<PAGE>
CALVERT
MUNICIPAL
FUND
SEMI-ANNUAL
REPORT
JUNE 30, 1996
[LOGO FOR CALVERT]
<PAGE>
CALVERT MUNICIPAL FUND
Dear Investor:
Interest rates moved a bit higher during the first six months of 1996. The
nation's economy continued to expand slowly, with Gross Domestic Product
increasing by an annualized 2.5%, but investors feared that stronger growth and
possibly higher inflation were on the horizon.
The rise in rates did not stall the stock market's advance. The Standard &
Poor's 500 Stock Index, a grouping of mostly large-company stocks, turned in a
six-month gain of 10.10%.
In general, short-term fixed-income investments were able to eke out
slightly positive returns for the six-months ended June 30, as higher yields
more than offset declining prices. Intermediate- and longer-term fixed-income
investments suffered more in response to the rise in rates and, on average,
reported flat to negative year-to-date returns.
Municipal bonds outperformed Treasuries as the likelihood of radical tax
reform faded. The prospect of an overhaul of the Tax Code had been depressing
the municipal market but, with Bob Dole in place as the Republican candidate, it
became less likely that this would be a plank in either Party's campaign. Tight
supply of new issues and strong demand also helped to buoy prices of municipal
bonds relative to taxable securities.
Fund Performance and Strategy Review
Municipal Rates
[GRAPH APPEARS HERE]
Graph shows Municipal Rates for 1, 7 and 20 year AA General Obligations between
6/95 and 6/96.
After a protracted period of declining yields and rising prices, the
municipal bond market changed course early in this reporting period. Bond prices
started to slip in February as investors demanded higher yields to compensate
for their expectations of stronger economic growth and belief that the Federal
Reserve would shift to a tighter monetary policy.
The Portfolios' 12-month returns were positive and in line with municipal
securities' historical average annual returns. The Portfolios' six-month returns
were flat or slightly negative as the modestly higher levels of interest income
were not enough to offset the decline in bond prices.
For the six-month period, only one of the nine Portfolios trailed its peer
group average (California). For the 12-month period, seven of the nine
Portfolios generated returns above their peer group average (all but Arizona and
California).
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND-1
<PAGE>
INVESTMENT PERFORMANCE
<TABLE>
<CAPTION>
Six Twelve
Period Ended 6/30/96 Months Months
--------------------------------------------------------------------------------
<S> <C> <C>
National Municipal Intermediate .07% 5.55%
Lipper Int. Muni. Funds Avg. -.26% 4.86%
California Municipal Intermediate .03% 5.11%
Lipper CA Int. Muni Funds Avg. .04% 5.69%
Florida Municipal Intermediate -.11% 5.23%
Lipper FL Int. Muni. Funds Avg. -.46% 4.48%
Arizona Municipal Intermediate -.21% 4.47%
Maryland Municipal Intermediate .01% 5.26%
Michigan Municipal Intermediate .10% 5.18%
Lipper Other States Int. Muni. Funds Avg. -.48% 4.65%
New York Municipal Intermediate -.28% 5.29%
Lipper NY Int. Muni. Funds Avg. -.35% 4.77%
Pennsylvania Municipal Intermediate -.10% 5.25%
Lipper PA Int. Muni. Funds Avg. -.39% 4.39%
Virginia Municipal Intermediate -.03% 4.96%
Lipper VA Int. Muni Funds Avg. -.60% 4.41%
</TABLE>
Investment performance is for Class A shares and does not reflect the
deduction of any front-end sales charges.
On average, the Portfolios had maturities of approximately nine years at
the close of this reporting period and were virtually unchanged from their
levels at the beginning of the year.
The majority of assets for each of the Calvert Municipal Portfolios remains
invested in AAA and AA securities, the two highest credit ratings assigned by
Moody's Investors Service. It was our opinion that the yield spread between
securities of higher and lower credit ratings was not sufficient to justify the
extra risk.
During this reporting period, the results of shareholders' voting on
several proposed amendments to the investment restrictions for the National and
California Municipal Funds were tabulated. Following are a summary of these
amendments and the results of the shareholder votes.
1) To amend the Funds' restriction on investment in commodities and futures
contracts so as to allow futures trading.
National Fund: 1,382,477.646 shares for, 365,929.296 shares against and
78,592.787 shares abstaining.
California Fund: 1,491,366.276 shares for, 418,113.847 shares against and
172,873.764 shares abstaining.
2) To eliminate the Funds' restrictions on options.
National Fund: 1,393,402.501 shares for, 351,657.759 shares against and
81,939.469 shares abstaining.
2 - CALVERT MUNICPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
California Fund: 1,472,291.903 shares for, 408,753.736 shares against and
201,308.248 shares abstaining.
3) To modify the Funds' restriction on short sales and purchases on margin
so as to allow certain short sales and purchases on margin when used in
connection with futures and options transactions. National Fund: 1,372,825.683
shares for, 358,271.765 shares against and 95,902.281 shares abstaining.
California Fund: 1,458,970.595 shares for, 406,898.242 shares against and
216,485.050 shares abstaining.
4) To modify the Funds' restriction on purchase of non-investment grade
debt securities so as to allow up to 35% of net assets to be invested in non-
investment grade debt securities. National Fund: 1,354,788.805 shares for,
364,210.740 shares against and 108,000.184 shares abstaining. California Fund:
1,457,357.517 shares for, 404,815.218 shares against and 220,181.152 shares
abstaining.
5) To eliminate the National Fund's restriction concerning diversification
and change its classification from "diversified" to "non-diversified", which
allows us to invest a higher percentage of assets in the securities of any
single issuer. 1,417,087.462 shares for, 319,972.100 shares against and
89,940.167 shares abstaining.
Outlook
We anticipate continued modest economic growth. Gross Domestic Product will
likely continue to expand at an annualized rate of 2.5% or a bit higher for the
remainder of the year. This could be slightly above the Federal Reserve's target
growth rate, but not so much so that we would expect rates to move dramatically
higher.
As we mentioned earlier, radical suggestions for tax reform had been
hurting the municipal market and these now appear to have been put on the
sidelines. And, since the close of this reporting period, investors in stocks
have encountered significantly greater volatility. A riskier stock market could
enhance the appeal of fixed-income securities.
In our view the municipal market is now fairly valued, and our outlook for
the balance of 1996 is positive. We appreciate your investment in the Calvert
Municipal Fund.
Sincerely,
[Signature]
David Rochat
Senior Vice President
July 31, 1996
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND-3
<PAGE>
IMPORTANT NOTICE TO INVESTORS IN CLASS C SHARES
On or about October 28, 1996, all outstanding Class C accounts in the
Calvert Municipal Intermediate Funds will be converted into an equal dollar
amount of Class A shares. The shares will be converted at net asset value with
no sales charge. This exchange will have a positive impact on your return,
since Class A shares have a lower expense ratio than Class C shares.
You do not need to take any action. The conversion will take place
automatically. The conversion will be a non-taxable event, meaning you should
not incur any taxes as a result.
No new Class C accounts may be opened after August 23, 1996. Owners of
Class C accounts opened on or before that date may continue to purchase Class C
shares for existing Class C accounts until the date of conversion.
4 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
RATINGS BREAKDOWN
NATIONAL INTERMEDIATE
PORTFOLIO
[GRAPH APPEARS HERE]
AAA/Aaa AA/Aa A/A BBB/Baa NR
32% 12% 10% 17% 29%
CALIFORNIA INTERMEDIATE
PORTFOLIO
[GRAPH APPEARS HERE]
AAA/Aaa AA/Aa A/A BBB/Baa Cash Equivalents NR
48% 12% 8% 6% 4% 22%
MARYLAND INTERMEDIATE
PORTFOLIO
[GRAPH APPEARS HERE]
AAA/Aaa AA/Aa A/A NR
33% 33% 2% 32%
ARIZONA INTERMEDIATE
PORTFOLIO
[GRAPH APPEARS HERE]
AAA/Aaa AA/Aa A/A BBB/Baa Cash Equivalents
64% 24% 3% 4% 5%
FLORIDA INTERMEDIATE
PORTFOLIO
[GRAPH APPEARS HERE]
AAA/Aaa AA/Aa BBB/Baa NR
58% 9% 6% 27%
MICHIGAN INTERMEDIATE
PORTFOLIO
[GRAPH APPEARS HERE]
AAA/Aaa AA/Aa A/A NR
45% 24% 3% 28%
<PAGE>
RATINGS BREAKDOWN
<TABLE>
<CAPTION>
NEW YORK INTERMEDIATE PENNSYLVANIA INTERMEDIATE VIRGINIA INTERMEDIATE
PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C> <C>
AAA/Aaa 27% AAA/Aaa 37% AAA/Aaa 26%
AA/Aa 22% AA/Aa 13% AA/Aa 52%
A/A 16% A/A 20% A/A 22%
BBB/Baa 22% BBB/Baa 16%
NR 13% Cash Equivalents 4%
NR 10%
</TABLE>
NR: Obligation is not rated by a commercial credit rating service, such as
Moody's Investors Services, Inc., or Standard & Poor's Corporation; obligation
has been determined to be of appropriate quality for the Portfolio by Calvert
Asset Management Company, Inc., the Investment Advisor.
<TABLE>
<CAPTION>
PORTFOLIO STATISTICS
WEIGHTED AVERAGE MATURITY
12/31/95 6/30/96
- -----------------------------------------------------------------------
<S> <C> <C>
National Intermediate Portfolio 10 years 10 years
Arizona Intermediate Portfolio 7 years 6 years
California Intermediate Portfolio 9 years 9 years
Florida Intermediate Portfolio 9 years 8 years
Maryland Intermediate Portfolio 8 years 9 years
Michigan Intermediate Portfolio 7 years 7 years
New York Intermediate Portfolio 7 years 8 years
Pennsylvania Intermediate Portfolio 8 years 8 years
Virginia Intermediate Portfolio 9 years 8 years
</TABLE>
6 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
PORTFOLIO STATISTICS
SEC YIELDS
<TABLE>
<CAPTION>
Class A Class C
Thirty Days Ended 6/30/96 6/30/96
- ----------------------------------------------------------
<S> <C> <C>
National Intermediate Portfolio 4.60% 3.69%
Arizona Intermediate Portfolio 3.87% 3.13%
California Intermediate Portfolio 4.34% 3.53%
Florida Intermediate Portfolio 4.39% 3.46%
Maryland Intermediate Portfolio 4.40% 3.72%
Michigan Intermediate Portfolio 4.32% 3.49%
New York Intermediate Portfolio 4.08% 3.34%
Pennsylvania Intermediate Portfolio 4.43% 3.74%
Virginia Intermediate Portfolio 4.24% 3.57%
</TABLE>
Yields assume reinvestment of dividends.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
Since
Periods Ended 6/30/96 1 Year Inception
- ------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES
National Intermediate Portfolio (9/92) 2.26% 5.17%
Arizona Intermediate Portfolio (1/94) 1.59% 2.57%
California Intermediate Portfolio (5/92) 2.21% 4.83%
Florida Intermediate Portfolio (1/94) 2.31% 2.84%
Maryland Intermediate Portfolio (10/93) 2.35% 3.17%
Michigan Intermediate Portfolio (10/93) 2.31% 3.46%
New York Intermediate Portfolio (10/93) 2.39% 3.31%
Pennsylvania Intermediate Portfolio (1/94) 2.36% 3.31%
Virginia Intermediate Portfolio (10/93) 2.10% 3.64%
CLASS C SHARES
National Intermediate Portfolio (3/94) 4.46% 4.22%
Arizona Intermediate Portfolio (3/94) 3.78% 3.35%
California Intermediate Portfolio (3/94) 4.21% 3.04%
Florida Intermediate Portfolio (3/94) 4.06% 3.70%
Maryland Intermediate Portfolio (3/94) 4.43% 3.61%
Michigan Intermediate Portfolio (3/94) 4.10% 3.61%
New York Intermediate Portfolio (3/94) 4.44% 3.80%
Pennsylvania Intermediate Portfolio (3/94) 4.14% 4.59%
Virginia Intermediate Portfolio (3/94) 3.91% 4.11%
</TABLE>
Total returns assume reinvestment of dividends and, for Class A shares,
reflect the deduction of the Fund's maximum sales charge of 2.75%.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 7
<PAGE>
PORTFOLIO STATISTICS
PERFORMANCE COMPARISONS
NATIONAL INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
6/30/96 6/30/95 6/30/94 6/30/93 9/30/92
------- ------- ------- ------- -------
CALVERT NAT INT $12,075 $11,439 $10,598 $10,286 $ 9,725
- ---------------
LEHMAN 7 YR MUNICIPAL BD $12,616 $11,953 $11,045 $10,906 $10,000
</TABLE>
ARIZONA INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
6/30/96 6/30/95 6/30/94 12/31/93
------- ------- ------- --------
CAZ MUNI INT $10,662 $10,196 $9,545 $ 9,725
- ------------
LEHMAN 7 YR MUNICIPAL BD $10,914 $10,341 $9,555 $ 10,000
</TABLE>
CALIFORNIA INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
6/30/96 6/30/95 6/30/94 6/30/93 6/30/92 5/29/92
------- ------- ------- ------- ------- -------
CCA MUNI INT $12,119 $11,529 $11,159 $10,879 $10,722 $ 9,725
- ------------
LEHMAN 7 YR MUNICIPAL BD $13,025 $12,342 $11,403 $11,260 $10,168 $10,000
</TABLE>
8 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
PORTFOLIO STATISTICS
PERFORMANCE COMPARISONS
FLORIDA INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
CFL MUNI INT $10,721 $10,188 $9,495 $ 9,725
LEHMAN 7 YR MUNICIPAL BD $10,914 $10,341 $9,555 $10,000
MARYLAND INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
CMD MUNI INT $10,892 $10,347 $9,558 $ 9,725
LEHMAN 7 YR MUNICIPAL BD $11,067 $10,486 $9,689 $10,000
MICHIGAN INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
CMI MUNI INT $10,977 $10,435 $9,726 $ 9,725
LEHMAN 7 YR MUNICIPAL BD $11,067 $10,486 $9,689 $10,000
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 9
<PAGE>
PORTFOLIO STATISTICS
PERFORMANCE COMPARISONS
NEW YORK INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CNY MUNI INT $10,934 $10,385 $ 9,714 $ 9,725
LEHMAN 7 YR MUNICIPAL BD $11,067 $10,486 $ 9,689 $10,000
</TABLE>
PENNSYLVANIA INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CPA MUNI INT $10,844 $10,302 $ 9,465 $ 9,725
LEHMAN 7 YR MUNICIPAL BD $10,914 $10,341 $ 9,555 $10,000
</TABLE>
VIRGINIA INTERMEDIATE PORTFOLIO
Comparison of change in value of a hypothetical $10,000 investment.
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CVA MUNI INT $11,030 $10,508 $ 9,702 $ 9,725
LEHMAN 7 YR MUNICIPAL BD $11,067 $10,486 $ 9,689 $10,000
</TABLE>
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.
