Bond fund owners and bond owners losing more than $250,000 to recover their losses on the Internet WWW

Bond fund owners and bond owners losing more than $250,000 in their investments due do to brokder misconduct. Their bonds have become illiquid or defaulted as a result of the sub-prime crisis. The ratings agencies reduce their ratings from AAA to junk bond lowsl. The brokers recomended these bond funds and bonds hedge funds as a "conservative fixed income investment that can not probably lose money and is insured in the event that it loses money." These bonds have devaluated excessively due to the recent news and the run on the investment banking companies, leaving investors with worthless paper. Some of these investors put the mony in headge funds that keep trading and reselling papers to third parties causing additional unreasonable losses. Such investors, many of whome have retired and depend on these investments, may be entitled to recover their losses. They have to contact lawyers, who specialize in this area, and offer free consultations and no fee if no recovery occurs. Following are some examples as the Internet WWW (World Wide Web) reports them:

http://stockam.wordpress.com/2008/03/10/waking-up-to-red-ticks/ No relief for bulls

It was bears day out, as they dominated throughout the trading session. After the Sensex opened with a huge negative gap of over 300 points, unabated selling saw the index slip below the 16k mark. Sensex closed at the lowest level since September 18, 2007. The fall could be attributed to a melt down in the global equity markets. Finally, the 30-share Sensex closed at 15,542 dropping 566 points. The NSE Nifty closed at 4,771 losing 149 points.

http://www.sec.gov/news/digest/06-11.txt

The Commission's complaint, filed in the U.S. District Court for the District of Columbia, alleges that, during the period 1997 through April 2001 Gobora defrauded Merrill Lynch clients in two ways. The first scheme involved "cherry picking" short term foreign exchange trades, with profitable trades allocated by Gobora to favored clients, and losing trades given to unfavored clients. The second scheme involved delaying the execution and allocation of foreign exchange trades that were prompted by client trades of foreign securities; if the market moved positively after a position was opened, Gobora allocated the trade to favored clients, with the original client trading the foreign exchange at the later, less favorable price. The Merrill Lynch clients that were hurt by these schemes included several U.S. registered investment companies.

The amended complaint alleges, among other things, that the four principals of Beacon Hill together implemented a fraudulent scheme that resulted in investors losing more than $300 million. The allegations are that from at least the beginning of 2002 through October 2002, Beacon Hill and its principals made material misrepresentations to investors and engaged in other fraudulent conduct. The misrepresentations concerned the methodology Beacon Hill used for calculating the net asset values of the hedge funds it managed; the hedging and trading strategy for the purportedly "market neutral" funds; and the value and performance of the funds.

http://www.secinfo.com/dqd82.v9.htm

However, if you cannot afford the risk of losing your entire investment in this partnership, you should not purchase these partnership interests.

Signature(s) - do not sign without familiarizing yourself with the information in the Prospectus, including: (i) the fundamental risks and financial hazards of this investment, including the risk of losing your entire investment; (ii) that the Partnership is the first client account to trade in the Atlas Futures Fund portfolio; (iii) the Partnership's substantial charges; (iv) the Partnership's highly leveraged trading activities; (v) the lack of liquidity of the Units including a lock-in period of twelve months; (vi) the existence of actual and potential conflicts of interest in the structure and operation of the Partnership; (vii) that Limited Partners may not take part in the management of the Partnership; and (viii) the tax consequences of the Partnership.

http://www.newagebd.com/2006/jan/03/busi.html

Dhaka stocks bounce back
STAFF CORRESPONDENT

Dhaka stocks bounced back with index gaining 19.14 points Monday after a low start of the new year’s trading.
The Chittagong Stock Exchange, however, extended its losing streak on the second day of 2006.

http://www.collectstocks.com/frofhoinde19.html

Reorganizing Under Bankruptcy Protection: Early 2000s

LoRe continued the "mainstreaming" of Frederick's that Patterson had begun, but the financial health of the company soon became the primary concern. In June 2000 Knightsbridge sold the company to Wilshire Partners, a private investment firm based in Newport Beach, California, for an undisclosed price. At this time Frederick's was sagging under the crushing weight of a $70 million debt load, most of which was a legacy of the Knightsbridge takeover, which was devised as a leveraged buyout. It was also losing its long-running battle with Victoria's Secret, whose sales neared the $3 billion mark by 1999--compared with Frederick's approximate revenues of $145 million. Therefore, Frederick's filed for Chapter 11 bankruptcy protection in July 2000 and secured new financing enabling it to maintain operations and continue to revamp its product lines and stores.

