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	5.41
Yield to Worst (*TEY)	2.38% (3.78%)
Yield to Maturity (*TEY)	2.66% (4.22%)
Modified Duration	3.52

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

Sector Chart

Top Sector Allocations	%
General Obligation	48.80%
School District	19.66%
Water	7.91%
PRE/ETM	4.29%
Utilities	3.73%

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