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Supplement to Calvert Tax-Free Reserves Limited-Term Portfolio Prospectus dated April 31, 1996, as revised September 9, 1996 Date of Supplement: March 21, 1997 Insert the following after the first sentence on page 24 of the prospectus: CDI is offering special non-cash compensation (sporting event tickets) to its affiliated broker dealer firm for those representatives who have sole a minimum dollar amount of shares of the Limited-Term Portfolio.
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