<PAGE>
CALVERT
TAX-FREE
RESERVES
SEMI-ANNUAL
REPORT
JUNE 30, 1996
INVESTING with VISION [LOGO--CALVERT GROUP] A member of the Acecia Group
<PAGE>
CALVERT TAX-FREE RESERVES
Dear Investor:
Interest rates moved a bit higher during the first six months of 1996. The
nation's economy continued to expand slowly, with Gross Domestic Product
increasing by an annualized 2.5%, but investors feared that stronger growth and
possibly higher inflation were on the horizon.
The rise in rates did not stall the stock market's advance. The Standard &
Poor's 500 Stock Index, a grouping of mostly large-company stocks, turned in a
six-month gain of 10.10%.
In general, short-term fixed-income investments were able to eke out slightly
positive returns for the six-months ended June 30, as higher yields more than
offset declining prices. Intermediate- and longer-term fixed-income investments
suffered more in response to the rise in rates and, on average, reported flat to
negative year-to-date returns.
Fund Performance and Strategy Review
After a protracted period of declining yields and rising prices, the municipal
market changed course early in this reporting period. Municipal bond prices
started to slip in February as investors demanded higher yields to compensate
for their expectations of stronger economic growth and belief that the Federal
Reserve would shift to a tighter monetary policy. Yields on municipal money
market securities trended higher at first, but fell back in April and May to
close the period about where they began.
[GRAPH APPEARS HERE]
Graph shows Municipal Rates for 1, 7 and 20 year
AA General Obligations between 6/95 and 6/96.
Municipal money market yields were not able to keep pace with those of taxable
money market securities because money managers looking to reduce the interest
rate sensitivity of their municipal portfolios increased their holdings of these
very short-term securities. The stronger demand kept a lid on yields. In the
taxable fixed-income market, this level of activity would be insignificant
because of the greater supply of money market securities. But the supply of
municipal money market securities is much thinner, therefore demand factors have
more of an impact on yields.
SEMI-ANNUAL REPORT (UNAUDITED] CALVERT TAX-FREE RESERVES - 1
<PAGE>
Money Market Portfolio
The Portfolio's yield on June 30, 1996 (Class O shares) was slightly below
its level at the close of 1995 due to continued low interest rates, but it
remained above the yield on an average of similar funds. The Portfolio's
maturity was a very short 21 days on June 30, 1996, little changed from its 27
day level at the start of this reporting period.
[GRAPH APPEAR HERE]
MONEY MARKET PORTFOLIO
COMPOUND DIVIDEND YIELD
Six Months Ended Six Months Ended Six Months Ended
12/13/95 6/30/96 6/30/96
1.95% 1.68% 1.35%
1.62% 1.44% 1.44%
0.0% 0.5% 1.0% 1.5% 2.0%
[_] Tax-Free Reserve Money Market (Class 0)
[_] Tax-Free Reserve Money Market (Class MMP)
[_] Lipper Tax-Exempt Money Market Avg.
Limited-Term Portfolio
For both the six- and 12-month periods, the Portfolio's return was above
that of an average of similar funds. The Portfolio's weighted average maturity
at the close of this reporting period was 331 days, 20 days shorter than it was
at year-end 1995 and near the low end of its usual maturity range. The
Portfolio's shorter maturity lessened the impact of rising rates on total
return. We made a slight adjustment to the Portfolio's mix of securities by
credit quality. A greater percentage of assets were invested in higher quality
issues, those rated AAA or AA by Moody's Investors Service, because we did not
believe the marginally higher yields available on lesser quality issues
compensated for the increased credit risk.
LIMITED-TERM PORTFOLIO
INVESTMENT PERFORMANCE
Periods Ended 6/30/96 6 Months 12 Months
- -----------------------------------------------------
Limited-Term Portfolio 1.85% 4.17%
Lipper Short Muni
Debt Funds Avg. 1.21% 4.04%
Investment performance is for Class A shares and does not reflect the deduction
of any front-end sales charge.
Long-Term Portfolio
The Portfolio's 12-month return was positive and in line with municipal
securities historical average annual returns. For the six-month period, the
higher level of interest income was not enough to offset the decline in bond
prices, and the Portfolio's return was negative.
Of the three Tax-Free Reserve's Portfolios, the Long-Term Portfolio has the
greatest interest rate sensitivity. This means investors can expect the
Portfolio to substantially outperform short-term fixed-income investments when
rates decline
2 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
and substantially underperform these investments when rates rise. At the close
of this reporting period, the Portfolio's weighted average maturity was 18
years, roughly the same as its position six months prior to the close of the
period and just a bit lower than its position 12 months earlier than the close
of the period.
<TABLE>
<CAPTION>
-----------------------------------------------------
Long-Term Portfolio
Investment Performance
Periods Ended 6/30/96 6 Months 12 Months
-----------------------------------------------
<S> <C> <C>
Long-Term Portfolio -1.68% 5.54%
Lipper General Muni
Muni Fund Avg. -1.38% 5.67%
Investment performance is for Class A shares
and does not reflect the deduction of any
front-end sales charge.
-----------------------------------------------------
</TABLE>
Outlook
We anticipate continued modest economic growth. Gross Domestic Product will
likely continue to expand at an annualized rate of 2.5% or a bit higher for the
remainder of the year. This could be slightly above the Federal Reserve's target
growth rate, but not so much so that we would expect rates to move dramatically
higher.
Radical suggestions for tax reform had been hurting the municipal market and
these now appear to have been put on the sidelines. And, since the close of this
reporting period, investors in stocks have encountered significantly greater
volatility. A riskier stock market could enhance the appeal of bond and money
market securities.
In our view the municipal market is now fairly valued, and our outlook for the
balance of 1996 is positive.
We appreciate your investment in the Calvert Tax-Free Reserves Portfolios.
Sincerely,
/s/ David Rochat
David Rochat
Senior Vice President
July 31, 1996
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 3
<PAGE>
IMPORTANT NOTICE TO INVESTORS IN CLASS C SHARES
On or about October 28, 1996, all outstanding Class C accounts in the Calvert
Tax-Free Reserves Portfolios will be converted into an equal dollar amount of
Class A shares. The shares will be converted at net asset value with no sales
charge. This exchange will have a positive impact on your return, since Class A
shares have a lower expense ratio than Class C shares.
You do not need to take any action. The conversion will take place
automatically. The conversion will be a non-taxable event, meaning you should
not incur any taxes as a result.
No new Class C accounts may be opened after August 23, 1996. Owners of Class C
accounts opened on or before that date may continue to purchase Class C shares
for existing Class C accounts until the date of conversion.
RATINGS BREAKDOWN
MONEY MARKET PORTFOLIO
First Tier Second Tier
90% 10%
[ART - PIE CHART]
LIMITED-TERM PORTFOLIO LONG-TERM PORTFOLIO
Cash AAA/Aaa AA/Aa Cash BBB/Baa AAA/Aaa AA/Aa
Equivalents 11% 7% Equivalents 19% 24% 22%
32% 5%
BBB/Baa A/a NR A/A
38% 12% 14% 16%
[ART - PIE CHART]
NR: Obligation is not rated by a commercial credit rating service, such as
Moody's Investors Services, 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.
All securities in Calvert Group money market funds are eligible securities under
rule 2a-7 of the Investment Company Act of 1940. First Tier Securities are
eligible securities rated in the highest rating category for short-term debt
obligations by at least two of the Nationally Recognized Statistical Ratings
Organizations. Second Tier Securities are eligible securities not in the First
Tier.
4-CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Portfolio Statistics
Weighted Average Maturity
<TABLE>
<CAPTION>
12/31/95 6/30/96
------------------------------------------------------------------------------
<S> <C> <C>
Money Market Portfolio 27 days 21 days
Limited-Term Portfolio 351 days 331 days
Long-Term Portfolio 18 years 18 years
</TABLE>
Money Market Yields
<TABLE>
<CAPTION>
Seven-Day Compounded (Effective) 6/30/96
------------------------------------------------------------------------------
<S> <C>
Money Market Portfolio (Class O) 3.22%
Money Market Portfolio (Class MMP) 2.51%
</TABLE>
SEC Yields
<TABLE>
<CAPTION>
Class A Class C
Thirty Days Ended 6/30/96 6/30/96
------------------------------------------------------------------------------
<S> <C> <C>
Limited-Term Portfolio 3.99% 3.32%
Long-Term Portfolio 5.11% 3.73%
Yields assume reinvestment of dividends.
</TABLE>
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Periods Ended 6/30/96 1 Year 5 Year 10 Year Inception
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A Shares
Limited-Term Portfolio (3/81) 2.07% 3.95% 5.03% 6.30%
Long-Term Portfolio (8/82) 1.57% 6.49% 6.69% 8.13%
Class C Shares
Limited-Term Portfolio (3/94) 3.51% NA NA 3.24%
Long-Term Portfolio (3/94) 3.95% NA NA 3.46%
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 5
<PAGE>
Portfolio Statistics
Performance Comparisons
Money Market Portfolio
Change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/96 6/30/95 6/30/94 6/30/93 6/30/92 6/30/91 6/30/90 6/30/89 6/30/88 6/30/87 7/1/86
------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
CTFR M.M.(O) $15,325 $14,784 $14,262 $13,925 $13,569 $13,029 $12,340 $11,628 $10,951 $10,444 $10,000
</TABLE>
Limited-Term Portfolio
Comparison of change in value of $10,000 investment.*
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CTFR LTD TERM $16,340 $15,686 $15,007 $14,594 $13,970 $13,187 $12,397 $11,641 $10,923 $10,355 $ 9,625
LEHMAN MUNICIPAL BD $22,717 $21,631 $19,219 $19,472 $17,420 $15,276 $13,799 $12,795 $11,401 $10,552 $10,000
LIPPER SORT MUNI DEBT AVG. $17,758 $16,716 $16,420 $15,450 $14,517 $13,388 $12,579 $11,756 $11,110 $10,785 $10,000
</TABLE>
Long-Term Portfolio
Comparison of change in value of $10,000 investment.*
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CTFR LONG TERM $19,101 $18,098 $16,544 $16,432 $14,964 $13,430 $12,465 $11,926 $10,652 $10,153 $ 9,625
LEHMAN MUNICIPAL BD $22,717 $21,631 $19,219 $19,472 $17,420 $15,276 $13,799 $12,795 $11,401 $10,552 $10,000
</TABLE>
* 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 (Class O for Money Market Portfolio) shares is plotted in the line
graphs. The value of an investment in Class C (Class MMP for Money Market
Portfolio) shares would be different. Past performance is no guarantee of future
returns.
6--CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Obligations - 98.4%
Alabama - 1.3%
Alabama MFH Revenue VRDN:
$3,600,000 3.50%, 12/1/03, LOC: Amsouth Bank................................... $3,600,000
825,000 Series A, 3.50%, 4/1/24, LOC: Southtrust Bank, AL................... 825,000
4,750,000 Alabama IDA Revenue VRDN, 3.65%, 9/1/04,
LOC: Southtrust Bank, AL............................................ 4,750,000
4,000,000 Auburn IDA Board Revenue VRDN, Series A, 6.35%, 12/1/16,
LOC: Daiwa Bank, Ltd................................................ 4,000,000
2,565,000 Birmingham Baptist Medical Center Special Care Facilities Financing
Authority Revenue VRDN, 3.85%, 9/1/20, LOC: Fuji Bank, Ltd.......... 2,565,000
3,100,000 Haleyville IDA Board Revenue VRDN, 3.65%, 11/1/04,
LOC: Columbus B&T................................................... 3,100,000
4,000,000 Wynlakes Government Utility Authority Revenue VRDN, 3.80%, 5/1/06,
LOC: Amsouth Bank................................................... 4,000,000
Arizona - 5.9%
42,900,000 Apache County IDA Revenue VRDN, Series B, 3.55%, 10/1/21,
LOC: Bank of Tokyo-Mitsubishi, Ltd.................................. 42,900,000
2,050,000 Casa Grande IDA Revenue VRDN, 3.80%, 9/1/07,
LOC: Banque National De Paris....................................... 2,050,000
7,450,000 Glendale IDA Revenue VRDN, 3.85%, 1/1/20, LOC: Sumitomo T&B............ 7,450,000
5,415,000 Maricopa County IDA Revenue VRDN, 3.80%, 10/1/08,
C/LOC: Great American FSB........................................... 5,415,000
Maricopa County Pollution Control Revenue VRDN:
10,100,000 3.60%, 12/1/14, LOC: Credit Suisse.................................. 10,100,000
3,000,000 3.70%, 7/1/14, LOC: Citibank........................................ 3,000,000
9,900,000 Pinal County IDA Revenue VRDN, 3.55%, 12/1/05,
LOC: Industrial Bank of Japan....................................... 9,900,000
8,400,000 Prescott IDA Revenue VRDN, 4.00%, 12/1/14,
GA: Household Finance Corp.......................................... 8,400,000
15,400,000 Tucson IDA Revenue VRDN, 3.675%, 12/1/07,
C/LOC: Mercury S&L.................................................. 15,400,000
Arkansas - 0.2%
3,500,000 Little River County Solid Waste Disposal Revenue VRDN, 3.60%,
11/1/26, LOC: Sumitomo Bank, Ltd.................................... 3,500,000
California - 19.9%
11,700,000 California Educational Facilities Authority Revenue VRDN, 4.35%,
10/1/09, LOC: Long Term Credit Bank of Japan........................ 11,700,000
8,085,000 California VYS Housing Finance Authority Guaranteed Mortgage
Obligation Revenue VRDN, Series A, GNMA Collateral, 4.05%,
7/1/25, LOC: Sumitomo Bank, Ltd...................................... 8,085,000
6,800,000 Fremont MFH Revenue VRDN, 3.30%, 9/1/07,
LOC: Industrial Bank of Japan....................................... 6,800,000
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 7
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------------------------------------------------------------------------------------------------
<S> <C>
CALIFORNIA (CONT'D)
$8,800,000 Fresno MFH Revenue VRDN, 4.50%, 5/1/15, LOC: Tokai Bank, Ltd. .... $8,800,000
4,000,000 Hemet MFH Authority Revenue VRDN, 3.60%, 7/1/06,
C/LOC: Mercury S&L ............................................. 4,000,000
7,900,000 Irvine Public Facilities Revenue VRDN, 3.10%, 11/1/10,
LOC: National Westminster Bank ................................. 7,900,000
950,000 Lancaster MFH Revenue VRDN, 4.30%, 5/1/17,
C/LOC: Mercury S&L ............................................. 950,000
15,800,000 Los Angeles County Convention Center Puttable Floating
Option VRDN, 3.45%, 8/15/18, INSUR: MBIA ....................... 15,800,000
3,400,000 Los Angeles County IDA Board Revenue VRDN, 4.25%, 7/1/14,
LOC: Tokai Bank, Ltd. .......................................... 3,400,000
Los Angeles County MFH Revenue VRDN:
13,781,000 3.25%, 5/1/07, LOC: Industrial Bank of Japan ................... 13,781,000
1,400,000 3.40%, 12/1/16, C/LOC: Mercury S&L ............................. 1,400,000
15,600,000 3.75%, 8/1/19, LOC: Fuji Bank, Ltd. ............................ 15,600,000
6,000,000 Los Angeles County Sales Tax Trust Receipts Revenue VRDN,
3.25%, 7/1/05, INSUR: MBIA ..................................... 6,000,000
3,075,000 Mid-Peninsula Regulatory Open Space District VRDN, Series A,
4.15%, 2/1/08, LOC: Fuji Bank, Ltd. ............................ 3,075,000
200,000 Oceanside MFH Revenue VRDN, 3.675%, 12/1/07,
C/LOC: Western Federal S&L ..................................... 200,000
Orange County Apartment Development Revenue VRDN:
12,750,000 3.40%, 11/1/05, LOC: First Interstate Bancorp .................. 12,750,000
14,500,000 3.00%, 4/1/06, LOC: Bank of Tokyo-Mitsubishi, Ltd. ............. 14,500,000
23,250,000 3.65%, 3/1/07, LOC: Tokai Bank, Ltd. ........................... 23,250,000
7,300,000 3.35%, 11/1/07, LOC: Bank of Tokyo-Mitsubishi, Ltd. ............ 7,300,000
2,000,000 3.45%, 11/1/08, LOC: Banque Paribas ............................ 2,000,000
16,900,000 4.25%, 11/1/08, LOC: Tokai Bank, Ltd. .......................... 16,900,000
27,500,000 4.35%, 11/1/09, LOC: Tokai Bank, Ltd. .......................... 27,500,000
9,200,000 Orange County Housing Authority Revenue VRDN, 3.40%, 12/1/07,
LOC: Bank of Tokyo-Mitsubishi, Ltd. ............................ 9,200,000
5,000,000 Orange County Rental Housing Revenue VRDN, 3.60%, 5/1/22,
LOC: Banque Paribas ............................................ 5,000,000
4,517,857 Palmdale School District Project Lease VRDN, 3.60%, 12/13/10,
LOC: National Westminster Bank ................................. 4,517,857
4,250,000 Paramount MFH Revenue VRDN, 4.19%, 10/1/18,
LOC: Heller Financial .......................................... 4,250,000
Riverside MFH Revenue VRDN:
3,200,000 4.50%, 6/1/05, LOC: Tokai Bank, Ltd. ........................... 3,200,000
1,065,000 4.25%, 6/1/09, LOC: Tokai Bank, Ltd. ........................... 1,065,000
5,395,000 Sacramento County MFH Revenue VRDN, 4.50%, 12/1/98,
LOC: Tokai Bank, Ltd. .......................................... 5,395,000
4,335,000 Sacramento Yolo District Improvement Lease Revenue VRDN, 5.50%,
10/1/22, LOC: Tokai Bank, Ltd. ................................. 4,335,000
San Bernardino County MFH Revenue VRDN:
