Calvert Global Alternative Energy Fund designed to add conscience to everyday mutual fund portfolios

(from www.CSRwire.com) BETHESDA, MD- June 14, 2007- Calvert, a leader in socially and environmentally responsible investing, has launched the Calvert Global Alternative Energy Fund (Ticker: CGAEX) and is releasing the findings of a national survey that indicates a majority of U.S. investors are concerned about climate change and interested in alternative energy investments.

The new "Calvert Climate Change/Alternative Energy Survey," which was conducted for Calvert by Opinion Research Corporation (ORC) and queried 1,094 investors, found that more than three out of four U.S. investors (76%) are concerned "about global warming and what climate change could mean in terms of major changes" during their lifetime and those of their children and grandchildren. Further, nearly nine out of 10 investors (85%) agreed that alternative energy investments -- such as wind, solar and other sources of clean power -- represent a dual opportunity to support the environment and generate profit at the same time. However, only one in five investors who use a financial professional responded affirmatively when asked if they had discussed investing in alternative energy with a financial advisor. (Please visit www.calvert.com for the Executive Summary on the Calvert Survey.)

Against this backdrop, Calvert has launched the Calvert Global Alternative Energy Fund to meet investor demand for alternative energy both as a global investment opportunity and as an essential response to the climate change crisis. The Fund invests in a broad universe of U.S. and non-U.S. stocks, seeking out companies that are alternative energy market leaders as well as those building a significant presence in the sector.

"We have listened to financial professionals and our shareholders, many of whom are interested in global alternative energy, and believe we have developed a fund that will meet their investment strategy needs," said Steve Falci, Calvert's Chief Investment Officer, Equities. "The Calvert Global Alternative Energy Fund is a sector-specific fund that offers exposure to alternative energy with attractive diversification potential for both socially responsible (SRI) and non-SRI global investors. Our newest fund expands Calvert's line up of international equity offerings for individual investors, advisors, and institutions who are looking for the long-term, strategic benefits of including an allocation to global alternative energy in their portfolios."

Calvert named KBC Asset Management International (KBC), a Dublin-based firm, as sub-advisor to the new fund. KBC's investment professionals have strong expertise in the fast growing, nascent alternative energy sector, a long history in socially responsible investing, and a strong reputation in multi-cap global investing. KBC, which launched one of the first global mutual funds with an alternative energy focus in 2000, has $20 billion in assets under management (as of 12/31/06), and $3.5 billion in socially screened assets, including its alternative energy portfolio.

"We are very excited to serve as sub-advisor to Calvert's Global Alternative Energy Fund," said Jens Peers, Head of ECO Investing at KBC and lead portfolio manager to the Calvert Fund. "This is an exciting time to be investing in this sector from a global perspective. There is an increasing universe of companies committed to alternative energy, and this new fund will offer US investors the opportunity to participate in a growing sector that addresses a very important social concern - climate change."

"Calvert believes that companies across the spectrum of industries must acknowledge and act now to address the climate change crisis," says Bennett Freeman, Calvert's Senior Vice President for Social Research and Policy. "Global warming is already at the forefront of Calvert's company analysis and environmental advocacy. Now, with the launch of this new fund, we are aligning our investment strategies and policy goals by offering our shareowners the opportunity to invest directly in climate change solutions."

ABOUT THE FUND

The Calvert Global Alternative Energy Fund's investment objective is long-term growth of capital. KBC seeks out stocks that are market leaders in alternative energy or are significantly involved in the production, exploration, discovery or distribution of alternative energy. Alternative energy includes, but is not limited to: 1) renewable energy (such as solar, wind, geothermal, biofuel, hydrogen, and biomass, 2) the technologies that enable these sources to be tapped, and 3) services or technologies that conserve or enable more efficient use of energy.

KBC employs a three-step investment process in selecting stocks for the fund. Through this highly disciplined approach to stock selection, KBC creates a universe of stocks, then establishes fund sub-sector target allocations, and finally creates the portfolio though stock analysis, weighting, and application of risk controls. The creation of the universe involves tapping numerous sources, including the firm's External Advisory Panel, consisting of a diverse range of European experts on alternative energy and general energy issues.

Over the long term, Calvert believes that alternative energy technologies will become an increasingly significant solution to the global energy and climate change challenges. The firm believes it will take multiple strategies to address climate change and therefore advocates a broad range of solutions, such as greater energy efficiency and aggressive development of renewable energy sources. For more about Calvert's growing efforts around climate change, see the Special Report: "Turning Up the Heat on Climate Change" at www.calvert.com.

For more information on the opportunities in the alternative energy sector, see Calvert's white paper, "The Future for Alternative Energy," also at www.calvert.com.

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 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.

About Calvert

Calvert is one of the nation's largest socially responsible mutual fund firms with approximately $15 billion in assets under management. Calvert offers forty-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 line up of award winning fixed income mutual funds.

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. (5/07,7054)
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For more information please visit:

www.calvert.com