Calvert Launches Global Alternative Energy Fund

Calvert is pleased to announce the launch the Calvert Global Alternative Energy Fund (CGAEX) on May 31, 2007. Calvert Global Alternative Energy Fund is an all-market-cap, alternative energy sector fund that invests in US and non-US stocks. While specific definitions of alternative energy vary, the Calvert Global Alternative Energy Fund seeks to provide long-term growth of capital by investing in alternative-energy companies that are involved in renewable energy sources (including solar, wind, geothermal or biofuel) or alternative energy technology and production. This Fund builds on and extends Calvert's ongoing commitment to investing in companies working to reduce their environmental footprint.

Calvert launched the Global Alternative Energy Fund because we believe that, in view of the growing world population and declining supplies of traditional energy sources, the future of the planet depends on increased investment in generating sources of alternative energy. Spurred by the sharp upturn in energy prices over the last eight years, alternative energy has emerged as one of the fastest-growing market sectors in the past few years. Therefore, the Fund is designed to invest in a broad universe of U.S. and non-U.S. stocks of companies whose main business is alternative energy or are significantly involved in the alternative energy sector.

The Fund's portfolio manager, Dublin-based KBC Asset Management International Ltd., has a strong global reputation in international investing. The firm was founded in 1980 and manages about $20 billion in assets, including $145 million in alternative energy funds. KBC employs both quantitative and fundamental components in selecting stocks for the Fund and draws on the advice of an External Advisory Board, a panel of scientific and industry experts in the field of alternative energy.

Calvert Global Alternative Energy Fund is subject to the risk that stocks that comprise the energy sector may decline in value, and the risk that prices of energy (including traditional sources of energy such as oil, gas, or electricity) or alternative energy may decline.  The stock markets in which the Fund invests may also experience periods of volatility and instability. In addition, shares of the companies involved in the energy industry have been more volatile than shares of companies operating in other more established industries.  Consequently, the Fund may tend to be more volatile than other mutual funds. Lastly, foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations.

For more information on any Calvert fund, please contact your financial advisor or call 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., 4550 Montgomery Ave., Bethesda, MD 20814.