Calvert
Municipal
Fund
Semi-Annual Report
June 30, 1995
Investing with Vision(TM)
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A Member of the Acadia Group(R)
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Registered, Certified
or Overnight Mail:
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c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105-1807
Principal
Underwriter:
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders.
It is not authorized for distribution to prospective investors unless
preceded or accompanied by a prospectus.
Semi-Annual Report June 30, 1995
CALVERT MUNICIPAL FUND, INC.
Dear Investor:
The slowing economy, firming dollar and expectations that the Federal
Reserve would move to cut interest rates pushed bond yields lower and
prices higher across all maturity ranges. The stock market also rallied in
anticipation of lower interest rates and reports of continued strong
earnings growth. Shortly after the close of this reporting period, the
Federal Reserve moved to lower rates by reducing its target for the federal
funds rate (the rate banks charge each other) from 6% to 5.75%.
Chart 1: Municipal Rates
A line graph showing the Twenty year, Seven year, and One year AA General
Obligation rates from 6/94 through 6/95.
Market Review
Bond fund investors who held their course after 1994_s dismal bond market
showing were amply rewarded in the first six months of 1995. Prices of
bonds of all maturities soared as yields retraced much of their 1994
advance. Municipals led taxable bonds in the first quarter, but fell behind
in the second quarter as talk of tax reform rattled the market. For
example, the year-to-date principal-only return for the Lipper General
Municipal Debt Funds average was 6.71%, compared to 8.29% for the Lipper
Corporate Bond Fund Average.
Performance and Strategy Review
Believing that the bulk of the interest rate increases were behind us, we
took steps to modestly lengthen Portfolio maturities during this six-month
period. This was positive for performance, as longer-term securities
appreciate more when rates decline. The Fund's effective maturities are now
in the 10-year range.
We are pleased that the Calvert Municipal Intermediate Funds are continuing
to generate better-than-average performance. Each of the seven
state-specific portfolios launched between September 1993 and December 1993
is ranked number one or two since inception, according to Lipper Analytical
Services.<FN1> In addition, the California Intermediate Fund received
Morningstar's highest 5-star rating in June, marking its three-year
anniversary.
Investment Performance
Six Twelve
Periods Ended 6/30/95 Months Months
National Municipal Intermediate 7.64% 7.94%
Lipper Int. Muni. Funds Avg. 7.33% 6.80%
California Municipal Intermediate 6.44% 5.98%
Lipper CA Int. Muni Funds Avg. 7.46% 6.35%
Arizona Municipal Intermediate 7.19% 6.82%
Maryland Municipal Intermediate 7.99% 8.26%
Virginia Municipal Intermediate 8.37% 8.31%
Lipper Other States Int. Muni.
Funds Avg. 7.48% 6.99%
Florida Municipal Intermediate 7.73% 7.30%
Lipper FL Int. Muni. Funds Avg. 7.61% 7.12%
Michigan Municipal Intermediate 7.61% 7.29%
Lipper MI Int. Muni. Funds Avg. 6.46% 6.22%
New York Municipal Intermediate 7.71% 6.91%
Lipper NY Int. Muni. Funds Avg. 7.14% 6.20%
Pennsylvania Municipal Intermediate 7.76% 8.62%
Lipper PA Int. Muni. Avg. 7.17% 6.99%
Investment performance is for Class A shares and does not reflect
the deduction of any front-end sales charges.
[FN]
<F1> For the period since the Fund's inceptions through June 30, 1995, the
Florida Fund ranked 2 out of 15 funds in the Florida Municipal Intermediate
category, the Maryland Fund ranked 2 out of 51 funds in the Other States
Municipal Intermediate category, the Michigan Fund ranked 1 out of 7 funds
in the Michigan Intermediate category, the New York Fund ranked 1 out of 13
funds in the New York Municipal Intermediate category, the Virginia Fund
ranked 1 out of 51 funds in the Other States Municipal Intermediate
category, the Arizona Fund ranked 2 out of 55 funds in the Other States
Municipal Intermediate category and the Pennsylvania Fund ranked 2 out of
11 funds in the Pennsylvania Municipal Intermediate Funds category
according to Lipper Analytical Services.
[/FN]
Outlook
We believe the Fed will continue to have a neutral to easier policy bias in
reaction to mixed economic data. The markets will likely be volatile until
a clearer picture of second and early-third quarter economic activity forms
later in the summer.
While the possibility of lighter tax burdens depressed the municipal
markets during the first half of 1995, the gap in the performance of
municipals and taxables has narrowed a bit since the close of this
reporting period. In our opinion, the markets had overreacted. Proposals
for tax reform will face a long period of debate_a process that is not
likely to begin until late in 1995. We think municipals are now priced to
reflect the possibility of tax reform, and future jolts are less likely.
Sincerely,
(signature)
David R. Rochat
Senior Vice President
July 20, 1995
Portfolio Statistics
Weighted Average Maturity
12/31/94 6/30/95
National Municipal Intermediate 9 Years 13 Years
Arizona Municipal Intermediate 5 Years 7 Years
California Municipal Intermediate 9 Years 10 Years
Florida Municipal Intermediate 9 Years 9 Years
Maryland Municipal Intermediate 10 Years 9 Years
Michigan Municipal Intermediate 9 Years 8 Years
New York Municipal Intermediate 7 Years 7 Years
Pennsylvania Municipal Intermediate 7 Years 12 Years
Virginia Municipal Intermediate 7 Years 10 Years
SEC Yields
Class A Class C
Thirty Days Ended 6/30/95 6/30/95
National Municipal Intermediate 4.88% 4.18%
Arizona Municipal Intermediate 4.43% 3.70%
California Municipal Intermediate 4.30% 3.59%
Florida Municipal Intermediate 4.52% 3.80%
Maryland Municipal Intermediate 4.74% 4.07%
Michigan Municipal Intermediate 4.56% 3.87%
New York Municipal Intermediate 4.31% 3.63%
Pennsylvania Municipal Intermediate 4.73% 3.99%
Virginia Municipal Intermediate 4.55% 3.86%
Yields assume reinvestment of dividends.
Portfolio Statistics
Average Annual Total Returns
Since
Periods Ended 6/30/95 1 Year Inception
Class A Shares
National Municipal Intermediate (9/92) 5.01% 5.16%
Arizona Municipal Intermediate (12/93) 3.82% 1.56%
California Municipal Intermediate (5/92) 3.02% 4.84%
Florida Municipal Intermediate (12/93) 4.26% 1.49%
Maryland Municipal Intermediate (9/93) 5.17% 2.20%
Michigan Municipal Intermediate (9/93) 4.29% 2.71%
New York Municipal Intermediate (9/93) 3.92% 2.41%
Pennsylvania Municipal Intermediate (12/93) 5.54% 2.30%
Virginia Municipal Intermediate (9/93) 5.27% 3.11%
Class C Shares
National Municipal Intermediate (3/94) 7.01% 4.48%
Arizona Municipal Intermediate (3/94) 5.98% 3.41%
California Municipal Intermediate (3/94) 4.96% 2.60%
Florida Municipal Intermediate (3/94) 6.41% 3.94%
Maryland Municipal Intermediate (3/94) 7.03% 3.40%
Michigan Municipal Intermediate (3/94) 6.45% 3.66%
New York Municipal Intermediate (3/94) 5.90% 3.71%
Pennsylvania Municipal Intermediate (3/94) 7.93% 5.34%
Virginia Municipal Intermediate (3/94) 7.67% 4.66%
Portfolio Statistics
Security Diversification
as of 12/31/94
Portfolio Statistics
Calvert National Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 2: A line graph comparing the $10,000 investment in the Calvert
National Municipal Intermediate Fund, rising to $11,484 by 6/95 to the same
investment in the Lehman Municipal Bond Index, rising to $13,885 by 6/95.
Calvert Arizona Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 3: A line graph comparing the $10,000 investment in the Calvert
Arizona Municipal Intermediate Fund, rising to $10,234 by 6/95 to the same
investment in the Lehman Municipal Bond Index, rising to $10,398 by 6/95.
Calvert California Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 4: A line graph comparing the $10,000 investment in the Calvert
California Municipal Intermediate Fund, rising to $11,572 by 6/95 to the
same investment in the Lehman Municipal Bond Index, rising to $14,494 by
6/95.
Portfolio Statistics
Calvert Florida Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 5: A line graph comparing the $10,000 investment in the Calvert
National Municipal Intermediate Fund, rising to $10,224 by 6/95 to the same
investment in the Lehman Municipal Bond Index, rising to $10,398 by 6/95.
Calvert Maryland Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 6: A line graph comparing the $10,000 investment in the Calvert
Maryland Municipal Intermediate Fund, rising to $10,388 by 6/95 to the same
investment in the Lehman Municipal Bond Index, rising to $10,554 by 6/95.
Calvert Michigan Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 7: A line graph comparing the $10,000 investment in the Calvert
Michigan Municipal Intermediate Fund, rising to $10,479 by 6/95 to the same
investment in the Lehman Municipal Bond Index, rising to $10,544 by 6/95.
Portfolio Statistics
Calvert New York Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 8: A line graph comparing the $10,000 investment in the Calvert New
York Municipal Intermediate Fund, rising to $10,426 by 6/95 to the same
investment in the Lehman Municipal Bond Index, rising to $10,544 by 6/95.
Calvert Pennsylvania Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 9: A line graph comparing the $10,000 investment in the Calvert
Pennsylvania Municipal Intermediate Fund, rising to $10,347 by 6/95 to the
same investment in the Lehman Municipal Bond Index, rising to $10,398 by
6/95.
Calvert Virginia Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
Chart 10: A line graph comparing the $10,000 investment in the Calvert
Virginia Municipal Intermediate Fund, rising to $10,551 by 6/95 to the same
investment in the Lehman Municipal Bond Index, rising to $10,554 by 6/95.
Total returns assume reinvestment of dividends and, for Class A shares,
reflect the deduction of each fund_s maximum front-end sales charge of
2.75%.
No sales charge has been applied to the indices used for comparison.
The value of an investment in Class A shares is plotted in the line graphs.
The value of an investment in Class C shares would be different.
Past performance is no guarantee of future returns.
<TABLE>
<CAPTION>
Calvert Municipal Fund, Inc.
National Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
State/Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
Arizona (5.2%)
$ 1,000,000 Maricopa County School District General Obligation Bonds,
7.50%, 7/1/07, AMBAC Insured $ 1,194,550 Aaa/AAA
1,015,000 Mohave County Industrial Development Authority Revenue
Bonds Citizens Utilities Series B, 6.875%, 9/1/26,
(Optional tender 9/1/03 @ 100) 1,060,340 NR/AAA
California (5.2%)
22,258 City of Rialto Lease Agreement Revenue Bonds,
7.50%, 11/20/95 22,548 NR/NR
500,000 California General Obligation Bonds, 7.62%, 4/25/96,
BPA: Multi-Bank 526,250 NR/NR
500,000 San Francisco International Airport Series-2 #5 Municipal
Transportation Revenue Bonds, 5.90%, 5/1/05,
FGIC Insured 516,140 Aaa/AAA
750,000 San Francisco International Airport Series-2 #5 Municipal
Transportation Revenue Bonds, 6.00%, 5/1/06,
FGIC Insured 766,717 Aaa/AAA
400,000 Tahoe City Public Utility District Certificates of
Participation Series B, 6.30%, 6/1/04 408,724 NR/BBB+
Colorado (4.8%)
1,100,000 Denver City and County Airport Revenue Bonds Series A,
7.10%, 11/15/01 1,173,997 (Con.)Baa/BB
770,000 El Paso School District General Obligation Bonds,
8.25%, 12/15/04 927,033 aa1/NR
Connecticut (2.4%)
1,000,000 Connecticut Special Tax Obligation Revenue Bonds
Transportation Infrastructure Project, 6.00%, 9/1/06 1,059,210 A1/AA-
Florida (5.9%)
450,000 Collier County Special Assessment Bonds, Pine/Naples
Project, 5.375%, 11/1/07 446,161 NR/BBB
1,000,000 Tampa Capital Improvement Program Revenue Bonds Series
B, 8.25%, 10/1/05, IA: Multi-Bank 1,078,650 NR/BBB
1,000,000 Tampa Capital Improvement Program Revenue Bonds Series
B, 8.375%, 10/1/18, IA: Multi-Bank 1,062,760 NR/BBB
Georgia (9.3%)
1,500,000 Atlanta Airport Authority Facility Revenue Bonds, 6.50%,
1/1/07, AMBAC Insured 1,638,660 Aaa/AAA
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
National Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Municipal Obligations
State/Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
New York (5.0%)
$ 225,000 Glen Cove General Obligation Bonds, 5.50%, 1/15/03 $ 227,621 Baa/NR
215,000 Glen Cove General Obligation Bonds, 5.60%, 1/15/04 217,610 Baa/NR
215,000 Glen Cove General Obligation Bonds, 5.70%, 1/15/05 217,833 Baa/NR
294,269 New York City Hospital Revenue Bonds Bronx Lease,
5.75%, 12/1/97 292,797 NR/NR
200,000 New York State Certificates of Participation, 5.45%, 2/1/00 199,908 Baa1/BBB
1,000,000 New York State Local Government Assistance Corporation
Revenue Bonds, 6.00%, 4/1/14 1,042,400 A/A
Pennsylvania (3.0%)
1,000,000 Philadelphia Airport Revenue Bonds, 5.70%, 6/15/07, AMBAC
Insured 991,420 Aaa/AAA
300,000 Sharon Regional Health System Authority Hospital Revenue
Bonds Project A, 5.50%, 12/1/97 304,113 NR/BBB+
South Dakota (2.6%)
1,125,000 Heartland Consumers Power District Revenue Bonds, 6.00%,
1/1/09, FSA Insured 1,152,213 Aaa/AAA
Texas (5.6%)
1,000,000 Alamo Community College District Revenue Bonds, 5.00%,
11/1/08, MBIA Insured 953,100 Aaa/AAA
1,500,000 North Texas Higher Education Student Loan Series B Revenue
Bonds, 5.55%, 4/1/03 1,509,240 Aaa/NR
Tennessee (3.4%)
1,500,000 Maryville Industrial Development Bonds Spartan Food System
Project, 7.50%, 12/1/12 , (Tender 12/1/95 @ 100), LOC:
Citibank 1,504,065 NR/A+
Virginia (9.4%)
350,000 Arlington County Community Housing Finance Revenue
Bonds, 6.00%, 12/1/09 355,124 NR/AAA
1,120,000 Virginia State Housing Development Authority Revenue Bonds,
6.00%, 7/1/03 1,162,459 Aa1/AA+
1,000,000 Virginia State Housing Development Authority Series G
Revenue Bonds, 6.50%, 7/1/03 1,042,360 Aa1/AA+
300,000 Virginia State Housing Development Authority Series A Revenue
Bonds, 6.90%, 7/1/07 315,516 Aa1/AA+
1,200,000 West Point Industrial Development Authority Pollution
Control
Revenue Bonds Chesapeake Corp. Project, 6.375%,
5/1/03 1,208,832 Baa3/BBB
Other (6.9%)
1,000,000 Fort Mojave Indian Tribe of Arizona, California and Nevada
Public Facilities Comnibed Limited Obligation and
Revenue Bonds Adjustable Rate and Tender Series of 1993,
5.75%, 12/1/18, (Tender 12/1/96 @ 100) 1,003,320 NR/NR
2,000,000 Oneida Utility Commission Government Lease Revenue Bonds,
6.25%, 7/1/97 2,023,926 NR/NR
TOTAL INVESTMENTS (97.6%) <F4> (Cost $41,375,547) <F3> $42,608,587
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
California Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 595,000 California Educational Facilities Revenue Bonds,
University of San Francisco, 5.90%, 10/1/02 $ 611,523 A/NR
500,000 California General Obligation Bonds, 5.02%, 4/25/96,
BPA: Multi-Bank 526,250 NR/NR
1,000,000 California General Obligation Bonds, 6.40%, 9/1/07 1,068,890 A1/A
1,113,878 California State Justice Department Certificates of
Participation, 6.75%, 8/31/98 1,149,154 NR/NR
1,000,000 California State Department Water Resources Revenue Bonds,
5.70%, 12/1/03 1,052,490 Aa/AA
1,000,000 California State Department Water Resources Revenue Bonds,
5.50%, 12/1/09 968,050 Aa/AA
1,750,000 California State Public Works Lease Revenue Bonds, 5.25%,
12/1/07, AMBAC Insured 1,712,445 Aaa/AAA
625,000 City of Chula Vista Multi-Family Housing Revenue Bonds
Eucaluptus Grove Project, 5.75%, 11/1/07, SURBD:
Continental Casualty Co. 632,881 NR/A+
1,000,000 Humboldt County Certificates of Participation Revenue
Bonds, 6.10%, 3/1/13 970,980 NR/A
900,000 Irvine Ranch Water District Series A VRDN, 4.25%, 5/1/09,
SURBD: Bank of America 900,000 VMIG1/A-1
1,000,000 Los Angeles County General Obligation Bonds,
7.50%, 9/1/01, MBIA Insured 1,140,890 Aaa/AAA
1,000,000 Los Angeles Department of Water and Power Revenue Bonds,
5.40%, 9/1/06 990,010 Aa/AA
1,000,000 Los Angeles Wastewater System Revenue Bonds,
8.50%, 6/1/02, MBIA Insured 1,206,430 Aaa/AAA
750,000 Merced County Certificates of Participation,
5.625%, 10/1/02, FSA Insured 780,930 Aaa/AAA
857,000 Oceanside Unified School District Certificates of
Participation, 7.25%, 8/1/02 885,058 NR/NR
1,000,000 Orange County Sanitation District VRDN, 3.75%,
8/1/16, LOC: Societe Generale 1,000,000 VMIG1/A-1+
1,000,000 Paso Robles School District Certificates of Participation,
5.40%, 8/1/02 1,011,080 A1/NR
1,000,000 Port of Oakland Series D Revenue Bonds, 7.00%,
11/1/02, MBIA Insured 1,125,390 Aaa/AAA
1,335,000 Redlands Sewer Facilities Project Certificates of
Participation, 4.50%, 9/1/17, (Mandatory
Put 6/1/96 @ 100),
FGIC Insured 1,334,599 Aaa/AAA
669,555 Regents of the University of California, Los Angeles
Certificates of Participation, 6.32%, 3/15/99 702,176 NR/NR
46,700 Regents of University of California, San Diego Certificates of
Participation, 7.65%, 6/1/97 48,695 NR/NR
1,500,000 Sacramento Electric Municipal Utility District Revenue
Bonds,
4.75%, 9/1/21, MBIA Insured 1,232,565 Aaa/AAA
842,737 Sacramento Certificates of Participation, 6.75%, 3/1/02 859,836 NR/NR
1,574,647 Sacramento Certificates of Participation, 6.50%, 1/1/04 1,645,648 NR/NR
<CAPTION>
Calvert Municipal Fund, Inc.
California Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 2,000,000 San Diego County Children Center Project Certificates of
Participation, 6.00%, 10/1/02 $ 2,024,460 (Con.)A/(P)A
1,000,000 San Diego County Transportation Commission Revenue Bonds,
5.25%, 4/1/06, FGIC Insured 989,400 Aaa/AAA
1,000,000 San Diego County Vista Detention Facility Certificates of
Participation, 5.00%, 4/1/05, MBIA Insured 980,270 Aaa/AAA
575,000 San Jose Financing Authority Revenue Bonds Convention Center
Project Series C, 5.75%, 9/1/98 594,762 A1/A+
2,000,000 San Jose Redevelopment Tax Allocation Bonds, 5.00%,
8/1/20, MBIA Insured 1,725,960 Aaa/AAA
1,500,000 Southern California Public Power Authority Project Revenue
Bonds, 5.375%, 1/1/09, MBIA Insured 1,451,760 Aaa/AAA
1,000,000 Southern California Rapid Transit District Special
Assessment Bonds, 5.90%, 9/1/07, AMBAC Insured 1,035,950 Aaa/AAA
465,000 Tahoe City Public Utility District Certificates of
Participation Series B, 5.60%, 6/1/98 473,477 NR/BBB+
505,000 Tahoe City Public Utility District Certificates of
Participation Series B, 5.75%, 6/1/99 514,888 NR/BBB+
745,000 Tahoe City Public Utility District Certificates of
Participation Series B, 5.90%, 6/1/00 758,931 NR/BBB+
885,000 Tahoe City Public Utility District Certificates of
Participation Series B, 6.25%, 6/1/03 907,125 NR/BBB+
1,000,000 University of California Multi Purpose Project Series C
Revenue Bonds, 5.125%, 9/1/13, AMBAC Insured 910,070 Aaa/AAA
805,000 Valley Health System Certificates of Participation, 6.25%,
5/15/99 798,656 NR/NR
1,000,000 Ventura County Certificates of Participation, 5.375%,
12/1/01 1,014,845 (Con.)A1/(P)A+
TOTAL INVESTMENTS (96.6%) <F4> (Cost $37,177,477)<F3> $37,736,524
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Maryland Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
State/Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
Maryland(93.8%)
$ 500,000 Anne Arundel County General Obligation Bonds,
5.125%, 4/15/09 $ 476,880 Aa1/AA+
385,000 Baltimore City General Obligation Bonds, 8.90%,
10/15/99, MBIA Insured 450,561 Aaa/AAA
500,000 Baltimore City General Obligation Bonds, 6.00%,
10/15/04, AMBAC Insured 533,690 Aaa/AAA
300,000 Baltimore County Economic Development Revenue Bonds,
6.00%, 9/1/96, LOC: First National Bank of Maryland 301,656 NR/NR
126,501 Baltimore County Economic Development Revenue
Bonds, 5.00%, 12/1/08, LOC: First National
Bank of Maryland 121,801 NR/NR
965,000 Cambridge Economic Development Bonds, 7.25%, 4/1/04 1,017,206 NR/NR
400,000 Carroll County General Obligation Bonds, 6.25%, 11/1/08 439,328 Aaa/NR
500,000 Cecil County General Obligation Bonds, 5.10%,
12/1/07, FGIC Insured 487,410 Aaa/AAA
451,000 Cecil County Health Department Certificates of Participation,
7.875%, 7/1/14 451,000 NR/NR
400,000 Frederick County General Obligation Bonds, 5.00%, 8/1/09 378,296 Aa/AA-
692,881 Harford County Economic Development Revenue Bonds,
5.25%, 6/1/10 LOC: First National Bank of Maryland 699,435 NR/NR
400,000 Howard County General Obligation Bonds, 5.25%, 8/15/05 403,728 Aa1/AA+
141,255 Maryland Industrial Development Financing Authority
Revenue Bonds, 6.75%, 5/1/96 141,293 NR/NR
250,000 Maryland Industrial Development Financing Authority
Revenue Bonds, 5.20%, 12/1/05 241,407 Aa/AA-
200,000 Maryland Industrial Development Financing Authority
Revenue Bonds, 6.375%, 11/1/96, LOC:
First National Bank of Maryland 200,514 NR/NR
370,000 Maryland Stadium Authority Revenue Bonds, 5.375%,
12/15/03, AMBAC Insured 378,184 Aaa/AAA
155,000 Maryland State Certificates of Participation for St. Mary's
County, 5.20%, 6/1/04 157,536 Aa/AA
180,000 Maryland State Certificates of Participation for St. Mary_s
County, 5.20%, 12/1/04 183,076 Aa/AA
250,000 Maryland State Economic Development Authority, 6.10%,
1/1/00 257,917 NR/(P)AA
250,000 Maryland Water Quality Administration Revolving Loan
Fund, 5.40%, 9/1/13 237,222 Aa/AA
230,000 Montgomery County General Obligation Bonds, 7.00%,
5/1/03 262,057 Aaa/AAA
250,000 Montgomery County Unlimited General Obligation Bonds,
9.75%, 6/1/01 315,447 Aaa/AAA
250,000 Northeast Maryland Waste Disposal Authority Revenue
Bonds, 5.80%, 7/1/04 249,822 A/NR
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Maryland Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Municipal Obligations
State/Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
Maryland (Cont'd)
$ 250,000 Ocean City General Obligation Bonds, 6.00%,
3/15/01, MBIA Insured $ 265,827 Aaa/AAA
350,000 Ocean City Industrial Development Authority Revenue
Bonds, 5.85%, 7/1/13, LOC: First National
Bank of Maryland 350,000 NR/NR
300,000 Prince Georges County Certificates of Participation,
5.90%, 9/15/08, MBIA Insured 307,134 Aaa/AAA
400,000 Rockville General Obligation Bonds, 4.875%, 4/15/06 386,768 Aa1/AA+
400,000 University of Maryland Auxiliary System Revenue Bonds,
5.20%, 4/1/06 395,748 Aa/AA+
150,000 Washington Suburban Sanitary District Revenue Bonds,
5.00%, 6/1/03 150,681 Aa1/AA
Washington D.C. (3.9%)
400,000 Washington D.C. Metropolitan Area Transit Authority,
6.00%, 7/1/07, FGIC Insured 421,720 Aaa/AAA
Total Investments (97.7%) <F4>
(Cost $10,452,756) <F3> $10,663,344
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Michigan Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 150,000 Bay City Water Supply Revenue Bonds, 4.80%, 10/1/02,
AMBAC Insured $ 148,272 Aaa/AAA
350,000 Brighton Area School District General Obligation Zero-Coupon
Bonds, 5/1/00, AMBAC Insured 274,214 Aaa/AAA
300,000 Cedar Springs Public School District General Obligation Bonds,
7.65%, 5/1/03 349,929 A1/AA
75,000 Farmington Hills Hospital Finance Authority Revenue Bonds -
Botsford General Hospital, Series A, 6.00%, 2/15/01, MBIA
Insured 79,272 Aaa/AAA
150,000 Forest Hills Housing Development VRDN, 4.68%, 5/1/16, LOC:
Citibank 150,000 VMIG1/NR
300,000 Greenville Public School District General Obligation
Bonds, 5.75%, 5/1/06, MBIA Insured 309,246 Aaa/AAA
200,000 Hartland Consolidated School District General Obligation
Refunding Bonds, 5.25%, 5/1/02 203,198 A1/AA
200,000 Kalamazoo County Transportation Fund General Obligation
Bonds, 6.50%, 10/1/02 213,704 A1/AA-
100,000 Macomb County Transportation Fund General Obligation Bonds,
6.70%, 8/1/98 106,653 NR/AA-
500,000 Michigan Higher Education Facility Authority University of
Detroit-Mercy Revenue Bonds, 6.00%, 11/1/03 510,130 NR/NR
610,000 Michigan Higher Education Facility Authority Revenue Bonds,
7.00%, 11/1/05 664,771 NR/NR
50,000 Michigan State General Obligation Bonds, 5.80%, 11/1/02 52,994 A1/AA
300,000 Michigan State Hospital Finance Authority-Crittention
Hospital, 4.75%, 3/1/01 289,428 A/NR
510,000 Michigan State Housing Development Authority Limited
Obligation-River Place Plaza Apts., 5.00%, 10/1/11 503,625 NR/AAA
125,000 Michigan State Building Authority Series II Revenue Bonds,
6.10%, 10/1/01, MBIA Insured 133,537 Aaa/AAA
250,000 Michigan State Building Authority Series II Revenue
Bonds, 6.25%, 10/1/01, AMBAC Insured 269,077 Aaa/AAA
250,000 Michigan State Building Authority Facilities Revenue
Bonds, Series I, 5.00%, 10/1/01 252,250 A/AA-
300,000 Michigan State Comprehensive Transportation Bonds,
5.75%, 5/15/11 293,865 A1/AA
250,000 Mount Pleasant Schools General Obligation Bonds, 5.65%,
5/1/05 255,272 A1/AA
100,000 Oakland County Lueders Drain District Special Assessment
General Obligation Bonds, 6.40%, 5/1/02,(Put 11/1/04 @ 100),
AMBAC Insured 107,828 Aaa/AAA
500,000 Oakland County Economic Development Limited Obligation
Revenue Bonds Cranbrook Educational Community,
6.375%, 11/1/14, AMBAC Insured 535,345 Aaa/AAA
150,000 Saginaw County Building Authority Revenue Bonds, 5.00%,
4/1/04 146,253 A/A+
75,000 University of Michigan Student Fees Revenue Bonds, 5.875%,
4/1/00 78,773 Aa/AA+
80,000 Yale Public School District General Obligation Bonds, 5.10%,
5/1/06, AMBAC Insured 78,881 Aaa/AAA
205,000 Zeeland Public Schools General Obligation Bonds, 5.70%,
5/1/07, MBIA Insured 208,466 Aaa/AAA
TOTAL INVESTMENTS (98.2%) <F4> (Cost $6,108,964) <F3> $6,214,983
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
New York Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 100,000 Battery Park New York Revenue Refunding Series A Bonds,
4.75%, 11/1/02 $ 96,626 A1/AA
150,000 Dundee Central School District General Obligation Bonds,
5.70%, 6/15/07, AMBAC Insured 155,313 Aaa/AAA
75,000 Erie County General Obligation Bonds, 5.40%, 3/15/99,
FGIC Insured 77,353 Aaa/AAA
75,000 Irvington Unified Free School District General
Obligation Bonds, 5.10%, 7/15/01, AMBAC Insured 76,678 Aaa/AAA
180,000 Metropolitan Transit Authority Commuter Facility
Revenue Bonds Series A, 5.70%, 7/1/02, MBIA Insured 187,151 Aaa/AAA
50,000 Monroe County Water Authority Revenue Bonds, 5.95%, 8/1/02 52,985 A1/AA
75,000 New Castle Public Improvement General Obligation Bonds,
5.40%, 9/15/00 77,956 Aa/NR
133,799 New York City Hospital Corporation Bellvue Lease, 5.75%,
7/11/96 134,133 NR/NR
241,716 New York City Hospital Corporation Bronx Lease, 5.75%,
12/1/97 240,507 NR/NR
100,000 New York City Industrial Development Agency Civil Facility
Revenue Bonds USTA National Tennis Center, 7.75%,
11/15/02, FSA Insured 116,914 Aaa/AAA
100,000 New York City Municipal Water Finance Revenue Bonds,
4.75%, 6/15/01 98,723 A/A-
50,000 New York City Municipal Water Finance Authority Water and
Sewer System Revenue Bonds Series A, 7.625%, 6/15/16,
FGIC Insured, (Pre-refunded 4/15/97 @ 101.5) 54,093 Aaa/AAA
200,000 New York City Series D General Obligation Bonds,
5.70%, 8/15/06 191,100 Baa1/A
75,000 New York Local Government Assistance Corp. Revenue Bonds,
5.00%, 4/1/06 72,333 A/A
150,000 New York State Project Finance Agency Revenue Bonds HUD Sec.