http://www.secinfo.com/dMMAy.tb.9.htm

If the counterparty of the repurchase agreement defaults and does not repurchase the underlying security, the Fund might incur a loss if the value of the underlying security declines, and the Fund might incur disposition costs in liquidating the underlying security. In addition, if the counterparty becomes involved in bankruptcy proceedings, the Fund may be delayed or prevented from obtaining the underlying security for its own purposes. In order to minimize any such risk, the Fund will only engage in repurchase agreements with recognized securities dealers and banks determined to present minimal credit risk by the Adviser, under the direction and supervision of the Board of Directors.

The High Yield Bond Fund may invest up to 10% of its total assets in asset-backed securities. The Everest Fund, Bond Fund, Money Market Fund and Large Cap Growth Fund may invest without limitation in asset-backed securities whose characteristics are consistent with the Fund's investment program and are not further limited below. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the security is insulated from the credit risk of the originator of the debt obligations or any other affiliated entities and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities generally depends on the rate of principal payments received on the underlying assets which in turn may be affected by a variety of economic and other factors. As a result, the yield on any asset-backed security is difficult to predict with precision and actual yield to maturity may be more or less than the anticipated yield to maturity. In addition, for asset-backed securities purchased at a premium, the premium may be lost in the event of early pre-payment which may result in a loss to the Fund.

http://www.marketwatch.com/tools/quotes/secarticle.asp?&sid=1762933&symb=MGI&guid=4247786&type=1

We are subject to a number of risks relating to U.S. federal and state regulatory requirements which could result in material settlements, fines or penalties or changes in our business operations that may adversely affect our business, financial condition and results of operations.

In the United States, the money transfer business is subject to a variety of state regulations. We are also subject to U.S. federal anti-money laundering laws and the requirements of the Office of Foreign Assets Control, which prohibit us from transmitting money to specified countries or on behalf of prohibited individuals. If we were to inadvertently transmit money on behalf of, or unknowingly conduct business with, a prohibited individual, we could be required to pay significant damages, including fines and penalties. The USA PATRIOT Act mandates several anti-money laundering requirements. Any intentional or negligent violation of anti-money laundering laws by our employees could lead to significant fines and/or penalties, and could limit our ability to conduct business in some jurisdictions. The federal government or the states may elect to impose additional anti-money laundering requirements. Changes in laws, regulations or other industry practices and standards may occur which could increase our compliance and other costs of doing business, could require significant systems redevelopment, reduce the market for or value of our products or services or render our products or services less profitable or obsolete, and could have an adverse effect on our results of operations. If onerous regulatory requirements were imposed on our agents, they could lead to a loss of agents, which, in turn, could lead to a loss of retail business.

Failure to comply with the laws and regulatory requirements of federal and state regulatory authorities could result in, among other things, revocation of required licenses or registrations, loss of approved status, termination of contracts with banks or retail representatives, administrative enforcement actions

Table of Contents

If we lose key retail agents in our Global Funds Transfer segment, ...... million from the settlement of a lawsuit brought by Game Financial Corporation. ...
www.marketwatch.com/tools/quotes/secarticle.asp?&sid=1762933&symb=MGI&guid=4247786&type=1 - Similar pages - Note this

Headge Bond Funds losing multi $00,000 lawsuit

http://www.marketwatch.com/tools/quotes/secarticle.asp?&sid=1762933&symb=MGI&guid=4247786&type=1

our business, financial condition and results of operations.

Our business has in the past been, and may in the future continue to be, the subject of class actions, regulatory actions, investigations or other litigation. The outcome of class action lawsuits, regulatory actions or investigations is difficult to assess or quantify. Plaintiffs in these types of lawsuits may seek recovery of very large or indeterminate amounts, and the magnitude of lawsuits and actions may remain unknown for substantial periods of time. The cost to defend future lawsuits or investigations may be significant. There may also be adverse publicity associated with lawsuits and investigations that could decrease customer acceptance of our services. As a result, litigation or investigations may adversely affect our business, financial condition and results of operations.

http://icma.eprospectus.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?sessionId=oMawCP1sZQABS2h&ID=4372364

