The Statera Investment Team maintains a vigilant watch over the mutual fund and exchange traded fund (ETF) landscape to ensure that we may maintain what in our view are the most relevant and cost-effective investment exposures within our portfolios. In that tradition, the Team has identified a range of exposures that provide more attractive positioning, a more favorable overall expense proposition or both. While we remain true to our long-term, risk-conscious, fully invested investment philosophy, we believe that both watchfulness regarding present portfolio exposures and mindfulness to identify potentially more advantageous portfolio positioning should continue to benefit our clients.