First Quarter 2010 Market Commentary

April 16, 2010

We are pleased to provide you with a brief review of the major financial and economic developments from the first quarter of the year that have impacted your portfolio.

Our Financial Market and Economic Review, a web-based, multimedia service, traces the trajectory of the U.S. economy and highlights the latest action in the stock and bond markets. This complimentary quarterly review also briefly examines two topical subjects. In this edition, our first feature article explores the deleveraging of the U.S. economy and finds that significant reductions in household and corporate debts have been almost entirely offset by large increases in government debts. Our second feature reviews the rebound in corporate earnings and finds that cost-cutting has been key, while revenue growth has been weak. Based on “streaming” video and audio technology, the Review provides all of this information in the space of just about 10 minutes. To access the Review, simply click on this Market Commentary link.

We hope you like it.

As always, be sure to let us know what you think of this Review and if we can be of any assistance to you or anyone you know.

Thank you!

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