Calvert Social Index Actions

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Mon Mar 31, 2008 10:46am EDT 

BETHESDA, Md.--(Business Wire)--
The Calvert Social Research Department has submitted the following
recommendations regarding action within the Calvert Social Index(R).
If approved, the following recommendations will be effective when the
Calvert Social Index Committee convenes its quarterly meeting in June
2008.

   ADDITIONS:

   Owens-Illinois, Inc. (NYSE:OI), a company in the Calvert Social
Index Universe, has recently been reviewed and now meets Calvert's
standards for environment. The company's principal operations are in
glass containers; the preferred environmental packaging/container
material. The company sold its plastics business which also helps
reduces its footprint and has improved its compliance record, another
area that proved to be a historical concern. If approved, the
inclusion will take place in June 2008.

   DELETIONS:

   M.D.C. Holdings, Inc. (NYSE:MDC), a company in the Calvert Social
Index, has recently been reviewed and no longer meets Calvert's
standards for environment. If approved, the deletion will take place
in June 2008.

   NVR, Inc. (NYSE:NVR), a company in the Calvert Social Index, has
recently been reviewed and no longer meets Calvert's standards for
environment. If approved, the deletion will take place in June 2008.

   What is the Calvert Social Index?

   Calvert, a leader in socially responsible investing, has created
the Calvert Social Index(R) as a broad-based, rigorously constructed
benchmark for measuring the performance of US-based socially
responsible companies.

   How is the Calvert Social Index constructed?

   Calvert starts by taking the 1,000 largest companies in the US,
represented by stocks listed on the NYSE and NASDAQ-AMEX (not
including closed-end mutual funds, ADRs, REITS and non-common shares).
Calvert's Social Research Department then analyzes each company. 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 FINRA, a subsidiary of Calvert Group, Ltd.
(7841, 3/08)

Calvert
Melinda Lovins, 301-657-7089
Melinda.Lovins@Calvert.com

Copyright Business Wire 2008
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