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	7.45
Modified Duration	3.85

Sector Allocation

General Obligation	61.12%
School District	11.59%
Water	9.00%
Utilities	3.67%
Pre-refunded	2.13%

State Allocation

Top State Allocation	%
Texas	11.71%
Wisconsin	9.46%
Indiana	9.05%
Iowa	7.38%
Illinois	7.22%

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