WINSLOW PUBLICATIONS

Winslow publishes an occasional series of "white paper" studies on topics that are of interest to our investors and to us. These studies can be found below.

Winslow Studies:

Green Energy At The Crossroads
3/15/2009
In January of 2007, Winslow published a special edition of our newsletter entitled "Green Energy 3.0: This Time, Is Is Different." WInslow's report argued that the renewable energy and energy efficiency sectors were at the beginning of a very real and very substantial growth trend - in contrast to two false starts for green energy (first in the early 1980s and once again in the early part of this decade). And throughout 2007 and much of 208, we did indeed seem to be witnessing a true green energy revolution.

However, the extreme economic events of 2008 prompted a reexamination of Winslow's hypothesis - was it, in fact, too optimistic? Many investors are likely to be equally concerned about the prospects for green energy. To address such concerns, Winslow has written this white paper, in which the authors reexamine Winslow's investment thesis for green energy, and provide a comprehensive set of arguments that support its long-term prospects.
Green_Energy_At_The_Crossroads

Riding The Green Wave: Green Transportation
4/1/2008
For many people, driving – and transportation, broadly – may be the activity with the most visible and easily understood environmental consequences. That white vapor trailing from an automobile, bus, train or jet engine consists mostly of carbon dioxide (CO2), the most prevalent greenhouse gas (GHG) in the Earth’s atmosphere - these visible emissions seen everywhere in America serve as evidence of the fact that transportation and cargo vehicles are one of the largest contributors to carbon emissions in the United States.

In fact, transportation is such a large contributor to the climate burden of the U.S. that it will need to tackle transportation emissions as one of the first steps in any comprehensive plan to reduce our national carbon emissions. Some changes will be relatively easy, but others may be extremely difficult and complex, and some solutions will definitely require new technology. As the transportation system changes, interesting opportunities for green investors will emerge.

This white paper explores the carbon emission impacts of various modes of transportation, and some alternatives and innovations that could help reduce those impacts.
Riding_The_Green_Wave

The Case For Green Investing^TM
1/1/2008
Winslow Management Company has been a pioneer in the field of environmentally-focused investing since 1983. Over the past quarter-century, Winslow has developed and refined a portfolio management approach that combines financial and environmental analysis into an integrated investment-decision making process. This paper provides a general overview of Winslow's Green Investing^TMapproach.

The_Case_For_Green_Investing

The Green Solutions Ecosystem
1/1/2008

Suddenly, green is everywhere. Every magazine or newspaper has some advice on how to live a more environmentally friendly lifestyle. Every home improvement show seems to tout the benefits of green construction. Every cooking and gardening show expresses reverence for organic foods. Practically every company seems to be publicizing its fuel-efficient products, its green corporate headquarters or its sweeping new sustainability initiatives.

But where is all of this new talk about the environment leading? What technologies are helping to improve the environment now? Which ideas represent the growth industries of the future? These questions become harder to answer with each new press release, each new technology development and each new launch of a green product or service. Winslow has been analyzing the field and arranging our own thoughts about the many new green products and services available — what we call Green Solutions™. This white paper explores Winslow’s framework for organizing this very important but often confusing new world.
The_Green_Solutions_Ecosystem

Buildings For A Greener Planet
6/1/2006
The possible climate change and energy solutions that are currently receiving the most attention involve replacing oil with other fuel sources, such as ethanol, natural gas, hydrogen or wind. Although these alternatives are important considerations for our country’s future energy independence, the less discussed and more readily available option is conservation. Buildings are responsible for as much as 42% of the energy used in the United States, not to mention 40% of the air pollution, and 25% of the solid waste produced (US EPA). That means a 10% improvement in energy efficiency in buildings countrywide could offset the pollution of every SUV on the road. This paper discusses what makes a building green, drivers for the increase in green building, and the economic potential of the green building market for socially responsible investors.
Buildings_For_A_Greener_Planet

The New Playing Field: The Emerging Carbon Market
1/1/2006
The rules of the game have changed: grappling with the new reality of carbon emission restrictions is transforming the way that businesses and governments around the world operate. Compelled by regulations, common sense and their own profit motive, businesses and governments are adapting to the new rules of the carbon-constrained world by modifying their activities and creating new strategies. The rapidly developing world of carbon emissions trading created by this new game is a complicated one, but has great implications for the development of new industries and businesses worldwide.
Emerging_Carbon_Market

Corporate Governance 101: An Introduction For Investors
5/1/2005
Enron. WorldCom. Qwest. Tyco. Adelphia. Global Crossing. Vivendi. Hollinger. Marsh & McLennan. The beginning of this decade saw a disappointing number of corporate scandals, with negative results for everyone involved — executives serving jail time, employees losing their jobs and shareholders losing their investment.
These failures have called the investment community's attention to corporate governance practices, with a growing body of research suggesting that improved governance, despite its potential drain on executives' time and resources, can actually enhance the performance of a company's stock...
Corporate_Governance_101

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This Internet site is not an offer to sell or a solicitation of an offer to buy shares in any jurisdiction outside the United States. Past performance is no guarantee of future results. The Winslow Green Growth Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and may be obtained by calling 888-314-9049, or visiting www.winslowgreen.com. Read carefully before investing. Distributed by Quasar Distributors, LLC. Winslow Management Company is a registered investment advisor.

Investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. The Winslow Green Growth Fund ("the Fund") invests in small and medium capitalization companies, which present greater risk than larger companies due to limited product lines, markets and financial or managerial resources. The Fund invests in foreign securities, which present increased risk over U.S. investments in the form of currency fluctuation, different regulation, accounting standards, trading practices and levels of available information, generally higher transaction costs, and political risk; it also focuses on green solutions companies, which presents increased risk over a more diversified portfolio by limiting investment choices to a specific sector that may or may not perform as well as other industry sectors. Total return figures include reinvestment of investment income and capital gains. During the period, some of the Fund's fees were waived or expenses reimbursed; otherwise, total return would have been lower. Prior to April 1, 2001, Winslow Management Company managed a common trust fund (“CTF”) with investment objectives and policies that were, in all material respects, equivalent to the Fund. The Fund’s performance for periods before April 1, 2001 is that of the CTF and reflects the expenses of the CTF. If the CTF’s performance had been readjusted to reflect estimated expenses of the Fund for its first fiscal year, the performance would have been lower. The CTF was not registered under the Investment Company Act of 1940 (“1940 Act”) nor 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 the performance results.