The state`s geographic location renders it vulnerable to natural disasters such as hurricanes. The state of Florida experienced severe hurricanes in mid-August and early September 2004. Hurricane Charley, a category 4 hurricane, hit the state`s southwest and central regions in mid-August. Hurricane Frances followed on the heels of Charley, but was less severe as a category 2 hurricane. A third hurricane, Hurricane Ivan, a category 3 hurricane, followed Hurricane Frances. The damage from the hurricanes is estimated at $4 billion. Florida`s non-reimbursable share of the total cost of the hurricanes is $676 million. The major portion of the claims from the hurricanes is expected to be handled by insurance companies and the Federal Emergency Management Agency. In 1996 Florida settled a lawsuit with the tobacco industry in which the state sought to recover the costs associated with tobacco usage by Flo ridians. The total amount expected to be collected from the tobacco companies through the settlement is estimated to be around $13 billion over 25 years. This money will be used for children`s health coverage, to reimburse the state for smoking -related medical expenses, and for state enforcement efforts in reducing sales of tobacco products. As of June 30, 2004, settlement collections of $4.2 billion have been reported by the state.

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PROSPECTUS

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MAY 1, 2006

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T.   Rowe Price

Industry-Focused Equity Funds

A family of stock funds seeking long-term capital growth by maintaining industry-focused portfolios.

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

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1	About the Funds
	Objective, Strategy, Risks, and Expenses	1
	Other Information About the Funds	19
2	Information About Accounts in T.   Rowe Price Funds
	Pricing Shares and Receiving Sale Proceeds	24
	Useful Information on Distributions and Taxes	30
	Transaction Procedures and Special Requirements	36
	Account Maintenance and Small Account Fees	39
3	More About the Funds
	Organization and Management	41
	Understanding Performance Information	44
	Investment Policies and Practices	45
	Disclosure of Fund Portfolio Information	51
	Financial Highlights	52
4	Investing With T. Rowe Price
	Account Requirements and Transaction Information	61
	Opening a New Account	62
	Purchasing Additional Shares	64
	Exchanging and Redeeming Shares	65
	Rights Reserved by the Funds	67
	Information About Your Services	68
	T. Rowe Price Brokerage	70
	Investment Information	71
	T.   Rowe Price Privacy Policy	73

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T. Rowe Price Industry — Focused Equity Funds

T. Rowe Price Developing Technologies Fund, Inc.

T. Rowe Price Financial Services Fund, Inc.

T. Rowe Price Global Technology Fund, Inc.

T. Rowe Price Health Sciences Fund, Inc.

T. Rowe Price Media & Telecommunications Fund, Inc.

T. Rowe Price New Era Fund, Inc.

T. Rowe Price Real Estate Fund, Inc.

T. Rowe Price Science & Technology Fund, Inc.

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Founded in 1937 by the late Thomas Rowe Price, Jr., T. Rowe Price Associates, Inc. (T. Rowe Price), and its affiliates managed $ 269.5 billion for more than nine million individual and institutional investor accounts as of December 31, 2005 . T. Rowe Price is the funds` investment manager.

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Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve, or any other government agency, and are subject to investment risks, including possible loss of the principal amount invested.

About the Funds 1

OBJECTIVE STRATEGY RISKS AND EXPENSES

What is each fund`s objective?

Fund	Objective	Expected risk relative to one another
Developing Technologies	Long-term capital growth .	Highest
Financial Services	Long-term growth of capital and a modest level of income.	Higher
Global Technology	Long-term capital growth.	Highest
Health Sciences	Long-term capital appreciation.	Highest
Media & Telecommunications	Long-term capital growth through the common stocks of media, technology, and telecommunications companies .	Highest
New Era	Long-term capital growth primarily through the stocks of natural resource or basic commodity companies and also selected nonresource growth companies .	Moderate
Real Estate	Long-term growth through a combination of capital appreciation and current income.	Moderate
Science & Technology	Long-term capital appreciation.	Highest

Table 1 Industry-Focused Equity Funds Comparison Guide

What is each fund`s principal investment strategy?

The essential characteristics of each fund`s investment strategy are summarized below. While each fund takes a unique approach, the funds share many strategies. None of the funds have a restriction on market capitaliza tion — shares outstanding multiplied by share price — although (as described below) some concentrate assets on a particular market cap range.

Developing Technologies Fund

Normally i nvests at least 80 % of net assets in common stocks of companies we expect to generate a majority of their revenues from the advancement and use of developing technologies. Our primary emphasis will be on emerging companies that are developing new technologies and services with attractive long-term growth pros pects, in our view. The portfolio may also contain stocks of companies with more proven records of developing and marketing breakthroughs in technology.

