Nothing on this site should be construed as a solicitation or offer or recommendation to buy or sell any security or to make a

Nothing on this site should be construed as a solicitation or offer or recommendation to buy or sell any security or to make a transaction. The information contained herein is assembled from sources who are believed reliable, but the accuracy of data or advice cannot be guaranteed. Past performance does not guarantee future performance. No chart, strategy, or tactic guarantees gains or losses. No assurances can be given that objectives will be met. The Company, its officers, staff, and clients may or may not invest in the funds or stocks and/or in the proportions shown in the Newsletter, web site, or otherwise. All investments involve risk. Read a fund's prospectus carefully before investing.

Information is provided without regard to your personal situation and may or may not be suitable for you.

Watercourse Way Holdings, LLC is the owner of No-Load Mutual Fund Selections & Timing Newsletter, ETF & Sector Trading, and Investment Research. It is not a registered investment adviser.

RESEARCH REPORT DISCLAIMER (please refer to individual reports):

The information in the reports on this website has been obtained from sources which we believe to be reliable, but we do not guarantee its accuracy or completeness. All statements are the opinion of Investment Selections & Timing, Inc. (IST) or Watercourse Way Holdings, LLC. ("WWH") which are based upon information gathered from public filings and/or information provided by the company. Neither the information nor any opinion expressed constitutes a solicitation by IST or WWH (or its affiliates) for the purchase or sale of any securities. Neither WWH or IST or associated person (1) makes any markets, or (2) manages or co-manages public offerings. WWH or IST (or its affiliates) or persons associated (or its affiliates) therewith may at anytime be long or short any of the securities referred to herein, may own options, rights or warrants to purchase the securities referred to herein and may make purchases or sales thereof while these reports are in circulation or posted on the web site at www.investmentst.com. Accordingly, WWH or IST has a potential conflict of interest in preparing this report. This material, or any portion thereof, may not be reproduced without prior permission from the copyright holder. WWH or IST is not responsible for the contents of these documents which are intended for electronic transmission and could be thus subjected to tampering or alteration.

TERMS AND CONDITIONS OF SERVICE

Please read the following terms and conditions of service carefully ("Terms").

By accessing investmentst.com (the "Site") you are indicating your agreement to be bound by these Terms. If you do not agree to be bound by these Terms, disconnect from the Site immediately. If you have any questions, please contact us at info@investmentst.com

DESCRIPTIONS OF THE SERVICE

Investment Selections & Timing, Inc. ("IST", "we" or "us") will provide you with access to the Site. Access to the Site is free. Some other services provided by WWH or IST may not be free. If this is the case, IST will inform you before you subscribe to the other services that they are not free and make sure that it is clear what the charges are.

In these Terms, Service refers to any services provided by us, including the provision of access to the Site.

ACCESS TO OUR SERVICE

We make no promise that our Service will be uninterrupted or error free.

Your access to the Service may be occasionally restricted to allow for repairs, maintenance or the introduction of new facilities or services. IST will attempt to restore the Service as soon as it reasonably can.

Because of the nature of the Internet, the Service is provided on an "as is" and "as available" basis. We are not responsible to you for any error, omission, interruption, defect, delay in operation or transmission or other failure to provide the Service which results from a reason beyond our control.

LINKS TO OTHER WEB SITES AND SERVICES

The Site contains links to other web sites, which are not under the control of and are not maintained by us. These links are provided for your convenience only and we are not responsible for the contents or security of those sites.

We shall not be responsible for any loss or damage suffered by you as a result of using the links provided on our Site.

CONTENT OF THE SITE

The content made available in the Site is provided "as is" without warranties of any kind. Because of the nature of the information displayed on the Site, IST cannot verify whether it is accurate or up to date. If IST becomes aware that the content is inaccurate or out of date it will remove it from the Site or take other appropriate action.

IST does not warrant that the content on the Site will be free of errors or viruses or that it will not be defamatory or offensive.

IST does not warrant, represent or endorse the accuracy or reliability of any of the information, content, advertisements or any third party site and content contained on, distributed through or linked, downloaded or accessed from the Site, nor the quality of any products, services, information or other materials displayed, purchased or obtained by you as a result of an advertisement or any other information or offer on or in connection with the Site or IST.

The content on the Site is only for your general information and use and is not intended to address your particular requirements.

Opinions, advice, statements, offers, or other information or content made available on the Site (including the bulletin boards) are the responsibility of their respective authors and not of WWH or IST. The content on this Site does not constitute any form of advice, recommendation or arrangement by WWH or IST and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate advice should be obtained before making any such decision.

You acknowledge and agree that you bear responsibility for your own investment research and investment decisions, and that WWH or IST shall not be held liable by you or any others for any decision made or action taken by you or others based upon reliance on or use of information or materials obtained or accessed through use of the Site.

Investors should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance. Investors should be particularly wary about the accuracy of comments posted on the bulletin boards on the Site (if any) or any investment bulletin boards that the Site may link to.

Any arrangements made between you and any third party named on this site are at your sole risk and responsibility.

YOUR CONDUCT ON OUR SITE

You must not use the Service in a way, which causes or is likely to cause the Service to be interrupted, damaged or impaired in any way, and you must use the Service for lawful purposes only.

You understand that you, and not WWH or IST, are responsible for all messages received by or sent from your computer to the bulletin boards and for the content of any articles or photographs that you publish on or post to this Site or transmit to other users of the Site. WWH or IST does not accept responsibility for unsolicited materials.

