Calvert Social Index Actions.

BETHESDA, Md. -- The Calvert Social Research Department has submitted the following recommendation regarding action within the Calvert Social Index[R]. If approved, the following recommendation will be effective when the Calvert Social Index Committee convenes its quarterly meeting in September 2007.

ADDITION:

Thermo Fisher Scientific Inc. (NYSE: TMO), a company in the Calvert Social Index Universe, has recently been reviewed and now meets Calvert's standards regarding weapons. If approved, the inclusion will take place in September 2007.

DELETIONS:

None

What is the Calvert Social Index?

Calvert, a leader in socially responsible investing, has created the Calvert Social Index[R], as a broad-based, rigorously constructed benchmark for measuring the performance of US-based socially responsible companies.

How is the Calvert Social Index constructed?

Calvert starts by taking the 1,000 largest companies in the US, represented by stocks listed on the NYSE and NASDAQ-AMEX (not including closed-end mutual funds, ADRs, REITS and non-common shares). Calvert's Social Research Department then analyzes each company. 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 information on any Calvert fund, please contact Calvert at 800.368.2748 for a free prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The prospectus contains this and other information. Read it carefully before you invest or send money.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group, Ltd. #7291 (8/07)