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

Insurer Cust Ofr($,000s) Description Call 1 CUSIP Mat Dt Cpn(%) Price Yield(%) YTM(%) Taxable
85 EGG HARBOR WI REF-SER A UTGO BQ 282321CX4 4/1/2020 3.000 100.736 1.300 n
15 WAUSAU WI WTR SYS REVENUE SER D 943384BS5 5/1/2022 4.000 106.876 1.240 n
35 BOONE CNTY IL REF- UTGO BQ SALES TAX BQ 098671DG2 12/15/2023 3.000 105.406 1.650 n
BAM 160 BLUE RIDGE TX WEST MUNI UTILITY BQ Callable 9/1/2024 @ 100 096028KY0 9/1/2025 2.000 101.846 1.600 1.666 n
115 SAINT PETERS MO WTRWKS & SEWAGE BQ 793190HE2 5/1/2026 3.000 109.309 1.500 n
BAM 15 BLUE RIDGE TX WEST MUNI UTILITY BQ Callable 9/1/2024 @ 100 096028KZ7 9/1/2026 2.000 101.380 1.700 1.784 n
200 EGG HARBOR WI REF-SER A UTGO BQ 282321DE5 4/1/2027 3.000 109.777 1.600 n
BAM 105 SCHOFIELD WI REF-SER A UTGO BQ 807008CA3 4/1/2027 3.000 108.316 1.800 n
BAM 140 BLUE RIDGE TX WEST MUNI UTILITY BQ Callable 9/1/2024 @ 100 096028LA1 9/1/2027 2.000 100.917 1.800 1.873 n
125 VILLA PARK IL SER A UTGO BQ 927022SB0 12/15/2027 4.000 116.214 1.850 n
165 JEFFERSON WI UTGO BQ Callable 3/1/2026 @ 100 475502JE1 3/1/2028 3.000 107.504 1.750 2.021 n
120 JEFFERSON WI UTGO BQ Callable 3/1/2026 @ 100 475502KA7 3/1/2028 3.000 107.504 1.750 2.021 n
AGM 110 N W HARRIS CNTY TX MUD #5 UTGO Callable 5/1/2024 @ 100 667488TX8 5/1/2028 2.000 99.222 2.100 n
100 ROCK CNTY WI PROMISSORY NTS UT GO Callable 9/1/2027 @ 100 772028QD1 9/1/2028 2.125 100.541 2.050 2.058 n
BAM 135 COOK CNTY IL SD#162 MATTESON LTGO BQ Callable 12/1/2024 @ 100 215291PK5 12/1/2028 3.150 106.323 1.850 2.375 n
190 EGG HARBOR WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 282321DG0 4/1/2029 3.000 109.044 1.700 1.946 n
BAM 175 SCHOFIELD WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 807008CC9 4/1/2029 2.000 100.000 2.000 2.000 n
150 SAINT PETERS MO WTRWKS & SEWAGE BQ 793190HH5 5/1/2029 3.000 110.937 1.750 n
165 ADAIR CNTY IA  UTGO  – BQ Callable 6/1/2025 @ 100 00536RCU5 6/1/2029 2.000 101.064 1.800 1.879 n
160 WAUSAU WI SWR SYS REVENUE SER C Callable 5/1/2027 @ 100 943368FH8 5/1/2030 2.000 98.591 2.150 n
315 EGG HARBOR WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 282321DJ4 4/1/2031 2.000 100.000 2.000 2.000 n
BAM 445 SCHOFIELD WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 807008CE5 4/1/2031 2.125 99.747 2.150 n
Q-SBLF 415 PORTLAND MI PUBLIC SCHS UTGO  BQ Callable 5/1/2029 @ 100 736627LP3 5/1/2031 2.000 99.489 2.050 n
25 CAMBRIDGE WI  UTGO BQ Callable 4/1/2022 @ 100 132591DP0 4/1/2032 3.800 104.291 2.000 3.375 n
100 SOUTHFIELD MI LIMITED TAX GO Callable 5/1/2029 @ 100 844181MF1 5/1/2032 3.000 106.405 2.250 2.405 n
90 WAUSAU WI WTR SYS REVENUE SER D Callable 5/1/2027 @ 100 943384CC9 5/1/2032 2.250 98.383 2.400 n
320 EGG HARBOR WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 282321DL9 4/1/2033 2.000 98.834 2.100 n
BAM 505 SCHOFIELD WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 807008CG0 4/1/2033 2.250 100.000 2.250 2.250 n
