<PAGE>
Calvert
Municipal
Fund
Annual
Report
December 31, 1995
[LOGO]
Investing with Vision(TM)
<PAGE>
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800-368-2748
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800-368-2745
Service for
Existing Account:
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Branch Office:
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4550 Montgomery Avenue
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Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail:
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Calvert Group
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
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>
Annual Report--December 31, 1995
==========
CALVERT MUNICIPAL FUND
Dear Investors:
The soft-landing theory became a reality during the twelve months ended
December 31, 1995. Gross Domestic Product (GDP) slowed to below 2% annualized,
based on estimates of fourth quarter data. The more sluggish pace of economic
growth kept inflation in check. Interest rates declined as the Federal Reserve
took steps to stimulate the economy during the last two quarters of 1995.
Market Summary
The stock and bond markets thrived in this economic climate. Investors poured
money into the stock market as companies continued to generate good earnings
despite the slowing economy. Stocks were also selected as an alternative to
bonds as yields on fixed-income investments declined. The Standard & Poor's
500(R) Stock Index rose 34% for the year.
Bond investors benefited from a windfall of capital gains as yields fell.
Returns on bonds, generally expected to lag those on stocks, were as high as 30%
for long-term Treasuries. Money market investors paid a big price for security,
with the average taxable money market fund returning just over 5% for the year.
Performance and Strategy
Municipal bond rates backed down in 1995, after rising steeply through 1994.
Returns on municipal bonds lagged taxable bonds, but were still near the high
end of their historical range. Talk of tax reform looks to have kept some
investors from taking advantage of munis' solid performance. Supply was thin as
state and local governments kept a tight rein on spending. This put some upward
pressure on municipal bond prices.
Each of the Calvert Municipal Intermediate Funds generated a double-digit
return for the twelve months ending December 31, 1995. Seven funds led their
peer group averages; two funds, the California and Arizona Municipal
Intermediate Funds, lagged. The reason for the California Fund's relative
underperformance was our more cautious approach to the California municipal bond
market, in light of the Orange County debacle. The California market recovered
more quickly than we anticipated, and our defensive position restrained the
Fund's performance. The Arizona Fund's return was a bit below the return on an
average of similar funds due to this fund's slightly shorter average maturity.
We kept Fund maturities near their mid-year levels, 10 years, and generally in
line with their peers through the second half of the year.
Outlook
The past 24 months in the bond market have been remarkable. Nineteen ninety-
four was one of the three worst markets since 1926, the earliest year for which
Ibbotson & Associates tracks bond market performance. Nineteen ninety-five was
one of the three strongest markets since 1926 and one of only two years in which
long-term Treasuries have returned over 30%. The strength of these bull and bear
markets is extreme, and the chance of their occurring, as they did, in
consecutive years is infinitesimally small. If there's a lesson for
Municipal Rates
[CHART APPEARS HERE]
ANNUAL REPORT CALVERT MUNICIPAL FUND - 1
<PAGE>
Investment Performance
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Six Twelve
Periods Ended 12/31/95 Months Months
----------------------------------------------------------------
<S> <C> <C>
National Municipal Intermediate 5.58% 13.64%
Lipper Int. Muni. Funds Avg. 5.17% 12.89%
California Municipal Intermediate 5.18% 12.07%
Lipper CA Int. Muni Funds Avg. 5.63% 13.27%
Arizona Municipal Intermediate 4.68% 12.44%
Maryland Municipal Intermediate 5.25% 13.66%
Michigan Municipal Intermediate 5.08% 13.08%
Virginia Municipal Intermediate 4.99% 13.54%
Lipper Other States Int. Muni. Funds Avg. 5.09% 12.72%
New York Municipal Intermediate 5.58% 13.72%
Lipper NY Int. Muni. Funds Avg. 5.21% 12.71%
Florida Municipal Intermediate 5.14% 13.48%
Lipper FL Int. Muni. Funds Avg. 4.88% 12.85%
Pennsylvania Municipal Intermediate 5.34% 13.51%
Lipper PA Int. Muni. Funds Avg. 4.98% 12.38%
</TABLE>
Investment performance is for Class A shares and does not reflect
the deduction of any front-end sales charges.
- -------------------------------------------------------------------------------
investors here, it is that predicting the direction of the market is impossible
and one would do well to stick to a long-term investment plan rather than react
to short-term market swings. Those investors who held their course after a
drubbing in 1994 were amply rewarded in 1995.
Given the recent dramatic market moves, it's difficult to assess the outlook
for 1996. We see no reason to expect a bear market, but investors should not
anticipate returns as strong as 1995's. Continued corporate downsizing, cutbacks
in federal spending, weakened consumer psychology and the still sluggish housing
market will likely keep the economy soft. The Federal Reserve could respond with
additional rate cuts. We would not be surprised to see short-term rates fall
another 50 basis points by mid-year, with this action possibly occurring as
early as the first quarter.
We will be carefully monitoring the upcoming elections, especially Republican
and Democratic platforms regarding tax reform. After the elections, when we have
a clearer picture of the political landscape, we should be better able to assess
the likelihood of a change in the tax preference of municipal bonds. In our
opinion, investors have already discounted for some of the uncertainty ahead,
and the municipal bond market looks attractively valued. Right now, munis are
yielding about 87% to 90% of the 30-year Treasury, for a taxable equivalent
yield well above Treasuries.
We appreciate your investment in the Calvert Municipal Intermediate Funds.
Sincerely,
/s/ David Rochat
- ----------------
David Rochat
Senior Vice President
January 17, 1996
2 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
- -------------------------------------------------------------------------------
Municipal Funds Portfolios
==========
Portfolio Ratings Breakdown
[6 PIE CHARTS APPEAR BELOW HERE]
National Intermediate
Portfolio
NR................28%
AA/A..............29%
AAA/Aaa...........31%
A/A............... 3%
BBB/Baa...........19%
California Intermediate
Portfolio
NR................20%
AA/Aa.............15%
AAA/Aaa...........44%
BBB/Baa........... 7%
Cash Equivalents.. 3%
A/A...............11%
Maryland Intermediate
Portfolio
AAA/Aaa...........34%
AA/Aa.............29%
NR................32%
Cash Equivalents.. 3%
A/A............... 2%
Arizona Intermediate
Portfolio
AAA/Aaa...........65%
AA/Aa.............29%
A/A............... 3%
BBB/Baa........... 3%
Florida Intermediate
Portfolio
NR................22%
AAA/Aaa...........56%
AA/Aa.............11%
BBB/Baa........... 8%
Cash Equivalents.. 3%
Michigan Intermediate
Portfolio
AAA/Aaa...........38%
AA/Aa.............32%
A/A............... 8%
NR................22%
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.
- -------------------------------------------------------------------------------
ANNUAL REPORT CALVERT MUNICIPAL FUND - 3
<PAGE>
Municipal Funds Portfolios
==========
Portfolio Ratings Breakdown
[PIE CHARTS APPEAR HERE]
New York Intermediate Portfolio Pennsylvania Intermediate Portfolio
AAA/Aaa................... 25% AAA/Aaa................... 43%
AA/Aa..................... 40% AA/Aa..................... 15%
A/A....................... 14% NR........................ 12%
BBB/Baa................... 12% A/A....................... 11%
NR........................ 9% Cash Equivalents.......... 7%
BBB/Baa................... 12%
Virginia Intermediate Portfolio
AAA/Aaa................... 43%
AA/Aa..................... 15%
NR........................ 12%
A/A....................... 11%
Cash Equivalents.......... 7%
BBB/Baa................... 12%
NR: Obligation is not rated by a commercial credit rating service, such as
Moody's Investors Services, Inc., or Standards & Poor's Corporation; obligation
has been determined to be of appropriate quality for the Portfolio by Calvert
Asset Management Company, Inc., the Investment Advisor.
Portfolio Statistics
==========
Weighted Average Maturity
<TABLE>
<CAPTION>
6/30/95 12/31/95
- -------------------------------------------------------------
<S> <C> <C>
National Municipal Intermediate 13 years 10 years
Arizona Municipal Intermediate 7 years 7 years
California Municipal Intermediate 10 years 9 years
Florida Municipal Intermediate 9 years 9 years
Maryland Municipal Intermediate 9 years 8 years
Michigan Municipal Intermediate 8 years 7 years
New York Municipal Intermediate 7 years 7 years
Pennsylvania Municipal Intermediate 12 years 8 years
Virginia Municipal Intermediate 10 years 9 years
</TABLE>
Yields assume reinvestment of dividends.
4 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Portfolio Statistics
==========
SEC Yields
<TABLE>
<CAPTION>
Class A Class C
Thirty Days Ended 12/31/95 12/31/95
- --------------------------------------------------------------------
<S> <C> <C>
National Municipal Intermediate 4.46% 3.63%
Arizona Municipal Intermediate 3.83% 3.08%
California Municipal Intermediate 4.12% 3.38%
Florida Municipal Intermediate 4.09% 3.34%
Maryland Municipal Intermediate 3.99% 3.30%
Michigan Municipal Intermediate 4.05% 3.37%
New York Municipal Intermediate 4.24% 3.56%
Pennsylvania Municipal Intermediate 4.01% 3.29%
Virginia Municipal Intermediate 4.08% 3.41%
</TABLE>
Yields assume reinvestment of dividends.
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Periods Ended 12/31/95 1 Year Inception
- --------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES
National Municipal Intermediate (9/92) 10.49% 6.11%
Arizona Municipal Intermediate (1/94) 9.42% 3.51%
California Municipal Intermediate (5/92) 8.96% 5.63%
Florida Municipal Intermediate (1/94) 10.41% 3.68%
Maryland Municipal Intermediate (10/93) 10.58% 4.05%
Michigan Municipal Intermediate (10/93) 10.06% 4.38%
New York Municipal Intermediate (10/93) 10.67% 4.36%
Pennsylvania Municipal Intermediate (1/94) 10.47% 4.41%
Virginia Municipal Intermediate (10/93) 10.51% 4.65%
CLASS C SHARES
National Municipal Intermediate (3/94) 12.50% 5.87%
Arizona Municipal Intermediate (3/94) 11.77% 4.81%
California Municipal Intermediate (3/94) 10.99% 4.28%
Florida Municipal Intermediate (3/94) 12.28% 5.21%
Maryland Municipal Intermediate (3/94) 12.55% 5.03%
Michigan Municipal Intermediate (3/94) 11.96% 5.00%
New York Municipal Intermediate (3/94) 12.63% 5.44%
Pennsylvania Municipal Intermediate (3/94) 12.55% 6.26%
Virginia Municipal Intermediate (3/94) 12.62% 5.69%
</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%.
ANNUAL REPORT CALVERT MUNICIPAL FUND - 5
<PAGE>
- --------------------------------------------------------------------------------
Portfolio Statistics
==========
Calvert National Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
Calvert Arizona Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
Calvert California Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
- --------------------------------------------------------------------------------
6 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
Portfolio Statistics
==========
Calvert Florida Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
Calvert Maryland Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
Calvert Michigan Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
- --------------------------------------------------------------------------------
ANNUAL REPORT CALVERT MUNICIPAL FUND - 7
<PAGE>
- --------------------------------------------------------------------------------
Portfolio Statistics
==========
Calvert New York Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
Calvert Pennsylvania Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
Calvert Virginia Municipal Intermediate Fund
Comparison of change in value of a hypothetical $10,000 investment.
[CHART APPEARS HERE]
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.
