On May 1, Calvert Group of Bethesda, Md. was to introduce its flagship Calvert Social Index which includes predominantly large-cap companies that have passed social screens Calvert employs under its socially-responsible investment mandate. Although Calvert has been one of the pioneers of socially-responsible investments, this is the first social index Calvert has created.
The social index will be used for the development by Calvert of a new passive equity mutual fund that will track the index. The Calvert Social Index Fund is currently in registration awaiting approval from the SEC. Like Calvert's other funds, this new fund will be sold through the broker/dealer and financial intermediary distribution channels. Calvert manages eight other socially-responsible mutual funds with more than $2.2 billion under management.