The Intermediate New York State composite is a customization of our tax-efficient strategies. With 62 counties, 1,647 sub-county general purpose governments, 62 cities, 932 towns and over 733 school districts, New York is a broad and diverse issuer of municipal debt. These characteristics, combined with the state’s high income tax rate, make in-state exposure highly desirable. The Intermediate New York State composite is an investment grade municipal bond portfolio that seeks to preserve capital and maximize after-tax income. The customization employs active management, bottom-up research and proactive portfolio positioning.