- --------------------------------------------------------------------------------
8 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Report of Independent Accountants
==========
To the Board of Directors and Shareholders of Calvert Municipal Fund, Inc.:
We have audited the accompanying statements of net assets of Calvert Municipal
Fund, Inc. (comprised of Calvert National, Arizona, California, Maryland,
Michigan, New York, Pennsylvania and Virginia Municipal Intermediate Funds), as
of December 31, 1995, and the related statements of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the following financial highlights: Calvert National
Municipal Intermediate Fund for the three years then ended and the period
September 30, 1992 (commencement of operations) through December 31, 1992;
Calvert California Municipal Intermediate Fund for the three years then ended
and for the period May 29, 1992 (commencement of operations) through December
31, 1992; Calvert Maryland, Michigan, New York, and Virginia Municipal
Intermediate Funds for the two years then ended and for the period October 1,
1993 (commencement of operations) through December 31, 1993; and Calvert Arizona
and Pennsylvania Municipal Intermediate Funds for the year then ended and for
the period January 1, 1994 (commencement of operations) through December 31,
1994. These financial statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
December 31, 1995, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the funds noted in the first paragraph as of December 31, 1995, the results
of their operations, changes in their net assets and financial highlights for
the respective periods referred to above, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
February 9, 1996
ANNUAL REPORT CALVERT MUNICIPAL FUND - 9
<PAGE>
Report of Independent Accountants
==========
To the Board of Trustees of First Variable Rate Fund for Government Income and
Shareholders of the Calvert Florida Municipal Intermediate Fund:
We have audited the accompanying statement of net assets of Calvert Florida
Municipal Intermediate Fund (one of the portfolios comprising the First Variable
Rate Fund for Government Income), as of December 31, 1995, and the related
statement of operations for the year then ended, and statement of changes in net
assets and financial highlights for each of the two years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
December 31, 1995, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Calvert Florida Municipal Intermediate Fund as of December 31, 1995, the results
of its operations for the year then ended, and the changes in its net assets and
financial highlights for each of the two years in the period then ended, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
February 9, 1996
10 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
National Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
============================================================================================================
<C> <S> <C>
Municipal Obligations (102.2%)
Arizona (5.0%)
$1,000,000 Maricopa County School District General Obligation Bonds,
7.50%, 7/1/07, AMBAC Insured............................................... $1,238,180
1,015,000 Mohave County Industrial Development Authority Revenue Bonds,
Citizens Utilities, Series B, 6.875%, 9/1/26, (Optional tender
9/1/03 @ 100).............................................................. 1,072,175
California (9.0%)
500,000 California General Obligation Bonds, 9.226%, 4/25/96, BPA: Multi-Bank........ 508,125
1,000,000 Orange County Multi-Family Housing Revenue Bonds, 5.60%, 10/1/27,
(Tender 10/1/05 @ 100)..................................................... 1,022,820
860,073 Regents of the University of California, Los Angeles Lease Revenue Bonds,
6.00%, 5/15/02............................................................. 871,984
500,000 San Francisco International Airport Series-2 #5 Municipal Transportation
Revenue Bonds, 5.90%, 5/1/05, FGIC Insured................................. 540,185
750,000 San Francisco International Airport Series-2 #5 Municipal Transportation
Revenue Bonds, 6.00%, 5/1/06, FGIC Insured................................. 813,450
400,000 Tahoe City Public Utility District Certificates of Participation, Series B,
6.30%, 6/1/04.............................................................. 417,212
Colorado (4.6%)
1,100,000 Denver City and County Airport Revenue Bonds, Series A,
7.10%, 11/15/01............................................................ 1,198,505
770,000 El Paso School District General Obligation Bonds, 8.25%, 12/15/04............ 926,079
Connecticut (5.6%)
1,500,000 Connecticut Development Authority Airport Facility Revenue VRDN,
6.70%, 12/1/20, LOC: Multi-bank............................................ 1,500,000
1,000,000 Connecticut Special Tax Obligation Revenue Bonds, Transportation
Infrastructure Project, 6.00%, 9/1/06...................................... 1,100,100
Florida (5.6%)
440,000 Collier County Special Assessment Bonds, Pine/Naples Project,
5.375%, 11/1/07............................................................ 459,976
2,000,000 Tampa Capital Improvement Program Revenue Bonds, Series B,
8.375%, 10/1/18, IA: Multi-Bank............................................ 2,164,020
Georgia (6.8%)
1,500,000 Atlanta Airport Authority Facility Revenue Bonds, 6.50%, 1/1/07,
AMBAC Insured.............................................................. 1,705,035
1,800,000 Georgia State General Obligation Bonds, 3.25%, 7/1/12........................ 1,438,344
============================================================================================================
Explanation of Guarantees: Abbreviations:
BPA - Bond Purchase Agreement AMBAC - American Municipal Bond Assurance Corporation
C/LOC - Collateralized Letter of Credit FGIC - Financial Guaranty Insurance Company
IA - Investment Agreement FSA - Financial Security Advisor
LOC - Letter of Credit MBIA - Municipal Bond Insurance Association
SURBD - Surety Bond VRDN - Variable Rate Demand Notes
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 11
<PAGE>
Calvert Municipal Fund
National Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
Hawaii (3.0%)
$1,400,000 Honolulu City & County Improvement General Obligation Bonds,
5.00%, 10/1/13............................................................. $1,385,272
Illinois (2.5%)
1,000,000 Chicago Water Revenue Bonds, 6.50%, 11/1/10, FGIC Insured.................... 1,150,510
Indiana (4.9%)
2,000,000 Indianapolis Local Public Improvement Bond Bank Revenue Bonds,
6.75%, 2/1/14.............................................................. 2,285,060
Louisiana (1.0%)
425,000 Louisiana Public Facility Authority Student Loan Revenue Bonds,
6.50%, 3/1/02.............................................................. 458,227
Maryland (14.1%)
1,500,000 Baltimore County Economic Development Revenue Bonds,
5.65%, 9/1/96, LOC: First National Bank of Maryland........................ 1,503,135
1,233,000 Cecil County Health Department Certificates of Participation,
7.875%, 7/1/14............................................................. 1,306,980
1,060,000 Cambridge Economic Development Authority Revenue Bonds,
Dorchester Hospital, 7.25%, 4/1/04........................................ 1,152,326
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)........................................... 751,597
1,860,200 Prince Georges Economic Development Revenue Bonds, 5.68%, 8/1/11,
LOC: First National Bank of Maryland, (Tender 1/1/01 @ 100)................ 1,865,539
Michigan (2.3%)
1,045,000 Michigan Higher Education Facilities Authority Revenue Bonds,
6.00%, 11/1/03............................................................. 1,085,901
New Hampshire (1.2%)
550,000 Sullivan County Regional Refuse Disposal District General Obligation
Bonds, 6.40%, 12/1/97...................................................... 550,198
New Mexico (0.1%)
50,000 New Mexico Educational Assistance Foundation Student Loan
Revenue Bonds, 6.30%, 12/1/02.............................................. 54,156
New York (10.4%)
Glen Cove General Obligation Bonds:
225,000 5.50%, 1/15/03............................................................. 234,315
215,000 5.60%, 1/15/04............................................................. 224,901
215,000 5.70%, 1/15/05............................................................. 225,836
</TABLE>
12 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
National Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
New York (Cont'd)
$249,683 New York City Hospital Revenue Bonds, Bronx Lease, 5.75%, 12/1/97............ $253,568
1,750,000 New York City General Obligation Bonds, Series B, 6.20%, 8/15/06............. 1,814,645
800,000 New York City General Obligation Bonds, Series E, 5.75%, 2/15/09............. 791,952
200,000 New York State Certificates of Participation, 5.45%, 2/1/00.................. 203,652
1,000,000 New York State Local Government Assistance Corporation Revenue
Bonds, 6.00%, 4/1/14....................................................... 1,086,060
Pennsylvania (4.8%)
1,000,000 Philadelphia Airport Revenue Bonds, 5.70%, 6/15/07, AMBAC Insured............ 1,048,910
1,125,000 Philadelphia Airport Revenue Bonds, 5.75%, 6/15/08, AMBAC Insured............ 1,174,928
South Dakota (2.6%)
1,125,000 Heartland Consumers Power District Revenue Bonds, 6.00%, 1/1/09,
FSA Insured................................................................ 1,235,014
Texas (3.3%)
1,500,000 North Texas Higher Education Student Loan Revenue Bonds,
Series B, 5.55%, 4/1/03.................................................... 1,559,730
Virginia (8.8%)
340,000 Arlington County Community Housing Finance Revenue Bonds,
6.00%, 6/1/09.............................................................. 353,640
Virginia State Housing Development Authority Revenue Bonds:
1,000,000 Series A, 6.50%, 7/1/03.................................................... 1,052,660
300,000 Series A, 6.90%, 7/1/07.................................................... 319,074
1,120,000 Series I, 6.00%, 7/1/03.................................................... 1,165,920
1,200,000 West Point Industrial Development Authority Pollution Control
Revenue Bonds, Chesapeake Corp. Project, 6.375%, 5/1/03.................... 1,203,229
Other (6.6%)
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)..................................................... 1,015,650
2,000,000 Oneida Utility Commission Government Lease Revenue Bonds,
6.25%, 7/1/97.............................................................. 2,041,920
-----------
Total Municipal Obligations (Cost $44,981,743)............................. 47,530,695
-----------
TOTAL INVESTMENTS (Cost $44,981,743) 102.2%.............................. 47,530,695
Other assets and liabilities, net (2.2 %)................................ (1,006,530)
-----------
NET ASSETS 100%......................................................... $46,524,165
===========
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 13
<PAGE>
Calvert Municipal Fund
National Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Net Assets Consist of: Value
- ------------------------------------------------------------------------------------------------------------
<S> <C>
Each class of common stock has $.01 par value with 250,000,000 shares authorized for
Class A and C combined
Par value and paid-in capital:
Class A: 3,780,274 shares outstanding..................................................... $38,881,450
Class C: 602,574 shares outstanding....................................................... 6,097,343
Undistributed net investment income......................................................... 63,128
Accumulated net realized gain (loss)........................................................ (1,066,708)
Net unrealized appreciation (depreciation) on investments................................... 2,548,952
-----------
Net assets................................................................................ $46,524,165
===========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $40,146,014).............................................. $10.62
===========
Class C (based on net assets of $6,378,151)............................................... $10.58
===========
</TABLE>
See notes to financial statements.
14 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
California Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
California Municipal Obligations (98.6%)
<C> <S> <C>
$595,000 California Educational Facilities Revenue Bonds, University of San Francisco,
5.90%, 10/1/02............................................................. $635,514
500,000 California General Obligation Bonds, 9.226%, 4/25/96, BPA: Multi-Bank........ 508,125
1,000,000 California General Obligation Bonds, 6.40%, 9/1/07........................... 1,116,010
1,113,878 California State Justice Department Certificates of Participation,
6.75%, 8/31/98............................................................. 1,154,089
1,000,000 California State Department Water Resources Revenue Bonds,
5.70%, 12/1/03............................................................. 1,084,040
1,000,000 California State Department Water Resources Revenue Bonds,
5.50%, 12/1/09............................................................. 1,028,340
1,750,000 California State Public Works Department of Corrections Lease Revenue
Bonds, 5.25%, 12/1/07, AMBAC Insured....................................... 1,796,778
620,000 City of Chula Vista Multi-Family Housing Revenue Bonds, Eucaluptus
Grove Project, 5.75%, 11/1/07, SURBD: Continental Casualty Co.............. 626,014
1,000,000 Hemet Multi-Family Housing Revenue VRDN, 5.55%, 7/1/06, C/LOC:
Mercury S&L................................................................ 1,000,000
2,000,000 Los Angeles City General Obligation Bonds, Series A, 5.70%,
9/1/08, FGIC Insured....................................................... 2,084,960
1,000,000 Los Angeles City General Obligation Bonds, 7.50%, 9/1/01,
MBIA Insured............................................................... 1,156,480
1,000,000 Los Angeles Department of Water and Power Revenue Bonds,
5.40%, 9/1/06.............................................................. 1,035,890
1,000,000 Los Angeles Wastewater System Revenue Bonds, 8.50%, 6/1/02,
MBIA Insured............................................................... 1,221,840
1,000,000 Los Angeles Wastewater System Revenue Bonds, Series C, 5.60%, 6/1/15......... 1,008,690
750,000 Merced County Certificates of Participation, 5.625%, 10/1/02,
FSA Insured................................................................ 803,138
775,000 Oceanside Unified School District Certificates of Participation, 7.25%,
8/1/02..................................................................... 799,637
1,000,000 Port of Oakland Revenue Bonds, Series D, 7.00%, 11/1/02,
MBIA Insured............................................................... 1,150,770
1,335,000 Redlands Sewer Facilities Project Certificates of Participation, 4.50%,
9/1/17, (Mandatory Put 6/1/96 @ 100), FGIC Insured......................... 1,339,926
587,049 Regents of the University of California, Los Angeles, Certificates of
Participation, 6.32%, 3/15/99.............................................. 618,691
35,680 Regents of University of California, San Diego, Certificates of Participation,
7.65%, 6/1/97.............................................................. 35,926
794,655 Sacramento Certificates of Participation, 6.75%, 3/1/02...................... 809,531
1,574,647 Sacramento Certificates of Participation, 6.50%, 1/1/04...................... 1,662,702
1,000,000 Sacramento City Financing Authority Revenue Bonds, Series B,
5.00%, 11/1/14............................................................. 970,250
2,000,000 San Diego County Children Center Project Certificates of Participation,
6.00%, 10/1/02............................................................. 2,016,420
1,000,000 San Diego County Transportation Commission Revenue Bonds,
5.25%, 4/1/06, FGIC Insured................................................ 1,034,970
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 15
<PAGE>
Calvert Municipal Fund
California Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
$1,000,000 San Diego County Vista Detention Facility Certificates of Participation,
5.00%, 4/1/05, MBIA Insured................................................ $1,022,390
1,500,000 San Francisco City & County General Obligation Bonds, 5.50%,
6/15/13, FGIC Insured...................................................... 1,531,005
575,000 San Jose Financing Authority Revenue Bonds, Convention Center Project,
Series C, 5.75%, 9/1/98.................................................... 597,563
1,500,000 Southern California Public Power Authority Revenue Bonds, 5.375%,
1/1/09, MBIA Insured....................................................... 1,526,775
1,000,000 Southern California Rapid Transit District Special Assessment Bonds,
5.90%, 9/1/07, AMBAC Insured............................................... 1,086,160
Tahoe City Public Utility District Certificates of Participation, Series B:
465,000 5.60%, 6/1/98.............................................................. 475,523
505,000 5.75%, 6/1/99.............................................................. 517,872
745,000 5.90%, 6/1/00.............................................................. 768,296
885,000 6.25%, 6/1/03.............................................................. 922,223
1,000,000 University of California Multi Purpose Project Revenue Bonds, Series C,
5.125%, 9/1/13, AMBAC Insured.............................................. 990,180
805,000 Valley Health System Certificates of Participation, 6.25%, 5/15/99........... 811,738
1,000,000 Ventura County Certificates of Participation, 5.375%, 12/1/01................ 1,043,430
-----------
Total Municipal Obligations (Cost $36,371,749)............................. 37,991,886
-----------
TOTAL INVESTMENTS (Cost $36,371,749) 98.6%............................... 37,991,886
Other assets and liabilities, net 1.4%.................................. 523,966
-----------
NET ASSETS 100%......................................................... $38,515,852
===========
Net Assets Consist Of:
- ------------------------------------------------------------------------------------------------------------
Each class of common stock has $.01 par value with 250,000,000 shares authorized for
Class A and C combined
Par value and paid-in capital:
Class A: 3,275,855 shares outstanding..................................................... $33,999,955
Class C: 390,915 shares outstanding....................................................... 4,014,214
Undistributed net investment income......................................................... 53,498
Accumulated net realized gain (loss)........................................................ (1,171,952)
Net unrealized appreciation (depreciation) on investments................................... 1,620,137
-----------
Net assets................................................................................ $38,515,852
===========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $34,423,886).............................................. $10.51
===========
Class C (based on net assets of $4,091,966)............................................... $10.47
===========
</TABLE>
See notes to financial statements.
