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EXHIBIT 19                                                           EXHIBIT 19
REPORT TO SHAREHOLDERS

I. FINANCIAL FOR THE QUARTER ENDING DECEMBER 31, 2000

During the quarter that ended December 31, 2000 Progressive Asset Management,
Inc. (PAM) continued to achieve positive financial results. PAM generated total
revenues of $189,125 while expending $115,052, thereby producing a net profit of
$74,073 for the quarter. Basic earnings for the period were 0.05 cents per
share, and fully diluted earnings were 0.03 cents per share. Such results
compare favorably to earnings from the same quarter of the previous fiscal year
when net income was $33,589.

Total net earnings for the first six months of fiscal 2001, July 1-December 31,
2000, reached $113,248 These figures include all expenses related to the move of
the national office to 1010 Oak Grove Road in Concord, California that has now
been successfully completed. PAM has achieved its 6th consecutive quarter of
profitability under the new strategic alliance with Financial West Group (FWG).

II. RECRUITMENT

Essential to the continued growth of PAM is recruitment of additional registered
representatives to the PAM Network. Under this arrangement FWG executes
securities transactions and receives the commissions for the representatives.
Then FWG distributes the preponderance of the commissions to the
representatives, retaining a portion that is shared with PAM. Thus each new
"rep" brings a new revenue stream to PAM.

PAM is very pleased to announce that in December 2000 a group of 10 reps under
the leadership of Brian Laverty decided to join the PAM Network. The news is
especially positive, because the group is highly experienced in socially
responsible investing, and the members are based in locations where PAM did not
have offices previously. The PAM Network has now added a presence to its
national network in the states of Arizona, Kentucky, New Jersey, Ohio,
Pennsylvania, and Wisconsin. The PAM Network is now at its largest size ever in
terms of reps, with 40.

The majority of these new reps began the switch over to FWG in early January
2001, and we believe that the switching over of the reps will be completed by
the end of April 2001. Because of the normal time delays involved in the process
of transferring accounts, there will be a lag time of several months before the
full impact of the benefits of this network growth are recognized in PAM's
revenue.

III. SPECIAL PROGRAMS

Progressive Trade Securities Inc., a socially screened online investment firm
being created jointly by PAM and Sustainable, Inc. has been incorporated, and is
in the process of registering with the NASD as a broker-dealer and completing
its business plan. James Nixon, formerly the Vice President of Social Research
and Network Services for PAM, left PAM to become the founding chair of the board
and CEO of the new company. His previous job responsibilities are being handled
by Neil Stallings, the new Director of Social Research, and PAM President Eric
Leenson. A search is underway to fill the newly-created position of Director of
Business Development whose duties will encompass broker recruitment and network
services.

Efforts to convene an innovative, educational two day conference for
institutional investors proceeded smoothly during the quarter. Bottomline 2001:
The Future of Fiduciary Responsibility will take place at the Mark Hopkins Hotel
in San Francisco, California, April 18-20th 2001. The conference will host
elected officials (public fiduciaries), trustees, and staff from pension funds,
foundations, religious organizations, labor unions, family trust offices,
colleges and universities to examine the growing inclusion of social and
environmental factors within the context of public and private fiduciary
responsibility.


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IV. SHAREHOLDER MATTERS

PAM is now a "reporting company" under the Securities Exchange Act of 1934. This
means that PAM is required to file an annual report with the Securities and
Exchange Commission (SEC), called a Form 10-KSB. PAM will also file for each of
its first three quarters of each fiscal year a quarterly report called a Form
10-QSB. These forms are filed electronically with the SEC and are available
immediately on the SEC's website. These forms will give current financial
information about PAM as well as pertinent developments. PAM will also file
several other reports with the SEC, some of which likewise are filed
electronically. While these reports will be a financial burden on PAM, the
annual cost is justified to allow its shareholders to continue to trade its
common stock, and to provide its shareholders and the public with current
information on PAM.

At the Board Meeting held in November 2001 the Directors authorized the officers
to spend up to $50,000 for the purpose of purchasing PAM common shares. In
accord with that decision a small number of shares, less than 4% of those
outstanding, were purchased by the company.

V. OTC BULLETIN BOARD

PAM'S common stock commenced being quoted on the National Association of
Securities Dealers' (NASD) OTC Bulletin Board in 1997. The NASD changed its
rules concerning the requirements for a company to have its stock quoted on the
Bulletin Board. Under NASD's new requirements that were phased-in during
1999-2000, PAM had to become a "reporting company" under the Securities Exchange
Act of 1934.

PAM filed the application with the SEC to register its stock in February 2000.
While the SEC reviewed PAM's application for registration, the NASD suspended
the quotation of PAM's stock on the Bulletin Board, as required by the new rules
of the NASD for all companies. The SEC finally accepted PAM's application for
registration in late 2000. Under the NASD 's rules, PAM's stock can be quoted
again on the Bulletin Board once a brokerage firm (other than PAM) applies to
act as a "market-maker" of PAM's stock on the Bulletin Board. The application to
resume the quoting of PAM's stock has been submitted, and we are hopeful that
the common stock will resume being quoted on the Bulletin Board in the next
several weeks.

VI. LOOKING TO THE FUTURE

Although there is certainly no assurance that the favorable results will
continue, we are content with the results of our most recent quarter. Financial
results were favorable, and the PAM Network grew substantially. We are off to a
good start in 2001, with the addition of 10 reps as well as the leadership
abilities demonstrated by Brian Laverty. In fact, he joins the ranks of office
managers in Baltimore, Boston, Fairfield, Iowa, and New York City who hold
significant promise for building the Network. We believe that the decision taken
by this experienced group of 10 reps affirms the attractiveness of the PAM/FWG
business model. It is gratifying to see these positive developments as we strive
to increase value for shareholders while offering our clients the opportunity to
invest for financial return and social progress.


Peter Camejo                                         Eric Leenson
Chair, CEO                                           President, CEO


Any statements contained in this Quarterly Report that relate to future plans,
events, or performance are forward-looking statements that involve risks and
uncertainties. These include: but are not limited to, changes in general
economic conditions, particularly the recent down-turn in the economy, intense
competition for customers, pressures on brokerage, other fees charged, most
notably the competition among firms offering brokerage services on-line, the
mood of the investing public and the changes in political attitude toward
socially responsible investments. PAM cautions that the foregoing list of
important factors is not exclusive. Developments in any of these areas could
cause PAM's results to differ materially from results that have been or may be
projected by or on behalf of PAM. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date of
this statement. PAM does not undertake to update nay forward-looking statements
that may be made from time to time by or on behalf of PAM.

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