Young, a portfolio manager with Northside Bank, has just been given investment authority for a newly acquired pension ac

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Young, a portfolio manager with Northside Bank, has just been given investment authority for a newly acquired pension account. Client objectives have not yet been established. On the day the account is received, $2 million in bonds, representing 4 percent of the portfolio, mature. Which of the following is Young's best course of action on that day?

A. Invest the proceeds in cash equivalents until a meeting can be arranged to establish fund objectives.
B. Contact the client's former investment advisor and take investment action based on previously used guidelines.
C. Invest the proceeds in accordance with the bank's current asset allocation strategy.
D. Make no decision until client objectives have been established.