28,000,000 5.58%, 5/1/15, IA: Escrowed/T-Bills ............................ 28,000,000
1,500,000 4.50%, 8/1/05, LOC: Tokai Bank, Ltd. ........................... 1,500,000
San Bernardino County Public Safety Authority Revenue Bonds:
7,000,000 3.90%, 11/1/96 ................................................. 7,000,000
6,000,000 4.10%, 5/1/97 .................................................. 6,000,000
</TABLE>
8 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------
<S> <C> <C>
CALIFORNIA (CONT'D)
$ 5,050,000 San Diego MFH Revenue VRDN, 3.50%, 8/1/15,
LOC: Bank of Tokyo-Mitsubishi, Ltd.............................. $5,050,000
2,300,000 San Diego Public Facilities Finance Revenue VRDN, 3.50%,5/15/20,
INSUR: AMBAC.................................................... 2,300,000
16,860,000 San Francisco MFH Revenue VRDN, 4.05%,10/1/00,
LOC: Mitsubishi T&B............................................. 16,860,000
4,900,000 Santa Ana Housing Authority Revenue VRDN, 3.50%, 12/1/07,
C/LOC: Mercury S&L.............................................. 4,900,000
1,000,000 Santa Ana IDA Revenue VRDN, 3.825%, 11/1/05,
C/LOC: Mercury S&L.............................................. 1,000,000
4,000,000 Simi Valley MFH Revenue VRDN, 3.25%, 10/2/06,
LOC: Sumitomo T&B............................................... 4,000,000
700,000 Stockton IDA Revenue VRDN, 4.46%, 12/1/16,
LOC: Union Bank of California................................... 700,000
2,975,000 Union City Housing Mortgage Revenue VRDN, 4.05%, 10/1/11,
LOC: Mitsubishi T&B............................................. 2,975,000
1,200,000 Upland Apartment Development Revenue VRDN, 3.65%, 1/1/09,
LOC: Tokai Bank, Ltd............................................ 1,200,000
16,600,000 Victor Valley Community College Revenue VRDN, 3.45%, 11/1/24,
GA: Anchor National Life........................................ 16,600,000
2,905,000 Victorville MFH Revenue VRDN, 3.9%, 12/1/15,
C/LOC: Redland S&L.............................................. 2,905,000
COLORADO - 0.7%
2,500,000 Arapahoe County MFH Revenue VRDN, 4.10%, 11/1/17,
LOC: Heller Financial........................................... 2,500,000
3,500,000 City and County of Denver MFH Revenue VRDN, 3.55%, 12/15/14,
LOC: Sumitomo T&B............................................... 3,500,000
3,695,000 Denver City & County Airport Revenue VRDN, 3.50%, 11/15/25,
INSUR: MBIA...................................................... 3,695,000
2,150,000 Lakewood IDA Revenue VRDN, 4.00%, 8/1/07,
LOC: West One Bank.............................................. 2,150,000
CONNECTICUT - 0.1%
1,260,000 Connecticut State Health and Education Facilities Authority
Revenue VRDN, 3.60%, 2/1/09, LOC: Barclays Bank, Plc............ 1,260,000
1,201,000 Connecticut State Development Authority Revenue VRDN, 3.60%,
6/1/08, LOC: Barclays Bank, Plc................................. 1,201,000
DISTRICT OF COLUMBIA - 1.9%
D.C. General Obligation Unlimited VRDN:
10,900,000 3.55%, 6/1/03, INSUR: AMBAC..................................... 10,900,000
5,300,000 3.55%, 6/1/03, INSUR: FSA....................................... 5,300,000
7,710,000 3.55%, 6/1/03, INSUR: MBIA...................................... 7,710,000
10,390,000 D.C. MFH Revenue VRDN, 3.65%, 12/1/05,
LOC: Sumitomo Bank, Ltd......................................... 10,390,000
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 9
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C>
Florida - 7.6%
$ 3,800,000 Dade County Aviation Revenue VRDN, Series A, 3.85%, 10/1/09,
LOC: Fuji Bank, Ltd............................................................. $ 3,800,000
Florida Housing Finance Agency Revenue VRDN:
8,800,000 3.45%, 7/1/23, LOC: Heller Financial............................................ 8,800,000
48,140,000 3.75%, 7/1/22, LOC: Sumitomo T&B................................................ 48,140,000
5,000,000 Gulf Breeze Revenue VRDN, Series A, 3.39%, 3/31/21,
LOC: Barnett Bank of South Florida.............................................. 5,000,000
10,600,000 Lee County IDA Revenue VRDN, 3.95%, 4/1/10,
LOC: Banque Paribas............................................................. 10,600,000
6,025,000 Manatee County Housing Finance Authority Revenue VRDN,
3.85%, 12/1/07, LOC: Marine Midland Bank........................................ 6,025,000
Orange County Health Facilities Authority Revenue VRDN:
21,400,000 3.75%, 7/15/96, INSUR: MBIA..................................................... 21,400,000
11,400,000 3.65%, 7/17/96, INSUR: MBIA..................................................... 11,400,000
6,880,000 3.45%, 10/1/06, INSUR: MBIA..................................................... 6,880,000
4,000,000 3.45%, 10/1/08, INSUR: MBIA..................................................... 4,000,000
150,000 Orange County MFH Revenue VRDN, 3.40%, 10/1/08,
LOC: NationsBank................................................................ 150,000
4,720,000 Palm Beach County IDA Revenue VRDN, 4.21%, 5/5/10,
LOC: Union Bank of California................................................... 4,720,000
3,500,000 Volusia County MFH Revenue VRDN, 3.925%, 9/1/05,
GA: Household Finance Corp...................................................... 3,500,000
Georgia - 3.5%
6,000,000 Albany Dougherty County Hospital Revenue VRDN, 3.40%, 9/1/04,
INSUR: AMBAC.................................................................... 6,000,000
2,000,000 Athens MFH Revenue VRDN, 3.675%, 8/1/05,
LOC: First Bank, N.A............................................................ 2,000,000
14,600,000 Atlanta Urban Residential MFH Revenue VRDN, 3.85%
12/1/08, LOC: Marine Midland Bank............................................... 14,600,000
7,900,000 Columbus Downtown Development Authority Revenue VRDN, 3.50%,
8/1/15, LOC: Columbus B&T....................................................... 7,900,000
7,470,000 DeKalb County MFH Revenue VRDN, 3.50%, 11/1/15,
LOC: Amsouth Bank.............................................................. 7,470,000
Jackson County IDA Revenue VRDN:
7,000,000 3.75%, 12/1/15, LOC: Bank of Tokyo-Mitsubishi, Ltd............................. 7,000,000
2,620,000 3.80%, 12/1/24, LOC: Barclays Bank, Plc........................................ 2,620,000
7,470,000 Paulding County IDA Revenue VRDN, 3.65%, 12/1/09,
LOC: National Bank of Detroit.................................................. 7,470,000
5,950,000 Peachtree City IDA Revenue VRDN, 4.20%, 10/1/08,
LOC: Union Bank of Finland..................................................... 5,950,000
Hawaii - 0.8%
14,400,000 Hawaii Department of Budget and Finance Special Purpose Mortgage
Revenue VRDN, 3.60%, 12/1/21, LOC:
Bank of Tokyo-Mitsubishi, Ltd.................................................. 14,400,000
</TABLE>
10 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------
Illinois - 6.6%
<S> <C> <C>
$12,850,000 Carol Stream MFH Revenue VRDN, 4.05%, 8/1/23,
LOC: Heller Financial............................................ $12,850,000
10,000,000 Chicago MFH Revenue VRDN, 3.45%, 11/1/10,
LOC: Fleet National Bank......................................... 10,000,000
3,300,000 Decatur Water Treatment Revenue VRDN, 3.65%, 8/16/96,
LOC: Sumitomo Bank, Ltd. ........................................ 3,300,000
16,000,000 Galesburg Knox College Project Revenue VRDN, 3.40%, 3/1/31,
LOC: LaSalle Bank................................................ 16,000,000
Illinois Educational Facilities Authority Revenue VRDN:
17,325,000 3.45%, 1/1/05, INSUR: FGIC....................................... 17,325,000
13,400,000 3.65%, 1/1/18, LOC: Sumitomo Bank, Ltd. ......................... 13,400,000
Illinois IDA Revenue VRDN:
2,800,000 4.20%, 11/1/02, LOC: American National B&T ...................... 2,800,000
2,000,000 3.95%, 1/1/09, LOC: Industrial Bank of Japan..................... 2,000,000
3,400,000 Series A, 3.70%, 1/1/10, LOC: American National B&T.............. 3,400,000
2,225,000 Series B, 3.70%, 1/1/10, LOC: American National B&T.............. 2,225,000
3,000,000 4.20%, 9/2/05, LOC: American National B&T........................ 3,000,000
10,000,000 3.30%, 6/1/31, LOC: Bank of America.............................. 10,000,000
Illinois Health Facilities Authority Revenue VRDN:
7,765,000 3.80%, 7/1/12, LOC: First S&L.................................... 7,765,000
6,000,000 3.40%, 8/1/15, LOC: First National Bank of Chicago............... 6,000,000
4,745,000 Illinois Housing Development Authority Revenue VRDN, 3.85%,
2/1/24, LOC: Sumitomo Bank, Ltd. ................................ 4,745,000
2,280,000 Winnebago County IDA Revenue VRDN, 5.8575%, 12/1/06,
LOC: Bank of Nova Scotia......................................... 2,280,000
Indiana - 1.0%
8,420,000 Lawrence Economic Development Revenue VRDN, 3.95%, 6/1/24,
LOC: Heller Financial............................................ 8,420,000
4,500,000 South Bend MFH Revenue VRDN, 3.80%, 10/1/09,
LOC: Society Bank of Cleveland................................... 4,500,000
5,200,000 South Bend Redevelopment Authority Lease Revenue VRDN,
5.85%, 2/1/19, LOC: Fuji Bank, Ltd. ............................. 5,200,000
Iowa - 0.1%
1,600,000 Davenport IDA Revenue VRDN, 5.858%, 12/1/06,
LOC: Bank of Nova Scotia......................................... 1,600,000
Kansas - 1.0%
6,600,000 Kansas City MFH Revenue VRDN, 3.65%, 6/1/15,
LOC: Huntington National Bank.................................... 6,600,000
11,075,000 Shawnee MFH Revenue VRDN, 3.90%, 2/1/24,
LOC: Heller Financial ........................................... 11,075,000
Kentucky - 1.9%
3,250,000 Boone County Industry Building Revenue VRDN, 3.85%, 9/1/02,
LOC: Fifth Third Bank............................................ 3,250,000
4,000,000 Bowling Green IDA Revenue VRDN, 4.55%, 12/1/96,
LOC: Long Term Credit Bank of Japan.............................. 4,000,000
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 11
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
<S> <C>
KENTUCKY (CONT'D)
$3,500,000 Glasgow IDA Revenue VRDN, 5.775%, 6/1/20,
LOC: Bank of Tokyo-Mitsubishi, Ltd................... $ 3,500,000
Jefferson County IDA Revenue VRDN:
500,000 3.70%, 6/1/99, LOC: PNC Bank, KY..................... 500,000
2,200,000 3.70%, 12/1/06, LOC: PNC Bank, KY.................... 2,200,000
3,280,000 3.70%, 7/1/19, LOC: PNC Bank, KY..................... 3,280,000
2,300,000 Kentucky Rural Economic Development Authority Revenue
VRDN, 3.70%, 10/1/16, LOC: PNC Bank, KY.............. 2,300,000
3,000,000 Ohio County Pollution Control Revenue VRDN, 3.75%,
10/1/15, LOC: Chemical Bank.......................... 3,000,000
9,500,000 Richmond IDA Revenue VRDN, 3.70%, 4/1/20,
LOC: Seattle First National.......................... 9,500,000
1,500,000 Scott County IDA Revenue VRDN, 3.70%, 9/1/05,
LOC: PNC Bank, KY.................................... 1,500,000
1,500,000 Walton IDA Revenue VRDN, 4.55%, 11/1/96,
LOC: Asahi Bank, Ltd................................. 1,500,000
MAINE - 0.4%
7,300,000 Orrington Resource Recovery Revenue VRDN, 4.175%, 5/1/03,
LOC: Bank of Nova Scotia............................. 7,300,000
MARYLAND - 1.4%
2,870,000 Anne Arundel County IDA Revenue VRDN, 4.19%, 5/1/02,
LOC: First National Bank of Maryland................. 2,870,000
2,562,330 Baltimore County Economic Development Authority Revenue
VRDN, 5.15%, 9/1/96, LOC: First National Bank
of Maryland.......................................... 2,562,330
Maryland Economic Development Corporation Revenue VRDN:
1,200,000 5.15%, 11/1/02, LOC: First National Bank of Maryland.. 1,200,000
1,000,000 3.35%, 6/1/20, LOC: NationsBank....................... 1,000,000
13,790,000 Maryland Health and Education Facilities Authority
Revenue VRDN, 3.55%, 7/1/14, LOC: First National Bank
of Maryland.......................................... 13,790,000
4,296,176 Ocean City IDA Revenue VRDN, 5.3625%, 7/1/13,
LOC: First National Bank of Maryland................. 4,296,176
MASSACHUSETTS - 1.2%
1,250,000 Hudson IDA Revenue VRDN, 4.46%, 10/1/13,
LOC: FNB Boston...................................... 1,250,000
Massachusetts Bay Transportation Authority Revenue VRDN:
7,000,000 3.65%, 7/18/96, LOC: Westdeutsche Landesbank......... 7,000,000
5,000,000 3.40%, 7/29/96, LOC: Westdeutsche Landesbank......... 5,000,000
Massachusetts State Industrial Finance Authority
Revenue VRDN:
1,650,000 4.21%, 11/3/99, LOC: FNB Boston...................... 1,650,000
5,200,000 4.46%, 8/1/14, LOC: FNB Boston....................... 5,200,000
1,000,000 New Bedford IDA Revenue VRDN, 4.46%, 10/1/97, LOC:
Corestates........................................... 1,000,000
MICHIGAN - 1.6%
Michigan Housing Development Authority Limited
Obligation Revenue VRDN:
2,675,000 4.29%, 11/1/14, LOC: Citibank........................ 2,675,000
4,400,000 4.29%, 5/1/16, LOC: Citibank......................... 4,400,000
</TABLE>
12 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN (CONT'D)
<S> <C> <C>
$10,000,000 Michigan State General Obligation Unlimited Notes, 4.00%, 9/30/96.................................... $10,009,100
4,000,000 Michigan State Strategic Limited Obligation Revenue VRDN, 3.60%,
7/1/99, LOC: Bank of Tokyo-Mitsubishi, Ltd......................................................... 4,000,000
8,000,000 Sault Sainte Marie Tribe Building Revenue VRDN, Series A, 4.46%,
6/1/03, LOC: First of America Bank................................................................. 8,000,000
MINNESOTA - 1.2%
1,100,000 Cottage Grove Pollution Control Board Revenue VRDN, 3.75%,
8/1/12, GA: Minnesota Mining and Manufacturing..................................................... 1,100,000
19,660,000 Minneapolis MFH Revenue VRDN, 3.35%, 12/1/14,
LOC: Citibank...................................................................................... 19,660,000
MISSISSIPPI - 0.7%
2,500,000 Flowood IDA Revenue VRDN, 3.80%, 11/1/01,
LOC: PNC Bank, KY.................................................................................. 2,500,000
Mississippi Business Finance Corporation Revenue VRDN:
2,700,000 3.90%, 6/1/05, LOC: Marine Midland Bank.............................................................. 2,700,000
3,675,000 3.85%, 1/1/06, LOC: National Bank of Canada.......................................................... 3,675,000
3,500,000 Panola County Moog Automotive Inc. Project Revenue VRDN, 3.65%,
9/1/10, LOC: Instituto Bancario.................................................................... 3,500,000
MISSOURI - 0.8%
4,045,000 Kansas City MFH Revenue VRDN, 3.70%, 8/1/20,
LOC: Heller Financial.............................................................................. 4,045,000
1,155,000 Missouri IDA Revenue VRDN, 4.46%, 3/1/01,
LOC: FNB Boston.................................................................................... 1,155,000
9,300,000 St. Louis IDA Revenue VRDN, 4.35%, 1/1/21,
LOC: Banca Nazionale Del Lavoro.................................................................... 9,300,000
NEBRASKA - 0.2%
4,365,000 Nebraska Investment Finance Authority MFH Revenue VRDN, 3.65%,
10/1/10, LOC: LaSalle Bank......................................................................... 4,365,000
NEW HAMPSHIRE - 1.5%
5,945,000 New Hampshire Higher Education & Health Adjustable Trust Receipts,
Series SG19, 3.45%, 6/1/23, BPA: Societe Generale.................................................. 5,945,000
14,075,000 Manchester MFH Revenue VRDN, 6.25%, 6/15/15,
LOC: Daiwa Bank, Ltd............................................................................... 14,075,000
6,500,000 New Hampshire IDA Revenue VRDN, 3.75%, 6/1/14,
LOC: Commerz Bank, A.G............................................................................. 6,500,000
NEW JERSEY - 1.7%
New Jersey Economic Development Authority Revenue VRDN:
2,350,000 3.70%, 3/1/98, LOC: Meridian Bank.................................................................... 2,350,000
1,240,000 3.70%, 1/1/00, LOC: Marine Midland Bank.............................................................. 1,240,000
1,500,000 4.625%, 12/1/14, LOC: Citibank....................................................................... 1,500,000
1,360,000 3.70%, 12/1/15, LOC: Meridian Bank................................................................... 1,360,000
7,400,000 4.30%, 12/1/15, LOC: Asahi Bank, Ltd................................................................. 7,400,000
2,450,000 3.70%, 8/1/17, LOC: Midlantic National Bank.......................................................... 2,450,000
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 13
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NEW JERSEY (CONT'D)
New Jersey Housing & Mortgage Finance Agency Revenue VRDN:
$310,000 3.50%, 4/1/12, INSUR: MBIA......................................................................... $ 310,000
12,770,000 3.55%, 4/1/12, INSUR: MBIA......................................................................... 12,770,000
500,000 3.50%, 10/1/15, INSUR: MBIA........................................................................ 500,000
NEW MEXICO - 0.2%
4,000,000 New Mexico Educational Assistance Student Loan Revenue VRDN,
3.60%, 4/1/05, INSUR: AMBAC........................................................................ 4,000,000
