I go back and forth on this fund versus treasuries now in the 4.7-5% range, but RPHYX has actually had a relatively good run the past 6 months.
What I see for total return over that time:
180 days +3.3% extrapolated 1 year return 6.6%
90 days +2.11% extrapolate 1 year return 8.4%
60 days +1.13% extrapolate 1 year return 6.8%
30 days +.41% extrapolate 1 year return 4.9%
Extrapolating the data is anything but exact, but I think it gives a closer idea than yield for where it's headed in comparison to other fixed income, like treasuries. Maybe I'm wrong on that. That said, this fund was the bulk of my withdrawal bucket for quite a while, but I have reduced it substantially the past couple months to buy treasuries.

I prefer to look at total return. If we're looking at payout rates, the payout rate of T-bills is 0.00% (zero coupon). At this point, 6 month T-bills come out a bit better.
Annualized total return of RPHIX extrapolating from YTD (Jan &Feb, 59 days) of 0.72% comes out to about 4.53% with daily compounding. In a modestly rising interest rate environment I expect a slightly better return - with high turnover (164%), reinvestments should fetch a bit higher yield.
Projected yield on next auction of 6 month T-bills is 4.9%. Duration is 6 months (for zero coupon bonds, duration = maturity). Even if rates rise 3/4% in the next half year and one needs to liquidate, one should be able to get at least:
4.9% - 1/2 year x 3/4% = 4.525%
So in theory at least, one will get a somewhat better return with T-bills if held to maturity and will be risking very little if one sells early (mimicking the liquidity of RPHIX).
Pretty close to a wash (aside from state income tax concerns) - one might think of RPHIX as a hold. New cash? I would go with the T-bills.

update:
https://www.sec.gov/Archives/edgar/data/826732/000110465923027416/tm238039d1_497.htm
1 tm238039d1_497.htm 497
CALAMOS® FAMILY OF FUNDS
CALAMOS INVESTMENT TRUST
Calamos Global Sustainable Equities Fund (the “Fund”)
Supplement dated March 1, 2023 to the Fund’s
Summary Prospectus, Prospectus and Statement of Additional Information, each dated March 1, 2023, as supplemented
As previously disclosed in the prospectus supplements dated November 2, 2022 and February 17, 2023, the Fund’s Board of Trustees approved a proposal to liquidate the Fund at a meeting held on October 31, 2022.
It is expected that the Fund will liquidate on or about March 27, 2023 (the “Liquidation Date”). All dates noted in this announcement are effective as of the close of business on the respective date.
Effective February 21, 2023, the Fund stopped accepting purchases from new investors and existing shareholders, except that existing investors that hold Fund shares through defined contribution retirement plans as of February 17, 2023, may continue to purchase Fund shares through March 20, 2023. At this time, no final distribution is anticipated. If a final distribution is subsequently required, it will be paid no later than Wednesday, March 22, 2023. The Fund reserves the right to modify the extent to which sales of shares are limited prior to the Fund’s liquidation.
Any contingent deferred sales charge that would be applicable on a redemption of the Fund’s shares shall be waived from February 21, 2023 to the Liquidation Date.
Calamos expects to begin to reduce the remaining assets of the Fund to distributable form in cash on or around March 20, 2023, to facilitate the Fund’s liquidation. Beginning on that date, the Fund may no longer be invested in accordance with its principal investment strategies. The last date to place redemptions via the NSCC is Friday, March 24, 2023. After the close of business on the Liquidation Date, the Fund will liquidate any remaining shareholder accounts and will send shareholders the proceeds of the liquidation.
PLEASE RETAIN SUPPLEMENT FOR FUTURE REFERENCE

Interesting he thinks energy is expensive although most oil stocks are trading at PE etc well below the SP500 and energy still makes up a tiny % of SP500

I understand your sentiments @sma3, but I think we also have to look at:
1) TTM P/E vs forward P/E (trailing measures include some flush and warnings due to higher energy prices in ‘22)
2) Energy stocks generally always have low P/E’s, especially in relation to the overall market (S&P 500, etc.)
Not a criticism….I do the same….also, I didn’t read the annual report yet, but I imagine he is saying defensive stocks (safer during recession risks and higher volatility) and commodities (inflation trades) are “played out.”

