The following excerpt is taken from an article titled "MERUS to Boost Corpo- rates," which appeared in the January 27, 1992, issue of BondWeek, p. 6: MERUS Capital Management will increase the allocation to corporates in its $790 million long investment-grade fixed-income portfolio by $39.5 million over the next six months to a year, according to George Wood, managing director. MERUS will add corporates rated single A or higher in the expectation that spreads will tighten as the economy recovers and that some credits may be upgraded.

What type of portfolio strategy is Smith Affiliated Capital pursuing?AppendixLO1