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	7.44
Modified Duration	3.83

Sector Allocation

General Obligation	48.80%
School District	16.21%
Water	8.41%
PRE/ETM	4.21%
Utilities	3.28%

State Allocation

Top State Allocation	%
Texas	12.31%
Wisconsin	9.21%
Indiana	7.31%
Washington	7.02%
Illinois	6.95%

Portfolio Management Team

Tom Bernardi, CFA | 9 years of industry experience
John Tranas | +20 years of industry experience

For more information find our strategies on Envestnet or Morningstar