Additional Supplement to:
Calvert Tax-Free Reserves (Limited-Term Portfolio only) prospectus
dated April 30, 1996
Date of this Supplement: July 31, 1996
Effective September 9, 1996, the front-end sales charge on the
Class A Calvert Tax-Free Reserves Limited-Portfolio will decrease, and
the breakpoints, and dealer reallowance will also change. The table on
page 22 of the April 30, 1996 prospectus is replaced with the following:
Front-End Sales Charge
Amount of As a % of As a % of Net
Investment Offering Price Amount Invested
Less than 50,000 1.00 1.01
$50,000 but less than $100,000 0.75 0.76
$100,000 but less than $250,000 0.50 0.50
$250,000 and over 0.00 0.00
Allowed to Dealers as
a % of Offering Price
1.00
0.75
0.50
0.10*
* Calvert Distributors, Inc. reserves the right to recoup any portion of
the amount paid to the dealer if the investor redeems some or all of the
shares from the fund within twelve months of the time of purchase.
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Supplement to:
Calvert Social Investment Fund (Bond Portfolio only) prospectus dated
January 31, 1996
Calvert Income Fund prospectus dated January 31, 1996
Calvert Municipal Intermediate Funds prospectus dated April 30, 1996
Calvert Tax-Free Reserves prospectus dated April 30, 1996
Calvert Tax-Free Reserves Vermont Municipal Portfolio prospectus
dated April 30, 1996
Date of this Supplement: July 31, 1996
Effective on or about October 28, 1996, all outstanding Class C
accounts in the above funds will be converted to Class A shares. The shares
will convert automatically at net asset value with no sales charge.
You do not need to take any action. Automatic conversion will be a
non-taxable event, meaning that you should not incur any taxes as a result
of the conversion.
The Class A shares that will be issued upon the conversion have a
lower expense ratio than the Class C shares.
You may continue to purchase Class C shares for your existing Class C
account until the date of conversion, but no new Class C accounts may be opened
after August 23, 1996.
