New York Tax-Exempt Strategy

Description: Tax-Advantaged Strategy designed to maximize tax-free income. Individual portfolios are optimally constructed according to the unique risk characteristics and tax sensitivities of each of our clients. Typically, 90 - 100% of the total strategy is invested in New York municipal bonds.

Benchmark: Bank of America/Merrill Lynch ("BAML") New York Municipal Bond Index

Inception Date: July 1st, 2007

FIXED INCOME CHARACTERISTICS RAMIREZ NY TAX-ADVANTAGED STRATEGY BAML NY MUNICIPALS INDEX DIFFERENCE
Avg. Maturity (Yrs) 12.48 14.03 -1.54
Yield-to-Worst (%) 2.54 2.17 0.37
Avg. Coupon (%) 4.07 4.69 -0.63
Avg. Quality A2 Aa3 -
Convexity -0.51 -0.37 -0.14
Effective Duration (Yrs) 5.96 6.58 -0.61

* Compared to industry standards benchmarks, Ramirez has offered a strategy which produces consistently higher annualized returns with lower risk over complete market cycles

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