classes within fixed income that we prefer. 3- Building positions in Alternative mutual funds 4- Taking down the large position in cash in favor of Munis and other fixed income. Please let me know when you have a chance to review. Also please note that historical and forward looking retums are at the

investors. We should make sure we discuss this in a little more detail. 5. As discussed on the phone we are also adding a dedicated allocation to Munis, which we do believe has a place in this portfolio. 6. Lastly we are modeling out 1mm left in cash for your operating needs. If you felt that you