16 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Maryland Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
===========================================================================================================
<C> <S> <C>
Maryland Municipal Obligations (97.0%)
$500,000 Anne Arundel County General Obligation Bonds, 5.125%, 4/15/09.................. $ 506,790
385,000 Baltimore City General Obligation Bonds, 8.90%, 10/15/99, MBIA
Insured...................................................................... 449,584
500,000 Baltimore City General Obligation Bonds, 6.00%, 10/15/04, AMBAC Insured........ 553,555
297,945 Baltimore County Economic Development Revenue Bonds, 5.65%,
9/1/96, LOC: First National Bank of Maryland................................. 298,568
84,835 Baltimore County Economic Development Revenue Bonds, 5.00%,
12/1/08, LOC: First National Bank of Maryland................................ 82,931
965,000 Cambridge Economic Development Revenue Bonds, 7.25%, 4/1/04.................... 1,049,051
400,000 Carroll County General Obligation Bonds, 6.25%, 11/1/08........................ 446,772
500,000 Cecil County General Obligation Bonds, 5.10%, 12/1/07, FGIC Insured............ 508,550
451,000 Cecil County Health Department Certificates of Participation,
7.875%, 7/1/14............................................................... 472,959
400,000 Frederick County General Obligation Bonds, 5.00%, 8/1/09....................... 399,592
655,180 Harford County Economic Development Revenue Bonds, 5.25%,
6/1/10, LOC: First National Bank of Maryland................................. 658,809
400,000 Howard County General Obligation Bonds, 5.25%, 8/15/05......................... 418,752
141,255 Maryland Industrial Development Financing Authority Revenue Bonds,
6.75%, 5/1/96................................................................ 141,487
250,000 Maryland Industrial Development Financing Authority Revenue Bonds,
5.20%, 12/1/05............................................................... 255,040
190,000 Maryland Industrial Development Financing Authority Revenue Bonds,
6.375%, 11/1/96, LOC: First National Bank of Maryland........................ 190,405
370,000 Maryland Stadium Authority Revenue Bonds, 5.375%, 12/15/03,
AMBAC Insured................................................................ 388,678
155,000 Maryland State Certificates of Participation for St. Mary's County,
5.20%,6/1/04................................................................. 162,310
180,000 Maryland State Certificates of Participation for St. Mary's County,
5.20%, 12/1/04............................................................... 188,899
210,000 Maryland State Economic Development Authority Revenue Bonds,
Series A, 6.10%, 1/1/00...................................................... 223,455
220,000 Maryland State Economic Development Corp. Revenue VRDN, 5.30%,
6/1/20, LOC: NationsBank..................................................... 220,000
250,000 Maryland Water Quality Administration Revenue Bonds, 5.40%, 9/1/13............. 252,953
250,000 Montgomery County General Obligation Bonds, 9.75%, 6/1/01...................... 315,743
230,000 Montgomery County General Obligation Bonds, 7.00%, 5/1/03...................... 267,456
250,000 Northeast Maryland Waste Disposal Authority Revenue Bonds, 5.80%, 7/1/04....... 262,835
250,000 Ocean City General Obligation Bonds, 6.00%, 3/15/01, MBIA Insured.............. 269,755
843,824 Ocean City Industrial Development Authority Revenue VRDN, 5.525%,
7/1/13, LOC: First National Bank of Maryland................................. 843,824
300,000 Prince Georges County Certificates of Participation, 5.90%,
9/15/08, MBIA Insured........................................................ 320,871
400,000 Rockville General Obligation Bonds, 4.875%, 4/15/06............................ 403,268
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 17
<PAGE>
Calvert Municipal Fund
Maryland Portfolio
Statement of Net Assets (Continued)
December 31, 1995
<TABLE> ==========
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
$400,000 University of Maryland Auxiliary System Revenue Bonds, 5.20%, 4/1/06......... $413,628
400,000 Washington D.C. Metropolitan Area Transit Authority Revenue Bonds,
6.00%, 7/1/07, FGIC Insured................................................ 439,082
150,000 Washington Suburban Sanitary District Revenue Bonds, 5.00%, 6/1/03........... 155,258
-----------
Total Municipal Obligations (Cost $11,021,359).......................... 11,560,860
-----------
TOTAL INVESTMENTS (Cost $11,021,359) 97.0%........................... 11,560,860
Other assets and liabilities, net 3.0%.............................. 358,846
-----------
NET ASSETS 100%..................................................... $11,919,706
===========
Net Assets Consist Of:
- ------------------------------------------------------------------------------------------------------------
Each class of common stock has $.01 par value with 250,000,000 shares authorized for
Class A and C combined
Par value and paid-in capital:
Class A: 1,859,558 shares outstanding...................................................... $9,355,679
Class C: 497,712 shares outstanding........................................................ 2,397,064
Undistributed net investment income......................................................... 9,927
Accumulated net realized gain (loss)........................................................ (382,465)
Net unrealized appreciation (depreciation) on investments................................... 539,501
-----------
Net assets.................................................................................. $11,919,706
===========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $9,410,671)................................................ $5.06
===========
Class C (based on net assets of $2,509,035)................................................ $5.04
===========
See notes to financial statements.
18- CALVERT MUNICIPAL FUND ANNUAL REPORT
</TABLE>
<PAGE>
Calvert Municipal Fund
Michigan Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
Michigan Municipal Obligations (97.5%)
$150,000 Bay City Water Supply Revenue Bonds, 4.80%, 10/1/02, AMBAC Insured........... $153,024
350,000 Brighton Area School District General Obligation Zero Coupon Bonds,
5/1/00, AMBAC Insured...................................................... 290,066
150,000 Cedar Springs Public School District General Obligation Bonds, 7.65%,
5/1/03..................................................................... 178,179
250,000 Clarkston Community School General Obligation Bonds, 5.25%, 5/1/07,
FGIC Insured............................................................... 255,995
75,000 Farmington Hills Hospital Finance Authority Revenue Bonds - Botsford
General Hospital, Series A, 6.00%, 2/15/01, MBIA
Insured.................................................................... 80,593
250,000 Greenville Public School District General Obligation Bonds, 5.75%, 5/1/06,
MBIA Insured............................................................... 267,117
200,000 Hartland Consolidated School District General Obligation Bonds, 5.25%,
5/1/02..................................................................... 208,404
200,000 Kalamazoo County Transportation Fund General Obligation Bonds, 6.50%,
10/1/02.................................................................... 216,200
100,000 Macomb County General Obligation Bonds, 6.70%, 8/1/98........................ 106,345
500,000 Michigan Higher Education Facility Authority Marygrove College University
of Detroit-Mercy Revenue Bonds, 6.00%, 11/1/03............................. 519,570
610,000 Michigan Higher Education Facility Authority Revenue Bonds, 7.00%,
11/1/05.................................................................... 699,243
50,000 Michigan State General Obligation Bonds, 5.80%, 11/1/02...................... 54,153
300,000 Michigan State Hospital Finance Authority Revenue Bonds, Crittention
Hospital, 4.75%, 3/1/01.................................................... 293,448
500,000 Michigan State Housing Development Authority Revenue Bonds, River
Place Plaza Apts., 5.25%, 10/1/11.......................................... 503,475
250,000 Michigan State Building Authority Revenue Bond, Series II, 6.25%, 10/1/01,
AMBAC Insured.............................................................. 273,803
250,000 Michigan State Building Authority Facilities Revenue Bonds, Series I, 5.00%,
10/1/01.................................................................... 258,050
100,000 Morely Stanwood Community School General Obligation Bonds, 5.15%,
5/1/07, FGIC Insured....................................................... 101,596
250,000 Mount Pleasant School District General Obligation Bonds, 5.65%, 5/1/05....... 265,245
100,000 Oakland County Lueders Drain District Special Assessment General
Obligation Bonds, 6.40%, 5/1/02, AMBAC Insured............................. 109,262
500,000 Oakland County Economic Development Limited Obligation Revenue
Bonds, Cranbrook Educational Community, 6.375%,
11/1/14.................................................................... 537,500
150,000 Saginaw County Building Authority Revenue Bonds, 5.00%, 4/1/04............... 151,708
75,000 University of Michigan Revenue Bonds, 5.875%, 4/1/00......................... 79,754
80,000 Yale Public School District General Obligation Bonds, 5.10%, 5/1/06,
AMBAC Insured.............................................................. 82,064
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 19
<PAGE>
Calvert Municipal Fund
Michigan Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
$205,000 Zeeland Public Schools General Obligation Bonds, 5.70%, 5/1/07,
MBIA Insured............................................................... $ 217,311
-----------
Total Municipal Obligations (Cost $5,650,229).............................. 5,902,105
-----------
TOTAL INVESTMENTS (Cost $5,650,229) 97.5%................................ 5,902,105
Other assets and liabilities, net 2.5 %.................................. 150,333
-----------
NET ASSETS 100%......................................................... $6,052,438
===========
Net Assets Consist Of:
- ------------------------------------------------------------------------------------------------------------
Each class of common stock has $.01 par value with 250,000,000 shares authorized for
Class A and C combined
Par value and paid-in capital:
Class A : 889,834 shares outstanding...................................................... $ 4,603,742
Class C : 292,709 shares outstanding...................................................... 1,438,992
Undistributed net investment income......................................................... 10,972
Accumulated net realized gain (loss)........................................................ (253,144)
Net unrealized appreciation (depreciation) on investments................................... 251,876
-----------
Net assets................................................................................ $6,052,438
===========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $4,555,919)............................................... $5.12
===========
Class C (based on net assets of $1,496,519)............................................... $5.11
===========
</TABLE>
See notes to financial statements.
20 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
New York Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
New York Municipal Obligations (97.8%)
$100,000 Battery Park New York Revenue Refunding Bonds, Series A, 4.75%,
11/1/02.................................................................... $100,458
150,000 Dundee Central School District General Obligation Bonds, 5.70%, 6/15/07,
AMBAC Insured.............................................................. 159,981
75,000 Erie County General Obligation Bonds, 5.40%, 3/15/99,
FGIC Insured............................................................... 77,947
75,000 Irvington Unified Free School District General Obligation Bonds, 5.10%,
7/15/01, AMBAC Insured..................................................... 77,968
180,000 Metropolitan Transit Authority Commuter Facility Revenue Bonds,
Series A, 5.70%, 7/1/02, MBIA Insured...................................... 191,752
50,000 Monroe County Water Authority Revenue Bonds, 5.95%, 8/1/02................... 54,064
75,000 New Castle Public Improvement General Obligation Bonds, 5.40%, 9/15/00....... 79,035
200,000 New York City General Obligation Bonds, Series E, 5.75%,
2/15/09.................................................................... 197,988
123,810 New York City Hospital Corporation Bellvue Lease, 5.75%, 7/11/96............. 124,564
205,133 New York City Hospital Corporation Bronx Lease, 5.75%, 12/1/97............... 208,325
100,000 New York City Industrial Development Agency Civil Facility Revenue
Bonds, USTA National Tennis Center, 7.75%, 11/15/02, FSA Insured........... 118,729
100,000 New York City Municipal Water Finance Revenue Bonds, 7.625%, 6/15/01......... 101,197
50,000 New York City Municipal Water Finance Authority Water and Sewer
System Revenue Bonds, Series A, 7.625%, 6/15/16, FGIC Insured,
(Pre-refunded 4/15/97 @ 101.5)............................................. 53,483
200,000 New York City General Obligation Bonds, Series D, 5.70%, 8/15/06............. 198,258
75,000 New York Local Government Assistance Corp. Revenue Bonds, 5.00%,
4/1/06..................................................................... 75,533
150,000 New York State Project Finance Agency Revenue Bonds, HUD Sec. 236,
Series A, 4.75%, 11/1/04, FSA Insured...................................... 147,705
200,000 New York State Dormitory Authority Revenue Bonds, 5.50%, 5/15/07............. 201,332
200,000 New York State Dormitory Authority Revenue Bonds for City University,
5.625%, 7/1/16............................................................. 201,334
50,000 New York State Dormitory Authority Revenue Bonds for Manhattan
College, 5.70%, 7/1/00, Asset Guaranty Insured............................. 52,422
150,000 New York State Dormitory Authority Revenue Bonds for State Department
of Mental Health, 5.35%, 7/1/01............................................ 152,643
50,000 New York State Dormitory Authority Revenue Bonds for Mt. Sinai Medical
School, 6.50%, 7/1/03, MBIA Insured........................................ 55,507
90,000 New York State Environmental Facilities Pooled Revenue Bonds, 5.70%,
5/15/09.................................................................... 92,984
75,000 New York State General Obligation Bonds, 5.75%, 9/15/01...................... 80,059
210,000 New York State General Obligation Bonds, 6.25%, 8/15/05...................... 233,413
100,000 New York State Local Assistance Corp. Revenue Bonds, Series E, 6.00%,
4/1/14..................................................................... 108,606
100,000 New York State Power Authority Revenue Bonds, 6.50%, 1/1/08.................. 113,031
240,000 New York State Thruway Authority Highway Revenue Bonds, Series B,
5.375%, 4/1/02, FGIC Insured............................................... 252,122
150,000 Oneida County General Obligation Bonds, 5.70%, 3/15/01....................... 156,427
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 21
<PAGE>
Calvert Municipal Fund
New York Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
$25,000 Onondaga County Unlimited Tax General Obligation Bonds, 9.60%,
6/15/00.................................................................... $30,460
1,365,000 Orange County Industrial Development Revenue VRDN, 5.61% 12/1/05,
LOC: United Jersey Bank.................................................... 1,365,000
75,000 Port Authority of New York and New Jersey Revenue Bonds, 4.875%,
8/1/00..................................................................... 76,996
150,000 Suffolk County Industrial Development Agency Revenue Bonds, 6.00%,
2/1/08, FGIC Insured....................................................... 163,194
100,000 Syracuse General Obligation Bonds, Series C, 4.80%, 10/15/06................. 100,148
275,000 Triborough Building and Tunnel Revenue Bonds, Series A, 5.00%, 1/1/07........ 277,084
140,000 Westchester County General Obligation Bonds, 6.70%, 2/1/01................... 155,950
-----------
Total Municipal Obligations (Cost $5,688,819)............................. 5,835,699
-----------
Contracts
- ------------------------------------------------------------------------------------------------------------
Options Purchased (0.3%)
12 Call Options on March U.S. Treasury Bond Futures, Expiration 2/17/96,
Strike Price 122........................................................... 17,437
-----------
Total Options (Premium $17,370)............................................ 17,437
-----------
TOTAL INVESTMENTS (Cost and Premium $5,706,189) 98.1%.................... 5,853,136
Other assets and liabilities, net 1.9%................................... 111,790
-----------
NET ASSETS 100%......................................................... $5,964,926
===========
Net Assets Consist Of:
- ------------------------------------------------------------------------------------------------------------
Each class of common stock has $.01 par value with
250,000,000 shares authorized for
Class A and C combined
Par value and paid-in capital:
Class A : 697,982 shares outstanding...................................................... $3,511,851
Class C : 468,288 shares outstanding...................................................... 2,297,675
Undistributed net investment income......................................................... 4,267
Accumulated net realized gain (loss)........................................................ 4,186
Net unrealized appreciation (depreciation) on investments................................... 146,947
-----------
Net assets................................................................................ $5,964,926
===========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $3,572,584)............................................... $5.12
===========
Class C (based on net assets of $2,392,342)............................................... $5.11
===========
</TABLE>
See notes to financial statements.