We will invest across a broad range of small, medium, and large companies,
although our initial emphasis will primarily be on emerging technology stocks with higher growth potential than may be possible with established technology companies.

Stock selection emphasizes a growth approach based on comprehensive re search that evaluates a company ` s pros pects for above-average, sustainable earnings growth.

The fund may look for opportunities to invest in suitable developing technology companies through initial public offerings (IPOs). The portfolio may include companies that are not directly involved in technology research and development but that should benefit from advances in the field.

Up to 30% of assets may be invested in foreign stocks of companies in established and developing countries.

Developing technology companies . Some of the industries likely to be included in the portfolio are :

communications - voice, data, and wireless;

Internet infrastructure - hardware, software, and networking equipment;

semiconductors - components and equipment;

computers - hardware and software; and

e-commerce (companies doing business through the Internet) and data processing services.

PAGE 5

Financial Services Fund

Normally i nvests at least 80 % of net assets in the common stocks of companies in the financial services industry. May also invest in companies deriving substantial revenues ( at least 50% ) from conducting business with the industry, such as providers of financial software .

Stock selection is based on fundamental, bottom-up analysis that seeks to identify companies with good appre ciation prospects.

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May use both growth and value approaches to stock selection. In the growth area, the manager seeks companies with capable management, attractive business niches, sound financial and accounting practices, and a demon strated ability to increase revenues, earnings, and cash flow consistently. In the value area, the manager will seek companies whose current stock prices appear undervalued in terms of earnings, projected cash flow, or asset value per share ; that have growth potential temporarily unrecognized by the market ; or that may be temporarily out of favor.

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Many fund holdings are expected to pay a dividend.

Financial services companies. For purposes of selecting investments, we define the financial services industry broadly . I t includes (but is not limited to) the following:

regional and money - center banks;

insurance companies;

home, auto, and other specialty finance companies;

securities brokerage firms and electronic trading networks;

investment management firms;

publicly traded, government-sponsored financial enterprises;

thrift and savings banks;

financial conglomerates;

foreign financial services companies; and

electronic transaction processors for financial services companies.

Global Technology Fund

Normally i nvests at least 80 % of net assets in the common stocks of companies we expect to generate a majority of their revenues from the development, advancement, and use of technology. Our primary emphasis is on the common stocks of what we consider to be leading technology companies around the world. We will normally seek to invest a minimum of 30% of the portfolio in established and emerging foreign markets and the balance in the U.S. However, the amount of the fund invested in foreign securities will vary and could be substantially less than 30%, depending on the manager`s view of opportunities overseas versus those in the U.S.

The growth of the Internet and the widespread availability of communications services are breaking down regional boundaries. Therefore, we will seek to invest across a broad range of global enterprises.

Stock selection generally reflects a growth approach based on intensive research that assesses a company`s fun damental prospects for above-average earnings.

Holdings can range from small, unseasoned companies developing new technologies to blue chip firms with established track records of developing and marketing technology. Investments may also include companies that should benefit from technological advances even if they are not directly involved in research and development.

The fund may invest in suitable technology companies through initial public offerings (IPOs).

Global technology companies. Some of the industries and companies likely to be included in the portfolio are:

communications - voice, data, and wireless;

Internet infrastructure - hardware, software, and networking equipment;

semiconductors - components and equipment;

computer - hardware and software;

e-commerce (companies doing business through the Internet) and data processing services; and

media and entertainment.

Health Sciences Fund

Normally i nvests at least 80 % of net assets in the common stocks of companies engaged in the research, devel opment, production, or distribution of products or services related to health care, medicine, or the life sciences (collectively termed "health sciences").

While the fund can invest in companies of any size, the majority of fund assets are expected to be invested in large- and mid-capitalization companies.

The fund will use fundamental, bottom-up analysis that seeks to identify high-
quality companies and the most compelling investment opportunities.

In general, the fund will follow a growth investment strategy, seeking companies whose earnings are expected to grow faster than inflation and the economy in general. When stock valuations seem unusually high, however, a "value" approach that gives preference to seemingly undervalued companies may be emphasized.

Health sciences companies. We divide the health sciences industry into four main areas:

pharmaceuticals;

health care services companies;

products and devices providers; and

biotechnology firms.

Our allocation among these four areas will vary depending on the relative potential we see within each area and the outlook for the overall health sciences sector.

Media & Telecommunications Fund

Normally i nvests at least 80% of net assets in the common stocks of media and telecommunications companies.

Generally, the fund invests in companies in the large- to mid-capitalization range.

