Published by Sam C. Bills, Jr.  Copyright � 2008 Bills Asset Management.  All rights reserved.

BAM Market Wrap is produced and distributed regularly via email by Sam C. Bills, Jr. of Bills Asset Management  3001 Flagstone Drive, Franklin, TN 37069 Phone (615) 371-5928 Fax (615) 250-4903 - www.Billsasset.com

Bills Asset Management  is an independent registered investment advisor (RIA) not associated with any financial institution.  Data used in this publication is gathered from reliable sources, although completeness and accuracy cannot be guaranteed.  Performance results do not take into account any tax consequences and are not predictive of future results.  This publication does not give any specific investment advice, does not provide financial planning services, or consider any individual's financial situation, needs or goals.  This publication may not be reproduced or retransmitted in whole or in part without the consent of the author, Sam C. Bills, Jr.

Important Disclosure Information

Bills Asset Management ("BAM") composite performance results represent time-weighted actual performance results for continuously managed BAM accounts, which individual accounts BAM believes to be representative of its investment management process (i.e. mutual funds and exchange traded funds) for each specific strategy during the corresponding time period.  The composite performance results reflect the reinvestment of dividends and other account earnings, and are net of applicable account transaction and custodial charges, and the separate fees assessed directly by each unaffiliated mutual fund and exchange traded fund holding that comprised each account, and the maximum investment advisory fee that the accounts would have incurred (by applying BAM's current investment advisory fee as set forth in its current written disclosure statement) during the corresponding time periods.

Please Note:  Past performance may not be indicative of future results.  Therefore, no current or prospective client should assume that future performance will be profitable, equal the performance results reflected, or equal any corresponding historical benchmark index.  The historical index performance results for all historical benchmark indices do not reflect the deduction of transaction and custodial charges, or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing indicated historical performance results.  The historical performance results for all indices are provided exclusively for comparison purposes only, so as to provide general comparative information to assist an individual client or prospective client in determining whether the performance of BAM program meets, or continues to meet, his/her investment objective(s).  A corresponding description of each index is available from BAM upon request.  It should not be assumed that BAM account holdings will correspond directly to any such comparative benchmark index.  The BAM performance results do not reflect the impact of taxes.

For reasons including variances in the investment management fee incurred, market fluctuation, the date on which a client engaged BAM's investment management services, and any account contributions or withdrawals, the performance of a specific BAM client's account may have varied substantially from the indicated portfolio performance results.

In the event that there has been a change in a client's investment objectives or financial situation, he/she/it is encouraged to advise BAM immediately.  Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy (including the investments purchased and/or investment strategies devised or undertaken by BAM will be profitable. 

Information pertaining to BAM's advisory operations, services, and fees is set forth in BAM's current disclosure statement, a copy of which is available from BAM upon request.  Performance results have been compiled solely by BAM, are unaudited, and have not been independently verified.  BAM maintains all information supporting the performance results in accordance with regulatory requirements.