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Special Equities: Venture Capital Investments in Innovative, Forward-Thinking Companies
In both the Calvert Social Investment Fund (CSIF) Balanced and Equity portfolios, as well as the Calvert World Values International Equity Fund, we allocate a small portion of the assets for early, direct investments in companies run by visionary entrepreneurs who have identified profitable ways of addressing society's needs. As of March 2006, these three funds had $20.4 million in special equities investments.1
The Calvert Special Equities Program invests in higher-risk, socially and environmentally responsible enterprises. These companies provide market-based solutions to some of the more difficult social, environmental, and health problems facing society today. We hope these long-term venture capital investments will generate a greater return not only for our investors but for future generations as well.
Since 1992, Calvert has invested in many young enterprises through this unique venture capital program. The Special Equities' portfolio holdings are subject to change at any time based on the decisions of portfolio management. Sample holdings as of March 31, 2006 include the following:
Powerspan
www.powerspan.com
Powerspan Corp. was founded in March 1994 as Zero Emissions Technology Inc. Powerspan initially developed and manufactured proprietary modifications, called Arc Snubber® filters, for power plants fueled by coal. This product decreases particulate air emissions for a nominal cost. The Arc Snubber filters are in service at a number of power generators including Allegheny Power, Cinergy, Mirant, Orion Power, and TransAlta Utilities. Recognizing the growing challenge of providing clean, competitive
power from existing generating plants, Powerspan next developed a cost-effective multi-pollutant control technology for coal-fired power plants. The patented technology, called Electro-Catalytic Oxidation (ECO), provides the functionality of four separate control technologies (for nitrogen oxides, sulfur dioxide, particulate matter, mercury, and other air toxics emissions) in a single integrated system at costs well below alternative technologies. The first ECO installation was done at FirstEnergy's R.E. Burger Plant in Ohio and FirstEnergy is now installing a 215-MW ECO unit at their Bay Shore Plant in Oregon, Ohio.
Smarthinking.com
www.smarthinking.com
Smarthinking.com works with schools, colleges, universities, and textbook publishers to provide online academic support to students. The company's on-line tutoring services, with live tutors, allows smaller community colleges with fewer resources to provide full tutoring support for their students. School book publishers can provide a few hours of tutoring along with a new textbook to help students learn the material. Smarthinking has partnerships with over 500 school clients and businesses.
The company's new Bridge2College program assists colleges in attracting and retaining
students by providing early-intervention academic assistance in math and writing. According to Smarthinking, as many as 53% of incoming college students need remedial coursework and only 60% of students graduate within six years of enrollment. Early intervention through programs such as Bridge2College can help ensure that students stay the course.
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