Investing for Success Program to Be Held in Miami

Contacts:
Leslie Dunbar, NUL, 212/558-5438
Carol Davis, COBI-IEF, 336/922-6240
John Collins, ICI, 202/326-5864

Washington, DC, August 30, 2001 - The National Urban League (NUL), Coalition of Black Investors-Investment Education Fund (COBI-IEF), and the Investment Company Institute Education Foundation (ICIEF) today announced that one in a nationwide series of investor education workshops promoting greater understanding among middle-income African Americans about the benefits of long-term investing will be held in Miami.

The Investing for Success workshop is scheduled for Thursday, September 20, 2001. Registration is from 6 pm to 6:30 pm and the program is scheduled between 6:30 pm and 9 pm at Miami Dade Community College, North Campus, William and Joan Lehman Theatre, 11380 NW 27^th Avenue in Miami. The NUL, COBI-IEF, the Urban League of Greater Miami, Fidelity Investments, and ICIEF sponsor the workshop, which will be presented by Pamela Everhart of Fidelity Investments. To reserve a space at the free workshop, call 1-877-358-5888 before September 18.

Each participant at the program's personal finance workshops will use a series of worksheets to help them assess their risk tolerance and retirement needs and develop an action plan. They will also receive a series of investor awareness brochures, a video discussing successful investing, and information on additional resources.

The Miami workshop is the latest in a series of investor education workshops aimed at providing information to investors about building wealth while maintaining realistic expectations and encouraging long-term investment planning. Investing for Success workshops were developed in response to surveys that show that despite a significant increase in investor awareness among African Americans, the community directs a smaller portion of its income to long-term investments than other groups with similar incomes. COBI-IEF reports that fewer than one in five African Americans participate in their employers' 401(k) retirement plan. A 1998 State of Black America report shows that the primary reason African Americans cite for not investing is lack of knowledge.

Hugh Price, President of NUL, said, "The Investing for Success program is designed to inspire African Americans to become more knowledgeable about investing for retirement and to take advantage of opportunities to accumulate wealth. This partnership is one of the first steps toward accomplishing the NUL's mission to enable African Americans to secure economic self-reliance, parity, and power in the 21^st century. The NUL, COBI-IEF, and ICI share an important goal of helping African Americans to become economically self-sufficient."

"Investor education initiatives, such as Investing for Success, serve an important role in promoting a more comprehensive understanding of investing for African Americans," said Carol Davis, President of COBI-IEF.

"The Investing for Success program brings important information about the benefits of long-term investing to the African-American community," said Institute Executive Vice President Julie Domenick. "Program participants agree that the workshop is clearly presented, useful, and something they would recommend to others. Together with the National Urban League and its local affiliate, COBI-IEF, and Fidelity Investments, we look forward to bringing the program to Miami."

Investing for Success workshops have taken place in Philadelphia, Los Angeles, Houston, Boston, New York, Seattle, Washington, DC, Baltimore, Chicago, and Atlanta. All have received high ratings from participants. Additional workshops are being planned for Columbia, SC (October 13) and Milwaukee.

The NUL is the nation's oldest and largest community-based movement devoted to empowering African Americans to enter the economic and social mainstream. COBI-IEF is recognized as the principal association for individual African-American investors. ICIEF is an affiliate of the Investment Company Institute, the national association of American mutual funds, closed-end funds and unit investment trusts.