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

Cust Ofr($,000s)	Description	Call 1	CUSIP	Mat Dt	Cpn(%)	Price	Yield(%)	YTM(%)	Taxable
80	LAKE MILLS WI SER B UTGO BQ		510192JF5	5/1/2020	3.000	101.295	1.450		n
65	GREENE CNTY IL CUSD #1 -A UTGO BQ		394406BX9	12/1/2021	3.000	102.837	1.800		n
205	SKOKIE IL PARK DIST UTGO BQ	Callable 12/1/2020 @ 100	830745JQ9	12/1/2021	3.600	102.888	1.550	2.370	n
25	LINN-MAR IA CMNTY SCH DIST REF UTGO		536036PT7	5/1/2022	5.000	109.495	1.490		n
25	GREENE CNTY IL CUSD #1 -B UTGO BQ		394406CF7	12/1/2022	3.000	103.632	1.900		n
135	CLARENDON HILLS IL UTGO BQ	Callable 1/1/2021 @ 100	180396HH9	1/1/2023	2.100	100.305	1.500	2.010	n
600	ELMHURST IL UTGO BQ	Callable 3/1/2021 @ 100	289425RQ5	3/1/2023	2.000	100.411	1.750	1.884	n
205	GREENE CNTY IL CUSD #1 -A UTGO BQ		394406BY7	12/1/2024	2.100	100.000	2.100		n
145	EVANSVILLE WI REF-SER B UTGO BQ		299641HM5	4/1/2025	3.000	107.107	1.700		n
260	PORTSMOUTH VA UTGO		73723RF24	7/15/2025	5.000	120.812	1.400		n
15	MORAINE PARK WI TECH CLG UTGO BQ		616454YC2	4/1/2026	3.000	107.608	1.800		n
155	LINN-MAR IA CMNTY SCH DIST REF UTGO		536036PW0	5/1/2026	5.000	121.665	1.610		n
800	PORTSMOUTH VA UTGO		73723RF32	7/15/2026	5.000	123.708	1.450		n
860	LUDINGTON MI AREA SCH DIST UTGO		549637EJ1	11/1/2026	5.000	122.932	1.670		n
190	GREENE CNTY IL CUSD #1 -B UTGO BQ		394406CH3	12/1/2026	2.250	100.000	2.250		n
65	NORTH BARRINGTON ILL SSA 19		65746RAH5	2/1/2027	4.000	112.156	2.250		n
80	PLATTEVILLE WI SER A UTGO BQ		727873ND9	3/1/2027	3.000	108.196	1.850		n
75	MORAINE PARK WI TECH CLG UTGO BQ	Callable 4/1/2026 @ 100	616454YD0	4/1/2027	3.000	106.949	1.900	2.028	n
20	PORTAGE WI CORP PURPOSE UTGO BQ		736032NG4	4/1/2027	3.000	106.784	2.050		n
3605	LINN-MAR IA CMNTY SCH DIST REF UTGO	Callable 5/1/2026 @ 100	536036PX8	5/1/2027	5.000	121.236	1.670	2.032	n
865	PORTSMOUTH VA UTGO		73723RF40	7/15/2027	5.000	126.359	1.510		n
260	LUDINGTON MI AREA SCH DIST UTGO		549637EK8	11/1/2027	5.000	124.959	1.770		n
270	LIVINGSTON & LA SALLE COS IL BQ -B		538420CK4	12/1/2027	2.250	99.238	2.350		n
35	HUNTINGTON IN MUNI BLDG CORP REV BQ		446365AQ1	2/1/2028	3.000	107.861	2.000		n
65	EVANSVILLE WI REF-SER B UTGO BQ	Callable 4/1/2026 @ 100	299641HQ6	4/1/2028	3.000	106.295	2.000	2.206	n
45	PORTAGE WI CORP PURPOSE UTGO BQ	Callable 4/1/2027 @ 100	736032NH2	4/1/2028	3.000	106.414	2.100	2.191	n
3785	LINN-MAR IA CMNTY SCH DIST REF UTGO	Callable 5/1/2026 @ 100	536036PY6	5/1/2028	4.000	113.965	1.800	2.237	n
65	PORTAGE WI WTR SYS REVENUE BQ	Callable 5/1/2027 @ 100	736075CR1	5/1/2028	3.000	106.478	2.100	2.190	n
280	WEST KNOX TN UTILITY DIST REV		953564JG7	6/1/2028	5.000	127.218	1.700		n
885	PORTSMOUTH VA UTGO		73723RF57	7/15/2028	5.000	128.733	1.580		n
650	LUDINGTON MI AREA SCH DIST UTGO		549637EL6	11/1/2028	5.000	126.725	1.870		n
250	KENILWORTH IL REF-SER A UTGO BQ	Callable 12/1/2025 @ 100	489026GG3	12/1/2028	3.000	106.005	2.000	2.288	n
65	GLASSBORO NJ SER A UTGO BQ	Callable 1/15/2023 @ 100	377136LH7	1/15/2029	4.000	107.896	1.700	3.041	n