236 Series A, 4.75%, 11/1/04, FSA Insured 143,335 Aaa/AAA
200,000 New York State Dormitory Authority Revenue Bonds,
5.50%, 5/15/07 193,554 Baa1/BBB+
50,000 New York State Dormitory Authority Revenue Bonds for City
University, 8.125%, 7/1/17 (Prerefunded 7/1/97 @ 102) 54,814 Aaa/AAA
50,000 New York State Dormitory Authority Revenue Bonds for
Manhattan College, 5.70%, 7/1/00, Asset Guaranty Insured 50,475 NR/AA
150,000 New York State Dormitory Authority Revenue Bonds for State
Department of Mental Health, 5.35%, 7/1/01 149,999 Baa1/BBB
50,000 New York State Dormitory Authority Revenue Bonds for Mt. Sinai
Medical School, 6.50%, 7/1/03, MBIA Insured 54,509 Aaa/AAA
90,000 New York State Environmental Facilities Pooled Revenue Bonds,
5.70%, 5/15/09 89,822 Aa/AA
210,000 New York State General Obligation Bonds, 6.25%, 8/15/05 225,290 A/A-
75,000 New York State General Obligation Bonds, 5.75%, 9/15/01 78,534 A/A-
100,000 New York State Local Assistance Corp. Revenue Bonds Series E,
6.00%, 4/1/14 104,240 A/A
100,000 New York State Power Authority Revenue Bonds, 6.50%, 1/1/08 108,860 Aa/AA-
240,000 New York State Thruway Authority Highway Bonds, 5.375%,
4/1/02, FGIC Insured 246,465 Aaa/AAA
150,000 Oneida County General Obligation Bonds, 5.70%, 3/15/01 152,170 Baa/BBB
25,000 Onondaga County Unlimited Tax General Obligation Bonds,
9.60%, 6/15/00 30,522 Aa/NR
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
New York Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 790,000 Orange County Industrial Development VRDN, 5.94% 12/1/05 $ 790,000 NR/NR
75,000 Port Authority of New York and New Jersey Revenue Bonds,
4.875%, 8/1/00 75,516 A1/AA-
150,000 Suffolk County Industrial Development Agency Bonds, 6.00%,
2/1/08, FGIC Insured 156,738 Aaa/AAA
100,000 Syracuse, 4.80%, 10/15/06 95,212 Aa/AA
275,000 Triborough Building and Tunnel Series A Revenue Bonds,
5.00%, 1/1/07 263,398 Aa/A+
140,000 Westchester County General Obligation Bonds, 6.70%, 2/1/01 154,620 Aaa/AAA
TOTAL INVESTMENTS (97.7%) <F4> (Cost $4,832,830) <F3> $4,849,938
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Virginia Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 600,000 Arlington County Community Housing Finance
Revenue Bonds, 6.00%, 6/1/09 $ 608,784 NR/AAA
300,000 Arlington County General Obligation Bonds, 5.50%, 8/1/06 307,308 Aaa/AAA
450,000 Chesapeake Bay Bridge and Tunnel Revenue Bonds, 5.50%,
7/1/06, FGIC Insured 454,437 Aaa/AAA
300,000 Chesapeake County General Obligation Bonds, 5.60%, 5/1/00 313,251 Aa/AA
150,000 Fairfax County General Obligation Series C Bonds, 5.30%,
10/1/02 154,344 Aaa/AAA
300,000 Fluvanna County Industrial Development Authority VRDN,
5.625%, 12/1/09, LOC: Banque Nat_l de Paris <F2> 300,000 Aa3/NR
400,000 Hampton City General Obligation Bonds, 5.90%, 1/15/07 416,300 Aa/AA-
200,000 Loudon County General Obligation Series A Bonds, 5.40%,
10/1/06 201,390 Aa/AA-
200,000 Loudon County Certificates of Participation, 6.10%, 3/1/02,
FSA Insured 213,146 Aaa/AAA
190,000 Loudon County Certificates of Participation, 6.30%, 3/1/04,
FSA Insured 203,598 Aaa/AAA
100,000 Metropolitan Washington Airport Authority Series A Bonds,
6.10%, 10/1/01, MBIA Insured 106,386 Aaa/AAA
300,000 Metropolitan Washington Airport Authority, Series A Bonds,
5.60%, 10/1/06, MBIA Insured 300,465 Aaa/AAA
300,000 Norfolk General Obligation Bonds, 5.40%, 2/1/02 309,534 Aa/AA
195,000 Norfolk Industrial Development Bonds Sentara Hospital, 6.60%,
11/1/00 207,002 Aa/AA
155,000 Norfolk Water Utility Improvement Revenue Bonds, 5.20%,
11/1/09, MBIA Insured 148,784 Aaa/AAA
125,000 Northern Virginia Transportation District Virginia
Railway Express Bonds, 6.00%, 7/1/14, Capital
Guaranty Insured 123,602 Aaa/AAA
300,000 Peninsula Ports Health System Riverside Health Revenue Bonds,
6.00%, 7/1/01 313,023 Aa/AA-
200,000 Richmond General Obligation Bonds, 4.80%, 1/15/01 200,090 A1/AA
450,000 Riverside Regulatory Jail Authority Bonds, 5.70%, 7/1/08,
MBIA Insured 453,501 Aaa/AAA
435,000 Virginia College Building Authority Hampton Revenue Bonds
University Project, 5.2%, 4/1/02 436,435 NR/A+
340,000 Virginia Beach General Obligation Bonds, 5.40%, 7/15/08 336,855 Aa/Aa
200,000 Virginia State Housing Authority Bonds Series A,
6.50%, 7/1/03 208,472 Aa1/AA+
270,000 Virginia State Housing Authority Series A Bonds,
6.90%, 7/1/07 283,964 Aa1/AA+
400,000 Virginia State Housing Authority Series C Bonds,
6.00%, 1/1/03 412,404 Aa/AA+
120,000 Virginia State Housing Authority Series C Bonds,
6.75%, 7/1/11 124,390 Aa/AA+
100,000 Virginia State Public Building Authority Revenue Bonds
Series A, 5.80%, 8/1/02 105,573 Aa/AA
230,000 Virginia State Public Building Authority Revenue Bonds
Series B, 5.625%, 8/1/02 240,430 Aa/AA
400,000 Virginia State Public Building Authority Revenue Bonds
Series A, 6.00%, 8/1/03 423,924 Aa/AA
200,000 Virginia State Public School Authority Series A
Revenue Bonds, 6.00%, 8/1/01 212,960 Aa/AA
200,000 Virginia State Public School Authority Series A
Revenue Bonds, 6.00%, 8/1/03 213,294 Aa/AA
300,000 Virginia State Resources Authority Water & Sewer
Revenue Bonds, 5.50%, 10/1/19 279,837 NR/AA
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Virginia Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 265,000 Virginia State Transportation Board Bonds
Route 28 Project, 5.75%, 4/1/00 $ 277,741 Aa/AA
300,000 West Point Industrial Development Authority Revenue Bonds
Chesapeake Corporation, 6.375%, 5/1/03 302,210 Baa3/BBB
300,000 Winchester Industrial Development Authority Revenue Bonds
Shenandoah University, 6.05%, 10/1/05, Asset Guaranty
Insured 308,974 NR/AA
TOTAL INVESTMENTS (88.4%) <F4>
(Cost $9,233,851 ) <F3> $9,502,408
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Arizona Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 100,000 Arizona State Certificates of Participation,
5.20%, 5/1/97, AMBAC Insured $ 100,723 Aaa/AAA
75,000 Arizona State Transportation Excise Tax Subordinated Revenue
Bonds,4.50%, 7/1/03, AMBAC Insured 71,692 Aaa/AAA
200,000 Arizona State Transportation Board Highway Revenue Bonds,
6.00%, 7/1/08 208,446 Aa/AA
75,000 Arizona State Transportation Board Highway Revenue Bonds,
7.00%, 7/1/09, (Pre-refunded 7/1/00 @ 101) 83,417 Aaa/AAA
100,000 Casa Grande Excise Tax Revenue Bonds, 5.70%, 4/1/06,
FGIC Insured 102,974 Aaa/AAA
100,000 Glendale Refunding General Obligation Bonds, 5.15%,
7/1/03, FGIC Insured 101,440 Aaa/AAA
100,000 Maricopa County Certificates of Participation, 5.125%, 6/1/97 100,822 Baa/BBB
150,000 Maricopa County Community Series A Bonds, 5.80%, 7/1/04 157,614 Aa/AA
50,000 Maricopa County Creighton School District #14 General
Obligation Bonds, 6.90%, 7/1/03, FGIC Insured 56,097 Aaa/AAA
50,000 Marcopa County Glendale School District #40 General
Obligation Bonds, 6.30%, 7/1/03, FGIC Insured 54,492 Aaa/AAA
100,000 Maricopa County Paradise Valley School District #69
General Obligation Capital Appreciation Bonds,
7/1/01, AMBAC Insured 73,437 Aaa/AAA
50,000 Maricopa County Peoria School District #11 General Obligation
Bonds, 5.40%, 7/1/02, MBIA Insured 51,466 Aaa/AAA
100,000 Maricopa County Peoria School District #11 General Obligation
Bonds, 7.50%, 7/1/07, AMBAC Insured 119,455 Aaa/AAA
100,000 Maricopa County Tempe School District #3 General Obligation
Bonds, 6.10%, 7/1/99 105,801 A1/AA
150,000 Maricopa County Tempe Elementary School District #3 General
Obligation Capital Appreciation Bonds, Zero Coupon,
Various Maturities, AMBAC Insured 101,354 Aaa/AAA
70,000 Maricopa County Tolleson School District #214 General
Obligation Bonds, 5.35%, 7/1/03, FGIC Insured 71,350 Aaa/AAA
25,000 Mesa General Obligation Bonds, 5.70%, 7/1/03, FGIC Insured 26,109 Aaa/AAA
95,000 Peoria Municipal Development Authority Revenue Bonds, 7.00%,
7/1/00, AMBAC Insured 104,639 Aaa/AAA
75,000 Phoenix Unlimited Tax General Obligation Bonds, 4.70%, 7/1/01 74,844 Aa/AA+
50,000 Phoenix Civic Improvement Junior Lien Water System Revenue
Bonds, 4.50%, 7/1/01 48,767 A1/AA-
50,000 Phoenix Street and Highway User Junior Lien Revenue Bonds,
6.10%, 7/1/00, MBIA Insured 53,111 Aaa/AAA
35,000 ima County General Obligation Bonds, 5.15%, 7/1/99 35,928 Aa/A+
15,000 Pima County General Obligation Bonds, 5.50%, 7/1/02 15,573 Aa/A+
50,000 Pima County Unified School District Catalina Foothills #16
General Obligation Bonds, 4.00%, 7/1/00, AMBAC Insured 48,651 Aaa/AAA
50,000 Pima County Unified School District Sunnyside #12 General
Obligation Bonds, 5.35%, 7/1/03, AMBAC Insured 51,076 Aaa/AAA
125,000 Prescott Valley Property Corp. Municipal Facilities
Revenue Bonds, 5.55%, 1/1/06, FGIC Insured 125,691 Aaa/AAA
100,000 Salt River Agricultural Improvement and Power
District Electrical System Revenue Bonds
Series D, 5.80%, 1/1/05 103,997 Aa/AA
70,000 Scottsdale Municipal Property Excise Revenue Bonds, 4.50%,
7/1/98, FGIC Insured 70,448 Aaa/AAA
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Arizona Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 120,000 Scottsdale Series D General Obligation Bonds,
6.50%, 7/1/01 $ 131,052 Aa1/AA
75,000 Tucson Refunding General Obligation Bonds, 5.10%, 7/1/99, 76,935 Aaa/AAA
80,000 Tucson Street and Highway Senior Series A Revenue
