T. Rowe Price Science & Technology Fund, Inc. (Form: 497, Receiv= ed: 05/05/2006 15:26:29)

<= /a>Bond fund owner= s and bond owners losing more than $250,000 to recover their losses on the Intern= et 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 excess= ively due to the recent news and the run on the investment banking companies, lea= ving investors with worthless paper. Some of these investors put the mony in headge funds that keep tradi= ng 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 reco= ver their losses. They have to co= ntact lawyers, who specialize in this area, and offer free consultations and no f= ee if no recovery occurs. Follow= ing are some examples as the Internet WWW (World Wide Web) reports them:

http://stockam.= wordpress.com/2008/03/10/waking-up-to-red-ticks/

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

http://www.secinfo.com/dqd82.v9.ht= m

<= /o:p>

http://www.newagebd.com/2006/jan/0= 3/busi.html

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/frofh= oinde19.html

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

http://www.marketwatch.com/tools/q= uotes/secarticle.asp?&sid=3D1762933&symb=3DMGI&guid=3D4247786&a= mp;type=3D1

We are subject to a number of risks relating to U.S. federal and state regulat= ory 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.

Table of Contents

If we lose key retail agents in our Global Funds Transfer segm= ent, ...... million from the settlement of a lawsuit brought by = Game Financial Corporation. ...
www.marketwatch.com/tools/quotes/secarticle.asp?&sid=3D1762933&sy= mb=3DMGI&guid=3D4247786&type=3D1 - Similar pages - Note this

Headge Bond Funds losing multi $00= ,000 lawsuit

http://www.marketwatch.com/tools/q= uotes/secarticle.asp?&sid=3D1762933&symb=3DMGI&guid=3D4247786&a= mp;type=3D1

our business, financial condition and results of operations.

http://icma.eprospectus.edgar-onli= ne.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?sessionId=3DoMawCP1sZQABS2h&am= p;ID=3D4372364

The state`s geogra= phic 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 Franc= es. 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 soug= ht 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 sa= les of tobacco products. As of June 30, 2004, settlement collections of $4.2 billion have been reported by the state.

PAGE 1

<R>

PROSPECTUS

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<R>

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

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

= ;

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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PAGE 3

T. Rowe Price Industry Focused Eq= uity Funds

T. Rowe Price Developing Technologies Fund, Inc.=

T. Rowe Price Financial Servic= es 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, In= c.

T. Rowe Price Real Estate Fund, Inc.

T. Rowe Price Science & Technology Fund, Inc.

<R>

Founded in= 1937 by the late Rowe Price Associates, Inc. managed $ 269.5 billion fo= r more than = nine million December 31, 2005 . T. Rowe Price is t= he funds` investment </R>

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<= span style=3D'font-size:10.0pt;font-family:"Times New Roman","serif"'> any other government agency, and are subject to investment risks, including possible lo= ss of the principal amount

= ;

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 .<= /span>

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.<= /span>

Moderate

Science & Technology

Long-term capital appreciation.

Highest

Table 1 Industry-Fo= cused 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

Normally i nvests at least 80 % of net assets in common stocks of companies we expec= t 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 breakthrough= s 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 develop= ment but that should benefit from advances in the field.

Up to 30% of assets may be invested in foreign stocks of companies in establis= hed 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 service= s.

PAGE 5

Financial Services Fund

Normally i nvests at least 80 % of net assets in the common stocks of companies in t= he financial services industry. May also invest in companies deriving substant= ial 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 abili= ty to increase revenues, earnings, and cash flow consistently. In the value ar= ea, the manager will seek companies whose current stock prices appear undervalu= ed 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 wo= rld. 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. Howeve= r, 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 opportuniti= es 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 b= lue 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 a= nd development.

The fund may invest in suitable technology companies through initial public off= erings (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 service= s; and

media and entertainment.

