OUCHX squared. Expected this one to hold better.

Agreed. I've owned this fund for several years and expected much better in a major downturn.

Speaking of things budgetary, I just found this article in this morning's Chron. Edited for brevity:

The staggering economic fallout from the COVID-19 pandemic is expected to create a budget deficit in San Francisco of from $1.1 billion to $1.7 billion over the next two fiscal years, city officials said Tuesday.
The grim projections accompanied an announcement that San Francisco’s budget-setting process would be delayed for two months to buy the city’s financial experts time to readjust their spending plans in light of stark revenue losses.
In December, the projected budget shortfall over the next two fiscal years was pegged at around $420 million. That gap between the city’s spending plans and available revenue has roughly quadrupled. Last year’s budget, the largest in the city’s history, was $12.3 billion.
“The coronavirus pandemic is an immediate threat to our public health, and we’re doing everything we can to slow its spread and save lives, but we know that it is also having a major impact on our economy and our city’s revenue,” Breed said in a statement.
The city has already sustained substantial losses brought on by the threat of the coronavirus and its attendant impact on the economy. The estimated losses reflect evaporated revenue the city otherwise would have expected to receive.
Over the next three months, city officials expect a shortfall of from $167 million to $288 million, driven primarily by losses in hotel and real estate-transfer taxes. The 2020-21 fiscal year is shaping up to be worse, according to the projections, with $330 million to $581 million in revenue drained away. Losses in the 2021-22 fiscal year are estimated at between $214 million and $382 million.

It will be interesting to watch for deterioration in San Francisco's tax base, as in recent years it has been so heavily dependent on ever-increasing amounts of office space, and ever-smaller (and closer together) living spaces. Methinks pride goeth before... etc.

Hi Crash,
Both PREMX and RPIBX were bought years back as part of an overall diversified allocation. I added PRSNX and back around the Ides of November when I was taking a couple of units out of equities. Wife and I are both at Price with our Rollover IRAs with mine being a brokerage account. Between the two accounts I've got bits and pieces here and there. What I'm watching right now is the impact of the virus on most everything. Most of my current play in that regard is in Asia. At Price I added TRAOX and a smidgen of PRLAX for watching. With my brokerage account I'm hitting Matthews with MPACX, MCHFX and MATFX. Otherwise, I'm still heavy on cash and playing the precious metals in various ways - hard, soft, juniors, oh my.
I'm thinking about taking a nibble in Europe and watching the crisis play out.
and so it goes,
peace and flatten the curve,
rono

Yes, I agree with what @mcmarasco said about the funds "financial" holding being Visa and MasterCard, 2 great long term holdings. If you look up those stocks you will see they are categorized as IT, not financial.
As far as manager succession John Neff, co-manager, has been mentoring with Aker for 6 years. I've listened to interviews and have been impressed. I don't have a problem with succession. I doubt Aker would walk away totally anyway. I wouldn't be surprised if he retires and still hangs as a consultant.

While two days is not a trend, does this give you any sense that muni money market funds are stabilizing? It seems the answer is it depends on the daily net shareholder cash flows.

Certainly that's a part of it. However, ⅔ of these funds are in cash or paper that will mature or can be redeemed within five business days (weekly liquid assets). So it's hard to see such a stampede moving the shadow price (mark-to-market NAV) four times what we've just seen (i.e. to below 99.5¢). These funds have enough "cash" to handle a run on the bank, and the remainder of the assets will make its way through the fund over a few months.
The government, as the WSJ put it, recently "backstopped" these MMFs. With all due respect, I think most MMF investors just see this as a "government guarantee". It's not quite that, but perception is reality and it should have a calming effect.
That doesn't mean that the muni bond market won't again go wacko. This only addresses the question of cash flow of muni MMFs.
Given that "Individual, or 'retail,' investors are the largest holders of municipal securities", a herd mentality reaction could make a real impact on the muni bond market. That in turn could depress the value of a fund's holdings. (Quote is from ICI's FAQ About Municipal Bonds.)
ISTM that the government MMF loan program lets MMFs prop up their shadow price by swapping undervalued paper for cash. For example, a MMF might have a muni bond that will mature and be redeemed at par in 11 months, while the market is currently pricing it at $0.98. This loan program allows the MMF to borrow against the bond as if it were worth $1 (amortized cost).
But that program doesn't come without a cost of its own. There's an interest charge equal to the primary credit rate (currently 0.25%) + 0.25% for muni MMFs. Will sponsors go for this?
If past is prologue, the answer is largely yes.

