Indiana / Illinois Week of June 4, 2018 Municipal Bonds. Market Update. Spotlight Bond of the Week

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1 Indiana / Illinois Week of June 4, 2018 Municipal Bonds Market Update The Bond Buyer 20-bond index of G.O. Bonds declined twelve basis points this week, to a 3.78% yield. The -year Treasury bond yield declined two basis points this week, to a 2.91% yield. The -year Treasury bond yield declined three basis points this week, to a 3.06% yield. Spotlight Bond of the Week $82,000 Warsaw, Indiana Multi School Building Coupon: 3.12% Maturity: 07/1/2031 Price: $0.00 YTM: 3.12% After the Memorial Day holiday on Monday, the U.S. bond market started out the week with higher prices and lower yields, mostly as a reaction to unexpected political turmoil in Italy. These concerns only lasted one day as the market recovered on Wednesday. But escalating trade tensions regarding tariffs on imports once again resulted in a flight to quality bid for bonds and declining equity prices. The yield on the benchmark year note has stayed below the critical 3.00% level for well over a week. A strong jobs report was released Friday Callable: 0 S&P: AA+ Underlying: A+ Complete terms & conditions of this new issue are more fully disclosed in the Official Statement, copies of which are available upon request. morning, showing the addition of 223,000 jobs. Unemployment inched down to 3.8%, its lowest since April The recent rally in the tax-free municipal bond market continued into its third week as a smaller than normal new issue calendar and growing reinvestment needs resulted in higher prices and lower yields. Next week, the Kentucky State Property and Building Commission will negotiate the sale of $273,48,000 Revenue bonds that are currently rated A1 by Moody s. Maturities on this new issue will go from 2019 to 2038 with a dated date of 06/19/2018 and a first coupon payment on 11/01/2018. Please contact your Hilliard Lyons Wealth Advisor for additional information. W. Market Street Suite 240 Indianapolis, IN hilliard.com J.J.B. Hilliard, W.L. Lyons, LLC Member NYSE, FINRA, & SIPC

2 Income Offering Report PAY0 GREENE CNTY IND BLDG CORP LEAS REF BDS 2011 SF, BQ FQ4 CARMEL IND REDEV AUTH CNTY OPT REV BDS 20 SF A2/AA A2/- 928DK1 WEST CLARK 2000 SCH BLDG CORP FIRST MTG REF BDS 201 -/AA BU7 ROSSVILLE IND CONS SCH DIST BL SCH DIST BLDG MRTG BDS /AA CR FRANKFORT IND HIGH SCH ELEM SC ULTD AD VALOREM PPTY FIR 201 -/AA NBC2 SHELBYVILLE IND REDEV AUTH LEA LEASE RENTAL REV BDS 2011 SF Baa1/- Baa1/ BM3 EAST CHICAGO IND SCH CITY GO BDS 2018 BQ -/AA BV ROSSVILLE IND CONS SCH DIST BL SCH DIST BLDG MRTG BDS /AA BX1 TWIN LAKES IND SCH BLDG CORP FIRST MTG BDS /AA CM3 LA PORTE IND SEW WKS REV REF BDS 2017 BQ BAM 73731FE6 PORTAGE IND SEW WKS REV SEW WKS REV BDS SQ3 CONCORD IND CMNTY SCHS BLDG CO AD VALOREM PROP TAX FIRS /AA FF3 PORTAGE IND SEW WKS REV SEW WKS REV BDS RBJ2 SOUTHMONT IND SCH BLDG CORP AD VALOREM PPTY TAX FIRS /A EP1 FORT WAYNE IND REDEV AUTH LEAS REV REF BDS 2014 Aa2/- Aa2/- 928DP0 WEST CLARK 2000 SCH BLDG CORP FIRST MTG REF BDS 201 -/AA PBJ7 MITCHELL IND HIGH SCH BLDG COR FIRST MTG REF AND IMPT B 201 -/AA SS9 CONCORD IND CMNTY SCHS BLDG CO AD VALOREM PROP TAX FIRS /AA WN4 SOUTH BEND IND REDEV AUTH LEAS REF BDS 201 -/AA 2239DK8 LEBANON IND STORM WTR DIST STORM WTR DIST BDS 2012B SF, BQ -/AA- NATL NATL -/AA /01/ /01/2031 R 7/20@ /1/ /1/ /1/ /01/2031 R 2/21@ 0 06// /1/ /1/ /01/ /01/ /1/ /01/ /1/ /01/ /1/ /1/ /1/ /1/ /01/2024 C 1/21@ $ $ $2, $ $1, $8, $2, $ $ $ $1, $1, $1, $2, $1, $2, $ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/2018 Please refer to important information at the end of this material. Page 1 of 4