BAM 50 COWLITZ CNTY WA    BQ Callable 12/1/2023 @ 100 223770MT2 12/1/2033 5.000 114.585 1.350 3.667 n
BAM 505 SCHOFIELD WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 807008CH8 4/1/2034 2.250 99.388 2.300 n
75 WILSON CNTY TN  UTGO Callable 4/1/2029 @ 100 97217PQW2 4/1/2034 3.000 106.795 2.200 2.439 n
100 LOUISVILLE & JEFFERSON CNTY KY MET Callable 11/15/2021 @ 100 546589RX2 5/15/2034 5.000 107.666 1.250 4.287 n
50 DELTONA FL CAPITAL IMPT REVENUE REF Callable 10/1/2026 @ 100 247885AU0 10/1/2034 3.000 104.803 2.250 2.610 n
280 ROCHESTER MI  LT GO BQ Callable 10/1/2029 @ 100 771503HZ5 10/1/2034 2.125 99.048 2.200 n
Q-SBLF 120 OXFORD MI CMNTY SCHS SER II UTGO BQ Callable 5/1/2029 @ 100 691610EA3 11/1/2034 2.125 99.044 2.200 n
340 EGG HARBOR WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 282321DN5 4/1/2035 2.125 99.022 2.200 n
BAM 510 SCHOFIELD WI REF-SER A UTGO BQ Callable 4/1/2027 @ 100 807008CJ4 4/1/2035 2.250 98.710 2.350 n
150 VALPARAISO IN ECON DEV REVENUE Callable 2/1/2029 @ 100 920283DP0 8/1/2036 2.625 98.990 2.700 n
150 ALABASTER AL WTR BRD WTR REVENUE Callable 9/1/2029 @ 100 010677DG4 9/1/2036 4.000 116.374 2.150 2.778 n
BAM 275 BALCH SPRINGS TX CTFS OBLIG LTGO Callable 9/1/2029 @ 100 057663FB7 9/1/2036 2.375 96.941 2.600 n
SCSDE 80 ANDERSON CNTY SC SCH DIST #5 UTGO Callable 3/1/2026 @ 100 033753QJ6 3/1/2037 3.000 103.824 2.350 2.722 n
BAM 355 BALCH SPRINGS TX CTFS OBLIG LTGO Callable 9/1/2029 @ 100 057663FC5 9/1/2037 2.375 96.103 2.650 n
350 SEMINOLE CNTY FL WTR & SWR REVENUE Callable 10/1/2029 @ 100 816705KE6 10/1/2037 4.000 116.499 2.150 2.822 n
50 VALPARAISO IN ECON DEV REVENUE Callable 2/1/2029 @ 100 920283DT2 8/1/2038 2.750 99.271 2.800 n
BAM 275 BALCH SPRINGS TX CTFS OBLIG LTGO Callable 9/1/2029 @ 100 057663FD3 9/1/2038 2.375 95.217 2.700 n
890 OAKLAND PARK FL WTR & SWR REVENUE Callable 9/1/2029 @ 100 673567CA9 9/1/2038 3.000 103.020 2.650 2.793 n
25 MOUNT PROSPECT IL REF-SER B UTGO Callable 12/1/2027 @ 100 622826WZ4 12/1/2038 3.875 110.048 2.500 3.170 n
75 COWETA CNTY GA WTR & SEWAGE AUTH Callable 6/1/2029 @ 100 223663KT1 6/1/2040 4.000 115.062 2.250 3.014 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
BAM 290 OWENSBORO KY TXBL-REF-SER C UTGO 690887TU8 4/1/2022 2.625 101.959 1.800 y
BAM 665 OWENSBORO KY TXBL-REF-SER C UTGO 690887TV6 4/1/2023 2.625 102.569 1.850 y
BAM 130 OWENSBORO KY TXBL-REF-SER D UTGO 690887UT9 6/1/2023 2.250 101.388 1.850 y
BAM 655 OWENSBORO KY TXBL-REF-SER C UTGO 690887TW4 4/1/2024 2.625 103.071 1.900 y
BAM 145 OWENSBORO KY TXBL-REF-SER D UTGO 690887UU6 6/1/2024 2.250 101.535 1.900 y
BAM 320 OWENSBORO KY TXBL-REF-SER B UTGO 690887TK0 12/1/2024 2.250 101.694 1.900 y
BAM 700 OWENSBORO KY TXBL-REF-SER C UTGO 690887TX2 4/1/2025 2.625 103.466 1.950 y
BAM 150 OWENSBORO KY TXBL-REF-SER D UTGO 690887UV4 6/1/2025 2.250 101.584 1.950 y
BAM 335 OWENSBORO KY TXBL-REF-SER B UTGO 690887TL8 12/1/2025 2.250 101.718 1.950 y
