unaudited) 1994
In dollars
Shares sold $ 60,649,255 $ 314,859,198 $ 10,476,731 $ 45,905,038
Reinvestment of dividends 10,377,010 23,358,822 563,264 617,853
Shares redeemed (128,877,825) (449,139,926) (11,723,151) (15,157,766)
$ (57,851,560) $ (110,921,906) $ (683,156) $ 31,365,125
In shares
Shares sold 5,689,304 29,453,262 986,615 4,324,589
Reinvestment of dividends 973,532 2,188,498 53,020 58,603
Shares redeemed (12,089,709) (42,078,519) (1,103,934) (1,441,091)
(5,426,873) (10,436,759) (64,299) 2,942,101
Long-Term Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months Mar. 1, 1994
Ended Year Ended Ended Through
June 30, 1995 Dec. 31, June 30, 1995 Dec. 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
Shares sold $ 6,592,555 $ 8,288,022 $ 442,790 $ 1,019,280
Reinvestment of dividends 1,306,559 2,806,743 23,603 19,131
Shares redeemed (5,322,365) (14,965,055) (199,954) (145,491)
$ 2,576,749 $ (3,870,290) $ 266,439 $ 892,920
In shares
Shares sold 397,096 510,683 27,156 66,606
Reinvestment of dividends 79,964 173,527 1,442 1,282
Shares redeemed (324,073) (917,754) (12,421) (12,497)
152,987 (233,544) 16,177 55,391
<F4> Note D_Investment Transactions
For the six months ended June 30, 1995, the Fund made purchases and sales of municipal obligations, other than
short-term securities, of $45,269,419 and $140,211,514, and $20,695,243, and, $18,475,430, for the Limited-Term and
Long-Term Portfolios, respectively.
<F5> Note E_Tax Basis of Investment Securities
At June 30, 1995, the Limited-Term and Long-Term Portfolios' cost of investment securities for federal income tax
purposes and gross unrealized appreciation and depreciation of investments, were as follows:
Limited-Term Long-Term
Portfolio Portfolio
Cost of investment securities $ 476,912,775 $ 50,854,772
Appreciation 2,142,172 2,241,193
Depreciation (217,807) (190,895)
Net unrealized appreciation (depreciation) $ 1,924,365 $ 2,050,298
</FN>
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights_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 .020 .028 .024
Distributions to shareholders
Dividends from net investment income (.020) (.028) (.024)
Net asset value, end of period $1.00 $1.00 $1.00
Total return 2.03% 2.81% 2.41%
Ratio of expenses to average net assets .62%(a) .62% .60%
Ratio of net investment income to
average net assets 4.03%(a) 2.75% 2.37%
Net assets, end of period $1,578,821,440 $1,344,594,922 $1,500,614,262
Number of shares outstanding at end
of period (in thousands) 1,578,904 1,344,668 1,500,557
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 .031 .048
Distributions to shareholders
Dividends from net investment income (.031) (.048)
Net asset value, end of year $1.00 $1.00
Total return 3.18% 4.96%
Ratio of expenses to average net assets .59% .61%
Ratio of net investment income to
average net assets 3.10% 4.79%
Net assets, end of year $1,552,105,640 $1,382,329,562
Number of shares outstanding at end
of year (in thousands) 1,552,061 1,382,288
(a) Annualized
Financial Highlights_Limited-Term Portfolio
Class A Shares
Six Months Class A Shares
Ended Year Ended Year Ended
June 30, 1995 Dec. 31, Dec. 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $10.59 $10.72 $10.68
Income from investment operations
Net investment income . .22 .39 .38
Net realized and unrealized gain (loss)
on investments .12 (.13) .04
Total from investment operations .34 .26 .42
Distributions to shareholders
Dividends from net investment income (.23) (.39) (.38)
Distributions from net realized gains _ _ _
Total distributions (.23) (.39) (.38)
Total increase (decrease) in net asset value .11 (.13) .04
Net asset value, end of period $10.70 $10.59 $10.72
Total return* 3.21% 2.42% 4.02%
Ratio of expenses to average net assets .70%(a) .66% .67%
Ratio of net investment income to
average net assets 4.34%(a) 3.60% 3.59%
Portfolio turnover 12% 27% 14%
Net assets, end of period $491,977,994 $544,821,793 $663,305,354
Number of shares outstanding at end
of period (in thousands) 45,997 51,424 61,861
Year Ended Year Ended
Dec. 31, Dec. 31,
1992 1991
Net asset value, beginning of year $10.65 51,424
Income from investment operations
Net investment income .49 .64
Net realized and unrealized gain (loss)
on investments .03 .03
Total from investment operations .52 .67
Distributions to shareholders
Dividends from net investment income (.49) (.63)
Distributions from net realized gains _ _
Total distributions (.49) (.63)
Total increase (decrease) in net asset value .03 .04
Net asset value, end of year $10.68 $10.65
Total return* 4.99% 6.46%
Ratio of expenses to average net assets .71% .73%
Ratio of net investment income to
average net assets 4.58% 5.99%
Portfolio turnover 5% 1%
Net assets, end of year $567,419,411 $294,307,700
Number of shares outstanding at end
of year (in thousands) 53,140 27,644
(a) Annualized
*Total return does not reflect deduction of Class A front-end sales charge.
