I have been a long term holder of this fund and have profited handsomely. For the first time, I am a bit nervous about the holdings.

There appears to me to be a resource war shaping up. The Russian invasion of Georgia may only be the opening salvo. The fund has large holdings in Exxon Mobil and Chevron who rely on shaky foreign nations such as Saudi Arabia.

The fund has excellent holdings in oil services but I would like to see them lighten up on XOM and CVX and move more toward North American players such as Devon, Apache, Anadarko, Chesapeake, Suncor, and Encana. (Devon is currently a signficant holding)

It does not have to be overnight. I bet that PEO's basis on XOM and CVX is very, very low so we could all get a huge capital gain to boot.

Times are changing and this old fund needs to shift gears a bit. Comments?

Good luck to all,

TOPPS