stimony before the Senate last week referred to equity valuations in certain sectors like small caps appearing stretched. We favor an underweight in US Small cap vs. Large caps for the remainder of the year because of recent loss in momentum and higher upside to earnings growth in large than small caps (

(1.449.00) 3% Total Value $986.618.54 $1,084.470.72 $97.852.18 23% Market Value/Cost Current Period Value Asset Categories Non US Egon), US Small aid Cap Egon). Concentrated A Other &hilly US Large Cap Equity Market Value 1,084,470.72 Tax Cost 1,034,68224 Parted Stocks Unrealized Gainto