Calvert Posts Strong Taxable Fixed Income Performance, Outperforming Benchmarks and Peer Groups.

BETHESDA, Md. -- Calvert announced that its stable of taxable fixed income mutual funds outperformed their respective Lipper peer groups in all cases and their benchmarks in most all cases, for the year-to-date, 1-, 5-,10-year and since- inception time periods ending September 30, 2005 (see performance

Calvert attributes the strong performance to Mr. Habeeb's active investment process that focuses on relative value. Responsible for more than $4.6 billion in taxable fixed income portfolios, he and his team employ a four-tiered management approach that emphasizes duration management, yield curve positioning, sector allocation and credit research to select bonds for each of the funds. Specifically the Funds they oversee include the Calvert Income, Short Duration Income, Long-Term Income, Social Bond, and CVS Income Funds; and the fixed income portions of the Social Balanced and CVS Balanced Fund. For the one year period ended December 31, 2004, Barron's ranked the performance of Calvert's taxable bond portfolios #1 among seventy-three fund families.*

In a recent conference call with financial professionals, Mr. Habeeb said that an early bet on automobile industry bonds detracted from performance as the market reacted to a spate of downgrades and market watch listing at mid-year. However this was offset by very strong credit positioning, which kept the Funds in high quality issues at a time when credit spreads reached historically low levels but then started to widen. The fixed income team's excellent research capabilities also helped the Funds avoid most of the high profile credit blow-ups this year. Yield curve positioning also added to performance, as the Funds had a bet on curve flattening during the first quarter. This worked well as Fed rate hikes pushed short rates up and strong demand pushed long-term rates down. The strategy was neutralized as rates reached equilibrium, then shifted mid-summer to take advantage of curve steepening. All these tactical shifts added to portfolio performance.

Mr. Habeeb adds that, going forward, the Funds have their highest average credit ratings ever having exited all auto positions, terming them "too risky" and are short of benchmark durations to minimize interest rate risk. "We have taken a less risky stance on interest rates and credit quality to reduce risk in our shareholders' portfolios," he explained. "We may give up a little in a market where rates are moving down quickly in exchange for being defensive towards dropping bond prices, but that's always been our philosophy. Rather than taking big bets on interest rate movements or credit quality, we've historically been able to earn incremental income with relative value positioning."

The Calvert Income Fund Class A Shares returned 2.71% year-to-date as of 9/30/2005, ranked 14th of 156 funds in its Lipper BBB-rated corporate debt fund category and outperformed the Lehman US Credit Index by 125 basis points. Over the ten-year period ending September 30, the fund ranked 4th of 41 funds in its category and outperformed the Lehman US Credit Index by 127 basis points with a return of 8.19%.

The Calvert Social Investment Fund Bond Portfolio Class A shares returned 3.77% year-to-date as of 9/30/2005, versus 1.46% for the Lehman US Credit Index, ranking 5th of 188 funds in its Lipper A-rated corporate debt funds category. The fund has ranked in the top ten of its peer group for year-to-date, 1-, 5-,10-year, and since-inception and has outperformed the Lipper A-Rated Corp Debt Funds Average for year-to-date, 1-, 5-, and 10-year periods.

The Calvert Short Duration Income Fund Class A shares excelled in its category, ranking 5th among 224 short investment grade debt funds tracked by Lipper, year-to-date as of 9/30/2005 with a return of 2.35% versus 0.87% for the Lehman 1-5 Year Credit Bond Index. It ranks 15th of 218 funds for the trailing one-year period.

The Calvert Long-Term Income Fund, which was launched on December 31, 2004, returned 5.29% for Class A shares year-to-date as of 9/30/2005, versus 2.90% for the Lehman Long U.S. Credit Index and 1.45% for the Lipper BBB-Rated Corp Debt Funds Average.

Performance data does not reflect the deduction of the maximum sales load. If reflected, the load would reduce the performance quoted.

About Calvert

Calvert is one of the largest mutual fund complexes in the Washington D.C. area, with approximately $11 billion in assets under management. Best known for its family of socially responsible mutual funds, Calvert offers thirty-two portfolios 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(TM), a benchmark for measuring the performance of large, U.S.-based socially responsible companies.

Total Return Figures for Calvert's Taxable Fixed Income Funds for the
periods ending September 30, 2005.

