Women remain underserved by conventional banking channels, even though
micro-enterprise and small business growth is essential for economic
stability .00% (03/31/30) 4.00% (05/14/11) 3.39%
China 0 .

chiu latvia

* Calvert Foundation launched the Middle East Microcredit Giftshare
project to extend microloans to woman-owned small business owners
and other entrepreneurs in the Middle East.06%
10) Russia (Ministry of Finance) 3.

istanbul norderstedt

"
Berenbach highlighted three examples of Calvert Foundation's work to
benefit female entrepreneurs:

* Pro Mujer provides loans and microenterprise training to Latin
American women, aiming to empower them to raise themselves and their
families out of poverty.19%
Indonesia 1.

norderstedt andrea

, Women around the world struggling
to start or grow new businesses are getting a big helping hand from the
Calvert Foundation. RWFN also works to
advance a legal and regulatory environment that is positive for the
development of the microfinance sector in Russia.25% (09/15/27) 4 .71%
Total 100.75 Years
Duration: 6.29
Number of Holdings: 96

* Investment Operations may include the use of certain portfolio
management techniques such as credit default swaps, dollar rolls,
negative cash, reverse repurchase agreements and when-issued
securities.

wives marriages

42%
Hong Kong 0.38 %
Luxembourg 0.04%
NR 0.

journalist sawchain

The figures for 2005 bring Calvert Foundation's loan portfolio to $83 million,
placed in 195 non-profit community development organizations and social
enterprises. NEW YORK, Alliance World Dollar
Government Fund II, Inc.13% (12/30/19) 6.42%
Short-term:
Time Deposit 6.39%
Brazil 14.

riga latvia

Loans and technical assistance from Pro Mujer have made it
possible for Elsa and her family to purchase a potter's wheel and develop the
skills to use it effectively. Their outstanding work has led to standing orders
every three months to produce $5 ,700 worth of pots for a Peace Corps
volunteer, who resells them, and others from their Pro Mujer Communal
Association, in Managua.CalvertFoundation.

61%

Security Type Breakdown
Portfolio%
Sovereign 82.57%
Mexico 16.93%
Panama 2.78%
Colombia 2.00%

Credit Quality Breakdown
Portfolio%
BBB 34.39 Years
Total Net Assets: $966.

moscow womens

When Elsa came to Pro Mujer in
1999, she was making simple plates, bowls, and cups similar to the ones her
parents made.93%
7) Argentina (Republic of) Boden 4.42%
9) Brazil (Republic of) 12.94%
Agriculture 0.S.

intellectual netherlands

Alliance World Dollar Government Fund II, Inc.28%
Corporate:
Petroleum Products 1.53%
Financial 1.78%
Corporate 0.41%
Containers 0.07%
Venezuela 6.68%
Bulgaria 0.47%
CCC 0.

riga regularly

The Calvert Foundation receives
investment capital from individuals and institutions, and uses industry-
leading due diligence to select and manage a diversified portfolio of high
social impact investments. Calvert Foundation
makes available a wide range of innovative financial instruments.64%
4) Russian Federation - Reg S Iss 5.89%
Communications-Mobile 1.09%
Germany 2.25%
Total 100.

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Calvert Foundation Executive Director Shari Berenbach said: "Valentine's
Day seems like a very appropriate occasion for Calvert Foundation to show how
investors can align their hearts and dollars. We have a long way
to go. Calvert Foundation
invested $25,000 in the Microfund For Women in Jordan (MFWJ).00% (05/14/08) 2.10%
SUBTOTAL 9.40%
Netherlands 0.79%
B 19.

riga journalist

55%
Turkey 4.74%
BB 38.

womens moscow

Nearly Half of 2005 Portfolio Invested in Microfinance,
With Particular Focus on Helping Women-owned Businesses

BETHESDA, Md. Pro Mujer strongly believes that a small amount of
money in the hands of a creative, entrepreneurial woman can make a big
difference in a family's life.35%
6) United Mexican States 8.

expatriates marriages

89 million in new loans to international microfinance efforts that
primarily serve female entrepreneurs. The increase in the family's income has enabled Elsa
to send two children to the university.

Alliance World Dollar Government Fund II Releases Monthly Portfolio Update

latvia understand

Calvert Foundation uses the power of investment to channel affordable credit
to low-income communities, reversing inequality and creating hope and economic
opportunity where it is most needed.58%
5) Venezuela (Republic of) 9.34%
Energy 0.

