0000319676-16-000082.txt : 20160204 0000319676-16-000082.hdr.sgml : 20160204 20160204163642 ACCESSION NUMBER: 0000319676-16-000082 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20160204 DATE AS OF CHANGE: 20160204 EFFECTIVENESS DATE: 20160204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Calvert Management Series CENTRAL INDEX KEY: 0000319676 IRS NUMBER: 526211999 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-69565 FILM NUMBER: 161388867 BUSINESS ADDRESS: STREET 1: 4550 MONTGOMERY AVE STE 1000N CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 3019514881 MAIL ADDRESS: STREET 1: 4550 MONTGOMERY AVENUE CITY: BETHESDA STATE: MD ZIP: 20814 FORMER COMPANY: FORMER CONFORMED NAME: CALVERT TAX FREE RESERVES DATE OF NAME CHANGE: 19920703 0000319676 S000005140 Calvert Tax-Free Responsible Impact Bond Fund C000014074 Class A CTTLX C000160651 Class C C000160652 Class Y C000160653 Class I 497 1 a020316taxfreebondprospect.htm 497 497


Supplement to
Calvert Tax-Free Bond Fund Prospectus (Class A)
dated April 30, 2015
Calvert Tax-Free Responsible Impact Bond Fund Prospectus (Class C and Y)
dated July 15, 2015
Calvert Tax-Free Responsible Impact Bond Fund Prospectus (Class I)
dated July 15, 2015
Date of Supplement: February 4, 2016
In the chart under “More Information on Investment Objective, Investment Strategies and Risks – Further Description of Investment Strategies and Techniques,” add the following under the row for “Investment Techniques – Temporary Defensive Positions” (heading added for clarity):
Investment Techniques
 
Securities Lending
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In the table under “More Information on Investment Objective, Investment Strategies and Risks – Description of Investment Strategies and Associated Risks,” add the following under the paragraph for “Investment Techniques and Associated Risks – Temporary Defensive Positions” (heading added for clarity):
Investment Techniques and Associated Risks
Securities Lending.  The Fund may lend securities with a value up to one-third of its total assets to certain financial institutions and broker/dealers that provide cash or securities issued or guaranteed by the U.S. Government as collateral.
 
Risks: Credit and Market
After “More Information on Investment Objective, Investment Strategies and Risks – Description of Investment Strategies and Associated Risks,” add the following:
Explanation of Investment Strategies Used by the Fund
Securities Lending. The Fund may lend securities with a value up to one-third of its total assets to certain financial institutions and broker/dealers that provide cash or securities issued or guaranteed by the U.S. Government as collateral. All incremental income generated from such activities will be accrued to the Fund. Unless market practice otherwise permits, the collateral for any such permissible securities lending activities will include cash or cash-equivalent collateral of at least (i) 100% for U.S. government securities (including securities issued by U.S. agencies and instrumentalities), sovereign debt issued by non-U.S. governments, and non-U.S. corporate debt securities, (ii) 102% for U.S. equity securities and U.S. corporate debt securities, and (iii) 105% for non-U.S. equity securities, which, in each case, are marked to market on a daily basis. There is a risk that the securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions.