@Old-Joe - thanks. It kinda does but I mitigate it by using only the bluest of the blue chips or other high quality holdings that are tops in class. IOW I try not to include anything gimmicky or something that I need to be on like a hawk. So currently it's packed with the likes of ABBV, MCD, EPD, LYB, NNN, O, PEP, TGT and others. Through sheer luck I've got substantial capital gains in all of these and any financial advisor worth their salt would probably advise me to sell them but I'm not in the mood or so inclined. They do what I was hoping for and I just try to stay out of the way.

I have a 74 year-old neighbor who has stargardt disease and is losing his vision. He barely can log into his Vanguard account (will not be able to in a year or so) and can't facilitate the handful of trades his does per year online. And now Vanguard is going to penalize him for his disability?

At almost 74, this has been going through my mind in recent years also, not for failing eyesight, but more for dementia and not being able to track and tweak things, as necessary, as I do now. So far so good. My niece will have POA when I lose it, but she doesn't know anything about investing/portfolio management.
The local Schwab guy cold-called me last week, just to see how I was doing. Hadn't had contact with him in over a year, as I normally don't have any reason to.
I asked him specifically about this potential problem. He said they have people there that will do it, plus they can recommend local independent financial firms who will do it. I knew they are out there, but who to trust? But if Schwabbie recommends them, they are more than likely going to be fine.
It was a relief to hear that.

also as i ~3 decade flagship user, dropping integrated banking services was when i noticed the steep decline in vanguard :
- vanguard themselves added the burden of tens of millions of small accounts by relentless promotion of index products, lower minimums, and lower ER.
they need to cover this burden, in addition to their generous 'not-for-profit' salaries, perks, and campus expansions.
- vanguard services\tools\fees have gotten worse for all clients.
i would say the impact is more for HNW , since some of these were never free for small accounts in the first place.
so i guess it is a form of democratization of the investing experience, but not one of pride.
on a side note, peter zeihan predicts a massive decline in employment in the financial services sector for ~10 years as retirees draw down and shift to lower risk non-equity vehicles. this will not reverse until the greatest wealth inheritance transfer in history slowly begins.
so expect the worst companies to get much worse.

PIMIX outperformance was largely due to MBS acquistions in the aftermath of the Global Financial Crisis.
Messrs. Ivascyn and Murata backed up the proverbial truck. Kudos to them!
This may have been a once-in-a-generation opportunity.
PIMIX returns have generally been decent the past five calendar years but they pale compared to the past.
The fund's 5 Yr and 10 Yr trailing returns were in the top 1% of the Multisector Bond category as of 10/31/2017.
PIMIX returned 6.87% and 9.33% during these periods which exceeded the BBgBarc US Universal
benchmark's return by 4.38% and 4.85% respectively.

From Bloomy -
"Boeing raised $10 billion from a bond sale on Monday that attracted about $77 billion of orders and allowed the planemaker to ease some of its financial strains by refinancing part of its massive debt load. The outsized demand for the bonds—which Boeing attracted by initially dangling a relatively juicy yield premium to prospective investors—allowed the company to ultimately shrink that premium before it priced."

"The company sold bonds in six portions, with maturities ranging from three to 40 years ... The 40-year portion yields 2.25 percentage points more than Treasuries, said the person familiar with the offering. Initial discussions called for around 2.65 percentage points."
https://finance.yahoo.com/news/boeing-looks-sell-bonds-reporting-125719270.html

From Bloomy -
"Boeing raised $10 billion from a bond sale on Monday that attracted about $77 billion of orders and allowed the planemaker to ease some of its financial strains by refinancing part of its massive debt load. The outsized demand for the bonds—which Boeing attracted by initially dangling a relatively juicy yield premium to prospective investors—allowed the company to ultimately shrink that premium before it priced."

