INSIDE DOW THEORY FORECASTS

COVER PAGE

The cover page is divided into two sections:

• The left column is devoted to our recommended stocks. Stock Watch reports such events as stock splits, dividend hikes, acquisitions, mergers, streamlinings, new products, industry updates, lawsuits, and other timely information. A successful investor is an informed investor. Thus, it's critical that investors stay abreast of the latest developments in their stocks. For that reason, Stock Watch is must reading for the active investor.
• Under the main headline on page 1 is our featured report. Each week we zero in on a timely investment topic. A featured report might profile an industry that seems especially promising or highlight our favorite stocks for income, growth, or value investors. Usually, featured reports are continued on pages 4 and 5.

Page 2

Page 2 will cover a variety of topics ranging from an article delving into the specifics of a particular investing strategy, further analysis on recent market trends and sector rotation, or additional coverage on current news and updates.

MARKET COMMENTARY

The Market Commentary is one of the cornerstones of Dow Theory Forecasts. This section provides our current analysis of the market via our interpretation of the Dow Theory. Since 1946, Dow Theory Forecasts has been interpreting the Dow Theory, and we are recognized as the expert on Dow Theory analysis. The Market Commentary points out potential trouble spots for the market and key turning points on the Dow Jones Industrial and Transportation Averages, as well as, under certain market conditions, attractive stocks for new buying. This page should be the first place you turn to see our current thinking on the overall market's direction.

FEATURED REPORTS

The two inside pages of Dow Theory Forecasts highlight general topics of interest. Here you might find an industry review, a helpful investment strategy, a focus on low-priced stocks, suggestions for investing for income, or any number of timely and topical reports. Stock recommendations and reviews always accompany the featured reports and provide concrete ways to put a particular investment strategy into motion. In addition, stock charts often appear on these pages to provide yet another tool to use in your investment program.

FOLLOW-UP ON MONITORED STOCKS

Not only should a newsletter make strong initial recommendations, but constant follow-up must be provided on prior recommendations. Pages 6 and 7 are essential for investors who want to know the latest on their current stock investments. We highlight those issues doing especially well. Perhaps even more important, we also feature those that aren't doing well . . . and tell you whether to hold the issue or buy more. Sell recommendations and portfolio upgrading moves are also discussed on this page.
At the bottom of page 7 you'll find a list of monitored stocks best situated for new buying. Among the nearly 140 stocks we monitor, these are the stocks we rate as Focus List Buys, Buys, and Long-Term Buys. If you are looking to put new money in the stock market, these stocks represent a shopping list of promising ideas.

ANALYSTS' CHOICE

One of the most popular features is the Analysts' Choice selection. As you can see, the Service focuses on being concise. The Analysts' Choice is where we provide more detail on a stock we find particularly attractive each week. This feature is essential reading for fresh stock ideas.

FORECASTS MONITORED LIST

With the second issue of each month, you will receive a four-page supplement listing ratings and other key data on all the stocks on the Dow Theory Forecasts Monitored List, including Focus List stocks. This monthly supplement is a great tool for reviewing your current stock investments and for selecting new issues to purchase.

MUTUAL FUNDS

Mutual Funds are covered monthly with a two-page supplement every other month, and fund-related articles within the newsletter the remaining months. Two fund portfolios - the Growth Portfolio and the Conservative Portfolio - are recommended and tracked so investors can properly diversify. You will also get reviews of promising funds, updates on recommended funds, and strategies for selecting the best funds in certain industries.

ADDITIONAL COVERAGE FROM DOW THEORY FORECASTS

Dow Theory Forecasts also offers many other regular features:

• Quarterly Electric-Utility Rankings - This feature ranks over 80 electric utilities and highlights those issues that are most attractive. This is a favorite among our many readers who focus on income.
• Business Outlook - Two times a year you receive a full-page analysis of the latest economic developments complete with our opinion on where the economy is heading - and why.
• Midyear and Year-End Outlook for Stocks and Business - We prepare you for the next six months, giving our favored recommendations and providing analysis on economic and business conditions . . . always with a trained eye on the most important factor - how these conditions will impact stock prices.
• Income Selections - Dividends are critical to many of our readers. Thus, we provide several features that focus on dividends. Topics include companies with excellent dividend-growth records, how to receive a dividend check every month, and stocks combining high income with capital-gains potential.
• Group Studies - Understanding industry-group rotation is critical in today's market. Our Group Studies report shows which way money has been flowing on Wall Street . . . and which stocks are likely to benefit from sector rotation in the future.
• Dividend Reinvestment Plans - Keeping your transaction costs down is a surefire way of improving portfolio performance. Dividend Reinvestment Plans (DRIPs) provide an excellent way to buy stocks without a broker and without commissions. Our periodic DRIP features discuss the best investments among DRIPs and how to build your own mutual fund portfolio using DRIPs.
• Quarterly Indexes - These indexes will help you keep track of topics and stocks featured in Dow Theory Forecasts in the preceding three months.
• Supplemental Reports - Throughout the year, subscribers receive supplemental, special reports with their Dow Theory Forecasts. Past reports covered health-care reform, stock splits, and telecommunication stocks. These special supplemental reports come at no extra charge.