Briefly Noted

Financial Planning
Immediate or Income Annuities
Annuities are primarily used as a means of securing a steady cash flow during retirement. Unlike a deferred annuity, an immediate annuity has no accumulation period--an investor simply pays the insurance company a lump sum, and then receives the stream of payments for the set time period.

Stock Screens
Using DRPs: An Approach Focused on Value With Downside Protection

First Cut
The First Cut: Using Enterprise Value to Locate Bargains
A starting point for investors. This issue's focus is on finding bargain stocks using a stock's enterprise value to gauge the worth of a company.

Offbeat Offerings
Offbeat Offerings: Immediate or Income Annuities
An investor reference for products that are not your typical offering. This issue's focus is on immediate annuities.

Insurance Products
Insurance Products and Taxes: Keeping Uncle Sam at Bay
Taxes are a fact of American life that impact many areas, including life and disability income insurance. Understanding the relationship between insurance and taxes is important. A look at several tax issues.

Mutual Funds
Rolling the Currency Dice: Investing in International Bond Funds
The search for yield and the weak U.S. dollar have prompted investors to consider investing in foreign bond mutual funds. However, these funds have unique risks that are magnified by the ebb and flow of the currency markets. A careful look is in order before you let your money travel overseas.

Investor Professor
Market Barometers: A Look at Stock Indexes and How They Work
You don't need a weather man to know which way the wind blows, but you do need a stock market index to know which way the stock winds are blowing. A look at stock market indexes and what they are telling you.

Features
Buying Straight From the Source: AAII's 2008 Direct Purchase Plan Guide
Want a simple, low-cost way to invest in a firm? One approach is to go straight to the source, using direct purchase plans, which allow you to buy shares directly from the company without a broker. This year's annual guide lists over 430 plans.

Stock Strategies
Direct Purchase Plans: The Foreign Option
With current growth rates overseas outpacing U.S. stocks' growth, many investors are casting a longing look at the foreign markets. One approach is to purchase ADRs, certificates that trade on a U.S. exchange but represent foreign firms. And now, several banks have set up direct purchase plans for their ADR firms.

Member News
Member News: Our Annual Update on What's Going on at AAII
An inside look at new developments at AAII and in our local chapter network over the last year.

Departments
Briefly Noted
Current news items of interest to individual investors.

Departments
Letters to the Editor
Member questions and comments on recent AAII Journal articles.