It's not as though it costs the same amount for each rung of protection - that the first 10% of protection costs $X, the next 10% of protection costs the same amount, and so on. As the risk declines, so does the cost of incremental protection. That last 5% you want in chips should come as a freebee.
Still, seek and ye shall find. ETFs with 15% and 20% downside protection:
https://preservingwealth.com/15-20-buffer-etfs-moderate-downside-protection/
More generally, here's M*'s column on buffer ETFs (including variants designed to address the need to buy on a fixed date and hold for precisely a year)
https://www.morningstar.com/etfs/going-beyond-defined-outcome-etfs
The protection is not a drag, but a cap. That is, participation rate is 100%, but only up to a given return. And as with principal protection notes, "participation" is in price only; it doesn't include divs.
Here's the generic investment return vs. reference return graph (from Blackrock).

https://www.blackrock.com/us/financial-professionals/insights/buffer-etfs

Paying $200 for a (introductory) year of M* Premium Investor. That’s $16.66 a month. You can’t buy a bottle of drinkable scotch for that. I saw a 6-pack of Sam Adam’s (Boston Lager) priced at $12.50 (+ bottle deposit) where I shop the other day. We are all suffering from “sticker shock.” Everything seems more expensive, especially if you’ve been retired a long time. I love reading financial stuff. Spend hours a week reading up on funds on M* alone. Usually it’s just to get an idea how different approaches are faring, as my core holdings hardly ever change.

To repeat what I posted earlier in this discussion:

When entire large contiguous communities are at risk because of one single loss situation (especially weather or fire related) that model simply doesn't work.
The reality is that the insurance model as we have known it is disappearing piece-by-piece, and no major financial or government entity has yet advanced a sustainable replacement model. California and Florida are your coal-mine canaries.

Following is a reproduction of the insurance-related posts from "The Week In Charts" thread.

Rbrt - April 18
From the blog:Transportation costs remain stubbornly high (+10.7% over last year), with skyrocketing auto insurance rates being a major contributing factor. The 22% increase over the last year is the biggest 1-year spike since 1976.
Insurance inflation is crazy. I need to pay attention more. Thanks.

BaluBalu - April 18
I thought 20+% auto insurance increase is absurd until I received my home insurance renewal notice with a 55% increase in premium. Never made any claims and live in an urban area. I called the insurance company to increase my deductible. For increasing the deductible by $2,500, premium decreases by $80. The insurance co.’s reasoning for increasing the premium by 55% is climate change and increase in material and labor costs. That is the same excuse they used the last two years for increasing it by more than 20% each year.
KIE, the insurance ETF has a TR of 32% over the last 3 years. Over the three year period, my home insurance premium more than doubled. How to better protect against increasing insurance premiums?

Derf - April 19
@BaluBalu ; Time to look elsewhere for insurance FWIW ! Do you have Erie in your neck of the woods ?

MikeM -April 19
@BaluBalu, I just moved my State Farm policies, 2 cars and my HO. I was with them for 10 years which really is a big mistake in the insurance game. Went to an independent broker a friend recommended who deals with several companies. Ended up saving ~$1000/year. Used some of that savings to buy a $1million umbrella policy which I've been meaning to buy for a while. Bottom line, staying faithful to an insurance company will cost you a lot of money.
Erie is a very good option. I got the best price with NYCM, which is only available in NY state I believe

Old_Joe -April 19
Thinking that there's somewhere to hide in the ongoing insurance disaster is very wishful thinking. Plain and simple: the major risk factors have increased to the point where the old models no longer work.
The basic concept of insurance is that any specific loss situation will be confined to relatively few claimants, covered by affordable premium income from the larger insured community, with room for profit left over.
When entire large contiguous communities are at risk because of one single loss situation (especially weather or fire related) that model simply doesn't work.
The reality is that the insurance model as we have known it is disappearing piece-by-piece, and no major financial or government entity has yet advanced a sustainable replacement model. California and Florida are your coal-mine canaries.