NEW YORK - 4.2%
10,000,000 New York City General Obligation Bonds, 3.50%, 9/13/96,
LOC: Morgan Guarenty Trust......................................................................... 10,000,000
New York City IDA Revenue VRDN:
18,500,000 3.70%, 1/1/29, LOC Bank of America................................................................. 18,500,000
38,300,000 3.70%, 7/1/29, LOC: Bank of America................................................................ 38,300,000
7,700,000 Orange County IDA Revenue VRDN, 3.95%, 6/1/98,
LOC: Sakura Bank................................................................................... 7,700,000
NEVADA - 0.1%
1,900,000 Henderson Public Improvement Trust Revenue VRDN, 3.80%, 4/1/07,
LOC: Barclays Bank, Plc............................................................................ 1,900,000
OKLAHOMA - 0.9%
5,930,000 Cleveland MFH Revenue VRDN, 3.60%, 4/1/20,
SURBD: Continental Casualty Co..................................................................... 5,930,000
5,900,000 Oklahoma Housing Finance Authority Revenue VRDN, 4.05%, 12/1/05,
C/LOC: Binghampton Savings Bank.................................................................... 5,900,000
5,000,000 Tulsa IDA Revenue VRDN, Series A, 4.20%, 11/1/14,
LOC: Sanwa Bank, Ltd............................................................................... 5,000,000
PENNSYLVANIA - 8.3%
Berks County IDA Revenue VRDN:
2,000,000 3.90%, 9/1/10, LOC: Meridian Bank.................................................................. 2,000,000
2,600,000 3.70%, 7/1/25, LOC: Meridian Bank.................................................................. 2,600,000
Emmaus General Obligation Revenue VRDN:
7,300,000 3.40%, 3/1/24, LOC: Fuji Bank, Ltd................................................................. 7,300,000
3,000,000 3.40%, 3/1/24, LOC: Marine Midland Bank............................................................ 3,000,000
50,000,000 Harrisburg Mortgage Pool Financing Fund Authority Revenue VRDN,
3.60%, 7/1/21, GA: Anchor National Life............................................................ 50,000,000
8,250,000 Montgomery County IDA Revenue VRDN, 3.55%, 12/1/13,
LOC: PNC Bank, N.A................................................................................. 8,250,000
Philadelphia General Obligation Commercial Paper, Adjustable Coupon:
3,000,000 3.75%, 7/11/96, LOC: Fuji Bank, Ltd................................................................ 3,000,000
12,600,000 3.80%, 7/11/96, LOC: Fuji Bank, Ltd................................................................ 12,600,000
7,900,000 3.70%, 7/17/96, LOC: Fuji Bank, Ltd................................................................ 7,900,000
6,100,000 3.80%, 7/18/96, LOC: Fuji Bank, Ltd................................................................ 6,100,000
9,100,000 3.70%, 7/22/96, LOC: Fuji Bank, Ltd................................................................ 9,100,000
10,000,000 3.80%, 7/23/96, LOC: Fuji Bank, Ltd................................................................ 10,000,000
</TABLE>
14 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
<S> <C>
PENNSYLVANIA (CONT'D)
$ 2,900,000 Philadelphia MFH Redevelopment Authority Revenue
VRDN, 4.00%, 12/1/09, LOC: Marine Midland Bank........ $ 2,900,000
1,460,000 Washington County IDA Revenue VRDN, 3.70%, 12/1/16,
LOC: PNC Bank, N.A.................................... 1,460,000
11,500,000 Westmoreland County IDA Revenue VRDN, 4.375%, 5/1/18,
LOC: Fleet National Bank.............................. 11,500,000
8,500,000 York County Hospital Authority Revenue VRDN, 3.94%,
1/1/15, LOC: First National Bank of Maryland.......... 8,500,000
SOUTH CAROLINA - 0.9%
5,100,000 Dorchester IDA Revenue VRDN, 4.08%, 10/1/24,
LOC: Bayerische Vereinsbank........................... 5,100,000
4,860,000 Orangeburg IDA Revenue VRDN, 4.46%, 6/1/08,
LOC: FNB Boston....................................... 4,860,000
6,000,000 South Carolina State Housing Finance and Development
Authority Revenue VRDN, 3.40%, 7/1/07, SURBD:
Continental Casualty Co. ............................. 6,000,000
SOUTH DAKOTA - 0.6%
1,000,000 South Dakota Housing Development Authority Puttable
Floating Rate Notes, 3.60%, 5/1/13, TOA:
Banco Santander....................................... 1,000,000
TENNESSEE - 1.7%
6,300,000 Coffee County IDA Revenue VRDN, 4.55%, 12/1/01,
LOC: Asahi Bank, Ltd.................................. 6,300,000
1,700,000 Jackson IDA Revenue VRDN, 3.70%, 1/1/07,
LOC: First Bank NA.................................... 1,700,000
2,850,000 McMinn County IDA Revenue VRDN, 3.65%, 10/2/04,
LOC: Southtrust Bank, AL.............................. 2,850,000
2,160,000 Smith County IDA Revenue VRDN, 4.44%, 1/1/10,
LOC: First National Bank of Maryland.................. 2,160,000
6,040,000 Tennessee Housing Development Agency Revenue VRDN,
4.35%, 7/1/13, INSUR: FSA............................. 6,040,000
10,900,000 Volunteer State Student Funding Corporation Revenue
VRDN, 3.60%, 12/1/23, LOC: Sumitomo Bank, Ltd......... 10,900,000
TEXAS - 8.3%
2,525,000 Cleburne IDA Revenue VRDN, 3.80%, 2/1/04,
LOC: National City Bank............................... 2,525,000
1,000,000 Grand Prairie IDA Revenue VRDN, 4.00%, 12/1/06,
LOC: PNC Bank, N.A.................................... 1,000,000
2,240,000 Grand Prairie IDA Revenue VRDN, 3.65%, 5/1/14,
LOC: Texas Commerce................................... 2,240,000
3,150,000 Guadalupe Blanco River Authority Revenue VRDN, 3.80%,
3/1/08, LOC: Banque National De Paris................. 3,150,000
76,150,000 Harris County Health Facilities Development Authority
Revenue VRDN, 3.55%, 12/1/25, IA: Prudential
Insurance Co.......................................... 76,150,000
3,200,000 Harris County IDA Revenue VRDN, 4.35%, 8/1/01,
LOC: Sakura Bank, Ltd................................. 3,200,000
58,450,000 Texas Tax and Revenue Anticipation Notes, Series A,
4.75%, 8/30/96........................................ 58,542,299
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 15
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
================================================================================
<S> <C>
UTAH - 0.3%
$4,600,000 Provo City MFH Revenue VRDN, 3.55%, 12/15/10,
LOC: Dai-Ichi Kangyo Bank.......................... $ 4,600,000
VERMONT - 0.0%
515,000 Vermont State IDA Revenue VRDN, 4.21%, 12/1/04,
LOC: FNB Boston.................................... 515,000
VIRGINIA - 0.8%
4,500,000 Loudoun County IDA Revenue VRDN, 4.15%, 11/1/24,
LOC: Banque Paribas................................ 4,500,000
10,000,000 Richmond IDA Revenue VRDN, 4.25%, 12/1/17,
LOC: Banque Paribas................................ 10,000,000
WASHINGTON - 2.1%
6,200,000 King County Trust Receipts, Series SGA 19, 3.50%,
11/1/27, INSUR: MBIA............................... 6,200,000
6,785,000 Pierce County Economic Development Authority Revenue
VRDN, 3.85%, 6/1/30,
LOC: Bank of Tokyo-Mitsubishi, Ltd................. 6,785,000
2,950,000 Port Everett Limited VRDN, 3.75%, 12/1/06,
LOC: Sumitomo Bank, Ltd............................ 2,950,000
3,000,000 Port Moses Lake Public Finance Corporation Revenue VRDN,
3.80%, 7/1/02, LOC: Sakura Bank, Ltd............... 3,000,000
3,000,000 Richmond Golf Enterprise Revenue VRDN, 3.45%, 12/1/21,
LOC: Seattle First National Bank................... 3,000,000
11,000,000 Student Loan Finance Association Revenue VRDN, 3.55%,
12/1/02, LOC: Sanwa Bank, Ltd...................... 11,000,000
4,000,000 Yakima County Public Corporation Revenue VRDN, 3.70%,
2/1/12, LOC: Seattle First National Bank........... 4,000,000
WISCONSIN - 2.3%
700,000 Deerfield IDA Revenue VRDN, 3.70%, 5/1/03,
LOC: Commerz Bank, A.G............................. 700,000
4,000,000 Oak Creek IDA Revenue VRDN, 3.75%, 7/1/04,
LOC: Firstar Bank, Milwaukee....................... 4,000,000
4,300,000 Sheboygan Falls IDA Revenue VRDN, 3.75%, 10/2/06,
LOC: Firstar Bank, Milwaukee....................... 4,300,000
7,000,000 Sun Prairie IDA Revenue VRDN, 3.75%, 5/1/15,
LOC: Firstar Bank, Milwaukee....................... 7,000,000
17,530,000 Wisconsin Housing and Economic Development Authority
Revenue VRDN, 4.00%, 3/1/20, INSUR: FSA............ 17,530,000
6,800,000 Wisconsin State Health & Education Facilities Authority
Revenue Bonds, 3.65%, 8/16/96,
LOC: Sumitomo Bank, Ltd............................ 6,800,000
OTHERS - 4.5%
Koch Financial Corp. Tender Option VRDN:
9,310,000 3.75%, 10/20/00, TOA: Credit Suisse .................. 9,310,000
16,465,000 3.85%, 10/20/00, TOA: Credit Suisse................... 16,465,000
9,340,000 4.00%, 10/20/00, TOA: Credit Suisse................... 9,340,000
13,570,677 LaSalle National Bank LeaseTOPS Trust, Series 1995A,
3.70%, 5/1/02, BPA: LaSalle Bank................... 13,570,677
</TABLE>
16 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
================================================================================
<S> <C>
OTHERS (CONT'D)
$14,485,000 Pitney Bowes Credit Corporation Variable
Rate LeaseTOPS 3.70%, 4/1/98,
BPA: Pitney Bowes Credit........................ $ 14,485,000
Puttable Floating Option Tax-Exempt Receipts:
4,760,000 Series PP2, 3.75%, 7/1/24, TOA: Merrill Lynch... 4,760,000
3,075,000 Series PP5, 3.85%, 8/15/24, INSUR: AMBAC........ 3,075,000
7,795,000 Series PPT4, 4.00%, 10/11/30, INSUR: AMBAC...... 7,795,000
TOTAL INVESTMENTS (Cost $1,732,485,439) - 98.4%.... 1,732,485,439
Other assets and liabilities, net - 1.6%........... 27,574,892
--------------
NET ASSETS - 100%.................................. $1,760,060,331
==============
NET ASSETS CONSIST OF:
================================================================================
Paid in capital applicable to the following shares of beneficial
interest, unlimited number of no par shares authorized:
Class O: 1,722,931,335 shares outstanding.................. $1,722,817,407
Class MMP: 37,160,694 shares outstanding................... 37,157,839
Undistributed net investment income (loss)...................... 209,659
Accumulated realized gain (loss) on investments................. (124,574)
--------------
Net assets.................................................... $1,760,060,331
==============
NET ASSET VALUE PER SHARE:
================================================================================
Class O (based on net assets of $1,722,892,163)................. $ 1.00
==============
Class MMP (based on net assets of $37,168,168).................. $ 1.00
==============
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 17
<PAGE>
LIMITED-TERM PORTFOLIO
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL OBLIGATIONS - 98.9%
ALABAMA - 1.6%
<S> <C> <C>
$3,500,000 Athens Industrial Development Board Revenue VRDN, 4.05%,
6/1/05, LOC: Tokai Bank, Ltd......................................................................... $3,500,000
4,500,000 Auburn Industrial Development Board Revenue VRDN, 6.35%,
12/1/16, LOC: Daiwa Bank, Ltd........................................................................ 4,500,000
ARIZONA - 2.6%
State Certificate of Participation Revenue Bonds, Series A:
5,005,000 4.90%, 11/1/96, INSUR: AMBAC......................................................................... 5,022,267
2,900,000 5.20%, 5/1/97, INSUR: AMBAC.......................................................................... 2,928,855
2,750,000 Glendale County Industrial Development Authority Revenue Bonds,
5.20%, 12/1/13, LOC: Dresdner Bank (Tender 12/1/98 @ 100)........................................... 2,780,387
2,250,000 Maricopa County Pollution Control Revenue Bonds for El Paso Electric,
5.125%, 6/1/97, LOC: Citibank........................................................................ 2,272,028
ARKANSAS - 0.2%
840,000 Student Loan Authority Revenue Bond, 6.40%, 6/1/97..................................................... 857,842
CALIFORNIA - 17.3%
615,000 Chula Vista MFH, Eucalyptus Grove Project Revenue Bonds,
5.75%, 11/1/07, SURBD: Continental Casualty Co....................................................... 618,530
7,500,000 Clovis MFH Revenue VRDN, 4.35%, 10/1/10, LOC: Tokai Bank, Ltd.......................................... 7,500,000
1,525,000 Compton Community Redevelopment Agency Tax Allocation Notes
Series 1, 5.50%, 8/1/98.............................................................................. 1,552,618
2,220,000 Health Facilities Financing, Downey Community Hospital Revenue Bonds,
4.75%, 5/15/99....................................................................................... 2,201,641
1,750,000 Oakland Unified School District Alameda County 1994 Certificate of
Participation Revenue Bonds, 4.40%, 9/15/96.......................................................... 1,748,303
280,913 Palmdale School District Jupiter Land II Project Revenue VRDN,
3.60%, 12/13/10, LOC: National Westminster Bank...................................................... 280,913
960,000 Riverside MFH Revenue VRDN, 3.50%, 12/1/16,
LOC: Tokai Bank, Ltd................................................................................. 960,000
2,500,000 San Bernardino County MFH Revenue VRDN, 4.50%, 8/1/01,
LOC: Tokai Bank, Ltd................................................................................. 2,500,000
San Bernardino Public Safety Authority, Insurance Financing Project
Revenue Bonds, Series A:
8,000,000 4.50%, 5/1/98........................................................................................ 8,027,600
8,400,000 4.50%, 11/1/98....................................................................................... 8,427,300
2,800,000 4.60%, 5/1/99........................................................................................ 2,798,516
11,005,000 San Diego MFH, La Cima Apartments Revenue VRDN, 6.00%, 12/1/08,
LOC: Daiwa Bank, Ltd................................................................................. 11,005,000
San Francisco City and County Redevelopment Agency MFH
Revenue VRDN:
20,800,000 5.699%, 3/1/18, LOC: Dai-Ichi Kangyo Bank............................................................ 20,800,000
18,000,000 4.05%, 10/1/00, LOC: Mitsubishi T&B.................................................................. 18,000,000
</TABLE>
18 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
===============================================================================
<S> <C>
CALIFORNIA (CONT'D)
$575,000 San Jose Financing Authority, Convention
Center Project Revenue Bonds, Series C,
5.75%, 9/1/98....................................... $591,853
465,000 Tahoe City Public Utility District, Capital
Facilities Project Certificates of
Participation, Series B, 5.60%, 6/1/98.............. 472,342
COLORADO - 2.6%
Denver City and County Airport Revenue Bonds, Series A:
3,600,000 6.35%, 11/15/96........................................ 3,633,624
9,500,000 6.60%, 11/15/97........................................ 9,803,430
DISTRICT OF COLUMBIA - 0.9%
3,770,000 District of Columbia Hospital Revenue Bonds,
5.625%, 8/15/96..................................... 3,773,883
District of Columbia Redevelopment Agency,
Sports Arena Revenue Bonds:
500,000 4.85%, 11/1/97...................................... 500,225
500,000 4.85%, 11/1/98...................................... 500,295
FLORIDA - 4.9%
2,000,000 Dade County General Obligation Bonds, 12.00%, 10/1/96,
INSUR: FGIC......................................... 2,042,000
6,750,000 Duval County MFH Revenue VRDN, 4.70%, 6/1/07,
LOC: Household Finance Corp........................ 6,750,000
10,000,000 Jacksonville Hospital Revenue Bonds, 10.375%, 10/1/07
(Pre-Refunded 10/1/97 @ 100)........................ 10,989,700
4,960,000 Palm Beach Housing Finance Authority-Mallards Cove
Revenue VRDN, 5.3625%, 3/1/22,
INSUR: Fireman's Insurance Co...................... 4,960,000
ILLINOIS - 3.7%
7,825,000 Bloomingdale IDA Revenue Bonds, 5.25%, 1/1/98, INSUR:
Fireman's Insurance Co. (Tender 8/1/96 @ 100)....... 7,830,086
8,000,000 Chicago Board of Education Certificates of
Participation, 4.35%, 12/1/98,
LOC: Canadian Imperial.............................. 7,961,200
2,000,000 Chicago Parking District General Obligation
Refunding Bonds, 5.50%, 1/1/99, INSUR: FGIC......... 2,045,020
970,000 Illinois Housing Development Authority MFH Revenue
Bonds, Series A, 5.30%, 7/1/96...................... 970,116
INDIANA - 1.7%
8,600,000 Madison Economic Development Arvin Sango Incorporated
Project Revenue VRDN, 4.30%, 8/1/17,
LOC: Tokai Bank, Ltd................................ 8,600,000
KENTUCKY - 1.6%
4,000,000 Bowling Green IDA Revenue VRDN, 4.55%, 12/1/96,
LOC: Long Term Credit Bank of Japan................ 4,000,000
2,500,000 Glasgow IDA Revenue VRDN, 5.775%, 6/1/20,
LOC: Bank of Tokyo-Mitsubishi, Ltd.................. 2,500,000
1,800,000 State Turnpike Authority Economic Development
Revenue Bonds, 5.00%, 1/1/98........................ 1,819,782
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 19
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
<S> <C>
LOUISIANA - 4.1%
Public Facilities Authority Revenue Bonds:
$5,000,000 6.00%, 7/1/07, GA: Connecticut General Life Insurance Co.
