disclosure for Steve Ircha Aegis Capital Bond of the Month

Prices and Rates are subject to availability.

Income from municipal bonds may be subject to state and local taxes as well as the Alternative Minimum Tax. Not FIDC insured, may lose value.

Aegis Capital Corp. does not provide tax, legal, or accounting advice. Please contact your tax advisor regarding the suitability of tax-exempt investments in your portfolio and your accounting advisor to determine the appropriate accounting treatment.

Call features may exist that can impact yield, If sold prior to maturity, investments in municipal securities are subject to gains/losses based on the level of interest rates, market conditions and credit quality of he issuer.

GUIDE TO BOND CREDIT QUALITY RATINGS
Credit Risk
Moody’s*
S&P**
Investment Grade
Highest Quality
Aaa
AAA
High Quality (Very Strong
Aa
AA
Upper Medium Grade (Strong)
A
A
Medium Grade
Ba
BB
Not Investment Grade
Lower Medium Grade
Ba
BB
Low Grade (Spculative)
B
B
Poor Quality (May Default)
Caa
CCC
Most Speculative
Ca
CC
No Interest being paid or bankruptcy
Petition Filed
C
D
In Default
C
D

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