22 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Virginia Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
Virginia Municipal Obligations (97.7%)
$590,000 Arlington County Community Housing Finance Revenue Bonds,
6.00%, 6/1/09.............................................................. $613,670
300,000 Arlington County General Obligation Bonds, 5.50%, 8/1/06..................... 317,220
450,000 Chesapeake Bay Bridge and Tunnel Revenue Bonds, 5.50%,
7/1/06, FGIC Insured....................................................... 473,854
300,000 Chesapeake County General Obligation Bonds, 5.60%, 5/1/00.................... 316,848
400,000 Hampton City General Obligation Bonds, 5.90%, 1/15/07........................ 432,728
500,000 Hanover County Industrial Development Authority Revenue Bonds,
5.30%, 8/15/07, MBIA Insured............................................... 511,745
100,000 Henrico County Industrial Development Authority Revenue VRDN,
6.25%, 10/01/00, LOC: Tokai Bank........................................... 100,000
150,000 Henrico County Industrial Development Authority Revenue VRDN,
6.45%, 10/01/00, LOC: Tokai Bank........................................... 150,000
200,000 Loudon County General Obligation Bonds, Series A, 5.40%, 10/1/06............. 209,086
200,000 Loudon County Certificates of Participation, 6.10%, 3/1/02, FSA Insured...... 217,626
190,000 Loudon County Certificates of Participation, 6.30%, 3/1/04, FSA Insured...... 209,739
100,000 Metropolitan Washington Airport Authority Revenue Bonds, Series A,
6.10%, 10/1/01, MBIA Insured............................................... 108,342
300,000 Metropolitan Washington Airport Authority Revenue Bonds, Series A,
5.60%, 10/1/06, MBIA Insured............................................... 314,046
300,000 Norfolk General Obligation Bonds, 5.40%, 2/1/02.............................. 316,023
195,000 Norfolk Industrial Development Revenue Bonds, Sentara Hospital Project,
6.60%, 11/1/00............................................................. 212,259
155,000 Norfolk Water Utility Improvement Revenue Bonds, 5.20%,
11/1/09, MBIA Insured...................................................... 156,607
300,000 Peninsula Ports Health System Riverside Health Revenue Bonds,
6.00%, 7/1/01.............................................................. 321,126
200,000 Richmond General Obligation Bonds, 4.80%, 1/15/01............................ 204,124
450,000 Riverside Regulatory Jail Authority Revenue Bonds, 5.70%,
7/1/08, MBIA Insured....................................................... 476,496
435,000 Virginia College Building Authority Hampton Revenue Bonds,
University Project, 5.20%, 4/1/02.......................................... 448,302
340,000 Virginia Beach General Obligation Bonds, 5.40%, 7/15/08...................... 352,230
Virginia State Housing Authority Revenue Bonds:
200,000 Series A, 6.50%, 7/1/03.................................................... 210,532
270,000 Series A, 6.90%, 7/1/07.................................................... 287,167
400,000 Series C, 6.00%, 1/1/03.................................................... 415,496
120,000 Series C, 6.75%, 7/1/11.................................................... 126,433
Virginia State Public Building Authority Revenue Bonds:
100,000 Series A, 5.80%, 8/1/02.................................................... 107,753
400,000 Series A, 6.00%, 8/1/03.................................................... 432,872
230,000 Series B, 5.625%, 8/1/02................................................... 246,227
200,000 Virginia State Public School Authority Revenue Bonds, Series A,
6.00%, 8/1/01.............................................................. 216,208
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 23
<PAGE>
Calvert Municipal Fund
Virginia Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<S> <C>
$200,000 Virginia State Public School Authority Revenue Bonds, Series A,
6.00%, 8/1/03............................................................. $218,560
300,000 Virginia State Resources Authority Water & Sewer Revenue Bonds,
5.50%, 10/1/19............................................................. 300,534
265,000 Virginia State Transportation Board Revenue Bonds, Route 28 Project,
5.75%, 4/1/00.............................................................. 281,048
320,000 Washington County Industrial Development Revenue Bonds,
5.625%, 7/1/02............................................................. 332,969
300,000 West Point Industrial Development Authority Revenue Bonds,
Chesapeake Corporation, 6.375%, 5/1/03..................................... 300,807
300,000 Winchester Industrial Development Authority Revenue Bonds,
Shenandoah University, 6.05%, 10/1/05, Asset Guaranty Insured.............. 322,620
-----------
Total Municipal Obligations (Cost $9,728,923).............................. 10,261,297
-----------
TOTAL INVESTMENTS (Cost $9,728,923 ) 97.7%............................... 10,261,297
Other assets and liabilities, net 2.3%................................... 240,354
-----------
NET ASSETS 100%.......................................................... $10,501,651
===========
Net Assets Consist Of:
- ------------------------------------------------------------------------------------------------------------
Each class of common stock has $.01 par value with 250,000,000 shares authorized for
Class A and C combined
Par value and paid-in capital:
Class A : 1,422,964 shares outstanding.................................................... $7,179,509
Class C : 625,064 shares outstanding..................................................... 3,057,869
Undistributed net investment income......................................................... 14,557
Accumulated net realized gain (loss)........................................................ (282,658)
Net unrealized appreciation (depreciation) on investments................................... 532,374
-----------
Net assets................................................................................ $10,501,651
===========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $7,294,740)............................................... $5.13
===========
Class C (based on net assets of $3,206,911)............................................... $5.13
===========
</TABLE>
See notes to financial statements.
24 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Arizona Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
Arizona Municipal Obligations (96.2%)
<C> <S> <C>
$100,000 Arizona State Certificates of Participation, 5.20%, 5/1/97,
AMBAC Insured.............................................................. $101,492
75,000 Arizona State Transportation Board Revenue Bonds, 4.50%, 7/1/03,
AMBAC Insured.............................................................. 75,094
200,000 Arizona State Transportation Board Highway Revenue Bonds,
6.00%, 7/1/08.............................................................. 218,234
75,000 Arizona State Transportation Board Highway Revenue Bonds, 7.00%,
7/1/09, (Pre-refunded 7/1/00 @ 101)........................................ 84,227
100,000 Casa Grande Excise Tax Revenue Bonds, 5.70%, 4/1/06, FGIC Insured............ 106,207
100,000 Glendale General Obligation Bonds, 5.15%, 7/1/03, FGIC Insured............... 104,231
100,000 Maricopa County Certificates of Participation, 5.125%, 6/1/97................ 101,454
150,000 Maricopa County General Obligation Bonds, Series A, 5.80%, 7/1/04............ 162,282
50,000 Maricopa County Creighton School District #14 General Obligation
Bonds, 6.90%, 7/1/03, FGIC Insured......................................... 57,640
50,000 Maricopa County Glendale School District #40 General Obligation Bonds,
6.30%, 7/1/03, FGIC Insured, (Pre-refunded 7/1/01 @ 101)................... 55,329
100,000 Maricopa County Paradise Valley School District #69 General Obligation
Zero Coupon Bonds, 7/1/01, AMBAC Insured................................... 78,194
50,000 Maricopa County Peoria School District #11 General Obligation Bonds,
5.40%, 7/1/02, MBIA Insured................................................ 52,860
100,000 Maricopa County Peoria School District #11 General Obligation Bonds,
7.50%, 7/1/07, AMBAC Insured............................................... 123,818
145,000 Maricopa County Tempe Elementary School District #3 General
Obligation Capital Appreciation Bonds, Zero Coupon, 7/1/96 - 7/1/04,
AMBAC Insured.............................................................. 103,905
70,000 Maricopa County Tolleson School District #214 General Obligation
Bonds, 5.35%, 7/1/03, FGIC Insured......................................... 72,859
25,000 Mesa General Obligation Bonds, 5.70%, 7/1/03, FGIC Insured................... 26,926
95,000 Peoria Municipal Development Authority Revenue Bonds, 7.00%,
7/1/00, AMBAC Insured...................................................... 105,939
75,000 Phoenix General Obligation Bonds, 4.70%, 7/1/01.............................. 76,733
50,000 Phoenix Civic Improvement Revenue Bonds, 4.50%, 7/1/01...................... 50,145
50,000 Phoenix Street and Highway User Revenue Bonds, 6.10%, 7/1/00,
MBIA Insured............................................................... 53,926
35,000 Pima County General Obligation Bonds, 5.15%, 7/1/99.......................... 36,188
15,000 Pima County General Obligation Bonds, 5.50%, 7/1/02.......................... 15,916
50,000 Pima County Unified School District Catalina Foothills #16 General
Obligation Bonds, 4.00%, 7/1/00, AMBAC Insured............................. 49,452
50,000 Pima County Unified School District Sunnyside #12 General
Obligation Bonds, 5.35%, 7/1/03, AMBAC Insured............................. 52,747
125,000 Prescott Valley Property Corp. Municipal Facilities Revenue Bonds,
5.55%, 1/1/06, FGIC Insured................................................ 131,062
70,000 Scottsdale Revenue Bonds, 4.50%, 7/1/98, FGIC Insured........................ 70,760
120,000 Scottsdale General Obligation Bonds, Series D, 6.50%, 7/1/01................. 133,285
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 25
<PAGE>
Calvert Municipal Fund
Arizona Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$75,000 Tucson General Obligation Bonds, 5.10%, 7/1/99, FGIC Insured................. $77,499
80,000 Tucson Street and Highway Revenue Bonds, Series A, 4.50%, 7/1/98............. 80,830
100,000 Tucson Street and Highway Revenue Bonds, Series A, 7.00%, 7/1/11,
MBIA Insured............................................................... 122,010
100,000 Yuma County Unified School District #70 General Obligation Bonds,
5.00%, 7/1/99, FGIC Insured................................................ 103,013
----------
Total Municipal Obligations (Cost $2,582,600)................................ 2,684,257
----------
TOTAL INVESTMENTS (Cost $2,582,600) 96.2%................................. 2,684,257
Other assets and liabilities, net 3.8%..................................... 105,335
----------
NET ASSETS 100%........................................................... $2,789,592
==========
Net Assets Consist Of:
- ------------------------------------------------------------------------------------------------------------
Each class of common stock has $.01 par value with 250,000,000 shares authorized for
Class A and C combined
Par value and paid-in capital:
Class A : 403,282 shares outstanding....................................................... $1,981,689
Class C : 146,762 shares outstanding....................................................... 714,028
Undistributed net investment income......................................................... 16,341
Accumulated net realized gain (loss)........................................................ (24,123)
Net unrealized appreciation (depreciation)
on investments............................................................................. 101,657
----------
Net assets................................................................................. $2,789,592
==========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $2,045,307)................................................ $5.07
==========
Class C (based on net assets of $744,285).................................................. $5.07
==========
See notes to financial statements.
26- CALVERT MUNICIPAL FUND ANNUAL REPORT
</TABLE>
<PAGE>
Calvert Municipal Fund
Florida Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
Florida Municipal Obligations (97.7%)
$150,000 Boca Raton Beach Acquisition Revenue Bonds, 4.60%, 1/1/05,
MBIA Insured.............................................................. $150,428
195,000 Brevard County Sales Tax Revenue Bonds, 5.40%, 12/1/06,
MBIA Insured.............................................................. 204,456
100,000 Broward County School District General Obligation Bonds,
7.20%, 2/15/00............................................................ 107,934
150,000 Broward County Solid Waste System Revenue Bonds, 5.80%, 7/1/07,
MBIA Insured.............................................................. 159,925
260,000 City of Miami General Obligation Bonds, 5.90%, 12/1/06, FGIC Insured........ 286,172
100,000 Collier County Special Assessment Bonds, 5.375%, 11/1/07................... 104,540
150,000 Dade County Aviation Revenue Bonds, 5.60%, 10/1/05, AMBAC Insured........... 160,370
150,000 Dade County School District General Obligation Bonds, 6.40%,
8/1/98, MBIA Insured...................................................... 159,068
100,000 Dade County Water and Sewer Systems Revenue Bonds, 5.00%,
10/1/00, FGIC Insured..................................................... 103,759
150,000 East County Water Control District Water Revenue Bonds, Series 1994,
5.45%, 11/1/02, Asset Guaranty Insured.................................... 157,041
175,000 Florida State Board of Regent Parking System Revenue Bonds,
5.00%, 7/1/08, FSA Insured................................................ 175,283
200,000 Florida State General Service Revenue Bonds, 4.75%, 7/1/07,
AMBAC Insured............................................................. 197,730
300,000 Florida State Multi-Family Housing Revenue Bonds, Cypress Lake,
5.75%, 12/1/07, LOC: Heller Financial..................................... 303,150
150,000 Hillsborough County Solid Waste Revenue Bonds, 5.40%, 10/1/05,
MBIA Insured.............................................................. 157,806
125,000 Hollywood Water and Sewer Revenue Bonds, 6.75%, 10/1/11,
FGIC Insured.............................................................. 142,621
150,000 Homestead Special Insurance Assessment Revenue Bonds, 4.90%,
3/1/00, MBIA Insured...................................................... 154,031
100,000 Jacksonville Water and Sewer Revenue Bonds, 5.20%, 10/1/02,
MBIA Insured.............................................................. 105,042
100,000 Jacksonville Electric Authority Revenue Bonds, 6.70%, 10/1/04............... 112,267
100,000 Jacksonville Excise Tax Revenue Bonds, 6.25%, 10/1/05, AMBAC Insured........ 110,354
125,000 Jacksonville Port Authority Revenue Bonds, 7.625%, 11/1/99,
MBIA Insured.............................................................. 140,536
150,000 Lee County Transportation Facilities Revenue Bonds, 5.625%, 10/1/08,
MBIA Insured.............................................................. 158,519
115,000 Marion County School Board Certificates of Participation, 5.30%,
8/1/02, FSA Insured....................................................... 120,324
150,000 Orange County Housing Finance Authority VRDN, 5.30%, 8/1/08,
LOC: Nationsbank.......................................................... 150,000
150,000 St. Petersburg Professional Sports Facility Revenue Bonds, 5.10%, 10/1/04,
MBIA Insured.............................................................. 156,112
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 27
<PAGE>
Calvert Municipal Fund
Florida Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
$200,000 Tallahassee Consolidated Utility System Revenue Bonds, 4.60%, 10/1/02........ $203,122
200,000 Tampa Capital Improvement Revenue Bonds, 8.375%, 10/1/18, IA:
Multi-Bank................................................................. $216,402
-----------
Total Municipal Obligations (Cost $4,033,273).............................. 4,196,992
-----------
Contracts
- ------------------------------------------------------------------------------------------------------------
Options Purchased (0.1%)
2 Call Options on March U.S. Treasury Bond Futures, Expiration 2/17/96,
Strike Price 122........................................................... 2,906
-----------
Total Options (Premium $2,895)............................................. 2,906
-----------
TOTAL INVESTMENTS (Cost and Premium $4,036,168) 97.8%..................... 4,199,898
Other assets and liabilities, net 2.2%..................................... 93,344
-----------
NET ASSETS 100%........................................................... $4,293,242
===========
Net Assets Consist Of:
- ------------------------------------------------------------------------------------------------------------
Each class of shares of beneficial interest has an unlimited number of no par shares authorized
Paid-in capital:
Class A : 769,257 shares outstanding...................................................... $3,908,405
Class C : 79,413 shares outstanding....................................................... 369,217
Undistributed net investment income......................................................... 5,751
Accumulated net realized gain (loss)........................................................ (153,861)
Net unrealized appreciation (depreciation) on investments................................... 163,730
-----------
Net assets................................................................................ $4,293,242
===========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $3,892,077)................................................ $5.06
===========
Class C (based on net assets of $401,165).................................................. $5.05
===========
</TABLE>
See notes to financial statements.
