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Message: How Are The U.S. Green Funds Doing? Washington forest photo from here . . . Outside magazine has this review of U.S. based green investment funds. The punch linne is that the funds have outperformed the S&P 500 Index over the last five years. SMART PICKS: MUTUAL FUNDS 1. Calvert Large Cap Growth Fund (clgax) Focus: Eco-savvy large-caps ($10 billion and up) Typical stock: Goldman Sachs, which promotes mandatory pollution reductions Five-year average annual return: 4.88% Minimum initial investment: $2,000 Expense ratio: 1.56%, with a one-time upfront fee of 4.75% of initial investment Net assets: $1.15 billion. calvert.com 2. New Alternatives Fund (NALFX) Focus: Foreign and domestic alternative-energy companies Typical stock: German solar-panel maker Conenergy Five-year return: 5.75% Minimum initial investment: $2,500 Expense ratio: 1.17% Net assets: $95 million. newalternativesfund.com 3. Portfolio 21 (PORTX) Focus: Small-cap clean-techs and large-cap companies with sustainability programs Typical stock: Swiss Re, a corporate leader in global-warming awareness Five-year return: 7.2% Minimum initial investment: $5,000 Expense ratio: 1.5% Net assets: $130 million. portfolio21.com 4. PowerShares WilderHill Clean Energy Portfolio (PBW) Focus: Small-cap clean-techs; holdings are identical to those on the WilderHill Clean Energy Index Typical stock: Canadian fuel-cell manufacturer Ballard Power Systems Return since March 2005 inception: 16.04% Minimum initial investment: $50 Expense ratio: 0.7% Net assets: $664 million. powershares.com 5. Winslow Green Growth Fund (WGGFX) Focus: Clean-tech and eco-savvy small- cap companies Typical stock: Zoltek, of St. Louis, a supplier of carbon fiber for wind turbines Five-year return: 8.2% Minimum initial investment: $5,000 Expense ratio: 1.45% Net assets: $290 million. winslowgreen.com www.corporateknightsforum.com