Supplement to:
Calvert Tax-Free Reserves Long-Term Portfolio
Calvert Tax-Free Reserves Vermont Municipal Portfolio
Calvert Municipal Fund
Prospectuses
dated April 30, 1998
Date of this Supplement: February 1, 1999
IMPORTANT INFORMATION FOR INVESTORS considering an investment that will cause
their account in one of the following Portfolios or Funds to be $1 million or
more:
Calvert Tax-Free Reserves Long-Term Portfolio
Calvert Tax-Free Reserves Vermont Municipal Portfolio
Calvert National Municipal Intermediate Fund
Calvert California Municipal Intermediate Fund
Calvert Maryland Municipal Intermediate Fund
Calvert Virginia Municipal Intermediate Fund
Contingent Deferred Sales Charge for Purchases of $1 million or more:
Purchases of shares in the above Portfolios at NAV for accounts with $1
million or more will be subject to a 1.0% contingent deferred sales charge
(CDSC) on shares redeemed within 1 year of purchase.
The CDSC will not be charged on shares you received as dividends or from
capital gains distributions or on any capital appreciation (gain in the value)
of shares that are sold.
Shares that are not subject to the CDSC will be redeemed first, followed by
shares you have held the longest. The CDSC is calculated by determining the
share value at both the time of purchase and redemption and then multiplying
whichever value is less by the percentage that applies as shown above. If you
choose to sell only part of your shares, the capital appreciation for those
shares only is included in the calculation, rather than the capital
appreciation for the entire account.
Calvert Distributors, Inc., the Fund's principal underwriter, pays dealers a
finder's fee on shares purchased at NAV in accounts with $1 million or more.
The finder's fee is 1% of the NAV purchase amount on the first $2 million,
.80% on $2 to $3 million, .50% on $3 to $50 million, .25% on $50 to $100
million, and .15 over $100 million. All payments will be in compliance with
the rules of the National Association of Securities Dealers, Inc. Service fees
will not be paid to dealers on assets subject to the finder's fee until the
13th month.
