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December 17, 2008
Calvert Announces Launch of Three New Funds
    by Robert Kropp

Offerings follow consolidation with Summit Mutual Funds and include a large cap fund employing a new investment strategy.

In September, UNIFI, a mutual holding company, announced plans to consolidate the operations of its two affiliated mutual funds, Summit Mutual Funds and Calvert Group. Under the terms of the transaction, Calvert Asset Management would purchase the mutual fund operations of Summit Investment Partners and become the advisor to the Summit Mutual Funds.

As a result of the September announcement by UNIFI, Calvert has introduced three new funds to its mutual fund product line: Calvert Large Cap Value Fund, Calvert High Yield Bond Fund, and Calvert Short-Term Government Fund.

Formerly known as the Summit Everest Fund, the Calvert Large Cap Value Fund seeks long-term growth of capital by investing in large cap stocks that the portfolio manager believes are undervalued. Large cap companies are those with a market capitalization value of more than $10 billion.

The large cap fund is the first to utilize a new Calvert SAGE ("Sustainability Achieved Through Greater Engagement") approach to sustainable and responsible investment. Calvert SAGE investment portfolios emphasize engagement to advance environmental, social and governance (ESG) performance in companies that may not meet standards at present, but are designated by Calvert as working towards sustainability in key areas.

Calvert believes that its SAGE approach will offer its investors the opportunity to invest in a broader universe of companies than was previously available.

Formerly the Summit High Yield Bond, the Calvert High Yield Bond Fund seeks a high level of current income by investing in companies whose financial condition gives them greater value relative to other companies in the high yield market.

Formerly the Summit Short-Term Government Fund, the Calvert Short-Term Government Fund invests 100% of its assets in fixed income instruments issued by the US government, or derivative instruments related to such investments.

SRI investment criteria are not applied to either the Calvert High Yield Bond Fund or the Calvert Short-Term Government Fund.

As of December 15, 2008, Calvert offers 57 funds.


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