Calvert Celebrates 30th Anniversary with Significant Strides in Growth, SRI Leadership.

Year-Long "30 Acts of Caring" Program Commits Firm's Employees to Community Service

BETHESDA, Md. -- Calvert (www.calvert.com), best known as one of the nation's largest family of socially responsible mutual funds and for its taxable fixed income funds, is marking its 30th anniversary on December 7, 2006. The firm, which was founded as one of the nation's first money market funds in 1976, has since grown to become a globally recognized leader in socially responsible investing (SRI).

Calvert, with $13 billion in assets under management, continues to experience steady, consistent growth across its family of SRI and fixed income products. The firm surpassed $1 billion in equity sales in 2005Coan all-time firm record- and may well repeat that in 2006. Noteworthy on the equity side, the Calvert Large Cap Growth Fund recently reached a record $1.28 billion in assets, and the Calvert Social Investment Fund Equity Portfolio has $1.29 billion in assets.

On the fixed income side of our business, assets reached a record $7 billion in 2006, a tribute to our strong management team and results. With favorable media coverage throughout 2006, Calvert's taxable bond fund assets surpassed the $6 billion mark. Calvert Income Fund reached $4.81 billion in assets, with Calvert Short Duration Income Fund achieving a record $441 million.

"As we celebrate our 30(th) anniversary, Calvert proudly reflects on the steady growth in assets, constant leadership in the area of social issues and advocacy, and on our ongoing commitment to reinvest in the community." said Barbara J. Krumsiek, President & CEO, Calvert.

A year-long celebration of Calvert's history and success is already underway. One of the highlights, in keeping with the firm's roots in community activism and social responsibility, has been an employee-initiated volunteer program called "30 Acts of Caring." This program designates one community activity for every year that Calvert has been in business; and the program aims to involve every Calvert employee in at least one volunteer effort by the end of 2006. Projects so far have included: painting and serving food at Shepherd's Soup Kitchen; volunteering at Bethesda Fellowship House, a senior day care center; assisting at a local school's field day; and many other activities.

With respect to its SRI leadership, Calvert's advocacy work is focused on four major areas. Together, with its partners, Calvert works to help companies and investors realize the link between financial, environmental, social, and governance performance.

The four areas are:

* Climate Change. Calvert has put climate change at the top of its list of advocacy work. It filed shareholder resolutions at Allergan, Analog Devices, Avery Dennison, and Newell Rubbermaid in 2005 asking those companies to provide shareholders with information about their greenhouse gas emissions and reduction targets. All of these resolutions were withdrawn after the companies agreed to take appropriate actions.

* Diversity and Women. Calvert continues to promote comprehensive diversity programs that strive for women and minority representation in corporate boardrooms. Building on its recent successes, Calvert continues to advance the Calvert Women's Principles (launched in 2004) as the leading global framework guiding businesses on ways to invest in and empower women-from the poorest communities to the most powerful companies.

* Governance and Disclosure. Calvert will sharpen its focus on corporate disclosure of environmental, social, and governance performance metrics and continue to press for expanded shareholder rights by raising the issues of executive compensation, qualified majority voting, and disclosure of political contributions.

* Human Rights, Labor Rights, and Indigenous Peoples' Rights: Calvert works globally and across industries encouraging companies to improve their human rights and supply chain standards, as well as to advance protection of local communities' and Indigenous Peoples' rights. New for Calvert is the emerging issue of freedom of information and expression relating to China and the internet and engaging with the UN Special Representative on Business and Human Rights together with other social and religious investors.

Throughout its history, Calvert has assumed a leading role in the evolution of socially responsible investing. For example, Calvert Social Investment Fund is believed to be the first mutual fund in the world to invest in micro-credit projects. In 1988, the Trustees of the Calvert Social Investment Fund, on behalf of shareholders, allocated over $200,000 to community investments in 13 community loan organizations, including Accion International, Low Income Housing Fund, Capital District Community Loan Fund, and Institute for Community Economics. This later evolved into the formal creation of Calvert's High Social Impact Investment Program (HSII) in 1990, where up to 1% of assets in each of the Calvert Social Investment Fund Balanced, Equity, and Bond Portfolios was allocated to community investments through the independent Calvert Social Investment Foundation. Given this history, Calvert is especially pleased that shareholders and Directors can take pride that a colleague and former Calvert World Values Fund, Inc. Director Dr. Muhammad Yunus won the 2006 Nobel Peace Prize, along with Grameen Bank, in recognition of pioneering work in the field of microfinance. "The Nobel Committee has recognized that economic security plays a very important role in world peace," said Calvert co-founder Wayne Silby, who has known Yunus for 15 years and currently sits on the board of Grameen Foundation. "When you give the very poor -- particularly women -- the means to start small businesses and support themselves, you increase the stability of families, villages and the world at large."

Today, the Calvert Social Investment Foundation (an independent 501(c)(3) non-profit organization) continues to channel funds from Calvert's HSII program into Community Investment Notes. And of the total $100 million in Calvert Foundation's portfolio, some 30% is lent out on flexible, affordable terms to microfinance institutions at work in over 100 countries, including Grameen Bank projects. From July 2005 through June 2006, Calvert Foundation's microcredit portfolio helped create 31,333 new enterprises and 44,228 new jobs. This financing has helped small entrepreneurs around the world start and expand small businesses, increase their savings, and improve the health and education of their families.

Calvert is one of the nation's largest socially responsible mutual fund firms with $13 billion in assets under management. Calvert offers thirty-two funds that allow individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert launched the Calvert Social Index[R], a benchmark for measuring the performance of large, U.S.-based socially responsible companies. In addition to its equity funds, Calvert has an extensive lineup of tax-free and taxable fixed income investments. For more information on Calvert, click on www.calvert.com.

Calvert Social Investment Foundation, a 501(c)(3) nonprofit organization, offers the Community Investment Note, a 1-10 year note earning up to 3% interest. The Community Investment Note is subject to certain risks, is not a mutual fund, is not FDIC or SIPC insured, and should not be confused with any Calvert Group-sponsored investment product.

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 NASD, a subsidiary of Calvert Group, Ltd. (11/06, 6422)