We believe strongly that today we should be looking ahead, not back, in assessing asset allocation and focusing on those areas where there is opportunity.

With the strong recovery in many sectors last year, there is a tendency to “take profits” in order to preserve gains. This is where we believe a different approach will be more productive. Regardless of performance last year, we are looking ahead for the next 12 months to see where opportunities exist. We are characterizing opportunity by strong income trends, maintaining diversification and an emphasis on liquidity. In choosing those investments that appear to have a favorable outlook such as selected corporate bonds, sovereign debt and common stocks, we are very much aware of the sensitivity to when the stimulus package will no longer be a driving force in the economy.

We spend a great deal of time customizing individual portfolios for our clients according to their needs, risk tolerances and long-term objectives. There is no one formula that fits all. This approach, we believe, will become more important in 2010. As an investment manager, we will continue to focus on the particular objectives and needs of our clients in formulating suitable investments. Whether it is a taxable or non-taxable portfolio, institutional or individual, this premise remains the same.

We look forward to close communications over the coming months and as always we are here as a resource for you. Most importantly, my very best wishes to you, your associates and your families for a healthy and happy new year. We must never forget these are the most important things in life.

Warmest regards,