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	5.58
Yield to Worst (*TEY)	2.41% (3.83%)
Yield to Maturity (*TEY)	2.61% (4.14%)
Modified Duration	3.57

^*Taxable equivalent yield at the 37% federal tax bracket.

Sector Chart

Top Sector Allocations	%
General Obligation	51.95%
School District	18.47%
Water	7.40%
PRE/ETM	3.31%
Utilities	3.27%

State Chart

Top State Allocation	%
Texas	15.45%
Wisconsin	10.28%
Illinois	9.61%
Iowa	7.11%
Washington	6.75%

Portfolio Management Team

Tom Bernardi, CFA – 5 years of industry experience
John Tranas – 26 years of industry experience

For more information find our strategies on Envestnet or Morningstar