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¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁴ Most municipal bonds issued in Illinois, Iowa, and Wisconsin are subject to state income tax. Cumberland Advisors offers these state customizations only to meet specific client requests. These customizations may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

² UT includes states with reciprocity agreement.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁴ Most municipal bonds issued in Illinois, Iowa, and Wisconsin are subject to state income tax. Cumberland Advisors offers these state customizations only to meet specific client requests. These customizations may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

² UT includes states with reciprocity agreement.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁴ Most municipal bonds issued in Illinois, Iowa, and Wisconsin are subject to state income tax. Cumberland Advisors offers these state customizations only to meet specific client requests. These customizations may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

³ The selected state does not have a state income-tax benefit. Cumberland Advisors offers this state customization only to meet specific client requests. This state customization may provide no economic tax benefit and may reduce diversification and liquidity relative to a national portfolio. A national portfolio may be more suitable. Please contact Cumberland Advisors for more information.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

² UT includes states with reciprocity agreement.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.

¹ Cumberland Advisors will focus on purchasing in-state bonds. Cumberland Advisors may still purchase out-of-state bonds if the after-tax yield-to-worst of the purchased bond, adjusted for the highest in-state tax bracket, is expected to exceed the eligible in-state opportunities currently available. However, if state of issuance takes precedence over after-tax return, or if the client’s tax situation differs, clients may opt out of purchasing out-of-state bonds in State Focus Tax Efficient customized portfolios by contacting their advisor.

⁵ The selected state may be requested on a best-efforts basis. The in-state exposure will have no minimum and the best-efforts designation does not guarantee in-state municipal bonds will be available and purchased in the portfolio.