Bonds, 4.50%, 7/1/98, MBIA Insured 80,446 Aaa/AAA
100,000 Tucson Street and Highway Revenue Bonds Series A, 7.00%,
7/1/11, MBIA Insured 114,555 Aaa/AAA
100,000 Yuma County Unified High School #70 District General
Obligation Bonds, 5.00%, 7/1/99, FGIC Insured 102,216 Aaa/AAA
TOTAL INVESTMENTS (94.7%)<F4>
(Cost $2,801,953) <F3> $2,824,618
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Florida Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 150,000 Boca Raton Beach Acquisition Revenue Bonds, 4.60%,
1/1/05, MBIA Insured $ 142,993 Aaa/AAA
195,000 Brevard County Sales Tax Revenue Bonds, 5.40%, 12/1/06,
MBIA Insured 197,002 Aaa/AAA
100,000 Broward County School District General Obligation Bonds,
7.20%, 2/15/00 107,972 A1/AA-
150,000 Broward County Solid Waste System Revenue Bonds,
5.80%, 7/1/07, MBIA Insured 154,122 Aaa/AAA
260,000 City of Miami General Obligation Bonds, 5.90%, 12/1/06,
FGIC Insured 272,313 Aaa/AAA
100,000 Collier County Special Assessment Bonds, 5.375%, 11/1/07 99,147 NR/BBB
150,000 Dade County Aviation Revenue Bonds, 5.60%, 10/1/05,
AMBAC Insured 154,467 Aaa/AAA
75,000 Dade County Industrial Development Authority Revenue VRDN,
4.20%, 1/1/16, LOC: Marine Midland Bank 75,000 VM1G2/A-2
150,000 Dade County School District General Obligation Bonds,
6.40%, 8/1/98, MBIA Insured 159,496 Aaa/AAA
100,000 Dade County Water and Sewer Systems Revenue Bonds, 5.00%,
10/1/00, FGIC Insured 101,840 Aaa/AAA
150,000 East County Water Control District Water Management
Consolidated Refunding Bonds Series 1994, 5.45%,
11/1/02, Asset Guaranty Insured 153,168 NR/AA
250,000 Escambia County Road Improvement Revenue Bonds,
4.75%, 1/1/99 245,732 Baa/BBB
250,000 Hillsborough County Aviation Series D Revenue Bonds, 5.40%,
10/1/13, FGIC Insured 235,055 Aaa/AAA
150,000 Hillsborough County Solid Waste Revenue Bonds, 5.40%,
10/1/05, MBIA Insured 151,633 Aaa/AAA
125,000 Hollywood Water and Sewer Revenue Bonds, 6.75%, 10/1/11,
FGIC Insured 140,237 Aaa/AAA
150,000 Homestead Special Insurance Assessment Revenue Bonds, 4.90%,
3/1/00, MBIA Insured 152,176 Aaa/AAA
100,000 Jacksonville Water and Sewer Revenue Bonds, 5.20%, 10/1/02,
MBIA Insured 102,295 Aaa/AAA
100,000 Jacksonville Electric Authority Revenue Bonds, 6.70%, 10/1/04 111,070 Aaa/NR
100,000 Jacksonville Excise Taxes Revenue Bonds, 6.25%, 10/1/05,
AMBAC Insured 107,624 Aaa/AAA
125,000 Jacksonville Port Authority Revenue Bonds, 7.625%, 11/1/99,
MBIA Insured 140,535 Aaa/AAA
150,000 Lee County Transportation Facilities Revenue Bonds, 5.625%,
10/1/08, MBIA Insured 151,641 Aaa/AAA
125,000 Manatee County Housing Finance Authority VRDN, 4.50%,
12/1/07, LOC: Marine Midland Bank 125,000 NR/A-2
115,000 Marion County School Board Certificates of
Participation, 5.30%, 8/1/02, FSA Insured 116,894 Aaa/AAA
150,000 Orange County Housing Finance Authority VRDN, 4.00%,
8/1/08, LOC: Nationsbank 150,000 NR/A-1
50,000 Sarasota County Health Facility Hospital VRDN, 4.35%, 12/1/15,
LOC: Kredietbank 50,000 VMIG1/NR
150,000 St. Petersburg Professional Sports Facility Revenue
Bonds, 5.10%, 10/1/04, MBIA Insured 150,651 Aaa/AAA
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Florida Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Municipal Obligations
Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
$ 200,000 Tampa Capital Improvement Revenue Bonds, 8.375%,
10/1/18, IA: Multi-Bank $ 212,552 NR/BBB
175,000 Tampa Utility Tax and Special Revenue VRDN, 4.375%, 10/1/05,
TOA: Bankers Trust 175,000 VMIG1/NR
150,000 Wakulla County School District General Obligation
Bonds, 5.65%, 6/1/13, AMBAC Insured 146,850 Aaa/AAA
TOTAL INVESTMENTS (90.5%) <F4> (Cost $4,217,385) <F3> $4,282,465
Financial Futures
3 Contracts U.S. Treasury-10 year Note, expires September, 1995,
principal amount $300,000, value $330,281 cumulative
depreciation $2,749
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Pennsylvania Portfolio of Investments
June 30, 1995 (Unaudited)
Municipal Obligations
State/Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
Pennsylvania (95.3%)
$ 170,000 Allegheny County Series C-42 General Obligation Bonds,
5.00%, 10/1/07 $ 162,625 A1/AA
200,000 Bucks County General Obligation Bonds Series A, 6.00%,
3/1/01 212,282 Aa/AA
150,000 Center City District Business Improvement Assessment,
5.75%, 12/1/10, AMBAC Insured 148,631 Aaa/AAA
130,000 Central Bucks County School District General Obligation
Bonds, 6.40%, 2/1/01 140,409 Aa/NR
175,000 Chester County General Obligation Bonds, 5.50%,12/15/07 175,229 Aa/NR
735,000 Colquitt County Development Authority Revenue Zero
Coupon Bonds, 12/1/21, (Escrowed to Maturity) 122,422 NR/NR
90,000 Erie County General Obligation Bonds Series B, 6.75%, 9/1/16,
(Escrowed T-Bills) 99,722 Aaa/NR
100,000 Latrobe Industrial Development Authority Revenue Bonds, St.
Vincent College, 6.40%, 5/1/06 101,708 Baa1/NR
50,000 Media Borough Water Revenue Bonds, 5.60%, 1/1/01, MBIA
Insured 51,645 Aaa/AAA
505,000 Montgomery County Industrial Development Revenue Valley
Forge Plaza VRDN, 4.40%, 12/1/13, LOC: Dai-Ichi
Kangyo Bank <F2> 505,000 NR/NR
145,000 Northern Pennsylvania Water Authority Revenue Bonds, 5.55%,
11/1/09, FGIC Insured 142,597 Aaa/AAA
40,000 Pennsylvania Housing Finance Agency Series C-40, 5.85%,
4/1/02 41,117 Aa/AA
35,000 Pennsylvania Housing Finance Agency Series C-40, 5.85%,
10/1/02 36,037 Aa/AA
75,000 Pennsylvania Infrastructure Investment Authority Revenue
Bonds, 5.75%, 9/1/99 78,204 NR/AA
120,000 Pennsylvania Intergovernmental Coop Revenue Bonds, 5.25%,
6/15/06, FGIC Insured 118,717 Aaa/AAA
100,000 Pennsylvania State General Obligation Bonds Second Series,
5.10%, 6/15/03, MBIA Insured 101,105 Aaa/AAA
100,000 Pennsylvania State General Obligation Bonds First Series,
5.30%, 5/1/06 99,341 A1/AA-
75,000 Pennsylvania State Industrial Development Authority Revenue
Bonds, 6.00%, 1/1/05, AMBAC Insured 79,108 Aaa/AAA
100,000 Pennsylvania State University Series A Revenue Bonds,
5.10%, 3/1/18 88,804 A1/AA-
65,000 Peters Township School District General Obligation Bonds,
6.00%, 5/15/04, FGIC Insured 68,121 Aaa/AAA
85,000 Philadelphia Hospital and Higher Education Revenue Bonds
Community College Series B, 5.40%, 5/1/02, MBIA
Insured 86,842 Aaa/AAA
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Pennsylvania Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Municipal Obligations
State/Principal
Amount Description Value Ratings <F1>
<C> <S> <C> <C>
Pennsylvania (Cont'd)
$ 150,000 Philadelphia Water and Wastewater Revenue Bonds,
5.50%, 6/15/15, Capital Guaranty Insured $ 139,524 Aaa/AAA
100,000 Pittsburgh General Obligation Bonds Series A, 5.70%,
9/1/08, MBIA Insured 101,416 Aaa/AAA
50,000 Pittsburgh Urban Redevelopment Authority Revenue Bonds
Series B, 5.90%, 4/1/01 51,019 A1/A
75,000 Pocono Mountain School District General Obligation Bonds,
6.10%, 4/1/03, AMBAC Insured 79,495 Aaa/AAA
60,000 Ridley Park Hospital Authority Revenue Bonds Tayler Hospital,
5.125%, 12/1/98 58,071 Baa/BBB
220,000 Sharon Regional Health Systems Authority Revenue Bonds,
5.75%, 12/1/98 222,363 NR/BBB+
75,000 State Public School Building Authority Revenue Bonds
Harrisburg Area Community College, 6.70%,
10/01/00, MBIA Insured 81,304 Aaa/AAA
125,000 Wilkes Barre Area School District General Obligation Bonds,
5.75%, 4/1/06, FGIC Insured 129,337 Aaa/AAA
Other (2.8%)
105,000 Puerto Rico Commonwealth Highway and Transportation
Revenue Bonds, 5.00%, 7/1/02 104,083 Baa1/A
TOTAL INVESTMENTS (98.1%) <F4> (Cost $3,538,681) <F3> $3,626,278
See notes to portfolio of investments.
<CAPTION>
Calvert Municipal Fund, Inc.
Portfolio of Investments (continued)
June 30, 1995 (Unaudited)
Notes to Portfolio of Investments:
<FN>
<F1> Ratings: Moody's Investors Service, Inc.'s ratings of state and
municipal notes, in descending order of quality, are: MIG1, MIG2, and MIG3.
VMIG rating is the same as MIG rating but is designated for issues that
have periodic demand features. Moody's ratings of municipal bonds, in
descending order of quality, are: Aaa, Aa, A, and Baa. Standard & Poor's
ratings of municipal bonds, in descending order of quality, are: AAA, AA,
A, BBB, and BB. Standard & Poor's ratings of tax-exempt notes, in
descending order of quality, are: SP-1, SP-2, and SP-3. For variable rate
obligations with a demand feature, S&P ratings are: A-1+, A-1, A-2, A-3.
Numerical modifiers and plus or minus indicate the ranking of a security
within its generic rating category. Moody's ratings are indicated before
Standard & Poor's in the portfolio of investments.
NR: Obligation is not rated by a commercial credit rating service, such as
Moody's Investors Service, Inc., or Standard & Poor's Corporation;
obligation has been determined to be of appropriate quality for the
Portfolio by Calvert Asset Management Company, Inc., the Investment
Advisor.
Con./P _ Conditional/Provisional; security depends upon the completion of
some act or the fulfillment of some condition.
<F2> These obligations have a daily or seven day tender at par, at holder's
option.
<F3> Cost of investments is substantially the same for federal income tax
purposes.
<F4> The percentage shown represents the percentage of investments to net
assets.