28 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Pennsylvania Portfolio
Statement of Net Assets
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
Municipal Obligations (98.6%)
<C> <S> <C>
Pennsylvania (96.1%)
$170,000 Allegheny County General Obligation Bonds, Series C-42, 5.00%, 10/1/07...... $170,639
165,000 Bucks County General Obligation Bonds, Series A, 6.00%, 3/1/01............... 177,715
150,000 Center City District Business Improvement Special Assessment, 5.75%,
12/1/10, AMBAC Insured..................................................... 157,936
130,000 Central Bucks County School District General Obligation Bonds,
6.40%, 2/1/01.............................................................. 142,229
175,000 Chester County General Obligation Bonds, 5.50%,12/15/07...................... 182,082
180,000 Delaware County Hospital Revenue Bonds, 5.25%, 8/15/07,
MBIA Insured............................................................... 183,443
90,000 Erie County General Obligation Bonds, Series B, 6.75%, 9/1/16,
(Pre-refunded 9/1/01 @100)................................................. 101,132
100,000 Latrobe Industrial Development Authority Revenue Bonds,
St. Vincent College, 6.40%, 5/1/06......................................... 105,803
50,000 Media Borough Water Revenue Bonds, 5.60%, 1/1/01, MBIA Insured............... 52,733
150,000 Montgomery County Industrial Development Revenue VRDN, 5.25%,
12/1/13, LOC: PNC Bank..................................................... 150,000
40,000 Pennsylvania Housing Finance Agency Revenue Bonds, Series C-40,
5.85%, 4/1/02.............................................................. 41,847
35,000 Pennsylvania Housing Finance Agency Revenue Bonds, Series C-40,
5.85%, 10/1/02............................................................. 36,705
75,000 Pennsylvania Infrastructure Investment Authority Revenue Bonds,
5.75%, 9/1/99.............................................................. 78,887
120,000 Pennsylvania Intergovernmental Co-op Revenue Bonds, 5.25%, 6/15/06,
FGIC Insured............................................................... 122,370
100,000 Pennsylvania State General Obligation Bonds, Series II, 5.10%, 6/15/03,
MBIA Insured............................................................... 103,894
100,000 Pennsylvania State General Obligation Bonds, Series I, 5.30%, 5/1/06......... 103,618
75,000 Pennsylvania State Industrial Development Authority Revenue Bonds,
6.00%, 1/1/05, AMBAC Insured............................................... 81,862
65,000 Peters Township School District General Obligation Bonds, 6.00%,
5/15/04, FGIC Insured...................................................... 69,791
300,000 Philadelphia Airport Revenue Bonds, 5.75%, 6/15/08, AMBAC Insured............ 313,314
85,000 Philadelphia Hospital and Higher Education Revenue Bonds,
Community College, Series B, 5.40%, 5/1/02,
MBIA Insured............................................................... 89,029
500,000 Philadelphia Redevelopment Multi-Family Housing Revenue VRDN,
5.60%, 12/1/09, LOC: Marine Midland Bank................................... 500,000
150,000 Philadelphia Water and Wastewater Revenue Bonds, 5.50%, 6/15/15,
Capital Guaranty Insured................................................... 150,105
100,000 Pittsburgh General Obligation Bonds, Series A, 5.70%, 9/1/08,
MBIA Insured............................................................... 105,013
175,000 Pittsburgh Urban Redevelopment Authority Revenue Bonds,
6.00%, 6/1/08.............................................................. 175,859
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 29
<PAGE>
Calvert Municipal Fund
Pennsylvania Portfolio
Statement of Net Assets (Continued)
December 31, 1995
==========
<TABLE>
<CAPTION>
Principal
Amount Value
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
$50,000 Ridley Park Hospital Authority Revenue Bonds, Tayler Hospital,
5.125%, 12/1/98............................................................ $49,419
110,000 Seneca Valley School District General Obligation Bonds, 5.80%, 2/15/11....... 115,094
100,000 Sharon Regional Health Systems Authority Revenue Bonds,
5.50%, 12/1/97............................................................. 101,285
220,000 Sharon Regional Health Systems Authority Revenue Bonds,
5.75%, 12/1/98............................................................. 224,006
75,000 State Public School Building Authority Revenue Bonds, Harrisburg
Area Community College, 6.70%, 10/01/00, MBIA Insured...................... 82,416
125,000 Wilkes Barre Area School District General Obligation Bonds,
5.75%, 4/1/06, FGIC Insured................................................ 133,581
Other (2.5%)
105,000 Puerto Rico Commonwealth Highway and Transportation Revenue
Bonds, 5.00%, 7/1/02....................................................... 107,165
----------
Total Municipal Obligations (Cost $4,017,534).............................. 4,208,972
----------
TOTAL INVESTMENTS (Cost $4,017,534) 98.6%................................ 4,208,972
Other assets and liabilities, net 1.4%................................... 61,252
----------
NET ASSETS 100%......................................................... $4,270,224
==========
Net Assets Consist Of:
- ------------------------------------------------------------------------------------------------------------
Each class of common stock has $.01 par value with 250,000,000 shares authorized for
Class A and C combined
Par value and paid-in capital:
Class A : 494,926 shares outstanding...................................................... $2,474,252
Class C : 342,498 shares outstanding...................................................... 1,666,474
Undistributed net investment income......................................................... 14,800
Accumulated net realized gain (loss)........................................................ (76,740)
Net unrealized appreciation (depreciation) on investments................................... 191,438
----------
Net assets................................................................................ $4,270,224
==========
Net Asset Value Per Share
- ------------------------------------------------------------------------------------------------------------
Class A (based on net assets of $2,521,732).............................................. $5.10
==========
Class C (based on net assets of $1,748,492).............................................. $5.11
==========
</TABLE>
See notes to financial statements.
30 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Statements of Operations
Year Ended December 31, 1995
==========
<TABLE>
<CAPTION>
National California Maryland
Portfolio Portfolio Portfolio
Net Investment Income ---------- ---------- ----------
==============================================================================
<S> <C> <C> <C>
Investment Income
Interest income........................ $2,671,679 $2,126,218 $ 577,308
---------- ---------- ----------
Expenses
Investment advisory fee................ 270,912 233,024 64,857
Transfer agency fees and expenses...... 30,243 24,388 9,630
Distribution Plan expenses:
Class A............................... ---- ---- ----
Class C............................... 51,542 28,141 18,167
Directors' fees and expenses........... 4,073 3,424 960
Administrative fees.................... 45,152 38,837 10,810
Custodian fees......................... 8,685 7,237 3,559
Registration fees...................... 29,690 3,853 1,888
Reports to shareholders................ 29,987 23,939 6,926
Professional fees...................... 15,149 13,064 3,610
Miscellaneous.......................... 12,392 8,351 3,230
Reimbursement from Advisor............. (109) ---- (49,159)
---------- ---------- ----------
Total expenses....................... 497,716 384,258 74,478
Fees paid indirectly................. (8,684) (7,229) (3,554)
---------- ---------- ----------
Net expenses....................... 489,032 377,029 70,924
---------- ---------- ----------
Net Investment Income................. 2,182,647 1,749,189 506,384
---------- ---------- ----------
Realized and Unrealized Gain
(Loss) on Investments
==============================================================================
Net realized gain (loss) on securities.. 180,892 (451,127) (1,776)
Net realized gain (loss) on futures..... ---- ---- 11,594
---------- ---------- ----------
180,892 (451,127) 9,818
Change in unrealized appreciation or
depreciation........................... 3,344,214 3,042,286 800,898
---------- ---------- ----------
Net Realized and Unrealized
Gain (Loss) on Investments............ 3,525,106 2,591,159 810,716
---------- ---------- ----------
Increase (Decrease) in
Net Assets Resulting
from Operations....................... $5,707,753 $4,340,348 $1,317,100
========== ========== ==========
</TABLE>
See notes to financial statements.
ANNUAL REPORT CALVERT MUNICIPAL FUND - 31
<PAGE>
Calvert Municipal Fund
Statements of Operations
Year Ended December 31, 1995
==========
<TABLE>
<CAPTION>
Michigan New York Virginia
Portfolio Portfolio Portfolio
Net Investment Income ---------- ---------- ----------
==============================================================================
<S> <C> <C> <C>
Investment Income
Interest income........................ $326,992 $245,329 $ 535,013
---------- ---------- ----------
Expenses
Investment advisory fee................ 37,455 29,584 59,769
Transfer agency fees and expenses...... 5,414 6,915 8,735
Distribution Plan expenses:
Class A............................... ---- ---- ----
Class C............................... 11,234 14,199 23,210
Directors' fees and expenses........... 572 439 904
Administrative fees.................... 6,242 4,931 9,962
Custodian fees......................... 2,799 3,757 3,789
Reports to shareholders................ 2,263 4,928 5,821
Professional fees...................... 2,109 1,626 3,324
Miscellaneous.......................... 2,523 2,599 1,619
Reimbursement from Advisor............. (26,141) (25,953) (39,482)
---------- ---------- ----------
Total expenses....................... 44,470 43,025 77,651
Fees paid indirectly................. (2,799) (3,655) (3,787)
---------- ---------- ----------
Net expenses....................... 41,671 39,370 73,864
---------- ---------- ----------
Net Investment Income................. 285,321 205,959 461,149
---------- ---------- ----------
Realized and Unrealized Gain
(Loss) on Investments
==============================================================================
Net realized gain (loss) on securities.. (2,602) 64,667 720
Net realized gain (loss) on futures..... ---- (6,341) (11,662)
---------- ---------- ----------
(2,602) 58,326 (10,942)
Change in unrealized appreciation or
depreciation........................... 480,650 321,005 750,318
---------- ---------- ----------
Net Realized and Unrealized
Gain (Loss) on Investments............ 478,048 379,331 739,376
---------- ---------- ----------
Increase (Decrease) in
Net Assets Resulting
from Operations....................... $763,369 $585,290 $1,200,525
========== ========== ==========
</TABLE>
See notes to financial statements.
32 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Statements of Operations
Year Ended December 31, 1995
==========
<TABLE>
<CAPTION>
Arizona Florida Pennsylvania
Portfolio Portfolio Portfolio
Net Investment Income --------- --------- ------------
============================================================================
<S> <C> <C> <C>
Investment Income
Interest income........................ $139,319 $211,930 $199,685
--------- --------- ------------
Expenses
Investment advisory fee................ 17,286 25,034 21,720
Transfer agency fees and expenses...... 4,131 3,389 4,711
Distribution Plan expenses:
Class A............................... ---- ---- ----
Class C............................... 5,806 4,952 11,131
Directors' fees and expenses........... 260 357 327
Administrative fees.................... 2,881 4,172 3,620
Custodian fees......................... 3,621 3,267 3,038
Reports to shareholders................ 1,473 1,297 2,622
Professional fees...................... 970 443 1,200
Miscellaneous.......................... 1,994 (143) 1,552
Reimbursement from Advisor............. (16,908) (19,376) (20,542)
--------- --------- ------------
Total expenses....................... 21,514 23,392 29,379
Fees paid indirectly................. (3,621) (3,265) (3,030)
--------- --------- ------------
Net expenses....................... 17,893 20,127 26,349
--------- --------- ------------
Net Investment Income................. 121,426 191,803 173,336
--------- --------- ------------
Realized and Unrealized Gain
(Loss) on Investments
============================================================================
Net realized gain (loss) on securities.. (3,129) 4,619 797
Net realized gain (loss) on futures..... ---- (570) ----
--------- --------- ------------
(3,129) 4,049 797
Change in unrealized appreciation or
depreciation........................... 206,511 318,886 255,153
--------- --------- ------------
Net Realized and Unrealized
Gain (Loss) on Investments............ 203,382 322,935 255,950
--------- --------- ------------
Increase (Decrease) in
Net Assets Resulting
from Operations....................... $324,808 $514,738 $429,286
========= ========= ============
</TABLE>
See notes to financial statements.
ANNUAL REPORT CALVERT MUNICIPAL FUND - 33
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
==========
<TABLE>
<CAPTION>
National National
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1994
====================================================================================
<S> <C> <C>
Operations
Net investment income................................ $ 2,182,647 $ 2,203,177
Net realized gain (loss) on investments.............. 180,892 (1,268,694)
Change in unrealized appreciation or depreciation
of investments...................................... 3,344,214 (1,561,308)
------------- -------------
Increase (Decrease) in Net Assets
Resulting from Operations.......................... 5,707,753 (626,825)
------------- -------------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (1,871,643) (2,021,503)
Class C shares...................................... (258,008) (166,928)
------------- -------------
Total distributions.................................. (2,129,651) (2,188,431)
------------- -------------
Capital share transactions
Shares sold:
Class A shares...................................... 10,495,422 19,485,983
Class C shares...................................... 2,406,040 8,704,398
Reinvestment of distributions:
Class A shares...................................... 1,591,998 2,021,503
Class C shares...................................... 249,454 166,929
Shares redeemed:
Class A shares...................................... (11,179,645) (20,217,996)
Class C shares...................................... (2,843,762) (2,585,716)
------------- -------------
Total capital share transactions..................... 719,507 7,575,101
------------- -------------
Total Increase (Decrease) in Net Assets............... 4,297,609 4,759,845
Net Assets
====================================================================================
Beginning of year..................................... 42,226,556 37,466,711
------------- -------------
End of year (including undistributed net investment
income of $63,128 and $18,600
for 1995 and 1994, respectively.).................... $ 46,524,165 $ 42,226,556
============= =============
</TABLE>
See notes to financial statements.
34 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
==========
<TABLE>
<CAPTION>
California California
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1994
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income........................................................ $ 1,749,189 $ 1,904,361
Net realized gain (loss) on investments...................................... (451,127) (740,654)
Change in unrealized appreciation or depreciation
of investments.............................................................. 3,042,286 (2,279,306)
----------- ------------
Increase (Decrease) in Net Assets
Resulting from Operations.................................................. 4,340,348 (1,115,599)
----------- ------------
Distributions to shareholders from
Net investment income:
Class A shares.............................................................. (1,583,527) (1,816,653)
Class C shares.............................................................. (131,146) (82,320)
----------- ------------
Total distributions.......................................................... (1,714,673) (1,898,973)
----------- ------------
Capital share transactions
Shares sold:
Class A shares.............................................................. 5,412,823 21,794,785
Class C shares.............................................................. 2,331,477 4,939,466
Reinvestment of distributions:
Class A shares.............................................................. 1,256,420 1,816,554
Class C shares.............................................................. 126,340 82,420
Shares redeemed:
Class A shares.............................................................. (8,756,573) (22,359,774)
Class C shares.............................................................. (1,592,232) (1,873,257)
----------- ------------
Total capital share transactions............................................. (1,221,745) 4,400,194
----------- ------------
Total Increase (Decrease) in Net Assets....................................... 1,403,930 1,385,622
Net Assets
- ------------------------------------------------------------------------------------------------------------
Beginning of year............................................................. 37,111,922 35,726,300
End of year (including undistributed net investment.......................... ----------- ------------
income of $53,498 and $34,255 for 1995 and 1994, respectively.).............. $38,515,852 $ 37,111,922
=========== ============
</TABLE>
See notes to financial statements.
