Calvert has expanded its lineup with three funds. The addition springs from a move back in September by Calvert's parent UNIFI to consolidate the operations of its two affiliated mutual fund companies, the other being Summit Mutual Funds (see The MFWire, September 16, 2008). Bethesda, Maryland-based Calvert now has 57 funds.

Company Press Release

BETHESDA, Md., Dec 15, 2008 (BUSINESS WIRE) -- Calvert, an investment management firm, today introduced three new strategies to its mutual fund product line: Calvert Large Cap Value Fund (CLVAX), Calvert High Yield Bond Fund (SFHIX), and Calvert Short-Term Government Fund (SFSTX). As of December 15, 2008, Calvert offers 57 funds.

The three offerings are the result of a September 16, 2008 announcement by UNIFI, a mutual holding company based in Lincoln, Nebraska and parent company to Calvert, that it planned to consolidate the operations of its two affiliated mutual fund companies. That transaction, which was successfully completed today, combines the unique, individual strengths of the companies resulting in a single mutual fund operation that preserves the strong records of in-house portfolio management teams, benefits from an extensive distribution network and creates efficiencies in mutual fund operations.

Calvert Large Cap Value Fund (CLVAX)--formerly known as Summit Everest Fund. The Fund seeks long-term growth of capital by investing in large cap company equity securities that the portfolio manager believes are undervalued. Lead portfolio manager James R. McGlynn and assistant portfolio manager Yvonne M. Bishop joined CAMCO's (the investment advisor to the Calvert Funds) in-house equity team from Summit Investment Partners, Inc. to provide continuity in the Fund's portfolio management. Calvert Large Cap Value Fund is the first offering under a new Calvert SAGE(TM) ("Sustainability Achieved Through Greater Engagement") approach to sustainable and responsible investment, which offers Calvert investors the opportunity to invest in a broader universe of companies than previously available through Calvert. To learn more about Calvert SAGE, visit http://calvert.com/sri.html.

"We are pleased to offer a large cap value option to our shareholders," said Natalie Trunow, Senior Vice President and Head of Equities at Calvert. "Using our new SAGE investment approach, we will be able to give investors who are interested in sustainable investing the opportunity to have exposure to the large cap value asset class and also the opportunity to influence corporate responsibility in a broader universe of companies," she added. The SAGE approach first evaluates the portfolio for a threshold responsibility standard with respect to tobacco, weapons and human rights. In addition, SAGE emphasizes enhanced engagement to advance environmental, social and governance performance in companies that demonstrate varying degrees of commitment and progress toward corporate responsibility and sustainability challenges.

"Over the last several years, we have seen a dramatic increase in attention to these challenges as sustainability has become an irreversibly mainstream agenda across Corporate America, even on the part of many companies and within industries that had been laggards," said Bennett Freeman, Senior Vice President of Social Research and Policy. "The SAGE approach was developed by Calvert to recognize progress in companies that may not yet meet each and every one of our longstanding criteria, but which are working towards sustainability in key areas that we can in turn help reinforce through our direct engagement with them. Putting this concept to work in Calvert Large Cap Value Fund is an opportunity to influence a broader array of important companies, while striving to achieve solid investment performance for our shareholders," he added.

Calvert High Yield Bond Fund (SFHIX). Under the leadership of Greg Habeeb, Senior Vice President and Head of the Taxable Fixed Income investment team, the Fund will follow the same research-intensive, relative-value approach employed successfully in Calvert Income Fund and Calvert Social Investment Fund Bond Portfolio. Assistant portfolio managers Kevin Aug and Sam Cooper recently joined the team from Summit Investment Partners to help manage Calvert High Yield Bond Fund.

Calvert Short-Term Government Fund (SFSTX). Another addition to the taxable fund line-up and managed by Greg Habeeb and his team, Short-Term Government invests in U.S. government securities and will maintain a dollar-weighted, average effective maturity of less than three years. The Fund will actively manage duration and yield curve positions to maximize current income while preserving capital.

"These new funds give shareholders and their advisors an opportunity to fine-tune their portfolios for the right mix of income, stability and growth potential," said Cathy Roy, Chief Investment Officer, Fixed Income. About Calvert:

Calvert is an investment management firm and a known leader in Sustainable and Responsible Investing (SRI). The firm now offers three distinct approaches to SRI investing. Regardless of the approach, the Fund begins with seeking out companies that are financially attractive. The Calvert Signature Funds employ traditional SRI exclusions; the Calvert Solution Funds provide solutions to issues such as alternative energy and water; and the Calvert SAGE Funds may invest in companies not typically included in traditional SRI portfolios in order to engage with those companies in a more focused and targeted way on corporate social responsibility issues. For more information on all of these approaches, go to www.calvert.com.

About UNIFI

UNIFI Companies--Ameritas Life, Acacia Life, Union Central Life and their affiliated companies--offer a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; retirement plans; group dental, eye care and hearing care insurance; investments; mutual funds; banking and public finance. For more information, go to: www.UNIFIcompanies.com.

Investment in mutual funds involves risk, including possible loss of principal invested. Bond funds are subject to interest rate risk. When interest rates rise, the value of fixed-income securities will generally fall. Conversely, a drop in interest rates will generally cause an increase in the value of fixed-income securities.

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.

Edited by: Armie Margaret Lee

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