THE WALDEN/BBT SOCIAL INDEX FUNDS ARE NOW AVAILABLE FOR A MINIMUM INVESTMENT OF $2,500

May 16, 2000

BOSTON, MASS. AND ELGIN, ILL. – Brethren members and agencies wishing to invest in domestic and international mutual funds while adhering to Brethren values can now do so for a minimum investment of $2,500. The Walden/BBT Domestic Social Index Fund and the Walden/BBT International Social Index Fund now have low, identical minimum investments.

The origin of the Funds dates back several years, when BBT began looking for a way to provide all Brethren the opportunity for the kind of equity market participation that long has been available to its Pension Plan members and Brethren Foundation clients. More than two years of work by BBT and Walden Asset Management, the socially responsive investment division of United States Trust Company of Boston, along with BISYS Fund Services of Columbus, Ohio, resulted in the development of the Funds.

The Domestic Fund was launched in August 1999; the International Fund in September. United States Trust Company of Boston is the Investment Adviser for the Funds and has designated its Walden division to fulfill its obligations with respect to the Funds. BBT serves as a paid consultant on issues concerning peace and justice to the Funds’ Adviser. BISYS serves as the Funds’ Distributor and Administrator.

“Through an investment in the Walden/BBT Mutual Funds, Brethren and others with similar values can witness their beliefs,” said Darryl Deardorff, BBT’s Chief Financial Officer.

The Funds’ social components consist of responsibility and responsiveness. They are socially responsible in that they do not invest in stocks of businesses that support human rights abuses or are committed to tobacco, weapons, alcohol, gaming, or nuclear power. The Funds are also socially responsive in that Walden representatives initiate shareholder dialog with select firms to encourage improvement in their overall corporate behavior, specifically in the areas of human rights, equal employment opportunities, human dignity, social welfare, and the environment. Walden also seeks full and honest disclosure on issues of corporate responsibility.

“Socially aware investors shouldn’t just invest in companies that have solid records,” said Geeta Aiyer, Fund Manager and President of Walden Asset Management. “They need to get out there and convince companies to raise their standards.”

The Walden/BBT International Social Index Fund (WISIX) remains the only mutual fund in the U.S. to marry international investing with indexing, social responsibility, and social responsiveness.

The Funds’ Adviser is engaged actively in promoting positive corporate change through company dialog and shareholder resolutions, social screening, public policy testimony, and technical assistance to nonprofit entities. On behalf of the Walden/BBT International Social Index Fund, Walden has recently been in discussion with BP Amoco regarding the prohibition of future oil exploration and production in the Arctic National Wildlife Refuge. It has questioned Novartis AG and Schering AG regarding research and development for genetically engineered crops and long-term safety testing. Walden has also encouraged Credit Suisse Group AG, UBS AG, and Deutsche Bank AG to incorporate environmental and social issues more fully into their lending and investment practices.*

The Walden/BBT Domestic Social Index Fund (WDSIX) combines domestic investing with indexing and social responsibility and responsiveness.

On behalf of the Walden/BBT Domestic Social Index Fund, Walden Asset Management is committed to promoting social initiatives by engaging in corporate dialog, building shareholder activism collaborations, and filing shareholder resolutions. Over the past year, Walden has combined forces with other parties to explore how to preserve the existence of indigenous people affected by oil development projects in Columbia (Occidental Petroleum). Also, Walden has organized and facilitated roundtable discussions among researchers, company representatives, investors, and activists on the issue of genetically modified organisms (Conagra & Kroger.) Walden is involved in a variety of initiatives focusing on workplace diversity (Winn-Dixie), greenhouse gas emissions (ExxonMobil) and the protection of the Alaskan coastline (Atlantic Richfield.)*

For more complete information, including charges, expenses and ongoing fees, please call 1-877-7WALDEN. To obtain a prospectus, call 800-746-1505 ext. 388. Please read the prospectus carefully before investing or sending money. BISYS Fund Services serves as distributor to the Walden/BBT Social Index Funds.

*Portfolio holdings are in bold text and are subject to change.

Shares of the Funds are not deposits or obligations of United States Trust Company of Boston or any Bank and are not insured by the FDIC, Federal Reserve Board or any agency. The value of fund shares and returns will fluctuate and investors may have a gain or loss when they redeem shares.

International investing involves increased risk and volatility.