10 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
National Portfolio
Statement of Net Assets
June 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------------------------------------------
Municipal Obligations - 99.1%
<S> <C> <C>
Arizona - 2.6%
$1,000,000 Maricopa County School District General Obligation Bonds,
7.50%, 7/1/07, AMBAC Insured............................................. 1,189,550
California - 11.5%
1,625,000 Los Angeles Multi-Family Housing Revenue Bonds,
5.85%, 12/1/27........................................................... 1,627,600
1,000,000 Orange County Multi-Family Housing Revenue Bonds,
5.60%, 10/1/27, (Tender 10/1/05 @ 100)................................... 994,910
836,933 Regents of the University of California, Los Angeles Lease Revenue Bonds,
6.00%, 5/15/02........................................................... 845,587
San Francisco International Airport Series-2 #5 Municipal Transportation
Revenue Bonds:
500,000 5.90%, 5/1/05, FGIC Insured.............................................. 524,515
750,000 6.00%, 5/1/06, FGIC Insured.............................................. 789,210
400,000 Tahoe City Public Utility District Certificates of Participation, Series B,
6.30%, 6/1/04 ........................................................... 408,468
Colorado - 2.6%
1,100,000 Denver City and County Airport Revenue Bonds, Series A,
7.10%, 11/15/01.......................................................... 1,181,719
Connecticut - 2.4%
1,000,000 Connecticut Special Tax Obligation Revenue Bonds, Transportation
Infrastructure Project, 6.00%, 9/1/06.................................... 1,062,510
Florida - 7.9%
440,000 Collier County Special Assessment Bonds, Pine/Naples Project,
5.375%, 11/1/07.......................................................... 443,986
1,000,000 Dade County Multi-Family Housing Revenue Bonds,
5.90%, 6/1/26............................................................ 1,003,380
2,000,000 Tampa Capital Improvement Program Revenue Bonds, Series B, 8.375%,
10/1/18, IA: Multi-Bank.................................................. 2,125,080
Georgia - 6.7%
1,500,000 Atlanta Airport Authority Facility Revenue Bonds, 6.50%, 1/1/07,
AMBAC Insured............................................................ 1,656,345
1,800,000 Georgia State General Obligation Bonds, 3.25%, 7/1/12...................... 1,359,810
Hawaii - 2.9%
1,400,000 Honolulu City & County Improvement General Obligation Bonds,
5.00%, 10/1/13........................................................... 1,298,934
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 11
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
ILLINOIS - 2.4%
$1,000,000 Chicago Water Revenue Bonds, 6.50%, 11/1/10, FGIC Insured............... $1,080,630
INDIANA - 4.9%
2,000,000 Indianapolis Local Public Improvement Bond Bank Revenue Bonds,
6.75%, 2/1/14......................................................... 2,200,620
LOUISIANA - 1.0%
425,000 Louisiana Public Facility Authority Student Loan Revenue Bonds,
6.50%, 3/1/02......................................................... 445,434
MARYLAND - 14.6%
1,500,000 Baltimore County Economic Development Revenue Bonds, 5.15%, 9/1/96,
LOC: First National Bank of Maryland.................................. 1,502,745
1,010,000 Cambridge Economic Development Authority Revenue Bonds,
Dorchester Hospital, 7.25%, 4/1/04.................................... 1,072,489
1,233,000 Cecil County Health Department Certificates of Participation,
7.875%, 7/1/14........................................................ 1,278,374
750,000 Maryland State Economic Development Authority Revenue Bonds,
Series A, 6.375%, 11/1/09, LOC: First National Bank of Maryland,
(Optional Tender 10/31/99 @ 100)...................................... 751,890
100,000 Ocean City Industrial Development Authority Revenue VRDN,
5.3625%, 7/1/13, LOC: First National Bank of Maryland................. 100,000
1,844,600 Prince Georges County Economic Development Authority Revenue Bonds,
5.68%, 8/1/11, LOC: First National Bank of Maryland, (Tender 1/1/01
@ 100)................................................................ 1,860,168
MICHIGAN - 2.3%
1,045,000 Michigan Higher Education Facilities Authority Revenue Bonds,
6.00%, 11/1/03........................................................ 1,053,527
NEW HAMPSHIRE - 1.2%
550,000 Sullivan County Regional Refuse Disposal District General Obligation
Bonds, 6.40%, 12/1/97................................................. 549,681
NEW MEXICO - 0.1%
50,000 New Mexico Educational Assistance Foundation Student Loan Revenue
Bonds, 6.30%, 12/1/02................................................. 52,330
NEW YORK - 8.7%
800,000 New York City General Obligation Bonds, Series E, 5.75%, 2/15/09........ 759,328
176,136 New York City Hospital Revenue Bonds, Bronx Lease, 5.75%, 12/1/97....... 175,344
1,750,000 New York General Obligation Bonds, Series B, 6.20%, 8/15/06............ 1,749,842
200,000 New York State Certificates of Participation, 5.45%, 2/1/00............. 201,154
1,000,000 New York State Local Government Assistance Corporation Revenue Bonds,
6.00%, 4/1/14......................................................... 1,028,610
PENNSYLVANIA - 4.5%
1,000,000 Philadelphia Airport Revenue Bonds, 5.70%, 6/15/07, AMBAC Insured....... 1,011,350
1,000,000 Philadelphia Hospitals & Higher Education Facilities Authority Revenue
Bonds, 5.85%, 7/1/02................................................. 998,490
</TABLE>
12 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
South Dakota - 2.6%
$1,125,000 Heartland Consumers Power District Revenue Bonds, 6.00%, 1/1/09,
FSA Insured................................................................. $ 1,179,540
Texas - 3.4%
1,500,000 North Texas Higher Education Student Loan Revenue Bonds, Series B,
5.55%, 4/1/03............................................................... 1,517,535
Vermont - 1.1%
500,000 Vermont Industrial Development Authority Revenue VRDN, 5.775%,
12/1/01, LOC: Vermont National Bank......................................... 500,000
Virginia - 9.0%
330,000 Arlington County Community Housing Finance Revenue Bonds,
6.00%, 6/1/09............................................................... 335,200
Virginia State Housing Development Authority Revenue Bonds:
1,000,000 Series A, 6.50%, 7/1/03..................................................... 1,041,590
300,000 Series A, 6.90%, 7/1/07..................................................... 314,085
1,120,000 Series I, 6.00%, 7/1/03..................................................... 1,141,773
1,200,000 West Point Industrial Development Authority Pollution Control Revenue
Bonds, Chesapeake Corp. Project, 6.375%, 5/1/03............................. 1,203,108
Other - 6.7%
1,000,000 Fort Mojave Indian Tribe of Arizona, California and Nevada Public Facilities
Combined Limited Obligation and Revenue Bonds Adjustable Rate and
Tender Series of 1993, 5.75%, 12/1/18, (Tender 12/1/96 @ 100)............... 1,004,650
2,000,000 Oneida Utility Commission Government Lease Revenue Bonds,
6.25%, 7/1/97............................................................... 2,025,104
-----------
TOTAL INVESTMENTS (Cost $43,272,363) - 99.1%.................................. 44,646,195
Other assets and liabilities, net - 0.9%...................................... 406,261
-----------
Net Assets - 100%............................................................. $45,052,456
===========
Net Assets Consist of:
- ---------------------------------------------------------------------------------------------------------
Par value and paid-in capital applicable to the following shares of common stock,
250,000,000 shares of $0.01 par value authorized for Class A and Class C combined:
Class A: 3,698,781 shares outstanding................................................... $38,078,636
Class C: 645,816 shares outstanding..................................................... 6,549,283
Undistributed net investment income......................................................... 83,059
Accumulated net realized gain (losses) on investments....................................... (1,032,354)
Net unrealized appreciation (depreciation) on investments................................... 1,373,832
-----------
Net assets............................................................................... $45,052,456
===========
Net Asset Value per Share
- ---------------------------------------------------------------------------------------------------------
Class A (based on net assets of $38,376,289)................................................ $10.38
===========
Class C (based on net assets of $6,676,167)................................................. $10.34
===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 13
<PAGE>
ARIZONA PORTFOLIO
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
Arizona Municipal Obligations - 98.8%
<S> <C> <C>
$100,000 Arizona State Certificates of Participation,
5.20%, 5/1/97, AMBAC Insured............................ $100,995
75,000 Arizona State Transportation Board Revenue Bonds, 4.50%,
7/1/03, AMBAC Insured................................... 72,935
Arizona State Transportation Board Highway Revenue Bonds:
200,000 6.00%, 7/1/08........................................... 211,408
75,000 7.00%, 7/1/09, (Pre-refunded 7/1/00 @ 101).............. 81,973
100,000 Casa Grande Excise Tax Revenue Bonds, 5.70%, 4/1/06, FGIC
Insured................................................. 103,408
100,000 Glendale General Obligation Bonds, 5.15%, 7/1/03, FGIC
Insured................................................. 101,883
150,000 Glendale Industrial Development Authority Revenue VRDN,
3.85%, 1/1/20, LOC: Sumitomo T&B........................ 150,000
100,000 Maricopa County Certificates of Participation, 5.125%,
6/1/97.................................................. 100,979
50,000 Maricopa County Creighton School District #14 General
Obligation Bonds, 6.90%, 7/1/03, FGIC Insured........... 55,947
150,000 Maricopa County General Obligation Bonds, Series A, 5.80%,
7/1/04.................................................. 158,041
50,000 Maricopa County Glendale School District #40 General
Obligation Bonds, 6.30%, 7/1/03, FGIC Insured,
(Pre-refunded 7/1/01 @ 101)............................. 53,860
100,000 Maricopa County Paradise Valley School District #69
General Obligation Zero Coupon Bonds, 7/1/01, AMBAC
Insured................................................. 78,263
Maricopa County Peoria School District #11 General
Obligation Bonds:
50,000 5.40%, 7/1/02, MBIA Insured............................. 51,629
100,000 7.50%, 7/1/07, AMBAC Insured............................ 118,955
145,000 Maricopa County Tempe Elementary School District #3
General Obligation Capital Appreciation Bonds, Zero
Coupon, Various Maturities, AMBAC Insured............... 102,975
70,000 Maricopa County Tolleson School District #214 General
Obligation Bonds, 5.35%, 7/1/03, FGIC Insured........... 71,586
25,000 Mesa General Obligation Bonds, 5.70%, 7/1/03, FGIC
Insured................................................. 26,235
95,000 Peoria Municipal Development Authority Revenue Bonds,
7.00%, 7/1/00, AMBAC Insured............................ 103,187
75,000 Phoenix General Obligation Bonds, 4.70%, 7/1/01........... 75,198
50,000 Phoenix Street and Highway User Revenue Bonds, 6.10%,
7/1/00, MBIA Insured.................................... 52,754
Pima County General Obligation Bonds:
35,000 5.15%, 7/1/99........................................... 35,653
15,000 5.50%, 7/1/02........................................... 15,550
50,000 Pima County Unified School District Sunnyside #12 General
Obligation Bonds, 5.35%, 7/1/03, AMBAC Insured.......... 51,440
125,000 Prescott Valley Property Corp. Municipal Facilities
Revenue Bonds, 5.55%, 1/1/06, FGIC Insured.............. 126,806
70,000 Scottsdale Revenue Bonds, 4.50%, 7/1/98, FGIC Insured..... 70,306
120,000 Scottsdale General Obligation Bonds, Series D, 6.50%,
7/1/01.................................................. 129,872
75,000 Tucson General Obligation Bonds, 5.10%, 7/1/99, FGIC
Insured................................................. 76,337
</TABLE>
14 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Tucson Street and Highway Revenue Bonds, Series A:
$80,000 4.50%, 7/1/98........................................... $ 80,320
100,000 7.00%, 7/1/11, MBIA Insured............................. 115,303
100,000 Yuma County Unified School District #70 General Obligation
Bonds, 5.00%, 7/1/99, FGIC Insured...................... 101,506
----------
TOTAL INVESTMENTS (Cost $2,633,298) - 98.8%............... 2,675,304
Other assets and liabilities, net - 1.2%.................. 33,281
----------
Net Assets - 100%........................................ $2,708,585
==========
Net Assets Consist of:
- -------------------------------------------------------------------------------
Par value and paid-in capital applicable to the following shares
of common stock, 250,000,000 shares of $0.01 par value
authorized for Class A and Class C combined:
Class A: 413,119 shares outstanding............................ $2,032,129
Class C: 132,740 shares outstanding............................ 643,044
Undistributed net investment income................................ 16,410
Accumulated net realized gain (losses) on investments.............. (25,004)
Net unrealized appreciation (depreciation) on investments.......... 42,006
----------
Net assets....................................................... $2,708,585
==========
Net Asset Value per Share
- -------------------------------------------------------------------------------
Class A (based on net assets of $2,049,890)........................ $4.96
==========
Class C (based on net assets of $658,695).......................... $4.96
==========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 15
<PAGE>
CALIFORNIA PORTFOLIO
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------------------------------------
<C> <S> <C>
California Municipal Obligations - 100.2%
$ 595,000 California Educational Facilities Revenue Bonds, University of
San Francisco, 5.90%, 10/1/02.............................................. $ 633,276
1,000,000 California General Obligation Bonds, 6.40%, 9/1/07........................... 1,094,430
1,000,000 California State Department Water Resources Revenue Bonds,
5.70%, 12/1/03............................................................. 1,056,260
1,750,000 California State Public Works Department of Corrections Lease
Revenue Bonds, 5.25%, 12/1/07, AMBAC Insured............................... 1,741,022
1,448,000 California Statewide Development Authority Multi-Family Housing
Revenue Bonds, 8.50%, 11/1/00.............................................. 1,446,697
Los Angeles General Obligation Bonds, Series A:
1,000,000 7.50%, 9/1/01, MBIA Insured................................................ 1,129,170
2,000,000 5.70%, 9/1/08, FGIC Insured................................................ 2,026,900
1,000,000 Los Angeles Community Redevelopment Agency Housing Revenue Bonds,
5.50%, 12/1/05............................................................. 1,000,830
1,000,000 Los Angeles Community Redevelopment Agency Multi-Family Housing
Revenue VRDN, 3.20%, 4/1/09, LOC: Barclay Bank............................. 1,000,000
1,000,000 Los Angeles Department of Water and Power Revenue Bonds,
5.40%, 9/1/06.............................................................. 1,011,600
3,000,000 Los Angeles Multi-Family Housing Revenue Bonds, 5.85%, 12/1/27............... 3,004,800
1,000,000 Los Angeles Wastewater System Revenue Bonds, Series A, 8.50%, 6/1/02,
MBIA Insured............................................................... 1,187,370
750,000 Merced County Certificates of Participation, 5.625%, 10/1/02,
FSA Insured................................................................ 786,765
732,000 Oceanside Unified School District Certificates of Participation,
7.25%, 8/1/02.............................................................. 755,153
1,000,000 Port of Oakland Revenue Bonds, Series D, 7.00%, 11/1/02,
MBIA Insured............................................................... 1,121,300
501,915 Regents of University of California, Los Angeles, Certificates of
Participation, 6.32%, 3/15/99.............................................. 522,238
24,234 Regents of University of California, San Diego, Certificates of
Participation, 7.65%, 6/1/97............................................... 24,385
Sacramento Certificates of Participation:
744,950 6.75%, 3/1/02.............................................................. 758,672
1,441,015 6.50%, 1/1/04.............................................................. 1,487,559
1,000,000 Sacramento City Financing Authority Revenue Bonds, Series B,
5.00%, 11/1/14............................................................. 914,540
2,000,000 San Diego County Children Center Project Certificates of Participation,
6.00%, 10/1/02............................................................. 2,025,200
1,000,000 San Diego County Transportation Commission Revenue Bonds,
5.25%, 4/1/06, FGIC Insured................................................ 1,005,990
1,000,000 San Diego County Vista Detention Facility Certificates of Participation,
5.00%, 4/1/05, MBIA Insured................................................ 997,120
500,000 San Diego Multi-Family Housing Revenue VRDN, 6.00%, 12/1/08, LOC:
Daiwa Bank................................................................. 500,000
1,500,000 San Francisco City & County General Obligation Bonds, 5.50%, 6/15/13,
FGIC Insured............................................................... 1,459,680
</TABLE>
16 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------
<C> <S> <C>
$1,500,000 Southern California Public Power Authority Revenue Bonds,
5.375%, 1/1/09, MBIA Insured............................................. $ 1,477,875
1,000,000 Southern California Rapid Transit District Special Assessment
Bonds, 5.90%, 9/1/07, AMBAC Insured...................................... 1,055,900
Tahoe City Public Utility District Certificates of Participation, Series B:
505,000 5.75%, 6/1/99............................................................ 515,165
745,000 5.90%, 6/1/00............................................................ 761,144
885,000 6.25%, 6/1/03............................................................ 904,364
1,000,000 University of California Multi Purpose Project Revenue Bonds, Series C,
5.125%, 9/1/13, AMBAC Insured............................................ 923,040
