Calvert Social Index Pending Actions.

BETHESDA, Md. -- The Calvert Social Research Department has submitted the following recommendations regarding actions within the Calvert Social Index(TM). If approved, the following recommendations are effective when the Calvert Social Index Committee convenes its quarterly meeting in June 2005.

ADDITIONS:

RadioShack Corporation (NYSE:RSH), a member of the Calvert Social Index Universe, has recently been reviewed and now meets Calvert's standards for human rights. The company has developed a code of conduct applicable to its vendors. If approved, the inclusion will take place in June 2005.

National Semiconductor Corporation (NYSE:NSM), a member of the Calvert Social Index Universe, has recently been reviewed and now meets Calvert's standards for environment. Measurable improvement in toxic releases, coupled with the company's adoption of standard procedures for environmental management and suppliers, now places National Semiconductor Corporation favorably within its industry peer group. If approved, the inclusion will take place in June 2005.

DELETIONS:

None

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. (5/05)