Stock selection is based on fundamental, bottom-up analysis that seeks to identify companies with good appre ciation prospects.

May use both growth and value approaches to stock selection. In the growth area, the manager seeks companies with capable management, attractive business niches, sound financial and accounting practices, and a demon strated ability to increase revenues, earnings, and cash flow consistently. In the value area, the manager seeks companies whose current stock prices appear undervalued in terms of earnings, projected cash flow, or asset value per share, that have growth potential temporarily unrecognized by the market, or whose stock prices may be temporarily depressed.

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Fund investments may be in U.S. or non-U.S. companies, and may also include futures and options as well as other investments in keeping with the fund`s objective.

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Media and telecommunications companies. These include companies engaged in any facet of media and telecommu nications, including:

publishing;

movies;

cable TV;

telephones;

cellular services; and

technology and equipment.

New Era Fund

Normally invests a minimum of two-thirds of fund assets in the common stocks of natural resource companies whose earning s and tangible assets could benefit from accelerating inflation.

Will also invest in other growth companies that we believe have strong potential for earnings growth but do not own or develop natural resources.

The relative percentages invested in resource and nonresource companies can vary depending on economic and monetary conditions and our outlook for inflation.

PAGE 7

When selecting natural resource stocks, we look for companies whose products can be produced and marketed profitably when both labor costs and prices are rising. In the mining area, for example, we might look for a company with the ability to expand production and maintain superior exploration programs and production facilities.

At least half of fund assets will be invested in U.S. securities, but up to 50% of total assets may be invested in foreign securities.

Natural resource companies. The fund`s natural resource holdings typically own, develop, refine, service, or trans port resources , including:

energy;

metals;

forest products;

real estate; and

other basic commodities.

Real Estate Fund

Normally invests at least 80% of net assets in the equity securities of real estate companies.

Our definition of real estate companies is broad and includes those that derive at least 50% of revenues or prof its from, or commit at least 50% of assets to, real estate activities.

Up to 20% of fund assets may be invested in companies deriving a substantial portion of revenues or profits from servicing real estate firms, as well as in companies unrelated to the real estate business.

The fund will not own real estate directly.

Stock selection is based on fundamental, bottom-up analysis that generally seeks to identify high-quality compa nies with both good appreciation prospects and income-producing potential.

Factors considered by the portfolio manager in selecting stocks include one or more of the following : relative valuation ; free cash flow ; undervalued assets ; quality and experience of management ; type of real estate owned ; and the nature of a company`s real estate activities.

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Real estate companies. The fund is likely to maintain a significant portion of assets in real estate investment trusts (REITs). REITs pool money to invest in properties (equity REITs) or mortgages (mortgage REITs). The fund gener ally invests in equity REITs. Other investments in the real estate industry may include:

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real estate operating companies, brokers, developers, and builders of residential, commercial, and industrial properties;

property management firms;

finance, mortgage, and mortgage servicing firms;

construction supply and equipment manufacturing companies; and

firms dependent on real estate holdings for revenues and profits, including lodging, leisure, timber, mining, and agriculture companies.

Science & Technology Fund

Normally i nvests at least 80 % of net assets in the common stocks of companies expected to benefit from the development, advancement, and use of science and /or technology.

Holdings can range from small , unseasoned companies developing new technologies to blue chip firms with established track records of developing and marketing technology.

May also invest in companies that should benefit from technological advances even if they are not directly involved in research and development.

Stock selection generally reflects a growth approach based on intensive research that assesses a company`s fun damental prospects for above-average earnings.

The fund may invest in suitable technology companies through initial public offerings (IPOs).

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Science and technology companies. Some of the companies likely to be included in the portfolio operate in such industries as :

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electronics, including hardware, software, and components;

communications;

e-commerce (companies doing business through the Internet);

information services;

media;

life sciences and health care;

environmental services;

chemicals and synthetic materials; and

defense and aerospace.

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All funds

In pursuing its investment objective, each fund`s management has the discretion to purchase some securities that do not meet its normal investment criteria, as described above, when it perceives an unusual opportunity for gain. These special situations might arise when the fund`s management believes a security could increase in value for a variety of reasons , including a change in management, an extraordinary corporate event, or a temporary imbalance in the supply of or demand for the securities.

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While most assets will be invested in U.S. common stocks (except as noted above for the Global Technology and Media & Telecommunications Funds) , other securities may also be purchased, including foreign stocks, futures, and options, in keeping with fund objectives.

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Securities may be sold for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.

