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 later this month.

ADDITIONS:

None

DELETIONS:

Boston Scientific Corporation (NYSE: BSX), a member of the Calvert Social Index, has recently been reviewed and no longer meets Calvert's criteria for product safety and impact. If approved, the deletion will take place on June 20, 2005.

Newell Rubbermaid Inc. (NYSE: NWL), a member of the Calvert Social Index, has recently been reviewed and no longer meets Calvert's criteria for product safety and human rights. If approved, the deletion will take place on June 20, 2005.

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. (6/05)