In the Media

• New York Post, 9/11 Cowardice Simple As ABC, September 15, 2008
• Fund Action, Pandora's Portfolio, September 12, 2008
• FoxNews.com, New Film Lifts Veil on Effort to Kill ABC docudrama on 9/11, September 11, 2008
• Forbes, Psst: The Ice Age Is Over, July 23, 2008
• CNSNews.com, Activist Mutual Fund Seeks Curbs on Corporate Global Warming Talk, August 17, 2008
• American Banker, Fund leaders seek Countrywide probe, June 23, 2008
• Fox Business Channel, Happy Hour, June 3, 2008
• Newsweek, Is Wal-Mart too liberal?, May 31, 2008
• Industry Week, ExxonMobil softens tone on climate amid shareholder pressure, May 30, 2008
• Austin American-Statesman, Exxon investors veto plans to split power, go greener, May 29, 2008
• Financial Week, Shareholder proposal to end shareholder proposals fails at Exxon, May 29, 2008
• The Independent (UK), ExxonMobil fights off call to invest in oil alternatives, May 29, 2008
• Fox Business Channel, May 28, 2008
• Agence France Presse, Shareholders to force ExxonMobil to consider climate, May 28, 2008
• BusinessWeek, Exxon resists green demands, May 28, 2008
• Dallas Morning News, Exxon annual meeting in Dallas may be volatile, May 28, 2008
• Houston Chronicle, Exxon Mobil leader keeps both hats, May 28, 2008
• National Public Radio, Exxon not into climate change talk (Marketplace), May 28, 2008
• Bloomberg, Tillerson to face Rockfellers, Nuns in Exxon Meeting Showdown, May 27, 2008
• The Guardian (UK), Exxon investors propose ban on green activism, May 27, 2008
• Daily Telegraph (UK), ExxonMobil's Rockefeller spat leads to blocking proposal, May 22, 2008
• Washington Post, Murdoch Diplomacy: Behind O'Reilly's Electric Attacks, May 19, 2008
• Reuters, ConocoPhillips says record crude prices a foe, May 15, 2008
• Banking Wire, SEC Allows Shareholder Vote On Equator Principles Proposal, May 12, 2008
• Pittsburgh Tribune-Review, Taking Out the Junk, May 10, 2008
• Fox News, The O'Reilly Factor (General Electric Doing Business with Iran), May 8, 2008
• US Banker, SEC Allows Shareholder Vote On Equator Principles Proposal, May 2008
• Pittsburgh Tribune-Review, Gadflies try to get answers out of GE execs, April 27, 2008
• Erie Times-News, GE supports environmental effort, April 25, 2008
• CNNMoney.com, Countrywide takes backseat at BofA meeting, April 23, 2008
• Financial Week, The IR Tiger in Exxon's Tank, April 21, 2008
• Houston Chronicle, Green makes him see red, April 17, 2008
• Reuters, Fewer mutual funds nix climate proposals, April 16, 2008
• Reuters, Exxon CEO pay up nearly 18 percent in 2007, April 10, 2008
• Pittsburgh Tribune-Review, Little fund says GE's 'junk science' hurts business, April 10, 2008
• The Examiner (Baltimore, MD), Pepsi dives into dangerous global warming wars, March 28, 2008
• Washington Times, Investor: Disney shelved 9/11 film, March 22, 2008
• Wall Street Journal, How Much Green Do Shareholders Want?, March 15, 2008
• GreenTechMedia.com, Bottom Line for Green Initiatives: Good or Bad?, March 15, 2008
• CNNMoney.com, Dueling Shareholder Interests Drive the Greening of America, March 14, 2008
• The Economist, The Greening of Wall Street, March 13, 2008
• Fox News Channel, "Just Business" (Special Report), March 10, 2008
• Orlando Sentinel, Disney defends its TV programming at shareholders meeting, March 7, 2008
• Reuters/Hollywood Reporter, Disney steers clear of 'Path to 9/11', March 7, 2008
• CNNMoney.com, Activist Fund Seeks Ban On 'Nuisance Shareholders', February 22, 2008
• Wall Street Journal, At U.N., Investors Try to Divine How Soon U.S. Will Go Green, February 9, 2008
• Dow Jones Newswires, GE Can't Block Shareholder Vote On Climate-Change Costs, January 24, 2008
• Inside Counsel, Climate Disclosure; Investors ask the SEC to develop standards for reporting global warming risk, January 2008
• New York Sun, Blame Bush Coalition Focuses on Economy, November 30, 2007
• Pensions and Investments, SEC urged to offer climate disclosure guidance, November 26, 2007,
• Guardian Unlimited, Wal-Mart's Orgy of Corporate Self-Satisfaction, November 14, 2007
• Investment News, Climate disclosures inadequate, critics say; But risks are still unknown, and regulatory landscape is uncertain, November 12, 2007,
