The California State Customization can be applied to our tax-efficient strategies. With 58 counties, 480 municipal governments, over 1,000 school districts, and 3,400 “special” districts, California is the nation’s largest and most diverse issuer of municipal debt. These characteristics, combined with the state’s high income tax rate, make California in-state exposure highly desirable. The California State Customization 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.