Bond Selection

Our expertise as municipal bond specialists – paired with diligent credit research – enable us to find and seize opportunities in market inefficiencies with the goal to produce above average returns.

The tables below are a sample of our current bond offerings. Contact us to learn more about any bond or others like it.

Tax-exempt Offerings

Moody S&P Insurer Cust Ofr($,000s) Description Call 1 CUSIP Mat Dt Cpn(%) Price Yield(%) YTM(%) Taxable
365 ST UNIV OF IOWA UNIV REVENUE 8575362B1 7/1/2022 5.000 105.548 0.100 n
BAM 260 RIVER TRAILS PARK IL REF UTGO BQ 768449GH7 3/1/2028 3.000 112.885 1.050 n
AGM Q-SBLF 150 JOHANNESBURG-LEWISTON MI SCH UTGO 477808DV8 5/1/2028 2.000 106.387 1.050 n
75 LOUISIANA ST UTGO Callable 5/1/2025 @ 100 546415X96 5/1/2028 3.000 108.922 0.750 1.651 n
AGM Q-SBLF 150 JOHANNESBURG-LEWISTON MI SCH UTGO 477808DW6 5/1/2029 2.000 106.078 1.200 n
Q-SBLF 140 WHITEFORD MI AGRIC SCH DIST UTGO BQ 964848FS9 5/1/2029 3.000 114.569 1.100 n
BAM 170 BEDFORD CO TN UTL DT REV BQ Callable 2/1/2029 @ 100 076082BX3 2/1/2030 2.000 107.054 1.050 1.150 n
375 WASHOE CNTY NV SCH DIST LTGO Callable 6/1/2026 @ 100 9408586K4 6/1/2030 3.000 109.951 1.000 1.811 n
625 ST UNIV OF IOWA UNIV REVENUE Callable 7/1/2029 @ 100 8575362K1 7/1/2030 2.000 107.386 1.050 1.146 n
BAM 225 BEDFORD CO TN UTL DT REV BQ Callable 2/1/2029 @ 100 076082BY1 2/1/2031 2.000 106.670 1.100 1.271 n
25 BELOIT WI PROM NTS-SER A UTGO Callable 3/1/2028 @ 100 080637TY7 3/1/2031 2.000 104.583 1.300 1.499 n
510 ST UNIV OF IOWA UNIV REVENUE Callable 7/1/2029 @ 100 8575362L9 7/1/2031 2.000 106.581 1.150 1.305 n
100 BRICK TWP NJ BRD FIRE UTGO BQ Callable 3/1/2027 @ 100 107892AM3 3/1/2032 2.250 105.348 1.300 1.709 n
BAM 350 BEDFORD CO TN UTL DT REV BQ Callable 2/1/2029 @ 100 076082CA2 2/1/2033 2.000 105.524 1.250 1.486 n
100 NORTH HEMPSTEAD NY SER A Callable 3/15/2029 @ 100 659666W72 3/15/2033 2.000 103.713 1.500 1.655 n
50 BERRYESSA CA UNION SCH DIST UT GO Callable 8/1/2024 @ 100 085797UK2 8/1/2033 3.200 107.087 1.000 2.525 n
25 DESERT CMNTY CLG DIST CA UTGO Callable 8/1/2027 @ 100 250375HA3 8/1/2033 5.000 124.299 1.000 2.667 n
AGM 25 PLEASANT HILL CA UTGO Callable 8/1/2027 @ 100 728343DC5 8/1/2033 3.000 108.961 1.500 2.165 n
35 RHODE ISLAND ST UTGO Callable 5/1/2029 @ 100 76222RXS6 5/1/2034 4.000 120.956 1.250 2.148 n
220 SALINA KS SER A UT GO BQ Callable 10/1/2028 @ 100 794744EJ7 10/1/2035 1.625 100.874 1.500 1.557 n
AGM Q-SBLF 15 JOHANNESBURG-LEWISTON MI SCH UTGO Callable 5/1/2030 @ 100 477808EE5 5/1/2037 2.000 99.321 2.050 n
AGM Q-SBLF 155 JOHANNESBURG-LEWISTON MI SCH UTGO Callable 5/1/2030 @ 100 477808EF2 5/1/2038 2.000 98.577 2.100 n
235 SALINA KS SER A UT GO BQ Callable 10/1/2028 @ 100 794744EM0 10/1/2038 2.000 102.083 1.700 1.859 n
ST AID WIT 235 RYE NECK NY UNION FREE SCH DIST Callable 3/15/2029 @ 100 783583JG3 3/15/2039 2.000 100.000 2.000 2.000 n
255 DUTCHESS CNTY NY LIMITED TAX GO Callable 4/1/2029 @ 100 267040ED1 4/1/2039 2.000 99.500 2.033 n
15 DESERT SANDS CA UNIF SCH DIST UTGO Callable 8/1/2027 @ 100 250433TR0 8/1/2039 5.000 122.591 1.250 3.339 n
350 SALINA KS SER A UT GO BQ Callable 10/1/2028 @ 100 794744EP3 10/1/2040 2.000 101.035 1.850 1.936 n
AGM Q-SBLF 40 JOHANNESBURG-LEWISTON MI SCH UTGO Callable 5/1/2030 @ 100 477808EL9 5/1/2043 2.250 99.140 2.300 n
760 FOUNTAIN VLY CA SCH DIST UTGO BQ Callable 8/1/2028 @ 100 350784JR6 8/1/2044 2.000 97.263 2.150 n
AGM Q-SBLF 250 JOHANNESBURG-LEWISTON MI SCH UTGO Callable 5/1/2030 @ 100 477808EP0 5/1/2046 2.375 100.000 2.375 2.375 n
845 FOUNTAIN VLY CA SCH DIST UTGO BQ Callable 8/1/2028 @ 100 350784JT2 8/1/2046 2.125 99.513 2.150 n
200 UNIV OF TEXAS TX UNIV REVENUES Callable 8/15/2031 @ 100 91514AKL8 8/15/2046 2.250 100.000 2.250 2.250 n