25	EVANSVILLE WI REF-SER B UTGO BQ	Callable 4/1/2026 @ 100	299641HR4	4/1/2029	3.000	105.645	2.100	2.349	n
70	MORAINE PARK WI TECH CLG UTGO BQ	Callable 4/1/2026 @ 100	616454YF5	4/1/2029	3.000	105.645	2.100	2.349	n
155	PORTAGE WI CORP PURPOSE UTGO BQ	Callable 4/1/2027 @ 100	736032NJ8	4/1/2029	3.000	106.046	2.150	2.305	n
1885	LINN-MAR IA CMNTY SCH DIST REF UTGO	Callable 5/1/2026 @ 100	536036PZ3	5/1/2029	4.000	113.283	1.900	2.462	n
65	PORT WASHINGTON WI WTRWKS REV BQ		735626CN1	5/1/2029	3.000	106.131	2.300		n
340	WEST KNOX TN UTILITY DIST REV		953564JH5	6/1/2029	5.000	129.491	1.750		n
985	LUDINGTON MI AREA SCH DIST UTGO	Callable 5/1/2029 @ 100	549637EM4	11/1/2029	5.000	127.306	1.940	2.057	n
255	KENILWORTH IL REF-SER A UTGO BQ	Callable 12/1/2025 @ 100	489026GH1	12/1/2029	3.000	105.695	2.050	2.380	n
25	FARGO ND IMPT-SER D UTGO	Callable 5/1/2025 @ 100	30747NAP9	5/1/2030	3.000	104.645	2.150	2.508	n
120	PORT WASHINGTON WI WTRWKS REV BQ	Callable 5/1/2029 @ 100	735626CP6	5/1/2030	3.000	105.229	2.400	2.448	n
65	MIAMI-DADE CNTY FL UTGO	Callable 7/1/2024 @ 100	59333FPL8	7/1/2030	3.000	103.537	2.250	2.628	n
1245	PORTSMOUTH VA UTGO	Callable 7/15/2028 @ 100	73723RF73	7/15/2030	4.000	117.202	1.920	2.234	n
250	LUDINGTON MI AREA SCH DIST UTGO	Callable 5/1/2029 @ 100	549637EN2	11/1/2030	4.000	117.014	2.080	2.289	n
50	LA PORTE TX INDEP SCH DIST UTGO	Callable 2/15/2025 @ 100	504102J47	2/15/2031	3.375	105.921	2.250	2.776	n
1745	GEORGETOWN CNTY SC SCH DIST UTGO	Callable 3/1/2028 @ 100	372640KG6	3/1/2031	3.000	105.477	2.300	2.458	n
100	PORT WASHINGTON WI WTRWKS REV BQ	Callable 5/1/2029 @ 100	735626CQ4	5/1/2031	3.000	104.336	2.500	2.573	n
110	DUBUQUE IA SER A UTGO	Callable 6/1/2026 @ 100	263868FB2	6/1/2031	3.000	103.485	2.450	2.657	n
1090	LUDINGTON MI AREA SCH DIST UTGO	Callable 5/1/2029 @ 100	549637EP7	11/1/2031	4.000	115.856	2.200	2.499	n
200	TRINITY RIVER TX AUTH WSTWTR REV	Callable 2/1/2028 @ 100	896564WT4	2/1/2032	4.000	113.608	2.250	2.717	n
130	PORT WASHINGTON WI WTRWKS REV BQ	Callable 5/1/2029 @ 100	735626CR2	5/1/2032	3.000	103.451	2.600	2.680	n
25	DUBUQUE IA SER A UTGO	Callable 6/1/2026 @ 100	263868FC0	6/1/2032	3.000	102.841	2.550	2.738	n
530	WEST KNOX TN UTILITY DIST REV	Callable 6/1/2029 @ 100	953564JL6	6/1/2032	3.000	105.269	2.400	2.520	n
1515	PEORIA AZ UTGO	Callable 7/15/2029 @ 100	712838TF8	7/15/2032	3.000	106.249	2.300	2.438	n
140	ANNA TX INDEP SCH DIST PSF UTGO	Callable 2/15/2028 @ 100	035707VL9	8/15/2032	4.000	113.663	2.250	2.753	n
500	LUDINGTON MI AREA SCH DIST UTGO	Callable 5/1/2029 @ 100	549637EQ5	11/1/2032	4.000	114.711	2.320	2.681	n
240	GREENE CNTY IL CUSD #1 -B UTGO BQ	Callable 12/1/2028 @ 100	394406CK6	12/1/2032	4.000	110.579	2.720	3.035	n
135	KANE & DU PAGE COS IL CUSD#303 LTGO	Callable 1/1/2026 @ 100	483800VA3	1/1/2033	3.500	104.444	2.750	3.095	n
85	PORT WASHINGTON WI WTRWKS REV BQ	Callable 5/1/2029 @ 100	735626CS0	5/1/2033	3.000	102.575	2.700	2.774	n
50	DUBUQUE IA SER A UTGO	Callable 6/1/2026 @ 100	263868FD8	6/1/2033	3.000	102.201	2.650	2.808	n