                                                               Since
                                  Year To   1     5    10    Inception
CALVERT INCOME FUND                Date    Year  Year Year  10/12/1982
----------------------------------------------------------------------
Class A Shares (NAV)               2.71    3.89  8.03 8.19       9.43
----------------------------------------------------------------------
Class A Shares (Max Load of
 3.75%)                           -1.12   -0.02  7.21 7.77       9.25
----------------------------------------------------------------------
Lipper BBB-Rated Corp Debt Fund
 Average                           1.45    3.19  6.93 6.39      8.94*
----------------------------------------------------------------------
Lehman US Credit Index             1.46    2.74  7.72 6.92       9.91
----------------------------------------------------------------------
Lipper Ranking                   14/156  32/155 18/93 4/41        3/8
----------------------------------------------------------------------



                                                               Since
CALVERT SOCIAL INVESTMENT FUND   Year To  1     5     10     Inception
 BOND                             Date   Year  Year  Year    8/24/1987
----------------------------------------------------------------------
Class A Shares (NAV)              3.77   5.05   7.54  6.66       7.77
----------------------------------------------------------------------
Class A Shares (Max Load of
 3.75%)                          -0.11   1.09   6.72  6.25       7.54
----------------------------------------------------------------------
Lipper A-Rated Corp Debt Funds
 Average                          1.45   2.60   6.14  5.92       7.73*
----------------------------------------------------------------------
Lehman US Credit Index            1.46   2.74   7.72  6.92       8.43
----------------------------------------------------------------------
Lipper Ranking                   5/188  5/187  8/112  6/69       9/19
----------------------------------------------------------------------

* For Comparison purposes, "Inception" performance begins on the last
  day of the month the fund was incepted.




                                              Year             Since
                                               To      1     Inception
CALVERT SHORT DURATION INCOME FUND            Date    Year   1/31/2002
----------------------------------------------------------------------
Class A Shares (NAV)                          2.35    3.18       6.99
----------------------------------------------------------------------
Class A Shares (Max Load of 2.75%)           -0.44    0.36       6.19
----------------------------------------------------------------------
Lipper Short Term Investment Grade Funds
 Average                                      1.07    1.46       2.63
----------------------------------------------------------------------
Lehman 1-5 Yr Credit Index                    0.87    1.19       4.63
----------------------------------------------------------------------
Lipper Ranking                               5/224  15/218      1/143
----------------------------------------------------------------------



                                                      Year     Since
                                                       To    Inception
CALVERT LONG-TERM INCOME FUND                         Date  12/31/2004
----------------------------------------------------------------------
Class A Shares (NAV)                                  5.29       5.29
----------------------------------------------------------------------
Class A Shares (Max Load of 3.75%)                    1.37       1.37
----------------------------------------------------------------------
Lipper BBB Rated Corp Debt Funds Average              1.45       1.45
----------------------------------------------------------------------
Lehman Long U.S. Credit Index                         2.90       2.90
----------------------------------------------------------------------
Lipper Ranking                                       1/156      1/156
----------------------------------------------------------------------

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Visit www.calvert.com to obtain performance data current to the most recent month-end.

Past performance is no guarantee of future results. Lipper rankings are based on total returns. The returns assume reinvestment of dividends and capital gains but exclude the effects of any applicable sales loads. Source: Lipper, Inc.

The Lehman U.S. Credit Index is a subindex of the Lehman US Government/Credit Index. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both US and non-US corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government. The index is calculated monthly on the price-only and total-return basis. All returns are market value-weighted inclusive of accrued interest.

Lehman 1-5 Yr US Credit Index: consists of publicly issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered.

Lipper Corporate Debt Funds A Rated Average: consists of funds that invest at least 65% of assets in corporate debt issues rated "A" or better or government issues.

Lipper Short Investment Grade Debt Funds Average: consists of funds that invest at least 65% of assets in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of less than three years.

Lipper BBB Rated Corporate Debts Funds Average: comprised of funds that invest at least 65% of fund assets in corporate and government debt issues rated in the top four grades.

* Barron's, February 7, 2005 issue. The ranking used a weighted average ranking system to assess asset-weighted performance, net of 12b-1 fees. Each fund was measured and ranked with its peers in the taxable bond fund category as tracked by Lipper for a one-year period ending 12/31/04. The asset size of each fund in the taxable bond fund category accounted proportionately for the fund family's ranking in that category. Results from 73 fund complexes were compiled by Lipper for the tenth annual Fund Families Survey by Barron's.

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. Current performance may be higher or lower than the performance data quoted. Visit www.calvert.com to obtain performance data current to the most recent month-end.

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. (10/05, 5756)