BETHESDA, MD — The Calvert Social Research Department has submitted the following recommendations regarding actions within the Calvert Social Index. If approved, the following recommendations will be effective when the Calvert Social Index Committee convenes its quarterly meeting in December 2003.

ADDITIONS:

Liberty Media Corporation, a member of the Calvert Social Index Universe, has recently been reviewed and now meets Calvert’s standards for corporate social responsibility. Having been spun-off from AT&T Corp. in 2001, Liberty Media has established a record that meets Calvert’s criteria for corporate governance and business practices. If approved, the inclusion will take place in December 2003.

DELETIONS:

J. C. Penney Company, Inc., a member of the Calvert Social Index, has recently been reviewed and no longer meets Calvert’s standards for human rights and business practices. If approved, this deletion will take place in December 2003.

Calvert Social Index Construction

The Calvert Social Index(TM) 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 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. (12/03)