Health Sciences Fund

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

While the fund can invest in companies of any size, the majority of fund assets a= re expected to be invested in large- and mid-capitalization companies.<= span style=3D'font-size:12.0pt;font-family:"Times New Roman","serif"'>

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 compani= es 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 poten= tial we see within each area and the outlook for the overall health sciences sec= tor.

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 abili= ty to increase revenues, earnings, and cash flow consistently. In the value ar= ea, 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 pri= ces may be temporarily depressed.

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Fund investments may be in U.S. or non-U.S. companies, and may also include futu= res 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 fa= cet 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 natu= ral 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 risin= g. In the mining area, for example, we might look for a company with the abili= ty to expand production and maintain superior exploration programs and product= ion 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 ind= ustry may include:

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real estate operating companies, brokers, developers, and builders of residentia= l, 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 lodgi= ng, leisure, timber, mining, and agriculture companies.

Science & Technology Fund

Normally i nvests at least 80 % of net assets in the common stocks of companies expe= cted 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 ev= en 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).

<R>

Science and technology companies. Some of the companies likely to be include= d 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.

PAGE 9

All funds

In pursuing its investment objective, each fund`s management has the discretio= n 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 securi= ty could increase in value for a variety of reasons , including a change in management, an extraordinary corporate event, or a temporary imbalance in t= he 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)<= /u> , 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 <= u>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 inves= ted 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 restric= tion 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 a= s 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 earnin= gs 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 approa= ch 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 the= ir share prices. These risks are summarized as follows.

Developing Technologies

An investment in the fund entails substantial risk. Technology stocks are particular ly volatile and subject to greater price swings, up a= nd 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 promisi= ng may not succeed over the long term; they may succumb to intense competition= or could quickly become obsolete in a rapidly developing mar ketplace.<= span style=3D'font-size:12.0pt;font-family:"Times New Roman","serif"'>

Earnings projections for developing companies that are not met can result in sharp p= rice 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 m= ore 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 n= ot 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 industr= y 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 beca= use 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 a= nd 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 exposur= e 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, illi= quid markets, and governmental interference associated with various foreign mark= ets, 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 bili= ty 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 securi= ty`s intrinsic value for a long time or that a stock judged to be under valued m= ay 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-y= ear 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 l= ess 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

PAGE 11

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

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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 experien= ce sharp price declines when con ditions are unfavorable to its sector. For instance, since the fund attempts to invest in companies that may benefit f= rom 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 si= gnificant 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 so= me 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.<= span style=3D'font-size:12.0pt;font-family:"Times New Roman","serif"'>

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 subj= ect to the greater volatility of small- cap stocks.

Science & Technology Fund

Companies in the rapidly changing fields of science and technology often face unusual= ly high price volatility, in terms of both gains and losses. Products or servi= ces that at first appear promising may not prove commercially successful or may become obsolete quickly. Earnings disappointments and intense competition f= or market share can result in sharp price declines. A portfolio focused primar= ily 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 exposur= e to smaller , unseasoned (those with less than a three-year operating history) , and newly public companies. T hese companies may not have estab lished prod= ucts , experienced management , or an earnings history , and their stocks may la= ck 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.=

</R>

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 mon= ey .

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

Consider your investment goals, your time horizon for achieving them, and your toler= ance for risk. If you can accept the risks of investing in a single industry, on= e 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 c= an accept the potential for extreme volatility.

Financial Services Fund could be an appropriate part of your overall investment strat= egy 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 strat= egy 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.<= span style=3D'font-size:12.0pt;font-family:"Times New Roman","serif"'>

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 compan= ies 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 strateg= y if you are willing to accept the risks of investing in this industry in an eff= ort to achieve long-term capital growth and income.

Science & Technology Fund could be an appropriate part of your overall investme= nt 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 prog= ram or be used for short-term

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 retur= n s table indicate risk by illustrat ing how much returns can differ from one y= ear to the next and how fund performance compares with that of a comparable mar= ket 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 be= st 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 los= ses, 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.<= /span>

PAGE 13

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

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<R> Table 2 Average Annual Total Returns

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