The document is a tribute to Richard C. Taylor, who founded an investment management firm and served as a mentor to Gerry Frigon, the founder of Taylor Frigon Capital Management. It provides biographical details on Richard C. Taylor, noting that he was an intelligent, client-focused asset manager who believed investors could earn superior returns by investing in well-managed companies. His passion for providing value to clients remains the foundation of Taylor Frigon's philosophy today.

1. A Tribute to Richard C. Taylor, 1934 - 2004
The “Taylor” in Taylor Frigon Capital Management honors
Richard C. Taylor, Gerry Frigon's father-in-law and mentor.
Mr. Taylor managed portfolios alongside Thomas Rowe Price
Jr. in the 1960s and 1970s before founding his own investment
management firm in 1988 in Santa Barbara, California. Mr.
Taylor was an intelligent, client-focused asset manager who
believed that investors could earn superior returns by investing
in well-managed companies. His passion for providing value
to clients remains the foundation of our philosophy today.
Richard C. Taylor
1934- 2004
Gerry Frigon is the Founder of Taylor Frigon Capital
Management and also serves as Managing Member of
Taylor Frigon Capital Advisors, General Partner to
Taylor Frigon Capital Partners, LP, a private investment
fund which invests in private companies and small
emerging public companies. He has over twenty-five
years of experience in investment strategy, planning and
portfolio management for private investors and
institutions. For the past seventeen years, he has
managed portfolios with the same disciplined process
directly descended from the classic growth philosophy
developed by Richard C. Taylor and T. Rowe Price.
Gerry Frigon
President and Chief Investment Officer
~ Grow With Us ~

2. AYLO IGO
CAPITAL MANAGEMENT LLC Grow With Us
CORE GROWTH COMPOSITE
As of 06/30/12
NA - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
*Cumulative (non-annualized) since inception date 1/19/07
# Preliminary pending examination by Ashland
** As of 2010, for composite calculation, CoreGrowth Strategy accounts from the same Household were combined into one account.
Core Growth Composite contains fully discretionary Core Growth accounts and for comparison purposes is measured against the S&P 500 and Russell 3000 indices. The
Core Growth Composite was created 01/1/2007. Taylor Frigon Capital Management, LLC (TFCM) claims compliance with the Global Investment Performance Standards
(GIPS®) and has prepared and presented this report in compliance with the GIPS standards. TFCM has been independently verified for the periods 01/19/2007 through
12/31/2010 by Ashland Partners & Company LLP.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies
and procedures are designed to calculate and present performance in compliance with GIPS standards. The Core Growth Composite has been examined for the periods
1/19/07 through 12/31/10. The verification and performance examination reports are available upon request.
TFCM is an independent registered investment adviser. The firm’s list of composite descriptions is available upon request. Results are based on fully discretionary accounts
under management, including those accounts no longer with the firm and past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee
performance was calculated using actual management fees. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in
the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The investment
management fee schedule for the composite is 1.25% on the first $5 million and 1.00% after $5 million, with a minimum of $15,000.00 annually. Actual investment advisory
fees incurred by clients may vary.

3. AYLO IGO
CAPITAL MANAGEMENT LLC Grow With Us
GROWTH STRATEGY
As of 06/30/12
INVESTMENT MANAGEMENT PHILOSOPHY
We invest client assets in outstanding companies with excellent growth or income prospects. To find them, we bring a rigorous analytical approach to our invest-
ment selection process, employing both qualitative and quantitative research techniques. We invest for the long term, but maintain disciplined risk management
and sell criteria in the construction and management of client portfolios.
CORE GROWTH STRATEGY TOP 10 HOLDINGS MARKET CAP
Once a client’s investment strategy has been determined, we construct a BY WEIGHTING ($BIL)
customized, diversified portfolio. For core holdings, we look to identify
America’s next great growth companies: the innovators that solve problems, Qualcomm Inc. 95.5
Fiserv Inc. 9.9
create new markets, and improve our world. We seek strong, well-run EZchip Semiconductors 1.1
businesses at the leading edge of global-macro trends, companies with Intuitive Surgical New 22.0
promising revenue and earnings growth that are not yet well recognized or Portfolio Recovery Assoc. 1.6
fully valued, and we own them long term through many market cycles. Amazon Com Inc. 102.9
World Acceptance Corp. .9
Tractor Supply Co. 6.0
GROWTH SELECTION PROCESS MWI Vetrinary Supply Inc. 1.3
We don’t trade stocks, we buy businesses we want to own - and our Equinix Inc. New 8.3
investment selection process reflects that philosophy. Our efforts are focused
on identifying promising growth companies which clients can own for several PORTFOLIO CHARACTERISTICS
years: companies whose financial strength and strategic vision provide TFCM S&P 500
maximum potential for long-term capital appreciation. Using traditional 5 yr EPS Growth 18.0% 8.2%
fundamental analysis and quantitative metrics, we assess a company’s business 5 yr Sales Growth 10.6% 6.2%
strategy and market position; evaluate its prospects for earnings, revenue Return on Assets 11.2% 3.2%
growth and margin expansion; and compare its attributes to others in its Return on Equity 16.9% 14.6%
industry. We analyze management’s ability to adapt to shifting market Avg Market Cap $24,845M $25,843M
conditions, instill tight internal controls, and meet or exceed expectations; and Projected 10yr Growth Rate 16% 10%
we assess how the company will benefit from global macro trends and themes.
Net Profit Margin 14.9% 8.5%
Operating EPS Yield 2.7% 7.2%
Our objective is to purchase outstanding, high-growth businesses and own
Average Portfolio Turnover 29.43% n/a
them for many years until their value is fully realized.
DISCIPLINED SELL CRITERIA
We utilize clearly defined sell criteria to realize profits and maintain our INDUSTRY SECTOR TFCM S&P 500
portfolio risk profile. On the upside, we generally sell a position when it Consumer Discretionary 14.11% 10.96%
reaches our view of maturity - although that may occur years after the initial Financials 5.53% 14.41%
investment. Conversely, a position is generally sold if there is a negative Health Care 13.11% 11.99%
Industrials 17.16% 10.46%
change in the company’s long-term outlook, or significant deterioration in any
Info Technology 44.32% 19.74%
key performance measurement. An investment position may also be sold or
reduced if a more attractive opportunity is identified.
RISK MANAGEMENT
Risk management is as important as stock selection. Ownership of high-quality, well managed, growing companies over many years provides investors with an
underlying margin of safety. Investment in companies with significant cash flows and/or growing dividends adds further downside protection. We also manage
risk through portfolio diversification and position limits. We hold securities in a variety of industries and sectors, limit initial positions to no more that 4% of
portfolio holdings, and monitor client portfolios daily. We invest our capital alongside our clients’, which underscores our commitment to managing risk.
© 2012
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that
the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this newsletter (article), will be profitable, equal any
corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no long-
er be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt
of, or as a substitute for, personalized investment advice from Taylor Frigon Capital Management LLC. To the extent that a reader has any questions regarding the applicability
of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. A copy of our current writ-
ten disclosure statement discussing our advisory services and fees is available for review upon request.
www.taylorfrigon.com

4. AYLO IGO
CAPITAL MANAGEMENT LLC
Grow With Us
INCOME STRATEGY
As of 06/30/12
Income Strategy Current Yield* as of 06/30/12: 6.2%
*Current Yield represents the annualized dividend and interest payments divided by the current market value of the Income Strategy
Composite on the date referenced.
NA - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
*Cumulative (non-annualized) since inception date: 03/31/07
# Preliminary pending examination by Ashland
Income Composite contains fully discretionary Income accounts. The Benchmark Indices used for comparison to the TFCM Income Composite (S&P 500, U.S. 91-Day T-
Bill Index, ML High Yield Master II and the ML US Domestic Master) are meant to be considered in the aggregate as opposed to individually since components of the strate-
gy employed may include securities that resemble these indices but to varying degrees. For the most recent year-end, recommended asset allocations that should be considered
when viewing the benchmark returns as an aggregate are: S&P 10%, T-Bill 10%, ML Dom 40%, ML High Yield 40%. The Income Composite was created 03/31/2007.
Taylor Frigon Capital Management, LLC (TFCM) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report
in compliance with the GIPS standards. TFCM has been independently verified for the periods 01/19/2007 through 12/31/2010 by Ashland Partners & Company
LLP. The verification report is available upon request.
Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies
and procedures are designed to calculate and present performance in compliance with GIPS standards. Verification does not ensure the accuracy of any specific composite
presentation.
TFCM is an independent registered investment adviser. The firm’s list of composite descriptions is available upon request. Results are based on fully discretionary accounts
under management, including those accounts no longer with the firm and past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee
performance was calculated using actual management fees. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in
the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The investment
management fee schedule for the composite is 1.25% on the first $5 million and 1.00% after $5 million, with a minimum of $15,000.00 annually. Actual investment advisory
fees incurred by clients may vary.
The Merrill Lynch US Domestic Master index is a capitalization weighted aggregation of outstanding U.S. treasury, agency and supranational, mortgage pass-through, and
investment grade corporate bonds meeting specified criteria. This version is the total return version where dividends are reinvested into the index value.
The Merrill Lynch High Yield Bond Master II Index is an unmanaged index that tracks the performance of be-low investment grade U.S. dollar-denominated corporate bonds
publicly issued in the U.S. domestic market. The unmanaged indices do not reflect fees and expenses and are not available for direct investment.

