BETHESDA, MD - Calvert, the nation’s largest family of socially responsible mutual funds, has announced its plans for the 2004 proxy season. Calvert is seeking greater transparency and disclosure regarding environmental and social performance; greater diversity among corporate boards of directors; and improved governance policies from the 33 companies with whom Calvert Funds have filed shareholder resolutions.

“Filing shareholder resolutions is one way that Calvert tries to influence companies to improve their corporate governance and social and environmental performance,” said Nikki Daruwala, Shareholder Advocacy Coordinator for Calvert. “We believe that well-governed, socially responsible companies are better positioned to deliver long-term, sustainable value to their shareholders.”

Calvert’s Shareholder Advocacy Program includes the following, by issue:

Board Diversity

Calvert is asking FMC Technologies (NYSE: FTI), Smith International (NYSE: SII), Grant Prideco (NYSE: GRP), North Fork Bancorp (NYSE: NFB), Kinder Morgan (NYSE: KMI), Danaher (NYSE: DHR), SkyWest (NASDAQ: SKYW), Zebra Technologies (NASDAQ: ZBRA), Swift Transportation (NASDAQ: SWFT), and along with the State of Connecticut, American Power Conversion (NASDAQ: APCC) to take reasonable steps to ensure that women and minority candidates are routinely included in each and every board search the company undertakes to fill director positions. The companies are also encouraged to expand their existing Board Nominating and Governance Charters to include language on diversity embodying Calvert’s Model Language on Board Diversity.

Social Performance Reporting and Corporate Transparency

Calvert is requesting that Chesapeake Energy (NYSE: CHK), EOG Resources (NYSE: EOG), Cooper Cameron (NYSE: CAM), Pioneer Natural Gas (NYSE: PXD), XTO Energy (NYSE: XTO), Genuine Parts (NYSE: GPC), Visteon (NYSE: VC), MDC Holdings (NYSE: MDC), The Ryland Group (NYSE: RYL), NVR (AMEX: NVR), AGCO (NYSE: AG), Terex (NYSE: TEX), York International (NYSE: YRK), and Masco (NYSE: MAS) issue sustainability reports based on GRI Guidelines. The Global Reporting Initiative (GRI) is an international standard-setting organization that has developed a set of Guidelines for voluntary reporting by corporations and other organizations on the economic, environmental and social impacts of their operations.

Corporate Governance

Calvert, along with Christian Brothers Investment Services, Inc., is asking Time Warner (NYSE: TWX) to address executive compensation by initiating a study of the disparity between the total compensation of top executives and the company’s lowest paid workers. In addition, the resolution asks the company to consider adjusting executive pay, or the level of pay of the lowest paid workers, particularly in light of recent, sizable layoffs.

Calvert, along with Walden Asset Management Company, is asking The Gillette Company (NYSE: G) to declassify its Board Directors to insure that all Directors are elected annually and not by classes over staggered terms, as is the current practice.

Equality

Calvert is requesting that The E.W. Scripps Company (NYSE: SSP) report to shareholders on the racial and gender composition of the newsrooms throughout the company; disclose corporate diversity policies and programs; and establish annual goals and benchmarks for attaining greater gender and racial parity and equality in the newsroom.

For the second year in a row, Calvert is co-sponsoring a shareholder resolution, along with Walden Asset Management Company, requesting thatAlltel (NYSE: AT) and Dover Corp (NYSE: DOV) amend their written equal employment opportunity policy to explicitly prohibit discrimination based on sexual orientation, and to substantially implement that policy.

A resolution with Calpine Corporation (NYSE: CPN) requests that the company cease and desist development in the Medicine Lake Highlands and develop, implement and publish a written policy on the rights of indigenous peoples.

Environmental Impact

Calvert, along with Walden Asset Management Company, is asking American International Group (NYSE: AIG) to disclose greenhouse gas emissions and for a comprehensive assessment of AIG’s strategies to address the impacts of climate change on its business.

A resolution with Weyerhaeuser (NYSE: WY) requests the development and implementation of a policy prohibiting the harvest and trade in products from old growth and endangered forests.

A resolution with Pulte Homes (NYSE: PHM) asks the company to develop and adopt smart growth principles as an overall guide to the company’s home building operations.

Calvert is the nation's largest family of socially responsible mutual funds with over $9.7 billion in assets under management among twenty-seven funds, including an extensive lineup of tax-free and taxable fixed income products in addition to socially and environmentally screened funds, allowing individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert also maintains the Calvert Social IndexÔ a benchmark for measuring the performance of large, U.S.-based socially responsible companies. For more information on Calvert and its products and services, go to www.calvert.com.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group. (2/04, 4781)

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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