1. Based on the expected returns of the asset classes held, what objectives would this allocation be appropriate in achieving (i.e. preservation, appreciation, etc.)? 2. What position may distort the overall portfolio toward current income, possibly at the expense of total returns? Specifically, name the asset class and explain how it creates this distortion. 3. How could the diversification of the equity portfolio be improved? Provide one example of what could be changed and why.