It's not just this Hartford fund that Wellington manages.
"Hartford Funds offers a diverse line-up of mutual funds, primarily sub-advised by Wellington Management."
https://www.cbinsights.com/investor/hartford-funds
2001, WSJ: Behind the Scenes: Wellington Management Quietly Puts Hartford Funds Group on Map
https://www.wsj.com/articles/SB997055055405588489
From 2012, Pensions and Investments: "Wellington currently subadvises 45 of the Hartford's 77 mutual funds, including all of the equity funds. But The Hartford is in the process of moving all of its funds to Wellington, pending approval from the remaining funds' board of directors."
https://www.pionline.com/article/20120330/ONLINE/120339999/the-hartford-moves-closer-to-wellington-looks-to-pump-up-its-mutual-funds
From M*: "Wellington has long run the firm's equity funds--over half of its $116 billion in fund assets--and took the reins of Hartford Fund's fixed-income platform beginning in 2012. In 2016, Hartford Funds ... partnered with U.K.-based Schroders to expand its investment platform further."
https://www.morningstar.com/asset-management-companies/hartford-funds-BN00000J6S
A lengthy, current (Feb 23, 2023) piece (book excerpt) on Wellington's organization, history and relationship to Vanguard (and others):

The third component of Wellington’s strategy would be a group of unusually capable senior relationship managers, superior to what other competitors could offer. These professionals would “belong” to each of their clients’ senior executives and would custom tailor an optimal portfolio of specialist portfolio managers.
...
They created a diverse portfolio of investment units that could be custom-blended to suit each major client and, most particularly, Wellington’s largest client: Vanguard.

https://www.institutionalinvestor.com/article/b8xk7ncyw2d0pz/The-Inside-Story-of-How-Wellington-and-Vanguard-Became-Partners
Hartford is a relatively unheralded place to find funds managed by Wellington. If Vanguard/Wellington doesn't have a particular type of fund one is interested in, one might look for that type of fund at Hartford. These days, their A shares are widely available NTF, and their less expensive Y or I class shares are available TF with low mins. Of course, when offered in ETF form, those funds are pretty much universally available.

Expenses on retail shares should drop from 0.96% to an estimated 0.50 to 0.60% range if you compare them to the institutional share classes. That maybe turns this from a three star fund to a four star one— a meaningful win.

AAII Sentiment Survey, 3/1/23
For the week ending on 3/1/23, bearish became the top sentiment (44.8%; high) & bullish remained the bottom sentiment (23.4%; very low); neutral became the middle sentiment (31.8%; about average); Bull-Bear Spread was -21.4% (very low). Investor concerns: Inflation (moderating but high); economy; the Fed; dollar; cryptos; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (53+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were down, bonds down, oil up sharply, gold up a bit, dollar flat. Sentiment trend change from early-February is seen now. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/958

Jason Zweig had an article in WSJ describing what @hank wrote above. It is about making lemonade out of lemon from treasuries.

Until last year, the Fed had kept interest rates near zero for most of the past decade-and-a-half. Investors became desperate for something, anything, that yielded more than 1%. Wall Street spewed forth high-yield debt, energy partnerships, emerging-market bonds, private credit funds, private real-estate trusts, business-development companies, floating-rate bank-loan funds—all sold on the premise that you needed to take extra risk (and pay extra fees) to get extra income.
But a 5% yield on short-term Treasurys is like kryptonite for the purveyors of that propaganda. “Why chase yield if you’re getting decent returns on a diversified, high-quality fixed-income portfolio?” says Julie Virta, a senior financial adviser at Vanguard Personal Advisor Services in Malvern, Pa.

https://wsj.com/articles/welcome-to-the-5-world-where-yield-chases-you-af3df384
At 4% treasury yield, how does that compete with stocks in general? In just 2 months, the 60/40 portfolio has rollbacked all the gain since the beginning of this year.

PSTL. March 1, '23: 4th Q and full-year report.
https://www.morningstar.com/news/business-wire/20230301006050/postal-realty-trust-inc-reports-fourth-quarter-and-year-end-2022-results

In addition to the 10 yr yield, the 2yr treasury yield reached 4.8% on Tuesday (a level last seen in mid-2006). The 6 month T bill reached 5.1%. Stocks continue to fall today.
Pimco managers have been buying long treasuries as their prices dropped with increased yield.

