BAMA

BAMA invests indirectly in equity and fixed income securities through underlying funds, including unaffiliated ETFs. The fund may include domestic and foreign stocks of any market capitalization, bonds of any credit rating, as well as cash and cash equivalents. The bond allocation consists of US Treasury or broad-based fixed income indexed ETFs. The adviser utilizes internal and external market research sources to make investment decisions based on asset class, benchmark, expense ratio, liquidity, and issuer. Weighting for each asset class depends on prevailing market conditions. The narrow portfolio holds 5-10 underlying funds, allocating 40% to 80% in equity securities with the balance in fixed income and cash holdings. At times, the fund may have greater exposure to certain sectors than others. As an actively managed ETF, the fund manager has full discretion to adjust holdings at any time.