This is another brief report to update the portfolio. There is still widespread unrest and we are making the most of the opportunities presented. We will continue to be extremely active with the portfolio assets.

           The current portfolio composition is as follows:
 
 

        Our earnings to date are -6% and a reasonable proxy to represent the US market (a combination of the S&P 500 index and the Nasdaq composite) has seen negative returns of -37%. If we included the world markets, the figures would be worse as the world markets have been pummeled.

         This will, undoubtedly, end up as the worse year in stock market history and also a disastrous year in most other asset categories.

         As many of you have heard or read, veteran Wall Street money manager Bernard Madoff was arrested Thursday in what prosecutors say was a $50 billion scheme to defraud investors. Madoff, who served as chairman of the Nasdaq Stock Market, allegedly was running a massive Ponzi scheme whose fallout is still being disclosed. We do know that his investors included worldwide corporations, individual investors, charitable foundations, banks, financial institutions and U.S. hedge funds. We had nothing invested in any of the Madoff funds and your assets have never been exposed to any fraudulent activity. Although the SEC claims it had investigated Madoff, it seems highly unlikely that his company had the same in–depth review that we are subject to every four to six years. The fraud that was perpetrated is impossible with our practice as all of your investment assets are held at Fidelity and you receive statements directly from your custodian that list your investments. We continuously offer full disclosure of your portfolios and investment returns. All of our SEC documents are on our website at: http://www.oakwoodgroup.com/secreports.html for your review.