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CALVERT MUNICIPAL FUND, INC.
CALVERT MARYLAND MUNICIPAL INTERMEDIATE FUND
CALVERT VIRGINIA MUNICIPAL INTERMEDIATE FUND
PROSPECTUS DATED APRIL 30, 1999
DATE OF SUPPLEMENT: MARCH 8, 2000
THE FOLLOWING IS ADDED TO THE COVER PAGE OF THE PROSPECTUS:
THE BOARD OF DIRECTORS HAVE APPROVED A RESOLUTION TO "MERGE" THE CALVERT
MARYLAND MUNICIPAL INTERMEDIATE FUND AND CALVERT VIRGINIA MUNICIPAL INTERMEDIATE
FUND, BOTH SERIES OF THE CALVERT MUNICIPAL FUND, INC. (TOGETHER, THE "STATE
MUNICIPAL FUNDS"), INTO THE CALVERT NATIONAL MUNICIPAL INTERMEDIATE FUND (THE
"NATIONAL MUNICIPAL FUND"), ALSO A SERIES OF THE CALVERT MUNICIPAL FUND, INC.
THE STATE MUNICIPAL FUNDS' SHAREHOLDERS WILL BE ASKED TO VOTE ON THE PROPOSED
MERGER AND MUST APPROVE THE TRANSACTION BEFORE ANY CHANGE MAY TAKE PLACE. IF
SHAREHOLDERS APPROVE THE TRANSACTION, YOUR SHARES OF THE RESPECTIVE STATE
MUNICIPAL FUNDS WILL BE EXCHANGED FOR SHARES OF THE NATIONAL MUNICIPAL FUND.
THE NUMBER OF NATIONAL MUNICIPAL FUND SHARES YOU RECEIVE WILL DEPEND ON THE
VALUE OF YOUR STATE MUNICIPAL FUNDS SHARES AT THE TIME THE MERGER TAKES PLACE.
A FILING IS BEING MADE WITH THE SECURITIES EXCHANGE COMMISSION DETAILING THE
PROPOSED CHANGES PURSUANT TO THE MERGER. IT WILL BE SENT TO SHAREHOLDERS
FURTHER EXPLAINING THE PROPOSED AGREEMENT AND PLAN OF REORGANIZATION, WHICH WILL
NOT BE IMPLEMENTED BEFORE SHAREHOLDER APPROVAL. NONETHELESS, EFFECTIVE MARCH 8,
2000, THE STATE MUNICIPAL FUNDS WILL BE CLOSED TO NEW ACCOUNTS.