(Tender 7/1/97 @ 100).................................. $ 5,008,250
4,000,000 7.30%, 12/1/15, (Tender 6/1/97 @ 100),
LOC: Sumitomo Bank, Ltd................................ 4,121,840
Offshore Deepwater Port Revenue Bonds:
1,000,000 6.25%, 9/1/96........................................... 1,004,280
5,000,000 5.20%, 9/1/97........................................... 5,049,550
2,535,000 6.35%, 9/1/97........................................... 2,603,217
2,780,000 6.45%, 9/1/98........................................... 2,895,009
MAINE - 1.4%
6,875,000 Finance Authority of Maine MFH Revenue Bonds, 4.50%,
9/1/18, LOC: Sakura Bank (Tender 9/1/96 @ 100)......... 6,876,237
MARYLAND - 2.1%
56,831 Baltimore County Economic Development Corp.,
John Schmitz & Sons Revenue Bonds, 5.00%, 12/1/08,
LOC: First National Bank of Maryland
(Tender 12/1/98 @ 100)................................. 55,272
1,916,820 Harford IDA Board Revenue VRDN, 5.25%, 6/1/10,
LOC: First National Bank of Maryland.................... 1,916,820
State IDA Economic Development Corp. Revenue Bonds:
340,000 Series B, 5.875%, 11/1/09, LOC: First National Bank of
Maryland................................................ 340,473
3,560,000 5.50%, 12/31/11, LOC: First National Bank of Maryland.... 3,553,272
1,000,000 Montgomery County Economic Development Bonds, 6.375%,
11/1/09, LOC: First National Bank of Maryland........... 1,000,980
4,000,000 Montgomery County Housing Opportunities Commission MFH
Revenue Bonds, 6.00%, 2/1/07, GA: New England Mutual Life
(Tender 2/1/97 @ 100)................................... 4,006,400
MASSACHUSETTS - 1.5%
Housing Finance Agency MFH Revenue Bonds, Series A:
50,000 4.80%, 6/1/97, INSUR: AMBAC............................. 50,076
485,000 4.80%, 12/1/97, INSUR: AMBAC............................ 485,941
495,000 5.00%, 6/1/98, INSUR: AMBAC............................. 496,426
505,000 5.00%, 12/1/98, INSUR: AMBAC............................ 505,949
520,000 5.10%, 6/1/99, INSUR: AMBAC............................. 519,896
5,240,000 Wholesale Electric Power Company Revenue Bonds, 6.10%,
7/1/98................................................. 5,402,283
MICHIGAN - 4.1%
2,000,000 Detroit Distributable State Aid Revenue Bonds, 5.625%,
5/1/97.................................................. 2,032,340
5,030,000 Detroit Limited General Obligation Bonds, Series A,
5.20%, 5/1/98........................................... 5,084,173
325,000 State Housing Development Authority Regency Square
Limited Obligation Revenue VRDN, 4.29%, 11/1/14,
LOC: Citibank........................................... 325,000
575,000 State Housing Development Authority River Place Plaza
Limited Obligation Revenue Bonds, 5.25%, 10/1/11........ 553,915
290,000 State Housing Development Authority Revenue Bonds,
6.00%, 10/1/11, (Escrowed in U.S. Treasury Obligations). 288,251
</TABLE>
20 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
==========================================================================================
<S> <C>
Michigan (Cont'd)
Michigan State Hospital Finance Authority Pontiac Osteopathic
Revenue Bonds, 4.90%:
$1,000,000 2/1/98.......................................................... $ 999,350
1,000,000 2/1/99.......................................................... 992,780
3,525,000 Oakland County Economic Development Obligation, 5.25%, 11/1/14
(Put 11/1/97 @ 100)............................................. 3,590,142
6,680,000 Southfield Economic Development Corporation Revenue VRDN,
5.775%, 5/15/11, INSUR: Firemans Insurance Co................... 6,680,000
Minnesota - 1.3%
6,550,000 Edina MFH Vernon Terrace Revenue Bonds, 5.00%, 7/1/25............ 6,515,743
Missouri - 0.2%
1,200,000 Missouri State Health and Education Facilities Bethesda Group
Revenue Bonds, 5.25%, 8/15/96................................... 1,200,060
Nevada - 1.6%
8,150,000 Sparks Redevelopment Agency Tax Allocation Bond Anticipation
Notes, 5.00%, 9/1/97............................................ 8,142,747
New Hampshire - 0.1%
445,000 New Hampshire Higher Education & Health Revenue Bonds,
7.50%, 12/1/00, INSUR: FGIC..................................... 454,843
New Jersey - 0.2%
900,000 New Jersey Economic Development Authority Revenue VRDN, 3.70%,
8/1/01, LOC: Corestates......................................... 900,000
New York - 13.9%
City University Certificates of Participation:
2,785,000 4.40%, 8/15/97.................................................. 2,794,636
4,970,000 4.65%, 8/15/98.................................................. 4,981,729
State Certificate of Participation Revenue Bonds:
2,500,000 5.50%, 9/1/96................................................... 2,504,975
3,000,000 5.75%, 3/1/97................................................... 3,036,600
5,335,000 4.75%, 9/1/97................................................... 5,372,879
5,775,000 4.90%, 3/1/98................................................... 5,813,346
5,920,000 4.90%, 9/1/98................................................... 5,959,664
New York City General Obligation Bonds:
1,500,000 Series A, 7.20%, 8/15/96........................................ 1,506,375
1,940,000 Series D, 6.80%, 2/1/97......................................... 1,972,708
1,000,000 Series E, 5.50%, 8/1/97......................................... 1,014,970
2,035,000 Series K, 5.00%, 4/1/99......................................... 2,038,989
6,500,000 New York City Housing Development East 96th St. Project Special
Obligation VRDN, 3.30%, 8/1/15.................................. 6,500,000
6,500,000 New York City IDA Revenue VRDN, 3.70%, 7/1/29,
LOC: Bank of America............................................ 6,500,000
New York Dormitory Authority Revenue Bonds:
7,385,000 Series A, 4.375%, 7/1/97........................................ 7,412,251
1,165,000 Series A, 4.75%, 7/1/97......................................... 1,173,574
1,155,000 Series B, 4.375%, 7/1/97........................................ 1,159,262
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 21
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------------------------------------------------------------------------------------------------------------------
New York (Cont'd)
<S> <C> <C>
New York Energy Research and Development Authority State Service
Contract Revenue Bonds:
$575,000 5.00%, 4/1/97.................................................................. $ 579,514
595,000 5.00%, 4/1/98.................................................................. 599,236
2,800,000 New York State Thruway Authority Highway and Bridge Trust Fund
Revenue Bonds, Series A, 4.10%, 4/1/97......................................... 2,805,432
1,100,000 Orange County IDA Revenue VRDN, 5.445%, 12/1/05,
LOC: United Jersey Bank........................................................ 1,100,000
5,400,000 Port Authority New York and New Jersey, 1st Installment KIAC
Project Special Obligation Revenue Bonds, 6.25%, 10/1/99....................... 5,455,944
Ohio - 1.4%
1,060,000 Cleveland Motor Vechicle Motorized Equipment Certificates of
Participation, 6.50%, 1/1/98................................................... 1,088,397
2,450,000 Cleveland School District General Obligation Bonds, 7.25%, 6/15/98............... 2,549,886
3,275,000 Lucas IDA Revenue VRDN, 5.3625%, 9/1/14, LOC: Bank of Tokyo-
Mitsubishi, Ltd................................................................ 3,275,000
Pennsylvania - 6.2%
8,500,000 Beaver County IDA Pollution Control Revenue Bonds, 4.30%,
10/1/32, LOC: Barclay's Bank, Plc. (Tender 10/1/97 @ 100)...................... 8,538,845
7,000,000 Pennsylvania Intergovernmental Cooperative Authority Special Tax
Revenue Notes, 5.40%, 6/15/97.................................................. 7,111,580
2,000,000 Philadelphia Gas Works Revenue Bonds Series B, 6.90%, 7/1/96..................... 2,000,480
Philadelphia Hospitals & Higher Education Revenue Bonds:
1,200,000 5.05%, 7/1/98................................................................. 1,200,444
1,335,000 5.35%, 7/1/99................................................................. 1,341,608
Philadelphia Municipal Authority, Philadelphia Gas Works Equipment
Certificates of Participation, INSUR: Asset Guaranty:
1,500,000 5.95%, 4/1/97................................................................. 1,522,410
1,500,000 5.95%, 10/1/97................................................................ 1,531,920
1,600,000 5.95%, 4/1/98................................................................. 1,637,040
1,600,000 5.95%, 10/1/98................................................................ 1,645,696
1,600,000 5.95%, 10/1/99................................................................ 1,640,640
100,000 Philadelphia Redevelopment MFH Revenue VRDN, 4.00%, 12/1/09,
LOC: Marine Midland Bank...................................................... 100,000
2,630,000 Philadelphia Water and Wastewater Revenue Bonds, 4.50%, 6/15/97.................. 2,641,309
200,000 Sharon Regional Health System Authority Hospital Revenue Bonds,
5.50%, 12/1/97................................................................. 202,282
Puerto Rico - 5.9%
1,350,000 Puerto Rico Commonwealth Infrastructure Financing Authority Revenue
Bonds, Series A, 7.40%, 7/1/98................................................. 1,424,372
28,000,000 Puerto Rico Electric Power Authority Revenue Bonds, Series W, 5.00%,
7/1/98......................................................................... 28,308,841
South Dakota - 2.2%
1,000,000 Housing Development Authority, Home Ownership Mortgage Revenue
Bonds, Series A, 4.60%, 5/1/99, TOA: Banco Santander........................... 998,630
10,000,000 Housing Development Authority, Puttable Floating Option Tax-Exempt
Receipts, 3.60%, 5/1/13........................................................ 10,000,000
</TABLE>
22 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
================================================================================
<S> <C>
TENNESSEE - 2.2%
$11,000,000 Roane County Industrial Board and Solid Waste
Disposal Revenue Bonds, 5.90%, 11/1/20,
LOC: Long Term Credit Bank of Japan
(Tender 11/1/96 @ 100)............................. $ 11,018,980
TEXAS - 2.5%
3,095,000 Brazos County Health Facilities Development,
St. Joseph Hospital and Health Center
Revenue Bonds, 4.875%, 1/1/98...................... 3,105,461
1,000,000 General Obligation Bonds, Series A,
4.625%, 10/1/97.................................... 1,009,380
1,490,000 Irving Hospital Authority Healthcare System
Revenue Bonds, Series A, 4.50%, 7/1/98,
INSUR: FSA......................................... 1,491,982
7,100,000 Orange County Navigation and Port District
Horsehead Reservoir Development Project
Revenue VRDN, 4.75%, 10/1/22,
LOC: Long Term Credit Bank of Japan................ 7,100,000
VERMONT - 1.3%
5,245,000 Student Assistance Corporation Series A III
Variable Promissory Notes, 4.375%, 12/15/96........ 5,250,402
250,000 Vermont Municipal Bond Banks Series 1, 6.75%, 12/1/97. 259,915
1,000,000 Vermont General Obligation Bond Series B,
6.60%, 10/15/96.................................... 1,008,510
VIRGINIA - 0.7%
1,450,000 Henrico County IDA Revenue VRDN, 4.05%, 10/1/00,
LOC: Tokai Bank, Ltd............................... 1,450,000
2,120,000 Virginia State Housing Development Authority
Construction Loan Notes, 6.875%, 1/1/17 (Tender
at any interest payment date)...................... 2,140,903
WASHINGTON - 1.6%
8,000,000 Washington State General Obligation Bonds,
Series R, 4.20%, 8/1/98............................ 7,985,440
WEST VIRGINIA - 3.0%
School Building Authority Revenue Bonds:
3,730,000 6.25%, 7/1/96...................................... 3,730,746
11,295,000 7.00%, 7/1/97...................................... 11,619,844
OTHER - 4.3%
2,000,000 Absaloka Casino Enterprise Bond Anticipation
Notes, 8.50%, 12/1/97.............................. 2,009,300
9,000,000 Fort Mojave Indian Tribe of Arizona,
California and Nevada Public Facilities
Combined Limited Obligation and Revenue
Bonds Adjustable Rate and Tender Series
A of 1993, 5.75%, 12/1/18 (Tender 12/1/96 @ 100)... 9,041,850
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......................... 3,900,312
6,620,000 Putable Floating Option Tax-Exempt Receipts
Series PP4, 3.75%, 12/1/24, TOA: Merrill Lynch..... 6,620,000
------------
TOTAL INVESTMENTS (Cost $497,781,749) - 98.9%......... 499,461,360
Other assets and liabilities, net - 1.1%.............. 5,791,957
------------
NET ASSETS - 100%..................................... $505,253,317
============
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 23
<PAGE>
<TABLE>
<CAPTION>
NET ASSETS CONSIST OF: VALUE
- --------------------------------------------------------------------------------
<S> <C>
Paid in capital applicable to the following outstanding shares
of beneficial interest, unlimited number of no par shares
authorized:
Class A: 44,614,301 shares outstanding ................... $475,441,495
Class C: 2,664,174 shares outstanding .................... 28,395,518
Undistributed net investment income ............................ 221,045
Accumulated realized gain (loss) on investments ................ (484,352)
Net unrealized appreciation (depreciation) on investments ...... 1,679,611
-----------
Net assets .................................................. $505,253,317
===========
NET ASSET VALUE PER SHARE
- ---------------------------------------------------------------------------------
Class A (based on net assets of $476,885,624) .................. $10.69
=====
Class C (based on net assets of $28,367,693) ................... $10.65
=====
</TABLE>
See notes to financial statements.
24 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Long-Term Portfolio
Statement of Net Assets
June 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
Municipal Obligations - 96.6%
<S> <C>
ALABAMA - 2.8%
$1,500,000 Auburn IDA Board Revenue VRDN, 6.35%, 12/1/16,
LOC: Daiwa Bank, Ltd................................... $1,500,000
CALIFORNIA - 5.9%
1,000,000 Montebello Unified School District Certificate of
Participation Revenue Bonds, 6.30%, 6/1/11............. 1,008,760
1,000,000 San Diego MFH, La Cima Apartments Revenue VRDN, 6.00%,
12/1/08, LOC: Daiwa Bank, Ltd.......................... 1,000,000
1,000,000 Walnut Valley School District General Obligation Bonds,
6.10%, 8/1/08, INSUR: AMBAC............................ 1,067,010
COLORADO - 3.7%
Denver City and County Airport Revenue Bonds, Series A:
500,000 7.00%, 11/15/99........................................ 531,190
1,300,000 7.20%, 11/15/02........................................ 1,406,574
DELAWARE - 0.2%
80,000 Dover Electric Power Revenue Bonds, 7.00%, 7/1/15....... 86,876
FLORIDA - 18.6%
1,000,000 Brevard County School Board Certificates of Participation,
Series A, 5.40%, 7/1/10................................ 990,310
440,000 Collier County Special Assessment Revenue Bonds, 5.375%,
11/1/07................................................ 443,986
1,500,000 Dade County IDA Revenue Bonds, 8.00%, 6/1/22............ 1,513,320
1,000,000 Flagler County Special Assessment Revenue Bonds, 7.20%,
7/1/14................................................. 1,095,230
1,000,000 Palm Beach County School Board Certificates of
Participation, Series A, 5.375%, 8/1/15, INSUR: AMBAC.. 950,160
2,500,000 Tampa Capital Improvement Program Revenue Bonds,
Series B, 8.375%, 10/1/18, IA: Den Danske Bank......... 2,656,350
2,000,000 Tampa Palms Community Development Special Assessment
Revenue Bonds, 5.90%, 5/1/08, INSUR: MBIA.............. 2,102,220
GEORGIA - 1.9%
1,000,000 DeKalb County MFH Revenue Bonds, 6.50%, 1/1/26.......... 998,690
HAWAII - 1.8%
1,000,000 Honolulu General Obligation Bonds, 5.00%, 10/1/13....... 927,810
INDIANA - 2.1%
1,000,000 Indianapolis Local Public Improvement Bond Bank Revenue
Bonds, 6.75%, 2/1/14................................... 1,100,310
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 25
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Kansas - 1.6%
$810,000 Sedgwick County Mortgage Loan Revenue Bonds, Series C, 8.625%,
11/1/18, GNMA Collateralized..... ..................................... $ 856,105
Louisiana - 6.9%
Louisiana Public Finance Agency MFH Revenue Bonds:
1,690,000 7.75%, 11/1/16, INSUR: Asset Guaranty.................................. 1,804,700
1,725,000 7.00%, 6/1/24, INSUR: Asset Guaranty................................... 1,787,066
Maryland - 6.6%
2,100,000 Cambridge Economic Development Revenue Bonds, 8.50%, 4/1/14.............. 2,255,442
950,000 Maryland State Community Development Authority Mortgage
Revenue Bonds, 7.70%, 4/1/15........................................... 985,055
200,000 Ocean City IDA Revenue VRDN, 5.3625%, 7/1/13, LOC: First National
Bank of Maryland....................................................... 200,000
Michigan - 2.1%
1,000,000 State Hospital Finance Authority Revenue Bonds, 7.00%, 11/1/21........... 1,073,380
Mississippi - 4.1%
2,000,000 Mississippi Hospital Equipment and Facilities Authority Revenue Bonds,
7.50%, 8/1/16, GIC: Banque National de Paris........................... 2,158,140
New York - 10.4%
1,000,000 New York City General Obligation Bonds, Series E, 5.75%, 2/15/09......... 949,160
2,000,000 New York City Municipal Water Finance Authority Revenue Bonds,
Series B, 5.75%, 6/15/26, INSUR: MBIA.................................. 1,960,760
2,500,000 New York and New Jersey Port Authority Ninety-Third Series
Consolidated Revenue Bonds, 6.125%, 6/1/2094........................... 2,548,775
Ohio - 3.7%
1,000,000 Cleveland Waterworks Revenue Bonds, 5.50%, 1/1/21, INSUR: MBIA........... 963,540
1,000,000 State Department of Transportation Certificates of Participation, 6.125%,
4/15/15, INSUR: MBIA................................................... 1,007,410
Pennsylvania - 6.7%
1,350,000 Northeastern Pennsylvania Hospital Authority Revenue Bonds, 7.65%,
7/1/10, (Pre-refunded 7/1/99 @ 102..................................... 1,468,840
2,000,000 Philadelphia Airport Revenue Bonds, 9.00%, 6/15/15....................... 2,048,040
Rhode Island - 2.1%
500,000 Port Authority & Economic Development Corp. Airport Revenue Bonds,
Series A, 7.00%, 7/1/14, INSUR: FSA.................................... 561,095
500,000 State Housing & Mortgage Finance Corp. Revenue Bonds, Series B,
7.95%, 10/1/30......................................................... 524,965
Texas - 2.0%
1,000,000 Houston Water Conveyance System Contract Certificates of Participation,
6.125%, 12/15/09, INSUR: AMBAC......................................... 1,062,800
</TABLE>
26 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
VERMONT - 2.3%
$1,250,000 Vermont Educational and Health Buildings Finance Agency Hospital
Revenue Bonds, 6.00%, 9/1/06...................................................................... $1,222,013
VIRGINIA - 5.8%
1,000,000 Arlington County General Obligation Bonds, Series 1993,
6.00%, 6/1/11..................................................................................... 1,059,840
1,000,000 Henrico County IDA Revenue Bonds, 5.45%, 1/1/14..................................................... 944,710
1,000,000 Virginia State Housing Development Authority Revenue Bonds,
6.00%, 7/1/03..................................................................................... 1,019,440
WASHINGTON - 3.4%
1,915,000 State Public Power Supply Revenue Bonds, Series B, 5.50%, 7/1/17,
INSUR: MBIA....................................................................................... 1,782,061
OTHER - 1.9%
1,000,000 Oneida Utility Community Government Lease Revenue Bonds,
6.25%, 7/1/97..................................................................................... 1,012,550
-----------
TOTAL INVESTMENTS (Cost $48,657,788) - 96.6%.................................................................. 50,634,683
Other assets and liabilities, net - 3.4%...................................................................... 1,768,903
-----------
NET ASSETS - 100%............................................................................................. $52,403,586
===========
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------------------------------
Paid in capital applicable to the following outstanding shares of beneficial interest,
unlimited number of no par value shares authorized:
Class A: 3,060,821 shares outstanding............................................................................ $48,912,085
Class C: 104,758 shares outstanding.............................................................................. 1,716,952
Undistributed net investment income.................................................................................. 199,583
Accumulated net realized gain (loss) on investments.................................................................. (401,929)
Net unrealized appreciation (depreciation) on investments............................................................ 1,976,895
-----------
Net assets......................................................................................................... $52,403,586
===========
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $50,687,297)......................................................................... $16.56
===========
Class C (based on net assets of $1,716,289).......................................................................... $16.38
===========
</TABLE>
Explanation of Guarantees: Abbreviations:
BPA: Bond-Purchase Agreement IDA: Industrial Development Authority
GA: Guaranty Agreement MFH: Multi-Family Housing
LOC: Letter of Credit VRDN: Variable Rate Demand Notes
C/LOC: Collateralized LOC
GIC: Guaranteed Investment Contract
INSUR: Insurance
SURBD: Surety Bond
TOA: Tender Option Agreement
IA: Investment Agreement
Certain securities have optional or mandatory tender features which give them a
shorter effective maturity date.
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 27
<PAGE>
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
Money Limited- Long-
Market Term Term
NET INVESTMENT INCOME Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income
Interest income.................... $36,771,502 $12,558,070 $ 1,748,928
----------- ----------- ------------
Expenses
Investment advisory fee............ 4,024,180 1,518,762 164,008
Transfer agency fees and expenses.. 1,385,556 115,104 15,388
Distribution plan expenses:
Class MMP........................ 74,538 -- --
Class A.......................... -- -- 23,825
Class C.......................... -- 82,272 8,628
Trustees' fees and expenses........ 77,842 21,402 2,378
Administrative fees................ 65,320 18,178 1,956
Custodian fees..................... 57,705 27,094 7,938
Registration fees.................. 109,900 36,688 18,292
Reports to shareholders............ 330,801 53,137 6,555
Professional fees.................. 77,333 18,502 2,449
Miscellaneous...................... 116,350 61,932 10,995
----------- ----------- -----------
Total expenses.................... 6,319,525 1,953,071 262,412
Fees paid indirectly.............. (57,705) (27,094) (7,938)
----------- ----------- -----------
Net expenses..................... 6,261,820 1,925,977 254,474
----------- ----------- -----------
NET INVESTMENT INCOME............ 30,509,682 10,632,093 1,495,454
----------- ----------- -----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
- --------------------------------------------------------------------------------
Net realized gain (loss)............ (24,711) 7,820 (428,927)
Change in unrealized appreciation
or depreciation.................... -- (1,476,383) (2,106,582)
----------- ----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS.................... (24,711) (1,468,563) (2,535,509)
----------- ----------- -----------
INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS................... $30,484,971 $ 9,163,530 ($1,040,055)
=========== =========== ===========
</TABLE>
See notes to financial statements.
