Second Quarter 2009 Market Commentary

July 15, 2009

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 new 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 inaugural edition, with many market watchers today speculating that the recession’s end may be near, we devote both of our special features to the economy. Our first examines projections as to when economic growth may finally resume. The second addresses the debate many market watchers have been having recently about whether inflation or deflation is the bigger near-term threat. 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 Market Commentary and if we can be of any assistance.

Best Regards,


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