620,000 Valley Health System Certificates of Participation, 6.25%, 5/15/99......... 618,818
-----------
TOTAL INVESTMENTS (Cost $34,204,027) - 100.2%.............................. 34,947,263
Other assets and liabilities, net - (0.2%)................................. (56,128)
-----------
Net Assets - 100%.......................................................... $34,891,135
===========
Net Assets Consist of:
- -----------------------------------------------------------------------------------------------------
Par value and paid-in capital applicable to the following shares of common stock,
250,000,000 shares of $0.01 par value authorized for Class A and Class C combined:
Class A: 3,028,105 shares outstanding.............................................. $31,438,556
Class C: 368,726 shares outstanding................................................ 3,785,238
Undistributed net investment income.................................................... 56,447
Accumulated net realized gain (losses) on investments.................................. (1,132,342)
Net unrealized appreciation (depreciation) on investments.............................. 743,236
-----------
Net assets.......................................................................... $34,891,135
===========
Net Asset Value per Share
- -----------------------------------------------------------------------------------------------------
Class A (based on net assets of $31,116,686)............................................ $10.28
-----------
Class C (based on net assets of $3,774,449)............................................. 10.24
===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 17
<PAGE>
FLORIDA PORTFOLIO
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------------------
<C> <S> <C>
Florida Municipal Obligations - 98.6%
$150,000 Boca Raton Beach Acquisition Revenue Bonds, 4.60%, 1/1/05,
MBIA Insured.......................................................... $144,613
195,000 Brevard County Sales Tax Revenue Bonds, 5.40%, 12/1/06, MBIA Insured.... 198,159
100,000 Broward County School District General Obligation Bonds,
7.20%, 2/15/00........................................................ 105,772
150,000 Broward County Solid Waste System Revenue Bonds, 5.80%, 7/1/07,
MBIA Insured.......................................................... 155,272
260,000 City of Miami General Obligation Bonds, 5.90%, 12/1/06,
FGIC Insured.......................................................... 276,257
100,000 Collier County Special Assessment Bonds, 5.375%, 11/1/07............... 100,906
150,000 Dade County Aviation Revenue Bonds, 5.60%, 10/1/05,
AMBAC Insured......................................................... 155,355
500,000 Dade County Multi-Family Housing Revenue Bonds, 5.90%, 6/1/26........... 501,690
150,000 Dade County School District General Obligation Bonds, 6.40%, 8/1/98,
MBIA Insured........................................................... 156,413
100,000 Dade County Water and Sewer Systems Revenue Bonds, 5.00%, 10/1/00,
FGIC Insured........................................................... 101,524
150,000 East County Water Control District Water Revenue Bonds, Series 1994,
5.45%, 11/1/02, Asset Guaranty Insured................................. 153,048
175,000 Florida State Board of Regent Parking System Revenue Bonds,
5.00%, 7/1/08, FSA Insured............................................. 168,275
300,000 Florida State Multi-Family Housing Revenue Bonds, Cypress Lake,
5.75%, 12/1/07, LOC: Heller Financial.................................. 300,462
500,000 Hillsborough County Port District Special Refunding Revenue Bonds,
5.75%, 6/1/13, FSA Insured............................................. 500,780
150,000 Hillsborough County Solid Waste Revenue Bonds, 5.40%, 10/1/05,
MBIA Insured........................................................... 152,943
125,000 Hollywood Water and Sewer Revenue Bonds, 6.75%, 10/1/11,
FGIC Insured (Prerefunded 10/1/01 @ 102)............................... 138,763
150,000 Homestead Special Insurance Assessment Revenue Bonds, 4.90%,
3/1/00, MBIA Insured................................................... 151,294
100,000 Jacksonville Electric Authority Revenue Bonds, 6.70%, 10/1/04
(Prerefunded 10/1/00 @ 101.5).......................................... 109,021
100,000 Jacksonville Excise Tax Revenue Bonds, 6.25%, 10/1/05,
AMBAC Insured.......................................................... 107,545
125,000 Jacksonville Port Authority Revenue Bonds, 7.625%, 11/1/99,
MBIA Insured........................................................... 136,756
100,000 Jacksonville Water and Sewer Revenue Bonds, 5.20%, 10/1/02,
MBIA Insured........................................................... 102,187
150,000 Lee County Transportation Facilities Revenue Bonds, 5.625%, 10/1/08,
MBIA Insured........................................................... 153,060
115,000 Marion County School Board Certificates of Participation, 5.30%,
8/1/02, FSA Insured.................................................... 117,452
150,000 St. Petersburg Professional Sports Facility Revenue Bonds, 5.10%, 10/1/04,
MBIA Insured........................................................... 151,195
18 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
$200,000 Tallahassee Cons Utility System Revenue Bonds, 4.60%, 10/1/02............ $ 198,442
200,000 Tampa Capital Improvement Revenue Bonds, 8.375%, 10/1/18, IA:
Multi-Bank............................................................. 212,511
500,000 Volousia Multi-Family Housing Revenue VRDN, 3.925%, 9/1/05, GA:
Household Financial Corp............................................... 500,000
----------
TOTAL INVESTMENTS (Cost $5,170,971) - 98.6%.............................. 5,249,695
Other assets and liabilities, net - 1.4%................................. 73,754
----------
NET ASSETS - 100%....................................................... $5,323,449
==========
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------------------------
Paid-in capital applicable to the following shares of beneficial interest,
unlimited number of no par shares authorized:
Class A: 1,000,378 shares outstanding.............................................. $5,054,716
Class C: 75,529 shares outstanding................................................. 349,885
Undistributed net investment income................................................... 4,916
Accumulated net realized gain (losses) on investments................................. (164,792)
Net unrealized appreciation (depreciation) on investments............................. 78,724
----------
Net assets........................................................................... $5,323,449
==========
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------------------------
Class A (based on net assets of $4,950,486)........................................... $ 4.95
==========
Class C (based on net assets of $372,963)............................................. $ 4.94
==========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 19
<PAGE>
Maryland Portfolio
Statement of Net Assets
June 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------------------------
Maryland Municipal Obligations - 98.1%
<C> <S> <C>
$500,000 Anne Arundel County General Obligation Bonds, 5.125%, 4/15/09........ $485,125
Baltimore City General Obligation Bonds:
385,000 8.90%, 10/15/99, MBIA Insured...................................... 435,697
500,000 6.00%, 10/15/04, AMBAC Insured..................................... 536,380
Baltimore County Economic Development Revenue VRDN:
297,945 5.15%, 9/1/96, LOC: First National Bank of Maryland................ 298,490
43,169 5.00%, 12/1/08, LOC: First National Bank of Maryland............... 41,984
915,000 Cambridge Economic Development Revenue Bonds, 7.25%, 4/1/04.......... 971,611
400,000 Carroll County General Obligation Bonds, 6.25%, 11/1/08
(Prerefunded 11/1/01 @ 102)........................................ 433,816
500,000 Cecil County General Obligation Bonds, 5.10%, 12/1/07,
FGIC Insured........................................................ 490,650
451,000 Cecil County Health Department Certificates of Participation,
7.875%, 7/1/14...................................................... 467,597
615,000 Charles County General Obligation Bonds, 5.00%, 3/1/09................ 583,383
400,000 Frederick County General Obligation Bonds, 5.00%, 8/1/09.............. 384,736
655,180 Harford County Economic Development Revenue VRDN, 5.25%,
6/1/10, LOC: First National Bank of Maryland........................ 655,180
400,000 Howard County General Obligation Bonds, 5.25%, 8/15/05................ 406,940
250,000 Maryland Industrial Development Financing Authority Revenue Bonds,
5.20%, 12/1/05...................................................... 245,790
190,000 Maryland Industrial Development Financing Authority Revenue Bonds,
6.375%, 11/1/09, LOC: First National Bank of Maryland
(Optional tender 10/31/99 @ 100).................................... 190,478
370,000 Maryland Stadium Authority Revenue Bonds, 5.375%, 12/15/03,
AMBAC Insured....................................................... 379,246
Maryland State Certificates of Participation for St. Mary's County:
155,000 5.20%, 6/1/04....................................................... 157,712
180,000 5.20%, 12/1/04...................................................... 183,310
Maryland State Economic Development Authority Revenue Bonds, Series A:
210,000 6.10%, 1/1/00...................................................... 219,891
500,000 8.625%, 10/1/19.................................................... 501,710
250,000 Maryland Water Quality Administration Revenue Bonds, 5.40%, 9/1/13.... 246,132
Montgomery County General Obligation Bonds:
250,000 9.75%, 6/1/01...................................................... 305,125
230,000 7.00%, 5/1/03...................................................... 258,623
250,000 Northeast Maryland Waste Disposal Authority Revenue Bonds,
5.80%, 7/1/04...................................................... 252,227
250,000 Ocean City General Obligation Bonds, 6.00%, 3/15/01, MBIA Insured..... 263,147
543,823 Ocean City Industrial Development Authority Revenue VRDN,
5.3625%, 7/1/13, LOC: First National Bank of Maryland.............. 543,823
300,000 Prince Georges County Certificates of Participation, 5.90%, 9/15/08,
MBIA Insured....................................................... 310,629
400,000 Rockville General Obligation Bonds, 4.875%, 4/15/06................... 389,788
</TABLE>
CALVERT MUNICIPAL FUND - 20 SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------------------------
<C> <S> <C>
$400,000 University of Maryland Auxiliary System Revenue Bonds,
5.20%, 4/1/06........................................................... $ 401,364
400,000 Washington, D.C. Metropolitan Area Transit Authority Revenue Bonds,
6.00%, 7/1/07, FGIC Insured............................................. 424,496
150,000 Washington Suburban Sanitary District Revenue Bonds, 5.00%, 6/1/03...... 151,305
-----------
TOTAL INVESTMENTS (Cost $11,367,038) - 98.1%............................ 11,616,385
Other assets and liabilities, net - 1.9%................................ 224,210
-----------
Net Assets - 100%......................................................... $11,840,595
===========
Net Assets Consist of:
- -------------------------------------------------------------------------------------------------
Par value and paid-in capital applicable to the following shares of common stock,
250,000,000 shares of $0.01 par value authorized for Class A and Class C combined:
Class A: 1,771,457 shares outstanding......................................... $ 8,932,009
Class C: 623,587 shares outstanding........................................... 3,030,775
Undistributed net investment income................................................. 10,929
Accumulated net realized gain (losses) on investments............................... (382,465)
Net unrealized appreciation (depreciation) on investments........................... 249,347
-----------
Net assets....................................................................... $11,840,595
===========
Net Asset Value per Share
- -------------------------------------------------------------------------------------------------
Class A (based on net assets of $8,766,586)......................................... $ 4.95
===========
Class C (based on net assets of $3,074,009)......................................... $ 4.93
===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 21
<PAGE>
MICHIGAN PORTFOLIO
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------------------------------
<S> <C> <C>
MICHIGAN MUNICIPAL OBLIGATIONS - 98.9%
$150,000 Bay City Water Supply Revenue Bonds, 4.80%, 10/1/02,
AMBAC Insured.............................................$149,429
350,000 Brighton Area School District General Obligation Bonds,
0%, 5/1/00,AMBAC Insured.................................. 293,233
150,000 Cedar Springs Public School District General Obligation
Bonds, 7.65%, 5/1/03...................................... 172,684
250,000 Clarkston Community School General Obligation Bonds, 5.25%,
5/1/07, FGIC Insured...................................... 249,368
175,000 Detroit Water Supply System Revenue Bonds, 5.30%, 7/1/09,
MBIA Insured.............................................. 172,097
250,000 Greenville Public School District General Obligation Bonds,
5.75%, 5/1/06, MBIA Insured............................... 259,882
200,000 Hartland Consolidated School District General Obligation
Bonds, 5.25%, 5/1/02...................................... 203,606
250,000 Jenison Public School General Obligation Bonds,
5.40%, 5/1/08............................................. 249,333
500,000 Michigan Higher Education Facility Authority Marygrove
College University of Detroit-Mercy Revenue Bonds,
6.00%, 11/1/03............................................ 504,080
610,000 Michigan Higher Education Facility Authority Revenue Bonds,
7.00%, 11/1/05............................................ 684,615
200,000 Michigan State Hospital Finance Authority Revenue Bonds,
Crittention Hospital, 4.75%, 3/1/01....................... 195,644
480,000 Michigan State Housing Development Authority Revenue
VRDN, River Place Plaza Apts., 5.25%, 10/1/11............. 462,398
250,000 Michigan State Building Authority Facilities Revenue Bonds,
Series I, 5.00%, 10/1/01.................................. 252,628
250,000 Michigan State Building Authority Revenue Bonds,
Series II, 6.25%, 10/1/01, AMBAC Insured.................. 267,007
150,000 Michigan State Strategic Fund Limited Obligation Revenue
VRDN, 4.30%, 11/1/09, LOC: Tokai Bank, Ltd................ 150,000
100,000 Morely Stanwood Community School General Obligation Bonds,
5.15%, 5/1/07, FGIC Insured............................... 98,930
250,000 Mount Pleasant School District General Obligation Bonds,
5.65%, 5/1/05............................................. 257,337
100,000 Oakland County Lueders Drain District Special Assessment
General Obligation Bonds, 6.40%, 5/1/02, AMBAC Insured.... 106,956
500,000 Oakland County Economic Development Limited Obligation
Revenue Bonds, Cranbrook Educational Community,
6.375%, 11/1/14........................................... 522,110
300,000 Southfield Economic Development Authority Corporation VRDN,
5.775%, 5/15/11, INSUR: Fireman's Insurance Co............ 300,000
</TABLE>
22 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$80,000 Yale Public School District General Obligation Bonds, 5.10%,
5/1/06, AMBAC Insured......................................................... $ 79,505
205,000 Zeeland Public Schools General Obligation Bonds, 5.70%, 5/1/07,
MBIA Insured.................................................................. 210,262
-----------
TOTAL INVESTMENTS (Cost $5,720,431) - 98.9%..................................... 5,841,104
Other assets and liabilities, net - 1.1%........................................ 65,479
-----------
Net Assets - 100%............................................................... $ 5,906,583
===========
</TABLE>
<TABLE>
<CAPTION>
Net Assets Consist of:
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Par value and paid-in capital applicable to the following shares of common stock,
250,000,000 shares of $0.01 par value authorized for Class A and Class C combined:
Class A: 883,967 shares outstanding........................................................ $ 4,578,087
Class C: 294,190 shares outstanding........................................................ 1,446,473
Undistributed net investment income............................................................ 15,321
Accumulated net realized gain (losses) on investments.......................................... (253,971)
Net unrealized appreciation (depreciation) on investments...................................... 120,673
-----------
Net assets................................................................................... $ 5,906,583
===========
Net Asset Value per Share
- --------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $4,433,934).................................................... $5.02
===========
Class C (based on net assets of $1,472,649).................................................... $5.01
===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 23
<PAGE>
NEW YORK PORTFOLIO
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
New York Municipal Obligations - 99.0%
$100,000 Battery Park New York Revenue Refunding Bonds, Series A,
4.75%, 11/1/02................................................................................ $ 98,330
150,000 Dundee Central School District General Obligation Bonds, 5.70%,
6/15/07, AMBAC Insured........................................................................ 154,899
Glen Cove General Obligation Bonds:
225,000 5.50%, 1/15/03................................................................................ 228,076
215,000 5.60%, 1/15/04................................................................................ 218,296
215,000 5.70%, 1/15/05................................................................................ 218,627
75,000 Irvington Unified Free School District General Obligation Bonds,
5.10%, 7/15/01, AMBAC Insured................................................................. 76,130
180,000 Metropolitan Transit Authority Commuter Facility Revenue Bonds,
Series A, 5.70%, 7/1/02, MBIA Insured......................................................... 187,416
