CALVERT TAX FREE RESERVES
497, 1997-04-29
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     Supplement to Calvert Tax-Free Reserves Limited-Term Portfolio
      Prospectus dated April 31, 1996, as revised September 9, 1996

                   Date of Supplement:  March 21, 1997


Insert the following after the first sentence on page 24 of the prospectus:


     CDI is offering special non-cash  compensation  (sporting event tickets) to
its  affiliated  broker  dealer firm for those  representatives  who have sole a
minimum dollar amount of shares of the Limited-Term Portfolio.



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