Mutual Funds

Calvert Small Cap Value Fund (CCVAX)

With over $10 billion in assets under management as of 12/31/05, the Calvert Group, headquartered in suburban Washington, D.C., and its family of mutual funds have been leaders in Socially Responsible Investing for more than two decades. Channing Capital Management, LLC is the sole sub-advisor for the Calvert Small Cap Value Fund, one of 25 Funds within the Calvert family of mutual funds.

As sub-advisor to the Calvert Small-Cap Value Fund (CCVAX), Channing generally uses a similar investment strategy for the fund as it does for its small-cap institutional client portfolios. Channing’s stock selection process emphasizes high quality, financially strong companies that trade at significant discounts to their intrinsic values. With its emphasis on value and long term investing, the Fund also seeks tax efficiency through low portfolio turnover.

This Fund is also socially screened according to criteria listed below. Calvert’s Double Diligence™ research process (combining the review of financial performance with an assessment of corporate integrity) provides the framework for its funds to identify companies with strong management and solid business practices, which Calvert believes to be the best opportunity for long-term success.

The Fund examines corporate performance across six broad areas of concern:

Environmental impact
Workplace and employer relations
Product safety
Corporate citizenship and community investment
Weapons contracting
Human rights and international operations

The Fund may invest in certain securities that are exempt from the special criteria. These include futures and options, repurchase agreements, US Treasury obligations and defensive strategies such as short positions and precious metals.

For additional information and a prospectus, which should be read carefully for details - including fees and charges - before investing or sending money, please visit: http://www.calvertgroup.com/

An investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its objective. Investment in the Fund is also subject to the following risks: market risk, credit risk, interest rate risk, maturity risk, investment-grade securities risk, investment advisor risk, market sector risk and portfolio turnover risk. More information about these risks and other risks can be found in the Fund's prospectus.