50,000 Monroe County Water Authority Revenue Bonds, 5.95%, 8/1/02...................................... 52,844
New York City General Obligation Bonds:
200,000 Series D, 5.70%, 8/15/06...................................................................... 192,544
200,000 Series E, 5.75%, 2/15/09...................................................................... 189,832
21,107 New York City Hospital Corporation Bellvue Lease, 5.75%, 7/11/96................................ 21,106
144,708 New York City Hospital Corporation Bronx Lease, 5.75%, 12/1/97.................................. 144,059
100,000 New York City Industrial Development Agency Civil Facility Revenue Bonds,
USTA National Tennis Center, 7.75%, 11/15/02, FSA Insured..................................... 115,152
100,000 New York City Municipal Water Finance Revenue Bonds, 4.75%, 6/15/01............................. 99,301
75,000 New York Local Government Assistance Corp. Revenue Bonds,
5.00%, 4/1/06................................................................................. 72,466
500,000 New York State Environmental Pollution Control Revenue Bonds,
5.70%, 1/15/12................................................................................ 502,505
150,000 New York State Project Finance Agency Revenue Bonds, HUD Sec. 236,
Series A, 4.75%, 11/1/04, FSA Insured......................................................... 145,568
200,000 New York State Dormitory Authority Revenue Bonds, 5.50%, 5/15/07................................ 193,162
200,000 New York State Dormitory Authority Revenue Bonds for City University,
5.625%, 7/1/16................................................................................ 188,006
50,000 New York State Dormitory Authority Revenue Bonds for Manhattan
College, 5.70%, 7/1/00, Asset Guaranty Insured................................................ 51,476
50,000 New York State Dormitory Authority Revenue Bonds for Mt. Sinai
Medical School, 6.50%, 7/1/03, MBIA Insured................................................... 54,253
150,000 New York State Dormitory Authority Revenue Bonds for State Department
of Mental Health, 5.35%, 7/1/01............................................................... 150,351
90,000 New York State Environmental Facilities Pooled Revenue Bonds,
5.70%, 5/15/09................................................................................ 92,435
75,000 New York State General Obligation Bonds, 5.75%, 9/15/01......................................... 78,316
210,000 New York State General Obligation Bonds, Series B, 6.25%, 8/15/05............................... 225,850
100,000 New York State Local Assistance Corp. Revenue Bonds, Series E,
6.00%, 4/1/14................................................................................. 102,861
100,000 New York State Power Authority Revenue Bonds, 6.50%, 1/1/08..................................... 109,247
240,000 New York State Thruway Authority Highway Revenue Bonds, Series B,
5.375%, 4/1/02, FGIC Insured.................................................................. 246,245
</TABLE>
24 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
$110,000 New York State Urban Development Corporation Revenue Bonds,
5.60%, 1/1/07...................................................................................... $107,191
150,000 Oneida County General Obligation Bonds, 5.70%, 3/15/01............................................... 153,401
25,000 Onondaga County Unlimited Tax General Obligation Bonds, 9.60%, 6/15/00............................... 29,434
Orange County Industrial Development Authority VRDN:
300,000 3.95%, 6/1/98, LOC: Sakura Bank.................................................................... 300,000
695,000 5.445%, 12/1/05, LOC: United Jersey Bank........................................................... 695,000
150,000 Suffolk County Industrial Development Agency Bonds, 6.00%, 2/1/08, FGIC Insured...................... 158,466
100,000 Syracuse General Obligation Bonds, Series C, 4.80%, 10/15/06......................................... 95,956
275,000 Triborough Building and Tunnel Revenue Bonds, Series A, 5.00%, 1/1/07................................ 268,634
140,000 Westchester County General Obligation Bonds, 6.70%, 2/1/01........................................... 151,857
500,000 Westchester County Industrial Development Agency Civic Facility Revenue Bonds, 6.25%, 4/1/05......... 500,740
-----------
TOTAL INVESTMENTS (Cost $6,634,616)-99.0%............................................................ 6,670,032
Other assets and liabilities, net-1.0%............................................................... 67,695
-----------
Net Assets-100%...................................................................................... $6,737,727
===========
Net Assets Consist of:
- -----------------------------------------------------------------------------------------------------------------------------------
Par value and paid-in capital applicable to the following shares of common stock,
250,000,000 shares of $0.01 par value authorized for Class A and Class C combined:
Class A: 812,855 shares outstanding................................................................................ $4,086,755
Class C: 536,076 shares outstanding................................................................................ 2,638,178
Undistributed net investment income.................................................................................... 5,104
Accumulated net realized gain (losses) on investments.................................................................. (27,726)
Net unrealized appreciation (depreciation) on investments.............................................................. 35,416
----------
Net assets........................................................................................................... $6,737,727
===========
Net Asset Value per Share
- -----------------------------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $4,063,283)............................................................................ $5.00
==========
Class C (based on net assets of $2,674,444)............................................................................ $4.99
==========
See notes to financial statements.
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND-25
<PAGE>
Pennsylvania Portfolio
Statement of Net Assets
June 30, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
===============================================================================================
Municipal Obligations - 100.8%
Pennsylvania - 98.4%
<S> <C> <C>
$170,000 Allegheny County General Obligation Bonds, Series C-42,
5.00%, 10/1/07................................................... $ 164,028
100,000 Allegheny County Higher Education Building Authority Revenue Bonds,
Duquesne University Project, 6.50%, 3/1/10, AMBAC Insured.......... 110,021
230,000 Allegheny County Higher Education Building Authority Revenue Bonds,
Series A, 6.00%, 2/15/08.......................................... 224,535
165,000 Bucks County General Obligation Bonds, Series A, 6.00%, 3/1/01..... 173,826
250,000 Cambria Township Water Authority Industrial User Revenue Bonds,
6.00%, 12/1/12, LOC: Banque Paribas............................... 250,387
130,000 Central Bucks County School District General Obligation Bonds,
6.40%, 2/1/01..................................................... 138,926
175,000 Chester County General Obligation Bonds, 5.50%, 12/15/07........... 177,023
180,000 Delaware County Memorial Hospital Revenue Bonds, 5.25%, 8/15/07,
MBIA Insured...................................................... 177,307
90,000 Erie County General Obligation Bonds, Series B, 6.75%, 9/1/16,
(Pre-refunded 9/1/01 @ 100)....................................... 98,208
100,000 Latrobe Industrial Development Authority Revenue Bonds, St. Vincent
College, 6.40%, 5/1/06............................................ 104,061
50,000 Media Borough Water Revenue Bonds, 5.60%, 1/1/01, MBIA Insured.... 51,747
150,000 Montgomery County Industrial Development Revenue VRDN,
3.55%, 12/1/13, LOC: PNC Bank..................................... 150,000
Pennsylvania Housing Finance Agency Revenue Bonds, Series C-40:
40,000 5.85%, 4/1/02..................................................... 41,016
35,000 5.85%, 10/1/02.................................................... 35,917
75,000 Pennsylvania Infrastructure Investment Authority Revenue Bonds,
5.75%, 9/1/99..................................................... 77,403
120,000 Pennsylvania Intergovernmental Co-op Revenue Bonds, 5.25%, 6/15/06,
FGIC Insured...................................................... 119,262
Pennsylvania State General Obligation Bonds:
100,000 Series I, 5.30%, 5/1/06........................................... 100,251
100,000 Series II, 5.10%, 6/15/03, MBIA Insured........................... 101,225
75,000 Pennsylvania State Industrial Development Authority Revenue Bonds,
6.00%, 1/1/05, AMBAC Insured...................................... 79,347
65,000 Peters Township School District General Obligation Bonds,
6.00%, 5/15/04, FGIC Insured...................................... 68,069
300,000 Philadelphia Airport Revenue Bonds, 5.75%, 6/15/08, AMBAC Insured.. 302,175
195,000 Philadelphia Hospital and Higher Education Revenue Bonds, Belmont
Center, 5.75%, 10/1/07............................................ 193,387
85,000 Philadelphia Hospital and Higher Education Revenue Bonds,
Community College, Series B, 5.40%, 5/1/02, MBIA
Insured.......................................................... 87,043
200,000 Philadelphia Redevelopment Multi-Family Housing Revenue VRDN,
4.00%, 12/1/09, LOC: Marine Midland Bank.......................... 200,000
150,000 Philadelphia Water and Wastewater Revenue Bonds, 5.50%, 6/15/15,
Capital Guaranty Insured.......................................... 144,195
</TABLE>
26 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
=================================================================================================
<S> <C> <C>
$100,000 Pittsburgh General Obligation Bonds, Series A, 5.70%, 9/1/08,
MBIA Insured........................................................ $ 101,032
175,000 Pittsburgh Urban Redevelopment Authority Revenue Bonds,
6.00%, 8/1/08....................................................... 175,129
50,000 Ridley Park Hospital Authority Revenue Bonds, Tayler Hospital,
5.125%, 12/1/98..................................................... 49,782
110,000 Seneca Valley School District General Obligation Bonds,
5.80%, 2/15/11...................................................... 111,281
Sharon Regional Health Systems Authority Revenue Bonds:
100,000 5.50%, 12/1/97...................................................... 101,146
220,000 5.75%, 12/1/98...................................................... 223,363
75,000 State Public School Building Authority Revenue Bonds, Harrisburg
Area Community College, 6.70%, 10/01/00, MBIA Insured............... 80,520
125,000 Wilkes Barre Area School District General Obligation Bonds,
5.75%, 4/1/06, FGIC Insured......................................... 129,641
Other - 2.4%
105,000 Puerto Rico Commonwealth Highway and Transportation Revenue Bonds,
5.00%, 7/1/02....................................................... 104,516
-----------
TOTAL INVESTMENTS (Cost $4,351,872) - 100.8%......................... 4,445,769
Other assets and liabilities, net - (0.8%)........................... (34,922)
-----------
Net Assets - 100%................................................... $ 4,410,847
===========
Net Assets Consist of:
- -------------------------------------------------------------------------------------------------
Par value and paid-in capital applicable to the following shares of common stock,
250,000,000 shares of $0.01 par value authorized for Class A and Class C combined:
Class A: 599,339 shares outstanding........................................... $ 3,012,375
Class C: 284,747 shares outstanding........................................... 1,374,872
Undistributed net investment income................................................. 19,219
Accumulated net realized gain (losses) on investments............................... (89,516)
Net unrealized appreciation (depreciation) on investments........................... 93,897
-----------
Net assets....................................................................... $ 4,410,847
===========
Net Asset Value per Share
- -------------------------------------------------------------------------------------------------
Class A (based on net assets of $2,988,125)......................................... $4.99
===========
Class C (based on net assets of $1,422,722)......................................... $5.00
===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED)
CALVERT MUNICIPAL FUND - 27
<PAGE>
VIRGINIA PORTFOLIO
STATEMENT OF NET ASSETS
JUNE 30, 1996
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- -----------------------------------------------------------------------------------------------
VIRGINIA MUNICIPAL OBLIGATIONS - 97.2%
<C> <S> <C>
$ 575,000 Arlington County Community Housing Finance Revenue Bonds,
6.00%, 6/1/09 ...................................................... $ 584,062
300,000 Arlington County General Obligation Bonds, 5.50%, 8/1/06 ............. 307,860
450,000 Chesapeake Bay Bridge and Tunnel Revenue Bonds, 5.50%, 7/1/06,
FGIC Insured ....................................................... 457,268
300,000 Chesapeake County General Obligation Bonds, 5.60%, 5/1/00 ............ 310,647
500,000 Fairfax County Industrial Development Authority Revenue Bonds,
Inova Health Systems Project, 5.50%, 8/15/08 ....................... 491,290
400,000 Hampton City General Obligation Bonds, 5.90%, 1/15/07 ................ 419,784
500,000 Hanover County Industrial Development Authority Revenue Bonds,
5.30%, 8/15/07, MBIA Insured ....................................... 494,590
1,050,000 Henrico County Industrial Development Authority Revenue
VRDN, 4.05%, 10/01/00, LOC: Tokai Bank, Ltd ........................ 1,050,000
500,000 Henrico County Industrial Development Authority Revenue Bonds,
5.45%, 1/1/14 ...................................................... 472,355
200,000 Loudoun County General Obligation Bonds, Series A, 5.40%, 10/1/06 .... 202,892
Loudoun County Certificates of Participation, FSA Insured:
200,000 6.10%, 3/1/02 ..................................................... 212,054
190,000 6.30%, 3/1/04 ..................................................... 203,568
Metropolitan Washington Airport Authority Revenue Bonds:
100,000 Series A, 6.10%, 10/1/01, MBIA Insured ............................. 105,874
300,000 Series A, 5.60%, 10/1/06, MBIA Insured ............................. 303,708
300,000 Norfolk General Obligation Bonds, Series A, 5.40%, 2/1/02 ............ 309,018
195,000 Norfolk Industrial Development Revenue Bonds, Sentara Hospital Project,
6.60%, 11/1/00 ..................................................... 208,751
300,000 Peninsula Ports Health System Riverside Health Revenue Bonds,
6.00%, 7/1/01 ...................................................... 314,499
200,000 Richmond General Obligation Bonds, Series A, 4.80%, 1/15/01 .......... 200,238
450,000 Riverside Regulatory Jail Authority Revenue Bonds, 5.70%, 7/1/08,
MBIA Insured ....................................................... 461,466
435,000 Virginia College Building Authority Revenue Bonds, Hampton
University Project, 5.20%, 4/1/02 .................................. 438,623
340,000 Virginia Beach General Obligation Bonds, 5.40%, 7/15/08 .............. 342,026
Virginia State Housing Authority Revenue Bonds:
200,000 Series A, 6.50%, 7/1/03 ............................................ 208,318
270,000 Series A, 6.90%, 7/1/07 ............................................ 282,676
400,000 Series C, 6.00%, 1/1/03 ............................................ 406,228
120,000 Series C, 6.75%, 7/1/11 ............................................ 124,277
500,000 Virginia State Multi-Family Housing Revenue Bonds, 5.85%, 5/1/08 ..... 499,615
Virginia State Public Building Authority Revenue Bonds:
100,000 Series A, 5.80%, 8/1/02 ............................................ 105,115
400,000 Series A, 6.00%, 8/1/03 ............................................ 422,536
230,000 Series B, 5.625%, 8/1/02 ........................................... 239,662
</TABLE>
28 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------------------
Virginia State Public School Authority Revenue Bonds, Series A:
<S> <C>
$200,000 6.00%, 8/1/01........................................... $ 211,364
200,000 6.00%, 8/1/03........................................... 212,912
265,000 Virginia State Transportation Board Revenue Bonds,
Route 28 Project, 5.75%, 4/1/00......................... 275,202
320,000 Washington County Industrial Development Revenue Bonds,
5.625%, 7/1/02.......................................... 325,290
300,000 West Point Industrial Development Authority Revenue Bonds,
Chesapeake Corporation, 6.375%, 5/1/03.................. 300,777
300,000 Winchester Industrial Development Authority Revenue Bonds,
Shenandoah University, 6.05%, 10/1/05, Asset Guaranty
Insured................................................. 312,922
-----------
TOTAL INVESTMENTS (Cost $11,609,936) - 97.2%............. 11,817,467
Other assets and liabilities, net - 2.8%................. 335,942
-----------
NET ASSETS - 100%....................................... $12,153,409
===========
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Par value and paid-in capital applicable to the following shares of
common stock, 250,000,000 shares of $0.01 par value authorized for
Class A and Class C combined:
Class A: 1,715,183 shares outstanding............................ $ 8,669,369
Class C: 707,500 shares outstanding.............................. 3,479,726
Undistributed net investment income................................ 15,483
Accumulated net realized gain (losses) on investments.............. (218,700)
Net unrealized appreciation (depreciation) on investments.......... 207,531
-----------
Net assets...................................................... $12,153,409
===========
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------
Class A (based on net assets of $8,602,348)........................ $5.02
===========
Class C (based on net assets of $3,551,061)........................ $5.02
===========
</TABLE>
Explanation of Guarantees: Abbreviations:
GA - Guaranty Agreement AMBAC - American Municipal Bond Assurance Corp.
