1.  There is some level of risk associated with all investments. In general, the greater the return sought, the greater the exposure to risk. While we cannot completely eliminate the risks of investing, we would like to know which one of the following most concerns you.

a.  Protecting portfolio value, which implies low returns and low chances for short-term losses. (0)
b.  Seeking moderate returns, which implies moderate chances for short-term losses. (4)
c.  Seeking high returns, which implies high chances for short-term losses. (8)

2.  Which of the following statements best describes the expectations for the investments in this portfolio?

a.  A portfolio that will primarily provide supplemental income. (0)
b.  A portfolio that offers a combination of moderate long-term growth potential and current income. (3)
c.  A portfolio that will primarily maximize long-term growth potential. (7)

3.  Time horizon is the length of time a sum of money is expected to be invested before being called upon to fund financial objectives and goals. A shorter time horizon generally calls for a more conservative portfolio structure because there is less time to recover short-term losses in riskier securities. The assets to be placed in this portfolio could remain invested:

a.  0-3 years (0)
b.  4-7 years (5)
c.  8-10 years (10)
d.  Greater than 10 years (15)

4.  Suppose most of the money in the portfolio was invested in one mutual fund and your last statement showed that the value of the fund had decreased by 12%. (For example, a decrease of $12,000 on a $100,000 investment.) Which of the following actions are you most likely to take or recommend?

a.  Sell shares of the mutual fund. (0)
b.  Sell a portion, but not all, shares of the fund. (1)
c.  Continue to hold shares of the fund. (7)
d.  Purchase more shares of the fund, taking advantage of the low price. (4)

5.  Assume that the annual inflation rate averages 3.5% and your tax rate is 27%. This means the portfolio's return must exceed 5% in order for the portfolio to retain its purchasing power. With this in mind, which of the following statements best describes your attitude toward inflation and tax considerations?

a.  Primarily concerned with protecting the value of the investments and want investments, designed to minimize risk and to keep pace with inflation on an after-tax basis. (0)
b.  Willing to accept some additional risk and want investments designed to moderately outpace inflation on an after-tax basis. (5)
c.  More concerned with maximizing returns and want investments designed to significantly outpace inflation on an after-tax basis, even if it means higher exposure to risk. (9)

6.  Choose the response that best describes your experience with the type of investment in the table below. For each type of investment, please check "Previous or Current Investment—Would Invest Again," "Previous or Current Investment—Dissatisfied" or "No Previous or Current Investment."

Type of Investment	1. Previous or Current Investment-Would Invest Again	2. Previous or Current Investment-Dissatisfied	3. No Previous or Current Investment
A. Short-term assets (savings and checking accounts, CDs, money market accounts, etc.)	(0)	(0)	(0)
B. U.S. Government bonds or U.S. Government bond mutual funds	(2)	(0)	(0)
C. U.S. high-grade corporate bonds or high-grade corporate bond mutual funds	(2)	(0)	(0)
D. U.S. large company stock or large company mutual funds	(6)	(1)	(0)
E. U.S. small company stock or small company mutual funds	(10)	(2)	(0)
F. International stocks and bonds or international mutual funds	(10)	(2)	(0)
(Choose the greatest value selected within the chart. Maximum of 10 points.)

7.  If faced with emergency cash needs or a major financial crisis:

a.  Investments with Dain Rauscher would be the first source of reserves. (0)
b.  Investments with Dain Rauscher would not be the first source of reserves. (5)

8.  The following graph shows potential one-year gains and losses for five different portfolios with initial investments of $250,000. The number above each bar represents a possible high return for each portfolio in a given year and the number below each bar represents a possible low return for each portfolio in a given year. The numbers to the right of each bar represent the average percent return for a given year. Given this information, which portfolio would be most appropriate?

a.  Portfolio A (0)
b.  Portfolio B (3)
c.  Portfolio C (5)
d.  Portfolio D (7)
e.  Portfolio E (9)

9.  The portfolio can withstand substantial short-term fluctuations in value in order to increase the likelihood of gaining after tax returns, which outpace inflation over the long-run.

a.  Strongly Agree (8)
b.  Agree (5)
c.  Neutral (3)
d.  Disagree (1)
e.  Strongly Disagree (0)

10.  Below are minimum, average and maximum annual returns for four hypothetical portfolios. If only these investment options were available, which of the four would you choose? Keep in mind that you should be willing to accept the minimum return in any given year and not alter the investment strategy.

	Minimum Annual Total Return	Average Annual Total Return	Maximum Annual Total Return
Portfolio A	3%	7%	11%
Portfolio B	-4%	9%	19%
Portfolio C	-9%	11%	27%
Portfolio D	-16%	13%	40%

a.  Portfolio A (0)
b.  Portfolio B (2)
c.  Portfolio C (4)
d.  Portfolio D (7)

11.  Select your investment profile. Your score is compiled by totaling the numbers which correspond with your questionnaire answers.

Investment Profile	Score
Income	0-23
Balanced	24-45
Conservative	46-62
Growth	63-70