Members

Established in 1948 and based in Baltimore, Maryland, the Annie E. Casey Foundation is a private philanthropic foundation dedicated to building better futures for disadvantaged children in the United States. In pursuit of this goal, the Foundation provides grants and investment capital to support innovative, cost-effective responses to children and families' needs. The Foundation's grants support work at the state, city, and local levels.

"Social investing" is part of the Casey Foundation's broader strategy to improve outcomes for vulnerable children and families. In 2002, the Foundation established a formal Social Investments program, and increased the allocation of the endowment dedicated to social investments to $100 million in 2004 and to $125 million in 2010. Today, the Foundation manages a range of social investments, including Program-Related and Mission-Related Investments that focus on family economic success and community change. Additionally, the Casey Foundation makes mission-driven deposits strategically in federally insured depository institutions to support its programmatic priorities.

Armonia LLC is the US investment office of the Lunt family of Belgium, which was a leading family in the sugar industry for generations. The Lunt family is tied to the Artal group which invests in private equity holdings through the Invus Group. Led by Larry Lunt, Armonia is diversifying the family assets by exclusively expanding the portfolio to include impact investments.

Armonia's portfolio is concentrated in triple-bottom-line investments in social enterprises, sustainable agriculture, green real estate, the carbon market, and investments that serve the base of the economic pyramid. Armonia is an anchor investor in TBL Capital, a venture fund investing in social enterprises in the United States. Armonia has also invested in RSF Finance, Root Capital, SJF Ventures, and Expansion Capital. Additionally, the family office manages a sustainable public equity portfolio as well as a fund of sustainable hedge funds in which it is the sole investor.

The Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people - especially those with the fewest resources - have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Jeff Raikes and Co-chair William H. Gates Sr., under the direction of Bill and Melinda Gates and Warren Buffett. The foundation made $2.8 billion in grants in 2008.

In September 2009, the Foundation allocated $400 million to Program-Related Investments (PRI) in the form of guarantees, debt, and equity investments. Through this initiative, the foundation structures its investments as contingent liabilities against its balance sheet; revenues generated from debt and equity investments are allocated back to the $400 million fund. Early PRI investments made from this pool of capital include a $30 million credit support agreement to help secure $300 million in tax-exempt bond issuance to enable public charter school expansion in Houston and a $10 million loan to Root Capital to scale its operations in sub-Saharan Africa.

Calvert Foundation manages more than $325 million raised from thousands of retail and institutional investors who want to lift people out of poverty while earning a financial return on their investment. Investors do this through the Community Investment Note, which starts at $20 and is available in various terms and rates up to 3%. At maturity, investors get their money back with interest. While invested, their dollars are used to revitalize poor communities in all 50 United States and over 100 countries.

When an individual or organization invests in a Community Investment Note, the investment is pooled and placed in a professionally-managed portfolio of affordable loans to more than 230 leading nonprofit organizations and social enterprises working to alleviate poverty, create jobs, and help to protect the environment. Calvert Foundation's lending portfolio is approximately $175 million, with loans extended across multiple sectors, including microfinance, agriculture, and community housing. Since Community Investment Notes are consistent with guidelines for Program-Related Investing, many private foundations have purchased them to support their own programs. Additionally, the Calvert Foundation Giving Fund, a socially-responsible donor-advised fund, provides private equity for social enterprises though a global portfolio of approximately $30 million.

Capricorn Investment Group is a private, independent investment firm designed for clients who desire a global portfolio driven by consistent returns and underpinned by a principled philosophy. Established more than seven years ago, Capricorn currently manages approximately $3.5 billion in total capital across a highly diversified, global blend of investment funds and opportunistic direct investment strategies. Capricorn's vision is to provide consistently strong investment performance and disciplined risk management, true independence, and a principled investment approach. On behalf of its clients, Capricorn has developed strategy, process, and relationships to generate equity-like returns through a diversified global portfolio of leading funds and proprietary direct investments with mitigated permanent capital loss risk at the portfolio level.

Capricorn believes that achieving strong investment returns does not preclude a principled investment approach. Principled, to Capricorn, means seeking uncompromising quality, ethical, fair, long-term oriented investments which are not directly or intentionally harmful to our world or people. Capricorn has invested in the development of green field agriculture in Africa, both working with large farms and engaging smallholder farmers in preparation of land and education about sustainable farming techniques. In the long-run, Capricorn believes that being mindful of sustainability elements in an investment program can improve the return opportunity and risk management.

