REPORT: SOCIALLY SCREENED INVESTMENT ASSETS IN U.S. UP BY 7 PERCENT IN LAST 2 YEARS

Growth Comes Despite 4 Percent Decline in “Unscreened” Investment World; Number of Socially Responsible Funds Hits 200 Mark, Shareholder Advocacy Flourishes.

Washington, D.C. December 4, 2003

Socially responsible investing (SRI) in the United States remained robust during 2001 and 2002, even as the rest of the investment world was stagnant. Assets in socially screened portfolios climbed to $2.14 trillion in 2003, an increase over the $2.01 trillion counted in 2001. Screened portfolios grew seven percent from 2001, while the broader universe of all professionally managed portfolios fell four percent during the same period, according to the Social Investment Forum’s 2003 Report on Socially Responsible Investing Trends in the United States.

The three core strategies of SRI are screening, shareholder advocacy, and community investing. Screened portfolios, with $2.14 trillion in assets, represent the largest amount of assets in SRI. Community investing and shareholder advocacy contribute additional assets, resulting in a total of $2.16 trillion in professionally managed assets for all SRI.

Social Investment Forum President Tim Smith said: “During 2001 and 2002, as the economy receded and the overall stock and bond markets lost ground, the assets in socially and environmentally responsible portfolios proved remarkably robust. This is encouraging evidence that the increasingly popular strategies of screening, shareholder advocacy and community investing are working together to sustain and deepen the appeal of socially responsible investing. We are seeing the maturing of socially responsible investing from a smaller handful of issues and approaches to a broad universe of topics and tactics. SRI exerts an increasingly strong tug on the mind of informed investors.”

According to Calvert Group Senior Vice President and Chief Marketing Officer Reggie Stanley: “ Several factors explain why socially responsible investing expanded during the last two years even as the overall financial world contracted. Part of that story is the strong performance of socially responsible investments. Another key element is the fact that social investors are loyal; they truly are in it for the long haul. Not only do social investors see compelling financial returns, they also have confidence that they are encouraging greater corporate responsibility and investing in a better world.”

KEY TRENDS REPORT FINDINGS

· Mutual funds. Socially responsible mutual funds counted by the 2003 Trends Report increased in number to 200 in 2003, up from 181 in 2001, 168 in 1999, and 139 in 1997. Assets in socially screened mutual funds identified by the Trends Report grew by 11 percent, to $151 billion, up from $136 billion in 2001. In terms of attracting investor assets, socially screened mutual funds grew on a net basis in 2002 while the rest of the mutual fund industry contracted. According to Lipper, socially responsible mutual funds saw net inflows of $1.5 billion during 2002. Over the same time, U.S. diversified equity funds posted outflows of nearly $10.5 billion.

· Separately managed accounts. Of the $2.14 trillion in socially screened portfolios, $1.99 trillion are found in separate accounts (portfolios privately managed for individuals and institutions) with the remaining $151 billion residing in mutual funds. Assets in socially screened separate accounts grew by seven percent since the “2001 Report.” Screened private portfolios climbed to $1.99 trillion in 2003, as compared with $1.87 trillion in 2001, $1.34 trillion in 1999, and just $433 billion in 1997.

· Shareholder advocacy. Between 2001 and 2003, shareholder advocacy activity increased by 15 percent, growing from 269 social and crossover resolutions (which combined aspects of both “social” and traditional corporate governance issues) filed in 2001 to 310 in 2003. Likewise the average percentage of votes received on these resolutions increased from 8.7 percent in 2001 to 11.4 percent in 2003. Of the total $2.14 trillion in all socially screened portfolios, $441 billion are in portfolios controlled by investors who are also involved in shareholder advocacy on various social issues.

· Community investing. Community investing climbed 84 percent between 2001 and 2003. Assets held and invested locally by community development financial institutions (CDFIs) based in the United States totaled $14 billion in 2003, up from $7.6 billion in 2001.

