0000319676-06-000010 Sample Contracts

INVESTMENT ADVISORY AGREEMENT Calvert Tax-Free Reserves
Investment Advisory Agreement • April 28th, 2006 • Calvert Tax Free Reserves • Maryland

INVESTMENT ADVISORY AGREEMENT, made this 1st day of March, 1999, by and between CALVERT ASSET MANAGEMENT COMPANY, INC., a Delaware corporation (the "Advisor"), and Calvert Tax-Free Reserves, a Massachusetts business trust created pursuant to a Declaration of Trust filed with the Secretary of State of the Commonwealth of Massachusetts (the "Trust"), both having their principal place of business at 4550 Montgomery Avenue, Bethesda, Maryland.

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DISTRIBUTION AGREEMENT Calvert Group Funds Calvert Distributors, Inc. SCHEDULE I
Distribution Agreement • April 28th, 2006 • Calvert Tax Free Reserves
SERVICING AGREEMENT Calvert Group Funds Calvert Shareholder Services, Inc. SCHEDULE A
Servicing Agreement • April 28th, 2006 • Calvert Tax Free Reserves

For its services under this Servicing Agreement, Calvert Shareholder Services, Inc. is entitled to receive the following fees from the Calvert Group Funds (except the Calvert Portfolios of Calvert Variable Series, Inc.; see below):

Calvert Tax-Free Reserves ADMINISTRATIVE SERVICES AGREEMENT Schedule A
Administrative Services Agreement • April 28th, 2006 • Calvert Tax Free Reserves

For its services provided under this Agreement, Calvert Administrative Services Company ("CASC") shall be paid a total annual fee of $80,000 by all Calvert Tax-Free Reserves Portfolios allocated on pro-rata basis, except the Calvert Tax-Free Money Market Portfolio ("CFTR Money Market").

ADMINISTRATIVE SERVICES AGREEMENT
Administrative Services Agreement • April 28th, 2006 • Calvert Tax Free Reserves
Investment Advisory Agreement Calvert Asset Management Company, Inc. Calvert Tax-Free Reserves Schedule A
Investment Advisory Agreement • April 28th, 2006 • Calvert Tax Free Reserves

As compensation pursuant to Section 4 of the Investment Advisory Agreement between Calvert Asset Management Company, Inc. (the "Advisor") and Calvert Tax-Free Reserves ("CTFR") dated March 1, 1999, the Advisor is entitled to receive an annual advisory fee (the "Fee") as shown below. The Fee shall be computed daily and payable monthly, based on the average daily net assets of a Fund.

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