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An asset allocation that focuses on total return would appear to best meet the Smithson’s objectives given the apparent disconnect between ability and willingness to take risk. The Smithson’s need to earn a 3.75% return ($150,000/$4,000,000) to meet their current income needs in today’s dollars. To protect their purchasing power, they must also generate an additional 3.25%. A conservative total return approach provides an appropriate balance between meeting their retirement needs and their goal of maximizing the amount of their charitable estate. The risk-free and modest growth portfolios would not meet all their objectives