<F5> Explanation of Guarantees
AMBAC: American Municipal Bond Assurance Corporation
BPA: Bond-Purchase Agreement
FGIC: Financial Guaranty Insurance Company
IA: Investment Agreement
INSUR: Insurance
LOC: Letter of Credit
MBIA: Municipal Bond Insurance Association
FSA: Financial Security Advisor
SURBD: Surety Bond
+Used in determining portfolio maturity
<F6> Abbreviations
VRDN: Variable Rate Demand Notes
</FN>
</TABLE>
<TABLE>
<CAPTION>
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities
June 30, 1995 (Unaudited)
National California Maryland
Portfolio Portfolio Portfolio
Assets
Investments in securities, at value_
see accompanying portfolios $42,608,587 $37,736,524 $10,663,344
Cash 1,626,687
306,378 136,705
Interest receivable 694,575 613,780 121,320
Receivable for shares sold 153,351 92,326 1,053
Receivable for securities sold 1,009,514 3,470,365 _
Other assets 13,386 3,536 1,991
Total assets 46,106,100 42,222,909 10,924,413
Liabilities
Payable to Calvert Asset Management Co., Inc. -
<F2> Note B 26,252 23,166 2,008
Payable to Calvert Administrative Services Co. - <F2> Note B 3,352 3,264 _
Payable to Calvert Shareholder Services, Inc. -
<F2> Note B 1,703 1,701 585
Payable to Calvert Distributors, Inc. - <F2> Note B 3,199 2,366 1,479
Payable for shares redeemed _ 241,508 6,025
Payable for securities purchased 2,424,982 2,878,483 _
Other liabilities 8,310 8,708 2,080
Total liabilities 2,467,798 3,159,196 12,177
Net assets $43,638,302 $39,063,713 $10,912,236
Net Assets
Net assets consisting of:
Paid-in capital applicable to 3,602,759
outstanding Class A Shares of common
stock, for the National Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 37,029,692
Paid-in capital applicable to 633,962
outstanding Class C Shares of common
stock, for the National Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 6,430,426
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities (continued)
June 30, 1995 (Unaudited)
National California Maryland
Portfolio Portfolio Portfolio
Net Assets (continued)
Paid-in capital applicable to 3,465,654
outstanding Class A Shares of common
stock, for the California Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 35,983,913
Paid-in capital applicable to 356,221
outstanding Class C Shares of common
stock, for the California Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 3,657,544
Paid-in capital applicable to 1,766,188
outstanding Class A Shares of common
stock, for the Maryland Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 8,885,562
Paid-in capital applicable to 457,868
outstanding Class C Shares of common
stock, for the Maryland Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 2,201,595
Accumulated net investment income -
net of distributions 38,036 64,738 (4,102)
Accumulated realized gains/(losses) -
net of distributions (1,092,892) (1,201,529) (381,407)
Net unrealized appreciation (depreciation)
on investments 1,233,040 559,047 210,588
Net assets $ 43,638,302 $ 39,063,713 $ 10,912,236
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities (continued)
June 30, 1995 (Unaudited)
National California Maryland
Portfolio Portfolio Portfolio
Net Asset Value and
Offering Price Per Share
National Portfolio
Class A net asset value per share
($37,123,673 divided by 3,602,759 Class A Shares) $ 10.30
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A). .29
Offering price per Class A Share $ 10.59
Class C net asset value and offering price per
share ($6,514,629 divided by 633,962 Class C Shares) $ 10.28
California Portfolio
Class A net asset value per share
($35,433,597 divided by 3,465,654 Class A Shares) $ 10.22
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A) .29
Offering price per Class A Share $ 10.51
Class C net asset value and offering price per
share ($3,630,116 divided by 356,221 Class C Shares) $ 10.19
Maryland Portfolio
Class A net asset value per share
($8,672,924 divided by 1,766,188 Class A Shares) $4.91
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A) .14
Offering price per Class A Share $ 5.05
Class C net asset value and offering price per
share ($2,239,312 divided by 457,868 Class C Shares) $4.89
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities (continued)
June 30, 1995 (Unaudited)
Michigan New York Virginia
Portfolio Portfolio Portfolio
Assets
Investments in securities, at value _
see accompanying portfolios $ 6,214,983 $ 4,849,938 $ 9,502,408
Cash 41,877 10,428 95,877
Interest receivable 76,549 79,723 174,663
Receivable for shares sold 477 29,471 989,188
Other assets 1,412 869 355
Total assets 6,335,298 4,970,429 10,762,491
Liabilities
Payable to Calvert Asset Management Co.,
Inc. - <F2> Note B 1,575 736 2,885
Payable to Calvert Shareholder Services,
Inc. - <F2> Note B 464 376 509
Payable to Calvert Distributors, Inc. - <F2> Note B 962 1,156 1,837
Other liabilities 2,300 1,780 2,620
Total liabilities 5,301 4,048 7,851
Net assets $ 6,329,997 $ 4,966,381 $ 10,754,640
Net Assets
Net assets consisting of:
Paid-in capital applicable to 972,995
outstanding Class A Shares of common
stock, for the Michigan Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 5,022,703
Paid-in capital applicable to 297,680
outstanding Class C Shares of common
stock, for the Michigan Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 1,463,699
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities (continued)
June 30, 1995 (Unaudited)
Michigan New York Virginia
Portfolio Portfolio Portfolio
Net Assets (continued)
Paid-in capital applicable to 640,523
outstanding Class A Shares of common
stock, for the New York Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 3,223,904
Paid-in capital applicable to 361,575
outstanding Class C Shares of common
stock, for the New York Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 1,759,266
Paid-in capital applicable to 1,610,402
outstanding Class A Shares of common
stock, for the Virginia Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 8,124,284
Paid-in capital applicable to 540,337
outstanding Class C Shares of common
stock, for the Virginia Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 2,630,566
Accumulated net investment income -
net of distributions 7,069 (931) 12,797
Accumulated realized gains/(losses) -
net of distributions (269,493) (32,966) (281,564)
Net unrealized appreciation (depreciation)
on investments 106,019 17,108 268,557
Net assets $ 6,329,997 $ 4,966,381 $ 10,754,640
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities (continued)
June 30, 1995 (Unaudited)
Michigan New York Virginia
Portfolio Portfolio Portfolio
Net Asset Value and
Offering Price Per Share
Michigan Portfolio
Class A net asset value per share
($4,848,494 divided by 972,995 Class A Shares) $ 4.98
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A) . .14
Offering price per Class A Share $ 5.12
Class C net asset value and offering price per
share ($1,481,503 divided by 297,680 Class C Shares) $ 4.98
New York Portfolio
Class A net asset value per share
($3,176,216 divided by 640,523 Class A Shares) $ 4.96
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A) .14
Offering price per Class A Share $ 5.10
Class C net asset value and offering price per $ 4.95
share ($1,790,165 divided by 361,575 Class C Shares)
Virginia Portfolio
Class A net asset value per share
($8,049,562 divided by 1,610,402 Class A Shares) $ 5.00
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A) .14
Offering price per Class A Share $ 5.14
Class C net asset value and offering price per
share ($2,705,078 divided by 540,337 Class C Shares) $ 5.01
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities (continued)
June 30, 1995 (Unaudited)
Arizona Florida Pennsylvania
Portfolio Portfolio Portfolio
Assets
Investments in securities, at value _
see accompanying portfolios $ 2,824,618 $ 4,282,465 $ 3,626,278
Cash 41,090 448,870 29,188
Interest receivable 64,972 57,144 40,969
Receivable for shares sold 173 551,563 603
Receivable for securities sold 55,550 _ _
Receivable from Calvert Asset Management
Co. - <F2> Note B 2,160 1,010 848
Receivable for future variation _ 1,312 _
Other assets 300 16 1
Total assets 2,988,863 5,342,380 3,697,887
Liabilities
Payable to Calvert Shareholder Services,
Inc. - <F2> Note B 178 658 240
Payable to Calvert Distributors, Inc - <F2> Note B 548 330 923
Payable for shares redeemed 4,278 _ 197
Payable for securities purchased _ 608,014 _
Other liabilities 2,160 1,960 1,370
Total liabilities 7,164 610,962 2,730
Net assets $ 2,981,699 $ 4,731,418 $ 3,695,157
Net Assets
Net assets consisting of:
Paid-in capital applicable to 430,925
outstanding Class A Shares of common
stock, for the Arizona Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 2,129,129
Paid-in capital applicable to 171,826
outstanding Class C Shares of common
stock, for the Arizona Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 843,430
Paid-in capital applicable to 765,802
outstanding Class A Shares of beneficial
interest, for the Florida Portfolio,
no par value (unlimited number of shares authorized) 3,891,387
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities (continued)
June 30, 1995 (Unaudited)
Arizona Florida Pennsylvania
Portfolio Portfolio Portfolio
Net Assets (continued)
Paid-in capital applicable to 197,417
outstanding Class C Shares of
beneficial interest, for the
Florida Portfolio, no par value
(unlimited number of shares authorized) 955,798
Paid-in capital applicable to 469,414
outstanding Class A Shares of common
stock, for the Pennsylvania Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 2,347,242
Paid-in capital applicable to 275,668
outstanding Class C Shares of common
stock, for the Pennsylvania Portfolio,
$0.01 par value (250,000,000 shares
authorized for Class A and
Class C combined) 1,329,182
Accumulated net investment income -
net of distributions 10,468 4,370 10,711
Accumulated realized gains/(losses) -
net of distributions (23,993) (185,217) (79,575)
Net unrealized appreciation (depreciation)
on investments 22,665 65,080 87,597
Net assets $ 2,981,699 $ 4,731,418 $ 3,695,157
Calvert Municipal Fund, Inc.
Statements of Assets and Liabilities (continued)
June 30, 1995 (Unaudited)
Arizona Florida Pennsylvania
Portfolio Portfolio Portfolio
Net Asset Value and
Offering Price Per Share
Arizona Portfolio
Class A net asset value per share
($2,132,053 divided by 430,925 Class A Shares) $ 4.95
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A) . .14
Offering price per Class A Share $ 5.09
Class C net asset value and offering price per
share ($849,646 divided by 171,826 Class C Shares) $ 4.94
Florida Portfolio
Class A net asset value per share
($3,762,277 divided by 765,802 Class A Shares) $ 4.91
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A) .14
Offering price per Class A Share $ 5.05
Class C net asset value and offering price per
share ($969,141 divided by 197,417 Class C Shares) $ 4.91
Pennsylvania Portfolio
Class A net asset value per share
($2,326,334 divided by 469,414 Class A Shares) $ 4.96
Maximum sales charge
(2.75% of Class A offering price - <F1> Note A) .14
Offering price per Class A Share $ 5.10
Class C net asset value and offering price per
share ($1,368,823 divided by 275,668 Class C Shares) $ 4.97
Calvert Municipal Fund, Inc.
Statements of Operations
June 30, 1995 (Unaudited)
National California Maryland
Portfolio Portfolio Portfolio
Investment Income
Interest income $ 1,347,518 $ 1,066,315 $ 261,665
Expenses - <F2> Note B
Investment advisory fee 135,062 114,785 5,192
Transfer, dividend disbursing and
shareholder servicing agent's fee 13,129 10,345 3,477
Administrative services fee 22,510 19,131 _
Distribution plan expenses 25,295 12,711 8,220
Federal and state registration fees 6,964 252 (80)
Insurance 732 602 126
Postage and delivery 3,793 3,429 1,054
Printing and stationery 9,892 9,100 2,210
Professional fees 8,072 6,544 1,902
Telephone 358 296 73
Trustees' fees and expenses 1,992 1,651 473
Valuation service 2,606 2,834 1,459
Miscellaneous 1,816 1,604 417
Reimbursement from Advisor _ _ (752)
Total expenses 232,221 183,284 23,771
Net Investment Income 1,115,297 883,031 237,894
Realized and Unrealized Gain
(Loss) on Investments
Net realized gain (loss) 163,176 (465,431) 10,876
Change in unrealized appreciation or
depreciation 2,028,302 1,981,196 471,985
Net Realized and Unrealized
Gain (Loss) on Investments 2,191,478 1,515,765 482,861
Net Increase (Decrease) in
Net Assets Resulting
from Operations $ 3,306,775 $ 2,398,796 $ 720,755
Calvert Municipal Fund, Inc.
Statements of Operations (continued)
June 30, 1995 (Unaudited)
Michigan New York Virginia
Portfolio Portfolio Portfolio
Investment Income
Interest income $ 167,848 $ 102,365 $ 256,606
Expenses - <F2> Note B
Investment advisory fee 5,117 1,117 8,888
Transfer, dividend disbursing and
shareholder servicing agent's fee 1,571 2,192 3,158
Distribution plan expenses 5,442 5,835 11,056
Federal and state registration fees (995) (290) (1,938)
Insurance 104 49 108
Postage and delivery 733 801 996
Printing and stationery 1,200 1,398 1,725
Professional fees 887 694 1,813
Trustees' fees and expenses 295 211 456
Valuation service 1,539 1,485 1,898
Miscellaneous 491 379 477
Reimbursement from Advisor (682) (880) (714)
Total expenses 15,702 12,991 27,923
Net Investment Income 152,146 89,374 228,683
Realized and Unrealized Gain
(Loss) on Investments
Net realized gain (loss) (17,111) 15,714 (9,011)
Change in unrealized appreciation or
depreciation 334,793 191,166 486,501
Net Realized and Unrealized
Gain (Loss) on Investments 317,682 206,880 477,490
Net Increase (Decrease) in
Net Assets Resulting
from Operations $ 469,828 $ 296,254 $ 706,173
Calvert Municipal Fund, Inc.
Statements of Operations (continued)
June 30, 1995 (Unaudited)
Arizona Florida Pennsylvania
Portfolio Portfolio Portfolio
Investment Income
Interest income $ 67,143 $ 99,890 $ 94,756
Expenses - <F2> Note B
Investment advisory fee 190 1,769 885
Transfer, dividend disbursing and
shareholder servicing agent's fee 994 693 1,326
Distribution plan expenses 2,444 2,234 5,075
Federal and state registration fees (658) (1,598) (865)
Insurance 29 42 24
Postage and delivery 998 1,099 1,102
Printing and stationery 1,100 1,027 817
Professional fees 449 452 564
Trustees' fees and expenses 128 183 163
Valuation service 1,607 993 1,474
Miscellaneous 348 233 477
Reimbursement from Advisor (1,778) (597) (1,931)
Total expenses 5,851 6,530 9,111
Net Investment Income 61,292 93,360 85,645
Realized and Unrealized Gain
(Loss) on Investments
Net realized gain (loss) _ (26,010) _
Change in unrealized appreciation or
depreciation 127,519 220,236 151,312
Net Realized and Unrealized
Gain (Loss) on Investments 127,519 194,226 151,312
Net Increase (Decrease) in
Net Assets Resulting
from Operations $ 188,811 $ 287,586 $ 236,957
See notes to financial statements.