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Certain i nvestment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time each fund purchases a security. The status, market value, maturity, credit qual ity, or other characteristics of each fund`s securities may change after they are purchased, and this may cause the amount of each fund`s assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If this occurs, it would not be considered a violation of the investment restric tion. However, purchases by the fund during the time it is above or below the stated percentage restriction would be made in compliance with applicable restrictions.

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For details about each fund`s investment program, please see the Investment Policies and Practices section.

What are the main risks of investing in the funds?

As with all equity funds, each fund`s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. The pros pects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, our assessment of companies held in the funds may prove incorrect, resulting in losses or poor performance even in a rising market. Finally, each fund`s investment approach could fall out of favor with the investing public, resulting in lagging performance versus other types of stock funds.

The funds are exposed to additional risks, such as those associated with the qualities of the industries they invest in, that could adversely affect their share prices. These risks are summarized as follows.

Developing Technologies Fund

An investment in the fund entails substantial risk. Technology stocks are particular ly volatile and subject to greater price swings, up and down, than the broad market. Therefore, the prospects for superior gains are balanced by the possibility of above-average losses.

It is possible that companies whose products and services first appear promising may not succeed over the long term; they may succumb to intense competition or could quickly become obsolete in a rapidly developing mar ketplace.

Earnings projections for developing companies that are not met can result in sharp price declines. This is true even in a generally rising stock market environment.

A portfolio focused primarily on these types of stocks is likely to be much more volatile than one with broader diversification that includes investments in diverse economic sectors. These risks are increased by significant exposure to smaller, unseasoned (those with less than a three-year operating history), and newly public compa nies. These companies may not have established products, experienced management, or an earnings history , and their stocks may lack liquidity .

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Foreign stock holdings may lose value because of declining foreign currencies , political instability, economic decline, illiquid markets, and governmental interference associated with various foreign markets, especially developing one s.

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Financial Services Fund

Since the fund will be concentrated in the financial services industry, it will be less diversified than stock funds investing in a broader range of industries and, therefore, could experience significant volatility. Generally, the fund represents greater potential risk than a more diversified fund, although the dividends paid by financial ser vices companies moderate this risk to some extent.

Financial services companies may be hurt when interest rates rise sharply, although not all companies are affected equally. The stocks may also be vulnerable to rapidly rising inflation.

Many companies in this field can possess growth characteristics, but the industry is not generally perceived to be dynamic or aggressive, which could dampen fund performance compared with more aggressive funds.

The fund`s investments in growth stocks could result in greater volatility because of the generally higher valua tions of these stocks. The fund`s use of the value approach carries the risks that the market will not recognize a security`s intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced.

Global Technology Fund

Since this fund is focused on technology industries, it is less diversified than stock funds investing in a broader range of industries and, therefore, could experience significant volatility.

Technology stocks historically have experienced unusually wide price swings, both up and down. The potential for wide variation in performance reflects the special risks common to companies in the rapidly changing field of technology. For example, products or services that at first appear promising may not prove commercially suc cessful or may become obsolete quickly. Earnings disappointments and intense competition for market share can result in sharp price declines.

The level of risk will rise to the extent that the fund has significant exposure to smaller, unseasoned (those with less than a three-year operating history), and newly public companies. These companies may not have estab lished products, experienced management, or an earnings history, and their stocks may lack liquidity and be very volatile.

Since the fund can invest a sizable portion of its assets in foreign securities, it will be subject to the risk that some holdings will lose value because of declining foreign currencies, political instability, economic decline, illiquid markets, and governmental interference associated with various foreign markets, especially developing ones.

Health Sciences Fund

Since this fund is concentrated in the health sciences industry, it is less diversified than stock funds investing in a broader range of industries and, therefore, could experience significant volatility. It may invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management and managed care.

Developments that could adversely affect the fund`s share price include: i ncreased competition withi n the health care industry , chang es in legislation and government regulation, reductions in government funding , p roduct lia bility or other litigation , and the obsolescence of popular products .

Growth stocks can have steep declines if their earnings disappoint investors. The value approach carries the risk that the market will not recognize a security`s intrinsic value for a long time or that a stock judged to be under valued may actually be appropriately priced.

The level of risk will be increased to the extent that the fund has significant exposure to smaller or unseasoned companies (those with less than a three-year operating history) , which may not have established products or more experienced managemen t.

Media & Telecommunications Fund

Since the fund is focused on the media and telecommunications industries, it is less diversified than stock funds investing in a broader range of industries and, therefore, could experience significant volatility .

