Dear Client,
Happy New Year! Looking back, 1996 ended profitably. I fell very please with how well your portfolio performed. Interest rate stability, good corporate earnings, moderate inflation and stable domestic and international political environments contributed to our success in 1996.
Looing at the year ahead, I foresee continued volatiility as well as investor uneasiness. Given this invesstment environment, minor portflio changes may be made to move to a more defensive posture. One investment area that I anticipate will provide stability as well as positive return are REIT’s (Real Estate Investment Trusts). Portfolio changes will be made where appropriate.
A new addition to our office in December is William (Bill) A. Bullock. Mr. Bullock has earned a BBA in finance and accounting from University of Wisconsicn – Eau Claire. He has prior employment experience involving taxes and accounting for both government and private industry. Bill will assist with multiple office management functions. He is eager to meet you and I’m sure you will enjoy knowing him.
If you desire information for 1996 income tax perparation, additional fund information, Morningstar reports on any fund in your portfolio, or if you would like to receive the most recent copy of our Form ADV, Part II, please call. If your investment objective or personal financial situration has changed, it is important to notify us, so I can reevaluate the positions in your portfolio.
Enclosed please find your fourth quarter and 12-month Portfolio Performance Summaries, Portfolio Holdings statement and quarterly fee statement for account management.
I wish you a healthy and prosperous New Year!
Allan C. Topp, CPA
President
P.S. Our business grows from referral from existing clients. If you know of someone who would benefit from professional portfolio management, I would appreciate your returning the enclosed reply card.