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets
National Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 1,115,297 $ 2,203,177
Net realized gain (loss) on investments 163,176 (1,268,694)
Change in unrealized appreciation or depreciation
of investments 2,028,302 (1,561,308)
Net Increase (Decrease) in Net Assets
Resulting from Operations 3,306,775 (626,825)
Distributions to shareholders
Net investment income:
Class A Shares (962,349) (2,021,503)
Class C Shares (133,512) (166,928)
Total distributions (1,095,861) (2,188,431)
Capital share transactions - <F3> Note C
Class A Shares (943,983) 1,289,490
Class C Shares 144,815 6,285,611
Total capital share transactions (799,168) 7,575,101
Total Increase (Decrease) in Net Assets 1,411,746 4,759,845
Net Assets
Beginning of period 42,226,556 37,466,711
End of period (including accumulated net investment
income - net of distributions of $38,036 and $18,600
for 1995 and 1994, respectively.) $ 43,638,302 $ 42,226,556
See notes to financial statements.
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets (continued)
California Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 883,031 $ 1,904,361
Net realized gain (loss) on investments (465,431) (740,654)
Change in unrealized appreciation or depreciation
of investments 1,981,196 (2,279,306)
Net Increase (Decrease) in Net Assets
Resulting from Operations 2,398,796 (1,115,599)
Distributions to shareholders
Net investment income:
Class A Shares (792,147) (1,816,653)
Class C Shares (60,401) (82,320)
Total distributions (852,548) (1,898,973)
Capital share transactions - <F3> Note C
Class A Shares (103,372) 1,251,565
Class C Shares 508,915 3,148,629
Total capital share transactions 405,543 4,400,194
Total Increase (Decrease) in Net Assets 1,951,791 1,385,622
Net Assets
Beginning of period 37,111,922 35,726,300
End of period (including accumulated net investment
income - net of distributions of $64,738 and $34,255
for 1995 and 1994, respectively.) $ 39,063,713 $ 37,111,922
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets (continued)
Maryland Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 237,894 $ 434,163
Net realized gain (loss) on investments 10,876 (396,938)
Change in unrealized appreciation or depreciation
of investments 471,985 (298,656)
Net Increase (Decrease) in Net Assets
Resulting from Operations 720,755 (261,431)
Distributions to shareholders
Net investment income:
Class A Shares (201,344) (391,504)
Class C Shares (42,634) (34,050)
Total distributions (243,978) (425,554)
Capital share transactions - <F3> Note C
Class A Shares 860,915 2,658,661
Class C Shares 338,752 1,862,843
Total capital share transactions 1,199,667 4,521,504
Total Increase (Decrease) in Net Assets 1,676,444 3,834,519
Net Assets
Beginning of period 9,235,792 5,401,273
End of period (including accumulated net investment
income - net of distributions of $(4,102) and $1,982
for 1995 and 1994, respectively.) $ 10,912,236 $ 9,235,792
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets (continued)
Michigan Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 152,146 $ 342,463
Net realized gain (loss) on investments (17,111) (254,713)
Change in unrealized appreciation or depreciation
of investments 334,793 (275,645)
Net Increase (Decrease) in Net Assets
Resulting from Operations 469,828 (187,895)
Distributions to shareholders
Net investment income:
Class A Shares (119,868) (310,539)
Class C Shares (27,396) (27,740)
Total distributions (147,264) (338,279)
Capital share transactions - <F3> Note C
Class A Shares (663,790) 1,446,469
Class C Shares 197,360 1,266,339
Total capital share transactions (466,430) 2,712,808
Total Increase (Decrease) in Net Assets (143,866) 2,186,634
Net Assets
Beginning of period 6,473,863 4,287,229
End of period (including accumulated net investment
income - net of distributions of $7,069 and $2,187
for 1995 and 1994, respectively.) $ 6,329,997 $ 6,473,863
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets (continued)
New York Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 89,374 $ 154,188
Net realized gain (loss) on investments 15,714 (48,755)
Change in unrealized appreciation or depreciation
of investments 191,166 (189,662)
Net Increase (Decrease) in Net Assets
Resulting from Operations 296,254 (84,229)
Distributions to shareholders
Net investment income:
Class A Shares (64,029) (131,830)
Class C Shares (27,794) (20,863)
Total distributions (91,823) (152,693)
Capital share transactions - <F3> Note C
Class A Shares 389,973 613,269
Class C Shares 605,527 1,153,739
Total capital share transactions 995,500 1,767,008
Total Increase (Decrease) in Net Assets 1,199,931 1,530,086
Net Assets
Beginning of period 3,766,450 2,236,364
End of period (including accumulated net investment
income - net of distributions of $(931) and $1,518
for 1995 and 1994, respectively.) $ 4,966,381 $ 3,766,450
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets (continued)
Virginia Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 228,683 $ 347,571
Net realized gain (loss) on investments (9,011) (272,628)
Change in unrealized appreciation or depreciation
of investments 486,501 (242,319)
Net Increase (Decrease) in Net Assets
Resulting from Operations 706,173 (167,376)
Distributions to shareholders
Net investment income:
Class A Shares (163,298) (285,695)
Class C Shares (58,067) (55,575)
Total distributions (221,365) (341,270)
Capital share transactions - <F3> Note C
Class A Shares 1,851,248 3,577,153
Class C Shares (213,728) 2,844,294
Total capital share transactions 1,637,520 6,421,447
Total Increase (Decrease) in Net Assets 2,122,328 5,912,801
Net Assets
Beginning of period 8,632,312 2,719,511
End of period (including accumulated net investment
income - net of distributions of $12,797 and $5,479
for 1995 and 1994, respectively.) $ 10,754,640 $ 8,632,312
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets (continued)
Arizona Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 61,292 $ 82,102
Net realized gain (loss) on investments _ (24,214)
Change in unrealized appreciation or depreciation
of investments 127,519 (104,854)
Net Increase (Decrease) in Net Assets
Resulting from Operations 188,811 (46,966)
Distributions to shareholders
Net investment income:
Class A Shares (46,573) (73,917)
Class C Shares (11,695) (10,255)
Total distributions (58,268) (84,172)
Capital share transactions - <F3> Note C
Class A Shares 21,848 2,115,215
Class C Shares 370,664 474,567
Total capital share transactions 392,512 2,589,782
Total Increase (Decrease) in Net Assets 523,055 2,458,644
Net Assets
Beginning of period 2,458,644 _
End of period (including accumulated net
investment income - net of distributions of
$10,468 and $7,444 for 1995 and 1994, respectively.) $ 2,981,699 $ 2,458,644
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets (continued)
Florida Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 93,360 $ 144,958
Net realized gain (loss) on investments (26,010) (159,403)
Change in unrealized appreciation or depreciation
of investments 220,236 (155,156)
Net Increase (Decrease) in Net Assets
Resulting from Operations 287,586 (169,601)
Distributions to shareholders
Net investment income:
Class A Shares (78,041) (137,247)
Class C Shares (11,883) (8,431)
Total distributions (89,924) (145,678)
Capital share transactions - <F3> Note C
Class A Shares 205,917 3,686,926
Class C Shares 21,810 934,382
Total capital share transactions 227,727 4,621,308
Total Increase (Decrease) in Net Assets 425,389 4,306,029
Net Assets
Beginning of period 4,306,029 _
End of period (including accumulated net
investment income - net of distributions of
$4,370 and $934 for 1995 and 1994, respectively.) $ 4,731,418 $ 4,306,029
Calvert Municipal Fund, Inc.
Statements of Changes in Net Assets (continued)
Pennsylvania Portfolio
Six Months
Ended Year Ended
June 30, 1995 Dec. 31,
(Unaudited) 1994
Increase (Decrease) in Net Assets
Operations
Net investment income $ 85,645 $ 101,393
Net realized gain (loss) on investments _ (80,199)
Change in unrealized appreciation or depreciation
of investments 151,312 (63,715)
Net Increase (Decrease) in Net Assets
Resulting from Operations 236,957 (42,521)
Distributions to shareholders
Net investment income:
Class A Shares (50,626) (78,868)
Class C Shares (26,434) (21,852)
Total distributions (77,060) (100,720)
Capital share transactions - <F3> Note C
Class A Shares 358,705 1,989,816
Class C Shares 136,557 1,193,423
Total capital share transactions 495,262 3,183,239
Total Increase (Decrease) in Net Assets 655,159 3,039,998
Net Assets
Beginning of period 3,039,998 _
End of period (including accumulated net
investment income - net of distributions of
$10,711 and $2,126 for 1995 and 1994, respectively.) $ 3,695,157 $ 3,039,998
See notes to financial statements.
Notes To Financial Statements (Unaudited)
<FN>
<F1> Note A Summary of Significant Accounting Policies
General: The Calvert National Municipal Intermediate Fund (the "National
Portfolio"), the Calvert California Municipal Intermediate Fund (the
"California Portfolio"), the Calvert Maryland Municipal Intermediate Fund
(the "Maryland Portfolio"), the Calvert Michigan Municipal Intermediate
Fund (the "Michigan Portfolio"), the Calvert New York Municipal
Intermediate Fund (the "New York Portfolio"), the Calvert Virginia
Municipal Intermediate Fund (the "Virginia Portfolio"), the Calvert Arizona
Municipal Intermediate Fund (the "Arizona Portfolio"), and the Calvert
Pennsylvania Municipal Intermediate Fund (the "Pennsylvania Portfolio") are
series of Calvert Municipal Fund, Inc. and the Calvert Florida Municipal
Intermediate Fund (the "Florida Portfolio") is a series of First Variable
Rate Fund (both Calvert Municipal Fund, Inc. and First Variable Rate Fund
are referred to as the "Fund", as the context requires) each of which is
registered under the Investment Company Act of 1940, as amended (the
"Act"), as an open-end investment company. In March, 1994, the Fund began
offering a second class of shares, the Class C Shares. The original class
of shares has been designated the Class A Shares and is sold subject to a
front-end sales charge with a maximum of 2.75%. The Class C Shares have no
front-end or back-end sales charge, but do have higher annual expenses than
Class A Shares. The Class A and Class C shares represent interests in the
same portfolio of investments and are identical in all respects, except:
(a) each class has different Distribution Plan expenses; (b) the classes
have different designated class expenses that are separately allocated,
including transfer agency fees, registration fees, postage and delivery
expenses, and printing and stationery expenses; (c) the classes have
different dividend rates due solely to the effects of (a) and (b) above;
and (d) the classes have different exchange privileges and voting rights.
Operating expenses directly attributable to a class of shares are charged
to that class' operations.
Portfolio Valuation: Municipal obligations in each Portfolio are valued
utilizing the average bid dealer market quotation as furnished by an
independent pricing service. If no market quotation is readily available
from the pricing service, or if the portfolio manager disagrees with the
quotation, then the obligations are priced under the direction of the
Fund's Board of Directors.
Securities Transactions and Investment Income: Securities transactions are
recorded on a trade date basis. Interest income, including, where
applicable, amortization of premium and discount, is recorded on the
accrual basis. Realized gains and losses from securities transactions are
recorded on the identified cost basis.
Share Valuation, Dividends and Distributions to Shareholders: The net asset
value per share, the price at which shares are redeemed, is computed for
each class of each Portfolio by dividing each class' relative share of the
Portfolio's net asset value, by the total number of shares outstanding for
each respective class each business day. The net asset value per share of
each Portfolio fluctuates daily in response to changes in the market value
of the investments. Each Portfolio declares and pays dividends from its net
investment income on a monthly basis. Distributions to shareholders are
recorded by the Fund on the ex-dividend date.
Federal Income Taxes: It is the policy of the Fund to continue to qualify
as a regulated investment company by complying with the provisions of the
Internal Revenue Code available to certain investment companies, and to
make distributions of taxable income and capital gains sufficient to
relieve it from all, or substantially all, federal income and excise taxes.
The National, California, Maryland, Michigan, New York, Virginia, Arizona,
Florida, and Pennsylvania Portfolios have unused realized capital loss
carryforwards for federal income tax purposes of $1,256,069, $736,098,
$392,270, $252,382, $48,680, $272,554, $23,993, $159,206, and $73,615,
respectively, at June 30, 1995, which expire in 2002.
<F2> Note B _ Investment advisory Fee and Other Transactions With
Affiliates
The Fund's investment advisor is Calvert Asset Management Company, Inc
("Advisor"), wholly-owned by Calvert Group, Ltd., which is an indirect
wholly-owned subsidiary of Acacia Mutual Life Insurance Company. Under the
Advisory Contract, the Advisor manages the investment and reinvestment of
the Fund's assets, subject to the direction and control of the Directors,
pays the salaries and fees of the executive officers and affiliated
Directors of the Fund and may assume and pay certain Fund advertising and
promotional expenses. For its services, the Advisor receives a fee of 0.60%
of the first $500 million of each Portfolio's average daily net assets,
0.50% of the next $500 million of such assets, and 0.40% of all assets in
excess of $1 billion. The Advisor may in its discretion and on a voluntary
basis only, further waive its fees or assume the Portfolio's operating
expenses. The Advisory Contract provides that the Advisor may later, to the
extent permitted by law, seek reimbursement of any fees it waived, or
expenses it assumed under this limitation. For the six months ended June
30, 1995, the Advisor waived its advisory fees of $25,163, $13,814,
$11,731, $18,903, $7,991, $9,643, and $8,938 for the Maryland, Michigan,
New York, Virginia, Arizona, Florida and Pennsylvania Portfolios,
respectively.
