Fixed Income ETF Strategy Update

Recommended Strategy Changes:

With a pretty large two day move we have a number of changes to make:

Core:

HY down from 30% to 10%

Long Treasuries, up to 20% from 0%

Muni’s down from 25% to 10%

Traded:

HY down from 10% to 0%

Leveraged loans from 10% to 0%

Long Treasuries, up to 20% from 0%

Muni’s down from 20% to 0%

Traded:

HY down from 10% to 0%

Leveraged loans from 10% to 0%

Long Treasuries, up to 20% from 0%

Muni’s down from 20% to 0%