Additional Supplement to:
Calvert Tax-Free Reserves (Limited-Term Portfolio Only)
Prospectus dated April 30, 1996, as Revised September 9, 1996
Date of this supplement: January 31, 1997
Effective September 9, 1996, the maximum front-end sales charge
on the Class A Calvert Tax-Free Reserves Limited-Term Portfolio
decreased to 1.00%. The Fund Expense table on page 3 and the
example on page 4 of the April 30, 1996 (as Revised September
9, 1996) prospectus is replaced with the following:
Limited-Term
A. Shareholder Portfolio
Transaction Costs Class A
Maximum Sales Charge on Purchases 1.00%
(as a percentage of offering price)
Contingent Deferred Sales Charge None
B. Annual Fund Operating
Expenses - Fiscal Year 1995
(as a percentage of average net assets)
Management Fees 0.60%
Rule 12b-1 Service and Distribution fees None
Other Expenses 0.11%
Total Fund Operating Expenses 0.71%
Example: You would pay the following expenses on a $1,000
investment,assuming (1) 5% annual return; (2) redemption at the
end of each period; and (3) for Class A, payment of maximum
initial sales charge at time of purchase:
1 Year 3 Years 5 Years 10 Years
Limited Term
Class A $17 $32 $49 $97
