Portfolio Rebalancing

Greetings Clients:

Happy end of July!

We reviewed accounts today and placed a few trades. Mostly we put extra cash to work, but we also

trimmed intermediate-term bond exposure and shifted from overweighted US stocks to underweighted

international stocks in a few portfolios. We just love buying on sale.

Please let us know if you have any questions or if your cash needs have changed.

Best,

John