Citigroup is a global financial services company that does business in more than 140 countries and has approximately 200 million customer accounts. The New York based Citi Foundation is committed to individual and family economic empowerment, and targets its strategic giving across four priority focus areas: microfinance and microenterprise, small and growing businesses, education, and financial education and asset building.

Having supported the microfinance sector philanthropically for more than 20 years, Citi recognized that, as the microfinance sector matured and grew, leading microfinance institutions (MFIs) would benefit as clients and partners of banking service providers. At the same time, MFIs also began to seek this type of support. In 2005, Citi institutionalized this business by creating Citi Microfinance, which leverages Citi's businesses to serve more than 100 MFIs, networks, and investors in more than 40 countries as clients. Citi Microfinance offers a diversified set of financial services to the sector, including direct and structured financing; local currency financing, leasing, foreign exchange and interest rate hedging; cash management solutions; and, product distribution partnerships with MFIs for micro savings, remittances and life insurance products.

Deutsche Bank AG is an international commercial and investment bank with headquarters in Frankfurt, Germany. The bank operates in 76 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets.

Deutsche Bank's impact investing activities are concentrated in community development and microfinance, and are carried out by the bank's New York City-based Community Development Finance Group. In the US, Deutsche Bank has invested more than $1 billion in community development, which includes affordable housing, green real estate, new business development, and support services. Internationally, Deutsche Bank has provided loans, sub-debt, guarantees, and other financial products to microcredit institutions since 1997 and currently manages five microfinance funds totaling approximately $200 million. Separately, the Deutsche Bank Americas Foundation has a $6 million Program-Related Investment portfolio which supports social enterprises in education, housing, the environment, and community development throughout the world.

Impact investing profile coming soon

Oregon-based holding company Equilibrium Capital Group is building a portfolio of operating companies that manage assets in key sustainability sectors. With combined total of more than 20 years experience in innovative investing, the Equilibrium team brings expertise in building companies and in government and regulatory processes critical for success in this arena. The firm has raised and managed more than $2 billion of institutional capital across multiple funds and economic cycles.

Equilibrium funds large-scale sustainability projects through direct investments and limited partnerships. The firm's portfolio currently consists of three companies focused on green real estate development, land preservation, and energy efficiency financing, with each executing specific asset investment strategies to address key environmental problems in its focused area.

The Gatsby Charitable Trust, endowed by David Sainsbury, has more than 40 years of grant-making history. Gatsby's grant-making in the UK supports research on plant science and neuroscience, science and engineering education, government effectiveness, and mental health and the arts. Additionally, Gatsby has a significant program supporting African economic development.

Gatsby has funded programs in Africa since the mid-1980s with the aim of stimulating economic growth. The Foundation has a strong heritage of disseminating agricultural research to smallholder farmers and providing assistance to small and medium enterprises (SMEs). In 2004 Gatsby created African Agricultural Capital, a venture capital fund that invests in agriculture-related SMEs in East Africa, with a goal of unlocking opportunities in agricultural value chains. More recently, the focus of Gatsby's grantmaking has shifted to include support for large-scale programs aimed at developing sub-sectors of an economy, and there are now programs supporting the cotton, textile, and tea sectors in Tanzania. Gatsby also uses Program-Related Investment as a complementary instrument to strengthen its initiatives, with early allocations going to AAC and to microfinance institutions across East Africa.

Generation Investment Management, co-founded in 2004 by Al Gore and David Blood, is an independent, private, owner-managed partnership with offices in London, New York, and Sydney. Generation's investment approach is based on the idea that sustainability factors - economic, environmental, social, and governance criteria - will drive a company's financial returns over the long term. Sustainability factors are examined and integrated into a traditional investment research process. Some key factors examined are: climate change, pandemics, poverty and real needs, water, human capital, lobbying, corporate governance, stakeholder engagement, bribery and corruption, and demographics.

Generation's Global Equity portfolio strategy is focused on concentrated, long-term, global public equities. Additionally, Generation's Climate Solutions Fund invests growth capital to help scale both private and public companies focused exclusively on solving the climate crisis.