5. AYLO IGO
CAPITAL MANAGEMENT LLC
Grow With Us
INCOME STRATEGY SNAPSHOT
AS OF 06/30/12
INCOME STRATEGY
For clients who may need more safety or income, we add an appropriate mix of less volatile, higher-yielding securities. We consider corporate equity, preferred
and debt securities and closed-end investment companies as well as government and municipal fixed income instruments. Our objective is to maximize income
and minimize risk without sacrificing potential price appreciation.
US High Yield Closed‐end
Investment Co, 9.00% Global Energy, 5.75%
US Fixed Income Closed‐
end Investment Co, 3.75% Cash, 11.75%
Specialized Finance,
2.00%
Global Fixed Income
Closed‐end Investment
Co, 3.75%
Loan Participation Closed‐
end Investment Co,
25.00%
Global Financial
Preferreds, 22.00%
Industrial Preferreds,
0.00%
Industrial Companies,
17.00%
SELECTED TFCM INCOME STRATEGY HOLDINGS
BARCLAY’S BANK 7.75% PREFERRED SERIES C NORDIC AMERICAN TANKER SHIPPING, LTD
AEGON FLOATING RATE PREFERRED . MCDONALDS Corp.
BANK OF AMERICA FLOATING RT PFRD NUVEEN FLOATING RATE INCOME CLOSED-END INVESTMENT CO.
GOLDMAN SACHS PREFERRED SERIES B ING GROEP NV 6.125% PREFERRED
PAYCHEX INC.
INCOME SELECTION PROCESS
For the income component of client portfolios, we consider debt and equity of companies with growing cash flows and strong balance sheets, combined with his-
tories of dividend increases. When utilizing bonds, preferred equity or convertibles we generally take positions in issuers who demonstrate a sufficient ability to
cover their liabilities with cash flow. We will use closed-end investment companies when opportunities arise to exploit wide discounts to the underlying net asset
value and/or provide exceptionally high current yields.
An important consideration in the construction of our Income Strategy portfolio is the diversification of income streams. We focus on strategically allocating
capital amongst different industries/sectors so the economic sensitivities of one group will offset those of another, thereby reducing volatility in the underlying
value of the portfolio while maintaining the income stream. While clearly a cornerstone of any income investment strategy is a “fixed” income stream, we believe
most income investors overstate it in their portfolio and as a result subject their wealth to an undue level of interest rate and inflation risk. We certainly view fixed
income instruments as key to the Income Strategy, but we also believe in exposure to “variable” income streams including those that have a propensity to rise (ie.
common dividends). The Income Strategy is “value oriented” in that we are looking to buy streams of cash flow as cheaply as possible.
© 2012
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any
specific investment, investment strategy, or product made reference to directly or indirectly in this newsletter (article), will be profitable, equal any corresponding indicated historical performance level(s), or be
suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any
discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Taylor Frigon Capital Management LLC. To the extent that a
reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. A copy
of our current written disclosure statement discussing our advisory services and fees is available for review upon request.
www.taylorfrigon.com

6. AYLO IGO
CAPITAL MANAGEMENT LLC
Equity Research
Our research process begins with careful screening
of the best potential investment candidates, using a
variety of proprietary measurements and criteria.
Suitable candidates are next evaluated to determine
whether they fit major themes or paradigms:
whether they are positioned in front of “fertile fields
for future growth.”
Businesses which pass these initial hurdles are then
subjected to rigorous analysis and evaluation, in
which financial statements, business performance,
leadership, capital structure, shareholder dilution,
and many other factors are carefully examined.
We often visit with management teams,in addition to
using other investigative methods and evaluation
techniques.
We prepare written internal reports exclusively for
our firm. The analysis process has multiple levels,
and potential investments may be placed in
“observation deck” status for some period of time.
Director of Research, Dave Mathisen, has
nearly ten years of professional investment
management experience.
He is a former Army officer and a graduate
of West Point.

7. AYLO IGO
CAPITAL MANAGEMENT LLC
WEALTH ALLOCATION PLANNING
Over 20 years of consecutive portfolio management
enables us to bring a unique perspective to managing
your accounts.
 Our experience includes careful analysis of the
balance sheets of large successful corporations.
 This experience provides us with insights into the
planning and allocation of your own personal
family “balance sheet” of assets and liabilities.
 We help you see opportunities or areas that need
more attention.
 Our wealth planning team collectively represents
over 72 years of professional financial
management experience
Our Wealth Allocation Plan (WAP) provides you with a powerful visual
report along with real recommendations for decisions.

8. AYLO IGO
CAPITAL MANAGEMENT LLC
Taylor Frigon Capital Partners is a private investment partnership that invests
in the most promising and innovative emerging private and public companies.
Cloud-based rendering of even Medical company which developed a
the most graphically intensive patented and proprietary IV catheter.
applications, to transform film, The Venaglide contains passive saftey
gaming, and computing. features to improve catheterization.
Multi-core processors for wireless Creating carbon-nanotube technology
radio solutions. Enables full solutions with a wide variety of potential
software programmability of tasks applications. Currently focused on
to create a software-defined radio filtration for water, air, and fuel.
solution.