Calvert Social Index(TM) Quarterly Adjustments.

BETHESDA, Md. -- The Calvert Social Index Committee (Index Committee) met today to review and approve changes to the Calvert Social Index. The Index Committee meets every quarter to review the component companies of the Index for corporate actions (i.e., spin-offs, mergers and acquisitions, bankruptcy) and for the recommendations made by the Calvert Social Research Department that may affect their eligibility in the Index. The Index Committee has reviewed and approved the following additions and deletions into the Calvert Social Index, effective at the market close today.

ADDITIONS:

Ametek, Inc. (NYSE:AME) was added to the Calvert Social Index as it
meets Calvert's social screening criteria required for inclusion to
the Index.

Cypress Semiconductor Corporation (NYSE:CY) was added to the Calvert
Social Index as it meets Calvert's social screening criteria required
for inclusion to the Index. Improved disclosure and implementation of
environmental policies, programs, and performance now places Cypress
Semiconductor Corporation favorably within its industry peer group.

Fidelity National Information Services, Inc. (NYSE:FIS) was added to
the Calvert Social Index as it meets Calvert's social screening
criteria required for inclusion to the Index.

Ryder System, Inc. (NYSE:R) was added to the Calvert Social Index as
it meets Calvert's social screening criteria required for inclusion to
the Index. In particular, significant decreases in workplace safety
violations and improvements in employee relations, now places Ryder
favorably within its industry peer group.

DELETIONS:

Transatlantic Holdings, Inc. (NYSE:TRH) was deleted from the Calvert
Social Index as it no longer meets Calvert's criteria for governance.

CORPORATE ACTIONS:

Alamosa Holdings, Inc. was deleted from the Calvert Social Index, due
to its acquisition by Sprint Nextel Corporation.

Hudson United Bancorp was deleted from the Calvert Social Index, due
to its acquisition by TD Banknorth, Inc.

Ivax Corporation was deleted from the Calvert Social Index, due to its
acquisition by Teva Pharmaceutical.

La Quinta Corporation was deleted from the Calvert Social Index, due
to its acquisition by Blackstone Group.

MBNA Corporation was deleted from the Calvert Social Index, due to its
acquisition by Bank of America.

Mercury Interactive Corporation was deleted from the Calvert Social
Index, due to being delisted from NASDAQ for noncompliance.

Reebok International, Ltd. was deleted from the Calvert Social Index,
due to its acquisition by Adidas-Salomon AG.

Siebel Systems, Inc. was deleted from the Calvert Social Index, due to
its acquisition by Oracle Corporation.

Scientific-Atlanta, Inc. was deleted from the Calvert Social Index,
due to its acquisition by Cisco Systems, Inc.

TD Banknorth, Inc. was deleted from the Calvert Social Index, due to
its acquisition by Ameritrade Holding Corporation.

Telewest Global, Inc. was deleted from the Calvert Social Index, due
to its acquisition by NTL, Inc.

WellChoice, Inc. was deleted from the Calvert Social Index, due to its
acquisition by WellPoint.

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: environment, workplace issues, product safety, community relations, military weapons contracting, international operations and human rights, and respecting the rights of indigenous peoples. 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. Read it carefully before you invest.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group, Ltd. #3178 rev. (3/06)