• Dayton Business Journal, Procter meeting draws praise, heckles, October 9, 2007
• Mark Skousen’s Forecast & Strategies, Your Voice of Liberty in the Boardroom: Invest in the Free Enterprise Action Fund, September 2007
• The Wall Street Journal, A Call to Activism: Do More Than Just 'Commemorate' Milton Friedman's Ideas, August 8, 2007
• Pensions Week, Industry watch: Governance - A backlash against do-gooder investing, September 10, 2007
• American Business Law Journal, Corporate Citizenship and Trustworthy Capitalism: Cocreating a More Peaceful Planet, Summer 2007
• Inside Energy with Federal Lands, Energy company stockholders demanding action on climate, investment firm says, August 20, 2007
• Connecticut Post, Questions about state's lesser-known fiscal stewards, July 28, 2007
• Greenwire, Free-marketeers urge Caterpillar to leave carbon-cap coalition, June 12, 2007-07-12
• Guardian (UK), WAL-MART'S ORGY OF CORPORATE SELF-SATISFACTION, June 4, 2007
• Financial Executive, Banking gets greener: not that long ago, banks were minor actors on the climate-change stage. Now, they are stepping up with major commitments and far-reaching goals; SOCIAL RESPONSIBILITY; Bank of America Corp., June 1, 2007
• Arkansas Democrat-Gazette, Shareholders to prod Wal-Mart Politically polar proposals likely to fail, but not 2 company offerings, May 31, 2007
• American Banker, While Green Is Clearly In, Shades and Styles Vary, May 9, 2007
• CNN, Glenn Beck, May 1, 2007
• CNBC, Larry Kudlow, April 30, 2007
• Money Management Executive, Week in Review, April 30, 2007
• Associated Press, CEO expresses frustration at GE stock performance, April 25, 2007
• Associated Press, DuPont shareholders reject accountability proposals, April 25, 2007
• CNBC, Larry Kudlow, April 20, 2007
• The News-Journal (Wilmington, DE), Protesters greet Coca-Cola executives at annual meeting, April 19, 2007
• Washington Times, Court ruling on greenhouse gases boosts 'cap and trade', April 16, 2007
• Building, Apocalypse Cow, April 12, 2007
• The Globe and Mail, N.Y. official seeks Wal-Mart probe over 'illegal surveillance'; Newspaper report accuses retailer of spying on shareholders in proxy vote, April 11, 2007
• Daily Telegraph (UK), Wal-Mart apologises for spying plan, April 6, 2007
• Associated Press, Wal-Mart shareholders spooked by 'threat' memo, April 5, 2007
• CNNMoney.com, Wal-Mart says sorry, this time to shareholders, April 5, 2007
• Wall Street Journal, Wal-Mart apologizes to shareholder groups, April 5, 2007
• The Independent (UK), Shareholders urge Browne to stand down from Goldman Sachs, March 28, 2007
• The Globe and Mail (Canada), Love of green fuels Goldman purchases, March 27, 2007
• Greenwire, Shareholders to challenge Goldman Sachs' green choices, March 27, 2007
• Wall Street Journal, Goldman's green streak is questioned as two investors seek focus on profit, March 27, 2007
• Fort Worth Star-Telegram, TXU buyout to bring lower rates, February 27, 2007
• CNBC (After the Bell), TXU Buyout, February 26, 2007
• CNBC (Squawbox), Giving away shareholder value, February 26, 2007
• Inside Energy, Group opposed to carbon caps forces GE to put resolution to shareholders, February 19, 2007
• Pensions and Investments, Social responsibility, February 19, 2007
• The Times (UK), Black day for GE's green stand, February 18, 2007
• Associated Press, Environmetnalist shareholders name 10 corporate laggards on global warming, February 12, 2007
• Business Week, A Mutual Fund That Plays Politics, February 5, 2007
• CNBC (Kudlow & Co.), Global Warming Debate, February 2, 2007
• CNBC (Squawkbox), Political Donations and the Bottom Line, February 1, 2007
• New York Sun, Earth First Radicals Bully CEOs, January 30, 2007
• CNBC (Squawkbox), Green Investing, January 24, 2007
• New York Times, A Cultural Gulf That You Can Invest In, January 7, 2007
• New York Sun, Remember the shareholder, December 11, 2006
• National Post, Sarbanes-Oxley: Peter Morton looks at a top business story of the week, National Post, November 18, 2006
• Dow Jones Newswires, Wall Street firms asked to detail Sarbanes-Oxley's impact, November 15, 2006