Jean Pogge, senior vice president of mission-based products of Shorebank, said: “Community investing has emerged in recent years as one of the fastest-growing and most interesting aspects of the constantly evolving story of socially responsible investing. Today, community investing is an important alternative for socially responsible investors with a ‘hands-on’ philosophy to how their money is put to work in the world. For investors who want to be able to trace their dollars directly into specific child care, small business, job and nonprofit programs, community investing is definitely the way to go.”

Social Investment Forum Research Manager Elizabeth Beauvais said: “The Trends Report, which is the most comprehensive survey of SRI assets, demonstrates that SRI is an increasingly persuasive strategy that provides a growing number of investors with tools to promote corporate social responsibility.”

For a full copy of the 2003 Trends Report go to www.socialinvest.org/areas/research/trends/sri_trends_report_2003.pdf on the Web.

Sponsors of the Trends Report include: Calvert Group; Christian Brothers Investment Services, Inc.; Citizens Funds; Co-op America; The Dreyfus Corporation; General Board of Pension and Health Benefits, United Methodist Church; First Affirmative Financial Network; FTSE Group; Heartland Financial USA, Inc.; Institutional Shareholder Services, Inc.; KLD Research & Analytics, Inc.; Light Green Advisors, LLC; National Community Capital Association; Neuberger Berman Socially Responsible Investment Group; Pax World Funds; Sierra Club Mutual Funds; and Trillium Asset Management Corporation. For more information on the 2003 Trends sponsors, please go to www.socialinvest.org/areas/news/sponsors.htm on the Web.

ABOUT THE SOCIAL INVESTMENT FORUM

The Social Investment Forum is the national trade association for the social investment industry. It is dedicated to the concept, practice, and growth of socially responsible investing. The Forum's more than 500 members include financial planners, banks, mutual fund companies, research companies, foundations, and community investing institutions.

CONTACT: Todd Larsen, (202) 872-5310, or toddlarsen@socialinvest.org, or Stephanie Kendall, (703) 276-3254, or skendall@hastingsgroup.com.

VISIT THE SOCIAL INVESTMENT FORUM WEBSITE:
http://www.socialinvest.org

Media Contacts for the Sponsors of the “2003 Report on Socially Responsible Investing Trends in the United States”

Calvert
Calvert is one of the largest mutual fund complexes in the Washington D.C. area with over $9.0 billion in assets under management. Best known for its family of socially responsible mutual funds, Calvert offers twenty-eight portfolios that allow individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert launched the Calvert Social IndexTM, a benchmark for measuring the performance of large, U.S.-based socially responsible companies. Calvert also has an extensive lineup of tax-free and taxable fixed income investments. Media contact: Elizabeth Laurienzo, 301-657-7047, Elizabeth.Laurienzo@calvert.com

Christian Brothers Investment Services, Inc.
Christian Brothers Investment Services (CBIS) manages approximately $3 billion for Catholic organizations seeking to combine faith and finance through the responsible stewardship of Catholic assets. CBIS' combination of premier institutional asset managers, diversified product offerings, and careful risk-control strategies constitutes a unique investment approach for Catholic institutions and their fiduciaries. CBIS strives to integrate faith-based values into the investment process through a disciplined approach to socially responsible investing that includes principled purchasing (stock screens), active ownership strategies (proxy voting, dialogues, and shareholder resolutions) and community investment. The firm contributes a portion of all profits to support the Church's educational and social ministry. Media Contact: Francis G. Coleman, 212-490-0800, ext. 117.

Citizens Funds
Citizens Funds has been a leader in socially responsible investing since its founding in 1982. With a core focus on strong, long-term performance, Citizens' mission is to generate superior returns for shareholders by investing in companies that are fundamentally strong and socially responsible. Citizens' unique investment management approach revolves around its proprietary integrated research that takes into account company financials, in combination with all the variables that affect prospects for success and growth over time. Representing one of the largest families of socially responsible investments, the Citizens line-up includes equity (domestic and international), fixed income and money market funds. Contact: Val Dingle, 603-766-5604, vdingle@citizensfunds.com