Gray Ghost Ventures (GGV) is an impact investment firm dedicated to providing market-based capital solutions to entrepreneurs who are addressing the needs of low-income communities in emerging markets. Founded by Bob Pattillo, the Atlanta-based GGV has served as creator, manager, sole funder, lead investor, co-investor, general partner, and limited partner in operating companies and investment funds around the world. GGV's focus areas include microfinance, social venture investment, and affordable private schools.

With the establishment of the Gray Ghost Microfinance Fund in 2003, GGV became one of the earliest private investors in microfinance. Today GGV's $69 million microfinance portfolio helps create and finance locally-managed regional microfinance funds through a combination of debt and equity. GGV also formed the Gray Ghost DOEN Cooperatief, a $35 million fund dedicated to investing in Information and Communication Technology (ICT) ventures that serve the needs of low-income communities in emerging markets. Most recently, GGV initiated efforts to provide financing to affordable private schools in emerging markets. The Indian School Finance Company (ISFC), based in Hyderabad, is a centerpiece of this activity. GGV also manages the $10 million mission-related venture capital investment portfolio of the Gray Matters Capital Foundation.

IGNIA is an impact investing venture capital firm based in Monterrey, Mexico that supports the start-up and expansion of high-growth social enterprises serving the base of the socio-economic pyramid in Latin America. IGNIA empowers entrepreneurship and generates social impact with investments in health services, basic utilities, and education, while targeting market-rate financial returns for its investors.

IGNIA has raised more than $71 million of equity funding in addition to $25 million raised for a credit facility from the Inter-American Development Bank. Typically ranging from $2 million to $10 million per portfolio company, IGNIA's investments take the form of common stock and are usually disbursed in stages. To increase the possibility of its entrepreneurs' success, the fund has created IGNIA Shared Services, an in-house company designed to streamline the finance and administrative platforms required for portfolio companies.

JPMorgan Chase & Co. is a global financial services firm with assets of $2 trillion. Operating in more than 60 countries, the firm is a leader in investment banking, consumer financial services, small business and commercial banking, financial transaction processing, asset management, and private equity.

J.P. Morgan's Social Finance unit provides investment and capital market services to social enterprises and funds, foundations, NGOs, development financial institutions, and other investors serving the base of the economic pyramid. The unit was launched in November 2007 as part of J.P. Morgan's Investment Bank and serves as the center of expertise and client contact for social impact investment opportunities. The geographic scope of activity is global, with particular focus on developing countries where J.P. Morgan has presence. Social Finance aims to help scale the impact investing market by investing the firm's own capital in social impact investments, creating and distributing impact investment products for other investors, providing thought leadership and research on the market, and engaging J.P. Morgan employees in this movement.

LeapFrog Investments is the world's first microinsurance fund. The fund invests in businesses in Africa and Asia that provide affordable insurance to low-income and vulnerable people. Its priority countries include India, the Philippines, South Africa, Ghana, and Kenya. LeapFrog's profit-with-purpose approach targets strong returns for its investors, and has attracted leading banks, funds, reinsurers, and microfinance institutions as investors. The Fund has offices in Johannesburg, Sydney, Edinburgh, and Washington, DC.

LeapFrog brings together a leading global team and industry experts in microinsurance to meet the escalating demand for microinsurance products at the right time: Lloyds recently estimated a 1.5 billion person market, which is significantly underpenetrated. The Fund both invests in growth-stage opportunities and partners with distribution channels that reach low-income populations, including banks, retail stores, mobile phone networks, religious groups, and microfinance institutions. LeapFrog will also evaluate opportunities in related financial services supporting large low-income populations. Portfolio companies must meet LeapFrog's criteria for quality, affordability, and relevance to low-income people. Beyond financial capital, LeapFrog provides investee companies with support in business planning, product design, regulatory and risk management, and development of efficient high-volume distribution channels. Through its portfolio companies, the fund aims to reach 25 million low-income and vulnerable people with essential financial services, 15 million of them women and children, providing protection against life's tragedies and ending cycles of poverty.

Founded in 2005, Lundin for Africa (LFA) is the philanthropic arm of the Lundin Group of Companies, which has invested actively in Africa for over 35 years. Through a mixture of grants and impact investments, LFA supports innovative, high-impact initiatives that enable sustainable agricultural livelihoods and support small and medium enterprise (SME) development across sub-Saharan Africa.

