The Calvert Social Research Department has submitted the following recommendation regarding action within the Calvert Social Index™. If approved, the following recommendation is effective when the Calvert Social Index Committee convenes its quarterly meeting in December 2006.

ADDITIONS:

Avis Budget Group, Inc. (NYSE:CAR), a member of the Calvert Social Index Universe, has recently been reviewed and now meets Calvert's standards for workplace – labor relations, environment, and governance and ethics. Avis Budget Group, in its restructured form, no longer has significant workplace and environmental performance problems. The company has also taken satisfactory steps to address its governance policies and structure. If approved, the inclusion will take place in December 2006.

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 ranks them in descending order based on their float-adjusted 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: 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. #6358 (9/06)