The Massachusetts State Customization can be applied to our tax-efficient strategies. With 351 cities, strong fiscal oversight and high per capita incomes, diverse and stable Massachusetts portfolios are achievable. Despite the commonwealth’s low income tax rate, Massachusetts state bias portfolios are appropriate when credit quality and after-tax rates warrant. The Massachusetts 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.