In 2009, LFA seeded and sponsored a $25 million West Africa SME Fund to invest in high-potential small and medium enterprises along the agribusiness value chain. Headquartered in Abidjan, Cote d'Ivoire, and managed by Injaro Investments, the Fund investments range from $200,000 to $2 million. In 2010, LFA also co-sponsored the $7 million West Africa Agricultural Investment Fund (WAIIF) with the Alliance for a Green Revolution in Africa (AGRA). Outside of its fund investments, LFA also invests directly in select agricultural projects that meet both its financial and social/environmental objectives.

Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Omidyar Network is structured to support the notion that philanthropy is not a type of funding, but rather about improving the lives of others through all available tools. Consequently, the organization works across social and business sectors, operating both a Limited Liability Company (LLC) and a 501(c)(3) foundation. Investments in for-profit companies are made through the LLC, while grants and program-related investments are made through the 501(c)(3) entity. To date, Omidyar Network has committed more than $330 million in grants and for-profit investments.

Omidyar Network's activities are organized around two initiatives: Access to Capital; and, Media, Markets, and Transparency. Through its Access to Capital initiative, Omidyar Network aims to foster entrepreneurial behavior, economic activity, and job creation by investing in organizations that improve access to financial services, business opportunities, and property rights. Omidyar Network's Media, Markets, and Transparency initiative supports individual participation in media, markets, and government. Through this initiative, Omidyar Network invests in technology that connects individuals with shared interests, helps people engage in critical issues, and increases access to credible information.

The Rockefeller Foundation , a global philanthropic organization based in New York City, supports work that expands opportunity and strengthens resilience to social, economic, health and environmental challenges-affirming its pioneering mission since 1913 to "promote the well-being" of humanity. Foundation initiatives focus on strengthening food security in sub-Saharan Africa, protecting economic security for American workers, promoting access to affordable and high-quality health systems in developing countries, and developing strategies and services that help vulnerable communities cope with the impacts of climate change.

The Rockefeller Foundation realizes that there is not enough charitable capital to solve the world's social and environmental problems. In response to this, the Foundation launched a $28 million Harnessing the Power of Impact Investing initiative, as a complement to charity and government in an effort to bring social and environmental solutions to scale. This initiative manages grants given to catalyze the leadership that this emerging industry needs at this crucial stage in its development. The Foundation also oversees a $20 million Program Related Investment (PRI) allocation which is intended to align with the Foundation's grant-making priorities. Rockefeller's PRI portfolio has taken the form of loans, equity, and guarantees which align with the Foundation's grant-making priorities.

Impact investing profile coming soon

Root Capital is a nonprofit social investment fund that is pioneering finance for grassroots businesses in rural areas of developing countries. Root Capital aims to fill the "missing middle" of finance - the underserved gap between microfinance and commercial banking - by providing loan capital, delivering financial training, and strengthening market connections for small and growing businesses. Root Capital employs a value chain financing model that provides short- and long-term loans against signed purchase orders between grassroots businesses and their buyers, primarily located in North America and Europe. Investors earn an average return of 2.5%.

Since its inception in 1999, Root Capital has provided more than $175 million in loans to 265 small and growing businesses, representing more than 385,000 farmers in 30 countries throughout Latin America and sub-Saharan Africa. Root Capital partners with global buyers such as Green Mountain Coffee Roasters, Starbucks, and The Body Shop to strengthen global supply chains for sustainable natural products such as coffee, cocoa, shea butter, and honey.

Based in Ontario, Canada, Sarona Asset Management Inc. was founded in 1953 as a private investment firm with a mission to create positive economic and social change by investing in small and medium business in poor communities in developing countries. Today, Sarona creates investment vehicles and products that aim to establish private investment as an effective solution to global poverty and environmental issues. Sarona makes private equity investments in the micro, small, and medium enterprise markets in developing countries around the world.

