Quarterly Investment Newsletter

4TH QUARTER 2005
Quarter Ended 12/31/2005
2005 Year in Review
2005 proved to be another fascinating
year in the bond market.

3RD QUARTER 2005
Quarter Ended 9/30/2005
Understanding Inflation:
the CPI versus the PCE Deflator

2ND QUARTER 2005
Quarter Ended 6/30/2005
Uncharted Waters
During the year ended June 30, 2005,
the Federal Reserve has raised the
Federal Funds rate...

1ST QUARTER 2005
Quarter Ended 3/31/2005
Benchmark Changes: Enter Fitch Ratings
Lehman Brothers recently announced
modifications to their fixed income
benchmarks...