The Advisory Contract provides for an expense reimbursement from the
Advisor should the Fund's aggregate expenses, exclusive of interest, taxes,
Distribution Plan expenses, brokerage and extraordinary expenses, exceed,
on an annual basis, the lowest state expense limitation in effect.
The Fund has entered into a principal underwriting agreement with Calvert
Distributors, Inc. (the successor to Calvert Securities Corp. effective
April 1, 1995) ("CDI"). Pursuant to the agreement, CDI serves as
distributor and principal underwriter for the Fund. Pursuant to Rule 12b-1
under the Investment Company Act of 1940 the Fund has adopted a
Distribution Plan which permits the Fund to pay certain expenses associated
with the distribution of its shares. For the Class A Shares of each
Portfolio such expenses may not exceed, on an annual basis, 0.25% of each
class' respective average daily net assets. For Class C Shares, such
expenses may not exceed, on an annual basis, 0.80% of each class'
respective average daily net assets. For the six months ended June 30,
1995, there were no Distribution Plan expenses charged for Class A Shares.
For the six months ended June 30, 1995, Distribution Plan expenses for
Class C were: National, $25,295; California Portfolio, $12,711; Maryland
Portfolio, $8,220; Michigan Portfolio, $5,442; New York Portfolio, $5,835;
Virginia Portfolio, $11,056; Arizona Portfolio, $2,444; Florida Portfolio,
$2,234; and Pennsylvania Portfolio, $5,075.
Calvert Shareholder Services, Inc. ("CSSI"), a wholly-owned subsidiary of
Calvert Group, Ltd., has been retained by the Fund to act as transfer,
dividend disbursing and shareholder servicing agent for the Fund. For these
services, CSSI receives an annual fee of $14 per account per year plus
$1.60 per transaction.
Calvert Administrative Service Company ("CASC"), a wholly-owned subsidiary
of Calvert Group, Ltd., has been retained by the Fund to provide certain
administrative services necessary to the conduct of the Fund's affairs
including the preparation of regulatory filings and shareholder reports,
the daily determination of the net asset value per share and dividends of
the Fund, and the maintenance of the portfolio and general accounting
records of the Fund. CASC is entitled to receive a fee of 10 basis points
of aggregate net assets. For the the six months ended June 30, 1995, CASC
waived its fees of $5,059, $3,155, $2,141, $4,632, $1,364, $1,902, and
$1,637 for the Maryland, Michigan, New York, Virginia, Arizona, Florida and
Pennsylvania Portfolios respectively.
Certain officers and directors of the Fund are "affiliated persons," as
defined in the Act, of the Advisor. Each director of the Fund who is not
affiliated with the Advisor serves on the Board of Trustees of other Funds
sponsored by the Advisor, and receives an annual fee of $20,250 and a
meeting fee of $1,200 for each Board and Committee meeting attended. Such
fees are allocated among the Funds based upon their relative net assets.
<F3> Note C _ Net Assets
The change in net assets resulting from capital share transactions for 1995
and 1994 is indicated below:
<TALE>
<CAPTION>
National Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 5,655,021 $ 19,485,983 $ 1,446,155 $ 8,704,398
Reinvestment of dividends 889,548 2,021,503 131,165 166,929
Shares redeemed (7,488,552) (20,217,996) (1,432,505) (2,585,716)
$(943,983) $ 1,289,490 $ 144,815 $ 6,285,611
In shares
Shares sold 561,036 1,923,143 142,902 868,972
Reinvestment of dividends 88,030 201,888 12,981 18,254
Shares redeemed (732,422) (2,035,087) (141,647) (267,500)
(83,356) 89,944 14,236 619,726
<CAPTION>
California Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 3,785,389 $ 21,794,785 $ 1,355,096 $ 4,939,466
Reinvestment of dividends 709,690 1,816,554 58,534 82,420
Shares redeemed (4,598,451) (22,359,774) (904,715) (1,873,257)
$(103,372) $ 1,251,565 $ 508,915 $ 3,148,629
In shares
Shares sold 385,453 2,013,953 132,910 489,216
Reinvestment of dividends 71,891 171,926 5,773 8,374
Shares redeemed (467,487) (2,093,039) (89,029) (191,023)
(10,143) 92,840 92,840 306,567
<CAPTION>
Maryland Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 1,166,705 $ 6,210,445 $ 585,346 $ 2,309,524
Reinvestment of dividends 196,642 391,503 41,287 34,050
Shares redeemed (502,432) (3,943,287) (287,881) (480,731)
$ 860,915 $ 2,658,661 $ 338,752 $ 1,862,843
In shares
Shares sold 239,499 1,258,500 170,815 481,908
Reinvestment of dividends 40,509 81,559 12,899 7,158
Shares redeemed (103,160) (820,298) (113,559) (101,353)
176,848 519,761 70,155 387,713
<CAPTION>
Michigan Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 214,832 $ 5,471,129 $ 416,926 $ 1,636,104
Reinvestment of dividends 115,589 310,539 26,674 27,740
Shares redeemed (994,211) (4,335,199) (246,240) (397,505)
$(663,790) $ 1,446,469 $ 197,360 $ 1,266,339
In shares
Shares sold 43,246 1,085,137 85,840 336,380
Reinvestment of dividends 23,525 63,088 5,415 5,780
Shares redeemed (202,342) (881,479) (50,915) (84,820)
(135,571) 266,746 40,340 257,340
<CAPTION>
New York Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 746,144 $ 1,866,591 $ 626,706 $ 1,392,360
Reinvestment of dividends 60,115 131,830 27,684 20,863
Shares redeemed (416,286) (1,385,152) (48,863) (259,484)
$ 389,973 $ 613,269 $ 605,527 $ 1,153,739
In shares
Shares sold 151,623 385,972 128,460 286,714
Reinvestment of dividends 12,341 29,729 5,674 4,254
Shares redeemed (84,961) (296,713) (10,014) (53,513)
79,003 118,988 124,120 237,455
<CAPTION>
Virginia Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 2,140,691 $ 5,441,931 $ 155,810 $ 3,185,914
Reinvestment of dividends 154,852 285,695 57,545 55,575
Shares redeemed (444,295) (2,150,473) (427,083) (397,195)
$ 1,851,248 $ 3,577,153 $ (213,728) $ 2,844,294
In shares
Shares sold 430,059 1,085,795 31,214 655,233
Reinvestment of dividends 31,437 58,403 11,572 11,591
Shares redeemed (89,971) (442,379) (85,840) (83,433)
371,525 701,819 (43,054) 583,391
<CAPTION>
Arizona Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 168,256 $ 168,256 $ 405,462 $ 739,668
Reinvestment of dividends 43,310 73,917 11,694 10,255
Shares redeemed (189,718) (451,259) (46,492) (275,356)
$ 21,848 $ 2,115,215 $ 370,664 $ 474,567
In shares
Shares sold 34,513 504,335 82,575 157,888
Reinvestment of dividends 8,888 15,267 2,410 2,243
Shares redeemed (38,261) (93,817) (9,756) (63,534)
(63,534) 425,785 75,229 96,597
<CAPTION>
Florida Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 839,065 $ 6,889,646 $ 572,997 $ 1,133,915
Reinvestment of dividends 71,923 137,247 11,634 8,431
Shares redeemed (705,071) (3,339,967) (562,821) (207,964)
$ 205,917 $ 3,686,926 $ 21,810 $ 934,382
In shares
Shares sold 170,225 1,400,311 116,915 238,160
Reinvestment of dividends 14,831 28,597 2,411 1,769
Shares redeemed (144,626) (703,536) (118,778) (43,060)
40,430 725,372 548 196,869
<CAPTION>
Pennsylvania Portfolio
Class C Shares
Class A Shares Class C Shares From Inception
Six Months Class A Shares Six Months March 1, 1994
Ended Year Ended Ended Through
June 30,1995 December 31, June 30, 1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
In dollars
<S> <C> <C> <C> <C>
Shares sold $ 420,587 $ 3,063,423 $ 256,706 $ 1,331,579
Reinvestment of dividends 47,025 78,868 26,001 21,852
Shares redeemed (108,907) (1,152,475) (146,150) (160,008)
$ 358,705 $ 1,989,816 $ 136,557 $ 1,193,423
In shares
Shares sold 84,011 622,424 52,114 277,164
Reinvestment of dividends 9,317 16,350 5,315 4,586
Shares redeemed (21,449) (241,239) (29,476) (34,035)
71,879 397,535 27,953 247,715
<FN>
<F4> Note D _ Investment Transactions
For the six months ended June 30, 1995, the Portfolios' made purchases and sales of municipal obligations, other than
short-term securities, as follows:
National California Maryland
Portfolio Portfolio Portfolio
Purchases $11,429,814 $11,025,437 $2,409,317
Sales $12,869,617 $13,302,131 $ 997,727
Michigan New York Virginia
Portfolio Portfolio Portfolio
Purchases $ 920,921 $ 688,462 $1,656,798
Sales $ 1,234,835 $ 417,362 $ 676,078
Arizona Florida Pennsylvania
Portfolio Portfolio Portfolio
Purchases $ 598,414 $ 1,173,730 $ 417,877
Sales $ 55,550 $ 974,923 _
Note E _ Tax Basis of Investment Securities
At June 30, 1995, the cost of investment securities for federal income tax
purposes and gross unrealized appreciation and depreciation of investments,
were as follows:
National California Maryland
Portfolio Portfolio Portfolio
Cost of investment securities $ 41,375,547 $ 37,177,477 $ 10,452,756
Appreciation 1,268,205 647,940 244,771
Depreciation (35,165) (88,893) (34,183)
Net unrealized appreciation
(depreciation) $ 1,233,040 $ 559,047 $ 210,588
Michigan New York Virginia
Portfolio Portfolio Portfolio
Cost of investment securities $ 6,108,964 $ 4,832,830 $ 9,233,851
Appreciation 138,800 49,127 268,839
Depreciation (32,781) (32,019) (282)
Net unrealized appreciation
(depreciation) $ 106,019 $ 17,108 $ 268,557
Arizona Florida Pennsylvania
Portfolio Portfolio Portfolio
Cost of investment securities $ 2,801,953 $ 4,217,385 $ 3,538,681
Appreciation 34,510 73,826 94,589
Depreciation (11,845) (8,746) (6,992)
Net unrealized appreciation
(depreciation) $ 22,665 $ 65,080 $ 87,597
Financial Highlights _ National Portfolio
Class A
Shares Class A
Six Months Shares
Ended Year Ended Year Ended
June 30, 1995 Dec. 31, Dec. 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $9.81 $10.42 $10.01
Income from investment operations
Net investment income .26 .50 .48
Net realized and unrealized gain (loss) on investments .48 (.62) .45
Total from investment operations .74 (.12) .93
Distributions to shareholders
Dividends from net investment income (.25) (.49) (.48)
Distribution from net realized gains _ _ (.04)
Total distributions (.25) (.49) (.52)
Total increase (decrease) in net asset value .49 (.61) .41
Net asset value, end of period $10.30 $9.81 $10.42
Total return* 7.64% (1.18%) 9.47%
Ratio of expenses to average net assets .90%(a) .69% .10%
Ratio of net investment income to average net assets 5.09%(a) 4.88% 5.01%
Increase reflected in above net investment income
ratios due to expense reimbursement _ .32% .45%
Portfolio turnover 27% 122% 162%
Net assets, end of period $37,123,673 $36,159,401 $37,466,711
Number of shares outstanding at end
of period (in thousands) 3,603 3,686 3,596
From Class c Class C Shares
Inception Shares From Inception
September 30, Six Months March 1, 1994
1992 Through Ended Through
December 31, June 30, 1995 December 31,
1992 (Unaudited) 1994
Net asset value, beginning of period $10.00 $9.79 $10.28
Income from investment operations
Net investment income .13 .21 .34
Net realized and unrealized gain (loss) on investments .01 .49 (.48)
Total from investment operations .14 .70 (.14)
Distributions to shareholders
Dividends from net investment income (.13) (.21) (.35)
Distribution from net realized gains _ _ _
Total distributions (.13) (.21) (.35)
Total increase (decrease) in net asset value .01 .49 (.49)
Net asset value, end of period $10.01 $10.28 $9.79
Total return* 5.40% 7.22% (1.12%)
Ratio of expenses to average net assets 0% 1.85%(a) 1.71%(a)
Ratio of net investment income to average net assets 5.36%(a) 4.15%(a) 4.01%(a)
Increase reflected in above net investment income
ratios due to expense reimbursement 4.34%(a) _ .58%(a)
Portfolio turnover 12% 27% 122%
Net assets, end of period $1,542,148 $6,514,629 $6,067,155
Number of shares outstanding at end
of period (in thousands) 154 634 620
Financial Highlights _ California Portfolio
Class A
Shares Class A
Six Months Shares
Ended Year Ended Year Ended
June 30, 1995 Dec. 31, Dec. 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $9.81 $10.56 $10.24
Income from investment operations
Net investment income .24 .48 .53
Net realized and unrealized gain (loss) on investments .40 (.76) .36
Total from investment operations .64 (.28) .89
Distributions to shareholders
Dividends from net investment income (.23) (.47) (.53)
Distribution from net realized gains _ _ (.04)
Total distributions (.23) (.47) (.57)
Total increase (decrease) in net asset value .41 (.75) .32
Net asset value, end of period $10.22 $9.81 $10.56
Total return* 6.44% (2.57%) 8.88%
Ratio of expenses to average net assets .89%(a) .76% .21%
Ratio of net investment income to average net assets 4.69%(a) 4.67% 5.12%
Increase reflected in above net investment income
ratio due to expense reimbursement _ .13% .12%
Portfolio turnover .12% 68% 21%
Net assets, end of period $35,433,597 $34,111,455 $35,726,300
Number of shares outstanding at end of period (in thousands) 3,466 3,476 3,383
From Class c Class C Shares
Inception Shares From Inception
May 29, 1992 Six Months March 1, 1994
Through Ended Through
December 31, June 30, 1995 December 31,
1992 (Unaudited) 1994
Net asset value, beginning of period $10.00 $9.79 $10.40
Income from investment operations
Net investment income .29 .19 .31
Net realized and unrealized gain (loss) on investments .24 .40 (.59)
Total from investment operations .53 .59 (.28)
Distributions to shareholders
Dividends from net investment income (.29) (.19) (.33
Distribution from net realized gains ) _ _ _
Total distributions (.29) (.19) (.33)
Total increase (decrease) in net asset value .24 .40 (.61)
Net asset value, end of period $10.24 $10.19 $9.79
Total return* 10.00% 6.05% (2.42%)
Ratio of expenses to average net assets 0% 1.74%(a) 1.86%(a)
Ratio of net investment income to average net assets 5.24%(a) 3.82%(a) 3.60%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .38%(a) .38%(a) _
Portfolio turnover 3% 31% 68%
Net assets, end of period $16,046,250 $ 3,630,116 $3,000,467
Number of shares outstanding at end of period
(in thousands) 1,567 356 307
*Total return does not reflect deduction of Class A front-end sales charge.