Companies in these industries are subject to the risks of rapid obsolescence, lack of investor or consumer accep tance, lack of standardization or compatibility with existing technologies, an unfavorable regulatory environ ment, intense competition, and a dependency on patent and copyright protection. Likewise, if the portfolio has

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substantial exposure to mid-cap companies, it would be subject to the greater volatility of those stocks com pared with larger companies .

Growth stocks can have steep declines if their earnings disappoint investors. The value approach carries the risk that the market will not recognize a security`s intrinsic value for a long time or that a stock judged to be under valued may actually be appropriately priced.

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Foreign stock holdings may lose value because of declining foreign currencies, political instability, economic decline, illiquid markets, and governmental interference associated with various foreign markets, especially developing ones.

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New Era Fund

The fund is less diversified than most stock funds and could therefore experience sharp price declines when con ditions are unfavorable to its sector. For instance, since the fund attempts to invest in companies that may benefit from accelerating inflation, low inflation could lessen returns.

The rate of earnings growth of natural resource companies may be irregular since these companies are strongly affected by natural forces, global economic cycles, and international politics. For example, stock prices of energy companies can fall sharply when oil prices fall , and real estate companies are influenced by interest rates and other factors.

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The fund`s investments in foreign securities, or even in U.S. companies with significant overseas investments may lose value because of declining foreign currencies or adverse political or economic events overseas . Currency risks may be somewhat reduced because many commodities markets are dollar based, but exposure to foreign political and economic risk is heightened by investments in companies with operations in emerging markets.

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Real Estate Fund

The fund is concentrated in the real estate industry and, as a result, is less diversified than stock funds investing in a broader range of industries. Therefore, its price could fall in value when trends are perceived as unfavorable for the real estate industry, although the income offered by some real estate companies may help moderate this risk. For example, changes in the tax laws, overbuilding, environmental issues, the quality of property manage ment (in the case of REITs), and other factors could hurt the fund.

Real estate is affected by general economic conditions. When growth is slowing, demand for property decreases and prices may decline. Rising interest rates, which drive up mortgage and financing costs, can restrain con struction and buying and selling activity and may reduce the appeal of real estate investments.

If the portfolio has substantial exposure to small companies, it would be subject to the greater volatility of small- cap stocks.

Science & Technology Fund

Companies in the rapidly changing fields of science and technology often face unusually high price volatility, in terms of both gains and losses. Products or services that at first appear promising may not prove commercially successful or may become obsolete quickly. Earnings disappointments and intense competition for market share can result in sharp price declines. A portfolio focused primarily on these stocks is therefore likely to be much more volatile than one with broader diversification that invest s in more sectors of the economy .

The level of risk will rise to the extent that the fund has significant exposure to smaller , unseasoned (those with less than a three-year operating history) , and newly public companies. T hese companies may not have estab lished products , experienced management , or an earnings history , and their stocks may lack liquidity and be very volatile .

All funds

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Foreign stock holdings may lose value because of declining foreign currencies or adverse political or economic events overseas. Investments in futures and options, if any, are subject to additional volatility and potential losses.

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As with any mutual fund, there can be no guarantee the funds will achieve their objectives.

Each fund`s share price may decline , so when you sell your shares, you may lose money .

How can I tell which fund is most appropriate for me?

Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. If you can accept the risks of investing in a single industry, one or more of the following may be an appropriate way to incorporate additional exposure to a particular industry into a diversified portfolio :

Developing Technologies Fund could be an appropriate part of your overall investment strategy if you seek a very aggressive approach to capital growth through investments in companies involved with newer, developing technologies and can accept the potential for extreme volatility.

Financial Services Fund could be an appropriate part of your overall investment strategy if you seek the potential for significant capital growth and wish to participate in the growth prospects of the financial services sector.

Global Technology Fund could be an appropriate part of your overall investment strategy if you seek an aggressive approach to capital growth through investment in worldwide technology stocks and can accept the potential for above-average price fluctuations.

Health Sciences Fund could be an appropriate part of your overall investment strategy if you seek an aggressive approach to capital growth through investment in health sciences stocks and can accept the potential for above- average price fluctuations.

Media & Telecommunications Fund could be an appropriate part of your overall investment strategy if you are willing to accept the risks of investing in a limited group of industries in pursuit of long-term capital growth.

New Era Fund could be an appropriate part of your overall investment strategy if you are willing to accept the risks of investing in U.S. and foreign companies whose earnings are especially influenced by worldwide economic and monetary conditions in pursuit of long-term capital growth.

