Looking forward to 2011, we at Goelzer remain focused on meeting the needs of our growing list of clients. Indeed, last year we attracted a record number of new client relationships and assets. We are extremely gratified that the majority of these new relationships were a direct result of client referrals and we would like to take this opportunity to thank those of you who recommended us to family, friends, and associates in the business and not-for-profit sectors.

As we address our clients’ growing needs going forward, we are committed to ensuring the quality service you have come to expect from us. Owing to this commitment, in 2011 we will be focusing extensively on our internal operations. Specifically, we will be increasing our staff’s specialization as we attract and retain experienced financial professionals who share our dedication to client satisfaction. We will also be making significant enhancements to our technology and information systems.

We are proud of our over 40 years as an independent investment advisor providing comprehensive financial counsel, investment advisory, and portfolio management services to individuals, families, and institutional investors. We work hard to uphold our Midwestern values of trust, integrity, and commitment. We are thankful to our new clients and to those with whom we have developed long-standing relationships. And perhaps most of all, we are sincerely grateful for the confidence and trust you have placed in us.

Should you have any questions or comments about the enclosed report or require additional information, 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.

As always, we welcome and appreciate your thoughts regarding how we are doing and what we can do better. Valued clients and friends like you are the foundation of our success.

Sincerely,

GOELZER INVESTMENT MANAGEMENT, INC.

Brett D. McKamey, CFA