[RESOLVED] F8 (stepping)executes only first DIM stmt and that's it

[n_minus_one]

    
'global declaration
    Dim FILE_NAME As String = "EventList.txt"
    Dim PATH_FILE As String = Environment.CurrentDirectory() & "\" & FILE_NAME
'end of global declaration

Private Sub ProcessFiles()
        Dim fs As New FileStream(PATH_FILE, FileMode.Open, FileAccess.Read)
        Dim sr As New StreamReader(fs)
        Dim TextLine As String  'line from file

        MsgBox(PATH_FILE)
        Do Until sr.EndOfStream()
            TextLine = sr.ReadLine
            MsgBox(TextLine)
        Loop
    End Sub

Using F8 to step through all of the code, it gets to this sub, highlites Dim fs ...
and then hit F8 again it just pops up the form, no message boxes - nothing. Other notes: EventList does exist in stated directory.

Any ideas why it wouldn't complete the sub?

the first debug line after hit the f8 is:
A first chance exception of type 'System.IO.FileNotFoundException' occurred in mscorlib.dll
...but the file is there! all 14kb of it.