Calvert Social Index Quarterly Rebalancing.

Business Editors

BETHESDA, Md.--(BUSINESS WIRE)--March 15, 2001

The Calvert Social Index Committee ("Index Committee") has approved the following technical and social changes to the Calvert Social Index(TM), as part of the quarterly rebalancing, for execution at the close of business on March 16, 2001.

ADDITIONS:

Enron Corp. (NYSE:ENE) is added to the Calvert Social Index effective with the quarterly adjustment as it now qualifies for inclusion under Calvert's social criteria.

McData Corp. (NASDAQ:MCDTA) is added to the Calvert Social Index effective with the quarterly adjustment as it now qualifies for inclusion due to corporate actions.

DELETIONS:

MicroStrategy, Inc. (NASDAQ:MSTR) is deleted from the Calvert Social Index, as it no longer qualifies for inclusion under Calvert's social criteria for business practices.

Paccar Inc. (NASDAQ:PCAR) is deleted from the Calvert Social Index, as it no longer qualifies for inclusion under Calvert's social criteria for environmental performance.

Vishay Intertechnology, Inc. (NYSE:VSH) is deleted from the Calvert Social Index, as it no longer qualifies for inclusion under Calvert's social criteria for environmental performance or business practices.

Critical Path Inc. (NASDAQ:CPTH) is deleted from the Calvert Social Index, as it no longer no longer qualifies for inclusion under Index Rules.

AXA Financial Inc. (NYSE:AXF) is deleted from the Calvert Social Index, as it no longer meets requirements for the Index due to corporate actions.

Time Warner Inc. (NYSE:TWX) is deleted from the Calvert Social Index, as it no longer meets requirements for the Index due to corporate actions.

NorthPoint Communications Group (NASDAQ:NPNT) is deleted from the Calvert Social Index, as it no longer meets requirements for the Index due to corporate actions.

ACNielsen Corp. (NYSE:ART) is deleted from the Calvert Social Index, as it no longer meets requirements for the Index due to corporate actions.

SDL Inc. (NASDAQ:SDLI) is deleted from the Calvert Social Index, as it no longer meets requirements for the Index due to corporate actions.

U.S. Bancorp (NYSE:USB) is deleted from the Calvert Social Index, as it no longer meets requirements for the Index due to corporate actions.

-- Corporate actions include mergers, acquisions, and spin offs.

For a profile of the companies included in the Calvert Social Index, go to http://www.calvert.com/calvertindex/calvertindex.asp.

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 ranks them in descending order based on their three month average market capitalization.

Calvert Group'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 Group's social criteria make up the Calvert Social Index. The Calvert Social Index is rebalanced quarterly and reconstituted yearly in September.

For more complete information about any Calvert Group 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. No.3206. (3/01)