WASHINGTON, July 23 /EMWNews/ -- The Free Enterprise

Action Fund (Ticker: FEAOX) submitted a letter (linked here:

http://freeenterpriseactionfund.com/release072308.htm) to the U.S.

Securities and Exchange Commission (SEC) requesting the SEC to warn

publicly-owned companies against making false and misleading statements

pertaining to global warming and other environmental issues.



    The FEAOX cited several examples of such false and misleading

statements, including the following:



    1. Exelon Corp. issued a media release and placed full-page

advertisements in major newspapers on July 15, 2008 stating, "The science

is overwhelming -- climate change is happening now and human activity is

the primary cause."



    2. Lehman Brothers issued a report on climate change featuring the

so-called "hockey stick" graph to support the notion that humans are

causing global warming.



    3. The General Electric Company issued a "Call for Action" to "slow,

stop and even reverse the damage of greenhouse gasses."



    4. Toyota Motor Corp states in a report, "When we drive a vehicle, it

consumes fossil fuels and emits CO2, a major contributor to climate

change."



    5. Goldman Sachs states in a 2007 report, "By now, the dynamics of

global warming are widely known, and we find no reason to dispute the

scientific assumptions..."



    6. Caterpillar said in a public statement that, "We must take action

now [to reduce carbon dioxide emissions] or risk serious harm to our

planet."



    The FEAOX believe the SEC should take action immediately to protect

investors, because numerous recent developments (linked here:

http://freeenterpriseactionfund.com/release072308.htm) have tended to

expose the above-mentioned registrant statements (and probably many others)

as false and/or misleading. In conclusion, the FEAOX requests that the SEC

immediately inform and remind registrants that:



    1. False and/or misleading statements on material matters may violate

the anti-fraud provision of the federal securities laws.



    2. Statements by registrants on global warming and other environmental

issues could be considered material.



    3. There is considerable ongoing debate about the science of global

warming and its impacts and;



    4. Statements to the effect that "the science is conclusive," "the

debate is over," and that "human activities are definitely causing harmful

global warming" should be avoided.



    FEAOX is a shareholder in Exelon (605 shares), Lehman Brothers (487

shares), General Electric (9606 shares), Goldman Sachs (402 shares) and

Caterpillar (887 shares). FEAOX does not own shares in Toyota Motor Corp.



    By investing in the FEAOX (http://www.FEAOX.com), individuals can

participate in the global warming debate while having an opportunity to

earn a financial return through ownership of a large-cap mutual fund. With

a minimum investment of $2,500, individuals can join FEAOX's effort to make

CEOs justify their positions on global warming. FEAOX is available

exclusively through Northern Lights Distributors LLC, (applications may be

obtained at http://www.FEAOX.com/how.html), and through E*Trade Financial,

Scottrade, TD Ameritrade and HSBC.



    An investor should consider the Fund's investment objective, risks,

charges, and expenses carefully before investing. This and other

information about the Funds is contained in the fund's prospectus, which

can be obtained by calling 1-800-766-3960. Please read the prospectus

carefully before investing. Distributed by Northern Lights Distributors,

LLC, member FINRA/SIPC.