Putting money in most mutual funds won't provide a clean conscience for socially. responsible investors, a study has found.

When it comes to doing good by communities and employees, mutual funds lag behind the companies that make up the Standard & Poor's 500 stock index, according to the study by Covenant Investment Management. Funds match S&P's 500 companies for environmental responsibility, the study found.

Covenant, a Chicago investment consulting firm, reviewed 380 stock funds with assets of $200 million or more.

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