CALVERT INCOME FUND
Supplement to January 31, 1997 Statement of
Additional Information
Date of Supplement: May 20, 1997
Replace non-fundamental investment restriction #3 on page 12 of the
Statement of Additional Information with the following:
[The Fund may not:]...
(3) effect short sales on securities, except (a) if it owns or has the
right to obtain securities equivalent in kind and amount to the securities sold
short, or (b) it may effect short sales of U.S. Treasury securities for the
limited purpose of hedging the duration of the Fund's portfolio. For purposes of
this restriction, transactions in futures contracts and options are not deemed
to constitute selling securities short.