IA - Investment Agreement FGIC - Financial Guaranty Insurance Company
INSUR - Insurance FSA - Financial Security Advisor
LOC - Letter of Credit MBIA - Municipal Bond Insurance Association
VRDN - Variable Rate Demand Notes
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 29
<PAGE>
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
NATIONAL ARIZONA CALIFORNIA
NET INVESTMENT INCOME PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income
Interest income........................ $ 1,358,163 $ 67,187 $1,004,823
----------- -------- ----------
Expenses
Investment advisory fee................ 138,888 8,149 110,402
Transfer agency fees and expenses...... 15,819 1,296 12,122
Distribution Plan expenses:
Class A............................... -- -- --
Class C............................... 26,920 2,699 15,854
Directors' fees and expenses........... 1,963 118 1,596
Administrative fees.................... 23,148 1,358 18,400
Custodian fees......................... 7,475 4,729 6,042
Registration fees...................... 24,034 405 2,546
Reports to shareholders................ 12,073 1,089 11,520
Professional fees...................... 28,726 1,388 22,298
Miscellaneous.......................... 5,736 1,023 4,844
Reimbursement from Advisor............. -- (1,719) --
----------- -------- ----------
Total expenses....................... 284,782 20,535 205,624
Fees paid indirectly................. (7,475) (4,729) (6,042)
----------- -------- ----------
Net expenses....................... 277,307 15,806 199,582
----------- -------- ----------
NET INVESTMENT INCOME................. 1,080,856 51,381 805,241
----------- -------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------
Net realized gain (loss) on securities.. 34,354 (881) 39,610
Net realized gain (loss) on futures..... -- -- --
----------- -------- ----------
34,354 (881) 39,610
Change in unrealized appreciation or
depreciation........................... (1,175,120) (59,651) (876,901)
----------- -------- ----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS............ (1,140,766) (60,532) (837,291)
----------- -------- ----------
INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS....................... (59,910) (9,151) (32,050)
=========== ======== ==========
</TABLE>
See notes to financial statements.
30 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Statements of Operations
Six Months Ended June 30, 1996
<TABLE>
<CAPTION>
Florida Maryland Michigan
Net Investment Income Portfolio Portfolio Portfolio
==========================================================================
<S> <C> <C> <C>
Investment Income
Interest income....................... $115,980 $ 324,794 $ 156,906
-------- --------- ---------
Expenses
Investment advisory fee............... 13,991 36,175 18,001
Transfer agency fees and expenses..... 874 4,522 2,198
Distribution Plan expenses:
Class A.............................. -- -- --
Class C.............................. 1,548 11,398 5,862
Directors' fees and expenses.......... 184 515 255
Administrative fees................... 2,332 6,029 3,000
Custodian fees........................ 3,645 4,175 3,019
Registration fees..................... 33 1,016 1,423
Reports to shareholders............... 924 3,328 1,546
Professional fees..................... 730 6,824 2,961
Miscellaneous......................... 841 2,618 1,404
Reimbursement from Advisor............ (757) (4,489) (2,136)
-------- --------- ---------
Total expenses...................... 24,345 72,111 37,533
Fees paid indirectly................ (3,645) (4,175) (3,019)
-------- --------- ---------
Net expenses...................... 20,700 67,936 34,514
-------- --------- ---------
NET INVESTMENT INCOME................ 95,280 256,858 122,392
-------- --------- ---------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
==========================================================================
Net realized gain (loss) on securities.. (1,487) -- (827)
Net realized gain (loss) on futures..... (9,444) -- --
-------- --------- ---------
(10,931) -- (827)
Change in unrealized appreciation or
depreciation........................... (85,006) (290,154) (131,203)
-------- --------- ---------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS............ (95,937) (290,154) (132,030)
-------- --------- ---------
INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS....................... (657) (33,296) (9,638)
======== ========= =========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 31
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
New York Pennsylvania Virginia
NET INVESTMENT INCOME Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income
Interest income...................... $ 159,902 $ 119,783 $ 301,974
--------- --------- ---------
Expenses
Investment advisory fee.............. 18,775 13,631 34,427
Transfer agency fees and expenses.... 3,211 1,704 3,910
Distribution Plan expenses:
Class A............................. - - -
Class C............................. 10,052 6,262 13,618
Directors' fees and expenses......... 250 186 474
Administrative fees.................. 3,129 2,272 5,738
Custodian fees....................... 5,222 4,239 4,756
Registration fees.................... 956 184 468
Reports to shareholders.............. 2,099 1,500 2,612
Professional fees.................... 3,375 2,624 6,452
Miscellaneous........................ 1,294 981 2,099
Reimbursement from Advisor........... (2,696) (2,416) (3,780)
--------- --------- ----------
Total expenses..................... 45,667 31,167 70,774
Fees paid indirectly............... (5,222) (4,239) (4,756)
--------- --------- ---------
Net expenses..................... 40,445 26,928 66,018
--------- --------- ---------
NET INVESTMENT INCOME............... 119,457 92,855 235,956
--------- --------- ---------
Realized and Unrealized Gain
(Loss) on Investments
- --------------------------------------------------------------------------------
Net realized gain (loss)
on securities....................... (13,138) (6,048) 63,958
Net realized gain (loss) on futures... (18,774) (6,728) -
--------- --------- ---------
(31,912) (12,776) 63,958
Change in unrealized appreciation or
depreciation......................... (111,531) (97,541) (324,843)
--------- --------- ---------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS.......... (143,443) (110,317) (260,885)
--------- --------- ---------
INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS..................... (23,986) (17,462) (24,929)
========= ========= =========
</TABLE>
See notes to financial statements.
32 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
NATIONAL PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets June 30, 1996 Dec. 31, 1995
- --------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................. $ 1,080,856 $ 2,182,647
Net realized gain (loss).............................. 34,354 180,892
Change in unrealized appreciation or depreciation..... (1,175,120) 3,344,214
----------- ------------
Increase (Decrease) in Net Assets
Resulting from Operations......................... (59,910) 5,707,753
----------- ------------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (933,991) (1,871,643)
Class C shares...................................... (126,934) (258,008)
----------- ------------
Total distributions................................... (1,060,925) (2,129,651)
----------- ------------
Capital share transactions
Shares sold:
Class A shares...................................... 3,933,789 10,495,422
Class C shares...................................... 2,543,005 2,406,040
Reinvestment of distributions:
Class A shares...................................... 740,680 1,591,998
Class C shares...................................... 120,664 249,454
Shares redeemed:
Class A shares...................................... (5,477,283) (11,179,645)
Class C shares...................................... (2,211,729) (2,843,762)
----------- ------------
Total capital share transactions...................... (350,874) 719,507
----------- ------------
Total Increase (Decrease) in Net Assets................. (1,471,709) 4,297,609
Net Assets
- --------------------------------------------------------------------------------------
Beginning of period..................................... 46,524,165 42,226,556
----------- ------------
End of period (including undistributed net investment
income of $83,059 and $63,128, respectively).......... $45,052,456 $ 46,524,165
=========== ============
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 33
</TABLE>
<PAGE>
ARIZONA PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
INCREASE (DECREASE) IN NET ASSETS JUNE 30, 1996 DEC. 31, 1995
- -----------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................. $ 51,381 $ 121,426
Net realized gain (loss).............................. (881) (3,129)
Change in unrealized appreciation or depreciation..... (59,651) 206,511
---------- ----------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS........................... (9,151) 324,808
---------- ----------
Distributions to shareholders from
Net investment income:
Class A shares....................................... (40,786) (93,528)
Class C shares....................................... (10,526) (26,117)
---------- ----------
Total distributions................................... (51,312) (119,645)
---------- ----------
Capital share transactions
Shares sold:
Class A shares....................................... 142,680 454,542
Class C shares....................................... 15,050 439,306
Reinvestment of distributions:
Class A shares....................................... 34,145 80,888
Class C shares....................................... 10,526 26,063
Shares redeemed:
Class A shares....................................... (126,385) (653,606)
Class C shares....................................... (96,560) (221,408)
---------- ----------
Total capital share transactions...................... (20,544) 125,785
---------- ----------
TOTAL INCREASE (DECREASE) IN NET ASSETS................ (81,007) 330,948
NET ASSETS
- -----------------------------------------------------------------------------------------
Beginning of period.................................... 2,789,592 2,458,644
---------- ----------
End of period (including undistributed net investment
income of $16,410 and $16,341, respectively).......... $2,708,585 $2,789,592
========== ==========
</TABLE>
See notes to financial statements
34 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
CALIFORNIA PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
INCREASE (DECREASE) IN NET ASSETS JUNE 30, 1996 DEC. 31, 1995
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................. $ 805,241 $ 1,749,189
Net realized gain (loss).............................. 39,610 (451,127)
Change in unrealized appreciation or depreciation..... (876,901) 3,042,286
----------- -----------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS........................... (32,050) 4,340,348
----------- -----------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (731,406) (1,583,527)
Class C shares...................................... (70,886) (131,146)
----------- -----------
Total distributions................................... (802,292) (1,714,673)
----------- -----------
Capital share transactions
Shares sold:
Class A shares...................................... 2,637,358 5,412,823
Class C shares...................................... 997,704 2,331,477
Reinvestment of distributions:
Class A shares...................................... 513,992 1,256,420
Class C shares...................................... 68,979 126,340
Shares redeemed:
Class A shares...................................... (5,712,749) (8,756,573)
Class C shares...................................... (1,295,659) (1,592,232)
----------- -----------
Total capital share transactions...................... (2,790,375) (1,221,745)
----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS................ (3,624,717) 1,403,930
NET ASSETS
- ----------------------------------------------------------------------------------------
Beginning of period.................................... 38,515,852 37,111,922
----------- -----------
End of period (including undistributed net investment
income of $56,447 and $53,498, respectively).......... $34,891,135 $38,515,852
=========== ===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 35
<PAGE>
FLORIDA PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets June 30, 1996 Dec. 31, 1995
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................. $ 95,280 $ 191,803
Net realized gain (loss).............................. (10,931) 4,049
Change in unrealized appreciation or depreciation..... (85,006) 318,886
---------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations........................... (657) 514,738
---------- -----------
Distributions to shareholders from
Net investment income:
Class A shares....................................... (89,746) (162,144)
Class C shares....................................... (6,369) (23,545)
---------- -----------
Total distributions................................... (96,115) (185,689)
---------- -----------
Capital share transactions
Shares sold:
Class A shares....................................... 1,142,513 871,164
Class C shares....................................... 51,669 849,670
Reinvestment of distributions:
Class A shares....................................... 61,204 125,837
Class C shares....................................... 5,705 22,513
Shares redeemed:
Class A shares....................................... (57,406) (774,066)
Class C shares....................................... (76,706) (1,436,954)
---------- -----------
Total capital share transactions...................... 1,126,979 (341,836)
---------- -----------
Total Increase (Decrease) in Net Assets................ 1,030,207 (12,787)
Net Assets
- ----------------------------------------------------------------------------------------
Beginning of period.................................... 4,293,242 4,306,029
---------- -----------
End of period (including undistributed net investment
income of $4,916 and $5,751, respectively)............ $5,323,449 $ 4,293,242
========== ===========
</TABLE>
See notes to financial statements.
36 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
MARYLAND PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets June 30, 1996 Dec. 31, 1995
- --------------------------------------------------------------------------------------------
Operations
<S> <C> <C>
Net investment income...................................... $ 256,858 $ 506,384
Net realized gain (loss)................................... - 9,818
Change in unrealized appreciation or depreciation.......... (290,154) 800,898
----------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations................................ (33,296) 1,317,100
----------- -----------
Distributions to shareholders from
Net investment income:
Class A shares............................................ (203,692) (408,905)
Class C shares............................................ (52,164) (89,534)
----------- -----------
Total distributions........................................ (255,856) (498,439)
----------- -----------
Capital share transactions
Shares sold:
Class A shares............................................ 1,022,503 1,967,910
Class C shares............................................ 855,224 1,072,783
Reinvestment of distributions:
Class A shares............................................ 174,399 386,944
Class C shares............................................ 45,532 84,349
Shares redeemed:
Class A shares............................................ (1,620,572) (1,023,822)
Class C shares............................................ (267,045) (622,911)
----------- -----------
Total capital share transactions........................... 210,041 1,865,253
----------- -----------
Total Increase (Decrease) in Net Assets..................... (79,111) 2,683,914
Net Assets
- --------------------------------------------------------------------------------------------
Beginning of period......................................... 11,919,706 9,235,792
----------- -----------
End of period (including undistributed net investment
income of $10,929 and $9,927, respectively)................ $11,840,595 $11,919,706
=========== ===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND--37
<PAGE>
MICHIGAN PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets June 30, 1996 Dec. 31, 1995
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................. $ 122,392 $ 285,321
Net realized gain (loss).............................. (827) (2,602)
Change in unrealized appreciation or depreciation..... (131,203) 480,650
---------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations........................... (9,638) 763,369
---------- -----------
Distributions to shareholders from
Net investment income:
Class A shares....................................... (94,033) (221,995)
Class C shares....................................... (24,010) (52,701)
---------- -----------
Total distributions................................... (118,043) (274,696)
---------- -----------
Capital share transactions
Shares sold:
Class A shares....................................... 170,014 382,890
Class C shares....................................... 212,447 660,141
Reinvestment of distributions:
Class A shares....................................... 81,056 205,420
Class C shares....................................... 22,035 50,195
Shares redeemed:
Class A shares....................................... (276,725) (1,671,061)
Class C shares....................................... (227,001) (537,683)
---------- -----------
Total capital share transactions...................... (18,174) (910,098)
---------- -----------
Total Increase (Decrease) in Net Assets................ (145,855) (421,425)
Net Assets
- --------------------------------------------------------------------------------------
Beginning of period.................................... 6,052,438 6,473,863
---------- -----------
End of period (including undistributed net investment
income of $15,321 and $10,972, respectively).......... $5,906,583 $ 6,052,438
========== ===========
</TABLE>
See notes to financial statements.
