Lead Article
The fact that we are currently experiencing a severe recession generates little “shock value”  to most of us by now.  We have read about and heard about the weakening state of the economy for the past 18 months. We have witnessed a 50 percent drop in the overall stock market. While not everybody has reached the point of emotional capitulation, it is safe to say that a large portion of the investing public feels at least some degree of battle fatigue. In addition, current economic forecasts continue to range from desperate to optimistic. The dispersion of opinion and outlook makes the view of our economic future increasingly cloudy, not less so.

Inside This Issue:
Quarterly Review of Investment Policy
Mutual Fund Fee Reform Waits for Another Day
Investing in Corporate Bonds
The High-Yield Dow Investment Strategy
Recent Market Statistics
Recommended Investment Vehciles