TAXABLE EQUIVALENT YIELD CALIFORNIA
[Pages:2]TAXABLE EQUIVALENT YIELD
CALIFORNIA
TAXABLE EQUIVALENT YIELD TABLE 24% FEDERAL TAX RATE ? 9.30% STATE RATE ? 30.98% TOTAL EFFECTIVE RATE1
In-State Municipal Yield2
1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 5.00%
Tax-Equivalent Out-of-State Muni Yield3
1.65% 1.93% 2.21% 2.48% 2.76% 3.03% 3.31% 3.58% 3.86% 4.13% 4.41% 4.69% 4.96% 5.51%
Tax-Equivalent Treasury Yield4
1.97% 2.30% 2.63% 2.96% 3.29% 3.62% 3.95% 4.28% 4.61% 4.93% 5.26% 5.59% 5.92% 6.58%
Tax-Equivalent Corporate Yield5
2.17% 2.54% 2.90% 3.26% 3.62% 3.98% 4.35% 4.71% 5.07% 5.43% 5.80% 6.16% 6.52% 7.24%
TAXABLE EQUIVALENT YIELD TABLE 37% FEDERAL TAX RATE ? 11.30% STATE RATE ? 47.66% TOTAL EFFECTIVE RATE1
In-State Municipal Yield2
1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 5.00%
Tax-Equivalent Out-of-State Muni Yield3
1.69% 1.97% 2.25% 2.54% 2.82% 3.10% 3.38% 3.66% 3.95% 4.23% 4.51% 4.79% 5.07% 5.64%
Tax-Equivalent Treasury Yield4
2.53% 2.96% 3.38% 3.80% 4.22% 4.65% 5.07% 5.49% 5.91% 6.33% 6.76% 7.18% 7.60% 8.45%
Tax-Equivalent Corporate Yield5
2.87% 3.34% 3.82% 4.30% 4.78% 5.25% 5.73% 6.21% 6.69% 7.17% 7.64% 8.12% 8.60% 9.55%
1Taxable equivalent yield table assumes the 3.8% Net Investment Income tax and allows deduction of state taxes on Federal tax return, 2Not subject to federal or state income taxes, 3Subject to state income taxes, exempt from federal income taxes, 4Subject to federal income taxes, exempt from state income taxes, 5Subject to both federal and state income taxes
PORTFOLIO MANAGEMENT TEAM
Peter Baden, CFA Chief Investment Officer
Justin Hennessy Director of Portfolio Management
Sarah Conwell Portfolio Manager
CONTACT ROSS SINCLAIRE
Tom Williams Director of Investment Advisory
William Weese Director, Advisory Sales & Marketing 617-748-5573 wweese@
Rick Bell Senior Portfolio Consultant 513-762-3694 rbell@
Curtiss Tharp Portfolio Consultant 513-762-3660 ctharp@
ROSS SINCLAIRE & ASSOCIATES OVERVIEW
FIRM BACKGROUND
Ross, Sinclaire & Associates, LLC (RSA) is a broker-dealer specializing in Municipal Finance, Corporate Finance and Institutional Sales and Trading. Founded in 1989 and headquartered in Cincinnati Ohio, RSA offices have expanded financial services offerings through 14 offices across 9 US states.
Ross Sinclaire Asset Management (RSAM), a division of RSA, is a registered investment advisor providing customized fixed income solutions for Advisors and Private Clients. RSAM offerings include tax-free1 and taxable strategies available as Separately Managed Accounts and within Unified Managed Account structures. RSAM believes to achieve optimal results, investors must own individual bonds that are actively managed in portfolios tailored to the specific needs and objectives of the client.
RSAM specializes in transition strategies, providing thorough analysis with insight of existing positions, optimized strategy mapping and ongoing portfolio management considering taxes, income, risk and total return.
RSA Broker Dealer
RSAM Investment Advisory
Advisory
? Providing advisory insight and guidance to public and private entities planning capital events.
Underwriting
? RSA's network of syndicate partners provides a constant flow of new issues to the market.
Institutional Brokerage
? RSA is one of the largest, most respected institutional Traders in the business.
? RSA inventories debt issues providing liquidity and best exection
Portfolio Management
? A natural progression to our offering. RSAM solutions are managed with a client centric approach that optimizes indiviudal bond characteristics with specific client profiles for risk, income, total return, taxes and/or distribution.
The information supplied in these tax tables are for reference purposes only. The taxable equivalent yields represented in these tables do not include the current maximum state tax deductibility of $10,000 per household on Federal tax returns. Actual taxable equivalent yields may be slightly higher or lower based on individual Federal tax returns. Consult with your tax advisor for more detailed information. RSA Asset Management is a division of Ross, Sinclaire & Associates, LLC (RSA). 1Depending on your place of residence and the specific issue, bonds may be exempt from federal, state, and local income taxes. Any capital gains realized from the sale of a bond may still be subject to all taxes. RSA Asset Management is a division of Ross, Sinclaire & Associates, LLC (RSA). RSA is a registered broker-dealer, a municipal securities dealer/ advisor registered with the MSRB, an investment advisor registered with the U.S. Securities and Exchange Commission (SEC), and a member of FINRA, and SIPC. Registration with the SEC does not imply a certain level of skill or training. Investment Products are Not FDIC Insured, Offer No Bank Guarantee, May Lose Value.
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