38 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
NEW YORK PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
INCREASE (DECREASE) IN NET ASSETS JUNE 30, 1996 DEC. 31, 1995
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................. $ 119,457 $ 205,959
Net realized gain (loss).............................. (31,912) 58,326
Change in unrealized appreciation or depreciation..... (111,531) 321,005
---------- ----------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS........................... (23,986) 585,290
---------- ----------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (76,805) (138,235)
Class C shares...................................... (41,815) (64,975)
Net realized gain on investments:
Class A shares...................................... - (3,276)
Class C shares...................................... - (2,184)
---------- ----------
Total distributions................................... (118,620) (208,670)
---------- ----------
Capital share transactions
Shares sold:
Class A shares...................................... 1,020,869 1,203,462
Class C shares...................................... 918,711 1,297,708
Reinvestment of distributions:
Class A shares...................................... 65,548 125,466
Class C shares...................................... 41,162 66,301
Shares redeemed:
Class A shares...................................... (511,513) (651,008)
Class C shares...................................... (619,370) (220,073)
---------- ----------
Total capital share transactions...................... 915,407 1,821,856
---------- ----------
TOTAL INCREASE (DECREASE) IN NET ASSETS................ 772,801 2,198,476
NET ASSETS
- ----------------------------------------------------------------------------------------
Beginning of period.................................... 5,964,926 3,766,450
---------- ----------
End of period (including undistributed net investment
income of $5,104 and $4,267, respectively)............ $6,737,727 $5,964,926
========== ==========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 39
<PAGE>
PENNSYLVANIA PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
INCREASE (DECREASE) IN NET ASSETS JUNE 30, 1996 DEC. 31, 1995
- -----------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................... $ 92,855 $ 173,336
Net realized gain (loss)................................ (12,776) 797
Change in unrealized appreciation or depreciation....... (97,541) 255,153
---------- ----------
Increase (Decrease) in Net Assets
Resulting from Operations........................... (17,462) 429,286
---------- ----------
Distributions to shareholders from
Net investment income:
Class A shares........................................ (63,275) (104,356)
Class C shares........................................ (25,161) (54,268)
---------- ----------
Total distributions..................................... (88,436) (158,624)
---------- ----------
Capital share transactions
Shares sold:
Class A shares........................................ 694,773 596,745
Class C shares........................................ 77,221 651,919
Reinvestment of distributions:
Class A shares........................................ 44,054 89,501
Class C shares........................................ 24,308 52,898
Shares redeemed:
Class A shares........................................ (200,704) (200,531)
Class C shares........................................ (393,131) (230,968)
---------- ----------
Total capital share transactions........................ 246,521 959,564
---------- ----------
Total Increase (Decrease) in Net Assets................... 140,623 1,230,226
Net Assets
- -----------------------------------------------------------------------------------------
Beginning of period....................................... 4,270,224 3,039,998
---------- ----------
End of period (including undistributed net investment
income of $19,219 and $14,800, respectively)............ $4,410,847 $4,270,224
========== ==========
</TABLE>
See notes to financial statements.
40 - Calvert Municipal Fund SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Virginia Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
Increase (Decrease) in Net Assets June 30, 1996 Dec. 31, 1995
- --------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income................................. $235,956 $461,149
Net realized gain (loss).............................. 63,958 (10,942)
Change in unrealized appreciation or depreciation..... (324,843) 750,318
----------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations........................... (24,929) 1,200,525
----------- -----------
Distributions to shareholders from
Net investment income:
Class A shares....................................... (174,912) (336,168)
Class C shares....................................... (60,118) (115,066)
----------- -----------
Total distributions................................... (235,030) (451,234)
----------- -----------
Capital share transactions
Shares sold:
Class A shares....................................... 1,688,851 2,338,809
Class C shares....................................... 456,923 745,321
Reinvestment of distributions:
Class A shares....................................... 152,197 308,556
Class C shares....................................... 59,939 114,344
Shares redeemed:
Class A shares....................................... (351,188) (1,740,892)
Class C shares....................................... (95,005) (646,090)
----------- -----------
Total capital share transactions...................... 1,911,717 1,120,048
----------- -----------
Total Increase (Decrease) in Net Assets................ 1,651,758 1,869,339
Net Assets
- --------------------------------------------------------------------------------------
Beginning of period.................................... 10,501,651 8,632,312
----------- -----------
End of period (including undistributed net investment
income of $15,483 and $14,557, respectively).......... $12,153,409 $10,501,651
=========== ===========
</TABLE>
See notes to financial statements.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 41
<PAGE>
Notes To Financial Statements
Note A-Significant Accounting Policies
GENERAL: The Calvert Municipal Fund is comprised of eight Municipal
Intermediate Portfolios: National, Arizona, California, Maryland, Michigan, New
York, Pennsylvania, and Virginia. The First Variable Rate Fund for Government
Income has one Municipal Intermediate Portfolio, Florida. Each of the
Portfolios, collectively the "Fund", are registered under the Investment Company
Act of 1940 as open-end management investment companies. The operations of each
Portfolio are accounted for separately. Each Portfolio offers Class A and Class
C shares. Class A shares are sold with a maximum front-end sales charge of
2.75%. Class C shares, which have no transaction-based sales charge, have a
higher annual expense rate than Class A. Each class has different: (a) dividend
rates, due to differences in Distribution Plan expenses and other class specific
expenses, (b) exchange privileges and (c) class specific voting rights.
SECURITY VALUATION: Municipal securities are valued utilizing the average of
bid prices or at bid prices based on a matrix system (which considers such
factors as security prices, yields, maturities and ratings) furnished by dealers
through an independent pricing service. Securities listed or traded on a
national securities exchange are valued at the last reported sale price. Other
securities and assets for which market quotations are not available or deemed
inappropriate are valued in good faith under the direction of the Board of
Directors.
OPTIONS: The Fund may write or purchase option securities. The option premium
is the basis for recognition of unrealized or realized gain or loss on the
option. The cost of securities acquired or the proceeds from securities sold
through the exercise of the option is adjusted by the amount of the premium. The
National and California Portfolios were granted options authority by
shareholders in May and June 1996, respectively.
FUTURES CONTRACTS: The Fund may enter into futures contracts agreeing to buy or
sell a financial instrument for a set price at a future date. The Fund maintains
securities with a value equal to its obligation under each contract. Initial
margin deposits of either cash or securities are made upon entering into futures
contracts; thereafter, variation margin payments are made or received daily
reflecting the change in market value. Unrealized or realized gains and losses
are recognized based on the change in market value. Risks of futures contracts
arise from the possible illiquidity of the futures markets and the movement in
the value of the investment or in interest rates. The National and California
Portfolios were granted options authority by shareholders in May and June 1996,
respectively.
SECURITY TRANSACTIONS AND INVESTMENT INCOME: Security transactions are
accounted for on trade date. Realized gains and losses are recorded on an
identified cost basis. Interest income, accretion of discount and amortization
of premium are recorded on an accrual basis.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions to shareholders are recorded by
the Fund on ex-dividend date. Dividends from net investment income are paid
monthly. Distributions from net realized capital gains, if any, are paid at
least annually. Distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles;
accordingly, periodic reclassifications are made within the Fund's capital
accounts to reflect income and gains available for distribution under income tax
regulations.
42 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Expense Offset Arrangements: The Fund has an arrangement with its custodian
bank whereby the custodian's fees are paid indirectly by credits earned on the
Fund's cash on deposit with the bank. Such deposit arrangement is an alternative
to overnight investments.
Federal Income Taxes: No provision for federal income or excise tax is required
since the Fund intends to continue to qualify as a regulated investment company
under the Internal Revenue Code and to distribute substantially all of its
earnings.
NOTE B-RELATED PARTY TRANSACTIONS
Calvert Asset Management Company, Inc. (the "Advisor") is wholly-owned by
Calvert Group, Ltd. ("Calvert"), which is indirectly wholly-owned by Acacia
Mutual Life Insurance Company. The Advisor provides investment advisory services
and pays the salaries and fees of officers and affiliated Directors of the Fund.
For its services, the Advisor receives a monthly fee based on the following
annual rates of average daily net assets of each Portfolio: .60% on the first
$500 million, .50% on the next $500 million and .40% on the excess of $1
billion.
The Advisor reimburses the Portfolios for their respective operating expenses
(excluding brokerage fees, taxes, interest, Distribution Plan expenses and
extraordinary items) exceeding the following annual rates of average daily net
assets: 2.5% on the first $30 million, 2.0% on the next $70 million and 1.5% on
the excess of $100 million.
The Advisor also voluntarily reimbursed the Portfolios for advisory fees or
other operating expenses as reflected in the table on the following page.
Expenses paid or waived by the Advisor may be repaid by the Portfolios through
December 31, 1997. Recapture is permitted only to the extent it does not result
in a Portfolio's aggregate expenses exceeding 2% of its annual average net
assets. Expenses subject to recovery are reflected in the table on the following
page.
Calvert Administrative Services Company, an affiliate of the Advisor, provides
administrative services to the Fund for an annual fee, payable monthly, of .10%
of the average daily net assets of each Portfolio.
Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and
principal underwriter for the Fund. Distribution Plans, adopted by each class of
shares, allow the Fund to pay the distributor for expenses and services
associated with distribution of shares. The expenses paid may not exceed .15%
and .80% annually of average daily net assets of each Class A and Class C,
respectively.
The Distributor currently does not charge any Distribution Plan expenses to
Class A.
The Distributor receives a portion of commissions charged on sales of each
Portfolio's Class A shares as shown in the table on the following page.
Calvert Shareholder Services, Inc., an affiliate of the Advisor, acts as
transfer, dividend disbursing and shareholder servicing agent for the Fund.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 43
<PAGE>
<TABLE>
<CAPTION>
Certain transactions with affiliates were:
EXPENSES
VOLUNTARY SUBJECT DISTRIBUTOR
REIMBURSEMENTS RECOVERY COMMISSIONS
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
National........................... -- $ 61,663 $7,021
Arizona............................ $1,719 28,172 984
California......................... -- 10,792 8,846
Florida............................ 757 29,905 301
Maryland........................... 4,489 117,737 2,481
Michigan........................... 2,136 43,380 138
New York........................... 2,696 36,580 730
Pennsylvania....................... 2,416 32,127 958
Virginia........................... 3,780 60,103 6,451
</TABLE>
Each Director who is not affiliated with the Advisor receives an annual fee of
$20,250 plus up to $1,200 for each Board and Committee meeting attended.
Director's fees are allocated to each of the funds served.
NOTE C-INVESTMENT ACTIVITY
During the period, purchases and sales of investments, other than short-term
securities, were:
<TABLE>
<CAPTION>
NATIONAL ARIZONA CALIFORNIA FLORIDA MARYLAND
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Purchases:.......... $3,603,291 -- $5,436,750 $1,284,665 $1,112,540
Sales:.............. 4,435,554 $98,846 8,115,935 190,640 232,921
</TABLE>
<TABLE>
<CAPTION>
MICHIGAN NEW YORK PENNSYLVANIA VIRGINIA
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:................... $418,389 $1,768,383 $999,561 $1,496,495
Sales:...................... 798,626 444,079 361,875 465,758
</TABLE>
The cost of investments owned at June 30, 1996 was substantially the same for
federal income tax and financial reporting purposes for each Portfolio. The
table below presents the components of net unrealized appreciation
(depreciation) as of June 30, 1996, and the net realized capital loss
carryforwards as of December 31, 1995 with expiration dates.
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED CAPITAL LOSS EXPIRATION
APPRECIATION DEPRECIATION CARRY FORWARD DATES
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National.................... $1,404,627 $30,795 $1,066,708 2002
Arizona..................... 43,905 1,899 24,123 2003
California.................. 744,540 1,304 1,171,952 2003
Florida..................... 83,094 4,370 153,849 2002
Maryland.................... 297,032 47,685 383,176 2002
Michigan.................... 145,821 25,148 253,144 2003
New York.................... 65,585 30,169 -- --
Pennsylvania................ 98,105 4,208 70,780 2002
Virginia.................... 244,780 37,249 282,660 2003
</TABLE>
44 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
Capital losses may be utilized to offset current and future capital gains until
expiration.
As a cash management practice, Portfolios may sell or purchase short-term
variable rate demand notes from other Portfolios managed by the Advisor. The
transactions are effected at par with no gain or loss to the Portfolios, in
accordance with policies of the Fund.
Additionally, the Portfolios effected transactions with other Portfolios, which
resulted in net gains on sales of securities of $2,908 and $22,128 in National
and California, respectively, and cost of purchase of $484,665 and $657,908 in
Florida and New York, respectively; all were executed at independently derived
prices.
NOTE D--CAPITAL SHARES
Transactions in Class A shares of each Portfolio for the six months ended
June 30, 1996 and year ended December 31, 1995 were as follows:
<TABLE>
<CAPTION>
REINVESTMENT NET
CLASS A SHARES OF SHARES SHARE
1996 SHARE ACTIVITY SOLD DISTRIBUTIONS REDEEMED ACTIVITY
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National.............. 370,106 70,830 (522,429) (81,493)
Arizona............... 28,302 6,818 (25,283) 9,837
California............ 252,709 49,631 (550,090) (247,750)
Florida............... 230,170 12,282 (11,331) 231,121
Maryland.............. 202,935 34,943 (325,979) (88,101)
Michigan.............. 33,254 16,053 (55,174) (5,867)
New York.............. 203,326 13,019 (101,472) 114,873
Pennsylvania.......... 135,970 8,771 (40,328) 104,413
Virginia.............. 331,465 30,120 (69,366) 292,219
</TABLE>
<TABLE>
<CAPTION>
REINVESTMENT NET
CLASS A SHARES OF SHARES SHARE
1995 SHARE ACTIVITY SOLD DISTRIBUTIONS REDEEMED ACTIVITY
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National.............. 1,025,259 155,373 (1,086,473) 94,159
Arizona............... 92,028 16,405 (130,936) (22,503)
California............ 542,117 124,485 (866,544) (199,942)
Florida............... 176,473 25,511 (158,099) 43,885
Maryland.............. 399,883 78,953 (208,618) 270,218
Michigan.............. 76,786 40,515 (336,033) (218,732)
New York.............. 242,440 25,237 (131,215) 136,462
Pennsylvania.......... 119,450 17,796 (39,855) 97,391
Virginia.............. 467,546 61,650 (345,109) 184,087
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 45
<PAGE>
Transactions in Class C shares of each Portfolio for the six months ended June
30, 1996 and the year ended December 31, 1995 were as follows:
<TABLE>
<CAPTION>
REINVESTMENT NET
CLASS C SHARES OF SHARES SHARE
1996 SHARE ACTIVITY SOLD DISTRIBUTIONS REDEEMED ACTIVITY
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National.............. 244,729 11,588 (213,075) 43,242
Arizona............... 3,035 2,101 (19,158) (14,022)
California............ 96,650 6,685 (125,524) (22,189)
Florida............... 10,433 1,146 (15,463) (3,884)
Maryland.............. 170,477 9,168 (53,770) 125,875
Michigan.............. 42,195 4,372 (45,086) 1,481
New York.............. 182,965 8,186 (123,363) 67,788
Pennsylvania.......... 15,228 4,828 (77,807) (57,751)
Virginia.............. 89,399 11,846 (18,809) 82,436
</TABLE>
<TABLE>
<CAPTION>
REINVESTMENT NET
CLASS C SHARES OF SHARES SHARE
1995 SHARE ACTIVITY SOLD DISTRIBUTIONS REDEEMED ACTIVITY
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National.............. 234,908 24,339 (276,399) (17,152)
Arizona............... 89,307 5,275 (44,417) 50,165
California............ 227,545 12,342 (155,539) 84,348
Florida............... 172,828 4,600 (294,884) (117,456)
Maryland.............. 220,140 17,209 (127,350) 109,999
Michigan.............. 133,744 10,071 (108,446) 35,369
New York.............. 261,376 13,326 (43,869) 230,833
Pennsylvania.......... 130,801 10,698 (46,716) 94,783
Virginia.............. 148,103 22,834 (129,264) 41,673
</TABLE>
NOTE E-SUBSEQUENT EVENT
Effective on or about October 28, 1996, all outstanding Class C shares of each
Portfolio in the Fund will be converted automatically into an equivalent value
of Class A shares. This transaction is a non-taxable exchange and no sales
charge will be applied to the Class A shares issued.
