This communication, and any follow up information specific to municipal bonds, should not be considered a recommendation. It is general in nature and provided for informational and illustrative purposes only and should not be considered an offer to buy or sell any specific security, strategy, or investment product or service. It should not be relied upon as any legal, tax or investment advice. Always consult a qualified professional or your own financial professional for personalized advice based on your specific objectives, risk tolerance and time horizon. An understanding of your specific goals and objectives would be necessary to determine if municipal bonds would be in your best interest before recommending them. Triple-tax free municipal income is not available for all investors as certain qualifications are required based on specific residency requirements at a municipal, state and federal level. This specific communication is intended specifically for those whom reside in California seeking tax-free income. Neither D. A. Davidson & Co. nor it’s representatives provide legal or tax advice. All investments involve risks, including possible loss of principal. Fixed income securities also involve interest rate, credit, inflation and reinvestment risks. As interest rates rise, the value of fixed income securities falls. Portfolios focused on a single state are subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value.