at least twenty-nine MMFs had losses large enough to cause them to break the buck in September and October 2008 despite significant government intervention and support of the sector. Five funds or more experienced losses exceeding the 3 percent reported by Reserve, and one fund reported a loss of nearly 10 percent. Among the twenty-nine funds that would have broken the buck without sponsor support, the average loss was 2.2 percent."

https://libertystreeteconomics.newyorkfed.org/2013/10/twenty-eight-money-market-funds-that-could-have-broken-the-buck-new-data-on-losses-during-the-2008-c.html
Aside from the Reserve Fund that broke a buck, that's 28 other funds where their sponsors propped up their funds. They did this not at a rate of 50 basis points for a few months, but by infusing 200 basis points give or take up front. The loan program is a fantastic deal for the MMFs. From a psychological perspective, the expectation is that they won't have to use it. And should they need to, it is dirt cheap.
Then again, what do I know? As Will Rogers said, all I know is what I read in the papers. I didn't go to a seventh-rated MMF sponsor (Schwab, according to Crane Data) to ask about this new development.
Though I did speak with the big kahuna (Fidelity dominates money-market industry) a few years ago after the liquidity regs were finalized. At that time Fidelity was very courteous, confirming that I was reading the regs correctly, but declining to provide any information about how Fidelity would implement them in practice. As expected, and no different from Schwab's response - just boilerplate.

Global fund managers tilted towards bonds in March and don't hold much near term hope for a sustained stock market rebound....

Global fund managers are convinced the world economy is already in recession, and recommended increasing bond holdings in March to the highest level in at least seven years while buffering up on cash at the expense of equities, a Reuters poll showed.
“The recent fall in equities reflects the wrongdoings over the past decade such as share buy-backs at a time when investment growth was warranted."
“The monumental scale of stimulus announced by central banks can only bring bond yields lower."
Asset managers reduced recommendations to equity exposure to the lowest since September, to 45.9% of the model global portfolio from 49.1%. Cash holdings were increased to the highest since October, to 5.2% from 3.8%. Asked on the outlook for equities over the next three months, nearly 90% of respondents said stocks would fall further or stay around current levels.
U.S. funds suggested a cut to equity exposure to the lowest in Reuters poll records for that country going back to early 2011 and an increase to bond holdings to the highest since then.

https://reuters.com/article/us-funds-global-poll/global-funds-still-recommend-bonds-over-stocks-reuters-poll-idUSKBN21I1PO

You'd think, or would like to think so, but recent experience demonstrates how wrong that assumption could be. I'll try to explain.
Much like I have recently done a friend was in the process of buying a home in a state to which he wanted to move. He is retired and has none of the usual forms of income lenders look to first such as current W-2's or rents, royalties, etc.. He collects social security and can document a certain monthly income flow from his savings which would satisfy the traditional PITI (Principal + Interest + Taxes + Insurance) payment on the loan but would leave him with very little left after everyday life expenses (healthcare, food, utilities, entertainment, etc.). Doable but just barely. He owns a home free and clear in his current state of residence but lenders view that as more of a liability than an asset. Why? It's true value is unknown or at best an estimate until it is sold, assuming it is sold. Until such time that home assets must be insured, property taxes must be paid and upkeep must be maintained all of which constitute subtractions or liabilities against his income. I hope you see where I am going with this.
Lenders are only concerned with your ability to service your loan in the form of current income. It's all that seems to matter. Having an assist pile is nice in terms of credit worthiness but where's the 'income' ? They use what is called "Capacity" which measures the borrower's ability to repay a loan by comparing income against recurring debts and assessing the borrower's debt-to-income (DTI) ratio. Lenders calculate DTI by adding together a borrower's total monthly debt payments and dividing that by the borrower's gross monthly income. More information can be found in the NOLO link below.
From NOLO - Mortgage Rules on "Ability to Repay"
At the end of February my friend thought he was sitting pretty because he could document the income flow necessary. There wasn't much wiggle room there but he felt he had an 'ace' in the hole in the form of the unsold house. One month in time has now seriously put a hurt on his assumptions. Will his house sell for what he hoped or thought? Will it even sell? Will an investment he holds cut or eliminate the income or distribution he counted on to be there? I've heard it said that if you can document an automatic monthly flow of income from your savings (e.g. retirement account) to your spending account (in whatever form that takes) and that flow is sustainable for 3-years than lenders can choose to proceed with the loan. I can't verify that at all. I also don't know what I would do if I were in his shoes.

