Calvert Funds

The Calvert Balanced and Equity portfolios, along with the Calvert International Equity Fund, Calvert International Opportunities Fund, Calvert Capital Accumulation Fund, Calvert Large Cap Growth Fund, Calvert Large Cap Value Fund, Calvert Social Index Fund, Calvert Global Alternative Energy Fund, and Calvert Global Water Fund, may choose to allocate a small portion of the assets for early, direct investments in companies run by visionary entrepreneurs who have identified profitable ways of addressing society's needs. The Calvert Special Equities Program invests in higher-risk, socially and environmentally responsible enterprises. These companies provide market-based solutions to some of the more difficult social, environmental, and health problems facing society today. We hope these long-term venture capital investments will generate a greater return not only for our investors but for future generations as well. Since 1992, Calvert has invested in many young enterprises through this unique venture capital program. The Special Equities' portfolio holdings are subject to change at any time based on the decisions of portfolio management.