This document provides an analysis and overview of municipal bonds compared to U.S. Treasury bonds and corporate bonds as of June 29, 2018. It recommends individual municipal bonds in essential purpose categories rated BBB to AA that have durations of 8-15 years. It also recommends municipal bond ETFs like iShares MUB and Vanguard VTEB for low-cost exposure. High yield municipal bond ETFs like VanEck Vectors HYD and SPDR HYMB are also discussed. Charts and tables show municipal bond yields and taxable equivalent yields compared to U.S. Treasury and Apple corporate bond yields.

1. Municipal Bonds v. U.S. Treasury & Corporate Bonds
June 29, 2018
J.R. Rieger
jrrieger@yahoo.com | (516) 524-1110 | theriegerreport.com

2. June 29, 2018
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6/29/2018
Munis – What I Like at the Mid-Year Mark
• Individual muni bonds:
• Essential purpose revenue bonds in the 8 – 15 year range that are rated in the BBB to AA ratings categories
• Short end is rich, long end is not offering significant incremental yield for the duration risk
• Other revenue bonds (healthcare, housing, industrial development etc.) in the BBB to A ratings categories
• Important caveats: If being tactical these bonds can provide incremental yield (be prepared to sell as spreads widen
otherwise stay with funds). Transaction costs can offset any incremental yield earned.
• I.G. municipal bond ETFs: iShares MUB and Vanguard VTEB are two good examples
• Low cost beta exposure to the I.G. muni bond market
• Larger municipal bond ETFs (i.e. MUB, VTEB) indicate a comparative value from a Taxable Equivalent Yield perspective relative
to the taxable yield of large corporate bond ETFs
• Both are shorter duration than large corporate bond ETFs in general
• Both MUB and VTEB have good liquidity (as represented by ETF share trade volume)
• Supply / demand imbalance will take a lot of supply or disruption to dislodge in the near term
• High yield muni bond ETFs: VanEck Vectors HYD and SPDR HYMB
• Incremental yields v the risks
• Near term, spreads can widen but I don’t see any time bombs or problematic issues that haven’t been already priced into the
market. Longer term, pension challenges persist and surprises can happen so the ease of selling shares of an ETF instead of
bond issues is valuable.

3. June 29, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Data as of 6/29/2018. Sources: VanEck www.vaneck.com, iShares by BlackRock www.ishares.com, and The Vanguard Group
www.vanguard.com. Table is provided for illustrative purposes only. Past performance is not a guarantee of future results. TEY =
Taxable Equivalent Yield calculated at an assumed 37% tax rate.
6/29/2018
I.G. Municipal Bond ETFs v. I. G. Corporate Bond ETFs
VanEck Vectors AMT-Free
Intermediate Municipal
(ITM)
iShares National Municipal
(MUB)
Vanguard National Municipal
(VTEB)
Vanguard Intermediate-
Term Corporate
(VCIT)
iShares iBoxx
Investment Grade
Corporate
(LQD)
SEC 30 Day
Yield
2.47%
(TEY at 37% = 3.92%)
2.44%
(TEY at 37% = 3.87%)
2.48%
(TEY at 37% = 3.94%)
4.07% 4.14%
Duration 6.88 5.92 5.6 6.4 8.4
Assets Under
Management
$1.7billion $9.86billion $3.2billion $20.1billion $33.1billion
YTD
Performance
-1.05% -.044% -0.48% -3.07% -4.3%
Management
Fee
24bps 7bps (25bps prior to
18bps in fee wavers until
May 2023)
9bps 7bps 15bps

4. June 29, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Data as of 6/29/2018. Sources: Municipal bond yields sourced from The Bond Buyer www.bondbuyer.com Data Workstation and
MBIS www.mbis.com , U.S. Treasury bond yields sourced from the U.S. Department of the Treasury www.treasury.gov and the S&P
500 Dividend Yield was sourced from S&P Dow Jones Indices www.spdji.com . Chart is provided for illustrative purposes only.
1.96
76%
82%
92%
101%
103%
70%
75%
80%
85%
90%
95%
100%
105%
1.25
1.75
2.25
2.75
3.25
0 5 10 15 20 25 30 35
%ofUSTYield
Yield%
Year
6/29/2018
AAA Municipal Bond Yields
AAA Muni Yield US Treasury Yield S&P 500 Dividend Yield % of UST Yield
S&P 500 Dividend Yield %

5. June 29, 2018
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1.5
2
2.5
3
3.5
4
4.5
5
5.5
0 5 10 15 20 25 30
Yield%
Year
6/29/2018
AAA Municipal Bond Yields & Taxable Equivalent
Yields v.
U.S. Treasury Bond Yields
AAA Muni UST TEY 37% TEY 32% TEY 24% TEY 12% TEY 10%
Data as of 6/29/2018. Sources: Municipal bond yields sourced from the Bond Buyer Data Workstation www.bondbuyer.com and MBIS
Municipal Yield Curves, U.S. Treasury bond yields sourced from the U.S. Department of the Treasury www.treasury.gov. Chart is provided for
illustrative purposes only. TEY = Taxable Equivalent Yield at tax rate assumption stated.

6. June 29, 2018
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1.5
2
2.5
3
3.5
4
4.5
5
5.5
0 5 10 15 20 25 30
Yield%
Year
6/29/2018
AAA Municipal Bond Yields & Taxable Equivalent
Yields v.
Apple Inc. Corporate Bond Yields
AAA Muni Apple Inc. TEY 37% TEY 32% TEY 24% TEY 10%
Data as of 6/29/2018. Sources: Apple Inc. bond yields provided by SQX https://sqx.com/ . Municipal bond yields sourced from the Bond Buyer
Data Workstation www.bondbuyer.com and MBIS www.mbis.com. Chart is provided for illustrative purposes only. TEY = Taxable Equivalent
Yield at tax rate assumption stated.

7. June 29, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
1.5
2
2.5
3
3.5
4
4.5
5
5.5
0 5 10 15 20 25 30
Yield%
Year
6/29/2018
AA Municipal Bond Yields & Taxable Equivalent
Yields v.
Apple Inc. Corporate Bond Yields
AA Muni Apple Inc. TEY 37% TEY 32% TEY 24% TEY 10%
Data as of 6/29/2018. Sources: Apple Inc. bond yields provided by SQX https://sqx.com/ . Municipal bond yields sourced from the Bond Buyer
Data Workstation www.bondbuyer.com and MBIS www.mbis.com. U.S. Treasury bond yields sourced from U.S. Department of the Treasury
www.treasury.gov. Chart is provided for illustrative purposes only. TEY = Taxable Equivalent Yield at tax rate assumption stated.

8. June 29, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
• Municipal bond yields: the Bond Buyer Data Workstation
https://dataworkstation.bondbuyer.com/
• Municipal bond yields: MBIS https://mbis.com/
• Apple Inc. bond yields: SQX https://sqx.com/
• U.S. Treasury bond yields: U.S. Department of Treasury
https://www.treasury.gov
Data Resources Used in this Report

9. June 29, 2018
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Notes:
• Taxable Equivalent Yield = Tax Exempt Yield / (1 – Federal Tax Rate)
• 2018 tax brackets, however not all tax brackets are represented herein
• End of day yields are used
Analyst Disclosure:
• J.R. Rieger and or the Rieger Report LLC has not received compensation either directly or indirectly from the
sponsor(s) of the ETF(s) included in this report.
• At the time of this writing, J.R. Rieger does not own the ETF(s) cited in this report, nor bonds issued by Apple
Inc.

10. June 29, 2018
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