CALVERT TAX FREE RESERVES, 497, 1997-05-16

CALVERT TAX FREE RESERVES
497, 1997-05-16

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                              CALVERT TAX-FREE RESERVES
                              CALIFORNIA MONEY MARKET PORTFOLIO


                         Supplement to April 30, 1997 Prospectus

                         Date of Supplement:  May 15, 1997

INSERT THE FOLLOWING ON THE COVER PAGE OF THE PROSPECTUS:

     The Calvert Tax-Free Reseves California Money Market Portfolio may invest a
significant  percentage  of  its  assets  in  a  single  issuer,  and  therefore
investment  in the Portfolio may be riskier than an investment in other types of
money  market  funds,  such as  national  tax-exempt  money  market  funds.  All
investments in the Portfolio comply with the requirements of SEC Rule 2a-7.