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	7.56
Modified Duration	3.98

Sector Allocation

General Obligation	59.25%
School District	12.02%
Water	8.99%
Utilities	3.72%
Cash	2.69%

State Allocation

Top State Allocation	%
Texas	11.27%
Wisconsin	9.75%
Indiana	8.66%
Iowa	7.48%
Illinois	7.43%

Portfolio Management Team

Tom Bernardi, CFA | 10 years of industry experience
John Tranas | +20 years of industry experience

For more information find our strategies on Envestnet or Morningstar