ASSET ALLOCATION PROCESS

The implementation of the client's investment objectives is guided by the asset allocation of the portfolio. The asset allocation process places the client into one of three categories:

1. All equity securities
2. Balance of equity and fixed-income securities
3. All fixed-income securities

Investments in fixed-income securities are made in United States treasury notes, bonds, and AA or higher municipal bonds if required. We also utilize preferred equities with dividend yields to enhance the fixed income allocation.