In This Issue:
• Preferred Investors- Preferred stocks can be a valuable part of any portfolio, but be careful of the taxable rate.
• In the Limelight
• STARS Status: Changes in S&P analysts' STARS rankings for May 8 through May 12.
• S&P's Equity Valuation Tools- Analysts take a variety of factors into account when determining target prices.
• For Banks, Bigger Is Better- We think financial services giants with diversified operations are well positioned for profit and share-price gains.
• Three Recent Upgrades- S&P analysts believe these stocks will outperform the market over the coming year.
• Master List Stocks Update- Our three supervised Master List groups of stocks, recommended as core holdings for long-term investors, are regularly featured on these two pages. The Small/Mid-Cap Growth Portfolio is highlighted this week.
• Top Ten Portfolio- This focused list, launched in 2001, has had an annualized total return of 5.2% since inception vs. a gain of 4.9% for the S&P 500 in the same period.

Some of the Companies Featured:
Alliancebernstein
Arrow Electronics
Bank of America
Citigroup
Commercial Metals
Corn Products International
Covance
Franklin Resources
General Growth Properties
Icon
JPMorgan Chase
Landstar
Nucor
OfficeMax
Pioneer Natural Resources
PS Business Parks
Tivo
Wachovia

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