Today, the Calvert Social Investment Fund Equity Portfolio received Business Ethics magazine's Social Investment Award. This annual recognition is awarded to social investment funds that demonstrate above average performance and social leadership. The Calvert Social Investment Fund Equity Portfolio won in the large cap fund category.

"We believe the Calvert Social Equity Fund is a clear winner in the large cap category because of its solid long-term performance and relatively low risk," said Marjorie Kelly, Editor and Co-Founder of Business Ethics magazine. "In addition, the Fund has shown strong leadership as it was the first to take a stand against apartheid in South Africa, the first to file a shareholder resolution, and was among the first group of investors who called for reinvestment in a free South Africa," she added.

Calvert Social Investment Fund Equity Portfolio is a large-cap blend fund managed by Calvert sub-advisor Atlanta Capital Management. Daniel Boone, III, Managing Partner of Atlanta Capital and lead portfolio manager to the Fund, believes that part of the Fund's success is the overlap between his firm's universe of high-quality companies and Calvert's socially responsible company universe. In the Summer 2001 issue of Business Ethics, the magazine called Mr. Boone "a welcome new star in the SRI firmament."

"We are honored to have our flagship equity fund win the Business Ethics Social Investment Award," said Barbara J. Krumsiek, President & CEO of Calvert. "The Calvert Social Equity Fund is a prime example of how competitive performance and social analysis are compatible," she added.

Calvert is the largest family of socially responsible funds in the country with sixteen portfolios ranging from large, mid, and small cap equity, bond, and money market, and variable annuity portfolios. Calvert also maintains the Calvert Social Indexä a measurement of the performance of large, U.S.-based socially responsible companies. Information on all of Calvert's products and services can be found on their Web site at www.calvert.com .

Business Ethics magazine is a 15-year-old publication focused on corporate social responsibility and social investing. Now in its fourth year, the Social Investing Awards are judged by a panel of six individuals that include investment advisors, portfolio managers, and pension fund managers. For more information, see www.business-ethics.com

Calvert is one of the largest mutual fund complexes in the Washington D.C. area with approximately $7.6 billion in assets under management among 27 mutual fund portfolios. Best known for its family of socially responsible mutual funds, Calvert has a full line of funds that allows individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert also has an extensive lineup of tax-free and taxable fixed income investments.

For more complete information about any Calvert mutual fund, call 800.368.2748 for a free prospectus or go to our Web site at www.calvert.com. Read it carefully before you invest.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group.

Calvert

Calvert

Calvert, a leader in sustainable and responsible investing, headquartered in suburban Washington, D.C., has, since our founding in 1976, set industry standards for asset management excellence - in both the way we select companies for our portfolios and how we serve our clients' interests. Our investment approach emphasizes rigorous fundamental research that goes beyond traditional measures to uncover companies with long-term value. Through proven investment management, attentive customer service, an innovative family of investment products, and strong marketing capabilities, Calvert serves individual and institutional investors nationwide as well as professional financial advisors

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