Climate change is one of the most pressing issues facing our planet, and, as such, we are re-launching this special report in a new 2007 edition to review Calvert's recent efforts to address this crisis.  This updated version includes new features, such as the announcement of Calvert's new Global Alternative Energy Fund, background information about alternative energy, and results from a Calvert shareholder survey on the Environment, Climate Change, and Energy Options.

Addressing climate change is not a challenge that can be postponed. There is a mounting scientific consensus around the potential catastrophic impacts of a continued atmospheric increase in carbon dioxide and other greenhouse gas emissions, such as:

• a rise in sea level;
• increased severity of storms, floods, fires, and droughts; and
• a fundamental shift in the distribution of diseases and pests. 

Climate change is a complex problem, and correspondingly Calvert has developed a multi-faceted strategy to contribute to solutions consistent with our role and capabilities. In this special report, we hope to help raise awareness about this pressing concern, outline the steps we are taking to make a difference, and encourage our shareholders to take action in their own lives.