October 31, 2015

Dear Friends,
Ongoing economic, political and technological changes influence current stock and bond prices
and will have an impact on future returns in your portfolio. We believe it is part of our job as
your financial advisor to recognize these developments as they unfold, and make the
appropriate changes in your portfolio, so we can continue to help preserve and enhance your
wealth.
Consider for example, the current economic change underway at the Federal Reserve. For the
past six or seven years, the Federal Reserve tried to stimulate economic growth, by lowering
interest rates and thereby driving up asset prices. Ben Bernanke, the Chairman of the Fed during
most of this period, introduced us to one quantitative program after another to implement this
policy. By and large, he was successful: our economy stopped falling and began to recover. The
Fed Chair then passed onto Janet Yellen and today, we read almost daily that the Fed is now
considering a change.
The Fed is thinking about ending its zero interest rate policy and allowing interest rates to once
again, become an important factor in how society allocates its resources. In anticipation of such a
development coming to pass, we have begun to increase the proportion of the assets you hold in
an investment category we call equity income. These companies have two properties: they
pay relatively high dividends and they generate enough earnings to cover their dividends. We
believe these companies should be able to continue to generate a relatively steady stream of
income and allow you as a shareholder, to participate in future market price increases.
Political and economic changes also continue to change. The rise in the minimum wage has
increased the costs at large box stores such as Wal-Mart, and has encouraged people to use the
online shopping services of companies such as Amazon. As sales of one broad industry group
slowed, the profits of a competitive sector increased. Another example is the fall in energy prices.
The drop drove down the profits and prices of petroleum companies but simultaneously raised
the profits of airlines, automobiles and other benefactors of lower energy costs. We plan to
continue to monitor such ongoing changes in the future just as we do today, because we believe
these changes influence the value and future returns of your portfolio.

I would like to end these comments by thanking you for your vote of confidence in us by moving
your account from our previous custodian, J.P. Morgan Clearing Corp. to our new custodian,
Pershing LLC, part of the largest custodian in the country. We believe that this change will
enable us to serve you more effectively, and that you will come to appreciate many of their
online features and reports. If you have any questions or need assistance logging into the
Pershing, LLC website to view your account, please call or email:
Vanessa Martinez, COO (847) 282-4214 - vmartinez@hightoweradvisors.com
Maureen Carney, Relationship Manager (847) 282-4143 mcarney@hightoweradvisors.com
Michael Schneider, Financial Advisor (847) 282-4104 mschneider@hightoweradvisors.com
Sincerely,

Eugene Lerner
Managing Director, Partner