Balanced Portfolio - The investment focus of this portfolio is long-term capital appreciation together with income. A portfolio of this type will typically be invested 50-60% in equities and 40-50% in bonds and cash. Short term volatility is not a major consideration because some market risk must be assumed in order to grow principal. An investor with this objective is considered to have an average tolerance for risk.

Growth Portfolio - The investment focus of this portfolio is long-term capital appreciation. Receiving income from this portfolio is a secondary consideration. The portfolio will typically be invested 60-80% in equities with a smaller amount dedicated to the fixed income markets. Short term volatility is not a major consideration as equities are needed to grow the principal. An investor with this objective is considered to have an above average tolerance for risk.

Income Portfolio - The investment focus of this portfolio is the generation of a high level of income. The portfolio will be exclusively invested in fixed income assets and may include investment grade municipal, government or corporate securities depending upon the market environment. Maturity ranges will affect the overall price volatility and income level of the portfolio and will be determined by individual client considerations. An investor with this objective is considered to have a low tolerance for risk.

The investment focus of this portfolio is long term capital appreciation with minimal focus on income generation. The portfolio will typically be invested in 80-90% equity securities with remainder in fixed income instruments. Short term volatility is not a major concern because equity market risk must be assumed in order to grow principal. An investor with this objective is considered to have a high tolerance for risk.

High Income/Some Growth:

The investment focus of this portfolio is the generation of income with a secondary focus on capital appreciation. The portfolio will typically be invested 80-90% in fixed income securities with the remainder invested in equities. A steady income stream is of primary importance in this approach with some consideration given toward the maintenance of the purchasing power of principal. An investor with this objective is considered to have a below average tolerance for risk.