Dear Clients & Friends;

October 5, 2012

We are happy to report that the third quarter of 2012 treated our investors well. Both domestic and international stock markets climbed 6% in the quarter. Fixed income also experienced positive, albeit more modest, gains in the quarter. Commodities, such as agriculture, medals and energy, were particularly strong in July and August before pulling back a bit in September. Overall, we were pleased with the performance of the Wisco model portfolios this quarter. We also wanted you to be aware of a few marketing events on the calendar this month. Wisco will be hosting an investment seminar at Blackhawk Country Club on October 10th. We plan to discuss our investment philosophies and process as well as our capital market expectations for the next twelve months. In addition, Wisco will be exhibiting at the In Business Expo & Conference at the Alliant Energy Center on October 17th. If you are planning to attend the Expo, please stop by booth #431 and say hello. Also, if you know of anyone who might benefit from attending one of our events, please feel free to invite them as your guest. We always appreciate your referrals! As a reminder, we are always a phone call away if you would ever like to discuss your portfolio performance, targeted risk level, or any potential life changes that may be relevant to how your investments are managed. Please also make sure to keep us informed of any address, beneficiary, or other changes that pertain to your accounts. We are looking forward to our year-end performance review meetings with everyone, which we plan to start setting up in early December. Finally, we are including our third quarter 2012 market review newsletter with this mailing. We hope it offers some insight into our current portfolio positioning. As always, we want to thank you for providing us with the opportunity to work with you as your investment adviser. We appreciate your business. Sincerely,

The Wisco Team

Office: 608.442.5507 Fax: 608.237.2206

437 S. Yellowstone Drive, Suite 101 Madison, WI 53719

Wisco Investment Management

The Wisco model portfolios are constructed using six different asset classes; Domestic Equity, International Equity, Domestic Fixed Income, Commodities, Domestic Real Estate and Money Market. As of June 30, 2012, our model portfolio asset class allocations are as follows:
Wisco Model Portfolios
as of June 30, 2012

Conservative 32% 0% 58% 0% 0% 10% 100%

Balanced 38% 12% 45% 0% 0% 5% 100%

Balanced Growth 45% 15% 35% 0% 0% 5% 100%

Growth 53% 20% 25% 0% 0% 2% 100%

Aggressive 59% 28% 5% 6% 0% 2% 100% 16%

Domestic Equity International Equity Domestic Fixed Income Commodities Domestic Real Estate Money Market Total

Target Volatility1 8% 10% 12% 14% 1 Target Volatility is our estimate for the annual standard deviation of portfolio returns. Source: Wisco Investment Management LLC

Second Quarter 2012 Market Review

Domestic Equity
Domestic Equity Returns
20% 15% 10% 6% 12% 11% 6% 0% -3% -11% -16%
1Q10

12% 12% 6%

5%
0% -5% -10% -15% -20%

quarter, S&P 500 earnings increased 7% year over year, which was a catalyst to drive the stock market higher. In addition, low interest rates make the domestic equity market a good value compared to savings accounts or CDs. At Wisco, we continue to have a positive view on U.S. equities. The conclusion of the November elections, regardless of the outcome, should bring clarity to business leaders about the direction of government policies. Our positive stance also reflects our belief in a slowly improving economic environment.

Source: Dow Jones U.S. Broad Stock Market Index and Wisco.

After posting mediocre results in 2Q12, the United States stock market rebounded nicely, gaining 6% in the third quarter. In the second
2

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

Finally, we feel the markets disappointing performance since the turn of the century may present an opportunity for investors. Long periods of market underperformance along with the high levels of negative investor sentiment that we have experienced are often a prelude to better equity returns. International Equity
International Equity Returns
28% 21% 14% 7% 0% -7% -14% -21% -28%
1Q10

Domestic Fixed Income

Domestic Fixed Income Returns
5% 4% 3% 2% 1% 0% -1% -2% -3%
1Q10

3% 2% 2% 0% 2%

4% 2% 1%

1%

0% -1%

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q11

2Q11

3Q11

17% 8% 2% 3% 1% 7% 11% 6%

Source: Barclays Capital U.S. Aggregate Bond Index and Wisco.

-7%

-16% -24%
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q11 2Q11
3Q11

Source: MSCI ACWI ex USA and Wisco.

Like the domestic equity market, the international equity market reversed course in 3Q12 posting strong results. European stocks were strong in the quarter despite continued debt concerns across the continent. While the debt crisis is a long way from resolved, the equity market did seem to take comfort in ECB President Mario Draghis comment that he would do whatever it takes to save the euro. Both China and Japans equity markets were a drag on International Equitys performance as a slowdown in these economies negatively impacted results. Despite the relief rally in European equities this quarter, we continue to be concerned about the crisis in Europe and its longer term impact on the global economy. That said, Wisco continues to have some exposure to international equities in all but our most conservative portfolio because we believe it is an important part of a diversified portfolio.

Domestic Fixed Income continued to produce steady if unspectacular returns in the 3Q12 just as it has in every quarter since the start of 2011. Despite long-term concerns that high deficit spending will ultimately lead to higher interest rates and hence lower fixed income returns, to date those concerns have been trumped by weak economic growth and investors reluctance to take on more risk. In addition, inflation concerns have yet to be realized as poor employment gains and stagnate wages appear to be holding back any pent up inflation. While U.S. Treasury yields reached an all-time low in the quarter at 1.4% on 10-year notes before increasing to 1.6% at the end of the quarter, Wisco feels yields could continue to stay at these low levels in the near-term. The Federal Reserve has publicly stated they intend to keep rates low for an extended period of time, and with low inflation, we doubt there will be much pressure to change this policy.

Commodities
Commodities
20% 15% 10% 5% 0% -5% -10% -15% -20%
1Q10

16%
12% 4% 2% 0% 10%

period following three consecutive quarters of strong returns. We plan to revisit the merits of investing in real estate at the end of the year. Money Market The current yield of the Schwab Money Market is 0.01%. Low Federal Funds rates have held down short term yields. We think short term rates will remain low for at least the next six months.

-5% -5%

-5% -8% -11%

Source: Dow Jones-UBS Commodity Index and Wisco.

Commodity prices were strong in the third quarter with the Dow-Jones Commodity Index increasing 10% this period. The gains were lead by strong returns in grains, gold and oil. Wisco feels there is an investment opportunity in commodities for investors who are able to accept a high degree of volatility. Therefore, we are holding commodities in only our aggressive portfolio.

2Q10

Domestic Real Estate

Domestic REIT's
20% 15% 10% 5% 0% -5% -10% -15% -20%
1Q10

13% 10% 7% 7% 4%

3Q10 3Q10

4Q10

1Q11

2Q11

3Q11

15% 10% 4%

4Q11

1Q11

2Q11

0% -4%

3Q11

Disclaimer: Wisco Investment Management LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

-15%
2Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q11 2Q11
3Q11

Source: Dow Jones U.S. Select REIT Index and Wisco.

After three strong quarters, Real Estate, as measured by the Dow Jones U.S. Select REIT Index, declined slightly in the 3Q12. Wisco removed real estate holdings from our model portfolios during our mid-year rebalancing
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