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.