Real Estate Fund could be an appropriate part of your overall investment strategy if you are willing to accept the risks of investing in this industry in an effort to achieve long-term capital growth and income.

Science & Technology Fund could be an appropriate part of your overall investment strategy if you seek an aggressive approach to capital growth through investment in science and technology stocks and can accept the potential for above-average price fluctuations.

The fund or funds you select should not represent your complete investment program or be used for short-term trading purposes.

Each fund can be used in both regular and tax-deferred accounts, such as IRAs.

Equity investors should have a long-term investment horizon and be willing to wait out bear markets.

How has each fund performed in the past?

The bar charts showing calendar year returns and the average annual total return s table indicate risk by illustrat ing how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. Fund past returns (before and after taxes) are not necessarily an indication of future performance.

The funds can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted .

In addition, the average annual total return s table shows hypothetical after-tax returns to suggest how taxes paid by the shareholder may influence returns. Actual after-tax returns depend on each investor`s situation and may differ from those shown. After-tax returns are not relevant if the shares are held in a tax-deferred account, such as a 401(k) or IRA. During periods of fund losses, the post-liquidation after-tax return may exceed the fund`s other returns because the loss generates a tax benefit that is factored into the result.

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The fund began as the closed-end New Age Media Fund and converted to open-end status on July 25, 1997, operating under a different expense structure.

<R> Table 2     Average Annual Total Returns  

	Periods ended December 31, 2005
	1 year	5 years	Shorter of 10 years or since inception	Inception date
Developing Technologies Fund
Returns before taxes	3.78 %	-9.24	-14.12 %	8/31/00
Returns after taxes on distributions	3.78	-9.24	-14.19
Returns after taxes on distributions and sale of fund shares	2.46	-7.61	-11.33
S &P 500 Index	4.91	0.54	-2.02
Lipper Science & Technology Funds Index	5.37	-8.68	-16.89
Financial Services Fund
Returns before taxes	5.10	7.00	14.46	9/30/96
Returns after taxes on distributions	2.79	5.71	13.15
Returns after taxes on distributions and sale of fund shares	6.35	5.73	12.44
S&P 500 Index	4.91	0.54	8.35
Lipper Financial Services Funds Index	5.93	5.50	11.68
Global Technology Fund
Returns before taxes	10.91	-3.87	-8.98	9/29/00
Returns after taxes on distributions	10.91	-3.87	-8.98
Returns after taxes on distributions and sale of fund shares	7.09	-3.25	-7.38
MSCI AC World Index - Information Technology	7.05	-5.98	-11.93
Health Sciences Fund
Returns before taxes	13.53	4.21	14.10	12/29/95
Returns after taxes on distributions	12.68	3.93	12.83
Returns after taxes on distributions and sale of fund shares	9.70	3.52	11.92
S&P 500 Index	4.91	0.54	9.07
Lipper Health/ Biotechnology Funds Index	11.48	1.44	11.32 a
Media & Telecommunications Fund
Returns before taxes	18.15	9.18	14.73	10/13/93
Returns after taxes on distributions	18.15	9.18	12.47
Returns after taxes on distributions and sale of fund shares	11.80	7.99	11.75
S&P 500 Index	4.91	0.54	9.07
Lipper Telecommunications Funds Average	6.52	-6.73	6.87
New Era Fund
Returns before taxes	29.88	15.06	13.84	1/20/69
Returns after taxes on distributions	28.64	14.25	11.93
Returns after taxes on distributions and sale of fund shares	20.97	12.91	11.21
S &P 500 Index	4.91	0.54	9.07
Lipper Natural Resources Funds Index	46.41	15.18	14.80
Real Estate Fund
Returns before taxes	14.54	19.38	13.92	10/31/97
Returns after taxes on distributions	12.79	17.49	12.08
Returns after taxes on distributions and sale of fund shares	9.61	15.84	11.06
Dow Jones Wilshire Real Estate Securities Index	14.07	19.04	12.44
Lipper Real Estate Funds Index	12.27	18.36	11.40
Science & Technology Fund
Returns before taxes	2.46	-11.26	1.87	9/30/87
Returns after taxes on distributions	2.46	-11.26	0.44
Returns after taxes on distributions and sale of fund shares	1.60	-9.19	1.47
S& P 500 Index	4.91	0.54	9.07
Lipper Science & Technology Funds Index	5.37	-8.68	5.79

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