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MARKET IPO market at weakest since '78 There were five IPOs in the U.S. in Q1 as the Iraq war, slow economy and weak stock market hurt demand. That was the least in over 25 years. The $642.3 mil raised in Q1 is the least since Q4 '90, said Thomson Financial. IPO volume was 87% less than the $5 bil raised in Q4 '02, which was off 50% vs. the year-ago. NASD warns about mutual funds The self-regulatory body says "principal protection" funds, which promise no-risk investments, usually have expense ratios and fees much higher than other mutuals, give much smaller returns and penalize investors who withdraw early. Such funds are a tiny $6 bil slice of the mutuals arena, but have grown popular amid stock losses. ENERGY Frontier ...