28 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Money Market Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Year Ended
Ended December 31,
Increase (Decrease) in Net Assets June 30, 1996 1995
====================================================================================================
<S> <C> <C>
Operations
Net investment income........................................... $ 30,509,682 $ 66,038,822
Net realized gain (loss)........................................ (24,711) (8,789)
--------------- ---------------
Increase (Decrease) in Net Assets
Resulting from Operations..................................... 30,484,971 66,030,033
--------------- ---------------
Distributions to shareholders from
Net investment income:
Class O shares................................................. (29,832,140) (65,599,120)
Class MMPshares................................................ (570,958) (339,143)
--------------- ---------------
Total distributions............................................. (30,403,098) (65,938,263)
--------------- ---------------
Capital share transactions
Shares sold:
Class O shares................................................. 3,011,987,919 6,744,165,972
Class MMP shares............................................... 28,586,392 57,608,751
Reinvestment of distributions:
Class O shares................................................. 27,876,770 63,374,528
Class MMP shares............................................... 557,012 332,568
Shares redeemed:
Class O shares................................................. (3,057,889,465) (6,411,381,797)
Class MMP shares............................................... (33,714,581) (16,212,303)
--------------- ---------------
Total capital share transactions................................ (22,595,953) 437,887,719
--------------- ---------------
Total Increase (Decrease) in Net Assets.......................... (22,514,080) 437,979,489
Net Assets
====================================================================================================
Beginning of period.............................................. 1,782,574,411 1,344,594,922
--------------- ---------------
End of period (including undistributed net investment income of
$209,659 and $103,075, respectively)............................ $ 1,760,060,331 $ 1,782,574,411
=============== ===============
Capital Share Activity
====================================================================================================
Shares sold:
Class O shares.................................................. 3,011,987,919 6,744,165,972
Class MMP shares................................................ 28,586,392 57,608,751
Reinvestment of distributions:
Class O shares.................................................. 27,876,770 63,374,528
Class MMP shares................................................ 557,012 332,568
Shares redeemed:
Class O shares.................................................. (3,057,889,465) (6,411,381,797)
Class MMP shares................................................ (33,714,581) (16,212,303)
--------------- ---------------
Total capital share activity..................................... (22,595,953) 437,887,719
=============== ===============
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 29
<PAGE>
Limited-Term Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Year Ended
Ended December 31,
Increase (Decrease) in Net Assets June 30, 1996 1995
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income........................................ $ 10,632,093 $ 22,125,945
Net realized gain (loss)..................................... 7,820 (7,886)
Change in unrealized appreciation or depreciation............ (1,476,383) 6,379,282
------------- -------------
Increase (Decrease) in Net Assets
Resulting from Operations............................... 9,163,530 28,497,341
------------- -------------
Distributions to shareholders from
Net investment income:
Class A shares............................................ (10,159,579) (20,871,817)
Class C shares............................................ (533,787) (1,108,847)
------------- -------------
Total distributions.......................................... (10,693,366) (21,980,664)
------------- -------------
Capital share transactions
Shares sold:
Class A shares............................................ 114,986,818 116,789,453
Class C shares............................................ 11,803,099 19,784,285
Reinvestment of distributions:
Class A shares............................................ 7,805,494 18,399,341
Class C shares............................................ 498,153 1,059,645
Shares redeemed:
Class A shares............................................ (102,181,283) (228,473,875)
Class C shares............................................ (13,892,751) (22,214,540)
------------- -------------
Total capital share transactions............................. 19,019,530 (94,655,691)
------------- -------------
Total Increase (Decrease) in Net Assets........................ 17,489,694 (88,139,014)
Net Assets
- --------------------------------------------------------------------------------------------------------
Beginning of period............................................ 487,763,623 575,902,637
------------- -------------
End of period (including undistributed net investment income of
$221,045 and $282,318, respectively)......................... $ 505,253,317 $ 487,763,623
============= =============
Capital Share Activity
- --------------------------------------------------------------------------------------------------------
Shares sold:
Class A shares............................................ 10,725,593 10,928,746
Class C shares............................................ 1,105,434 1,858,790
Reinvestment of distributions:
Class A shares............................................ 729,387 1,722,285
Class C shares............................................ 46,723 99,532
Shares redeemed:
Class A shares............................................ (9,530,619) (21,385,078)
Class C shares............................................ (1,301,623) (2,086,783)
------------- -------------
Total capital share activity................................... 1,774,895 (8,862,508)
============= =============
</TABLE>
See notes to financial statements.
30-CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Long-Term Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Year Ended
Ended December 31,
Increase (Decrease) in Net Assets June 30, 1996 1995
====================================================================================================
<S> <C> <C>
Operations
Net investment income............................................ $ 1,495,454 $ 3,028,694
Net realized gain (loss)......................................... (428,927) 772,934
Change in unrealized appreciation or depreciation................ (2,106,582) 4,039,827
----------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations...................................... (1,040,055) 7,841,455
----------- -----------
Distributions to shareholders from
Net investment income:
Class A shares.................................................. (1,447,203) (2,815,221)
Class C shares.................................................. (34,641) (53,252)
Net realized gain on investments:
Class A shares.................................................. - (300,655)
Class C shares.................................................. - (8,878)
----------- -----------
Total distributions.............................................. (1,481,844) (3,178,006)
----------- -----------
Capital share transactions
Shares sold:
Class A shares.................................................. 3,279,326 11,805,684
Class C shares.................................................. 724,050 947,016
Reinvestment of distributions:
Class A shares.................................................. 1,176,686 2,727,932
Class C shares.................................................. 33,617 59,797
Shares redeemed:
Class A shares.................................................. (8,687,455) (9,010,280)
Class C shares.................................................. (637,505) (293,958)
----------- -----------
Total capital share transactions................................. (4,111,281) 6,236,191
----------- -----------
Total Increase (Decrease) in Net Assets........................... (6,633,180) 10,899,640
Net Assets
====================================================================================================
Beginning of period............................................... 59,036,766 48,137,126
----------- -----------
End of period (including undistributed net investment income of
$199,583 and $185,973, respectively)............................. $52,403,586 $59,036,766
=========== ===========
Capital Share Activity
====================================================================================================
Shares sold:
Class A shares................................................... 194,979 707,071
Class C shares................................................... 43,508 56,987
Reinvestment of distributions:
Class A shares................................................... 70,026 163,655
Class C shares................................................... 2,023 3,580
Shares redeemed:
Class A shares................................................... (517,721) (542,469)
Class C shares................................................... (38,712) (18,019)
----------- -----------
Total capital share activity...................................... (245,897) 370,805
=========== ===========
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 31
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Note A--Significant Accounting Policies
General: The Calvert Tax-Free Reserves (the "Fund") is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The Fund is comprised of six separate portfolios, three of which are
reported herein; Money Market, Limited-Term and Long-Term. The operations of
each series are accounted for separately. Each Portfolio offers shares of
beneficial interest. Money Market Class O and Class MMP shares are sold without
a sales charge. Limited-Term and Long-Term offer both Class A and Class C
shares. Class A shares are sold with a maximum front-end sales charge of 2.00%
for Limited-Term and 3.75% for Long-Term. Class C shares, which have no
transaction-based sales charge, have a higher annual expense rate than Class A.
Each class has different: (a) dividend rates due to differences in Distribution
Plan expenses and other class specific expenses, (b) exchange privileges and (c)
class specific voting rights.
On April 26, 1996, the net assets of Calvert Tax-Free Reserves New Jersey Money
Market Portfolio, ("New Jersey"), approximately $25.6 million, were merged into
Money Market Portfolio. The merger was a tax-free exchange, whereby Class O
shares were issued to the former New Jersey shareholders.
Security Valuation: Municipal securities are valued utilizing the average of bid
prices or at bid prices based on a matrix system (which considers such factors
as security prices, yields, maturities and ratings) furnished by dealers through
an independent pricing service. Securities listed or traded on a national
securities exchange are valued at the last reported sale price. All securities
for Money Market are valued at amortized cost which approximates market. Other
securities and assets for which market quotations are not available or deemed
inappropriate are valued in good faith under the direction of the Board of
Trustees.
Options: Long-Term may write or purchase option securities. The option premium
is the basis for recognition of unrealized or realized gain or loss on the
option. The cost of securities acquired or the proceeds from securities sold
through the exercise of the option is adjusted by the amount of the premium.
Futures Contracts: Long-Term may enter into futures contracts agreeing to buy or
sell a financial instrument for a set price at a future date. The Portfolio
maintains securities with a value equal to its obligation under each contract.
Initial margin deposits of either cash or securities are made upon entering into
futures contracts; thereafter, variation margin payments are made or received
daily reflecting the change in market value. Unrealized or realized gains and
losses are recognized based on the change in market value. Risks of futures
contracts arise from the possible illiquidity of the futures markets and the
movement in the value of the investment or in interest rates.
Security Transactions and Investment Income: Security transactions are accounted
for on trade date. Realized gains and losses are recorded on an identified cost
basis. Interest income, accretion of discount and amortization of premium are
recorded on an accrual basis.
32 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Distributions to Shareholders: Distributions to shareholders are recorded by the
Fund on ex-dividend date. Dividends from net investment income are accrued daily
and paid monthly for Money Market; dividends from net investment income are
declared and paid monthly for Limited-Term and Long-Term. Distributions from net
realized capital gains, if any, are paid at least annually. Distributions are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles, accordingly, periodic
reclassifications are made within the Fund's capital accounts to reflect income
and gains available for distribution under income tax regulations.
Expense Offset Arrangements: The Fund has an arrangement with its custodian bank
whereby the custodian's fees are paid indirectly by credits earned on the Fund's
cash on deposit with the bank. Such deposit arrangement is an alternative to
overnight investments.
Federal Income Taxes: No provision for federal income or excise tax is required
since the Fund intends to continue to qualify as a regulated investment company
under the Internal Revenue Code and to distribute substantially all of its
earnings.
Note B--Related Party Transactions
Calvert Asset Management Company, Inc. (the "Advisor") is wholly-owned by
Calvert Group, Ltd. ("Calvert"), which is indirectly wholly-owned by Acacia
Mutual Life Insurance Company. The Advisor provides investment advisory services
and pays the salaries and fees of officers and affiliated Trustees of the Fund.
For its services, the Advisor receives monthly fees based on the following
annual rates of average daily net assets:
<TABLE>
<CAPTION>
First $500 Next $500 Over
Million Million $1 Billion
====================================================================
<S> <C> <C> <C>
Money Market............... .50% .45% .40%
Limited-Term............... .60% .50% .40%
Long-Term.................. .60% .50% .40%
</TABLE>
Calvert Administrative Services Company, an affiliate of the Advisor, provides
administrative services to the Fund for an annual fee, payable monthly of
$200,000, which is allocated to all of the Portfolios of the Fund based on their
relative net assets.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and
principal underwriter for the Fund. Distribution Plans, adopted by Class MMP of
Money Market, Class A of Long-Term and Class C of both Limited-Term and Long-
Term, allow the Portfolios to pay the distributor for expenses and services
associated with distribution of shares. The expenses paid may not exceed an
annual rate of average daily net assets of: .35% on Class MMP and Class A, and
.55% and 1% on Class C of Limited-Term and Long-Term, respectively.
The Distributor received $0 and $4,656 as its portion of commissions charged on
sales of the Limited-Term and Long-Term Class A shares, respectively.
Calvert Shareholder Services, Inc., an affiliate of the Advisor, acts as
transfer, dividend disbursing and shareholder servicing agent for the Fund.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 33
<PAGE>
Each Trustee who is not affiliated with the Advisor receives an annual fee of
$20,250 plus up to $1,200 for each Board and Committee meeting attended.
Trustee's fees are allocated to each of the funds served.
NOTE C--INVESTMENT ACTIVITY
During the period, purchases and sales of investments, other than short-term
securities, were:
<TABLE>
<CAPTION>
Limited-Term Long-Term
=========================================================
<S> <C> <C>
Purchases.................. $ 93,046,420 $ 8,846,693
Sales...................... 101,864,861 11,509,234
</TABLE>
Money Market held only short-term investments.
The cost of investments owned at June 30, 1996 was substantially the same for
federal income tax and financial reporting purposes for each Portfolio. The
following table presents the components of net unrealized appreciation
(depreciation) as of June 30, 1996 and the net realized capital loss
carryforward as of December 31, 1995 with expiration dates:
<TABLE>
<CAPTION>
Money
Market Limited-Term Long-Term
=========================================================================
<S> <C> <C> <C>
Unrealized appreciation....... -- $1,851,890 $2,101,094
Unrealized depreciation....... -- (172,279) (124,199)
---------- ----------
Net........................ -- 1,679,611 1,976,895
========== ==========
Capital loss carry forward.... $99,863 $ 492,172 --
Expiration dates.............. 2003 2002 --
</TABLE>
Capital losses may be utilized to offset current and future capital gains until
expiration.
As a cash management practice, Portfolios may sell or purchase short-term
variable rate demand notes from other Portfolios managed by the Advisor. The
transactions are effected at par with no gain or loss to the Portfolio, in
accordance with policies of the Fund.
Additionally, the Portfolios effected transactions with other Portfolios, which
resulted in net gains (losses) on sales of securities of $470 and ($865) in
Money Market and Long-Term, respectively, and cost of purchases of $21,687,880
in Limited-Term; all were executed at independently derived prices.
NOTE D--SUBSEQUENT EVENT
Effective on or about October 28, 1996, all outstanding Class C shares in both
the Limited-Term and Long-Term Portfolios will be converted automatically into
an equivalent value of Class A shares. This transaction is a non-taxable
exchange and no sales charge will be applied to the Class A shares issued.
34 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
FINANCIAL HIGHLIGHTS
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
CLASS O SHARES
PERIODS ENDED
----------------------------------------------------
June 30, December 31,
1996 1995 1994 1993
=========================================================================================
<S> <C> <C> <C> <C>
Net asset value, beginning.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ==========
Income from investment operations
- ---------------------------------
Net investment income.............. .017 .040 .028 .024
---------- ---------- ---------- ----------
Distributions from
- ------------------
Net investment income.............. (.017) (.040) (.028) (.024)
---------- ---------- ---------- ----------
Net asset value, ending............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ==========
Total return*....................... 1.68% 4.02% 2.81% 2.41%
========== ========== ========== ==========
Ratios to average net assets:
Net investment income.............. 3.36%(a) 3.93% 2.75% 2.37%
========== ========== ========== ==========
Total expenses +................... .68%(a) .62% ---- ----
========== ========== ========== ==========
Net expenses....................... .67%(a) .61% .62% .60%
========== ========== ========== ==========
Net assets, ending (in thousands)... $1,722,892 $1,740,839 $1,344,595 $1,500,614
========== ========== ========== ==========
Number of shares outstanding,
ending (in thousands).............. 1,722,931 1,740,948 1,344,668 1,500,557
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
CLASS O SHARES CLASS MMP SHARES
PERIODS ENDED PERIODS ENDED
----------------------- ---------------------
December 31, June 30, December 31,
1992 1991 1996 1995/\
====================================================================================
<S>................................. <C> <C> <C> <C>
Net asset value, beginning.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ======= =======
Income from investment operations
- ---------------------------------
Net investment income.............. .031 .048 .013 .008
---------- ---------- ------- -------
Distributions from
- ------------------
Net investment income.............. (.031) (.048) (.013) (.008)
---------- ---------- ------- -------
Net asset value, ending............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ======= =======
Total return*....................... 3.18% 4.96% 1.35% .79%
========== ========== ======= =======
Ratios to average net assets:
Net investment income.............. 3.10% 4.79% 2.70%(a) 3.19%(a)
========== ========== ======= =======
Total expenses +................... ---- ---- 1.33%(a) 1.35%(a)
========== ========== ======= =======
Net expenses....................... .59% .61% 1.33%(a) 1.34%(a)
========== ========== ======= =======
Net assets, ending (in thousands)... $1,552,106 $1,382,330 $37,168 $41,736
========== ========== ======= =======
Number of shares outstanding,
ending (in thousands).............. 1,552,061 1,382,288 37,161 41,732
========== ========== ======= =======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES -35
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
LIMITED-TERM PORTFOLIO (CLASS A SHARES)
PERIODS ENDED
-------------------------------------
JUNE 30, DECEMBER 31,
1996 1995 1994
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning.................. $10.72 $10.59 $10.72
========== ========= ========
Income from investment operations
Net investment income..................... .23 .45 .39
Net realized and unrealized gain (loss)... (.03) .13 (.13)
--------- --------- --------
Total from investment operations.......... .20 .58 .26
--------- --------- --------
Distributions from
Net investment income.................... (.23) (.45) (.39)
-------- --------- --------
Total increase (decrease) in net asset value (.03) .13 (.13)
-------- --------- --------
Net asset value, ending..................... $10.69 $10.72 $10.59
======== ========= ========
Total return*............................... 1.85% 5.55% 2.42%
======== ========= ========
Ratios to average net assets:
Net investment income..................... 4.23%(a) 4.21% 3.60%
======== ========= ========
Total expenses +.......................... .73%(a) .71% ----
======== ========= ========
Net expenses.............................. .71%(a) .70% .66%
======== ========= ========
Portfolio turnover.......................... 26% 33% 27%
======== ========= ========
Net assets, ending (in thousands)........... $476,886 $457,707 $544,822
======== ========= ========
Number of shares outstanding,
ending (in thousands).................... 44,614 42,690 51,424
======== ========= ========
</TABLE>
<TABLE>
<CAPTION>
YEARS ENDED
------------------------------------------
DECEMBER 31,
1993 1992 1991
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning................... $10.68 $10.65 $10.61
======== ======== ========
Income from investment operations
Net investment income...................... .38 .49 .64
Net realized and unrealized gain (loss).... .04 .03 .03
-------- -------- --------
Total from investment operations........... .42 .52 .67
-------- -------- --------
Distributions from
Net investment income...................... (.38) (.49) (.63)
-------- -------- --------
Total increase (decrease) in net asset value. .04 .03 .04
-------- -------- --------
Net asset value, ending...................... $10.72 $10.68 $10.65
======== ======== ========
Total return*................................ 4.02% 4.99% 6.46%
======== ======== ========
Ratios to average net assets:
Net investment income...................... 3.59% 4.58% 5.99%
======== ======== ========
Total expenses +........................... ---- ---- ----
======== ======== ========
Net expenses............................... .67% .71% .73%
======== ======== ========
Portfolio turnover........................... 14% 5% 1%
======== ======== ========
Net assets, ending (in thousands)............ $663,305 $567,419 $294,308
======== ======== ========
Number of shares outstanding,
ending (in thousands)...................... 61,861 53,140 27,644
======== ======== =========
36 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
LIMITED-TERM PORTFOLIO (CLASS C SHARES)
<TABLE>
<CAPTION>
PERIODS ENDED
--------------------------------
JUNE 30, DECEMBER 31,
1996 1995 1994#
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning.................... $ 10.68 $ 10.56 $ 10.70
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income........................ .18 .38 .27
Net realized and unrealized gain (loss)...... (.02) .13 (.12)
------- ------- -------
Total from investment operations............. .16 .51 .15
------- ------- -------
Distributions from
- ------------------
Net investment income........................ (.19) (.39) (.29)
------- ------- -------
Total increase (decrease) in net asset value.. (.03) .12 (.14)
------- ------- -------
Net asset value, ending....................... $ 10.65 $ 10.68 $ 10.56
======= ======= =======
Total return* ................................ 1.51% 4.86% 1.43%
======= ======= =======
Ratios to average net assets:
Net investment income........................ 3.50%(a) 3.57% 3.05%(a)
======= ======= =======
Total expenses +............................. 1.46%(a) 1.35% ----
======= ======= =======
Net expenses................................. 1.45%(a) 1.34% 1.38%(a)
======= ======= =======
Portfolio turnover............................ 26% 33% 27%
======= ======= =======
Net assets, ending (in thousands)............. $28,368 $30,057 $31,081
======= ======= =======
Number of shares outstanding,
ending (in thousands)........................ 2,664 2,814 2,942
======= ======= =======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES-37
<PAGE>
FINANCIAL HIGHLIGHTS
LONG-TERM PORTFOLIO (CLASS A SHARES)
<TABLE>
<CAPTION>
PERIODS ENDED
--------------------------------
JUNE 30, DECEMBER 31,
1996 1995 1994
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING.................... $ 17.31 $ 15.83 $ 17.15
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income....................... .47 .95 .93
Net realized and unrealized gain (loss)..... (.76) 1.53 (1.33)
------- ------- -------
Total from investment operations............ (.29) 2.48 (.40)
------- ------- -------
Distributions from
- ------------------
Net investment income....................... (.46) (.91) (.92)
Net realized gains.......................... -- (.09) --
------- ------- -------
Total distributions....................... (.46) (1.00) (.92)
------- ------- -------
Total increase (decrease) in net asset value.. (.75) 1.48 (1.32)
------- ------- -------
NET ASSET VALUE, ENDING....................... $ 16.56 $ 17.31 $ 15.83
======= ======= =======
Total return *................................ (1.68%) 16.05% (2.30%)
======= ======= =======
Ratios to average net assets:
Net investment income....................... 5.52%(a) 5.71% 5.73%
======= ======= =======
Total expenses +............................ .91%(a) .87% --
======= ======= =======
Net expenses................................ .88%(a) .85% .81%
======= ======= =======
Portfolio turnover............................ 17% 58% 98%
======= ======= =======
NET ASSETS, ENDING (IN THOUSANDS)............. $50,687 $57,359 $47,267
======= ======= =======
Number of shares outstanding,
ending (in thousands)....................... 3,061 3,314 2,985
======= ======= =======
YEARS ENDED
--------------------------------
DECEMBER 31,
1993 1992 1991
- --------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING.................... $ 16.32 $ 16.11 $ 15.35
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income....................... .94 .98 .97
Net realized and unrealized gain (loss)..... .83 .20 .78
------- ------- -------
Total from investments...................... 1.77 1.18 1.75
------- ------- -------
Distributions from
- ------------------
Net investment income....................... (.94) (.97) (.99)
Net realized gains.......................... -- -- --
------- ------- -------
Total distributions....................... (.94) (.97) (.99)
------- ------- -------
Total increase (decrease) in net asset value.. .83 .21 .76
------- ------- -------
NET ASSET VALUE, ENDING....................... $ 17.15 $ 16.32 $ 16.11
======= ======= =======
Total return *................................ 11.12% 7.60% 11.77%
======= ======= =======
Ratio to average net assets:
Net investment income....................... 5.59% 6.06% 6.39%
======= ======= =======
Total expenses +............................ -- -- --
======= ======= =======
Net expenses................................ .78% .82% .78%
======= ======= =======
Portfolio turnover............................ 97% 196% 276%
======= ======= =======
NET ASSETS, ENDING (IN THOUSANDS)............. $55,204 $45,665 $43,774
======= ======= =======
Number of shares outstanding,
ending (in thousands)....................... 3,219 2,799 2,718
======= ======= =======
</TABLE>
38 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
FINANCIAL HIGHLIGHTS
LONG-TERM PORTFOLIO (CLASS C SHARES)
<TABLE>
<CAPTION>
Periods Ended
----------------------------
June 30, December 31,
1996 1995 1994#
============================================================================
<S> <C> <C> <C>
Net asset value, beginning.................... $17.13 $15.72 $16.86
Income from investment operations ====== ====== ======
- ---------------------------------
Net investment income........................ .33 .78 .58
Net realized and unrealized gain (loss)...... (.75) 1.46 (1.04)
------ ------ ------
Total from investment operations............. (.42) 2.24 (.46)
------ ------ ------
Distributions from
- ------------------
Net investment income........................ (.33) (.74) (.68)
Net realized gains........................... -- (.09) --
------ ------ ------
Total distributions......................... (.33) .83 (.68)
------ ------ ------
Total increase (decrease) in net asset value (.75) 1.41 (1.14)
------ ------ ------
Net asset value, ending....................... $16.38 $17.13 $15.72
====== ====== ======
Total return *................................ (2.46%) 14.51% (2.24%)
====== ====== ======
Ratios to average net assets:
Net investment income........................ 3.95%(a) 4.34% 3.57%(a)
====== ====== ======
Total expenses +............................. 2.50%(a) 2.19% --
====== ====== ======
Net expenses................................. 2.47%(a) 2.17% 2.55%(a)
====== ====== ======
Expenses reimbursed.......................... -- -- 3.06%(a)
====== ====== ======
Portfolio turnover............................ 17% 58% 98%
====== ====== ======
Net assets, ending (in thousands)............. $1,716 $1,678 $ 871
====== ====== ======
Number of shares outstanding, ending
(in thousands)............................... 105 98 55
====== ====== ======
</TABLE>
* Total return is not annualized for periods of less than one year and does not
reflect deduction of Class A front-end sales charge.
