After a challenging start to the year, the quarter ended June 30 marking a welcome respite from the turmoil in the financial markets. Investors enjoyed the best returns for a three month period in over a decade, as U.S. stocks advanced by over 15%. Please refer to the enclosed Market Review for our current thinking on the economy and markets.

As an independent investment advisor providing comprehensive investment planning, advice and management to a growing roster of individuals, families and institutional investors, we go to great lengths and commit substantial resources in our effort to provide our clients with solid, long-term investment results and superior service. Despite the extremely difficult economic environment, we have continued to commit additional resources to seek out ways to enhance the value we provide to you.

As always, we welcome and appreciate you sharing your thoughts regarding how we are doing and what we can do to better serve you. In the meantime, should you have any questions about the enclosed report or have an interest in accessing one of the above mentioned services, please do not hesitate to give Sherri or me a call. You can reach Sherri directly at (317) 264-2618, sgrabhorn@goelzerinc.com or, if outside the Indianapolis calling area, (800) 428-1618.

Sincerely,

GOELZER INVESTMENT MANAGEMENT, INC.

Brett D. McKamey, CFA