While Sarona manages a small portfolio of direct investments on behalf of private investors, most of its assets are invested in funds. Sarona is a co-founder of the Sarona and MicroVest groups of funds. Together, these funds comprise approximately $180 million of assets invested in developing countries. Sarona Risk Capital Fund, which is wholly-owned by the Mennonite Economic Development Associates (a business association and economic development group), provides early stage equity and debt financing to companies with a high potential for both financial success and positive social impact. In 2007, Sarona launched the privately-owned Sarona Risk Capital Fund I LP, as a sister fund to Sarona Risk Capital Fund. These two funds have combined assets of $15 million. In addition, the MicroVest group of funds has $133 million invested in the microfinance banking industry through the MicroVest I LP, MicroAccess Trust, and MicroVest II LP funds. In January 2010, Sarona completed a first close of its newest fund, Sarona Frontier Markets Fund I LP, with over $12 million. This is among the first private equity fund-of-funds to offer investors an aggressive strategy for targeting financial, social, and environmental outcomes in developing country markets.

Created in 1996, NCIF is an independent non-profit private equity trust fund that invests capital into Community Development Banking Institutions (CDBIs), certified Community Development Financial Institutions (CDFIs), and Minority-owned and focused Depository Institutions (MDIs). NCIF has partnered with impact investors - foundations, large banks, pension funds, faith-based, and socially responsible investors - with the mission of increasing the flow of resources into the most distressed markets around the country. Working toward this same goal, NCIF also pioneered Social Performance Metrics that measure US banks' social outputs by mining data on 8000+ banks since 1996. These metrics are complemented by NCIF's Model CDBI Framework which identifies and certifies banks as CDBIs. NCIF is advised by ShoreBank Corporation.

NCIF pursues its mission through four lines of business: core investing in Tier 1 capital of banks/credit unions that have a social mission; facilitating deposits into these mission oriented banks/credit unions; helping them book loans using New Markets Tax Credits; and, building capacity in governance, risk management, capital raising and other key functions for the NCIF Network of Banks. NCIF's total assets under management are $150 million, including $128 million in New Markets Tax Credits. Since its inception, NCIF has invested in 45 financial institutions nationwide that direct loans to low-income borrowers and low- to moderate-income communities. Cumulatively, NCIF's portfolio of banks and credit unions has generated over $4.3 billion in development loans. NCIF also expects to create a rating mechanism for CDBIs using the Social Performance Metrics, and the Model CDBI Framework.

Impact investing profile coming soon

Founded in 1997, SNS Asset Management offers investment products with an added social or environmental value to institutional investors. SNS manages assets for a range of institutional investors, including pension funds, insurers, banks, social organizations, foundations, charities, and religious institutions. Since adopting its fundamental investment principles, SNS invests nearly all of its EUR 42 billion assets under management based on social, ethical, and environmental criteria.

In cooperation with Developing World Markets (DWM), SNS launched the SNS Institutional Microfinance Fund I in 2007 with EUR 182 million. A second institutional microfinance fund closed in 2009 with EUR 130 million. The SNS REAAL Water Fund invests in water and sanitation projects by extending loans to microfinance institutions providing microcredit that enables low-income clients to access water and sanitation facilities or products. In 2010, SNS is launching the SNS Africa Agriculture Fund (SAAF) in cooperation with the United Farmers Fund. SAAF will fund responsible equity investments in farmland, agribusiness, and agricultural infrastructure in southern Africa, with a specific focus on creating a positive impact for workers, local communities, and the environment.

TIAA-CREF, a Fortune 100 financial services organization, is the leading retirement system for Americans who work in the academic, research, medical, and cultural fields. TIAA-CREF serves 3.6 million clients participating in more than 27,000 retirement plans at 15,000 institutions, and has $414 billion in combined assets under management, as of December 31, 2009. TIAA-CREF pursues impact investing through its Global Social and Community Investing Department within the company's Asset Management division. Investments complement the firm's other socially responsible investing strategies which include providing clients socially screened investment options and shareholder advocacy.

Through its Global Social and Community Investing program, TIAA-CREF targets investments that offer a combination of competitive returns and positive social impact. TIAA-CREF's impact investing started in the 1980s in affordable housing and sustainable development, and has since expanded to include global microfinance with the 2006 launch of a $100 million Global Microfinance Investment Program. This program was the first investment of its kind by a major American institutional investor. TIAA-CREF also manages a large US community bank deposits program which doubled in size in 2009 to $49 million in FDIC-insured deposits. TIAA-CREF is also beginning to explore investments in green building technology. As of December 2008, TIAA-CREF's impact investing portfolio included nearly $734 million in commitments.