46 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
FINANCIAL HIGHLIGHTS -- NATIONAL PORTFOLIO
<TABLE>
<CAPTION>
CLASS A SHARES -- PERIODS ENDED
-----------------------------------------
JUNE 30, DECEMBER 31,
1995 1995 1994 1993
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning.................... $10.62 $9.81 $10.42 $10.01
======= ======= ======= =======
Income from investment operations
Net investment income........................ .25 .51 .50 .48
Net realized and unrealized gain (loss)...... (.24) .80 (.62) .45
------- ------- ------- -------
Total from investment operations............ .01 1.31 (.12) .93
------- ------- ------- -------
Distributions from
Net investment income........................ (.25) (.50) (.49) (.48)
Net realized gains.......................... -- -- -- (.04)
------- ------- ------- -------
Total distributions......................... (.25) (.50) (.49) (.52)
------- ------- ------- -------
Total increase (decrease) in net asset value.. (.24) .81 (.61) .41
------- ------- ------- -------
Net asset value, ending....................... $10.38 $10.62 $9.81 $10.42
======= ======= ======= =======
Total return*................................. .07% 13.64% (1.18%) 9.47%
======= ======= ======= =======
Ratios to average net assets:
Net investment income........................ 4.82%(a) 4.97% 4.88% 5.01%
======= ======= ======= =======
Total expenses +............................. 1.08%(a) .96% -- --
======= ======= ======= =======
Net expenses................................. 1.05%(a) .94% .69% .10%
======= ======= ======= =======
Expenses reimbursed......................... -- -- .32% .45%
======= ======= ======= =======
Portfolio turnover............................ 8% 57% 122% 162%
======= ======= ======= =======
Net assets, ending (in thousands)............. $38,376 $40,146 $36,159 $37,467
======= ======= ======= =======
Number of shares outstanding,
ending (in thousands)........................ 3,699 3,780 3,686 3,596
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
CLASS A SHARES CLASS C SHARES -- PERIODS ENDED
PERIOD ENDED -------------------------------
DECEMBER 31, JUNE 30, DECEMBER 31,
1992/\ 1996 1995 1994/\/\
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning.................... $10.00 $ 10.58 $ 9.79 $10.28
======= ======= ======= =======
Income from investment operations
Net investment income........................ .13 .20 .41 .34
Net realized and unrealized gain (loss)...... .01 (.25) .79 (.48)
------- ------- ------- -------
Total from investment operations............ .14 (.05) 1.20 (.14)
------- ------- ------- -------
Distributions from
Net investment income........................ (.13) (.19) (.41) (.35)
------- ------- ------- -------
Total increase (decrease) in net asset value.. .01 (.24) .79 (.49)
------- ------- ------- -------
Net asset value, ending....................... $10.01 $ 10.34 $10.58 $ 9.79
======= ======= ======= =======
Total return*................................. 5.40% (.43%) 12.50% (1.12%)
======= ======= ======= =======
Ratios to average net assets:
Net investment income........................ 5.36%(a) 3.78%(a) 4.00% 4.01%(a)
======= ======= ======= =======
Total expenses +............................. -- 2.12%(a) 1.94% --
======= ======= ======= =======
Net expenses................................. -- 2.09%(a) 1.92% 1.71%(a)
======= ======= ======= =======
Expenses reimbursed.......................... 4.34%(a) -- -- .58%(a)
======= ======= ======= =======
Portfolio turnover............................ 12% 8% 57% 122%
======= ======= ======= =======
Net assets, ending (in thousands)............. $1,542 $ 6,676 $6,378 $6,067
======= ======= ======= =======
Number of shares outstanding,
ending (in thousands)........................ 154 646 603 620
======= ======= ======= =======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 47
<PAGE>
Financial Highlights -- Arizona Portfolio
<TABLE>
<CAPTION>
Periods Ended
---------------------------
June 30, December 31,
Class A Shares 1996 1995 1994
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning.................... $ 5.07 $ 4.71 $ 5.00
====== ====== ======
Income from investment operations
Net investment income....................... .10 .22 .19
Net realized and unrealized gain (loss)
on investments............................ (.11) .36 (.29)
------ ------ ------
Total from investment operations.......... (.01) .58 (.10)
------ ------ ------
Distributions from
Net investment income....................... (.10) (.22) (.19)
------ ------ ------
Total increase (decrease) in net asset value.. (.11) .36 (.29)
------ ------ ------
Net asset value, ending....................... $ 4.96 $ 5.07 $ 4.71
====== ====== ======
Total return*................................. (.21%) 12.44% (1.84%)
====== ====== ======
Ratios to average net assets:
Net investment income....................... 3.99%(a) 4.43% 4.13%
====== ====== ======
Total expenses +............................ 1.30%(a) .53% --
====== ====== ======
Net expenses................................ .96%(a) .41% .38%
====== ====== ======
Expenses reimbursed......................... .12%(a) .54% .97%
====== ====== ======
Portfolio turnover............................ -- 10% 22%
====== ====== ======
Net assets, ending (in thousands)............. $2,050 $2,045 $2,004
====== ====== ======
Number of shares outstanding,
ending (in thousands)........................ 413 403 426
====== ====== ======
Periods Ended
---------------------------
June 30, December 31,
Class C Shares 1996 1995 1994/\/\
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning.................... $ 5.07 $ 4.70 $ 4.96
====== ====== ======
Income from investment operations
Net investment income....................... .08 .17 .13
Net realized and unrealized gain (loss)
on investments............................ (.11) .38 (.25)
------ ------ ------
Total from investment operations.......... (.03) .55 (.12)
------ ------ ------
Distributions from
Net investment income....................... (.08) (.18) (.14)
------ ------ ------
Total increase (decrease) in net asset value.. (.11) .37 (.26)
------ ------ ------
Net asset value, ending....................... $ 4.96 $ 5.07 $ 4.70
====== ====== ======
Total return*................................. (.63%) 11.77% (2.07%)
====== ====== ======
Ratios to average net assets:
Net investment income....................... 3.15%(a) 3.57% 3.26%(a)
====== ====== ======
Total expenses +............................ 2.14%(a) 1.38% --
====== ====== ======
Net expenses................................ 1.79%(a) 1.25% 1.43%(a)
====== ====== ======
Expenses reimbursed......................... .14%(a) .73% 1.24%(a)
====== ====== ======
Portfolio turnover............................ -- 10% 22%
====== ====== ======
Net assets, ending (in thousands)............. $ 659 $ 744 $ 454
====== ====== ======
Number of shares outstanding,
ending (in thousands)........................ 133 147 97
====== ====== ======
</TABLE>
48 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
FINANCIAL HIGHLIGHTS -- CALIFORNIA PORTFOLIO
<TABLE>
<CAPTION>
CLASS A SHARES--PERIODS ENDED
-------------------------------------------------
JUNE 30 DECEMBER 31,
1996 1995 1995 1993
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning.................. $ 10.51 $ 9.81 $ 10.56 $ 10.24
======= ======= ======= =======
Income from investment operations
Net investment income...................... .24 .47 .48 .53
Net realized and unrealized gain (loss)
on investments............................ (.24) .69 (.76) .36
------- ------- ------- -------
Total from investment operations.......... -- 1.16 (.28) .89
------- ------- ------- -------
Distributions from
Net investment income...................... (.23) (.46) (.47) (.53)
------- ------- ------- -------
Net realized gains......................... -- -- -- (.04)
------- ------- ------- -------
Total distributions....................... (.23) (.46) (.47) (.57)
------- ------- ------- -------
Total increase (decrease) in net asset value (.23) .70 (.75) .32
------- ------- ------- -------
Net asset value, ending..................... $ 10.28 $ 10.51 $ 9.81 $ 10.56
------- ------- ------- -------
Total return*............................... .03% 12.07% (2.57%) 8.88%
======= ======= ======= =======
Ratios to average net assets:
Net investment income...................... 4.48%(a) 4.59% 4.67% 5.12%
======= ======= ======= =======
Total expenses +........................... 1.02%(a) .91% -- --
======= ======= ======= =======
Net expenses............................... .98%(a) .89% .76% .21%
======= ======= ======= =======
Expenses reimbursed........................ -- -- .13% .12%
======= ======= ======= =======
Portfolio turnover.......................... 15% 47% 68% 21%
======= ======= ======= =======
Net assets, ending (in thousands)........... $31,117 $34,424 $34,111 $35,726
======= ======= ======= =======
Number of shares outstanding,
ending (in thousands)...................... 3,028 3,276 3,476 3,383
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
CLASS A SHARES CLASS C SHARES--PERIODS ENDED
PERIOD ENDED -----------------------------------
DECEMBER 31, June 30, December 31,
1992# 1996 1995 1994/\/\
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning.................. $ 10.00 $ 10.47 $ 9.79 $10.40
======= ======= ======= ======
Income from investment operations
Net investment income...................... .29 .18 .38 .31
Net realized and unrealized gain (loss)
on investments............................ .24 (.23) .68 (.59)
------- ------- ------- ------
Total from investment operations.......... .53 (.05) 1.06 (.28)
------- ------- ------- ------
Distributions from
Net investment income...................... (.29) (.18) (.38) (.33)
------- ------- ------- ------
Total increase (decrease) in net asset value .24 (.23) .68 (.61)
------- ------- ------- ------
Net asset value, ending..................... $ 10.24 $ 10.24 $10.47 $ 9.79
======= ======= ======= ======
Total return*............................... 10.00% (.43%) 10.99% (2.42%)
======= ======= ======= ======
Ratios to average net assets:
Net investment income...................... 5.24%(a) 3.54%(a) 3.67% 3.60%(a)
======= ======= ======= ======
Total expenses +........................... -- 1.95%(a) 1.82% --
======= ======= ======= ======
Net expenses............................... -- 1.92%(a) 1.80% 1.86%(a)
======= ======= ======= ======
Expenses reimbursed........................ .38%(a) -- -- .38%(a)
======= ======= ======= ======
Portfolio turnover.......................... 3% 15% 47% 68%
======= ======= ======= ======
Net assets, ending (in thousands)........... $16,046 $ 3,774 $ 4,092 $3,000
======= ====== ======= ======
Number of shares outstanding,
ending (in thousands)...................... 1,567 369 391 307
======= ====== ======= ======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 49
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights--Florida Portfolio
Periods Ended
---------------------------
Class A Shares 1996 1995 1994
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning.................... $ 5.06 $ 4.67 $ 5.00
====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income........................ .10 .24 .21
Net realized and unrealized gain (loss)
on investments.............................. (.11) .38 (.33)
------ ------ ------
Total from investment operations............ (.01) .62 (.12)
------ ------ ------
Distributions from
- ------------------
Net investment income........................ (.10) (.23) (.21)
------ ------ ------
Total increase (decrease) in net asset value.. (.11) .39 (.33)
------ ------ ------
Net asset value, ending....................... $ 4.95 $ 5.06 $ 4.67
====== ====== ======
Total return*................................. (.11%) 13.48% (2.44%)
====== ====== ======
Ratios to average net assets:
Net investment income........................ 4.17%(a) 4.73% 4.64%
====== ====== ======
Total expenses +............................. .96%(a) .43% -
====== ====== ======
Net expenses................................. .80%(a) .35% .21%
====== ====== ======
Expenses reimbursed.......................... .03%(a) .43% .80%
====== ====== ======
Portfolio turnover............................ 5% 44% 93%
====== ====== ======
Net assets, ending (in thousands)............. $4,950 $3,892 $3,387
====== ====== ======
Number of shares outstanding,
ending (in thousands)........................ 1,000 769 725
====== ====== ======
Periods Ended
---------------------------
June 30, December 31,
Class A Shares 1996 1995 1994/\/\
- ---------------------------------------------------------------------------
Net asset value, beginning.................... $5.05 $ 4.67 $ 4.93
====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income........................ .08 .19 .15
Net realized and unrealized gain (loss)
on investments.............................. (.11) .37 (.26)
------ ------ ------
Total from investment operations............ (.03) .56 (.11)
------ ------ ------
Distributions from
- ------------------
Net investment income........................ (.08) (.18) (.15)
------ ------ ------
Total increase (decrease) in net asset value.. (.11) .38 (.26)
------ ------ ------
Net asset value, ending....................... $4.94 $ 5.05 $ 4.67
====== ====== ======
Total return*................................. (.58%) 12.28% (1.84%)
====== ====== ======
Ratios to average net assets:
Net investment income........................ 3.13%(a) 3.82% 3.58%(a)
====== ====== ======
Total expenses +............................. 2.00%(a) 1.33% -
====== ====== ======
Net expenses................................. 1.84%(a) 1.25% 1.32%(a)
====== ====== ======
Expenses reimbursed.......................... .10%(a) .65% 1.02%(a)
====== ====== ======
Portfolio turnover............................ 5% 44% 93%
====== ====== ======
Net assets, ending (in thousands)............. $ 373 $ 401 $ 919
====== ====== ======
Number of shares outstanding,
ending (in thousands)........................ 76 79 197
====== ====== ======
</TABLE>
50 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
FINANCIAL HIGHLIGHTS -- MARYLAND PORTFOLIO
<TABLE>
<CAPTION>
PERIODS ENDED
-------------------------------------------
JUNE 30, DECEMBER 31,
CLASS A SHARES 1996 1995 1994 1993##
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning....................... $ 5.06 $ 4.67 $ 5.05 $ 5.00
====== ====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income.......................... .11 .24 .24 .04
Net realized and unrealized gain (loss)
on investments............................... (.11) .39 (.39) .05
------ ------ ------ ------
Total from investment operations............. -- .63 (.15) .09
------ ------ ------ ------
Distributions from
- ------------------
Net investment income.......................... (.11) (.24) (.23) (.04)
------ ------ ------ ------
Total increase (decrease) in net asset value..... (.11) .39 (.38) .05
------ ------ ------ ------
Net asset value, ending.......................... $ 4.95 $ 5.06 $ 4.67 $ 5.05
====== ====== ====== ======
Total return*.................................... .01% 13.66% (2.94%) 7.46%
====== ====== ====== ======
Ratios to average net assets:
Net investment income.......................... 4.45%(a) 4.87% 5.01% 4.42%(a)
====== ====== ====== ======
Total expenses +............................... 1.01%(a) .51% -- --
====== ====== ====== ======
Net expenses................................... .94%(a) .48% .17% --
====== ====== ====== ======
Expenses reimbursed............................ .07%(a) .43% .86% .80%(a)
====== ====== ====== ======
Portfolio turnover............................... 2% 11% 77% 14%
====== ====== ====== ======
Net assets, ending (in thousands)................ $8,767 $9,411 $7,429 $5,401
====== ====== ====== ======
Number of shares outstanding,
ending (in thousands).......................... 1,771 1,860 1,589 1,070
====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
PERIODS ENDED
-------------------------------
JUNE 30, DECEMBER 31,
CLASS C SHARES 1996 1995 1994/\/\
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning....................... $ 5.04 $ 4.66 $ 4.97
====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income.......................... .09 .20 .16
Net realized and unrealized gain (loss)
on investments............................... (.11) .38 (.30)
------ ------ ------
Total from investment operations............. (.02) .58 (.14)
------ ------ ------
Distributions from
- ------------------
Net investment income.......................... (.09) (.20) (.17)
------ ------ ------
Total increase (decrease) in net asset value..... (.11) .38 (.31)