3 Income Offering Report CX4 HANCOCK CNTY IND PUB LIBR GO BDS 2018 BQ -/AA 93638RGJ8 WARSAW IND MULTI-SCH BLDG CORP ADV PROP TAX FIRST MTG B /AA+ 697FAB8 NORTH HARRISON IND MIDDLE SCH FIRST MTG BDS 201 -/AA RGK WARSAW IND MULTI-SCH BLDG CORP ADV PROP TAX FIRST MTG B /AA RGL3 WARSAW IND MULTI-SCH BLDG CORP ADV PROP TAX FIRST MTG B /AA+ 902MCJ MERRILLVILLE IND REDEV DIST TA REF BDS 2018 BQ -/BBB 20626TA7 CONCORD IND CMNTY SCHS BLDG CO AD VALOREM PROP TAX FIRS /AA RGM1 WARSAW IND MULTI-SCH BLDG CORP ADV PROP TAX FIRST MTG B /AA RGN9 WARSAW IND MULTI-SCH BLDG CORP ADV PROP TAX FIRST MTG B /AA DA3 HANCOCK CNTY IND PUB LIBR GO BDS 2018 SF, BQ -/AA 93638RGQ2 WARSAW IND MULTI-SCH BLDG CORP ADV PROP TAX FIRST MTG B 2018 SF -/AA DB1 HANCOCK CNTY IND PUB LIBR GO BDS 2018 SF, BQ -/AA 72624BD7 RANDOLPH IND EASTN SCH CORP GO BDS 2018 SF, BQ 93638RGS8 WARSAW IND MULTI-SCH BLDG CORP ADV PROP TAX FIRST MTG B 2018 SF -/AA RGW9 WARSAW IND MULTI-SCH BLDG CORP ADV PROP TAX FIRST MTG B 2018 SF -/AA DE HANCOCK CNTY IND PUB LIBR GO BDS 2018 SF, BQ -/AA 40983DF2 HANCOCK CNTY IND PUB LIBR GO BDS 2018 SF, BQ -/AA 69XBA8 FOUNTAIN CNTY IND BLDG CORP BDS XBJ9 FOUNTAIN CNTY IND BLDG CORP BDS XBM2 FOUNTAIN CNTY IND BLDG CORP BDS /1/ /1/ /1/ /1/ /1/ /01/ /1/2027 C 1/26@ 0 01/1/ /1/ /1/2027 C 1/27@ 0 07/1/ /1/2028 C 1/27@ /1/ /1/ /1/ /1/2031 C 1/27@ 0 07/1/2032 C 1/27@ 0 07/1/2032 C 1/28@ 0 07/1/2036 C 1/28@ 0 01/1/2038 C 1/28@ $1, $14, $2, $14, $14, $3, $6, $14, $6, $20, $6, $2.00 $13, $2, $7, $ $ $2, $8, /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/2018 Please refer to important information at the end of this material. Page 2 of 4

4 Income Offering Report 40MBJ4 INDIANA ST FIN AUTH WASTEWATER WASTEWTR UTIL REV BDS 2011B CWA AUTHORITY CWA AUTHORITY SF A3/AA- A3/-.000 /01/2041 C /21@ 0 6,43 Total Par & No. Line Items 41 Effective Tax Rate = 37.00% $2, /0/2018 Please refer to important information at the end of this material. Page 3 of 4

5 Income Offering Report Legend: AMT: Alternative Minimum Tax, Attr: Attributes, BPS: Basis Points, BQ: Bank Qualified, C: Callable, CB: Corporate Bond, CD: Certificate of Deposit, Chng: Change, Corp: Corporate Bond, CV: Convertible, EC: Extraordinary Call, E.PX: End Price, Est: Estimated, ETM: Escrowed to Maturity, Insr: Insurance, Int.: Interest, MI: Material Information, MN: Material News, Mtrl Info: Material Information, MUNI: Municipal Bond, NC: Non-Callable, OID: Original Issue Discount, Prem Call: Premium Call, PreRe: Pre-refunded, Pt: Putable, R: Refunded, Rev: Revenue, Settle: Settlement Date, SF/Sinker: Sinking Fund, S.Px: Start Price, STEP: Stepped Coupon, Structure: Structured Security, Survivor Opt (SO): Survivor Option, Taxable: Federally Taxable, TBCO: Tobacco, Trea: Treasury Bond, Under: Underlying Credit Ratings, UST/TREAS: U.S. Treasury, X-O Refunded Cross-over Refunded, Yrs: Years, YTW: Yield to Worst, YTM: Yield to Maturity Disclaimer: Offer Limitation: Subject to availability and change in price. Market Risk: Yields and market value will fluctuate, so that your investment, if sold before maturity, may be worth more or less than its original cost. Interest Rate Risk: Bond prices fluctuate inversely to changes in interest rates. So a general rise in interest rates can result in a decline of the value of your investment. Bonds sold before maturity may be worth less than original investment. Securities offered by JJB Hilliard, WL Lyons, LLC. Member NYSE, FINRA, & SIPC Page 4 of 4