SRI Mutual Funds

Here are listed mutual funds that have ethical criteria for their investments.

Table of Contents of this page

• Fund list grouping
• Funds screen for animal welfare and environment issues only {4 companies, 7 funds}
• Funds screen for all issues except animal welfare {7 companies, 20 funds}
• Funds screen for environment issues and animal experimentation {8 companies, 15 funds}
• Funds don't screen for animal experimentation {18 companies, 41 funds}
• Fund managers which don't sell funds directly {4 companies}
• Non-corporate investments returning only interest
• Fund types (within parentheses next to fund names)
• Notes

Fund list grouping

The funds are grouped by which combination of broad criteria is used to screen their investments. First, the funds are seperated into those that consider any form of animal welfare, such as product testing using animals, and those that don't. The ones that do consider animal welfare are sepreated by which of the following issues are considered:

• Animal experimentation - Using animals to test personal-care products
• Animal welfare - Using animals other than for pets
• Environment - Hurting the environment
• Labor/employment - Human-rights violations and hiring discrimination
• Products/services - Harmful to people

Funds screen for animal welfare and environment issues only

• IPS Advisory Inc (vague screens)
  • Millennium (balanced) [IPSMX]
  • New Frontier (mid/small cap equity) [IPSFX]
• Rocky Mountain Humane Investing
  • Balanced Growth
  • Equity
  • Timberline (mid/small cap equity)
• Beacon Global Advisors Ltd
  • Cruelty-Free Value Fund (small cap equity)
• Salomon Brothers Asset Management Inc, a Citigroup company, dist by CFBDS Inc
  • The Humane Equity Fund (no environment screens)
  Salomon has many other funds but they are not SRI.

Funds screen for all issues except animal welfare

• Calvert Group Ltd, Calvert Social Investment Funds (CSIF)
  • Balanced [CSLBX]
  • Bond [CSIBX]
  • Equity [CSIEX, CSEBX, CSECX] (large cap)
  • Enhanced Equity [CMIFX] (large cap)
  • Money Market [CSIXX]
  • Technology [CSTIX]
  See Calvert's animal welfare page. There is no screen for animal testing in all six of Calvert's non-CSIF funds, including their World Values, Capital Accumulation, New Vision, New Africa, Social Index, and Large Cap funds.
• Citizens Securities
  • Citizens Income Fund [WAIMX] (fixed income)
  • Citizens Core Growth Fund [WAIDX, WINIX] (large cap equity)
  • Citizens Emerging Growth Fund [CEGIX, WAEGX] (mid/small cap equity)
  • Citizens Small Cap Core Growth Fund [CSCSX]
  • Citizens Global Equity Fund [CGEIX, WAGEX]
  • Citizens Money Market Fund [WAIXX, WKAXX]
  • Citizens International Growth Fund []
  • Citizens Value Fund, was Meyers Pride Value Fund [MYPVX]
  Citizens funds have some animal-welfare screens.
• Development Capital
  • DevCap Shared Return [DESRX] (large cap equity)
• Friends Ivory Funds, of Friends Ivory & Sime Inc and SEI Investments Distribution Co (SIDC)
  • Friends Ivory Social Awareness Fund [FISWX] (large cap equity)
  • Friends Ivory European Social Awareness Fund [FIESX]
• RTE Asset Management
  • Rightime Social Awareness (OTC?) Fund [RTAWX, RTOTX] (large cap equity)
• New Alternatives Fund Inc
  • New Alternatives Fund [NALFX] (specialty equity) (environment?)
• Progressive Asset Management Inc/Network, the SRI division of Financial West Group
  • Portfolio 21 [?] (international) (alcohol okay) ???