(a)Annualized
+ Effective December 31, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
/\ From October 2, 1995, inception.
# From March 1, 1994, inception.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT TAX-FREE RESERVES - 39
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
40 - CALVERT TAX-FREE RESERVES SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
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
Web Site:
.....................
Address: http://www.calvertgroup.com
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.
<PAGE>
INVESTING with VISION [LOGO--CALVERT GROUP] A member of The Acacia Group
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
<PAGE>
CALVERT
TAX-FREE RESERVES
CALIFORNIA MONEY
MARKET PORTFOLIO
SEMI-ANNUAL
REPORT
JUNE 30, 1996
[LOGO]
<PAGE>
CALVERT TAX-FREE RESERVES
CALIFORNIA MONEY MARKET PORTFOLIO
Dear Investor:
Interest rates moved a bit higher during the first six months of 1996. The
nation's economy continued to expand slowly, with Gross Domestic Product
increasing by an annualized 2.5%, but investors feared that stronger growth and
possibly higher inflation were on the horizon.
MUNICIPAL RATES
[GRAPH APPEARS HERE]
Graph shows Municipal Rates for 1, 7 and 20 year AA general obligations between
6/95 and 6/96
The rise in rates did
not stall the stock market's
advance. The Standard &
Poor's 500 Stock Index, a
grouping of mostly large-
company stocks, turned in
a six-month gain of 10.10%.
In general, money
market yields were slightly
below their levels of six
months ago. Intermediate-
and longer-term fixed-
income investments
suffered more in response to the rise in rates and, on average, reported flat to
negative year-to-date returns.
Fund Performance and Strategy Review
Yields on municipal money market securities trended a bit higher early in
1996, but fell back in April and May to close the period about where they began.
Municipal money market yields were not able to keep pace with those of taxable
money market securities
because money managers COMPOUND DIVIDEND YIELD
looking to reduce the
interest rate sensitivity [GRAPH APPEARS HERE]
of their municipal
portfolios increased their 1.82%
holdings of these
very short-term securities. 1.61%
The stronger demand kept a
lid on yields. In the 1.60%
taxable fixed-income market,
this level of activity 1.42%
would be insignificant
because of the 0.0% 0.5% 1.0% 1.5% 2.0%
SEMI-ANNUAL REPORT (UNAUDITED) CTFR-CA MONEY MARKET PORTFOLIO-1
<PAGE>
greater supply of money market securities. But the supply of municipal money
market securities is much thinner, therefore demand factors have more of an
impact on yields.
The California Money Market Portfolio's yield on June 30, 1996 was slightly
below its level at the close of 1995 due to continued low interest rates, but it
remained above the yield on an average of similar funds.
The Portfolio's maintained a weighted average maturity of 15 days on June
30, 1996, which was little changed from its level at the beginning of this
reporting period.
Outlook
We anticipate continued modest economic growth. Gross Domestic Product will
likely continue to expand at an annualized rate of 2.5% or a bit higher for the
remainder of the year. This could be slightly above the Federal Reserve's target
growth rate, but not so much so that we would expect rates to move dramatically
higher.
Radical suggestions for tax reform had been hurting the municipal market
and these now appear to have been put on the sidelines. And, since the close of
this reporting period, investors in stocks have encountered significantly
greater volatility. A riskier stock market could enhance the appeal of bond and
money market securities.
In our view the municipal market is now fairly valued, and our outlook for
the balance of 1996 is positive. Investors in the California Money Market
Portfolio are not likely to be rewarded with soaring yields, however the
Portfolio remains an ideal choice for those looking to generate tax-free income
and maintain a stable principal value.
Sincerely,
/s/ David Rochat
- ----------------
David Rochat
Senior Vice President
July 31, 1996
2 - CTRF-CA MONEY MARKET PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
RATINGS BREAKDOWN
[CHART APPEARS HERE]
First Tier Second Tier
92% 8%
All securities in Calvert Group money market funds are eligible securities under
rule 2a-7 of the Investment Company Act of 1940. First Tier Securities are
eligible securities rated in the highest rating category for short-term debt
obligations by at least two of the Nationally Recognized Statistical Ratings
Organizations. Second Tier Securities are eligible securities not in the First
Tier.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR--CA MONEY MARKET PORTFOLIO-3
<PAGE>
Portfolio Statistics
Maturity Schedule
<TABLE>
<CAPTION>
<S> <C> <C>
12/31/95 6/30/96
- --------------------------------------------------------------------------------
1-60 Days 94% 96%
61-120 Days 5% --
121-180 Days 1% 1%
181-360 Days -- 3%
Weighted Average 14 days 15 days
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Returns
for periods ended 6/30/96
<S> <C>
One Year 3.45%
Five Year 3.12%
Since Inception (10/89) 3.79%
</TABLE>
Hypothetical Performance
Change in value of a hypothetical $10,000 investment.
<TABLE>
<CAPTION>
[GRAPH APPEARS HERE]
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/96 6/30/95 6/30/94 6/30/93 6/30/92 6/30/91 6/30/90 10/16/89
------- ------- ------- ------- ------- ------- ------- --------
CA TFR M.M. $12,826 $12,397 $11,984 $11,719 $11,436 $11,000 $10,438 $10,000
</TABLE>
Total returns assume reinvestment of dividends. Past performance is no guarantee
of future results.
4 - CTFR--CA MONEY MARKET PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
===============================================================================================
CALIFORNIA MUNICIPAL OBLIGATIONS - 98.5%
<S> <C> <C>
$ 3,550,000 Alameda-Contra Costa Revenue Anticipation Notes, 3.75%, 1/30/97,
LOC: Sumitomo Bank, Ltd. ......................................... $ 3,559,964
2,000,000 Auburn Unified School District Certificates of Participation VRDN,
3.25%, 12/1/19, LOC: Union Bank of California .................... 2,000,000
3,700,000 Barstow Multi-Family Housing Revenue VRDN, 3.75%, 4/1/18,
C/LOC: Mercury S&L ............................................... 3,700,000
6,800,000 California Buena Park Community Development Authority VRDN,
5.1975%, 12/28/99, GA: Mass Mutual Life Insurance ................ 6,800,000
2,410,000 California Housing Finance Agency Revenue VRDN, 3.40%, 8/1/10,
INSUR: MBIA ...................................................... 2,410,000
750,000 California Pollution Control Financing Authority Revenue VDRN,
3.80%, 3/1/08, LOC: Banque National de Paris ..................... 750,000
4,825,000 California State Custodial Receipts 1992 Series A VRDN, 3.60%,
10/1/07, INSUR: MBIA ............................................. 4,825,000
14,000,000 California Valleys Housing Finance Authority Revenue Bonds, 4.05%,
7/1/25, LOC: Sumitomo Bank, Ltd. ................................. 14,000,000
1,100,000 Chula Vista Industrial Development Authority VRDN, 3.55%, 12/1/21,
LOC: Union Bank of California .................................... 1,100,000
4,650,000 City of Palmdale Community Redevelopment Agency VRDN, 5.3625%,
12/1/05, LOC: National Bank of Canada ............................ 4,650,000
2,875,000 Commerce California Joint Powers Financing Authority VRDN, 3.30%,
11/1/14, LOC: Bank of America .................................... 2,875,000
1,700,000 Fairfield Industrial Development Authority VRDN, 3.30%, 4/1/12,
LOC: Wells Fargo Bank, NA ........................................ 1,700,000
1,200,000 Fresno Multi-Family Housing VRDN, 4.50%, 5/1/15,
LOC: Tokai Bank Ltd. ............................................. 1,200,000
3,075,000 Glendora Industrial Development Authority VRDN, 4.46%, 12/1/16,
LOC: Union Bank of California .................................... 3,075,000
Hemet Multi-Family Housing Authority VRDN:
4,800,000 3.80%, 8/15/04, C/LOC: Redland S&L ............................... 4,800,000
8,050,000 3.60%, 7/1/06, C/LOC: Mercury S&L ................................ 8,050,000
6,100,000 Irvine Public Facilities Revenue VRDN, 3.10%, 11/1/10,
LOC: National Westminster Bank ................................... 6,100,000
Los Angeles Community Redevelopment Agency Revenue VRDN:
7,000,000 3.25%, 12/1/05, LOC: Industrial Bank of Japan, Ltd. .............. 7,000,000
5,900,000 3.20%, 4/1/09, LOC: Tokai Bank Ltd. .............................. 5,900,000
6,500,000 Los Angles Convention & Exhibition Center Revenue VRDN, 3.45%,
8/15/18, INSUR: MBIA ............................................. 6,500,000
3,100,000 Los Angeles County Housing Authority Revenue VRDN, 3.40%,
11/1/09, LOC: Industrial Bank of Japan, Ltd. ..................... 3,100,000
2,000,000 Los Angeles County Tax & Revenue Anticipation Notes, 4.50%, 7/1/96,
LOC: Bank of America ............................................. 2,000,000
Los Angeles Multi-Family Housing Revenue VRDN:
5,000,000 3.40%, 12/1/16, C/LOC: Mercury S&L ............................... 5,000,000
8,600,000 3.75%, 8/1/19, LOC: Fuji Bank Ltd. ............................... 8,600,000
5,525,000 Midpeninsula Regional VRDN, 4.15%, 2/1/08, LOC: Fuji Bank Ltd. .... 5,525,000
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CTFR-CA MONEY MARKET PORTFOLIO - 5
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
===============================================================================================
<S> <C> <C>
Oceanside Multi-Family Housing VRDN:
$ 4,600,000 3.675%, 12/1/07, C/LOC: Western Federal S&L ...................... $ 4,600,000
6,540,000 3.50%, 8/1/17, SURBD: Continental Casualty........................ 6,540,964
Orange County Apartment Development Revenue VRDN:
9,200,000 3.40%, 11/1/05, LOC: First Interstate Bancorp .................... 9,200,000
7,000,000 3.40%, 11/1/05, LOC: First Interstate Bancorp .................... 7,000,000
5,400,000 3.00%, 4/1/06, LOC: Bank of Tokyo-Mitsubishi, Ltd. ............... 5,400,000
450,000 3.65%, 3/1/07, LOC: Tokai Bank Ltd. .............................. 450,000
3,500,000 3.35%, 10/1/07, LOC: Bank of Tokyo-Mitsubishi, Ltd. .............. 3,500,000
600,000 3.00%, 11/1/08, LOC: Bank of Tokyo-Mitsubishi, Ltd. .............. 600,000
7,400,000 3.45%, 11/1/08, LOC: Banque Paribas .............................. 7,400,000
2,500,000 4.25%, 11/1/08, LOC: Tokai Bank Ltd. ............................. 2,500,000
5,800,000 4.35%, 11/1/09, LOC: Tokai Bank Ltd. ............................. 5,800,000
5,530,000 3,80%, 12/1/16, LOC: Bank of Tokyo-Mitsubishi, Ltd. .............. 5,530,000
500,000 Orange County Certificates of Participation, Florence Crittendon
Services VRDN, 3.30%, 3/1/16, LOC: Swiss Bank Corp. .............. 500,000
9,000,000 Orange County Housing Authority Revenue VRDN, 3.40%, 12/1/07,
LOC: Bank of Tokyo-Mitsubishi, Ltd. .............................. 9,000,000
Palmdale School District Project Lease VRDN:
5,444,086 3.60%, 12/13/10, LOC: National Westminster Bank .................. 5,444,086
1,807,143 3.60%, 12/13/10, LOC: National Westminster Bank .................. 1,807,143
11,000,000 Pitney Bowes Credit Corporation Lease TOPS Trust Certificates,
3.70%, 4/1/98, BPA: Pitney Bowes Credit Corporation .............. 11,000,000
Riverside Multi-Family Housing VRDN:
5,890,000 3.425%, 12/1/05, LOC: Household Federal Savings .................. 5,890,000
1,000,000 4.25%, 6/1/09, LOC: Tokai Bank Ltd. .............................. 1,000,000
6,635,000 3.50%, 12/1/16, LOC: Tokai Bank Ltd. ............................. 6,635,000
4,050,000 Salinas Multi-Family Housing VRDN, 3.925%, 12/1/16,
C/LOC: Mercury S&L ............................................... 4,050,000
5,000,000 San Bernardino Multi-Family Housing Revenue VRDN, 5.58%, 5/1/15 ... 5,000,000
San Bernardino Public Safety Authority Revenue Bonds:
2,100,000 3.90%, 11/1/96 ................................................... 2,100,000
2,400,000 4.10%, 5/1/97 .................................................... 2,400,000
San Diego Multi-Family Housing VRDN:
4,000,000 3.55%, 6/1/07, C/LOC: Mercury S&L ................................ 4,000,000
1,100,000 6,00%, 12/1/08, LOC: Daiwa Bank, Ltd. ............................ 1,100,000
4,000,000 2.90%, 2/1/09, LOC: Citibank ..................................... 4,000,000
5,000,000 3.50%, 8/1/15, LOC: Bank of Tokyo-Mitsubishi, Ltd. ............... 5,000,000
2,700,000 San Diego Sewer Revenue VRDN, 3.50%, 5/15/20, INSUR: AMBAC ........ 2,700,000
San Francisco Multi-Family Housing VRDN:
5,000,000 4.05%, 10/1/00, LOC: Mitsubishi Trust & Banking .................. 5,000,000
8,000,000 3.40%, 12/1/05, LOC: Industrial Bank of Japan, Ltd. .............. 8,000,000
3,500,000 San Marcos Industrial Development Authority VRDN, 3.83%, 12/1/20,
LOC: Bank of California .......................................... 3,500,000
1,900,000 San Marcos Redevelopment VRDN, 4.21%, 12/1/10,
LOC: Bank of America ............................................. 1,900,000
4,033,000 Santa Ana Industrial Development VRDN, 3.40%, 10/1/15,
LOC: Tokai Bank Ltd. ............................................. 4,033,000
1,500,000 Santa Ana Multi-Family Housing VRDN, 3.50%, 12/1/07,
C/LOC: Mercury S&L ............................................... 1,500,000
</TABLE>
6-CTFR--CA MONEY MARKET PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
==============================================================================
<S> <C> <C>
$ 3,000,000 Santa Ana Unified School District Certificates of
Participation VRDN, 3.10%, 7/1/15, LOC: Banque
National de Paris................................. $ 3,000,000
7,000,000 Santa Paula Public Financing Authority Revenue
VRDN, 3.75%, 2/1/26, LOC: Sumitomo Trust &
Banking........................................... 7,000,000
3,000,000 Southeast Resource Recovery Facility Authority
Lease Revenue Bonds, 3.45%, 12/1/18, LOC: Industrial
Bank of Japan, Ltd................................ 3,000,000
2,500,000 Stockton County Multi-Family Housing VRDN, 3.10%,
9/1/18, LOC: Bank of America...................... 2,500,000
2,740,000 Stockton County Nursing Home VRDN, 4.46%, 12/1/16,
LOC: Union Bank of California..................... 2,740,000
1,360,000 Stockton Heritage Convalescent Center Project VRDN,
5.775% 12/1/05, LOC: Tokai Bank Ltd............... 1,360,000
8,000,000 Union City Housing Mortgage Revenue VRDN, 4.05%,
10/1/11, LOC: Mitsubishi Trust & Banking.......... 8,000,000
5,000,000 Union City Multi-Family Housing Authority Revenue
VRDN, 3.20%, 10/1/07, LOC: Sumitomo Trust &
Banking........................................... 5,000,000
16,000,000 Victor Valley Community College Revenue VRDN,
3.45%, 11/1/24, GA: Anchor National Life.......... 16,000,000
6,300,000 Victor Valley Community College Certificates of
Participation VRDN, 3.15%, 8/01/26, LOC: Banque
National de Paris................................. 6,300,000
3,830,000 Victorville Multi-Family Housing Revenue VRDN,
3.90%, 12/1/15, C/LOC: Redlands S&L............... 3,830,000
2,600,000 West Sacramento Financing Authority Special
Tax Revenue VRDN, 3.50%, 8/01/21, LOC: Wells
Fargo Bank, NA.................................... 2,600,000
------------
TOTAL INVESTMENTS (Cost $330,629,193) -
98.5%............................................... 330,629,193
Other assets and liabilities, net - 1.5%............ 4,882,983
------------
NET ASSETS - 100%................................... $335,512,176
============
NET ASSETS CONSIST OF:
==============================================================================
Paid in capital applicable to 335,690,365 shares of beneficial
interest, unlimited number of no par shares authorized.......... $335,690,406
Undistributed net investment income.............................. (34,497)
Accumulated realized gain/(loss) on investments.................. (143,733)
------------
NET ASSETS......................................... $335,512,176
============
NET ASSET VALUE PER SHARE.......................... $ 1.00
============
</TABLE>
Explanation of Guarantees:
BPA: Bond-Purchase Agreement
GA: Guaranty Agreement
INSUR: Insurance
LOC: Letter of Credit
C/LOC: Collaterized LOC
SURBD: Surety Bond
Abbreviations:
VRDN: Variable Rate Demand Note
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR-CA MONEY MARKET PORTFOLIO - 7
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
NET INVESTMENT INCOME
- -------------------------------------------------------------------------------
Investment Income
<S> <C>
Interest income................................................... $6,465,805
----------
Expenses
Investment advisory fee........................................... 826,690
Transfer agency fees and expenses................................. 247,827
Trustees' fees and expenses....................................... 13,480
Administrative fees............................................... 11,834
Custodian fees.................................................... 12,499
Registration fees................................................. 6,855
Reports to shareholders........................................... 74,184
Professional fees................................................. 13,295
Miscellaneous..................................................... 23,339
Reimbursement from Advisor........................................ (31,438)
----------
Total expenses.................................................. 1,198,565
Fees paid indirectly............................................ (12,499)
----------
Net expenses.................................................. 1,186,066
----------
NET INVESTMENT INCOME....................................... 5,279,739
----------
REALIZED GAIN (LOSS) ON INVESTMENTS
- -------------------------------------------------------------------------------
Net realized gain (loss)............................................ (351)
----------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS..................................... $5,279,388
==========
</TABLE>
See notes to financial statements.
