April 10, 2008//Bethesda, MD// The Calvert Social Investment Fund Bond Portfolio Class I Shares (CBDIX) is among the winners of the 2008 Lipper Fund Awards, given out last night in New York City. The Fund is in the Corporate Debt A Rated category, with approximately $800 million in assets under management across all share classes, and is managed by an investment team led by Gregory Habeeb.  Mr. Habeeb, who has run the fund since 1997, is responsible for the implementation and overall strategy of $8.5 billion in taxable fixed income assets at Calvert. 

This is the fourth time in the last five years that the Calvert Social Investment Fund Bond Portfolio Class I Shares has won the Lipper Award for consistent risk-adjusted return for the three-year period. For the three-year periods ended December 31, 2003, 2005, 2006, 2007, the Class I Shares of the Portfolio were chosen from among 154, 152, 150 and 144 funds, respectively. 

• The Calvert Social Bond Class I Shares (CBDIX) ranked #1 (out of 128 funds) in the Corporate Debt Funds A Rated classification for the five-year period ended December 31, 2007.
• The Calvert Social Investment Bond Class A Shares (CSIBX) ranked #1 (out of 58 funds) in the Corporate Debt Funds A Rated classification for the ten-year period ended December 31, 2007.
• The Calvert Income Fund Class A Shares (CFICX) ranked #1 (out of 48 funds) in the Corporate Debt Funds BBB-Rated classification for the ten-year period ended December 31, 2007.
• The Calvert Income Fund Class I Shares (CINCX) ranked #1 (out of 100 funds) in the Corporate Debt Funds BBB-Rated classification for the five-year period ended December 31, 2007. 
• The Calvert Long Term Income Fund Class A Shares (CLDAX) ranked #1 (out of 117 funds) in the Corporate Debt Funds BBB-Rated classification for three-year period ended December 31, 2007.

“The Lipper Awards once again acknowledge Calvert’s taxable fixed income team’s, led by Greg Habeeb, consistency and dedication to achieving their objectives in relative value and income-seeking strategies in both good and bad markets,” said Cathy Roy, Calvert’s senior vice president and chief investment officer for fixed income. “The team’s investment approach has further distinguished itself by weathering difficult periods in the market, better than most of its peers.”  

“We are proud to receive these six Lipper Awards,” said  Habeeb, senior vice president and head of the taxable bond division. “Our relative value investment approach relies on duration management, yield curve positioning, sector allocation and credit research. By keeping focused on this four-step investment style, we seek to provide investors with funds that deliver incremental income through all market cycles. We’re able to find opportunities in any kind of market, strong or otherwise.”

Calvert has over $15 billion in assets under management. Calvert offers 41 funds that allow individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert maintains the Calvert Social Index®, a benchmark for measuring the performance of large U.S. companies that meet the social investment criteria. For more information on Calvert’s funds, go to http://calvert.com/funds.html.

Lipper Fund Awards are granted annually to the funds in each  Lipper classification that achieve the highest score for Consistent Return, a measure of funds’ historical risk-adjusted returns, measured in local currency, relative to peers.  Funds registered for sale in a given country are selected, and then scores for Consistent Return are computed for all Lipper global classifications with five or more distinct portfolios. The scores are subject to change every month and are calculated for the following periods: three-year, five-year, ten-year, and overall. The highest 20% of funds in each classification are named Lipper Leaders for Consistent Return. The highest Lipper Leader for Consistent Return within each eligible classification determines the fund classification winner over three, five, or ten years.  Source: Lipper, Inc.

Past performance is no guarantee of future results. Please keep in mind investment in mutual funds involves risk, including possible loss of principal invested. Bond funds are subject to credit risk and interest rate risk. When interest rates rise, the value of fixed income securities will generally fall.

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. (4/08, 7876)