All mutual funds have a level of risk that comes from changes
in the market and changes in the economy. Fund shares will fluctuate
in value. Losses are possible.
New technologies, in which we invest, may be feasible, but not
cost effective. The Fund may not choose among them wisely. Interest
in achieving a clean environment may diminish.
Government policy and community views change. Concerns and concepts
change. We try to change with them. New technologies appear. We
try to identify them. There is no assurance that we will have the
wisdom to do so. Because of market conditions and the need to make
choices, we may not be able to invest in all interesting technologies
all the time.
Investments in alternative energy and companies with environmental
products are subject to political priorities and changing government
regulation. For example, should the government reduce environmental
regulation or its enforcement, then companies that produce products
designed to provide a clean environment, in which we invest, are
less likely to prosper. Potential advantages of alternative energy
may be slow in development and recognition.
Part of the Fund portfolio may include small developing companies
where risks are normally higher.
The Fund may invest a portion of its assets in the
securities of foreign companies. Currently it appears to the fund managers that European
and other countries are more concerned with environmental programs.
Nevertheless, foreign investment has risks arising from currency
fluctuation, tax and political changes.
This disclosure of risks is not complete. There are risks which
cannot yet be envisioned.
See page 3 of the prospectus, available on this site or by calling 1-800-423-8383, for more about risks.