You must not use the Service or the bulletin boards for any of the following:

* for fraudulent purposes or in connection with a criminal offense or other unlawful activity;

* to send, publish, use or reuse any material which is offensive, abusive, defamatory, indecent, obscene, threatening or illegal or in breach of copyright, trade mark, confidence, privacy or any other rights;

* to transmit any chain letters, spam letters, or junk email to other users, or participate in mischievous or malicious behavior which causes or may cause damage to WWH or IST or this Site; or

* to cause annoyance, inconvenience or needless anxiety.

You may use the Service only for your own use, and you shall not use the Site to advertise or sell any products or services.

COPYRIGHT/TRADE MARKS

All rights in the HTML, designs, programming and information posted by us on the Site are owned by IST or its licensors. You may not copy, reproduce, modify, distribute, republish, display, post or transmit any part of this Site without our permission.

All trade marks, service marks, and trade names displayed on the Site are the marks of the owners of the relevant material, and may only be used by you as permitted by law or as expressly authorized by the owner.

YOUR LIABILITY

You must compensate IST against any loss, damage, costs and expenses (including reasonable legal fees) suffered by us as a result of any willful or negligent act by you or any breach of these Terms.

WWH or IST NO LIABILITY

We will not be liable for your loss of profits, wasted expenditure, corruption or destruction of data or any other loss which does not directly result from something we have done wrong, even if we are aware of the possibility of such damage arising.

WWH or IST expressly disclaims any and all warranties, including without limitation, any warranties as to the availability, accuracy, or content of information, products, or services, or any terms, conditions or warranties of quality, merchantability or fitness of the content on the Site for a particular purpose.

DATA PROTECTION

We will respect your personal data and will comply with all applicable US data protection legislation currently in force.

We will use your personal information, which you provide to us and the records of your visits to the Site to constantly monitor and improve our Service and for marketing purposes in accordance with our Privacy Policy.

We do not intend to sell or exchange any subscriber's personal information, including email address, with any outside company. We may use your information to offer services developed by WWH or IST deemed appropriate.

TERMINATION OF SERVICE AND AMENDMENT TO TERMS

We reserve the right to alter or withdraw our Service, to refuse our Service to any customer and to change the Service or these Terms at any time by notifying you by email or posting notice of changes on the Site (indicated by the phrase "Changes to Terms of Use"). We will give you as reasonable notice of any changes. If you use the Site after we have posted notice of the changes you will be bound by the new terms.

ASSIGNMENT

You will not transfer or attempt to transfer this contract in whole or in part to anyone else.

LAWS

These Terms shall be governed by and construed in accordance with the laws of the State of Texas.

Legal Disclaimer

Investment Selections & Timing, Inc. ("IST") is registered as an investment adviser with the State of Texas. In any other jurisdictions where IST is not a registered investment adviser and is not exempt or excluded from those laws, IST cannot transact business as an investment adviser or give individual investment advice nor can IST respond to individual inquiries if the response could potentially lead to a transaction in securities or the rendering of personalized investment advice for compensation. The information provided at this site is not intended to effect any transaction in securities nor is it an offer to buy or sell securities. IST is supplying the entire content of this communication solely for general informational purposes.

The information contained herein is for informational purposes only, and should not be construed as an offer to sell or solicitation of an offer to buy any security by, from or through IST or its affiliates or persons associated with IST or its affiliates. IST makes no representation or warranty relating to the facts presented or that all material facts necessary to make an investment decision are presented. Investors should not rely solely on the information contained in this publication in making an investment decision. An investment in the companies described may be speculative and may involve high risk. The information in this report is not intended to be personalized investment advice. Not all securities are suitable investments for all investors. You should not rely on IST to determine the suitability of an investment for you. If you wish to effect a transaction in the securities described you should contact your broker for additional information as to the suitability of this investment for you.

Even though IST uses its best efforts to compile its data from reliable sources, IST does not warrant the accuracy, completeness, or timeliness of any of the information it provides. Research in this report may become unreliable because of subsequent market conditions, economic circumstances, or for other reasons. Due to the number of sources from which the information is obtained, and the inherent hazards of electronic distribution, there may be delays, omissions or inaccuracies in such information. IST disclaims any intent or obligation to update these statements. Moreover, there is no assurance that any projections, predictions, forward-looking statements or forecasts of investment performance will be realized.

The content of this site is not intended to be personalized investment advice. The goal of this site is to provide data that may be helpful for informational purposes only; each user is responsible for his own investment activities. In no event shall Investment Selections & Timing, Inc., or its affiliates or their agents, affiliates or employees, or associated persons be liable for any loss or damage (direct, consequential or otherwise) arising out of the use or content of this site.

The information contained herein is not intended for use by any non-U.S. investor, or in any jurisdiction where its use would be unlawful, or by any other person for commercial purposes.

Research report disclaimer: The information in the reports on this website has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. All statements are the opinion of Watercourse Way Holdings, LLC or Investment Selections & Timing, Inc. that are based upon information gathered from public filings and/or information provided by the company. Neither the information nor any opinion expressed constitutes a solicitation by WWH or IST for the purchase or sale of any securities by, from or through WWH or IST. WWH or IST has not received any compensation from any company to recommend it. WWH or IST or persons associated therewith may at anytime be long or short any of the securities referred to herein, may own options, rights or warrants to purchase the securities referred to herein and may make purchases or sales thereof while these reports are in circulation or posted on the website at www.investmentst.com. Accordingly, WWH or IST may have a potential conflict of interest in preparing this report. This material, or any portion thereof, may not be reproduced without prior permission from the copyright holder. WWH or IST is not responsible for the contents of these documents which are intended for electronic transmission and could be thus subjected to tampering or alteration. Copyright ©2002-5, Watercourse Way Holdings, LLC. All rights reserved.