Winslow Green Growth Fund Up 19.12% In Fourth Quarter

WGGFX Marks 10th Year With Average Annual Growth Of 20.39%

BOSTON, Mass., January 10, 2005 – Winslow Management Company announced today that the Winslow Green Growth Fund (WGGFX) finished the fourth quarter with a return of 19.12%, significantly exceeding the returns of its benchmarks.

The Russell 2000 Growth Index finished the quarter with a 15.08% gain, and the Russell 2500 Index finished the quarter with a gain of 14.22%. For a longer-term perspective, the fund’s one-, five- and 10-year average annual returns for the period ended Dec. 31, 2004 were 12.09%, 7.05% and 20.39%, respectively. (Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance, please visit the Fund’s website at Shares redeemed or exchanged within 90 days of purchase will be charged a 2.00% redemption fee subject to limited exceptions.*)

The fund’s return of 12.09% for all of 2004 compares favorably with returns for small-cap funds as a whole, which were up 10.72% for the year, according to Lipper, Inc. The Russell 2000 Growth and Russell 2500 were up 14.31% and 18.29% respectively for the year. The Nasdaq index, which consists primarily of small-cap stocks, was up 8.59% for the year.

“We’re pleased with our results for 2004, especially since the Winslow Green Growth Fund was up 92% for 2003,” said President and lead Portfolio Manager Jackson W. Robinson. “Anytime a fund’s returns rank near the top in its category, it is extremely difficult to sustain high returns the following year. Yet, the Winslow Green Growth Fund still performed better than the average small-cap fund, according Lipper.”

Having been launched in April 1994, 2004 marked the 10th year since the fund’s inception. During the past 10 years, the fund has had an average annual return of 20.39%, compared with returns of 7.12% for the Russell 2000 Growth Index and 13.75% for the Russell 2500 Index.

“We believe our focus on environmental performance has given the fund a long-term edge,” said Portfolio Manager Matthew W. Patsky. “Contrary to popular opinion, we have found that companies that are environmentally responsible historically outperform those that are not. The result is that by investing in companies that are acting responsibly, we believe investors can benefit not only the environment, but themselves.”

The top 10 holdings in the fund as of Dec. 31, 2004 included: Surmodics, Inc. (SRDX), Lions Gate Entertainment Corp. (LGF), Thermogenesis Corp. (KOOL), Aptimus (APTM), Whole Foods Market (WFMI), Audible, Inc. (ADBL), Fuel-Tech NV (FTEK), Quantum Fuel Systems (QTWW), Durect Corp. (DRRX) and Presstek, Inc. (PRST).

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.

Lipper Inc. is an independent mutual fund rating service that ranks funds in various fund categories by making comparative calculations using total returns.

Winslow Management Company ( 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 $225 million as of 12/31/04.

*Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling (888) 314-9049 or visiting the Fund’s website. Please read the prospectus carefully before you invest.

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.

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 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.

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 t he Internal Revenue Code, which, if applicable, may have adversely affected its performance. 1/05

** Before investing you should carefully consider the Green Century Balanced Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling (800) 93-GREEN or visiting the Fund’s website at Please read the prospectus carefully before you invest.

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.

Distributor: UMB Distribution Services, LLC

Matt Patsky
Winslow Management Company
[email protected]

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