This document provides information on bond ladders and total return strategies for investors. It summarizes the pros and cons of each approach. A bond ladder can match liabilities but lacks diversification and yield is slow to rise with interest rates. A total return strategy has a greater likelihood of maintaining purchasing power over time but returns will vary each year. The document also discusses when each approach may be suitable based on an investor's objectives, such as liability-driven investing, principal protection, or needing regular income. It concludes that a bond ladder is only appropriate if the investor can dynamically manage risk, implement the strategy in a diversified and liquid manner.