When considering the purchase of bonds for an investment portfolio there are several different types of bonds to choose from including corporate$-$ investment grade, corporate$-$ non$-$investment grade, treasury, and municipal.

Discuss considerations for the individual investor as to which type$($s$)$ of bonds would be a good fit for their investment objectives. Is there a difference between an investor in the $33\%$ tax bracket and one who has a $22\%$ tax rate? Would the state of residence make any difference in the investor's choice? What other unique circumstances are important?