8 - CTFR--CA MONEY MARKET PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Year Ended
Ended December 31,
INCREASE (DECREASE) IN NET ASSETS June 30, 1996 1995
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................................ $ 5,279,739 $ 10,530,697
Net realized gain (loss) on securities............................... (351) (143,382)
Net realized gain (loss) on Tender Option Agreement - Note B......... -- (600,000)
Change in unrealized appreciation or depreciation.................... -- 600,000
------------ ------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS........................................ 5,279,388 10,387,315
------------ ------------
Distributions to shareholders from
Net investment income................................................ (5,264,127) (10,583,766)
------------ ------------
Capital share transactions
Shares sold.......................................................... 247,120,658 377,023,687
Reinvestment of distributions........................................ 5,083,764 10,452,688
Shares redeemed...................................................... (217,058,508) (347,647,512)
------------ ------------
Total capital share transactions.................................. 35,145,914 39,828,863
------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS................................ 35,161,175 39,632,412
NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Beginning of period.................................................... 300,351,001 260,718,589
------------ ------------
End of period (including undistributed net investment income (loss)
of ($34,497) and ($50,109), respectively)............................ $335,512,176 $300,351,001
============ ============
SHARE ACTIVITY
- -------------------------------------------------------------------------------------------------------------
Shares sold............................................................ 247,120,658 377,023,687
Reinvestment of distributions.......................................... 5,083,764 10,452,688
Shares redeemed........................................................ (217,058,508) (347,647,512)
------------ ------------
Net share activity................................................... 35,145,914 39,828,863
============ ============
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR--CA MONEY MARKET PORTFOLIO-9
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE A-SIGNIFICANT ACCOUNTING POLICIES
GENERAL: The California Money Market Portfolio (the "Portfolio"), a series of
Calvert Tax-Free Reserves (the "Fund"), is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The operations of each series are accounted for separately. The Portfolio offers
shares of beneficial interest to the public with no sales charges.
SECURITY VALUATION: Securities are valued at amortized cost which approximates
market.
SECURITY TRANSACTIONS AND INVESTMENT INCOME: Security transactions are accounted
for on trade date. Realized gains and losses are recorded on an identified cost
basis. Interest income, accretion of discount and amortization of premium are
recorded on an accrual basis.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders are recorded by the
Portfolio on ex-dividend date. Dividends from net investment income are earned
daily and paid monthly. Distributions from net realized capital gains, if any,
are paid at least annually. Distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles, accordingly, periodic reclassifications are made within the
Portfolio's capital accounts to reflect income and gains available for
distribution under income tax regulations.
EXPENSE OFFSET ARRANGEMENTS: The Portfolio has an arrangement with its custodian
bank whereby the custodian's fees are paid indirectly by credits earned on the
Portfolios' cash on deposit with the bank. Such deposit arrangement is an
alternative to overnight investments.
FEDERAL INCOME TAXES: No provision for federal income or excise tax is required
since the Portfolio intends to continue to qualify as a regulated investment
company under the Internal Revenue Code and to distribute substantially all of
its earnings.
NOTE B-RELATED PARTY TRANSACTIONS
Calvert Asset Management Company, Inc. (the "Advisor") is wholly-owned by
Calvert Group, Ltd. ("Calvert"), which is indirectly wholly-owned by Acacia
Mutual Life Insurance Company. The Advisor provides investment advisory services
and pays the salaries and fees of officers and affiliated Trustees of the Fund.
For its services, the Advisor receives a monthly fee based on the following
annual rates of average daily net assets: .50% on the first $500 million, .45%
on the next $500 million and .40% on the excess of $1 billion.
On December 15, 1994, the Portfolio entered into a Tender Option Agreement with
the Advisor valued at $600,000 to secure payment of an "at risk" investment. On
June 30, 1995 the investment paid the Portfolio in full and the Option expired
unused. The expiration loss was applied against the Advisor's capital
contribution of the Option.
10 - CTRF--CA MONEY MARKET PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Calvert Administrative Services Company, an affiliate of the Advisor, provides
administrative services to the Fund for an annual fee, payable monthly, of
$200,000 which is allocated to all of the Portfolios of the Fund based on their
relative net assets.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and
principal underwriter for the Portfolio.
Calvert Shareholder Services, Inc., an affiliate of the Advisor, acts as
transfer, dividend disbursing and shareholder servicing agent for the Fund.
Each Trustee who is not affiliated with the Advisor receives an annual fee of
$20,250 plus up to $1,200 for each Board and Committee meeting attended.
Trustee's fees are allocated to each of the funds served.
NOTE C-INVESTMENT ACTIVITY
The cost of investments owned at June 30, 1996 was substantially the same for
federal income tax and financial reporting purposes. Net realized capital loss
carryforwards, for federal income tax purposes, of $143,382 at December 31, 1995
may be utilized to offset current and future capital gains until expiration
through 2003.
As a cash management practice, the Portfolio may sell or purchase short-term
variable rate demand notes from other Portfolios managed by the Advisor. The
transactions are effected at par with no gain or loss to the Portfolio, in
accordance with its policies.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR--CA MONEY MARKET PORTFOLIO - 11
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PERIODS ENDED
--------------------------------------
JUNE 30, DECEMBER 31,
1996 1995 1994
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning............ $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Income from investment operations
- ---------------------------------
Net investment income............... .016 .037 .026
-------- -------- --------
Distributions from
- ------------------
Net investment income............... (.016) (.037) (.026)
-------- -------- --------
Net asset value, ending............... $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total return/\........................ 1.60% 3.78%* 2.62%*
======== ======== ========
Ratios to average net assets:
Net investment income............... 3.19%(a) 3.69% 2.55%
======== ======== ========
Total expenses+..................... .72%(a) .76% --
======== ======== ========
Net expenses........................ .72%(a) .75% .69%
======== ======== ========
Expenses reimbursed................. .02%(a) -- --
======== ======== ========
Net assets, ending (in thousands)..... $335,512 $300,351 $260,719
======== ======== ========
Number of shares outstanding, ending
(in thousands)...................... 335,690 300,544 260,716
======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
YEARS ENDED
---------------------------------------
DECEMBER 31,
1993 1992 1991
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning............ $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Income from investment operations
- ---------------------------------
Net investment income............... .022 .030 .045
-------- -------- --------
Distributions from
- ------------------
Net investment income............... (.022) (.030) (.045)
-------- -------- --------
Net asset value, ending............... $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total return/\........................ 2.26% 3.08% 4.64%
======== ======== ========
Ratios to average net assets:
Net investment income............... 2.22% 3.01% 4.51%
======== ======== ========
Total expenses+..................... -- -- --
======== ======== ========
Net expenses........................ .69% .68% .60%
======== ======== ========
Net assets, ending (in thousands)..... $296,984 $323,928 $287,984
======== ======== ========
Number of shares outstanding, ending
(in thousands)...................... 296,984 323,928 287,984
======== ======== ========
</TABLE>
(a) Annualized
/\ Total return is not annualized for periods of less than one year.
* Total return numbers do not reflect Tender Option Agreement (see Note B).
+ Effective December 31, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the
ratio of net expenses.
12-CTFR--CA MONEY MARKET PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
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
Web Site:
..................
Address: http://www.calvertgroup.com
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.
<PAGE>
INVESTING with VISION [LOGO--CALVERT GROUP] BULK RATE
A member of The Acacia Group U.S. POSTAGE
PAID
4550 Montgomery Avenue, Suite 1000N Permit No. 7470
Bethesda, Maryland 20814 Baltimore, MD
<PAGE>
CALVERT
TAX-FREE
RESERVES
VERMONT
MUNICIPAL
PORTFOLIO
SEMI-ANNUAL
REPORT
JUNE 30, 1996
INVESTING with VISION(TM) [LOGO OF CALVERT GROUP]
<PAGE>
CALVERT TAX-FREE RESERVES
VERMONT MUNICIPAL PORTFOLIO
Dear Investor:
Interest rates moved a bit higher during the first six months of 1996. The
nation's economy continued to expand slowly, with Gross Domestic Product
increasing by an annualized 2.5%, but investors feared that stronger growth and
possibly higher inflation were on the horizon.
The rise in rates did not stall the stock market's advance. The Standard &
Poor's 500 Stock Index, a grouping of mostly large-company stocks, turned in a
six-month gain of 10.10%.
[GRAPH APPEARS HERE]
Graph shows Municipal Rates for 1, 7 and 20 year
AA General Obligations between 6/95 and 6/96.
In general, short-term fixed-income investments were able to eke out slightly
positive returns for the six-months ended June 30, as higher yields more than
offset declining prices. Intermediate- and longer-term fixed-income investments
suffered more in response to the rise in rates and, on average, reported flat to
negative year-to-date returns.
Municipal bonds outperformed Treasuries as the likelihood of radical tax
reform faded. The prospect of an overhaul of the Tax Code had been depressing
the municipal market but, with Bob Dole in place as the Republican candidate, it
became less likely that this would be a plank in either Party's campaign. Tight
supply of new issues and strong demand also helped to buoy municipal bond prices
relative to taxable securities.
FUND PERFORMANCE AND STRATEGY REVIEW
After a protracted period of declining yields and rising prices, the municipal
bond market changed course early in this reporting period. Bond prices started
to slip in February as investors demanded higher yields to compensate for their
expectations of stronger economic growth and belief that the Federal Reserve
would shift to a tighter monetary policy.
The Vermont Municipal Portfolio's 12-month return was positive and in line
with municipal securities' historical average annual returns. The Portfolio's
six-month return was slightly negative as the modestly higher level of interest
income was not enough to offset the decline in bond prices. For both the
six- and 12-month periods, the Vermont Municipal Portfolio's return was above
its peer group average.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR VERMONT MUNICIPAL PORTFOLIO - 1
<PAGE>
The Portfolio had an average maturity of 13 years at the close of this
reporting period, which was only slightly lower than its level at the beginning
of the year.
The Portfolio's allocation of assets by credit quality was essentially
unchanged. Almost 65% of assets continue to be invested in securities with AAA
or AA ratings, the two highest credit categories, according to Moody's Investors
Service.
INVESTMENT PERFORMANCE
<TABLE>
<CAPTION>
Periods Ended 6/30/96 6 Months 12 Months
------------------------------------------------
<S> <C> <C>
Vermont Municipal
Portfolio -.58% 6.21%
Lipper Other States
Muni Fund Avg. -.99% 5.88%
Investment performance is for Class A shares and does
not reflect the deduction of any front-end sales charge.
</TABLE>
OUTLOOK
We anticipate continued modest economic growth. Gross Domestic Product will
likely continue to expand at an annualized rate of 2.5% or a bit higher for the
remainder of the year. This could be slightly above the Federal Reserve's target
growth rate, but not so much so that we would expect rates to move dramatically
higher.
As we mentioned earlier, radical suggestions for tax reform had been hurting
the municipal market and these now appear to have been put on the sidelines.
And, since the close of this reporting period, investors in stocks have
encountered significantly greater volatility. A riskier stock market could
enhance the appeal of fixed-income securities.
In our view the municipal market is now fairly valued, and our outlook for the
balance of 1996 is positive.
We appreciate your investment in the Calvert Vermont Municipal Portfolio.
Sincerely,
/s/ David Rochat
David Rochat
Senior Vice President
July 31, 1996
2-CTFR VERMONT MUNICIPAL PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Important Notice To Investors in Class C Shares
On or about October 28, 1996, all outstanding Class C accounts in the
Calvert Vermont Municipal Portfolio will be converted into an equal dollar
amount of Class A shares. The shares will be converted at net asset value with
no sales charge. This exchange will have a positive impact on your return, since
Class A shares have a lower expense ratio than Class C shares.
You do not need to take any action. The conversion will take place
automatically. The conversion will be a non-taxable event, meaning you should
not incur any taxes as a result.
No new Class C accounts may be opened after August 23, 1996. Owners of
Class C accounts opened on or before that date may continue to purchase Class C
shares for existing Class C accounts until the date of conversion.
Ratings Breakdown
<TABLE>
<CAPTION>
[GRAPH APPEARS HERE]
AAA/Aaa AA/Aa A/a BBB/Baa NR
<S> <C> <C> <C> <C>
40% 24% 16% 12% 8%
</TABLE>
NR: Obligation is not rated by a commercial credit rating service, such as
Moody's Investors Services, 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.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR VERMONT MUNICIPAL PORTFOLIO - 3
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO STATISTICS
WEIGHTED AVERAGE MATURITY
12/31/95 6/30/96
---------------------
14 years 13 years
SEC YIELDS
Class A Class C
Thirty Days Ended 6/30/96 6/30/96
- -------------------------------------------------------------------------------
<S> <C> <C>
4.93% 3.15%
Yields assume reinvestment of dividends.
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
for periods ended 6/30/96
<S> <C>
Class A Shares
One Year 2.20%
Since Inception (4/91) 6.30%
Class C Shares
One Year 4.07%
Since Inception (3/94) 2.96%
</TABLE>
PERFORMANCE COMPARISON
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
<TABLE>
<CAPTION>
6/30/96 6/30/95 6/30/94 6/30/93 6/30/92 6/30/91 4/1/91
------- ------- ------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
CTFR VERMONT $13,768 $12,963 $12,019 $11,961 $10,817 $ 9,823 $ 9,625
LEHMAN MUNICIPAL BD $15,190 $14,464 $12,851 $13,020 $11,648 $10,214 $10,000
</TABLE>
Total returns assume reinvestment of dividends and, for Class A shares, reflect
the deduction of the fund's maximum sales charge of 3.75%. No sales charge has
been applied to the index used for comparison. The value of an investment in
Class A shares is plotted in the line graph. The value of an investment in Class
C shares would be different. Past performance is no guarantee of future returns.