(a) Annualized
Financial Highlights _ Maryland Portfolio
From
Class A Inception
Shares Class A October 1,
Six Months Shares 1993
Ended Year Ended Through
June 30, 1995 Dec. 31, December 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $4.67 $5.05 $5.00
Income from investment operations
Net investment income .12 .24 .04
Net realized and unrealized gain (loss)
on investments .24 (.39) .05
Total from investment operations .36 (.15) .09
Distributions to shareholders
Dividends from net investment income (.12) (.23) (.04)
Total increase (decrease) in net asset value .24 (.38) .05
Net asset value, end of period $4.91 $4.67 $5.05
Total return* 7.77% (2.94%) 7.46%
Ratio of expenses to average net assets .29%(a) .17% 0%
Ratio of net investment income to
average net assets 4.88%(a) 5.01% 4.42%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .61%(a) .86% .80%(a)
Portfolio turnover 10% 77% 14%
Net assets, end of period
Number of shares outstanding at
end of period (in thousands) 1,766 1,589 1,070
Class C
Class C Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.66 $4.97
Income from investment operations
Net investment income .10 .16
Net realized and unrealized gain (loss)
on investments .23 (.30)
Total from investment operations .33 (.14)
Distributions to shareholders
Dividends from net investment income (.10) (.17)
Total increase (decrease) in net asset value .23 (.31)
Net asset value, end of period $4.89 $4.66
Total return* 7.14% (2.60%)
Ratio of expenses to average net assets 1.16%(a) 1.17%(a)
Ratio of net investment income to
average net assets 4.00%(a) 4.29%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .62%(a) .93%(a)
Portfolio turnover 10% 77%
Net assets, end of period $2,239,312 $1,806,406
Number of shares outstanding at
end of period (in thousands) 458 388
*Total return does not reflect deduction of Class A front-end sales charge.
(a) Annualized
Financial Highlights _ Michigan Portfolio
From
Class A Inception
Shares Class A October 1,
Six Months Shares 1993
Ended Year Ended Through
June 30, 1995 Dec. 31, December 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $4.74 $5.09 $5.00
Income from investment operations
Net investment income .12 .23 .04
Net realized and unrealized gain (loss)
on investments .24 (.35) .09
Total from investment operations .36 (.12) .13
Distributions to shareholders
Dividends from net investment income (.12) (.23) (.04)
Total increase (decrease) in net asset value .24 (.35) .09
Net asset value, end of period $4.98 $4.74 $5.09
Total return* 7.61% (2.42%) 10.28%
Ratio of expenses to average net assets .32%(a) .18% 0%
Ratio of net investment income to
average net assets 5.00%(a) 4.76% 4.27%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .56%(a) .84% .89%(a)
Portfolio turnover 15% 65% _
Net assets, end of period $4,848,494 $5,255,017 $4,287,229
Number of shares outstanding at
end of period (in thousands) 973 1,109 842
Class C
Class C Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.74 $5.02
Income from investment operations
Net investment income .10 .16
Net realized and unrealized gain (loss)
on investments .24 (.28)
Total from investment operations .34 (.12)
Distributions to shareholders
Dividends from net investment income (.10) (.16)
Total increase (decrease) in net asset value .24 (.28)
Net asset value, end of period $4.98 $4.74
Total return* 7.19% (2.12%)
Ratio of expenses to average net assets 1.15%(a) 1.15%(a)
Ratio of net investment income to
average net assets 4.16%(a) 3.95%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .57%(a) .87%(a)
Portfolio turnover 15% 65%
Net assets, end of period $1,481,503 $1,218,846
Number of shares outstanding at
end of period (in thousands) 298 257
*Total return does not reflect deduction of Class A front-end sales charge.
(a) Annualized
Financial Highlights _ New York Portfolio
From
Class A Inception
Shares Class A October 1,
Six Months Shares 1993
Ended Year Ended Through
June 30, 1995 Dec. 31, December 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $4.71 $5.05 $5.00
Income from investment operations
Net investment income .11 .23 .04
Net realized and unrealized gain (loss)
on investments .25 (.34) .05
Total from investment operations .36 (.11) .09
Distributions to shareholders
Dividends from net investment income (.11) (.23) (.04)
Total increase (decrease) in net asset value .25 (.34) .05
Net asset value, end of period $4.96 $4.71 $5.05
Total return* 7.71% (2.26%) 7.22%
Ratio of expenses to average net assets .32%(a) .18% 0%
Ratio of net investment income to
average net assets 4.48%(a) 4.77% 3.81%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .69%(a) 1.13% 2.00%(a)
Portfolio turnover 11% 56% _
Net assets, end of period $3,176,216 $2,647,507 $2,236,364
Number of shares outstanding at
end of period (in thousands) 641 562 433
Class C
Class C Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.71 $4.71
Income from investment operations
Net investment income .09 .16
Net realized and unrealized gain (loss)
on investments .24 (.27)
Total from investment operations .33 (.11)
Distributions to shareholders
Dividends from net investment income (.09) (.16)
Total increase (decrease) in net asset value .24 (.27)
Net asset value, end of period $4.95 $4.71
Total return* 7.08% (1.97%)
Ratio of expenses to average net assets 1.16%(a) 1.22%(a)
Ratio of net investment income to
average net assets 3.58%(a) 3.93%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .69%(a) .92%(a)
Portfolio turnover 11% 56%
Net assets, end of period $1,790,765 $1,118,943
Number of shares outstanding at
end of period (in thousands) 362 237
*Total return does not reflect deduction of Class A front-end sales charge.
(a) Annualized
Financial Highlights _ Virginia Portfolio
From
Class A Inception
Shares Class A October 1,
Six Months Shares 1993
Ended Year Ended Through
June 30, 1995 Dec. 31, December 31,
(Unaudited) 1994 1993
Net asset value, beginning of period $4.74 $5.06 $5.00
Income from investment operations
Net investment income .13 .23 .05
Net realized and unrealized gain (loss)
on investments .25 (.32) .06
Total from investment operations .38 (.09) .11
Distributions to shareholders
Dividends from net investment income (.12) (.23) (.05)
Total increase (decrease) in net asset value .26 (.32) .06
Net asset value, end of period $5.00 $4.74 $5.06
Total return* 8.37% (2.04%) 8.65%
Ratio of expenses to average net assets .37%(a) .19% 0%
Ratio of net investment income to
average net assets 5.17%(a) 4.87% 4.81%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .53%(a) .86% 1.54%(a
Portfolio turnover ) 8% 65% 28%
Net assets, end of period $8,049,562 $5,866,135 $2,719,511
Number of shares outstanding at
end of period (in thousands) 1,610 1,239 537
Class C
Class C Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.74 $4.99
Income from investment operations
Net investment income .11 .16
Net realized and unrealized gain (loss)
on investments .26 (.25)
Total from investment operations .37 (.09)
Distributions to shareholders
Dividends from net investment income (.10) (.16)
Total increase (decrease) in net asset value .27 (.25)
Net asset value, end of period $5.01 $4.74
Total return* 7.92% (1.54%)
Ratio of expenses to average net assets 1.16%(a) .94%(a)
Ratio of net investment income to
average net assets 4.39%(a) 4.19%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .52%(a) .99%(a)
Portfolio turnover 8% 65%
Net assets, end of period $2,705,078 $2,766,177
Number of shares outstanding at
end of period (in thousands) 540 583
*Total return does not reflect deduction of Class A front-end sales charge.
(a) Annualized
Financial Highlights _ Arizona Portfolio
Class C
Class A Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.67 $5.00
Income from investment operations
Net investment income .12 .21
Net realized and unrealized gain (loss)
on investments .24 (.33)
Total from investment operations .36 (.12)
Distributions to shareholders
Dividends from net investment income (.12) (.21)
Total increase (decrease) in net asset value .24 (.33)
Net asset value, end of period $4.91 $4.67
Total return* 7.73% (2.44%)
Ratio of expenses to average net assets .21%(a) .21%
Ratio of net investment income to
average net assets 5.04%(a) 5.04%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement . .80%(a) 64%(a)
Portfolio turnover 28% 93%
Net assets, end of period $3,762,277 $3,386,973
Number of shares outstanding at
end of period (in thousands) 766 725
Class C
Class C Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.67 $4.93
Income from investment operations
Net investment income .10 .15
Net realized and unrealized gain (loss)
on investments .24 (.26)
Total from investment operations .34 (.11)
Distributions to shareholders
Dividends from net investment income (.10) (.15)
Total increase (decrease) in net asset value .24 (.26)
Net asset value, end of period $4.91 $4.67
Total return* 7.28% (1.84%)
Ratio of expenses to average net assets 1.10%(a) 1.32%(a)
Ratio of net investment income to
average net assets 4.16%(a) 3.58%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .64%(a) 1.02%(a)
Portfolio turnover 28% 93%
Net assets, end of period $969,141 $919,056
Number of shares outstanding at
end of period (in thousands) 197 197
*Total return does not reflect deduction of Class A front-end sales charge.
(a) Annualized
Financial Highlights _ Florida Portfolio
Class C
Class A Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.67 $5.00
Income from investment operations
Net investment income .12 .21
Net realized and unrealized gain (loss)
on investments .24 (.33)
Total from investment operations .36 (.12)
Distributions to shareholders
Dividends from net investment income (.12) (.21)
Total increase (decrease) in net asset value .24 (.33)
Net asset value, end of period $4.91 $4.67
Total return* 7.73% (2.44%)
Ratio of expenses to average net assets .21%(a) .21%
Ratio of net investment income to
average net assets 5.04%(a) 4.64%
Increase reflected in above net investment income
ratio due to expense reimbursement .64%(a) .80%(a)
Portfolio turnover 28% 93%
Net assets, end of period $3,762,277 $3,386,973
Number of shares outstanding at
end of period (in thousands) 766 725
Class C
Class C Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.67 $4.93
Income from investment operations
Net investment income .10 .15
Net realized and unrealized gain (loss)
on investments .24 (.26)
Total from investment operations .34 (.11)
Distributions to shareholders
Dividends from net investment income (.10) (.15)
Total increase (decrease) in net asset value .24 (.26)
Net asset value, end of period $4.91 $4.67
Total return* 7.28% (1.84%)
Ratio of expenses to average net assets 1.10%(a) 1.32%(a)
Ratio of net investment income to
average net assets 4.16%(a) 3.58%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .64%(a) 1.02%(a)
Portfolio turnover 28% 93%
Net assets, end of period $969,141 $919,056
Number of shares outstanding at
end of period (in thousands) 197 197
*Total return does not reflect deduction of Class A front-end sales charge.
(a) Annualized
Financial Highlight _ Pennsylvania Portfolio
Class C
Class A Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.71 $5.00
Income from investment operations
Net investment income .13 .22
Net realized and unrealized gain (loss)
on investments .24 (.29)
Total from investment operations .37 (.07)
Distributions to shareholders
Dividends from net investment income (.12) (.22)
Total increase (decrease) in net asset value .25 (.29)
Net asset value, end of period $4.96 $4.71
Total return* 7.97% (1.29%)
Ratio of expenses to average net assets .24%(a) .26%
Ratio of net investment income to
average net assets 5.55%(a) 4.94%
Increase reflected in above net investment income
ratio due to expense reimbursement .78%(a) .94%
Portfolio turnover 0% 96%
Net assets, end of period $2,326,334 $1,871,725
Number of shares outstanding at
end of period (in thousands) 469 398
Class C
Class C Shares From
Shares Inception,
Six Months March 1, 1994
Ended Through
June 30, 1995 December 31,
(Unaudited) 1994
Net asset value, beginning of period $4.72 $4.91
Income from investment operations
Net investment income .11 .16
Net realized and unrealized gain (loss)
on investments .24 (.19)
Total from investment operations .35 (.03)
Distributions to shareholders
Dividends from net investment income (.10) (.16)
Total increase (decrease) in net asset value .25 (.19)
Net asset value, end of period $4.97 $4.72
Total return* 7.50% (.30%)
Ratio of expenses to average net assets 1.06%(a) 1.22%(a)
Ratio of net investment income to
average net assets 4.73%(a) 4.20%(a)
Increase reflected in above net investment income
ratio due to expense reimbursement .74%(a) 1.15%(a)
Portfolio turnover 0% 96%
Net assets, end of period $1,368,823 $1,168,273
Number of shares outstanding at
end of period (in thousands) 276 248
*Total return does not reflect deduction of Class A front-end sales charge.
(a) Annualized
Investing with Vision(TM)
(Logo) Calvert Group(R)
A Member of the Acadia Group(R)
4550 Montgomery Avenue, Suite 1000N
Bethesda, Maryland 20814
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