Co-op America
Co-op America, a national nonprofit organization founded in 1982, provides the economic strategies, organizing power and practical tools for businesses and individuals to address today's social and environmental problems. While many environmental organizations choose to fight important political and legal battles, Co-op America is the leading force in educating and empowering our nation's people and businesses to make significant improvements through the economic system. Media contact: Todd Larsen, 202-872-5310, todd@coopamerica.org

The Dreyfus Corporation
The Dreyfus Corporation, established in 1951 and headquartered in New York City, is one of the nation's leading asset management companies, currently managing over $170 billion in mutual funds, separately managed accounts and institutional portfolios. The Dreyfus Corporation is a subsidiary of Mellon Financial Corporation, a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources services and treasury services. Mellon has approximately $3.1 trillion in assets under management, administration or custody, including $612 billion under management. Media contact: Maureen Dempsey, 212-922-6648.

First Affirmative Financial Network, LLC
First Affirmative Financial Network, LLC (FAFN) is an independent SEC-registered investment advisory firm providing consulting and asset management services to socially conscious investors. FAFN Network Advisers offer a full array of financial services designed to help individual and institutional clients incorporate personal values, organizational mission, and/or social concerns into custom formulated investment strategies. FAFN produces the annual SRI industry conference, SRI in the Rockies, in partnership with the Social Investment Forum. Contact: Steve Schueth, 303-998-1141, steveschueth@firstaffirmtive.com

FTSE Group
The independent global financial index company FTSE Group launched the FTSE4Good Index Series in July 2001. Investors around the world use FTSE4Good to identify and invest in companies that exhibit and benefit from good corporate responsibility practice. The Index Series also act as a benchmark for socially responsible investment products. FTSE4Good constituents are companies that are better able to manage their social and environmental risks and opportunities through meeting higher and internationally accepted standards in three areas: environmental sustainability; upholding and supporting universal human rights; and developing positive relations with stakeholders. Contact: Rachel Tanner, rachel.tanner@ftse.com

General Board of Pension and Health Benefits, The United Methodist Church
The General Board of Pension and Health Benefits (General Board) is a not-for-profit, administrative general agency of the United Methodist Church. The General Board is responsible for the general supervision and administration of pension, disability, death and health benefit plans for more than 66,000 clergy and lay employees of the Church and manages and invests over $11 billion dollars in assets in a socially responsible manner. Contact: Vidette Bullock Mixon, 847-866-5293, videttebullock_mixon@gbophb.org

Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a multi-bank holding company emphasizing community banking. Banks owned by Heartland are located in Iowa, Illinois, Wisconsin, New Mexico, and Arizona. The trust company specializes in Social Responsibility Asset Management for clients in 37 states. Value-added extras include financial and estate planning and full service SRI retirement services. Contact: Mel Miller, 866-397-2133.

Institutional Shareholder Services, Inc.
Institutional Shareholder Services, Inc. (ISS) provides proxy voting and corporate governance services to more than 950 institutional and corporate clients throughout North America and Europe. With its core business, ISS analyzes proxies and issues informed research and objective vote recommendations for more than 10,000 U.S. and 12,000 non-U.S. shareholder meetings each year. ISS’s Social Investment Research Service (SIRS) provides portfolio screening and proxy voting services to socially responsible investors and their investment managers. Contact: Cheryl Gustitus, 301-556-0538, Cheryl.gustitus@issproxy.com.

KLD Research & Analytics, Inc.
KLD Research & Analytics, Inc. screens the global investable universe on 100 social, environmental and involvement risks. SOCRATES, KLD's online database application, supports portfolio screening and pre-trade compliance. KLD's benchmark indexes for socially responsible investors include the Domini 400 Social Index, KLD Broad Market Social Index, and KLD Large Cap Social Index. Our services help institutional investors and portfolio managers gather assets, manage risk and control costs. Media contact: Karen Agredo, 617-426-5270.