ANNUAL REPORT CALVERT MUNICIPAL FUND - 35
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
==========
<TABLE>
<CAPTION>
Maryland Maryland
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1994
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income........................................................ $ 506,384 $ 434,163
Net realized gain (loss) on investments...................................... 9,818 (396,938)
Change in unrealized appreciation or depreciation
of investments.............................................................. 800,898 (298,656)
----------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations.................................................. 1,317,100 (261,431)
----------- -----------
Distributions to shareholders from
Net investment income:
Class A shares.............................................................. (408,905) (391,504)
Class C shares.............................................................. (89,534) (34,050)
----------- -----------
Total distributions.......................................................... (498,439) (425,554)
----------- -----------
Capital share transactions
Shares sold:
Class A shares.............................................................. 1,967,910 6,210,445
Class C shares.............................................................. 1,072,783 2,309,524
Reinvestment of distributions:
Class A shares.............................................................. 386,944 391,503
Class C shares.............................................................. 84,349 34,050
Shares redeemed:
Class A shares.............................................................. (1,023,822) (3,943,287)
Class C shares.............................................................. (622,911) (480,731)
----------- -----------
Total capital share transactions............................................. 1,865,253 4,521,504
----------- -----------
Total Increase (Decrease) in Net Assets....................................... 2,683,914 3,834,519
Net Assets
- ------------------------------------------------------------------------------------------------------------
Beginning of year............................................................. 9,235,792 5,401,273
----------- -----------
End of year (including undistributed net investment
income of $ 9,927 and $1,982
for 1995 and 1994, respectively.)............................................ $11,919,706 $ 9,235,792
=========== ===========
</TABLE>
See notes to financial statements.
36 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
==========
<TABLE>
<CAPTION>
Michigan Michigan
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1994
======================================================================================
<S> <C> <C>
Operations
Net investment income................................ $ 285,321 $ 342,463
Net realized gain (loss) on investments.............. (2,602) (254,713)
Change in unrealized appreciation or depreciation
of investments...................................... 480,650 (275,645)
------------ ------------
Increase (Decrease) in Net Assets
Resulting from Operations.......................... 763,369 (187,895)
------------ ------------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (221,995) (310,539)
Class C shares...................................... (52,701) (27,740)
------------ ------------
Total distributions.................................. (274,696) (338,279)
------------ ------------
Capital share transactions
Shares sold:
Class A shares...................................... 382,890 5,471,129
Class C shares...................................... 660,141 1,636,104
Reinvestment of distributions:
Class A shares...................................... 205,420 310,539
Class C shares...................................... 50,195 27,740
Shares redeemed:
Class A shares...................................... (1,671,061) (4,335,199)
Class C shares...................................... (537,683) (397,505)
------------ ------------
Total capital share transactions..................... (910,098) 2,712,808
------------ ------------
Total Increase (Decrease) in Net Assets............... (421,425) 2,186,634
Net Assets
======================================================================================
Beginning of year..................................... 6,473,863 4,287,229
------------ ------------
End of year (including undistributed net investment
income of $10,972 and $2,187
for 1995 and 1994, respectively.).................... $ 6,052,438 $ 6,473,863
============ ============
</TABLE>
See notes to financial statements.
ANNUAL REPORT CALVERT MUNICIPAL FUND - 37
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
==========
<TABLE>
<CAPTION>
New York New York
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1995
=======================================================================================
<S> <C> <C>
Operations
Net investment income................................ $ 205,959 $ 154,188
Net realized gain (loss) on investments.............. 58,326 (48,755)
Change in unrealized appreciation or depreciation
of investments...................................... 321,005 (189,662)
---------- -------------
Increase (Decrease) in Net Assets
Resulting from Operations.......................... 585,290 (84,229)
---------- -------------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (138,235) (131,830)
Class C shares...................................... (64,975) (20,863)
Net realized gain on investments:
Class A shares...................................... (3,276) --
Class C shares...................................... (2,184) --
---------- -------------
Total distributions.................................. (208,670) (152,693)
---------- -------------
Capital share transactions
Shares sold:
Class A shares...................................... 1,203,462 1,866,591
Class C shares...................................... 1,297,708 1,392,360
Reinvestment of distributions:
Class A shares...................................... 125,466 131,830
Class C shares...................................... 66,301 20,863
Shares redeemed:
Class A shares...................................... (651,008) (1,385,152)
Class C shares...................................... (220,073) (259,484)
---------- -------------
Total capital share transactions..................... 1,821,856 1,767,008
---------- -------------
Total Increase (Decrease) in Net Assets............... 2,198,476 1,530,086
Net Assets
=======================================================================================
Beginning of year..................................... 3,766,450 2,236,364
---------- -------------
End of year (including undistributed net investment
income of $4,267 and $1,518
for 1995 and 1994, respectively.).................... $5,964,926 $ 3,766,450
========== =============
</TABLE>
See notes to financial statements.
38 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
=========
<TABLE>
<CAPTION>
Virginia Virginia
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1994
======================================================================================
<S> <C> <C>
Operations
Net investment income................................ $ 461,149 $ 347,571
Net realized gain (loss) on investments.............. (10,942) (272,628)
Change in unrealized appreciation or depreciation
of investments...................................... 750,318 (242,319)
----------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations.......................... 1,200,525 (167,376)
----------- -----------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (336,168) (285,695)
Class C shares...................................... (115,066) (55,575)
----------- -----------
Total distributions.................................. (451,234) (341,270)
----------- -----------
Capital share transactions
Shares sold:
Class A shares...................................... 2,338,809 5,441,931
Class C shares...................................... 745,321 3,185,914
Reinvestment of distributions:
Class A shares...................................... 308,556 285,695
Class C shares...................................... 114,344 55,575
Shares redeemed:
Class A shares...................................... (1,740,892) (2,150,473)
Class C shares...................................... (646,090) (397,195)
----------- -----------
Total capital share transactions..................... 1,120,048 6,421,447
----------- -----------
Total Increase (Decrease) in Net Assets............... 1,869,339 5,912,801
Net Assets
======================================================================================
Beginning of year..................................... 8,632,312 2,719,511
----------- -----------
End of year (including undistributed net investment
income of $14,557 and $5,479
for 1995 and 1994, respectively.).................... $10,501,651 $ 8,632,312
=========== ===========
</TABLE>
See notes to financial statements.
ANNUAL REPORT CALVERT MUNICIPAL FUND - 39
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
==========
<TABLE>
<CAPTION>
Arizona Arizona
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1994
=======================================================================================
<S> <C> <C>
Operations
Net investment income................................ $ 121,426 $ 82,102
Net realized gain (loss) on investments.............. (3,129) (24,214)
Change in unrealized appreciation or depreciation
of investments...................................... 206,511 (104,854)
---------- ----------
Increase (Decrease) in Net Assets
Resulting from Operations.......................... 324,808 (46,966)
---------- ----------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (93,528) (73,917)
Class C shares...................................... (26,117) (10,255)
---------- ----------
Total distributions.................................. (119,645) (84,172)
---------- ----------
Capital share transactions
Shares sold:
Class A shares...................................... 454,542 2,492,557
Class C shares...................................... 439,306 739,668
Reinvestment of distributions:
Class A shares...................................... 80,888 73,917
Class C shares...................................... 26,063 10,255
Shares redeemed:
Class A shares...................................... (653,606) (451,259)
Class C shares...................................... (221,408) (275,356)
---------- ----------
Total capital share transactions..................... 125,785 2,589,782
---------- ----------
Total Increase (Decrease) in Net Assets............... 330,948 2,458,644
Net Assets
=======================================================================================
Beginning of year..................................... 2,458,644 ----
---------- ----------
End of year (including undistributed net investment
income of $16,341 and $7,444
for 1995 and 1994, respectively.).................... $2,789,592 $2,458,644
========== ==========
</TABLE>
See notes to financial statements.
40 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
==========
<TABLE>
<CAPTION>
Florida Florida
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1994
=====================================================================================
<S> <C> <C>
Operations
Net investment income................................ $ 191,803 $ 144,958
Net realized gain (loss) on investments.............. 4,049 (159,403)
Change in unrealized appreciation or depreciation
of investments...................................... 318,886 (155,156)
----------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations.......................... 514,738 (169,601)
----------- -----------
Distributions to shareholders from
Net investment income:
Class A shares...................................... (162,144) (137,247)
Class C shares...................................... (23,545) (8,431)
----------- -----------
Total distributions.................................. (185,689) (145,678)
----------- -----------
Capital share transactions
Shares sold:
Class A shares...................................... 871,164 6,889,646
Class C shares...................................... 849,670 1,133,915
Reinvestment of distributions:
Class A shares...................................... 125,837 137,247
Class C shares...................................... 22,513 8,431
Shares redeemed:
Class A shares...................................... (774,066) (3,339,967)
Class C shares...................................... (1,436,954) (207,964)
----------- -----------
Total capital share transactions..................... (341,836) 4,621,308
----------- -----------
Total Increase (Decrease) in Net Assets............... (12,787) 4,306,029
Net Assets
=====================================================================================
Beginning of year..................................... 4,306,029 ----
----------- -----------
End of year (including undistributed net investment
income of $5,751 and $934
for 1995 and 1994, respectively.).................... $ 4,293,242 $ 4,306,029
=========== ===========
</TABLE>
See notes to financial statements.
ANNUAL REPORT CALVERT MUNICIPAL FUND - 41
<PAGE>
Calvert Municipal Fund
Statements of Changes in Net Assets
===========
<TABLE>
<CAPTION>
Pennsylvania Pennsylvania
Portfolio Portfolio
Year Ended Year Ended
Increase (Decrease) in Net Assets Dec. 31, 1995 Dec. 31, 1994
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income......................................................... $ 173,336 $ 101,393
Net realized gain (loss) on investments....................................... 797 (80,199)
Change in unrealized appreciation or depreciation
of investments............................................................... 255,153 (63,715)
---------- -----------
Increase (Decrease) in Net Assets
Resulting from Operations................................................... 429,286 (42,521)
---------- -----------
Distributions to shareholders from
Net investment income:
Class A shares............................................................... (104,356) (78,868)
Class C shares............................................................... (54,268) (21,852)
---------- -----------
Total distributions........................................................... (158,624) (100,720)
---------- -----------
Capital share transactions
Shares sold:
Class A shares............................................................... 596,745 3,063,423
Class C shares............................................................... 651,919 1,331,579
Reinvestment of distributions:
Class A shares............................................................... 89,501 78,868
Class C shares............................................................... 52,898 21,852
Shares redeemed:
Class A shares............................................................... (200,531) (1,152,475)
Class C shares............................................................... (230,968) (160,008)
---------- -----------
Total capital share transactions.............................................. 959,564 3,183,239
---------- -----------
Total Increase (Decrease) in Net Assets........................................ 1,230,226 3,039,998
Net Assets
- ----------------------------------------------------------------------------------------------------------
Beginning of year.............................................................. 3,039,998 --
---------- -----------
End of year (including undistributed net investment
income of $14,800 and $2,126
for 1995 and 1994, respectively.)............................................. $4,270,224 $ 3,039,998
========== ===========
</TABLE>
See notes to financial statements.
42 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Notes To Financial Statements
Note A-Significant Accounting Policies
General: The Calvert Municipal Fund is comprised of eight Municipal
Intermediate Portfolios: National, California, Maryland, Michigan, New York,
Virginia, Arizona and Pennsylvania. 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 an 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.
Short-term securities maturing within 60 days are valued at amortized cost which
approximates market. Other securities and assets for which market quotations are
not available or deemed inappropriate are valued in good faith under the
direction of the Board of Directors.
Options: The Fund, except National and California, may write or purchase option
securities. The option premium is the basis for recognition of unrealized or
realized gain or loss on the option. The cost of securities acquired or the
proceeds from securities sold through the exercise of the option is adjusted by
the amount of the premium.
Futures Contracts: The Fund, except National and California, 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 in futures contracts; thereafter, variation
margin payments are made or received daily reflecting the change in market
value. Unrealized or realized gains and losses are recognized based on the
change in market value. Risks of futures contracts arise from the possible
illiquidity of the futures markets and the movement in the value of the
investment or in interest rates.
Security Transactions and Investment Income: Security transactions are
accounted for on trade date. Realized gains and losses are recorded on an
identified cost basis. Interest income, accretion of discount and amortization
of premium are recorded on an accrual basis.
Distributions to Shareholders: Distributions to shareholders are recorded by
the 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
ANNUAL REPORT CALVERT MUNICIPAL FUND - 43
<PAGE>
which may differ from generally accepted accounting principles; accordingly,
periodic reclassifications are made within the Fund's capital accounts to
reflect income and gains available for distribution under income tax
regulations.
Expense Offset Arrangements: The Fund has an arrangement with its custodian
bank whereby the custodian's fees are paid indirectly by credits earned on the
Fund's cash on deposit with the bank. Such deposit arrangement is an alternative
to overnight investments.
Federal Income Taxes: No provision for federal income or excise tax is required
since the Fund intends to continue to qualify as a regulated investment company
under the Internal Revenue Code and to distribute substantially all of its
earnings.
NOTE B - Related Party Transactions
Calvert Asset Management Company, Inc. (the "Advisor") is wholly-owned by
Calvert Group, Ltd. ("Calvert"), which is indirectly wholly-owned by Acacia
Mutual Life Insurance Company. The Advisor provides investment advisory services
and pays the salaries and fees of officers and affiliated 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 following table.
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 following table.
Calvert Distributors, Inc. (the successor of Calvert Securities Corp. effective
April, 1995), both affiliates 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 following table.
Calvert Shareholder Services, Inc., an affiliate of the Advisor, acts as
transfer, dividend disbursing and shareholder servicing agent for the Fund.
44 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<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. During the year, the
Administrator voluntarily waived its fees as reported in the table below.
Certain transactions with affiliates were:
<TABLE>
<CAPTION>
Administrative Expenses
Voluntary Distributor Fees Subject to
Reimbursements Commissions Reimbursed Recovery
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National....................................... $109 $5,917 -- $160,438
California..................................... -- 5,163 -- 60,611
Maryland....................................... 38,349 6,482 $10,810 125,380
Michigan....................................... 19,899 1,441 6,242 87,842
New York....................................... 21,022 3,925 4,931 62,510
Virginia....................................... 29,520 6,479 9,962 104,281
Arizona........................................ 14,027 3,016 2,881 37,474
Florida........................................ 15,204 287 4,172 45,172
Pennsylvania................................... 16,922 2,788 3,620 41,677
</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 year, purchases and sales of investments, other than short-term
securities, were:
<TABLE>
<CAPTION>
National California Maryland Michigan New York
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Purchases:................................. $25,371,985 $16,791,117 $2,409,317 $1,317,871 $1,076,236
Sales:..................................... 24,699,690 18,958,229 1,129,149 1,953,992 517,808
</TABLE>
<TABLE>
<CAPTION>
Virginia Arizona Florida Pennsylvania
- ------------------------------------------------------------------------------------------------------------
<S>......................................... <C> <C> <C> <C>
Purchases:................................. $2,479,545 $598,414 $1,734,212 $1,278,914
Sales:..................................... 963,828 270,971 1,607,648 531,157
</TABLE>
The cost of investments owned at December 31, 1995 was substantially the same
for federal income tax and financial reporting purposes for each Portfolio. The
table on the next page presents the components of net unrealized appreciation
(depreciation) and the net realized capital loss carryforwards with expiration
ANNUAL REPORT CALVERT MUNICIPAL FUND - 45
<PAGE>
<TABLE>
<CAPTION>
Unrealized Unrealized Capital Loss Expiration
Appreciation Depreciation Carry Forward Dates
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National.................................... $2,550,829 $1,877 $1,066,708 2002
California.................................. 1,620,174 37 1,171,952 2003
Maryland.................................... 541,404 1,903 383,176 2002
Michigan.................................... 256,708 4,832 253,144 2003
New York.................................... 148,341 1,394 -- --
Virginia.................................... 532,374 -- 282,660 2003
Arizona..................................... 101,938 281 24,123 2003
Florida..................................... 163,730 -- 153,849 2002
Pennsylvania................................ 191,438 -- 70,780 2002
</TABLE>
Capital losses may be utilized to offset 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.