------ ------ ------
Net asset value, ending.......................... $ 4.93 $ 5.04 $ 4.66
====== ====== ======
Total return*.................................... (.39%) 12.55% (2.60%)
====== ====== ======
Ratios to average net assets:
Net investment income.......................... 3.65%(a) 4.01% 4.29%(a)
====== ====== ======
Total expenses +............................... 1.81%(a) 1.36% --
====== ====== ======
Net expenses................................... 1.74%(a) 1.33% 1.17%(a)
====== ====== ======
Expenses reimbursed............................ .08%(a) .53% .93%(a)
====== ====== ======
Portfolio turnover............................... 2% 11% 77%
====== ====== ======
Net assets, ending (in thousands)................ $3,074 $2,509 $1,806
====== ====== ======
Number of shares outstanding,
ending (in thousands).......................... 624 498 388
====== ====== ======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 51
<PAGE>
FINANCIAL HIGHLIGHTS -- MICHIGAN PORTFOLIO
<TABLE>
<CAPTION>
PERIODS ENDED
---------------------------------------
JUNE 30, DECEMBER 31,
Class A Shares 1996 1995 1994 1993##
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning....................... $ 5.12 $ 4.74 $ 5.09 $ 5.00
====== ====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income.......................... .11 .24 .23 .04
Net realized and unrealized gain (loss)
on investments............................... (.11) .37 (.35) .09
------ ------ ------ ------
Total from investment operations............. -- .61 (.12) .13
------ ------ ------ ------
Distributions from
- ------------------
Net investment income.......................... (.10) (.23) (.23) (.04)
------ ------ ------ ------
Total increase (decrease) in net asset value..... (.10) .38 (.35) .09
------ ------ ------ ------
Net asset value, ending.......................... $ 5.02 $ 5.12 $ 4.74 $ 5.09
====== ====== ====== ======
Total return*.................................... .10% 13.08% (2.42%) 10.28%
====== ====== ====== ======
Ratios to average net assets:
Net investment income.......................... 4.32%(a) 4.76% 4.76% 4.27%(a)
====== ====== ====== ======
Total expenses +............................... 1.01%(a) .52% -- --
====== ====== ====== ======
Net expenses.................................. .91%(a) .48% .18% --
====== ====== ====== ======
Expenses reimbursed........................... .05%(a) .39% .84% .89%(a)
====== ====== ====== ======
Portfolio turnover............................... 8% 22% 65% --
====== ====== ====== ======
Net assets, ending (in thousands)................ $4,434 $4,556 $5,255 $4,287
====== ====== ====== ======
Number of shares outstanding,
ending (in thousands).......................... 884 890 1,109 842
====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
PERIODS ENDED
-----------------------------------
JUNE 30, DECEMBER 31,
Class C Shares 1996 1995 1994/\/\
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning............................ $ 5.11 $ 4.74 $ 5.02
====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income............................... .08 .20 .16
Net realized and unrealized gain (loss)
on investments.................................... (.10) .36 (.28)
------ ------ ------
Total from investment operations.................. (.02) .56 (.12)
------ ------ ------
Distributions from
- ------------------
Net investment income............................... (.08) (.19) (.16)
------ ------ ------
Total increase (decrease) in net asset value.......... (.10) .37 (.28)
------ ------ ------
Net asset value, ending............................... $ 5.01 $ 5.11 $ 4.74
====== ====== ======
Total return*......................................... (.34%) 11.96% (2.12%)
====== ====== ======
Ratios to average net assets:
Net investment income............................... 3.33%(a) 3.91% 3.95%(a)
====== ====== ======
Total expenses +.................................... 1.99%(a) 1.37% --
====== ====== ======
Net expenses........................................ 1.89%(a) 1.33% 1.15%(a)
====== ====== ======
Expenses reimbursed................................. .14%(a) .52% .87%(a)
====== ====== ======
Portfolio turnover.................................... 8% 22% 65%
====== ====== ======
Net assets, ending (in thousands)..................... $1,473 $1,497 $1,219
====== ====== ======
Number of shares outstanding,
ending (in thousands)............................... 294 293 257
====== ====== ======
</TABLE>
52 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
FINANCIAL HIGHLIGHTS -- NEW YORK PORTFOLIO
<TABLE>
<CAPTION>
PERIODS ENDED
-----------------------------------------------------------
JUNE 30, DECEMBER 31,
CLASS A SHARES 1996 1995 1994 1993##
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING.................... $ 5.12 $ 4.71 $ 5.05 $ 5.00
====== ====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income........................ .11 .22 .23 .04
Net realized and unrealized gain (loss)
on investments.............................. (.12) .41 (.34) .05
------ ------ ------ ------
Total from investment operations............ (.01) .63 (.11) .09
------ ------ ------ ------
Distributions from
- ------------------
Net investment income........................ (.11) (.22) (.23) (.04)
Net realized gains........................... - -- -- --
------ ------ ------ ------
Total distributions......................... (.11) (.22) (.23) (.04)
------ ------ ------ ------
Total increase (decrease) in net asset value.. (.12) .41 (.34) .05
------ ------ ------ ------
NET ASSET VALUE, ENDING....................... $ 5.00 $ 5.12 $ 4.71 $ 5.05
====== ====== ====== ======
Total return*................................. (.28%) 13.72% (2.26%) 7.22%
====== ====== ====== ======
Ratios to average net assets:
Net investment income........................ 4.14%(a) 4.47% 4.77% 3.81%(a)
====== ====== ====== ======
Total expenses +............................. 1.12%(a) .58% -- --
====== ====== ====== ======
Net expenses................................. .95%(a) .50% .18% --
====== ====== ====== ======
Expenses reimbursed.......................... .08%(a) .49% 1.13% 2.00%(a)
====== ====== ====== ======
Portfolio turnover............................ 9% 13% 56% --
====== ====== ====== ======
NET ASSETS, ENDING (IN THOUSANDS)............. $4,063 $3,573 $2,648 $2,236
====== ====== ====== ======
Number of shares outstanding,
ending (in thousands)........................ 813 698 562 433
====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
PERIODS ENDED
------------------------------
JUNE 30, DECEMBER 31,
CLASS C SHARES 1996 1995 1994/\/\
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning.................... $ 5.11 $ 4.71 $ 4.98
====== ====== ======
Income from investment operations
- ---------------------------------
Net investment income........................ .09 .19 .16
Net realized and unrealized gain (loss)
on investments.............................. (.13) .40 (.27)
------ ------ ------
Total from investment operations............ (.04) .59 (.11)
------ ------ ------
Distributions from
- ------------------
Net investment income........................ (.08) (.19) (.16)
Net realized gains........................... - -- --
------ ------ ------
Total distributions......................... (.08) (.19) (.16)
------ ------ ------
Total increase (decrease) in net asset value.. (.12) .40 (.27)
------ ------ ------
Net asset value, ending....................... $ 4.99 $ 5.11 $ 4.71
====== ====== ======
Total return*................................. (.70%) 12.63% (1.97%)
====== ====== ======
Ratios to average net assets:
Net investment income........................ 3.34%(a) 3.65% 3.93%(a)
====== ====== ======
Total expenses +............................. 1.97%(a) 1.40% --
====== ====== ======
Net expenses................................. 1.80%(a) 1.33% 1.22%(a)
====== ====== ======
Expenses reimbursed.......................... .10%(a) .59% .92%(a)
====== ====== ======
Portfolio turnover............................ 9% 13% 56%
====== ====== ======
Net assets, ending (in thousands)............. $2,674 $2,392 $1,119
====== ====== ======
Number of shares outstanding,
ending (in thousands)........................ 536 468 237
====== ====== ======
</TABLE>
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 53
<PAGE>
FINANCIAL HIGHLIGHTS -- PENNYSYLVANIA PORTFOLIO
<TABLE>
<CAPTION>
PERIODS ENDED
---------------------------
JUNE 30, DECEMBER 31,
CLASS A SHARES 1996 1995 1994
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING.................... $ 5.10 $ 4.71 $ 5.00
====== ====== ======
Income from investment operations
Net investment income........................ .11 .25 .22
------ ------ ------
Net realized and unrealized gain (loss)
on investments.............................. (.11) .37 (.29)
------ ------ ------
Total from investment operations............ -- .62 (.07)
------ ------ ------
Distributions from
Net investment income........................ (.11) (.23) (.22)
------ ------ ------
Total increase (decrease) in net asset value.. (.11) .39 (.29)
------ ------ ------
NET ASSET VALUE, ENDING....................... $ 4.99 $ 5.10 $ 4.71
====== ====== ======
Total return*................................. (.10%) 13.51% (1.29%)
====== ====== ======
Ratios to average net assets:
Net investment income........................ 4.39%(a) 5.10% 4.94%
====== ====== ======
Total expenses +............................. 1.09%(a) .49% --
====== ====== ======
Net expenses................................. .90%(a) .41% .26%
====== ====== ======
Expenses reimbursed.......................... .10%(a) .54% .94%
====== ====== ======
Portfolio turnover............................ 9% 17% 96%
====== ====== ======
NET ASSETS, ENDING (IN THOUSANDS)............. $2,988 $2,522 $1,872
====== ====== ======
Number of shares outstanding,
ending (in thousands)........................ 599 495 398
====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
PERIODS ENDED
---------------------------
JUNE 30, DECEMBER 31,
CLASS C SHARES 1996 1995 1994/\/\
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING.................... $ 5.11 $ 4.72 $ 4.91
====== ====== ======
Income from investment operations
Net investment income........................ .09 .21 .16
Net realized and unrealized gain (loss)
on investments.............................. (.12) .37 (.19)
------ ------ ------
Total from investment operations............ (.03) .58 (.03)
------ ------ ------
Distributions from
Net investment income........................ (.08) (.19) (.16)
------ ------ ------
Total increase (decrease) in net asset value.. (.11) .39 (.19)
------ ------ ------
NET ASSET VALUE, ENDING....................... $ 5.00 $ 5.11 $ 4.72
====== ====== ======
Total return*................................. (.53%) 12.55% (.30%)
====== ====== ======
Ratios to average net assets:
Net investment income........................ 3.52%(a) 4.29% 4.20%(a)
====== ====== ======
Total expenses +............................. 1.91%(a) 1.32% --
====== ====== ======
Net expenses................................. 1.73%(a) 1.24% 1.22%(a)
====== ====== ======
Expenses reimbursed.......................... .12%(a) .62% 1.15%(a)
====== ====== ======
Portfolio turnover............................ 9% 17% 96%
====== ====== ======
NET ASSETS, ENDING (IN THOUSANDS)............. $1,423 $1,748 $1,168
====== ====== ======
Number of shares outstanding,
ending (in thousands)........................ 285 342 248
====== ====== ======
</TABLE>
54 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS -- VIRGINIA PORTFOLIO
PERIODS ENDED
----------------------------------------------
JUNE 30, DECEMBER 31,
CLASS A SHARES 1996 1995 1994 1993##
===============================================================================================
<S> <C> <C> <C> <C>
Net asset value, beginning.................... $ 5.13 $ 4.74 $ 5.06 $ 5.00
======== ====== ======= ========
Income from investment operations
- ---------------------------------
Net investment income........................ .11 .24 .23 .05
Net realized and unrealized gain (loss)
on investments.............................. (.11) .39 (.32) .06
-------- ------ ------- --------
Total from investment operations............ -- .63 (.09) .11
-------- ------ ------- --------
Distributions from
- ------------------
Net investment income........................ (.11) (.24) (.23) (.05)
-------- ------ ------- --------
Total increase (decrease) in net asset value.. (.11) .39 (.32) .06
-------- ------ ------- --------
Net asset value, ending....................... $ 5.02 $ 5.13 $ 4.74 $ 5.06
======== ====== ======= ========
Total return*................................. (.03%) 13.54% (2.04%) 8.65%
======== ====== ======= ========
Ratios to average net assets:
Net investment income........................ 4.35%(a) 4.86% 4.87% 4.81%(a)
======== ====== ======= ========
Total expenses +............................. 1.00%(a) .54% -- --
======== ====== ======= ========
Net expenses................................. .91%(a) .51% .19% ----
======== ====== ======= ========
Expenses reimbursed.......................... .06%(a) .38% .86% 1.54%(a)
======== ====== ======= ========
Portfolio turnover............................ 4% 11% 65% 28%
======== ====== ======= ========
Net assets, ending (in thousands)............. $ 8,602 $7,295 $ 5,866 $ 2,720
======== ====== ======= ========
Number of shares outstanding,
ending (in thousands)........................ 1,715 1,423 1,239 537
======== ====== ======= ========
</TABLE>
<TABLE>
<CAPTION>
PERIODS ENDED
---------------------------------------
JUNE 30, DECEMBER 31,
CLASS C SHARES 1996 1995 1994/\/\
========================================================================================
<S> <C> <C> <C>
Net asset value, beginning.................... $ 5.13 $ 4.74 $ 4.99
======== ====== ========
Income from investment operations
- ---------------------------------
Net investment income........................ .09 .20 .16
Net realized and unrealized gain (loss)
on investments.............................. (.11) .39 (.25)
-------- ------ --------
Total from investment operations............ (.02) .59 (.09)
-------- ------ --------
Distributions from
- ------------------
Net investment income........................ (.09) (.20) (.16)
-------- ------ --------
Total increase (decrease) in net asset value.. (.11) .39 (.25)
-------- ------ --------
Net asset value, ending....................... $ 5.02 $ 5.13 $ 4.74
======== ====== ========
Total return*................................. (.42%) 12.62% (1.54%)
======== ====== ========
Ratios to average net assets:
Net investment income........................ 3.55%(a) 4.07% 4.19%(a)
======== ====== ========
Total expenses +............................. 1.79%(a) 1.35% --
======== ====== ========
Net expenses................................. 1.71%(a) 1.31% .94%(a)
======== ====== ========
Expenses reimbursed.......................... .07%(a) .43% .99%(a)
======== ====== ========
Portfolio turnover............................ 4% 11% 65%
======== ====== ========
Net assets, ending (in thousands)............. $3,551 $3,207 $ 2,766
======== ====== ========
Number of shares outstanding,
ending (in thousands)........................ 708 625 583
======== ====== ========
</TABLE>
* Total return is not annualized for periods of less than
one year and does not reflect deduction of Class A front-end sales charge.
(a) Annualized
+ Effective December 31, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the
ratio of net expense.
/\ From September 30, 1992, inception.
/\/\ From March 1, 1994, inception.
# From May 29, 1992, inception.
## From October 1, 1993, inception.
SEMI-ANNUAL REPORT (UNAUDITED) CALVERT MUNICIPAL FUND - 55
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK
56 - CALVERT MUNICIPAL FUND SEMI-ANNUAL REPORT (UNAUDITED)
<PAGE>
To Open an Account:
..................
800-368-2748
Yields and Prices:
..................
Calvert Information Network
24 hours, 7 days a week
800-368-2745
Service for
Existing Account:
..................
Shareholders: 800-368-2745
Brokers: 800-368-2746
TDD for Hearing
Impaired:
..................
800-541-1524
Branch Office:
..................
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail:
..................
Calvert Group
c/o NFDS, 6th Floor
1004 Baltimore
Kansas City, MO 64105
Web Site:
..................
Address: http://www.calvertgroup.com
Principal
Underwriter:
..................
Calvert Distributors, Inc.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders.
It is not authorized for distribution to prospective investors unless preceded
or accompanied by a prospectus.
<PAGE>
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