4 - CTFR VERMONT MUNICIPAL PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------
Vermont Municipal Obligations - 97.6%
<S> <C> <C>
$2,000,000 Burlington Electric Revenue Bonds, 6.25%, 7/1/14, MBIA Insured...... $2,050,560
Burlington Public Improvement General Obligation Bonds:
265,000 6.40%, 5/1/01..................................................... 276,331
700,000 6.50%, 5/1/02..................................................... 729,883
100,000 6.50%, 5/1/04..................................................... 103,759
220,000 6.50%, 5/1/06..................................................... 227,095
2,000,000 Chittenden Unlimited Tax General Obligation Bonds, 6.60%,
1/1/12 Asset Guaranty Insured..................................... 2,084,440
Rutland County Solid Waste General Obligation Bonds:
110,000 5.80%, 11/1/99.................................................... 113,420
110,000 5.95%, 11/1/00.................................................... 114,329
110,000 6.10%, 11/1/01.................................................... 115,339
110,000 6.25%, 11/1/02.................................................... 116,405
110,000 6.35%, 11/1/03.................................................... 117,077
110,000 6.45%, 11/1/04.................................................... 117,818
105,000 6.50%, 11/1/05.................................................... 112,740
100,000 6.55%, 11/1/06.................................................... 107,535
100,000 6.60%, 11/1/07.................................................... 107,606
100,000 6.70%, 11/1/08.................................................... 108,028
100,000 6.75%, 11/1/09.................................................... 107,956
100,000 6.80%, 11/1/10.................................................... 108,315
100,000 6.80%, 11/1/11.................................................... 108,149
100,000 6.85%, 11/1/12.................................................... 108,437
1,800,000 Vermont Education and Health - Central Vermont Hospital,
7.00%, 10/1/22.................................................... 2,018,700
2,000,000 Vermont Education and Health - Central Vermont Hospital,
5.00%, 11/15/15, AMBAC Insured.................................... 1,783,040
1,000,000 Vermont Education and Healthy - Lyndon Institute Project,
6.60%, 12/1/14.................................................... 972,970
2,095,000 Vermont Education and Health - Middlebury College,
6.00%, 11/1/13.................................................... 2,109,686
2,000,000 Vermont Education and Health - Northwestern Medical Center,
6.25%, 9/1/18..................................................... 1,887,800
580,000 Vermont Education and Health - Norwich University,
5.75%, 9/1/05..................................................... 594,065
1,500,000 Vermont Education and Health - Norwich University,
6.00%, 9/1/13..................................................... 1,459,155
1,000,000 Vermont Education and Health - Southwestern Vermont Medical
Center, 5.625%, 5/1/25, FSA Insured............................... 949,800
1,085,000 Vermont Education and Health - St. Johnsbury Academy,
7.30%, 4/15/18.................................................... 1,159,659
Vermont Education and Health - St. Michael's College:
50,000 7.40%, 6/1/99..................................................... 53,283
125,000 7.80%, 6/1/02..................................................... 133,066
2,000,000 7.05%, 10/1/16.................................................... 2,182,740
</TABLE>
SEMI-ANUAL REPORT (UNAUDITED) CTFR VERMONT MUNICIPAL PORTFOLIO - 5
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
$750,000 Vermont Education and Health - Vermont Medical Center
Bonds, 6.00%, 9/1/22, FGIC Insured..................... $749,925
65,000 Vermont Housing Finance Authority Home Mortgage Purchase
Series A Bonds, 7.25%, 12/1/00......................... 67,518
175,000 Vermont Housing Finance Authority Single Family Series 1
Housing Bonds, 8.15%, 5/1/25........................... 184,226
1,200,000 Vermont Housing Finance Authority Single Family Series 2
Housing Bonds, 7.20%, 11/1/11.......................... 1,235,532
1,250,000 Vermont Industrial Development Authority Revenue Bonds,
5.775%, 12/1/01, Letter of Credit: Vermont National
Bank................................................... 1,250,000
Vermont Municipal Bond Bank Revenue Bonds:
130,000 Series 1, 7.35%, 12/1/97............................... 135,803
420,000 Series 1, 6.60%, 12/1/98............................... 441,508
130,000 Series 1, 7.35%, 12/1/98............................... 138,363
1,000,000 Series 1, 5.375%, 12/1/13.............................. 965,420
1,500,000 Series 1, 6.875%, 12/1/22.............................. 1,665,675
200,000 Series 2, 6.50%, 12/1/98............................... 209,786
500,000 Series 2, 7.10%, 12/1/99 (Prerefunded 12/1/98 @ 102).. 541,395
500,000 Series 2, 6.60%, 12/1/00............................... 539,230
750,000 Series B, 7.25%, 12/1/98............................... 774,188
190,000 Vermont Public Power Supply Authority Bonds, 6.50%,
7/1/99, AMBAC Insured.................................. 195,884
1,000,000 Vermont State College Revenue Bonds, 8.00%, 7/1/18,
(Prerefunded 7/1/99 @ 102)............................. 1,114,640
1,360,000 Vermont State College Revenue Bonds, 5.125%, 7/1/18, MBIA
Insured................................................ 1,245,107
Vermont State General Obligation Bonds:
1,500,000 5.70%, 1/15/00......................................... 1,554,390
1,740,000 6.50%, 2/1/01.......................................... 1,868,656
2,500,000 6.30%, 1/15/06......................................... 2,707,550
500,000 6.50%, 2/1/07, (Prerefunded 2/1/01 @ 102).............. 544,185
1,000,000 6.40%, 2/1/08.......................................... 1,090,880
400,000 Zero Coupon, 8/1/08................................... 202,492
300,000 Zero Coupon, 8/1/09.................................... 141,741
1,000,000 4.90%, 2/1/10.......................................... 924,980
1,000,000 6.45%, 2/1/11.......................................... 1,093,300
1,950,000 6.45%, 2/1/12.......................................... 2,131,935
2,440,000 Vermont State Lease Certificates of Participation,
6.50%, 7/1/11, MBIA Insured............................ 2,561,512
2,000,000 Vermont Student Assistance Corporation Education Loan
Series A Revenue Bonds, 6.50%, 6/15/00, AMBAC Insured.. 2,092,740
2,240,000 Vermont Student Assistance Corporation Education Loan
Series A-3 Revenue Bonds, 6.50%, 12/15/05, FSA Insured. 2,381,344
1,000,000 Vermont Student Assistance Corporation Education Loan
Series B Revenue Bonds, 6.70%, 12/15/12, FSA Insured... 1,036,490
400,000 Windham County Solid Waste General Obligation Bonds,
6.40%, 12/1/97......................................... 399,768
-----------
TOTAL INVESTMENTS (Cost $52,305,599) - 97.6%.............54,525,349
Other assets and liabilities, net - 2.4%................. 1,328,861
-----------
Net Assets - 100%.......................................$55,854,210
===========
</TABLE>
6-CTFR VERMONT MUNICIPAL PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Net Assets Consist of: Value
- ------------------------------------------------------------------
<S> <C>
Paid-in capital applicable to the following shares
of beneficial interest, unlimited number of no par
shares authorized:
Class A: 3,442,015 shares outstanding............ $53,123,592
Class C: 27,245 shares outstanding............... 429,420
Undistributed net investment income................. 208,717
Accumulated net realized gain (loss) on investments. (127,269)
Net unrealized appreciation (depreciation) on
investments........................................ 2,219,750
-----------
Net assets........................................ $55,854,210
===========
Net Asset Value per Share
- ------------------------------------------------------------------
Class A (based on net assets of $55,421,339)......... $16.10
===========
Class C (based on net assets of $432,871)............ $15.89
===========
</TABLE>
Abbreviations:
AMBAC - AMBAC Indemnity Corporation
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance
MBIA - MBIA Insurance Corporation
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR VERMONT MUNICIPAL PORTFOLIO - 7
<PAGE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
Net Investment Income
- --------------------------------------------------------------------------------
Investment Income
<S> <C>
Interest income.............................................. $ 1,742,811
-----------
Expenses
Investment advisory fee...................................... 173,473
Transfer agency fees and expenses............................ 13,187
Distribution plan expenses of Class C........................ 2,237
Trustees' fees and expenses.................................. 2,493
Administrative fees.......................................... 2,069
Custodian fees............................................... 10,120
Registration fees............................................ 4,112
Reports to shareholders...................................... 12,240
Professional fees............................................ 2,911
Miscellaneous................................................ 9,464
-----------
Total expenses............................................ 232,306
Fees paid indirectly...................................... (10,120)
-----------
Net expenses........................................... 222,186
-----------
Net Investment Income............................... 1,520,625
-----------
Realized and Unrealized Gain (Loss)
on Investments
- --------------------------------------------------------------------------------
Net realized gain (loss) on:
Securities................................................... (20,247)
Futures...................................................... (161,144)
-----------
(181,391)
Change in unrealized appreciation or depreciation............... (1,718,846)
-----------
Net Realized and Unrealized Gain (Loss)
on Investments...................................... (1,900,237)
-----------
Increase (Decrease) in Net Assets
Resulting From Operations........................... (379,612)
===========
</TABLE>
See notes to financial statement.
8 - CTFR VERMONT MUNICIPAL PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
INCREASE (DECREASE) IN NET ASSETS June 30, 1996 Dec. 31, 1995
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income............................................ $ 1,520,625 $ 3,335,609
Net realized gain (loss)......................................... (181,391) 829,370
Change in unrealized appreciation or depreciation................ (1,718,846) 4,506,456
----------- ------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS....................................... (379,612) 8,671,435
----------- ------------
Distributions to shareholders from
Net investment income:
Class A shares................................................. (1,489,144) (3,270,290)
Class C shares................................................. (7,669) (18,419)
Net realized gain:
Class A shares................................................. - (336,995)
Class C shares................................................. - (2,227)
----------- ------------
Total distributions.............................................. (1,496,813) (3,627,931)
----------- ------------
Capital share transactions
Shares sold:
Class A shares................................................. 2,437,671 4,860,473
Class C shares................................................. 251,341 430,193
Reinvestment of distributions:
Class A shares................................................. 648,393 2,192,127
Class C shares................................................. 7,581 19,158
Shares redeemed:
Class A shares................................................. (6,006,687) (16,079,754)
Class C shares................................................. (205,371) (306,328)
----------- ------------
Total capital share transactions................................. (2,867,072) (8,884,131)
----------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... (4,743,497) (3,840,627)
NET ASSETS
- ----------------------------------------------------------------------------------------------
Beginning of period.............................................. 60,597,707 64,438,334
----------- ------------
End of period (including undistributed net investment income of
$208,717 and $184,905, respectively)............................ $55,854,210 $ 60,597,707
=========== ============
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR VERMONT MUNICIPAL PORTFOLIO - 9
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE A-SIGNIFICANT ACCOUNTING POLICIES
GENERAL: The Vermont Municipal Portfolio (the "Portfolio"), a series of Calvert
Tax-Free Reserves (the "Fund"), is registered under the Investment Company Act
of 1940 as a nondiversified, open-end management investment company. The
operations of each series are accounted for separately. The Portfolio offers
Class A and Class C shares of beneficial interest. Class A shares are sold with
a maximum front-end sales charge of 3.75%. Class C shares, which have no
transaction-based sales charge, have a higher annual expense rate than Class A.
Each class has different: (a) dividend rates, due to differences in Distribution
Plan expenses and other class specific expenses, (b) exchange privileges and (c)
class specific voting rights.
SECURITY VALUATION: Municipal securities are valued utilizing the average of
bid prices or at bid prices based on a matrix system (which considers such
factors as security prices, yields, maturities and ratings) furnished by dealers
through an independent pricing service. Securities listed or traded on a
national securities exchange are valued at the last reported sale price. Other
securities and assets for which market quotations are not available or deemed
inappropriate are valued in good faith under the direction of the Board of
Trustees.
OPTIONS: The Portfolio may write or purchase option securities. The option
premium is the basis for recognition of unrealized or realized gain or loss on
the option. The cost of securities acquired or the proceeds from securities sold
through the exercise of the option is adjusted by the amount of the premium.
FUTURES CONTRACTS: The Portfolio may enter into futures contracts agreeing to
buy or sell a financial instrument for a set price at a future date. The
Portfolio maintains securities with a value equal to its obligation under each
contract. Initial margin deposits of either cash or securities are made upon
entering into futures contracts; thereafter, variation margin payments are made
or received daily reflecting the change in market value. Unrealized or realized
gains and losses are recognized based on the change in market value. Risks of
futures contracts arise from the possible illiquidity of the futures markets and
the movement in the value of the investment or in interest rates.
SECURITY TRANSACTIONS AND INVESTMENT INCOME: Security transactions are
accounted for on trade date. Realized gains and losses are recorded on an
identified cost basis. Interest income, accretion of discount and amortization
of premium are recorded on an accrual basis.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders are recorded by
the Portfolio on ex-dividend date. Dividends from net investment income are
paid monthly. Distributions from net realized capital gains, if any, are paid
at least annually. Distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles;
accordingly, periodic reclassifications are made within the Portfolio's capital
accounts to reflect income and gains available for distribution under income tax
regulations.
10 - CTFR VERMONT MUNICIPAL PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
EXPENSE OFFSET ARRANGEMENTS: The Portfolio has an arrangement with its
custodian bank whereby the custodian's fees are paid indirectly by credits
earned on the Portfolio's cash on deposit with the bank. Such deposit
arrangement is an alternative to overnight investments.
FEDERAL INCOME TAXES: No provision for federal income or excise tax is required
since the Portfolio intends to continue to qualify as a regulated investment
company under the Internal Revenue Code and to distribute substantially all of
its earnings.
NOTE B--RELATED PARTY TRANSACTIONS
Calvert Asset Management Company, Inc. (the "Advisor") is wholly-owned by
Calvert Group, Ltd. ("Calvert"), which is indirectly wholly-owned by Acacia
Mutual Life Insurance Company. The Advisor provides investment advisory
services and pays the salaries and fees of officers and affiliated Trustees of
the Portfolio. For its services, the Advisor receives a monthly fee based on an
annual rate of .60% of the Portfolio's average daily net assets.
Calvert Administrative Services Company, an affiliate of the Advisor, provides
administrative services to the Fund for an annual fee, payable monthly, of
$200,000 which is allocated to all of the Portfolios of the Fund based on their
relative net assets.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and
principal underwriter for the Portfolio. A Distribution Plan, adopted by Class
C shareholders, allows the Portfolio to pay the distributor for expenses and
services associated with distribution of shares. The expenses paid may not
exceed 1.0% annually of average daily net assets of Class C.
The Distributor received $13,941 as its portion of commissions charged on sales
of the Portfolio's Class A shares.
Calvert Shareholder Services, Inc., an affiliate of the Advisor, acts as
transfer, dividend disbursing and shareholder servicing agent for the Portfolio.
Each Trustee who is not affiliated with the Advisor receives an annual fee of
$20,250 plus up to $1,200 for each Board and Committee meeting attended.
Trustee's fees are allocated to each of the funds served.
NOTE C--INVESTMENT ACTIVITY
During the period, purchases and sales of investments, other than short-term,
were $5,565,639 and $9,975,634, respectively.
The cost of investments owned at June 30, 1996 was substantially the same for
federal income tax and financial reporting purposes. Net unrealized
appreciation aggregated $2,219,750, of which $2,466,649 related to appreciated
securities and $246,899 related to depreciated securities.
As a cash management practice, the Portfolio may sell or purchase short-term
variable rate demand notes from other Portfolios managed by the Advisor. The
transactions are effected at par with no gain or loss to the Portfolio, in
accordance with policies of the Fund.
SEMI-ANNUAL REPORT (UNAUDITED) CTFR VERMONT MUNICIPAL PORTFOLIO - 11
<PAGE>
Note D-Capital Shares
Transactions in shares of beneficial interest ("capital shares") were as
follows:
<TABLE>
<CAPTION>
Class A Share Activity
<S> <C> <C>
Shares Sold.................... 149,268 302,854
Reinvestment of Distributions.. 39,866 136,701
Shares Redeemed (368,518) (1,003,353)
Net Share Activity (179,384) (563,798)
Class C Share Activity
Shares Sold.................... 15,648 27,415
Reinvestment of Distributions 472 1,195
Shares Redeemed (12,902) (19,207)
Net Share Activity 3,218 9,403
</TABLE>
Note E-Subsequent Event
Effective on or about October 28, 1996, all outstanding Class C shares in the
Portfolio will be converted automatically into an equivalent value of Class A
shares. This transaction is a non-taxable exchange and no sales charge will be
applied to the Class A shares issued.
Six Months Ended
June 30, 1996
Year Ended
December 31, 1995
Year Ended
December 31, 1995
Six Months Ended
June 30, 1996
# - CTFR VERMONT MUNICIPAL PORTFOLIO
SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
Periods Ended
---------------------------
June 30, December 31,
Class A Shares 1996 1995 1994
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning................... $ 16.62 $ 15.34 $ 16.66
======= ======= =======
Income from investment operations
Net investment income....................... .43 .87 .87
Net realized and unrealized gain (loss)..... (.53) 1.35 (1.35)
------- ------- -------
Total from investment operations.......... (.10) 2.22 (.48)
------- ------- -------
Distributions from
Net investment income....................... (.42) (.85) (.84)
Net realized gains.......................... - (.09) -
------- ------- -------
Total distributions....................... (.42) (.94) (.84)
------- ------- -------
Total increase (decrease) in net asset value. (.52) 1.28 (1.32)
------- ------- -------
Net asset value, ending...................... $ 16.10 $ 16.62 $ 15.34
======= ======= =======
Total return*................................ (.58%) 14.86% (2.88%)
======= ======= =======
Ratios to average net assets:
Net investment income....................... 5.27%(a) 5.35% 5.47%
======= ======= =======
Total expenses+............................. .79%(a) .76% -
======= ======= =======
Net expenses................................ .75%(a) .75% .73%
======= ======= =======
Portfolio turnover........................... 10% 12% 11%
======= ======= =======
Net assets, ending (in thousands)............ $55,421 $60,203 $64,215
======= ======= =======
Number of shares outstanding,
ending (in thousands)....................... 3,442 3,621 4,185
======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Periods Ended
---------------------------
December 31,
Class A Shares 1993 1992 1991/\
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning.................... $ 15.83 $ 15.58 $ 15.00
======= ======= =======
Income from investment operations
Net investment income........................ .86 .84 .68
Net realized and unrealized gain (loss)...... .82 .31 .58
------- ------- -------
Total from investment operations........... 1.68 1.15 1.26
------- ------- -------
Distributions from
Net investment income........................ (.85) (.84) (.66)
Net realized gains........................... - (.06) (.02)
------- ------- -------
Total distributions........................ (.85) (.90) (.68)
------- ------- -------
Total increase (decrease) in net asset value.. .83 .25 .58
------- ------- -------
Net asset value, ending....................... $ 16.66 $ 15.83 $ 15.58
======= ======= =======
Total return*................................. 10.84% 4.99% 11.43%(a)
======= ======= =======
Ratios to average net assets:
Net investment income........................ 5.25% 5.41% 5.97%(a)
======= ======= =======
Total expenses+.............................. - - -
======= ======= =======
Net expenses................................. .72% .62% .28%(a)
======= ======= =======
Expenses reimbursed.......................... - - .06%(a)
======= ======= =======
Portfolio turnover............................ 5% 11% 8%
======= ======= =======
Net assets, ending (in thousands)............. $67,634 $53,179 $38,828
======= ======= =======
Number of shares outstanding,
ending (in thousands)........................ 4,060 3,359 2,492
======= ======= =======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CTFR VERMONT MUNICIPAL PORTFOLIO - 13
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
PERIODS ENDED
----------------------------
JUNE 30, DECEMBER 31,
CLASS C SHARES 1996 1995 1994(#)
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning.................... $16.42 $15.26 $16.40
====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income....................... .29 .58 .51
Net realized and unrealized gain (loss)..... (.55) 1.35 (1.06)
------ ------ ------
Total from investment operations.......... (.26) 1.93 (.55)
------ ------ ------
Distributions from
- ------------------
Net investment income....................... (.27) (.68) (.59)
Net realized gains.......................... - (.09) -
------ ------ ------
Total distributions....................... (.27) (.77) (.59)
------ ------ ------
Total increase (decrease) in net asset value.. (.53) 1.16 (1.14)
------ ------ ------
Net asset value, ending....................... $15.89 $16.42 $15.26
====== ====== ======
Total return*................................. (1.57%) 12.88% (2.94%)
====== ====== ======
Ratios to average net assets:
Net investment income....................... 3.35%(a) 3.61% 3.87%(a)
====== ====== ======
Total expenses+............................. 2.74%(a) 2.47% -
====== ====== ======
Net expenses................................ 2.70%(a) 2.46% 2.41%(a)
====== ====== ======
Expenses reimbursed......................... - - 1.85%(a)
====== ====== ======
Portfolio turnover............................ 10% 12% 11%
====== ====== ======
Net assets, ending (in thousands)............. $ 433 $ 394 $ 223
====== ====== ======
Number of shares outstanding,
ending (in thousands)....................... 27 24 15
====== ====== ======
</TABLE>
* Total return is not annualized for periods of less than one year and does
not reflect deduction of Class A front-end sales charge.
(a) Annualized
+ Effective December 31, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the
ratio of net expenses.
(/\) From April 1, 1991, inception.
(#) From March 1, 1994, inception.
14 - CTFR VERMONT MUNICIPAL PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
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SEMI-ANNUAL REPORT (UNAUDITED) CTFR VERMONT MUNICIPAL PORTFOLIO - 15
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
16-CTFR VERMONT MUNICIPAL PORTFOLIO SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
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:
...................
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Brokers: 800-368-2746
TDD for Hearing
Impaired:
...................
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Branch Office:
...................
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Suite 1000N
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail:
...................
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c/o NFDS, 6t Floor
1004 Baltimore
Kansas City, MO 64105
Web Site:
...................
Address: http://www.calvertgroup.com
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.
<PAGE>
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