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* The Moscow-based Russian Women's Financial Network (RWFN) provides
technical assistance, including consulting, formal training, informal
exchange opportunities , and networking opportunities. The organizations in which Calvert Foundation invests range from
coffee cooperatives, affordable housing developers, and small business support
centers to international microfinance intermediaries.75% (01/15/20) 3.25%

Avg.5 Million
Net Asset Value: $14.

friendship refugees

Now, more than ever, women
entrepreneurs and small business owners in the former Soviet Union, South
America and the Middle East are in dire need of capital. Its Web -
based information services and philanthropic products include Community
Investment Notes, the Community Investment Profile Database, the Calvert
Giving Fund, and Community Giftshares. and its products should not be confused with any Calvert Group-sponsored
investment product.48%
Metals/Mining 1.19%
Argentina 5.73%
Peru 2.71%
Lebanon 0.

marriages sawchain

The RWFN
provides financial services by providing credit lines to partner
institutions, which provide microloans to small business owners, a
majority of whom are women living in Moscow.

ABOUT CALVERT FOUNDATION
The Calvert Social Investment Foundation
(http://www.95%
Philippines 5.

andrea displaced

In 2005, the Foundation directed nearly half of its
$12. Founded in
1996, the Microfund For Women in Jordan provides individual and group
loans ranging from roughly US $300 to US $3,500.org) is a 501-c3 non-profit organization. In order to avoid confusion and be consistent when
referring to Calvert Foundation in print news stories, always use "Calvert
Foundation" as opposed to "Calvert" in headlines and subheads.00% (03/31/30) 4.00% (08/17/40) 4.

womens istanbul

She has also been able to make badly
needed repairs on the roof, expand the kitchen and buy a few home appliances.89 million
in Calvert Foundation 2005 disbursements includes affordable housing (21
percent); fair trade agriculture (13 percent); community development (12
percent); social innovation (8 percent); and other small business (6 percent).

EDITOR'S NOTE: Calvert Foundation is a separate entity from Calvert Group
Ltd.44%
2) Russian Federation - 144a 5.26%
Brady Bonds 2.04%
SUBTOTAL 6.31%
Ecuador 0.25%*
Preferred Stock: 0%
Total: 9.

expatriates refugees

Calvert Foundation investors can make a real difference in lives
of tens of thousands of women and the communities in which they live. The
number of women and others in dire need of loans for small-business
start-up costs and pre-financing in the Middle East is projected to
triple in the next few years, according to experts at the World
Economic Forum held in Amman, Jordan on May 21, 2005.66%
3) Brazil (Republic of) 11.01% (08/03/12) 3.25%
A-1+ 6. Maturity: 13.-registered management
investment company advised by Alliance Capital Management L.

womens refugees

Calvert Foundation's emphasis on women resulted in investments during 2005
in such organizations as: Pro Mujer, a nonprofit international development
organization that provides loans and microenterprise training to Latin
American women; Microfund For Women in Jordan (MFWJ) , which extends much-
needed microloans to woman-owned small business owners in the Middle East; and
the Russian Women's Financial Network, which supports the development of
sustainable, women-focused , locally managed microcredit operations throughout
Russia.

Calvert Foundation's investment aims to help women like Elsa Mercado, who
lives with her husband and five children. These groups are
subjected to industry-leading due diligence by Calvert Foundations to ensure
both portfolio strength and high social impact. [NYSE: AWF] (the "Fund") today released its monthly
portfolio update as of August 31, 2005.04%
Uruguay 1. P.

newcomers spouses

Over the past 10 years, Calvert Foundation has
recycled more than $300 million in investments that have helped to create more
than 127,000 jobs for low income individuals, built or rehabilitated 7,020
affordable homes, and financed more than 7,398 nonprofit facilities, including
daycare centers, community health clinics, and schools .29%
Cable 0.36%
Banking 0.30%
Communications 0.95%
United States 7.65%
El Salvador 1.12%
Kazakhstan 1.03%
Dominican Republic 1.02%
Jamaica 1.

Organizations for women expatriates.

womens newcomers

Calvert Foundation Invests With Heart: Women Entrepreneurs Benefited From More Support in 2005

Women are also helped to become more
effective in their roles as mothers, wives, income earners and
community members.
In addition to the 41 percent devoted to microfinance, the $12.

Top 10 Fixed-Income Holdings
Portfolio%
1) United Mexican States 8 .00%

Country Breakdown
Portfolio%
Russia 16.00%

Portfolio Statistics
Percentage of Leverage:
Bank Loans: 0%
Investment Operations: 9. The Fund is a closed-end U.

marriages istanbul

They are now able to create at least 100 high-
quality pieces each week.00% (09/24/22) 3.67%
8) Russia Min Fin VII 3.04%
Total 100.21%
Ukraine 2.00 %
Nigeria 0.

The foregoing portfolio characteristics are as of the date indicated and
can be expected to change.