@rono Of your listed bond funds above, I own only PRSNX and am reasonably happy with it. The other two? I owned PREMX during the foreign bond boom, after 2009, and exited several years later. PREMX and RPIBX look like dogs to me. Can you say more about why you are using them? Thank you.

Fido FullView remains quite sketchy and laggy. Perhaps this has been noted already; I certainly have posted such for many years now. It seemed the last few months to have finally settled down and gotten quicker and actually accurate, but tonight is back to its old laggy and outdated ways.
The best I know, and even it is not perfect, is ML My Financial Picture. It too used to lag even within the ML / BoA system, but not so much anymore, and is the one I rely on. If you are a BoA customer it is almost worth it to get a ML brokerage accounts and stick some moneys into and then see whether it properly does the draw and aggregation of everything else you have in other firms.

@Old_Joe, @MikeW
Guys I used to own this fund for 3 years, then sold it because I was worried about manager succession. Needless to say was a mistake, but can't complain too much.
So now aren't you at least little bit worried for the same reason?

I have been looking for a reliable trading system for many years. I ran hundreds of scenarios, mostly technical analysis. I wanted to find something easy, if you use too many indicators it's too complicated. You also don't want too many trades. I could find anything I like so I made my own system.
I looked at
50/200 moving averages--too late/early many time
10 months MA by Faber-It works only in crashes but not good at mild one. You can see it in this (link)
I tracked the performance of GMO, Arnott and AQR Capital Management and they were not good.
Inverted yield, PE, PE10 can be off by months and years
When I was younger I was very heavy in stocks but in the last 7-8 years I learned a lot about bonds, starting with PIMIX.
In the last 5 years and close to retirement I based my timing on the following
1) Bonds rule. Bonds must work rationally for me to be confident. Stocks don't have to be rational, they can go up regardless, at some point they will go down but they can be off by years/months
2) I simply set a rule of max loss from the last top for each fund I own. Years ago it was 3% for bonds and 6% for stocks. Now it's 1% for any bond fund I own, at 0.5% I start checking why.
If I sell a fund then I look at other funds in the same category, it the category bad or just this fund. Then I look at other categories, maybe they are doing OK.
example: rates go up most bond categories go down but wait, bank loans may go up.
make the switch.
When you have enough, it's just a number game. If I sell too soon and it rebounded and I miss the performance...I don't care.
3) Look at VIX. If it's over 30, it's a warning sign. Over 40 a stop sign. continue up, it's a danger zone. The key here is to look at extreme because it's hardly there.
4) Pay attention to the traders. I record fast money and watch it every day, at least the first 15 minutes. Pay attention to Carter Worth. Pay attention especially to an unusual guess Tony Dwyer with pretty good calls. These people give me the market internals, spirit and what the big Wall Street firms are doing. Investing for me is a passion for years.
5) I use simple tech indicators because many algos use it too. 50+200 MA, MACD, trends,
3-line-break (link) This fast indicator tells you to get ready to buy/sell. I used these for riskier stuff for short term trading.
When stocks lose and rebound, they will capture most times 40-50%. I look at the SP500 + 3 line break + daily MACD(weekly MACD is better) when to enter and stay for 1-2 days of trade. The more it's down the more you can make and stay with the trade. It's feeling but if I made money I sell anyway if I think it's enough.
For my longer term bond holdings, I use a simple trend. I have several bond funds I like and just switch.
6) Common sense based on the news.
Examples:
The Fed says they will raise rates, watch your bond fund, stay away from simple IG bonds
The Fed said last week they will support IG bonds, start buying.
Fast trading:
A very known stock had bad news after hours and falls 20%. The next day, you can see the trading prior to the opening. It opens even lower at -22%, you buy, it will go up several %, you sell.
PCI is one of the best known CEFs. It was going down sharply and more than the SPY, then one day it was down another 20%, this means, investors are desperate, then I buy, I made 5% in 30 minutes. The next 2 days it was up another 15% but I don't care. I made money.
So, why I sold almost everything weeks ago because 1) bonds, including treasuries were acting irrationally 2) VIX over 45-50. These 2 are enough to sell but then stocks were crashing and all the news media were talking 24/7 about the Coronavirus.
Bottom line: I have strict written rules that I follow but I'm also flexible. Never say never, I learn stuff all the time and then I test it to see if it works. It took me years to be comfortable to trade and use big %.