Funds screen for environment issues and animal experimentation

• Parnassus Investments
  • The Parnassus Fund - Balanced [PARNX] (mid/small cap equity)
  • The Parnassus Income Trust
    • Equity Income Fund [PRBLX] (large cap or balanced?)
    • Fixed-Income Fund [PRFIX]
• Delaware Investments
  • Delaware Social Awareness Fund [DEQAX, DEQBX, DEQCX] (large cap equity)
  Delaware Investments's other funds are not SRI.
• Flex-funds, by Miller/Howard Investments and Meeder Asset Management
  • Total return utilities fund [FLRUX]
  There are six other Flex Funds but they are not SRI. Even the fund above favors companies in states with fewer utility regulations.
• Pro-Conscience Funds, Inc.
  • Women's Equity Mutual Fund [FEMMX]
• Green Century Funds
  • Green Century Equity Fund [GCEQX] (large cap)
  • Green Century Balanced Fund [GCBLX]
• Winslow Management Company, a division of Adams, Harkness & Hill
  • Winslow Green Growth Fund [WGGFX]
• Light Green Advisors
  • Eco*Index [?]
  • Global Eco Index bond [?]
• Acuity Investment Management, Clean Environment Mutual Funds (Canada)
  • Acuity Clean Environment Equity Fund, Global Equity Fund, Balanced Fund, and Science & Technology Fund

Funds don't screen for animal experimentation

• Domini Social Investments: Social Equity/Bond Fund [DSEFX/DSBFX], Money Market Account
• Aquinas Funds: Value, Growth, Small-cap, and Fixed-income Funds, managed by Aquinas Investment Advisors, of The Catholic Foundation
• Pax World Management Corp: Balanced, Growth, High-yield, and Money-market Funds
• Solomon Smith Barney: Concert Social Awareness Fund
• Mennonite Mutual Aid (MMA): Praxis Mutual Funds
• American Trust Allegiance Fund
• Neuberger & Berman: Socially Responsive Fund
• Noah Investment Group Inc: Noah Fund
• Security Benefit: Security Social Awareness Fund
• RISA (Reinvest South Africa) Investment Advisors LLC: Small Business Fund
• Ariel Mutual Funds: Ariel, Ariel Appreciation, and Premier Bond Funds
• The Vanguard Group: Vanguard Calvert Social Index Fund
• Merrill Lynch: Principled Values Portfolio
• The Dreyfus Corporation: Premier Third Century Fund [DRTHX], Socially Responsible Growth Fund
• Ethical Funds Inc (Canada): 12 funds
• Acuity Funds Ltd (Canada), Acuity Social Values Mutual Funds: Canadian Equity, Global Equity
• Eclipse Financial Services: Eclipse Ultra Short Term Income Fund [ECUIX], managed by New York Life Investment Management LLC
• Azzad Asset Management Inc: Azzad/Dow Jones Ethical Market Fund

Fund managers that don't sell funds directly

• Atlanta Capital Management Co
• State Street Global Advisors (SSgA)
• Vantage Investment Advisors ???
• Bridgeway Fund, Inc.

Non-corporate investments returning only interest

• Rudolf Steiner Foundation
• Self-Help Credit Union

Fund types (within parentheses next to fund names)

This is where the fund focuses its investments, which usually consists of a combination of the investment type (equity or bonds), industry specialization, and market capitalization, "cap" for short. A fund may have some unrelated investments also. Much of this information is from the Social Investment Forum.

• Balanced: a blend of bonds and stocks
• Bond/Fixed Income: corporate and government bonds
• Equity: company stocks
• Equity Large Cap: stock of companies with market cap over $1 billion
• Equity Mid-Small Cap: stock primarily in these companies:
  • Mid Cap: companies with market cap between $250 million and $1 billion
  • Small Cap: under $250 million
• Equity Specialty: stock funds focused on an economy sector or business type
• Global equity funds
  • International: invest in companies outside US
  • Global: invest in companies all over the world, including US
  • Foreign: focus on a particular nation or region

Notes

Current information is available on funds at Stock Master (Red Herring Magazine). In the future, it might be possible to get stock quotes by clicking on a fund's [Ticker symbol] in square brackets.

Information about which screens are used by which funds is mostly from the Social Investment Forum. These screening details should be clarified and verified more. It would be nice to have each fund be a link to information about it.