Financial Printing -- Bulls in a Bear Market

* Donnelley anticipates some increased fund growth in parallel with increasing investor confidence brought about by recent SEC regulations and rule proposals.

"The year 2002 started out strong and we were very encouraged by performance during the first six months," adds Bowne's Smith. "Then the anticipation of and ultimate war in Iraq started, and the markets went silent, making the second half very weak. The first half of 2003 continued to be slow, but a gradual improvement was noticed after March. We continue to see positive signs in the market and remain cautiously optimistic."