All investments are subject to inherent risks. An investment in the Fund is no exception. Accordingly, you may lose money by investing in the Fund.
New technologies, in which we invest, may be feasible, but not cost effective. The Fund may chose a new technology that is not successful. Interest in achieving a clean environment and sustainable energy production 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 choose a successful technology. 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, including depository receipts traded on U.S. exchanges but representing shares of foreign companies. Foreign investment has risks arising from currency exchange rate fluctuations, tax policies and political changes.
This disclosure of risks is not complete. Please refer to the Fund current report for a more complete description of risks associated with investment in the Fund.