Tactical Ladder

Strategy Overview

The Tactical Ladder strategy is an actively managed strategy that consists primarily of investment grade securities with an overall modified duration range of +/-15% to the benchmark (Barclays 5-Year Municipal). The foundation of our process rests on our independent, in-house credit research team, which enhances our value-based investment approach by identifying suitable credits currently undervalued in the marketplace.

Profile

Average Maturity	5.75
Modified Duration	3.58

Sector Allocation

General Obligation	57.58%
School District	17.17%
Water	6.74%
Utilities	3.91%
Higher Education	2.55%

State Allocation

Top State Allocation	%
Texas	13.51%
Wisconsin	12.15%
Washington	8.33%
Illinois	7.26%
Iowa	6.92%

Portfolio Management Team

Tom Bernardi, CFA | 8 years of industry experience
John Tranas | +20 years of industry experience

For more information find our strategies on Envestnet or Morningstar