Calvert Social Index(TM) Quarterly Adjustments

Calvert Social Index(TM) Quarterly Adjustments 


BETHESDA, March 17  /PRNewswire/ -- The Calvert Social Index Committee (Index
Committee) met on March 16, 2005 to review and approve changes to the Calvert
Social Index.  The Index Committee meets every quarter to review the component
companies of the Index for corporate actions (i.e., spin-offs, mergers and
acquisitions, bankruptcy) and for the recommendations made by the Calvert
Social Research Department that may affect their eligibility in the Index.  The
Index Committee has reviewed and approved the following additions and deletions
into the Calvert Social Index, effective at the market close on March 18, 2005.

ADDITIONS:

Noble Corporation (NYSE:NE) was added to the Calvert Social Index as it now
meets Calvert's standards for environment.

DELETIONS:

Furniture Brands International, Inc. (NYSE:FBN) was deleted from the Calvert
Social Index as no longer meets Calvert's criteria for the environment.

Consistent with our index rules, American International Group (NYSE:AIG), was
deleted from the eligible securities last quarter, however, due to its weight
in the Index, this security is to be deleted over four quarters because it is
over 2% of the Index.  The float-adjusted shares were reduced by 25% last
quarter and the remaining shares will be reduced by an additional 33% this
quarter.

CORPORATE ACTIONS:

First Health Group Corp. (NASDAQ:FHCC) was deleted from the Calvert Social
Index due to its acquisition by Coventry Health Care Inc.

Select Medical Corp. (NYSE:SEM) was deleted due to an acquisition by EGL
Holdings Co.

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 http://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. (03/05) 

DATASOURCE: Calvert



CONTACT:  Elizabeth Laurienzo of Calvert, [phone], or





Web site:  http://www.calvert.com/ 

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