Financial Highlights_Limited-Term Portfolio
(continued)
Class C Shares
Class C Shares From Inception
Six Months Mar. 1, 1994
Ended Through
June 30, 1995 Dec. 31,
(Unaudited) 1994
Net asset value, beginning of period $10.56 $10.70
Income from investment operations
Net investment income .20 .27
Net realized and unrealized gain (loss)
on investments .10 (.12)
Total from investment operations .30 .15
Distributions to shareholders
Dividends from net investment income (.20) (.29)
Distributions from net realized gains _ _
Total distributions (.20) (.29)
Total increase (decrease) in net asset value .10 (.14)
Net asset value, end of period $10.66 $10.56
Total return 2.84% 1.43%
Ratio of expenses to average net assets 1.31%(a) 1.38%(a)
Ratio of net investment income to
average net assets 3.72%(a) 3.05%(a)
Portfolio turnover 12% 27%
Net assets, end of period $30,679,714 $31,080,844
Number of shares outstanding at end
of period (in thousands) 2,878 2,942
Financial Highlights_Long-Term Portfolio
Class A Shares
Six Months Class A Shares
Ended Year Ended Year Ended
June 30, 1995 Dec. 31, Dec. 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $ 15.83 $17.15 $16.32
Income from investment operations
Net investment income .45 .93 .94
Net realized and unrealized gain (loss)
on investments .83 (1.33) .83
Total from investment operations 1.28 (.40) 1.77
Distributions to shareholders
Dividends from net investment income (.47) (.92) (.94)
Distributions from net realized gains _ _ _
Total distributions (.47) (.92) (.94)
Total increase (decrease) in net asset value .81 (1.32) .83
Net asset value, end of period $16.64 $15.83 $17.15
Total return* 8.12% (2.30%) 11.12%
Ratio of expenses to average net assets .84%(a) .81% .78%
Ratio of net investment income to
average net assets 5.89%(a) 5.73% 5.59%
Increase reflected in above net investment
income ratio due to expense reimbursement _ _ _
Portfolio turnover 38% 98% 97%
Net assets, end of period $52,209,395 $47,266,609 $55,204,143
Number of shares outstanding at end
of period (in thousands) 3,138 2,985 3,219
Year Ended Year Ended
Dec. 31, Dec. 31,
1992 1991
Net asset value, beginning of year $16.11 $15.35
Income from investment operations
Net investment income .98 .97
Net realized and unrealized gain (loss)
on investments .20 .78
Total from investment operations 1.18 1.75
Distributions to shareholders
Dividends from net investment income (.97) (.99)
Distributions from net realized gains _ _
Total distributions (.97) (.99)
Total increase (decrease) in net asset value .21 .21
Net asset value, end of year $16.32 $16.11
Total return* 7.60% 11.77%
Ratio of expenses to average net assets .82% .78%
Ratio of net investment income to
average net assets 6.06% 6.39%
Increase reflected in above net investment
income ratio due to expense reimbursement _ _
Portfolio turnover 196% 276%
Net assets, end of year $45,665,456 $43,773,914
Number of shares outstanding at end
of year (in thousands) 2,799 2,718
(a) Annualized
*Total return does not reflect deduction of Class A front-end sales charge.
Financial Highlights_Long-Term Portfolio
(continued)
Class C Shares Class C Shares
Six Months From Inception
Ended Mar. 1, 1994
June 30, 1995 Through
(Unaudited) Dec. 31, 1994
Net asset value, beginning of period $15.72 $16.86
Income from investment operations
Net investment income .36 .58
Net realized and unrealized gain (loss)
on investments .80 (1.04)
Total from investment operations 1.16 (.46)
Distributions to shareholders
Dividends from net investment income (.38) (.68)
Distributions from net realized gains _ _
Total distributions (.38) (.68)
Total increase (decrease) in net asset value .78 (1.14)
Net asset value, end of period $16.50 $15.72
Total return 7.45% (2.24%)
Ratio of expenses to average net assets 2.00%(a) 2.55%(a)
Ratio of net investment income to
average net assets 4.68%(a) 3.57%(a)
Increase reflected in above net investment
income ratio due to expense reimbursement _ 3.06%(a)
Portfolio turnover 38% 98%
Net assets, end of period $1,180,652 $870,517
Number of shares outstanding at end
of period (in thousands) 72 55
(a) Annualized
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Investing with Vision (TM) (logo) Calvert Group(R) A member of the Acadia
Group(R)
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