Trans-Century Limited is a Kenya-based investment company that makes medium- and long-term investments across fast-growing, underserved sectors in sub-Saharan Africa. With approximately $100 million in assets under management, Trans-Century invests in industrials, infrastructure, financial services, and agribusinesses. Trans-Century's investments in underserved sectors aim to achieve both strong investor returns and tangible economic development by raising gross domestic product (GDP), jobs and exports. Many of the businesses in Trans-Century's portfolio serve the bottom of the social-economic pyramid and support small and medium enterprises across the region. Though investments are made primarily through private equity, some of Trans-Century's key portfolio companies are listed on the Nairobi and Zambia stock exchanges.

Trans-Century is looking to finance agriculture projects with potential to grow significantly through improved market reach and efficiency. These investments will aim to help create a sustainable avenue for smallholder farmers to grow their businesses into small and medium enterprises that stimulate economic activity in local communities.

In 2009, the Triodos Group, which is comprised of Triodos Bank, Triodos Investment Funds, and Triodos Private Banking, managed EUR 4.9 billion and served 242,000 customers. Triodos Investment Management BV is a full subsidiary of Triodos Bank, a fully licensed independent bank with branch offices in The Netherlands, Belgium, UK, Spain and Germany. Triodos Investment Management is responsible for managing a number of internationally operating funds that invest in both developing countries and Europe. These funds allow individuals and institutions to invest directly in sustainable sectors, including microfinance, sustainable trade, sustainable real estate, renewable energy, organic agriculture, conservation, and cultural projects. The funds also invest in listed companies worldwide that provide sustainable products or services, or achieve above-average social and environmental performance and actively contribute to sustainable development. At year-end 2009, Triodos Investment Management had EUR 1.6 billion in assets under management.

Triodos Investment Management has been a pioneering provider of capital to the microfinance sector since 1994. Through the management of four specialized microfinance investment funds, Triodos has financed over 100 microfinance institutions in 40 countries throughout Latin America, Africa, Asia, and Eastern Europe. At the close of the 2009 calendar year, Triodos' microfinance funds had EUR 227 million in total assets under management. In other areas, Triodos manages funds such as Triodos Sustainable Trade Fund which offers innovative trade finance loans that enable organic and fair trade producers in developing countries to access US and European markets, and Triodos Renewables Europe Fund which supports the expansion of renewable energy in Europe.

The W.K. Kellogg Foundation is focused on the welfare of vulnerable children, and supports families and communities as they strengthen and create conditions that help children at risk achieve success as individuals and as contributors to the larger community and society. Of particular concern are the impacts of poverty, which limit children's access to adequate education, nutritious food, economic security, and quality health care, and the foundation's work to address these challenges is done with emphasis on racial equity and civic engagement. The Foundation was established in 1930 by breakfast cereal pioneer W.K. Kellogg, and is based in Michigan. Today it ranks among the world's largest private foundations, awarding grants in the United States, Latin America and the Caribbean, and southern Africa.

In 2007, the Foundation allocated $100 million of its endowment assets for a pilot program in missiondriven investing (MDI). The goal of the program is to advance the Foundation's mission-aligned impact while preserving - and potentially growing - capital. Of the MDI allocation, $25 million is designated for investments in southern Africa, with the remaining $75 million targeting opportunities in the United States. An evaluation of opportunities in Latin America is underway. The Foundation invests across three asset classes - cash, fixed income, and private equity - with expectation of market-rate returns.

Wolfensohn Fund Management, L.P. (WFM) is a global emerging markets private equity manager that makes making active-minority investments in high growth businesses. WFM is focused on the low-carbon energy, financial services, and consumer/retail sectors across a variety of emerging markets. The firm was founded by James D. Wolfensohn, former President of the World Bank (1995-2005) and currently has offices in New York, London and New Delhi.

A top priority for the firm is addressing the critical threat of global climate change. With non-OECD countries projected to account for 91 percent of the global increase in energy demand through 2030, WFM seeks to reduce global carbon emissions by causing its affiliated funds to invest in companies developing low-carbon energy solutions for the emerging markets with particular focus on India, Brazil, and Eastern Europe. Varying by geography, WFM targets investments in solar, small hydro, geothermal, wind, sustainable biofuels and biomass. Other sectors such as consumer energy, storage, demand management, and fuel cells will also be considered.