https://seekingalpha.com/article/4622176-nhmax-way-to-add-duration-and-yield-high-tax-payers?mailingid=32261069&messageid=2850&serial=32261069.1494&utm_campaign=rta-author-article&utm_medium=email&utm_source=seeking_alpha&utm_term=32261069.1494

"Unlock this article with PREMIUM service." Nope.
https://www.morningstar.com/funds/xnas/nhmax/quote

I can’t usually read SeekingAlpha. But, Apple was able to get me in the door here without my having to hand over any personal info. Of course “In Apple I trust.” Really is a good article touching on both munis and corporates. Speaks positively about munis from a current investment standpoint.

https://seekingalpha.com/article/4622176-nhmax-way-to-add-duration-and-yield-high-tax-payers?mailingid=32261069&messageid=2850&serial=32261069.1494&utm_campaign=rta-author-article&utm_medium=email&utm_source=seeking_alpha&utm_term=32261069.1494

"Unlock this article with PREMIUM service." Nope.
https://www.morningstar.com/funds/xnas/nhmax/quote

In August, 2011, S&P downgraded US treasury and the stock market tumbled. Will it be differ this time?
https://npr.org/sections/thetwo-way/2011/08/08/139081051/developing-in-wake-of-s-p-downgrade-watching-the-markets

Update:
https://www.sec.gov/Archives/edgar/data/1586009/000121390023062022/ea158908_497.htm
7 1 ea158908_497.htm 497
Wildermuth Fund
Supplement dated August 1, 2023, to the Wildermuth Fund Class A Shares and Class C Shares
prospectus and the Class I Shares prospectus, each dated July 29, 2022
and to the Statement of Additional Information (“SAI”) of the Class A, Class C and Class I Shares of the
Wildermuth Fund dated July 29, 2022
On July 28, 2023, the Board of Trustees (the “Board”) of Wildermuth Fund (the “Fund”) approved, based on the recommendation of Wildermuth Advisory LLC: (i) the termination of the Fund’s Distribution Agreement with UMB Distribution Services, LLC; (ii) the termination of the Fund’s Distribution Plan relating to Class C shares; (iii) the termination of the Fund’s Shareholder Services Plan and Agreement relating to Class A and Class C shares; and (iv) the conversion of all of the Fund’s outstanding Class A and Class C shares to Class I shares (the “Class Conversion”). The termination of these agreements and plans, effective July 31, 2023, will discontinue services that are no longer needed because the Fund is in liquidation. These actions are also expected to lower expenses for the Fund and shareholders.
The Class Conversion, which is expected to occur on or before August 15, 2023 (the “Conversion Date”), will be completed based on the share classes’ relative net asset values on the Conversion Date, without the imposition of any fees or expenses. The Fund’s Class A, Class C and Class I shares have the same fee structure, except that Class I shares are not subject to distribution or service fees and the expense limitation cap for Class I shares is lower than that of Class A or Class C shares.
Furthermore, effective as of August 1, 2023, the “SUMMARY OF FUND EXPENSES” section in the Class I Prospectus is restated as provided below based on Fund expenses for the period from April 1, 2023 to July 28, 2023...

FWIW, DBRS (also an NRSRO) confirmed its AAA rating of United States debt on July 28th.
https://www.dbrsmorningstar.com/issuers/12866
All NRSRO ratings of the United States (has not been updated to reflect Fitch downgrade).
https://tradingeconomics.com/united-states/rating

Fitch comments https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023
Edit/Add. Yellen's press release https://home.treasury.gov/news/press-releases/jy1665

Years ago (2011), the S&P did the same. Only Moody's remains at Aaa.
https://www.cnbc.com/2023/08/01/fitch-downgrades-us-long-term-ratings-to-aa-from-aaa.html

It used to be that munis had less credit risk than taxable bonds with equivalent credit ratings. That is, a BBB muni was as safe an A-rated taxable bond. This all changed a dozen years ago when muni ratings were "recalibrated". Now, the risk of an A rated muni is similar to the risk of an A rated corporate.
This recalibration may have been more significant for investment grade munis, but some HY securities were affected as well.
Fitch: https://www.fitchratings.com/research/us-public-finance/fitch-announces-recalibration-of-us-municipal-bond-ratings-25-03-2010
Moody's: https://investorrelations.hawaii.gov/dhhl/wp-content/uploads/sites/4/2014/02/Moody_Rating_Implementation_Guidance.pdf

The one I have plays in the upper tier of the high yield market. When I bought it I assumed (perhaps incorrectly) that these might be a tad superior in quality (likelihood of getting repaid) compared to corporate HY. I can’t verify that. But it helps explain my thinking a little. Not disappointed. Like most everything else held, these fluctuate in price. And, most bonds got clocked in 2022.
I’ve spent couple hours looking at possibility of including 10 year or longer Treasuries as an additional market hedge. But can’t bring myself to do it. Too many unknowns. Today, the 10 year popped back above 4%. The VIX is beginning to creep upward too. Still very low at 14.

MRFOX, which I profiled in Feb. 2019 I believe. +3% LT vs. SP500, 3.3% 5yr; .9% 3yr; 4.0% 1yr. No down years in its 7.5 year history. YTD +9.20%. Mid-cap growth.

My wife and I have been in the 12% tax bracket but will probably bump up to 22% this year. Even so, the tax-equivalent yields on our muni funds (FTABX and FLTMX) were competitive with taxable bond funds and CDs until the past year. Now the spreads are so large that our muni fund yields are not competitive even at the 22% rate (and I presume 24%).

+1.

HYMU
YTD +2.87%.
1-year: -4.8%
YIELD: 4.21, a respectable neighborhood.
It's not lighting the world on fire, but better than the 3% you mentioned. I don't own it. I track it, for the sake of reference. I have no practical use for munis. "Break a leg."

The Week in Charts (07/31/23)
A tour of the markets covering the most important charts & themes, including the 11th Fed hike,
an epic run in the Dow, active managers going leveraged long, and more...
Video
Blog

Good question. These things run in cycles. I’m in a similar situation. Short / intermediate term stuff. Down in ‘22 and up a bit this year. Treading water for 18 months now. I’m prepared to wait it out. But your point is valid. Agree that for many of us it’s a toss-up in terms of tax advantage, One could probably over analyze this and come up with various political / macroeconomic / social reasons why munis have underperformed. But I haven’t seen anything convincing in the press. For every detractor I read today, there’s someone else who sees opportunity in munis. So it goes.
Sorry I haven’t answered your question.

Drop back 15-20 yards and punt

Funny, that. giggle.

Motherlovers!

Years ago someone in law enforcement told me that when they followed through on identity theft complaints, they found 80-90% of this crap was originating in Russia. (No idea if still true.)

Would be no surprise. Anne Garrels' book, "Putin Country," was a revelation. Russia's government is not a government; it's a mafia-style-ocracy. A gang-ocracy. Extortion, intimidation, graft, theft, rape, all sorts of violence and blackmail. And the "government," as we already know, is the sponsor for such criminal junk.
https://en.wikipedia.org/wiki/Anne_Garrels

Stable-Value (SV) Rates, 8/1/23
TIAA Traditional Annuity (Accumulation) Rates
No changes.
Restricted RC 6.75%, RA 6.50%
Flexible RCP 6.00%, SRA 5.75%, Newer IRAs 5.20%
TSP G Fund hasn't updated yet (previous monthly rate was 4.00%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#401k #403b #StableValue #TIAA #TSP
LINK

Drop back 15-20 yards and punt