Calvert Social Index(TM) Actions.

BETHESDA, Md. -- The Calvert Social Research Department has submitted the following recommendation regarding action within the Calvert Social Index. If approved, the following recommendation is effective when the Calvert Social Index Committee convenes its quarterly meeting in September 2006.

ADDITIONS:

None

DELETIONS:

Fannie Mae (NYSE:FNM
FNM Free National Movement (Bahamas)
FNM Foot and Mouth ), a member of the Calvert Social Index, has recently been reviewed and no longer meets Calvert's standards for governance and ethics. If approved, the deletion will take place in September 2006.

Calvert Social Index Construction

The Calvert Social Index is created by taking the 1,000 largest companies in the U.S., representing stocks listed on the NYSE and NASDAQ-AMEX (not including closed-end mutual funds, ADRs, REITS, and non-common shares) and then ranks them in descending order based on their market capitalization.

Calvert's Social Research Department analyzes each company in the base of 1,000 companies. A social audit is conducted in the following areas: governance and ethics; environment; workplace; product safety and impact; community relations; international operations and human rights; and indigenous peoples' rights. The stocks that meet Calvert's social criteria make up the Calvert Social Index.

For more complete information about any Calvert mutual fund, call 800.368.2748 for a free prospectus or go to our Web site at www.calvert.com.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group, Ltd. #3178 rev. (6/06)