CSR Press Release

BETHESDA, MD. - October 21, 2008 - A survey, tracking diversity initiatives at the 636 companies that make up the Calvert Social Index, reveals that 83% of leading companies have at least one woman or minority on their boards, but only 38% have a woman or minority among their five highest paid executives. That disconnect is one of the many important findings highlighted in "Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices in the Calvert Social Index(R)." The survey shows significant progress and continuing challenges for women and minorities in corporate America. To read the report, go to www.calvert.com.

"Calvert has long advocated for greater diversity both at the board level and within the management structure," says Calvert President and CEO Barbara J. Krumsiek. "Although board diversity trends are encouraging, we should remember that future board members are often selected from top management, a group which is still overwhelmingly white and male."

Ms. Krumsiek notes that Calvert has long taken a leading role in fostering diversity at its portfolio companies, pointing to her firm's development of model charter language on board diversity in 2003, and actively engaging with companies in the Calvert Social Index Fund to increase their board diversity. She says that the survey will be an important tool in fostering further progress on diversity issues. "As long-term investors, Calvert leverages its role as a shareholder to actively engage and influence companies on issues of sustainability," she says. "Over the years, we have conducted countless dialogues and filed numerous shareholder resolutions with companies on issues of diversity, including EEO policies, EEO-1 disclosure, and board diversity. This year we will leverage the findings of this survey of diversity practices to enhance our advocacy in a number of ways."

Among the survey's highlights:

• Almost all companies target diversity but few have met the strictest standards. Only nine companies within the survey showed no public commitment to diversity, but only 3% demonstrated diversity excellence. Most companies -- even companies that pass the corporate responsibility standards required for inclusion in the Calvert Social Index -- fall in the bottom half of the study's standards, with significant room for improvement.

• Increased disclosure is needed. To manage diversity, companies have to be able to measure it. Still, only 7% of companies surveyed provide the detailed demographic data required for full EEO-1 disclosure, making it difficult to assess progress for women and minority employees.

• Performance varies by sector. On average, companies in the technology sector performed the best, closely followed by companies in the consumer cyclical sector. Companies in the energy sector lagged.

"While significant opportunities remain for all companies to improve their diversity practices, we realize a comprehensive diversity strategy is a journey, not a destination," said Amy D. Augustine, Manager—Diversity and International Labor Relations at Calvert. "We hope our survey will stimulate discussion, catalyze action, and become an instrument for measuring and managing how well women and minorities are faring in the corporate workplace."

Methodology
The survey measured progress in 10 critical areas: EEO policy, internal diversity initiatives, external diversity initiatives, scope of diversity initiatives, family-friendly benefits, EEO-1 disclosure, highest paid executives, board diversity, director selection criteria and overall corporate commitment. Through a combination of in-house and third-party research, Calvert assigned companies a numerical score of 0, 5 or 10 points in each area. These scores were then combined for an aggregate score, ranging from 0 to 100.

The companies surveyed were included in the Calvert Social Index as of September 21, 2007. The Calvert Social Index(R) is a broad-based, rigorously constructed benchmark for measuring the performance of large, U.S.-based sustainable and responsible companies. Calvert starts by taking the 1,000 largest companies in the U.S., represented by stocks listed on the NYSE and NASDAQ and AMEX (not including closed-end mutual funds, ADRs, REITS and non-common shares). Calvert's Social Research Department then analyzes each company. At the time of the survey, there were 636 companies in the Index. Some of these companies may no longer actively be a part of the Calvert Social Index due to corporate actions, such as mergers and acquisitions, or decision changes.

Calvert is a diversified investment management firm and a known leader in Sustainable and Responsible Investing (SRI). The firm's SRI funds have grown to 22, with the most recent additions being the Calvert Global Water Fund (CFWAX), the Calvert Global Alternative Energy Fund (CGAEX), and the Calvert International Opportunities Fund (CIOAX). Over the years, the firm has built a core line-up of mutual funds ranging from equity to fixed income, large-cap to small cap, and domestic to international. Calvert also runs the Calvert Social Index(R), a benchmark for measuring the performance of large, U.S.-based socially responsible companies. For more information about Calvert or this report, please visit www.calvert.com or call 301.951.4800.

Investment in mutual funds involves risk, including possible loss of principal invested.

For more information on any Calvert mutual fund, please call Calvert at 800.818.8397 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. (10/08, 8358)

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