BaluBalu - April 19
Thanks for the replies. I hope I am not ruining this thread with comments not directly related to the OP.
There is a lot of BS practiced by insurance companies' leadership. Most of us understand what risk assumption and risk diversification means.
In my small town, I have not seen a single fire in the 14 years I have been here. We have two fire stations for a 4 sq miles town and I have not seen a fire truck on the roads in years. (I see them when I drive by the fire station.) But I pay in increased premiums for the fire hazards caused by PG&E (wild fires!) and others in places with big, old trees and overhanging power lines. My neighborhood has neither of those. Evidently, I have to pay higher premiums for fires and risks in Hollywood, Napa, and other places in the country. But when you look at auto insurance and health insurance premiums, they vary by zip code. Poorer zip codes pay higher premiums for both auto insurance and health insurance - I know this because I moved around. I will not be surprised if home insurance premiums are also higher in poorer neighborhoods because my extended family members who live in richer neighborhoods with 50% more house size pay only 10% more in home insurance premium. They live only 15 miles away from me so material and labor cost differences do not explain. We can always explain away anything or build a story around any outcome if we are not interested in progress. Whose progress? you ask!
We are at the mercy of politicians and lobbyists (business leaders).
None of the above helps in figuring out how to protect ourselves from increasing premiums during my life time. (We can hope for some slow (hardly) moving social reforms but that is for another day.)
I buy insurance through a broker and I asked them yesterday and they said (after checking) I am getting the best deal in the market place. I shall call a different broker.

Old_Joe - April 19
@BaluBalu- Be sure to keep us informed of your findings- maybe a new thread devoted to the insurance situation?

BaluBalu - April 19
Good idea. May be @Observant1 / thread moderator can move our recent posts from this thread to the new thread so this thread stays clean so it is easier for others to access old Week in Charts posts.

Observant1 - 11:37AM
I created the new "Rising Auto & Home Insurance Costs" thread in Other Investing.
Requested that posts for auto and home insurance in this thread be moved to the new thread.

OK, that should get us off and running on Insurance matters.