I'm 78. We can live comfortably on SS, a public pension, RMDs from 403b, and another stream of income. I have control over my 403b, and I have dialed down some of the equity funds in favor of a few Vanguard TDFs of varying years (my attempt at laddering). TIAA has a great portfolio tool that shows my equity/bond exposure in my portfolio right down to the allocations to different sizes of companies as well as the bond exposure. The money outside the 403b is a combination of growth stocks and funds, PTIAX, IOFAX, and lots of cash. We don't need the income from these accounts. When 12/31/20 rolls around, next year's RMDs and our other income source will be determined based on the portfolios' NAVs. I'm prepared for our income from those sources to decline.
I believe we'll see much lower equity prices in the coming months. I'm raising cash because two or three of my adult children, who are just getting going in the world of work, may see their jobs evaporate and need support. Two of them are in outpatient healthcare where staff are already being cut. We also have a disabled daughter whom we support. I'm definitely not exiting the markets, but I feel the need for a big cash cushion these days. We usually take a couple of expensive trips per year; the second one is already cancelled. (BTW, Delta is really generous with the refunds.) This is flying in the clouds with no instruments and a radio that sends out contradictory directional advice.

Charles noted:

Our friend Junkster always touted the importance of having predefined "exit" criteria. He was/is a day trader so he watches for instabilities typically in price movements of what he calls "tight channel" funds. If he sees them, he exits the trade.

For me, the most important word above is, "see"; in regard to its meaning below.
@Junkster offered pieces now and then, of what he could "see". He didn't make such a notation to impel or compel any one investor to take a particular action within their own portfolio. But for me, his observation(s); based upon his credibility with me, would be enough to cause me to be more curious as to a given circumstance.
To see: discern or deduce mentally after reflection or from information; understand.
We all "see" differently. I noted on March 11 what I could see relative to our portfolio:

>>>>> From a long ago song lyric: "Nowhere to run to, nowhere to hide."
All of the below government bill through bond types are down in pricing.
Our 72% bond/28% equity portfolio has no support from any area as of 12:30 EST.
Has this happened before in modern times??? Where the correlation between UST issues and equity markets have little meaning to one another.
ADD: Is the U.S. Treasury playing in the background to support yields???
--- SHY = (1-3 yr bills)
--- IEI = (3-7 yr notes)
--- IEF = (7-10 yr notes)
--- TLT = (20+ Yr UST Bond
--- EDV = (Vanguard extended duration gov't)
--- ZROZ = (UST., AAA, long duration zero coupon bonds) >>>>
This was my observation then, from my years of watching and learning, I could "see" that something was broken to hell in the AAA Treasury issues. Was this actionable information for others? I don't know, as this was only my observation.
One's escape plan is personal to the point of what was "seen", to find a portfolio that has arrived to where it is now, and what one "see's" now, relative to the composition of the portfolio going forward.
As to an escape plan for this house. Barring a fully worthless portfolio, which would suggest a full collapse of the global financial structure, for any number of reasons; we will remain with a 75% bond/25% equity portfolio at this time. We're fully invested, and can not invest in other areas without a sale of some other area.
Hoping this is understandable for most.
NOTE: more could be added, but other priorities exist for the moment.
Take care of you and yours,
Catch

