BETHESDA, Md.--(BUSINESS WIRE)--Jan. 11, 2007--In BW5756 issued Jan. 11, 2007: Sixth graph should read: In addition to two shareholder resolutions on energy efficiency, Calvert continued to advocate for change through the Carbon Disclosure Project (CDP). Together with its partner Ceres (Coalition for Environmentally Responsible Economies), Calvert expanded CDP's annual survey for the first time to include all companies represented in the S&P 500 Index.

The corrected release reads:

CALVERT SEEKS PROGRESS THROUGH SHAREHOLDER ACTIVISM

16 Resolutions Promote Positive Change in 2006; Issues Include Global Climate Change, Corporate Governance, Human Rights and Board Diversity

Calvert, one of the nation's largest family of socially responsible mutual funds, completed another successful year in shareholder advocacy in 2006, lead-filing ten separate shareholder resolutions and co-filing an additional six. To see Calvert's filing history, go to http://www.calvert.com/sri_resolutions.html.

All 16 resolutions were either voted on by shareholders or withdrawn by Calvert and its partners, once companies committed to addressing the proposal. Shareholder resolutions were just one element of Calvert's broader advocacy initiative. The firm also engaged in active dialogue with company management and other stakeholders on a number of issues, advocating positive change in areas including global climate change, human rights, corporate governance and board diversity.

"We are encouraged that many companies are beginning to recognize the impact that their policies can have on the most important issues of the day," said Bennett Freeman, Calvert's Senior Vice President for Social Research and Policy. "Forward-looking corporations have become part of the solution to many of the world's problems -- from addressing global warming and developing renewable energy sources to protecting human rights and promoting workplace equity. Calvert is committed to mobilizing companies in which we invest to contribute to those solutions."

In 2006, Calvert set four major strategic priorities to guide its advocacy work, consistent with the signature issues with which the firm has long been identified. Recent progress in each of the four areas is outlined below.

Environment and Climate Change

This year, as in the past, Calvert made global climate change a major area of focus, working through shareholder resolutions, company dialogue and engagement with specific companies. One resolution, co-filed with the Nathan Cummings Foundation, asking homebuilder Standard Pacific (SPF) to begin reporting on energy efficiency, received an impressive 39% vote. Another at Bed Bath and Beyond (BBBY), which was co-filed with Sierra Club Mutual Funds, generated a very solid 28% approval.

In addition to two shareholder resolutions on energy efficiency, Calvert continued to advocate for change through the Carbon Disclosure Project (CDP). Together with its partner Ceres (Coalition for Environmentally Responsible Economies), Calvert expanded CDP's annual survey for the first time to include all companies represented in the S&P 500 Index.

Human rights, labor rights and indigenous peoples' rights

As China was clamping down on freedom of information and expression, several US technology companies came under scrutiny by Congress and independent human rights organizations like Amnesty International and Human Rights Watch. Calvert believes that such companies must minimize any complicity in human rights abuses and fully disclose the ways in which they are complying with government policy. In 2006, Calvert joined a multi-stakeholder process convened by the Center for Democracy and Technology that includes leading companies, human rights NGOs, academic experts and other investment firms. The group will draft a set of global principles to guide policies and actions addressing these sensitive issues. Calvert also entered into dialogue with several of the companies operating in China to express its concerns.

Diversity and women

Calvert remained committed to board diversity, filing five separate resolutions in 2006 and withdrawing all of them as companies either added women or minorities to their boards or changed their charter language to encourage diversity. The firm extended this effort to encompass greater corporate diversity, particularly at the executive level. Greater diversity among upper management provides many of the same benefits as board diversity -- a greater understanding of women and minorities, sensitivity to their needs and more appreciation of the marketing opportunities they present -- and it also develops a greater pool of potential board members. Moreover, we continue to advocate gender fairness at all levels of the corporation. One resolution co-filed with Walden Asset Management at Home Depot (HD) calling for EEO-1 data disclosure received a resounding 36%, the highest level of support yet achieved for this type of resolution, and up dramatically from last year's 29% result.

Governance and disclosure

Calvert continued its dialogue with companies on stronger corporate governance, advocating, as in the past, for board diversity and improved reporting of environmental and social programs and reporting. The firm is currently urging software giant Microsoft
(MSFT) to provide greater disclosure of its political spending as part of a broader effort to increase the transparency around corporate political influence. Microsoft has made encouraging progress on this front. Another resolution seeking political contributions disclosure filed with St. Paul Travelers met with a very solid vote of 28%, as more shareholders realize the need for greater transparency in this area.

Looking ahead

Calvert will continue to pursue all these issues in the coming year, while adding new areas of focus in 2007. In the wake of growing concern about excessive executive pay, Calvert will file two separate resolutions on executive compensation in the upcoming year. These resolutions will ask companies to allow shareholders an advisory vote at every annual meeting where they can approve or reject the board's executive compensation committee report.

As the crisis in Sudan deepens, Calvert believes it has both an opportunity and a responsibility to act. Calvert will add its weight to the growing Sudan divestment movement by seeking to build support at the state level for disinvestment legislation, engaging the financial firms in our portfolios that invest in some of the large companies supporting the Sudan regime, and working with our peers in the socially responsible investment community.

Recognizing the central role that residential and commercial development plays in a number of the most pressing social and environmental issues of the day, Calvert will step up its engagement with large real estate developers--both on its own and with like minded allies. In addition, Calvert will build upon its support of management and disclosure of political spending on the part of corporations by continuing to engage companies on the issue and contributing to the effort to make this issue a standard corporate governance practice.

About Calvert

Calvert is one of the nation's largest socially responsible mutual fund firms with approximately $14 billion in assets under management.
Calvert offers forty funds 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(R), a benchmark for measuring the performance of large, U.S.-based socially responsible companies. In addition to its equity funds, Calvert has an extensive lineup of tax-free and taxable fixed income investments. For more information on Calvert, click on 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.

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

Copyright Business Wire 2007

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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