SUMMARY

Cash Reserves -- Money Market Funds:

We have switched client money funds into Treasury-only money funds, to avoid the European bank credit risk that resides inside most money market funds today.

Strategic Oil Reserve Release, Oil Prices and Major Oil Companies:

The strategic oil reserves release is unimportant in the long-term upward direction of the price of oil. The release announcement has pushed oil companies' price down temporarily, but the release has no practical or lasting impact on either the price of oil or the value of oil producers and major oil companies.

Two Important Current Topics: Money Fund Credit Risk & Strategic Oil Reserve Release