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Winslow Green Growth Fund Finishes 2003 Among Small-Cap Growth Leaders

Published 01-09-04

Submitted by Winslow Management Company

BOSTON, MA – Winslow Management Company announced today that the Winslow Green Growth Fund (WGGFX) finished 2003 with a return of +91.74%, which places the fund among the leading small-cap growth funds for the year.

For the one-year period ended December 31, the Fund ranks #2 out of 483 small-cap growth funds, based on total returns, according to Lipper, Inc. Overall, small-cap growth funds had an average return of +44.77% for the year.

WGGFX surpassed the returns of its benchmarks, the Russell 2000 Growth Index, which finished the year with a +48.54% gain, and the Russell 2500 Index, which gained +45.51% for the year. The S&P Index finished the year with a +28.68% gain, while the Nasdaq Composite Index finished 2003 up +50.01% for the year.

“The overall performance of the Winslow Green Growth Fund during 2003 reinforced our belief that environmental performance is tied to a company’s overall financial performance,” said President and lead Portfolio Manager Jackson W. Robinson. “We have found that companies that are environmentally responsible historically outperform those that are not.”

As of December 31, the Fund’s average annual returns are +91.74% for one-year, +23.00% for five years and +20.15% since inception on May 3, 1994. As always, past performance is not predictive and is not a guarantee of future results.*

The top 10 holdings in the fund as of Dec. 31, 2003 included: Chiquita Brands Int., Inc. (CQB), Staar Surgical Co. (STAA), Surmodics (SRDX), Polymedica (Ticker symbol: PLMD), Dot Hill System Corp. (HILL), Whole Foods Market Inc. (WFMI), Flamel Technologies, S.A. (FLML), and Harris Interactive (HPOL), Quantum Fuel Systems (QTWW), Ionics, Inc. (ION).

The Winslow Green Growth Fund is an aggressive growth equity portfolio seeking above-average performance and long-term capital appreciation through environmentally responsible investing. The Fund invests primarily in domestic securities of small- and mid- cap companies that Winslow believes are reasonably priced and demonstrate potential for superior growth. The Winslow Green Growth Fund is a no-load, open-end mutual fund for individuals and institutions seeking an investment that reflects their environmental commitment. The Fund is available through the following no-transaction-fee platforms: Schwab’s Mutual Fund OneSource®, Fidelity’s FundsNetwork and TD Waterhouse Mutual Fund Network.

Winslow Management Company (www.winslowgreen.com) seeks to invest in high growth and environmentally proactive and environmentally sensitive companies. From its inception in 1984, Winslow has been investing the assets of high-net-worth individuals, non-profit institutions, and pension funds in growth companies that are environmentally sensitive. Its products and services include: The Winslow Green Growth Fund, an aggressive equity growth fund open to individual and institutional investors; The Green Century Balanced Fund**, to which it is the subadviser; individual portfolio management for high-net-worth individuals and institutions, and a hedge fund that is open to qualified clients. Based in Boston, Winslow manages assets totaling approximately $200 million as of 12/31/03.
*Past performance is no guarantee of future returns. Market volatility can significantly affect short-term performance. Results of an investment made today may differ substantially from the Fund’s historical performance. For the most recent month end performance, please call (888) 314-9049 or visit the Fund’s Web site at www.wggf.com. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than original cost. The Fund’s return assumes the reinvestment of dividend and capital gain distributions. For the period reported, some of the Fund’s fees were waived or expenses reimbursed; otherwise, total return would have been lower.

The Fund invests in small- and medium- sized companies which pose greater risks than those associated with larger, more established companies. Forum Fund Services, LLC is the distributor for the Winslow Green Growth Fund. For additional information about this Fund, including fees and expenses, request a prospectus by calling 888-314-9049. Please read the prospectus carefully before investing.

The Russell 2500 Index is a market capitalization-weighted index of 2500 stocks. The Russell 2000 Growth Index measures the performance of Russell 2000 companies with high price-to-book ratios and high forecasted growth values. The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The Nasdaq Composite index is an unmanaged index representing the market cap weighted performance of approximately 5,000 domestic common stocks traded on the Nasdaq exchange. No one can invest directly in an index. The Lipper averages and rankings are compiled by Lipper, Inc., an independent mutual fund research and rating service. Lipper ranks funds in various fund categories by making comparative calculations using total returns and each Lipper average represents a universe of funds that are similar in investment objective. .

Prior to April 1, 2001, the Adviser managed a common trust fund with an investment objective and investment policies that were, in all material respects, equivalent to those of the Fund. The Fund’s performance for periods before April 1, 2001 is that of the common trust fund and reflects the expenses of the common trust fund. If the common trust fund’s performance had been readjusted to reflect the estimated expenses of the Fund for its first fiscal year, the performance would have been lower. The common trust fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance. 1/04

** For a free prospectus with more complete information, including fees and expenses, please call 1-800-93-GREEN or visit www.greencentury.com. Please read the prospectus carefully before you invest or send money. Like all funds invested in stocks, the Green Century Balanced Fund’s share price will fluctuate daily depending on the performance of the companies that comprise the Fund’s investments. The universe of securities that the Fund may invest in is more limited compared to those of funds that don’t apply any environmental criteria. Under certain economic conditions, that means the Fund’s performance could be better or worse than the market as a whole.

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Winslow Management Company

Winslow Management Company

Winslow Management Company, LLC, an SEC-registered investment advisor, has been a pioneer in green investing since 1983. The firm specializes in environmentally responsible, small-cap growth investing and manages the Winslow Green Growth Fund, a no-load mutual fund that focuses on clean sectors such as software and healthcare technology, as well as green sectors such as renewable energy, energy efficiency, and natural and organic foods. The Fund seeks to find hidden opportunities among the small companies in these market niches - companies that appear poised for rapid growth, or companies whose stocks are unrecognized by the broader market. Winslow also offers separately managed accounts and a hedge fund open to qualified investors. The Information about the Winslow Green Growth Fund is available at www.winslowgreen.com.

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