BAM 670 OWENSBORO KY TXBL-REF-SER C UTGO 690887TY0 4/1/2026 2.625 103.451 2.050 y
BAM 180 OWENSBORO KY TXBL-REF-SER D UTGO 690887UW2 6/1/2026 2.250 101.228 2.050 y
3780 CHELAN CNTY WA TAXABLE PUD #1 163103UM4 7/1/2026 4.253 113.064 2.150 y
25 ANTELOPE VLY CA CMNTY CLG DIST TXBL 03667PFQ0 8/1/2026 3.308 107.604 2.100 y
BAM 225 OWENSBORO KY TXBL-REF-SER B UTGO 690887TM6 12/1/2026 2.250 101.315 2.050 y
BAM 735 OWENSBORO KY TXBL-REF-SER C UTGO Callable 4/1/2026 @ 100 690887TZ7 4/1/2027 2.625 102.841 2.150 2.209 y
150 UNIV OF CALIFORNIA REV CA TAXABLE 91412GT70 5/15/2027 3.230 106.791 2.250 y
BAM 185 OWENSBORO KY TXBL-REF-SER D UTGO Callable 6/1/2026 @ 100 690887UX0 6/1/2027 2.250 100.611 2.150 2.162 y
BAM 360 OWENSBORO KY TXBL-REF-SER B UTGO Callable 12/1/2026 @ 100 690887TN4 12/1/2027 2.250 100.654 2.150 2.161 y
BAM 760 OWENSBORO KY TXBL-REF-SER C UTGO Callable 4/1/2026 @ 100 690887UA0 4/1/2028 2.625 102.235 2.250 2.332 y
500 UNIV OF MINNESOTA MN TAXABLE 914460RT9 4/1/2028 2.865 104.710 2.250 y
BAM 190 OWENSBORO KY TXBL-REF-SER D UTGO Callable 6/1/2026 @ 100 690887UY8 6/1/2028 2.250 100.000 2.250 2.250 y
CNTY GTD 25 BUCKS CNTY PA CMNTY CLG AUTH TAXABLE 118601LA9 6/15/2028 3.070 106.824 2.200 y
BAM 370 OWENSBORO KY TXBL-REF-SER B UTGO Callable 12/1/2026 @ 100 690887TP9 12/1/2028 2.250 100.000 2.250 2.250 y
BAM 725 OWENSBORO KY TXBL-REF-SER C UTGO Callable 4/1/2026 @ 100 690887UB8 4/1/2029 2.625 101.633 2.350 2.430 y
BAM 195 OWENSBORO KY TXBL-REF-SER D UTGO Callable 6/1/2026 @ 100 690887UZ5 6/1/2029 2.500 100.911 2.350 2.393 y
275 LOUISVILLE & JEFFERSON CNTY TAXABLE Callable 12/1/2026 @ 100 546585RZ5 12/1/2029 3.000 105.245 2.200 2.413 y
BAM 315 OWENSBORO KY TXBL-REF-SER B UTGO Callable 12/1/2026 @ 100 690887TQ7 12/1/2029 2.350 100.000 2.350 2.350 y
BAM 320 OWENSBORO KY TXBL-REF-SER C UTGO Callable 4/1/2026 @ 100 690887UC6 4/1/2030 2.625 101.035 2.450 2.512 y
BAM 195 OWENSBORO KY TXBL-REF-SER D UTGO Callable 6/1/2026 @ 100 690887VA9 6/1/2030 2.500 100.301 2.450 2.467 y
BAM 310 OWENSBORO KY TXBL-REF-SER B UTGO Callable 12/1/2026 @ 100 690887TR5 12/1/2030 2.450 100.000 2.450 2.450 y
MAC 355 RANTOUL IL TXBL-REF UTGO Callable 1/1/2029 @ 100 753279HU5 1/1/2031 2.700 99.044 2.800 y
BAM 815 OWENSBORO KY TXBL-REF-SER C UTGO Callable 4/1/2026 @ 100 690887UD4 4/1/2031 2.625 100.441 2.550 2.580 y
BAM 205 OWENSBORO KY TXBL-REF-SER D UTGO Callable 6/1/2026 @ 100 690887VB7 6/1/2031 2.625 100.451 2.550 2.580 y
MAC 365 RANTOUL IL TXBL-REF UTGO Callable 1/1/2029 @ 100 753279HV3 1/1/2032 2.800 98.978 2.900 y
BAM 840 OWENSBORO KY TXBL-REF-SER C UTGO Callable 4/1/2026 @ 100 690887UE2 4/1/2032 2.750 100.587 2.650 2.694 y
MAC 365 RANTOUL IL TXBL-REF UTGO Callable 1/1/2029 @ 100 753279HW1 1/1/2033 2.900 98.916 3.000 y
BAM 50 OWENSBORO KY TXBL-REF-SER C UTGO Callable 4/1/2026 @ 100 690887UH5 4/1/2035 3.000 100.582 2.900 2.953 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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