Light Green Advisors, LLC
Light Green Advisors is an independent, internationally-recognized asset manager specializing in managing separate accounts for environmentally aware and financially conservative institutions. Light Green Advisors core belief is that environmental responsibility can be harnessed to conserve and enhance shareholder value. LGA employs a proprietary investment model that incorporates environmental management information into pro-active security valuation -- in contrast to traditional negative screens that reduce diversification and thus increase investment risk. Light Green Advisors developed the first global eco bonds in 1998 (the Global Eco Index™ series) and the first “sustainability” or best of class environmental leadership trusts offered in the US (the Environmental Leadership Trust™.) LGA manages the Eco*Index™, an enhanced S&P 500 portfolio composed of companies with better than average environmental performance in every industry, and the actively managed 80 stock Eco Performance Portfolio™. LGA partners with industry leaders such as Citigroup, Wachovia, and the EFG Bank Group. Contact: Jonathan Naimon, 206-547-8645.

National Community Capital Association
The purpose of the National Community Capital Association (NCCA) is to align capital with social, economic, and political justice. NCCA is a network of more than 150 community development financial institutions (CDFIs). The network invests in individuals, small businesses, quality affordable housing, and vital community services that benefit economically disadvantaged people and communities across the United States. The National Community Capital network is active in all 50 states, investing and providing technical assistance in places as diverse as South Central Los Angeles, North Camden in New Jersey, rural North Carolina, and the Pine Ridge Reservation in South Dakota. Our three core lines of business are: financing for CDFIs; training and consulting for CDFIs and CDFI investors, and advocacy on behalf of the CDFI industry. Media contact: Mark Pinsky, 215-320-4304, markp@communitycapital.org

Neuberger Berman Socially Responsive Investment Group
For more than six decades, Neuberger Berman has specialized in one business: money management. We offer a wide spectrum of investment products for a full range of clients: individuals, families and institutions. Our investment approach covers the spectrum of asset types, investment styles, and market capitalization ranges. Our trust companies help our clients build and protect their wealth across generations. Neuberger Berman manages more than $63 billion in assets, as of June 30, 2003. Our objective is to help our clients build wealth, produce income and preserve capital. Our constant focus on this goal has earned us a loyal base of client relationships, many of which span generations. For more information and a list of our offices across the country, please visit us at www.nb.com. Contact: Ingrid S. Dyott, 212-476-5908.

Pax World Funds
Organized in 1971, Pax World offers four mutual funds that invest in companies whose products and services improve the quality of life. Pax World does not invest in weapons production, or the tobacco, alcohol, gambling and nuclear power industries. In addition, each company is carefully screened for fair hiring practices, environmental responsibility, and corporate citizenship. Pax World also offers private asset management through Pax World Capital Management, a division of Pax World Management Corp. (800)767-1729 www.paxworld.com Distributor: H.G. Wellington & Co., Inc. Member NASD/SIPC. Media contact: Mariann Murphy, 800-767-1729, ext. 32, mmurphy@paxworld.com

Sierra Club Mutual Funds
Unite your financial goals with environmental progress. The Sierra Club Stock Fund and Balanced Fund carefully screen potential investments using more than 20 environmental and social guidelines established by the Sierra Club – America’s oldest, largest and most influential grassroots environmental organization. These multi-style, multi-manager funds can act as core holdings for investors who care about what their investment dollars are supporting. Get more information on the Sierra Club Funds by calling (866) 897-5982 or by visiting our website at www.sierraclubfunds.com. Invest with a purpose. Invest for our planet. Media contact: Craig Lamson, 415-869-6305, clamson@sierraclubfunds.com

Trillium Asset Management Corporation
For over twenty years, Trillium Asset Management Corporation has been a leader in socially responsible investing. They are an employee-owned firm, guided by a belief that investing can return a solid competitive profit to the investor while also promoting social and economic justice. Their professional staff, in four offices across the country, carries on a mission begun in 1982: To help their clients meet their financial goals and have a positive impact on society through socially responsible investing. Trillium Asset Management manages investment portfolios for a broad array of individuals and institutions, including high net worth families, foundations, churches, endowments, and the entertainment industry. They manage equity, balanced and fixed income accounts with a client-driven, highly personalized management style. Media Contact: Blaine Townsend, 800-933-4806, btownsend@trilliuminvest.com