5.02.2005 ET

(CSRwire) BETHESDA, MD - Calvert, one of the nation's largest families of socially responsible mutual funds, announced the launch of two new asset allocation funds: the Calvert Conservative Allocation Fund (TICKER: CCLAX) and the Calvert Moderate Allocation Fund (TICKER: CMAAX). These Fund of Funds provide a one-stop asset allocation solution for investors seeking diversified exposure to socially responsible investing.

The Calvert Conservative and Moderate Allocation Funds invest exclusively in up to eleven underlying Calvert mutual funds and follow asset allocation targets reflecting the Funds' conservative or moderate allocation investment objectives. As the investment advisor to the new Funds, Calvert Asset Management Company, Inc., is responsible for the management of the fund of funds, as well as the underlying funds. Ibbotson Associates is working with Calvert as a consultant, recommending asset allocation targets and underlying Calvert fund allocations. Ibbotson Associates has been a leading provider of asset allocation research and portfolio model construction for 25 years. Each fund is subject to asset allocation risk and shares of the principal risks of each underlying fund in which it invests.

"Calvert's comprehensive, core line-up of equity mutual funds enables us to provide financial professionals and their clients with two new products that provide broad diversification among socially responsible investment options," said Calvert Chief Investment Officer, Equities, Steve Falci.

The Calvert Conservative Allocation Fund seeks to achieve its investment objective by investing 60% to 80% of its net assets in the CSIF Bond Portfolio, 20% to 40% of its net assets in underlying Calvert equity funds, and 0% to 10% in the CSIF Money Market Portfolio.

The Calvert Moderate Allocation Fund seeks to achieve its investment objective by investing 50% to 80% of its net assets in underlying Calvert funds that invest primarily in equity securities, 20% to 50% of its net assets in CSIF Bond Portfolio, and 0% to 10% in the CSIF Money Market Portfolio.

Based in Bethesda, Maryland, Calvert has quickly evolved from a single-fund management company in 1976 to a recognized mutual fund provider with thirty-two funds and over $10 billion in assets under management for over 400,000 investors. In 1982, Calvert launched its first socially screened mutual fund and is one of the leaders in the field. In 2000, Calvert created the Calvert Social Index(TM), a benchmark for measuring the performance of large, U.S.-based socially responsible companies. Calvert distributes nationwide through major wire house broker/dealers, regional brokerage firms, financial planning organizations, and bank trust departments. For more information, see www.calvert.com.

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.

May lose value. Not FDIC Insured. No Bank Guarantee. Not NCUA/NCUSIF Insured. No Credit Union Guarantee.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group, Ltd. (04/05, 5466)

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