In the years after Pearl Harbor, patriotic Americans lined up to invest billions of their hard-earned savings in government "war bonds" to help pay for the war against Germany and Japan.

In the years since 9/11? Not so much. In fact, if you wanted to invest your savings in a way that supported the war against al Qaeda, you'd be hard pressed to know where to go or what to do.

Enter Adam Sheer, at New York-based Roosevelt Investment Management. Last week his small firm, which has $1.1 billion under management and family ties to President Theodore Roosevelt's heirs, relaunched its tiny $14 million ( BULLX) Bull Moose mutual fund as the "Roosevelt Anti-Terror Multi-Cap Fund."

The new name highlights a strategy the fund has been pursuing since April 2005. The impetus came from an investor. "About two years ago," Sheer explains, "one of our shareholders came and said they were upset that people really didn't care if they invested in public companies that did business with countries that sponsor terrorism."

He's hoping his renamed fund will capture the attention of like-minded investors. A number of big 401(k) plan managers, including Nationwide Financial, have expressed interest in including his fund in their plans.

Roosevelt Investment isn't alone. Missouri State Treasurer Sarah Steelman has also been pushing an "antiterror investment" policy in the state's pension fund since coming to office in early 2005. Steelman has moved $26 million into an antiterror fund run by Boston's State Street Global Advisers. And Steelman is poised to include Sheer's fund in her state's 529 tax-sheltered educational savings plan.

But these are tiny steps, involving a few tens of millions of dollars. By contrast, the World War II war bonds raised what would be worth nearly $1.5 trillion today.

And in the case of both Missouri's pension money and the Roosevelt fund, the antiterror label is grander than the current scope. In reality, both merely boycott companies that have ongoing business relationships in any of the four nations listed by the U.S. State Department as sponsors of terrorism: North Korea, Sudan Syria and Iran.

Dropping these hardly seems like a major hardship, even for an adventurous international investor. Sheer says a screen by Washington, D.C.-based Conflict Securities Advisory Group has found 484 public companies worldwide with links to one or more of these countries.

Sheer's fund has a worthy aim, and I don't want to sound too critical. But it doesn't go nearly far enough.

The first thing to notice is that the focus on just four countries leaves the fund free to invest in plenty of other companies that do business in countries with deeply questionable regimes. Top holdings include consumer goods giant Procter & Gamble ( PG) and Altria ( MO), parent company of cigarette leaderPhilip Morris. Both operate in such countries as Saudi Arabia and Egypt, Lebanon, Hugo Chavez' Venezuela, Vladimir Putin's Russia, and various other unsavory states around Asia and North Africa.

It's a problem Sheer acknowledges.

"The point is well taken," he says. "But we decided not to go beyond the four countries that the State Department has sanctioned, because we felt we were getting into a gray area."

"It's certainly bothersome on one level," he adds. "A lot of those nations have very questionable practices at best. But we don't want to get involved in that political debate. There's a lot of subjectivity involved." Using the State Department's narrow screen, he says, "is not perfect, but it is concrete."

The second point is that the screen can catch activities that are, at best, tangential to the war against al Qaeda. Coke ( KO) falls afoul of the screen because some of the cans it sells in China then get resold to North Koreans.

The third: Our enemy isn't one state or four. al Qaeda draws its support from shadowy networks stretching around the world, most obviously in North Africa, the Middle East and Southern Asia. As President Bush said, money is "the lifeblood" of terrorist organizations.

And arguably the best antiterror investment you could make is to hit al Qaeda where it really hurts -- in their petrodollars. The terror network's financing comes out of the vast stream of oil money flowing into countries around the Middle East.

Reality: At $56 a barrel, Iran receives $150 million a day from its oil exports. A day. Saudi Arabia: Half a billion dollars a day. Yep.

The picture is similar almost everywhere al Qaeda and other terrorist group have friends in high places. Sheer says his fund invests in alternative energy stocks - but not as an antiterror policy, simply because he thinks some of them offer great value.

Among his picks: Canadian wheat distributor Saskatchewan Wheat Pool (SWP:Toronto). He believes the company's huge distribution network could make serious money handling grain ethanol. "We feel that they will probably create a joint venture with an ethanol producer," Sheer says.

Another pick: Corn processor Corn Products International ( CPO), for similar reasons.

Those who want to target alternative energy stocks specifically might also look at an exchange-traded fund, Powershares' Clean Energy ( PBW), which I've mentioned before and which invests across the sector, from windmill makers to solar panels. It is, of course, a high-risk investment.

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