0000319676
2011-05-01
2012-04-30
0000319676
ctfr1:S000005140Member
2011-05-01
2012-04-30
CALVERT TAX FREE RESERVES
Other
2011-12-31
0000319676
false
2012-11-01
2012-11-01
2012-04-30
<div style="padding-left: 0%; padding-right: 0%"> <p style="text-align: center"><b>SUPPLEMENT TO</b></p> <p style="text-align: center"><b>CALVERT TAX-FREE RESERVES PROSPECTUS<br/>D</b><b>ATED APRIL 30, 2012</b><br/><b>Calvert Tax-Free Bond Fund</b></p> <p style="text-align: center"><b>Date of Supplement: November 1, 2012</b></p><p style="text-align: left">After the last paragraph in the section “Investments, Risks and Performance – Principal Investment Strategies” in each Fund Summary (Portfolio Summary for Calvert VP Income Portfolio), insert the following:</p><p style="text-align: left"><i>Tobacco Exclusion. </i>The Fund seeks to avoid investing in companies classified under the tobacco industry sector of the Barclays Global Aggregate Index, the Barclays U.S. High Yield Index or the Barclays Global Emerging Market Index; or, in the opinion of the Fund’s Advisor, any similar securities in the Barclays Municipal Index.</p></div>
<div style="padding-left: 0%; padding-right: 0%"> <p style="text-align: center"><b>SUPPLEMENT TO</b></p> <p style="text-align: center"><b>CALVERT TAX-FREE RESERVES PROSPECTUS<br/>D</b><b>ATED APRIL 30, 2012</b><br/><b>Calvert Tax-Free Bond Fund</b></p> <p style="text-align: center"><b>Date of Supplement: November 1, 2012</b></p><p style="text-align: left">After the last paragraph in the section “Investments, Risks and Performance – Principal Investment Strategies” in each Fund Summary (Portfolio Summary for Calvert VP Income Portfolio), insert the following:</p><p style="text-align: left"><i>Tobacco Exclusion. </i>The Fund seeks to avoid investing in companies classified under the tobacco industry sector of the Barclays Global Aggregate Index, the Barclays U.S. High Yield Index or the Barclays Global Emerging Market Index; or, in the opinion of the Fund’s Advisor, any similar securities in the Barclays Municipal Index.</p></div>