#researchtrades Increasing US Small Cap, Decreasing US Large Cap

Good Morning,

As a follow up to our earlier meeting, we will be increasing our exposure to U.S. Small Caps (IJR) and reducing exposure to U.S. large caps. Below are the trade amount (bps) across the different models. Also, attached is the presentation. Please let me know if there are any questions.

Thank You,

Pete

[Asset Allocation]

Peter Malone, CFA

Research Analyst

Direct: 617.226.0030

Fax: 617.523.8118

Crestwood Advisors

One Liberty Square

Suite 500

Boston, MA 02109

www.crestwoodadvisors.com