• Wall Street Journal, Rain on Parade, October 28, 2006
• Wall Street Journal, Bids & Offers, October 28, 2006
• Dow Jones Newswires, Goldman asked to revisit Chilean land donation, October 27, 2006
• Wall Street Journal, Environmentalists Force Use of Hybrid Trucks, October 9, 2006
• Ethical Corporation Magazine, Pressure Points, October 2006
• Reuters, Microsoft proxy can omitneutrality issue: SEC, October 3, 2006
• Dow Jones Newswires, Lawmaker Calls For SEC To Revisit Shareholder Rights, September 28, 2006
• Investment News, Fund wants ADR proxy rights for U.S. investors; But SEC seen unlikely to approve proposal, September 11, 2006
• Independent (London), UK multinationals face ethical backlash from US investors, September 10, 2006
• EnergyWashington Week, SEC Petition Targets Foreign Corporate Support For CO2 Controls, September 6, 2006
• Inside Green Business, PETITION TO SEC TARGETS FOREIGN COMPANIES' SUPPORT FOR CO2 CONTROLS, September 6, 2006
• Waste News, JPMorgan Chase; Pushing market-based policy on greenhouse gas emissions, August 14, 2006
• Technology Daily, MICROSOFT BACKER SEEKS ANSWERS ABOUT NET NEUTRALITY, July 28, 2006
• Washington Internet Daily, Industry Notes, July 28, 2006
• CIO Insight.com, Opposes Net Neutrality Plan on its Proxy, July 26, 2006
• Greenwire, Goldman Sachs sets pace in new 'green' marketplace, July 24, 2006
• Investment News, Financial services industry addresses climate change issue; But critics dispute level of business risk resulting from global warming, June 19, 2006
• EnergyWashington Week, Goldman Sachs Nears $1 Billion In Renewable, Clean Energy Investments, June 14, 2006
• The Australian, Greenie in charge of the greenback, June 9, 2006
• Marketwatch, Group asks SEC to probe Goldman Sachs' environmental spending, June 8, 2006
• EnergyWashington Week, Investors Rise To Counter GHG Control Lobby By Investment Banks, June 7, 2006
• Waste News, Too green for Treasury?; Nominee has environmental track record, June 5, 2006
• Sunday Times (London), Bush's buddy, the birdwatcher, June 4, 2006
• Associated Press, A global warming believer in Bush's Cabinet: Treasury nominee brings new views on environment to Bush administration, June 1, 2006
• Financial Executive, Turning up the noise on CSR: activist groups like the Rainforest Action Network have taken to the streets recently to protest corporate policies. At the same time, however, a nascent backlash movement is questioning companies about their "green" initiatives; social responsibility, June 1, 2006
• New York Sun, Paulson's Post, May 31, 2006
• USA Today, Treasury nominee is environmentalist; Bush nominates Goldman Sachs' Paulson to Cabinet, May 31, 2006
• Washington Post, Bush's Nominee From Wall Street; Goldman Sachs Chairman Paulson Is Noted for His Adept Handling of Crises, May 31, 2006
• Washington Times, Some on right wary of nominee's green links, May 31, 2006
• Agence France Presse, Treasury secretary nominee a top player in business, environment, May 30, 2006
• CNBC’s Kudlow & Company, Steve Milloy of free Enterprise Action Fund and panel Bob Hormats, Gary Gensler and Brian Wesbury discuss Hank Paulson being an environmentalist, his character and integrity, May 30, 2006
• The Frontrunner, Conservative Group Lobbying Against Possible Snow Replacement At Treasury, April 25, 2006
• Forbes, Pressuring Business to Believe in Business, April 24, 2006
• The Daily Telegraph (UK), 'Forget tree-hugging and get back to making money'; Steve Milloy wants corporate America to focus on the bottom line, April 23, 2006
• Financial Times, Sustainable Business (Lex Column), April 18, 2006
• The Evening Standard (London), No magic for Italy from the euro-fairy, April 18, 2006
• Investment News, Fund pulls no punches in its allegiance to shareholders, April 17, 2006
• The Independent (UK), 'Tell Lord Browne that we are coming', April 10, 2006
• National Public Radio, In Age of Cuts, Some CEO Pensions Total Millions, April 7, 2006
• New York Sun, GE's Green Strategy, April 6, 2006
• Jack O-Fwyer's Newsletter, GE is challenged on 'Ecomagination'
• Bloomberg, Jeff Immelt, Explain Yourself, Mutual Fund Says, April 5, 2006