NOTE D - Capital Shares
Transactions in Class A shares of each Portfolio for the years ended December
31, 1995 and 1994 were:
<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
California.................................. 542,117 124,485 (866,544) (199,942)
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
Virginia.................................... 467,546 61,650 (345,109) 184,087
Arizona..................................... 92,028 16,405 (130,936) (22,503)
Florida..................................... 176,473 25,511 (158,099) 43,885
Pennsylvania................................ 119,450 17,796 (39,855) 97,391
</TABLE>
<TABLE>
<CAPTION>
Reinvestment Net
Class A Shares of Shares Share
1994 Share Activity Sold Distributions Redeemed Activity
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National.................................... 1,923,143 201,888 (2,035,087) 89,944
California.................................. 2,013,953 171,926 (2,093,039) 92,840
Maryland.................................... 1,258,500 81,559 (820,298) 519,761
Michigan.................................... 1,085,137 63,088 (881,479) 266,746
New York.................................... 385,972 29,729 (296,713) 118,988
Virginia.................................... 1,085,795 58,403 (442,379) 701,819
Arizona..................................... 504,335 15,267 (93,817) 425,785
Florida..................................... 1,400,311 28,597 (703,536) 725,372
Pennsylvania................................ 622,424 16,350 (241,239) 397,535
</TABLE>
46 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Transactions in Class C shares of each Portfolio for the year ended December 31,
1995 and the period March 1, 1994, inception, to December 31, 1994 were:
<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)
California.................................. 227,545 12,342 (155,539) 84,348
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
Virginia.................................... 148,103 22,834 (129,264) 41,673
Arizona..................................... 89,307 5,275 (44,417) 50,165
Florida..................................... 172,828 4,600 (294,884) (117,456)
Pennsylvania................................ 130,801 10,698 (46,716) 94,783
</TABLE>
<TABLE>
<CAPTION>
Reinvestment Net
Class C Shares of Shares Share
1994 Share Activity Sold Distributions Redeemed Activity
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
National.................................... 868,972 18,254 (267,500) 619,726
California.................................. 489,216 8,374 (191,023) 306,567
Maryland.................................... 481,908 7,158 (101,353) 387,713
Michigan.................................... 336,380 5,780 (84,820) 257,340
New York.................................... 286,714 4,254 (53,513) 237,455
Virginia.................................... 655,233 11,591 (83,433) 583,391
Arizona..................................... 157,888 2,243 (63,534) 96,597
Florida..................................... 238,160 1,769 (43,060) 196,869
Pennsylvania................................ 277,164 4,586 (34,035) 247,715
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 47
<PAGE>
Financial Highlights -- National Portfolio
==========
<TABLE>
<CAPTION>
Class A Shares Class A Shares Class A Shares
Year Ended Year Ended Year Ended
Dec. 31, Dec. 31, Dec. 31,
1995 1994 1993
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of year............ $ 9.81 $ 10.42 $ 10.01
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income........................ .51 .50 .48
Net realized and unrealized gain (loss)
on investments.............................. .80 (.62) .45
------- ------- -------
Total from investment operations............ 1.31 (.12) .93
Distributions from
- ------------------
Net investment income........................ (.50) (.49) (.48)
Net realized gains........................... -- -- (.04)
------- ------- -------
Total distributions......................... (.50) (.49) (.52)
------- ------- -------
Total increase (decrease) in net asset value.. .81 (.61) .41
------- ------- -------
Net asset value, end of year.................. $ 10.62 $ 9.81 $ 10.42
======= ======= =======
Total return*................................. 13.64% (1.18%) 9.47%
======= ======= =======
Ratios to average net assets:
Net investment income........................ 4.97% 4.88% 5.01%
======= ======= =======
Total expenses +............................. .96% -- --
======= ======= =======
Net expenses................................. .94% .69% .10%
======= ======= =======
Expenses reimbursed.......................... -- .32% .45%
======= ======= =======
Portfolio turnover............................ 57% 122% 162%
======= ======= =======
Net assets, end of year (in thousands)........ $40,146 $36,159 $37,467
======= ======= =======
Number of shares outstanding at end
of year (in thousands)....................... 3,780 3,686 3,596
======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Class A Shares Class C Shares
From Inception From Inception
Sep. 30, 1992 Class C Shares Mar. 1, 1994
Through Year Ended Through
Dec. 31, 1992 Dec. 31, 1995 Dec. 31, 1994
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period.......... $ 10.00 $ 9.79 $ 10.28
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income........................ .13 .41 .34
Net realized and unrealized gain (loss)
on investments.............................. .01 .79 (.48)
------- ------- -------
Total from investment operations............ .14 1.20 (.14)
Distributions from
- ------------------
Net investment income........................ (.13) (.41) (.35)
Net realized gains........................... -- -- --
------- ------- -------
Total distributions......................... (.13) (.41) (.35)
------- ------- -------
Total increase (decrease) in net asset value.. .01 .79 (.49)
------- ------- -------
Net asset value, end of period................ $ 10.01 $ 10.58 $ 9.79
======= ======= =======
Total return*................................. 5.40% 12.50% (1.12%)
======= ======= =======
Ratios to average net assets:
Net investment income........................ 5.36%(a) 4.00% 4.01%(a)
======= ======= =======
Total expenses +............................. -- 1.94% --
======= ======= =======
Net expenses................................. -- 1.92% 1.71%(a)
======= ======= =======
Expenses reimbursed.......................... 4.34%(a) -- .58%(a)
======= ======= =======
Portfolio turnover............................ 12% 57% 122%
======= ======= =======
Net assets, end of period (in thousands)...... $ 1,542 $ 6,378 $ 6,067
======= ======= =======
Number of shares outstanding at end
of period (in thousands)..................... 154 603 620
======= ======= =======
</TABLE>
48 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Financial Highlights -- California Portfolio
==========
<TABLE>
<CAPTION>
Class A Shares Class A Shares Class A Shares
Year Ended Year Ended Year Ended
Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of year............ $ 9.81 $ 10.56 $ 10.24
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income........................ .47 .48 .53
Net realized and unrealized gain (loss)
on investments.............................. .69 (.76) .36
------- ------- -------
Total from investment operations............ 1.16 (.28) .89
Distributions from
- ------------------
Net investment income........................ (.46) (.47) (.53)
Net realized gains........................... -- -- (.04)
------- ------- -------
Total distributions......................... (.46) (.47) (.57)
------- ------- -------
Total increase (decrease) in net asset value.. .70 (.75) .32
------- ------- -------
Net asset value, end of year.................. $ 10.51 $ 9.81 $ 10.56
======= ======= =======
Total return*................................. 12.07% (2.57%) 8.88%
======= ======= =======
Ratios to average net assets:
Net investment income........................ 4.59% 4.67% 5.12%
======= ======= =======
Total expenses +............................. .91% -- --
======= ======= =======
Net expenses................................. .89% .76% .21%
======= ======= =======
Expenses reimbursed.......................... -- .13% .12%
======= ======= =======
Portfolio turnover............................ 47% 68% 21%
======= ======= =======
Net assets, end of year (in thousands)........ $34,424 $34,111 $35,726
======= ======= =======
Number of shares outstanding at end
of year (in thousands)....................... 3,276 3,476 3,383
======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Class A Shares Class C Shares
From Inception From Inception
May 29, 1992 Class C Shares Mar. 1, 1994
Through Year Ended Through
Dec. 31, 1992 Dec. 31, 1995 Dec. 31, 1994
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period.......... $ 10.00 $ 9.79 $ 10.40
======= ======= =======
Income from investment operations
- ---------------------------------
Net investment income........................ .29 .38 .31
Net realized and unrealized gain (loss)
on investments.............................. .24 .68 (.59)
------- ------- -------
Total from investment operations............ .53 1.06 (.28)
Distributions from
- ------------------
Net investment income........................ (.29) (.38) (.33)
Net realized gains........................... -- -- --
------- ------- -------
Total distributions......................... (.29) (.38) (.33)
------- ------- -------
Total increase (decrease) in net asset value.. .24 .68 (.61)
------- ------- -------
Net asset value, end of period................ $ 10.24 $ 10.47 $ 9.79
======= ======= =======
Total return*................................. 10.00% 10.99% (2.42%)
======= ======= =======
Ratios to average net assets:
Net investment income........................ 5.24%(a) 3.67% 3.60%(a)
======= ======= =======
Total expenses +............................. -- 1.82% --
======= ======= =======
Net expenses................................. -- 1.80% 1.86%(a)
======= ======= =======
Expenses reimbursed.......................... .38%(a) -- .38%(a)
======= ======= =======
Portfolio turnover............................ 3% 47% 68%
======= ======= =======
Net assets, end of period (in thousands)...... $16,046 $ 4,092 $ 3,000
======= ======= =======
Number of shares outstanding at end
of period (in thousands)..................... 1,567 391 307
======= ======= =======
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 49
<PAGE>
Financial Highlights ---- Maryland Portfolio
==========
<TABLE>
<CAPTION>
Class A Shares
From Inception
Class A Shares Class A Shares Oct. 1, 1993
Year Ended Year Ended Through
Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
====================================================================================================
<S> <C> <C> <C>
Net asset value, beginning of period.......... $4.67 $5.05 $5.00
============== ============== =============
Income from investment operations
- ---------------------------------
Net investment income........................ .24 .24 .04
Net realized and unrealized gain (loss)
on investments.............................. .39 (.39) .05
-------------- -------------- -------------
Total from investment operations............ .63 (.15) .09
-------------- -------------- -------------
Distributions from
- ------------------
Net investment income........................ (.24) (.23) (.04)
-------------- -------------- -------------
Total increase (decrease) in net asset value.. .39 (.38) .05
-------------- -------------- -------------
Net asset value, end of period................ $5.06 $4.67 $5.05
============== ============== =============
Total return*................................. 13.66% (2.94%) 7.46%
============== ============== =============
Ratios to average net assets:
Net investment income........................ 4.87% 5.01% 4.42%(a)
============== ============== =============
Total expenses+.............................. .51% -- --
============== ============== =============
Net expenses................................. .48% .17% --
============== ============== =============
Expenses reimbursed.......................... .43% .86% .80%(a)
============== ============== =============
Portfolio turnover............................ 11% 77% 14%
============== ============== =============
Net assets, end of period (in thousands)...... $9,411 $7,429 $5,401
============== ============== =============
Number of shares outstanding at end
of period (in thousands)..................... 1,860 1,589 1,070
============== ============== =============
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Through
Dec. 31, 1995 Dec. 31, 1994
====================================================================================================
Net asset value, beginning of period.......................... $4.66 $4.97
============== =============
Income from investment operations
- ---------------------------------
Net investment income........................................ .20 .16
Net realized and unrealized gain (loss)
on investments.............................................. .38 (.30)
-------------- -------------
Total from investment operations............................ .58 (.14)
-------------- -------------
Distributions from
- ------------------
Net investment income........................................ (.20) (.17)
-------------- -------------
Total increase (decrease) in net asset value.................. .38 (.31)
-------------- -------------
Net asset value, end of period................................ $5.04 $4.66
============== =============
Total return*................................................. 12.55% (2.60%)
============== =============
Ratios to average net assets:
Net investment income........................................ 4.01% 4.29%(a)
============== =============
Total expenses+.............................................. 1.36% --
============== =============
Net expenses................................................. 1.33% 1.17%(a)
============== =============
Expenses reimbursed.......................................... .53% .93%(a)
============== =============
Portfolio turnover............................................ 11% 77%
============== =============
Net assets, end of period (in thousands)...................... $2,509 $1,806
============== =============
Number of shares outstanding at end
of period (in thousands)..................................... 498 388
============== =============
</TABLE>
50 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Financial Highlights ---- Michigan Portfolio
==========
<TABLE>
<CAPTION>
From Inception
Class A Shares Class A Shares Oct. 1, 1993
Year Ended Year Ended Through
Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
====================================================================================================
<S> <C> <C> <C>
Net asset value, beginning of period.......... $4.74 $5.09 $5.00
============== ============== =============
Income from investment operations
- ---------------------------------
Net investment income........................ .24 .23 .04
Net realized and unrealized gain (loss)
on investments.............................. .37 (.35) .09
-------------- -------------- -------------
Total from investment operations............ .61 (.12) .13
-------------- -------------- -------------
Distributions from
- ------------------
Net investment income........................ (.23) (.23) (.04)
-------------- -------------- -------------
Total increase (decrease) in net asset value.. .38 (.35) .09
-------------- -------------- -------------
Net asset value, end of period................ $5.12 $4.74 $5.09
============== ============== =============
Total return*................................. 13.08% (2.42%) 10.28%
============== ============== =============
Ratios to average net assets:
Net investment income........................ 4.76% 4.76% 4.27%(a)
============== ============== =============
Total expenses+.............................. .52% -- --
============== ============== =============
Net expenses................................. .48% .18% --
============== ============== =============
Expenses reimbursed.......................... .39% .84% .89%(a)
============== ============== =============
Portfolio turnover............................ 22% 65% --
============== ============== =============
Net assets, end of period (in thousands)...... $4,556 $5,255 $4,287
============== ============== =============
Number of shares outstanding at end
of period (in thousands)..................... 890 1,109 842
============== ============== =============
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Through
Dec. 31, 1995 Dec. 31, 1994
====================================================================================================
Net asset value, beginning of period.......................... $ 4.74 $ 5.02
============== =============
Income from investment operations
- ---------------------------------
Net investment income........................................ .20 .16
Net realized and unrealized gain (loss)
on investments.............................................. .36 (.28)
-------------- -------------
Total from investment operations............................ .56 (.12)
-------------- -------------
Distributions from
- ------------------
Net investment income........................................ (.19) (.16)
-------------- -------------
Total increase (decrease) in net asset value.................. .37 (.28)
-------------- -------------
Net asset value, end of period................................ $5.11 $4.74
============== =============
Total return*................................................. 11.96% (2.12%)
============== =============
Ratios to average net assets:
Net investment income........................................ 3.91% 3.95%(a)
============== =============
Total expenses+.............................................. 1.37% --
============== =============
Net expenses................................................. 1.33% 1.15%(a)
============== =============
Expenses reimbursed.......................................... .52% .87%(a)
============== =============
Portfolio turnover............................................ 22% 65%
============== =============
Net assets, end of period (in thousands)...................... $1,497 $1,219
============== =============
Number of shares outstanding at end
of period (in thousands)..................................... 293 257
============== =============
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 51
<PAGE>
Financial Highlights ---- New York Portfolio
==========
<TABLE>
<CAPTION>
Class A Shares
From Inception
Class A Shares Class A Shares Oct. 1, 1993
Year Ended Year Ended Through
Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period................. $4.71 $5.05 $5.00