Interesting he thinks energy is expensive although most oil stocks are trading at PE etc well below the SP500 and energy still makes up a tiny % of SP500

The bonds were still in my Mom's name. We thought about changing that while she was still alive, but it would have required us all to go to bank and do the same thing and she didn't have the stamina for it at 99.
I don't remember if we could have done it by mailing in the bonds etc, but as you point out, that requires trip to PO and insurance and certification. I love my lost PO staff, but I do not trust the USPS to handle things with 100% efficiency. They lost my daughter's college tuition check. Almost got kicked out of school!

Amazingly (to me, at least), it seems that even with power of attorney one cannot change the title on a savings bond.
https://www.treasurydirect.gov/forms/sav0105.pdf
What confused me was that the way you wrote your original post, it sounded like all siblings had to be at the bank together to cash the savings bonds. However, each bond could have been cashed alone by the individual sibling named as beneficiary on that bond. Three trips and six hours instead of one trip and two hours; not really an improvement.
Your experience illustrates the variability in cashing savings bonds in banks. I recently helped (instructed) someone in cashing inherited savings bonds. This person's main bank was Capital One, which is how I learned that Capital One doesn't handle savings bonds. A backup bank initially informed this person that the money would have to be left in an account at the bank for some number of days, or perhaps it was weeks. Fortunately, when they actually cashed the inherited bonds, it was a quick and painless process, and the cash was made available either immediately or within a day (I forget).
Regarding postal services: while registered mail gets somewhat more careful handling, ISTM its main virtue is insuring valuables. Nonnegotiable instruments like checks and savings bonds have no insurance value. So I don't use registered mail for them.
https://faq.usps.com/s/article/Registered-Mail-The-Basics
I use certified mail when I want proof of delivery (e.g. for a legal notice). Even certified mail can get lost (been there, done that). Maybe certified improves your odds of completed delivery, but there's still a risk. If TD says it didn't receive the savings bonds, all the proof in the world to the contrary won't help avoid filing for replacements.

@Old_Joe The Economist notified CA readers a few weeks ago of short term delivery days due to flooding at its Sac'to printer. Seems OK now as Feb 25th issue arrived on 24th.

The 10y T touched 4% earlier today. Just for reference, Pimco's base case range from their January outlook was 3.25-4.25.

https://www.sec.gov/Archives/edgar/data/1535538/000174177323000598/c497.htm
497 1 c497.htm
948 P1 03/23
SUPPLEMENT DATED MARCH 1, 2023
TO THE PROSPECTUS DATED OCTOBER 1, 2022
OF
K2 LONG SHORT CREDIT FUND
(a series of Franklin Alternative Strategies Funds)
The prospectus is amended as follows:
The following paragraphs are added to the beginning of the “Fund Summary” and “Fund Details” sections of the prospectus:
On February 28, 2023, the Board of Trustees of Franklin Alternative Strategies Funds, on behalf of K2 Long Short Credit Fund (the “Fund”), approved a proposal to liquidate and dissolve the Fund. The liquidation is anticipated to occur on or about May 12, 2023 (Liquidation Date); however, the liquidation may occur sooner if at any time before the Liquidation Date there are no shares outstanding in the Fund. The liquidation may also be delayed if unforeseen circumstances arise. The Fund may deviate from its investment objective and investment strategies at any time prior to the Liquidation Date.
At the close of market on April 3, 2023, the Fund will be closed to new investors, except as noted below. Existing investors who had an open and funded account on April 3, 2023, can continue to invest in the Fund through exchanges and additional purchases after such date. The following categories of investors may continue to open new accounts in the Fund after the close of market on April 3, 2023: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on April 3, 2023, and (2) Employer Sponsored Retirement Plans or benefit plans and their participants where the Fund was available to participants prior to the close of market on April 3, 2023. The Fund will not accept any additional purchases after the close of market on or about May 9, 2023. The Fund reserves the right to change this policy at any time.
Shareholders of the Fund on the Liquidation Date will have their accounts liquidated and the proceeds will be delivered to them. For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; (b) in connection with the liquidation, the Fund may declare taxable distributions of its income and/or capital gain; and (c) an exchange out of the Fund prior to the Liquidation Date may be considered a taxable transaction and such shareholders may recognize a gain or loss. Shareholders should consult their tax advisers regarding the effect of the Fund’s liquidation in light of their individual circumstances. Participants in an Employer Sponsored Retirement Plan that is a Fund shareholder should consult with their plan sponsor for further information regarding the impact of the liquidation. In considering new purchases or exchanges, shareholders may want to consult with their financial advisors to consider their investment options.
Please keep this supplement with your prospectus for future reference.