*Tax-Free Offerings are free from current Federal income taxes only. Income may be subject to state and local taxes and the alternative minimum tax (AMT). AMBAC, MBIA, XLCA, FGIC and CIFG are on credit watch for possible downgrade.

Taxable Offerings

Moody S&P Insurer Cust Ofr($,000s) Description Call 1 CUSIP Mat Dt Cpn(%) Price Yield(%) YTM(%) Taxable
AGM 345 DWIGHT IL TXBL-REF-SER C UTGO Callable 12/1/2030 @ 100 267417FP3 12/1/2031 2.250 100.000 2.250 2.250 y
CNTY GTD 80 MORRIS CNTY NJ IMPT AUTH REVENUE Callable 2/1/2031 @ 100 618028LY8 2/1/2033 2.104 99.006 2.200 y
205 NEW YORK CITY TRANSITIONAL FIN AUTH Callable 11/1/2029 @ 100 64971XMN5 11/1/2033 3.000 104.998 2.350 2.532 y
125 SAN LUIS & DELTA-MENDOTA CA WTR 798544BX9 3/1/2030 2.030 99.034 2.150 y
175 SAN LUIS & DELTA-MENDOTA CA WTR AUTH 798544BY7 3/1/2031 2.180 99.382 2.250 y
50 UNIV OF CALIFORNIA CA REVENUES Callable 5/15/2031 @ 100 91412HJZ7 5/15/2038 2.647 98.603 2.750 y

May lose principal • Not FDIC insured • Not appropriate for all investors
Past performance does not guarantee future returns
This text contains privileged and/or confidential information. If you are not the intended recipient, you may not disclose, use, disseminate, copy or rely upon this message or attachment in any way. If you received this message in error, please return by forwarding the message and its attachments to the sender. There are or may be pending in the Congress of the United States legislative proposals, including some that carry retroactive effective dates, that, if enacted, could alter or amend the federal tax matters referred to above or affect the market value of bonds. It cannot be predicted whether or in what form any such proposal might be enacted or whether, if enacted, it would apply to bonds issued prior to enactment. Prospective purchasers of bonds should consult their own tax advisors regarding any pending or proposed federal tax legislation. We express no opinion regarding any pending or proposed federal tax legislation. This text is a current opinion and is subject to change at anytime. This information is taken from public sources we believe to be reliable, but we cannot assure complete accuracy. Nothing in this document represents a recommendation of any particular strategy, security or investment product. This information is distributed for educational purposes only and none of this information and analysis is, or is intended to be personalized investment advice. Bernardi Securities, Inc. is not acting in an investment advisory or municipal advisor capacity and the opinions and views contained herein are not intended to be and do not constitute advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rights of the owners of any bond and the enforceability of these rights may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. Bernardi Securities, Inc. offerings are made by prospectus or official statement only. Past performance figures are not indicative of future returns. All e-mail correspondence is subject to review by someone other than the sender or recipient. Time sensitive requests such as trade orders and distribution requests must be requested directly through your Investment Specialist or Portfolio Manager. No part of this publication may be reproduced in any form, without the express written consent of Bernardi Securities, Inc. Bernardi Securities Inc. and its affiliates do not accept liability for any errors, omissions or viruses in the contents of this message or any attachments that may arise as a result of e-mail transmissions. Securities described as tax-free or tax-exempt imply that the income is exempt from current federal income tax. These securities may be subject to state and local taxes, the federal alternative minimum tax (AMT), capital gains tax, or other taxes. Please consult your tax professional regarding suitability.

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