=========== =========== ============
Income from investment operations
- ---------------------------------
Net investment income............................... .22 .23 .04
Net realized and unrealized gain (loss)
on investments..................................... .41 (.34) .05
----------- ----------- ------------
Total from investment operations................... .63 (.11) .09
----------- ----------- ------------
Distributions from
- ------------------
Net investment income............................... (.22) (.23) (.04)
----------- ----------- ------------
Net realized gains.................................. ---- ---- ----
----------- ----------- ------------
Total distributions................................ (.22) (.23) (.04)
----------- ----------- ------------
Total increase (decrease) in net asset value......... .41 (.34) .05
----------- ----------- ------------
Net asset value, end of period....................... $5.12 $4.71 $5.05
=========== =========== ============
Total return*........................................ 13.72% (2.26%) 7.22%
=========== =========== ============
Ratios to average net assets:
Net investment income............................... 4.47% 4.77% 3.81%(a)
=========== =========== ============
Total expenses +.................................... .58% ---- ----
=========== =========== ============
Net expenses........................................ .50% .18% ----
=========== =========== ============
Expenses reimbursed................................. .49% 1.13% 2.00%(a)
=========== =========== ============
Portfolio turnover................................... 13% 56% ----
=========== =========== ============
Net assets, end of period (in thousands)............. $3,573 $2,648 $2,236
=========== =========== ============
Number of shares outstanding at end
of period (in thousands)............................ 698 562 433
=========== =========== ============
</TABLE>
<TABLE>
<CAPTION>
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Through
Dec. 31, 1995 Dec. 31, 1994
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period................................... $4.71 $4.98
=========== ============
Income from investment operations
- ---------------------------------
Net investment income................................................. .19 .16
Net realized and unrealized gain (loss)
on investments....................................................... .40 (.27)
----------- ------------
Total from investment operations..................................... .59 (.11)
----------- ------------
Distributions from
- ------------------
Net investment income................................................. (.19) (.16)
Net realized gains.................................................... ---- ----
----------- ------------
Total distributions.................................................. (.19) (.16)
----------- ------------
Total increase (decrease) in net asset value........................... .40 (.27)
----------- ------------
Net asset value, end of period......................................... $5.11 $4.71
=========== ============
Total return*.......................................................... 12.63% (1.97%)
=========== ============
Ratios to average net assets:
Net investment income................................................. 3.65% 3.93%(a)
=========== ============
Total expenses +...................................................... 1.40% ----
=========== ============
Net expenses.......................................................... 1.33% 1.22%(a)
=========== ============
Expenses reimbursed................................................... .59% .92%(a)
=========== ============
Portfolio turnover..................................................... 13% 56%
=========== ============
Net assets, end of period (in thousands)............................... $2,392 $1,119
=========== ============
Number of shares outstanding at end
of period (in thousands).............................................. 468 237
=========== ============
</TABLE>
52 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Financial Highlights ---- Virginia Portfolio
==========
<TABLE>
<CAPTION>
Class A Shares
From Inception
Class A Shares Class A Shares Oct. 1, 1993
Year Ended Year Ended Through
Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period................. $4.74 $5.06 $5.00
=========== =========== ============
Income from investment operations
- ---------------------------------
Net investment income............................... .24 .23 .05
Net realized and unrealized gain (loss)
on investments..................................... .39 (.32) .06
----------- ----------- ------------
Total from investment operations................... .63 (.09) .11
----------- ----------- ------------
Distributions from
- ------------------
Net investment income............................... (.24) (.23) (.05)
----------- ----------- ------------
Total increase (decrease) in net asset value......... .39 (.32) .06
----------- ----------- ------------
Net asset value, end of period....................... $5.13 $4.74 $5.06
=========== =========== ============
Total return*........................................ 13.54% (2.04%) 8.65%
=========== =========== ============
Ratios to average net assets:
Net investment income............................... 4.86% 4.87% 4.81%(a)
=========== =========== ============
Total expenses +.................................... .54% ---- ----
=========== =========== ============
Net expenses........................................ .51% .19% ----
=========== =========== ============
Expenses reimbursed................................. .38% .86% 1.54%(a)
=========== =========== ============
Portfolio turnover................................... 11% 65% 28%
=========== =========== ============
Net assets, end of period (in thousands)............. $7,295 $5,866 $2,720
=========== =========== ============
Number of shares outstanding at end
of period (in thousands)............................ 1,423 1,239 537
=========== =========== ============
</TABLE>
<TABLE>
<CAPTION>
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Through
Dec. 31, 1995 Dec. 31, 1994
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period................................... $4.74 $4.99
=========== ============
Income from investment operations
- ---------------------------------
Net investment income................................................. .20 .16
Net realized and unrealized gain (loss)
on investments....................................................... .39 (.25)
----------- ------------
Total from investment operations..................................... .59 (.09)
----------- ------------
Distributions from
- ------------------
Net investment income................................................. (.20) (.16)
----------- ------------
Total increase (decrease) in net asset value........................... .39 (.25)
----------- ------------
Net asset value, end of period......................................... $5.13 $ 4.74
=========== ============
Total return*.......................................................... 12.62% (1.54%)
=========== ============
Ratios to average net assets:
Net investment income................................................. 4.07% 4.19%(a)
=========== ============
Total expenses +...................................................... 1.35% ----
=========== ============
Net expenses.......................................................... 1.31% .94%(a)
=========== ============
Expenses reimbursed................................................... .43% .99%(a)
=========== ============
Portfolio turnover..................................................... 11% 65%
=========== ============
Net assets, end of period (in thousands)............................... $3,207 $2,766
=========== ============
Number of shares outstanding at end
of period (in thousands).............................................. 625 583
=========== ============
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 53
<PAGE>
Financial Highlights -- Arizona Portfolio
==========
<TABLE>
<CAPTION>
Class A Shares Class A Shares
Year Ended Year Ended
Dec. 31, 1995 Dec. 31, 1994
- -------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of year............. $4.71 $5.00
============== ==============
Income from investment operations
- ---------------------------------
Net investment income......................... .22 .19
Net realized and unrealized gain (loss)
on investments............................... .36 (.29)
-------------- --------------
Total from investment operations............. .58 (.10)
-------------- --------------
Distributions from
- ------------------
Net investment income......................... (.22) (.19)
-------------- --------------
Total increase (decrease) in net asset value... .36 (.29)
-------------- --------------
Net asset value, end of year................... $5.07 $4.71
============== ==============
Total return*.................................. 12.44% (1.84%)
============== ==============
Ratios to average net assets:
Net investment income......................... 4.43% 4.13%
============== ==============
Total expenses +.............................. .53% --
============== ==============
Net expenses.................................. .41% .38%
============== ==============
Expenses reimbursed........................... .54% .97%
============== ==============
Portfolio turnover............................. 10% 22%
============== ==============
Net assets, end of year (in thousands)......... $2,045 $2,004
============== ==============
Number of shares outstanding at end
of year (in thousands)........................ 403 426
============== ==============
</TABLE>
<TABLE>
<CAPTION>
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Through
Dec. 31, 1995 Dec. 31, 1994
- -------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period........... $4.70 $4.96
============== ==============
Income from investment operations
- ---------------------------------
Net investment income......................... .17 .13
Net realized and unrealized gain (loss)
on investments............................... .38 (.25)
-------------- --------------
Total from investment operations............. .55 (.12)
-------------- --------------
Distributions from
- ------------------
Net investment income......................... (.18) (.14)
-------------- --------------
Total increase (decrease) in net asset value... .37 (.26)
-------------- --------------
Net asset value, end of period................. $5.07 $4.70
============== ==============
Total return*.................................. 11.77% (2.07%)
============== ==============
Ratios to average net assets:
Net investment income......................... 3.57% 3.26%(a)
============== ==============
Total expenses +.............................. 1.38% --
============== ==============
Net expenses.................................. 1.25% 1.43%(a)
============== ==============
Expenses reimbursed........................... .73% 1.24%(a)
============== ==============
Portfolio turnover............................. 10% 22%
============== ==============
Net assets, end of period (in thousands)....... $744 $454
============== ==============
Number of shares outstanding at end
of period (in thousands)...................... 147 97
============== ==============
</TABLE>
54 - CALVERT MUNICIPAL FUND ANNUAL REPORT
<PAGE>
Financial Highlights ---- Florida Portfolio
==========
<TABLE>
<CAPTION>
Class A Shares Class A Shares
Year Ended Year Ended
Dec. 31, 1995 Dec. 31, 1994
================================================================================
<S> <C> <C>
Net asset value, beginning of year............ $ 4.67 $ 5.00
============== ==============
Income from investment operations
- ---------------------------------
Net investment income........................ .24 .21
Net realized and unrealized gain (loss)
on investments.............................. .38 (.33)
-------------- --------------
Total from investment operations............ .62 (.12)
-------------- --------------
Distributions from
- ------------------
Net investment income........................ (.23) (.21)
-------------- --------------
Total increase (decrease) in net asset value.. .39 (.33)
-------------- --------------
Net asset value, end of year.................. $ 5.06 $ 4.67
============== ==============
Total return*................................. 13.48% (2.44%)
============== ==============
Ratios to average net assets:
Net investment income........................ 4.73% 4.64%
============== ==============
Total expenses+.............................. .43% ----
============== ==============
Net expenses................................. .35% .21%
============== ==============
Expenses reimbursed.......................... .43% .80%
============== ==============
Portfolio turnover............................ 44% 93%
============== ==============
Net assets, end of year (in thousands)........ $3,892 $3,387
============== ==============
Number of shares outstanding at end
of year (in thousands)....................... 769 725
============== ==============
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Through
Dec. 31, 1995 Dec. 31, 1994
================================================================================
Net asset value, beginning of period.......... $ 4.67 $ 4.93
============== ==============
Income from investment operations
- ---------------------------------
Net investment income........................ .19 .15
Net realized and unrealized gain (loss)
on investments.............................. .37 (.26)
-------------- --------------
Total from investment operations............ .56 (.11)
-------------- --------------
Distributions from
- ------------------
Net investment income........................ (.18) (.15)
-------------- --------------
Total increase (decrease) in net asset value.. .38 (.26)
-------------- --------------
Net asset value, end of period................ $ 5.05 $ 4.67
============== ==============
Total return*................................. 12.28% (1.84%)
============== ==============
Ratios to average net assets:
Net investment income........................ 3.82% 3.58%(a)
============== ==============
Total expenses+.............................. 1.33% ----
============== ==============
Net expenses................................. 1.25% 1.32%(a)
============== ==============
Expenses reimbursed.......................... .65% 1.02%(a)
============== ==============
Portfolio turnover............................ 44% 93%
============== ==============
Net assets, end of period (in thousands)...... $ 401 $ 919
============== ==============
Number of shares outstanding at end
of period (in thousands)..................... 79 197
============== ==============
</TABLE>
ANNUAL REPORT CALVERT MUNICIPAL FUND - 55
<PAGE>
Financial Highlights -- Pennsylvania Portfolio
==========
<TABLE>
<CAPTION>
Class A Shares Class A Shares
Year Ended Year Ended
Dec. 31, 1995 Dec. 31, 1994
- -----------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of year....................... $4.71 $5.00
============== ==============
Income from investment operations
- ---------------------------------
Net investment income................................... .25 .22
Net realized and unrealized gain (loss) on investments.. .37 (.29)
-------------- --------------
Total from investment operations....................... .62 (.07)
-------------- --------------
Distributions from
- ------------------
Net investment income................................... (.23) (.22)
-------------- --------------
Total increase (decrease) in net asset value............. .39 (.29)
-------------- --------------
Net asset value, end of year............................. $5.10 $4.71
============== ==============
Total return*............................................ 13.51% (1.29%)
============== ==============
Ratios to average net assets:
Net investment income................................... 5.10% 4.94%
============== ==============
Total expenses +........................................ .49% --
============== ==============
Net expenses............................................ .41% .26%
============== ==============
Expenses reimbursed..................................... .54% .94%
============== ==============
Portfolio turnover....................................... 17% 96%
============== ==============
Net assets, end of year (in thousands)................... $2,522 $1,872
============== ==============
Number of shares outstanding at end
of year (in thousands).................................. 495 398
============== ==============
</TABLE>
<TABLE>
<CAPTION>
Class C Shares
From Inception
Class C Shares Mar. 1, 1994
Year Ended Through
Dec. 31, 1995 Dec. 31, 1994
- -----------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period..................... $4.72 $4.91
============== ==============
Income from investment operations
- ---------------------------------
Net investment income................................... .21 .16
Net realized and unrealized gain (loss) on investments.. .37 (.19)
-------------- --------------
Total from investment operations....................... .58 (.03)
-------------- --------------
Distributions from
- ------------------
Net investment income................................... (.19) (.16)
-------------- --------------
Total increase (decrease) in net asset value............. .39 (.19)
-------------- --------------
Net asset value, end of period........................... $5.11 $4.72
============== ==============
Total return*............................................ 12.55% (.30%)
============== ==============
Ratios to average net assets:
Net investment income................................... 4.29% 4.20%(a)
============== ==============
Total expenses +........................................ 1.32% --
============== ==============
Net expenses............................................ 1.24% 1.22%(a)
============== ==============
Expenses reimbursed..................................... .62% 1.15%(a)
============== ==============
Portfolio turnover....................................... 17% 96%
============== ==============
Net assets, end of period (in thousands)................. $1,748 $1,168
============== ==============
Number of shares outstanding at end
of period (in thousands)................................ 342 248
============== ==============
</TABLE>
*Total return is not annualized and does not reflect deduction of Class A front-
end sales charge.
(a) Annualized
+Effective December 31, 1995, this ratio reflects total expenses before
reduction for fees paid indirectly; such reductions are included in the ratio
of net expenses.
56 - CALVERT MUNICIPAL FUND ANNUAL REPORT