This is positioning by all parties - greenwashing by funds and by companies, grandstanding by politicians.
XOM is found in many ESG funds other than ones that explicitly screen out fossil fuel companies. The oil lobby is fighting a battle of image, not of substance.
Sometimes XOM is included in ESG funds because it is rated as one of the "best of the worst". For example, Sustainalytics scores XOM as high risk but in the best 20% of oil and gas producers. Refinitiv appears to generate a company's overall score using only within-industry comparisons, leading to an overall score of 69/100 (second best quartile)
Sometimes because no matter how dirty a company is, the company may have good hiring and pay practices that counterbalance its other sins.
Nov 2019, WSJ: ESG Funds Enjoy Record Inflows, Still Back Big Oil and Gas
May 2022, UMich Ross School of Business: How a Sustainability Index Can Keep Exxon but Drop Tesla
Ultimately I think this is all going to be meaningless. Better run companies will consider risks, including environmental risks (e.g. are their facilities at risk of rising sea levels, are their practices at risk of more stringent regulation, etc.) when making business decisions. Fund managers look at how well companies are run, regardless of whether there's an ESG label slapped onto them. And relatively few ESG funds are set up to go beyond publically available (self reporting, low grade, nonstandardized) data or to make a significant difference in the way companies operate.
Trump's anti-ESG regulations had already been somewhat tempered by removing "ESG" and instead merely emphasizing pecuniary factors. And that's all that most funds marketed as ESG are doing.
https://www.plansponsor.com/dol-issues-final-rule-softer-stance-esg/
This is PlanSponsor's summary of the the newer (2022) version of the rules that are being opposed.
https://www.plansponsor.com/esg-now-permissible-not-required-erisa/
Now if you want to invest in a fund that truly tries to make a difference, that's another story.

IMHO the problems I or sma3 experienced shouldn't be viewed as so difficult that buying the tax refund bonds isn't worth doing. After all, one's got 30 years to get things straightened out.
I could have simply mailed the $50 bond back, waited four months or so, and watched for it to show up in my TD account. I was just annoyed by the facts that TD didn't do what it said it would do (issue electronic replacements) and I wound up being the one paying (in postage and personal time and effort) for it. Next time, if there is a next time, I can just wait out however long it takes for things to work as expected.
And the USPS did deliver 11 out of the 12 savings bonds (each in its own envelope) correctly the first time. Maybe you'll get lucky and get all dozen delivered properly.
My guess as to the cause of sma3's trouble is that there were various combinations of siblings as co-owners on the savings bonds. While TD says that only one owner's signature is required to cash a paper bond, the bank may have been overcautious and wanted everyone to sign together. These days, how many paper bonds do they cash?
"Both owners must sign for most other transactions [aside from cashing the savings bond]"
https://www.treasurydirect.gov/savings-bonds/buy-a-bond/register-a-bond/
This is just one of a few reasons why I feel it is better to keep the savings bonds in electronic form.
If you inherit paper bonds and want to get them into electronic form, it's a little tricky because there are instructions for inheriting bonds, instructions for converting to electronic form, but not instructions to do both in one step. I was in that situation a few years ago, back when TD was helpful. I got very clear instructions on what form to use and what to mail in. No problems, handled quickly. I might be able to dig up those instructions if someone needs them.
Those savings bonds reached final maturity and I got a timely automated email from TD informing me of the pending maturity. After they matured, I was able to log in and cash out nearly immediately. That still works.

Haven't read it yet, but here is a link to PRWCX/TRAIX annual report dated 12/31/2022.
https://prospectus-express.broadridge.com/summary.asp?doctype=ann&clientid=trowepll&fundid=77954M105

@msf, now you got me to think twice about buying the $5K ibond from this year tax refund. Alternatively we would hang on to it and sell it later at our local bank.
For other treasury we keep all of them at our brokerage,