Most of the weakness is reflected heavily in the rapid growth stocks that were benefiting from extremely strong spending patterns in 1999 and the year 2000. As those spending patterns changed, growth stocks began to come under severe pressure. We are trimming a few holdings in stocks that are quite volatile in terms of their stock price with very weak near-term earnings outlooks. We are also reinvesting that money in companies that have a bit more stable business outlook. But nevertheless, we are looking for opportunities over the next six-months to find exceptional values among stocks that have been unduly hit by this market decline.
Bear markets are always hard to navigate.
But they also provide great opportunities for investors to find strong businesses, where stocks have been sold down to levels that create excellent long-term opportunity. We're not sure when this bear market will end, but we are confident that further steps toward easing monetary policy, and perhaps a stimulative tax cut will eventually get the U.S. economy started back on a normal growth track. And when earnings begin to recover, we expect stocks will react accordingly. Read the prospectus carefully before you invest or send money. To listen to MarketView OnLine Audio you will need the RealAudio plugin.