Rebalance Portfolia

I am retired and drawing RMD but do not need it for living
expenses.Portfolia 85% ( 80% pre tax; 5% Roth) mutual funds, 15% cash
most in savings account at 5.15%. Three years ago reduced my
investments in bond funds and increased in small-cap and real
estate.The later two have grown substantially and now is 35% of the
portfolia and bonds 5%.
My question; Do I increase the investment in bond funds or to savings?
Any suggestions appreciated.

What are your investment needs and time horizon. It sounds as though you do not require investment income to cover your living expenses. If this is the case why not reduce the 35% invested in small cap and real estate to the pre-growth levels of 3-years ago (don’t divest completely from these areas) and reinvest the difference spread across a staggered maturity of bonds and liquid investments. Just a thought.