Tactical Defensive Rebalanced

The following changes were made to the Tactical Defensive Model:

Decreased: LLDYX

Added: FEM

Model Commentary:

Emerging market index moved above 190 moving average at the end of the month. Purchased part of the model to meet tactical changes in the market.

CAMA775

Sector ETF Rebalanced

The following changes were made to the Sector ETF Model:

Added: XLF

Eliminated: XLV

Model Commentary:

Macro valuations have reordered our most undervalued sectors this month. 

CAM_A776