I am a 70 year old retiree. 80% of my portfolio is invested long term in OEFs. The other 20% is currently more actively invested.
What has changed for me since January 1? These are some off the top of my head thoughts....
There has been the onset of a pandemic. It will take maybe one to two years for a new normal to emerge (maybe significantly less). The worlds' economies will most likely recover successfully. (That's been typical after black swan events.)
There has been a major shock in bond land. The Feds actions last Monday have calmed the bond markets so far. This will need to be watched. (Central banks throughout the world seem to be acting in unison regarding this issue.)
It appears there will be a flood of deficit spending in most major countries throughout the world. This will tend to promote some inflation as time passes.
Cash has emerged in the short run as an alternative to owning stocks or bonds in our low interest rate world. Will that last? Too soon to tell but I doubt it.
I don't understand why a 1930's style depression will be a likely outcome from this event. Why might it be a likely outcome?
So far, the balance point for my investments remains at 55% stocks. It dipped to about 50% at the low so far this year. I fed the stock side a little during the initial downturn. Fido tells me I am at 53% stocks as I type this.

° The traditional balanced portfolio of 60% stocks and 40% bonds lost 20% from its peak value.
° This is only the fourth time in 75 years it has suffered such a decline with the other moments coming in August 1974, September 2002 and January 2009, according to Michael Batnick of Ritholtz Wealth Management.
° An investor who rebalanced holdings back to the 60/40 asset split at the end of the month when a 20% decline was first registered would have been positioned for attractive returns in subsequent years.
° But some believe there are reasons to be skeptical that holding fast to the 60/40 stance this time will fare as well as in past decades.
Read Article from CNBC

I share your fear @Charles. I want to treat this as a typical bear market that will come back in some historically defined amount of time, but in the back of my mind I know this is unprecedented. It feels like possibly the only thing that comes close to it historically in a financial way is the great depression. And that took decades and a world war to get over.
At 66, my plan to semi-retire in May has been put on hold (self imposed) until I see what this will ultimately end up as. So far I've been buy-and-hold except for selling my remaining shares of IOFAX. But even with that I took 1/2 the proceeds to buy into BRK/B and put 1/2 into MM. So I guess I remain B and H in a sense.
One comfort I do have and what keeps the exit door closed is that I set aside 3 years of withdrawal money (safe bucket) in anticipation of semi-retirement. I'm not trying to make suggestions to others, but I think that bucket would be prudent for retirees, even setting one up now, (damn, that is a suggestion :) ). If only for it's mental affect, knowing it gives you some time for the rest of your portfolio to recover.
Good luck to all, especially retirees. I'm trying to stay optimistic for now.

@Art
I'm investing in HY munis in my IRAs too. Schwab lets you do it after you acknowledge their warning. Fidelity would not let you do with most/all mutual funds (I checked dozens).
As a trader, I invest where I can make the most and I have used HY Munis in the last 2 years more in my IRAs than taxable because I have a lot more money in my IRAs.

Hi @Mona, Currently, the only muni fund I own is FLAAX which I hold in a taxable account. Years back, I held six of them all in my taxable account. The reason that I own a muni fund is that it gives me diversification within my income sleeve and not so much for the tax benefit. Old_Skeet

Howdy folks,
I'm of the school of 'owning a piece of the broom'. For years, I've tried to own companies that I did business with and that paid a dividend. Examples are my utilities such as CMS (2.8), DTE(4.2), T(7.0), VZ(4.7). And as a secret that I'm sharing again, I've been all over NCV (normally around 10 but up to 17.9) for years.
As for allocation, cripes, the kid pretty much went to the mattresses after 'the Ides of November'. Note that this is also when I had the Serenity Prayer tattooed on the inside of my eyelids so whenever things get too crazy I can just close my eyes.
Since then, I've continued to tamp down our portfolios. Wifey in particular, is very conservatively invested. At the bottom recently, she had only lost 8% [note for the record that she's still very, very pissed]. So this was a victory. [don't tell her about her Roth IRA]. Otherwise, things are good.
That said, a lot of my 'going to the mattresses' has been moving money overseas via int'l and emerging mkt bond funds (PREMX, PRSNX, RPIBX) at Price while adding TRAOX, PRJPX, and Matthews funds MAPCX, MCHFX, and MATFX).
And of course, as usual, the kid is playing the precious metals in various and sundry ways. feh. SLV, SILJ, GDXJ, CEF, and several penny silver miners.
and so it goes,
peace and flatten the curve,
rono