• Wall Street Journal, Green-Nosing, April 4, 2006
• New York Post, Hank Gives Green, April 4, 2006
• Financial Times (UK), Goldman disputes green agenda proposal, April 1, 2006
• Wall Street Journal, Goldman Is Told To Stick to Making Money, April 1, 2006
• Reuters, Goldman CEO Paulson defends environmental stance, March 31, 2006
• The Independent (UK), Goldman chief quizzed over controversial land donation, March 31, 2006
• Bloomberg, Goldman's Paulson Defends Firm's Environmental Policy, March 31, 2006
• National Public Radio, Marketplace: A dispute over what's green, March 31, 2006
• Wall Street Journal, The CEO as Global Corporate Ambassador, March 29, 2006
• O'Dwyer's Public Relations News, GE is challenged on 'Ecomagination', March 29, 2006
• Human Events Online, Blood and Gore, March 28, 2006
• The American Daily, Time to clean house at Goldman Sachs, March 28, 2006
• Wall Street Journal, Conservative Investing, March 25, 2006
• National Post, Goldman Sachs' Green CEO, March 24, 2006
• MarketWatch, Maybe it's the cola, March 16, 2006
• National Post, Dim-bulb policy: It's one thing to help customers use energy wisely, but why is GE actively lobbying for global warming regulations?, March 9, 2006
• Associated Press, Corporate philanthropy, though popular, is also open to abuse, March 3, 2006
• Capitol Weekly (Sacramento, CA), Fund manager makes pitch for conservative investing, March 2, 2006
• MarketWatch, PepsiCo urged to stop opposing shareholder resolution, February 22, 2006
• Electric Power Daily, Utilities agree to discose GHG liabilities, February 22, 2006
• Waste News, Waste Generator Briefs, February 13, 2006
• Western Standard (Alberta) Market jitters: Trading in emissions credits was supposed to make Kyoto affordable. Instead, it could end up costing us a fortune, Western Standard (Alberta), February 13, 2006
• CNBC, Squawk Box, February 10, 2006
• Minneapolis Star-Tribune, 'Green' strategy has GE investor seeing red, February 3, 2006
• The Electricity Daily, GE Shareholder Resolution on Warming, February 3, 2006
• CNNMoney.com, Backlash at GE, February 1, 2006
• CNN, American Morning, February 1, 2006
• Inside EPA, SEC Backs Shareholder Challenge To GE Greenhouse Controls, January 30, 2006
• Electric Power Daily, Poll is critical of mutual funds' failure to act on climate change, January 27, 2006 Friday
• Ethical Corporation, Free Enterprise Takes on Corporate Responsibility, January 17, 2006
• EnergyWashington Week SEC Ruling On GE Plan May Shape Fight Over Corporate Green Strategies, January 11, 2006
• Inside EPA, December 2, 2005, “Goldman Sachs’ Novel Climate Plan Is Latest Target Of Free-Market Fire”
• American Spectator, November 10, “The Permanent Shakedown Left”
• Human Events, November 8, 2005, “Corporate Social Responsibility: Another Cover for the Leftist Political Agenda”
• Washington Post, October 5, 2005, “A New Worry for Insurers Firms Looking at Whether Climate Change Could Affect Their Bottom Lines”
• Fox News Channel, August 2, 2005,“Your World With Neil Cavuto”
• National Review, July 4, 2005, “Birkenstocks and Stocks”
• Human Events, June 13, 2005, “Free Enterprise Action Fund”
• Financial Post (Canada), May 26, 2005,“A Fund for Profit Activists”
• American Banker, May 20, 2005, “JPM Enviro Pact Leaves Complexity In Its Wake”
• Wall Street Journal, April 25, 2005, “JP Morgan Adopts ‘Green’ Lending Policies”
• New York Sun, April 1, 2005, “Big Labor Targets Wall Street”
• CNBC (Kudlow & Company), March 28, 2005, “Steven Milloy of the Free Enterprise Action Fund discusses his organization's work against corporate social responsibility”

An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Free Enterprise Action Fund can be found in the fund's prospectus. To obtain a prospectus, please call 1-800-766-3960 or click here. Please read the prospectus carefully before investing.

Mutual fund investing involves risk, including loss of principal.

The Free Enterprise Action Fund is advised by Action Fund Management, LLC., which receives a fee for its services, and is distributed by Northern Lights Distributors LLC, which is not affiliated with Action Fund Management, LLC.