Dear Friends and Family,

We hope the new year is off to a good start for you and your family. We wanted to start the year by providing a general recap of where we have been and where we may be going in the investment world.

The economy appears to be improving. However, the housing crisis is not over, and unemployment remains a concern. Global debt, the European crisis, and political tension at home are all ongoing risks.

From an investment perspective, we are still in a defensive posture, emphasizing dividend-paying equities and strong balance sheets.

Some housekeeping:

• Your 2011 year-end Fidelity tax documents will be mailed by mid-February.
• You can access documents sooner by logging into Fidelity.com.
• Remember: IRA contributions for 2011 can be made up until April 17, 2012.

Also, let us know if you’d like to review your portfolio, tax strategy, or insurance coverage. We’re happy to help with annual planning.

Sincerely,

Katz Family Financial