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.
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Additional Supplement to:
Calvert Municipal Intermediate Funds Prospectus
dated April 30, 1996
Date of this Supplement: July 31, 1996
Effective August 1996, Steve Van Order is no longer the
portfolio manager for Calvert Municipal Intermediate Funds. Pease
replace the paragraph at page 28 of the Prospectus with the following:
The Funds are managed by Reno J. Martini, Senior Vice President
and Chief Investment Officer of Calvert Asset Management Company, Inc.
("CAMCO") and Daniel K. Hayes, Vice President, Investments (CAMCO). Mr.
Martini has served as the Manager of the Portfolio Investments Department since
1985, and as portfolio manager for CAMCO since 1982. Mr. Hayes serves as head
of Portfolio Research and has been a portfolio manager for CAMCO since 1984.