650	WEST KNOX TN UTILITY DIST REV	Callable 6/1/2029 @ 100	953564JM4	6/1/2033	3.000	104.369	2.500	2.623	n
480	PEORIA AZ UTGO	Callable 7/15/2029 @ 100	712838TG6	7/15/2033	3.000	104.419	2.500	2.622	n
1380	PORTSMOUTH VA UTGO	Callable 7/15/2028 @ 100	73723RG23	7/15/2033	4.000	115.495	2.110	2.670	n
80	STUTSMAN CNTY ND REF & IMPT UTGO BQ	Callable 10/1/2024 @ 100	864165BS3	10/1/2033	3.750	107.920	2.150	3.060	n
85	PORT WASHINGTON WI WTRWKS REV BQ	Callable 5/1/2029 @ 100	735626CT8	5/1/2034	3.000	101.707	2.800	2.858	n
670	WEST KNOX TN UTILITY DIST REV	Callable 6/1/2029 @ 100	953564JN2	6/1/2034	3.000	103.478	2.600	2.715	n
800	PEORIA AZ UTGO	Callable 7/15/2029 @ 100	712838TH4	7/15/2034	3.000	102.624	2.700	2.785	n
1140	PORTSMOUTH VA UTGO	Callable 7/15/2028 @ 100	73723RG31	7/15/2034	4.000	115.051	2.160	2.770	n
215	PASCO CNTY FL SER D UTGO	Callable 10/1/2029 @ 100	702503FS7	10/1/2034	4.000	113.988	2.450	2.862	n
140	PORT WASHINGTON WI WTRWKS REV BQ	Callable 5/1/2029 @ 100	735626CU5	5/1/2035	3.000	100.848	2.900	2.933	n
140	PORT WASHINGTON WI WTRWKS REV BQ	Callable 5/1/2029 @ 100	735626CV3	5/1/2036	3.000	100.000	3.000	3.000	n
265	AVONDALE AZ UTGO	Callable 7/1/2029 @ 100	054314FP9	7/1/2036	4.000	113.689	2.450	2.969	n
155	N GIBSON IN MULTI-SCH BLDG CORP	Callable 7/15/2029 @ 100	659496EY5	7/15/2036	4.000	111.844	2.650	3.100	n
50	ILLINOIS ST EDUCTNL FACS AUTH	Callable 11/1/2022 @ 100	45201QCV4	11/1/2036	4.000	105.793	2.750	3.550	n
85	WESTMONT IL SER B UTGO	Callable 1/1/2027 @ 100	960811FE2	1/1/2037	3.000	100.000	3.000	3.000	n
20	MIAMI-DADE CNTY FL TRANSIT SALES TAX	Callable 7/1/2029 @ 100	59334PHL4	7/1/2038	3.000	100.000	3.000	3.000	n
225	KANSAS CITY MO SANTN SWR REV	Callable 1/1/2028 @ 100	48507TJF1	1/1/2039	3.000	99.706	3.020		n
120	GEORGETOWN CNTY SC SCH DIST UTGO	Callable 3/1/2028 @ 100	372640KQ4	3/1/2039	3.000	100.000	3.000	3.000	n
150	KANSAS CITY MO SANTN SWR REV	Callable 1/1/2028 @ 100	48507TJJ3	1/1/2042	3.000	99.190	3.050		n
400	KANSAS CITY MO SANTN SWR REV	Callable 1/1/2028 @ 100	48507TJK0	1/1/2043	3.000	98.999	3.060		n
20	NORTH BARRINGTON ILL SSA 19	Callable 2/1/2028 @ 100	65746RBA9	2/1/2044	4.000	106.200	3.170	3.617	n
330	FLORIDA KEYS AQUEDUCT AUTH FL WTR	Callable 9/1/2025 @ 100	340765HQ2	9/1/2049	5.000	116.094	2.200	4.069	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

Insurer	Cust Ofr($,000s)	Description	Call 1	CUSIP	Mat Dt	Cpn(%)	Price	Yield(%)	YTM(%)	Taxable
	200	PORTLAND OR URBAN RENEWAL TAXABLE		736746XS2	6/15/2021	3.723	102.919	2.200		y
	105	DUBUQUE IA TXBL-SER B TAXABLE		263868FN6	6/1/2022	3.000	102.400	2.150		y
CNTY GTD	345	CAMDEN CNTY NJ IMPT AUTH TAXABLE		13281NRQ7	7/15/2023	3.427	104.336	2.300		y
	375	KANE CNTY IL TAXABLE UTGO		483862MF2	12/15/2023	2.500	100.844	2.300		y
	245	BROOKFIELD WI TAXABLE UTGO	Callable 12/1/2025 @ 100	112857BD8	12/1/2026	3.100	103.844	2.450	2.529	y
	300	BROOKFIELD WI TAXABLE UTGO	Callable 12/1/2025 @ 100	112857BE6	12/1/2027	3.300	104.723	2.500	2.670	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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