STREETWISE. EUROPE (IEV) has underperformed the US (IVV) for quite a while, but that may be changing, according to JPM. Be selective – AZN, DT, UBS, as there is no point going from the US to expensive European stocks – EADSY, ASML, NVO. Elsewhere, analysts are mixed on the outlooks for TSLA (the 2nd worst SP500 stock that reports on 4/23/24) and GL (the worst SP500 stock that was hit by a negative report from a short-selling firm on 4/11/24).
FUNDS. There will be opportunities in bond funds when the interest rate decline (in 2024 or 2025).
Short-Term: VCSH, JPLD, MINT
Intermediate Core-Plus: BYLD, FBND
HY: ANGL, BHYAX, CSOAX, FAGIX (18% equity)
Floating Rate: FLOT (investment-grade), BKLN (junk)
Muni: MUB
Individual corporate bonds are also attractive (from JPM, BOA, WFC, C,PNC, USB, etc)
(Consider this list by Barron’s as a sampling only. There are many more choices in each category, e.g. Treasury FRN USFR in both Short-term/Floating Rate, Fido SPHIX as pure HY, etc.)
FUNDS. They may be tempting now, but don’t overstay in the MONEY-MARKET funds. Most economists and strategists think that the Fed is done tightening, and its next move(s) will be cut(s), although there are some who think that the Fed may surprise by raising rates. Rate cuts will benefit various credits and equities and it’s best to position ahead for possible fast moves.
FUNDS. High-quality (moat), growth-value NRAAX (ER 1.06%; no-load/NTF at Fidelity and Schwab) has a concentrated portfolio with reasonable valuations (so, no NVDA, TSLA, or META). Manager HANSON uses a barbell approach for growth and value, and focuses on customer-centric companies. Fund has “sustainability” in its name, but that is considered much more than ESG.
INCOME. T-Bills ETF BOXX uses options to avoid taxable income and its AUM has grown to $2.3 billion. It uses box-spreads that allow long-term holders to pay only capital gains on sale. There are no income distributions or CG distributions (exploiting ETF’s in-kind transactions). Tax experts doubt that the strategy may withstand IRS and/or SEC scrutiny because, generally, taxes must be paid on imputed income even when not distributed. There are also doubts whether complex options strategies can work in all environments. So, +1 for creativity, 0 for true investor benefits.
Q&A/Interview. Imaru CASANOVA, VanEck. GOLD-bullion (GLD, GLDM, IAU, OUNZ, etc) has rallied on geopolitical tensions, but gold-miners have lagged (GDX, GDXJ, INIVX, etc). This gold rally isn’t being driven by retail, investment demand, or the ETFs, but by central banks (China, India, Turkey, etc). The Western investors are still on the sidelines but may be drawn in as the gold rally continues to $2,600 and beyond. Gold took off after the Russia-Ukraine war as several countries started diversifying away from dollar (due to the US dollar-diplomacy). The Fed is also near the tail end of monetary tightening. However, lately, the historical correlations among gold, rates and dollar have broken down. Gold-miners are lagging badly, but with their average production costs around $1,400, high gold prices will just flow into their bottom lines (earnings, free cash flows). Young investors seem to prefer cryptos over gold, but she thinks that overall, the gold and crypto investors are different. She suggests core gold-bullion and gold-mining holdings in 5-10% range. (VanEck has products for gold-bullion, gold-mining, Bitcoin, cryptos).
RETIREMENT. Consider ROTH CONVERSIONS ahead of the expiration in 2025 of the 2018 Tax Cuts and Jobs Act. Unless extended or replaced by Congress, higher tax brackets will go up in 2026 and beyond. A sweet spot for Conversions is between early retirement (when income may be low) and age 73 when the RMDs kick in. Also take into account the impact of Medicare IRMAA at high income levels. Benefits of Roth Conversions include tax-free withdrawals in retirement (for any purpose), reduced RMDs and less tax burden for heirs.
EXTRA. Final FIDUCIARY rules for retirement accounts will be released by the DOL soon. Currently, the fees are hidden within the wrap fees or bonuses or commissions and lead to potential conflicts. Critics (IRI, etc) say that the new rules may reduce consumer access to financial advice.
From open LINK1 LINK2
For Barron's subscribers https://www.barrons.com/magazine?mod=BOL_TOPNAV

Rough week to see the market lost over 5% in the last month. Tech stocks fell but financial and energy rose today. For now, we will hold off on stocks and focus on short term junk bonds. All my high quality bonds have been disappointing this year. Have decent cash % to sit tight for awhile.

A new complaint about naked-short-selling filed by DJT.
"Reports indicate that, as of April 3, 2024, DJT was “by far” “the most expensive U.S. stock to short,” meaning that brokers have a significant financial incentive to lend non-existent shares.2 Data made available to us indicate that just four market participants have been responsible for over 60% of the extraordinary volume of DJT shares traded: Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital."
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849635/000114036124020575/ny20026576x6_8k.htm
Basically, to short a stock, one must borrow it first. Naked-short-selling means to short a stock without borrowing it first. It has been banned in the US since the GFC - before, there were some permissible situations by broker-dealers.

Bought an 18 month non-callable CD this week at Schwab, to replace one that matured last week. The CD pays 5% interest, and is from an A rated bank. The 18 month CD fits well into a CD ladder I have in place. As a retired person, I am very comfortable buying CDs, which pay at least 5%, from banks with a strong financial rating.

https://www.sec.gov/Archives/edgar/data/1295908/000158064224002124/dcm-innova_497.htm
497 1 dcm-innova_497.htm 497
DCM/INNOVA HIGH EQUITY INCOME INNOVATION FUND
A Series of Centaur Mutual Funds Trust
Supplement dated April 11, 2024, to the Summary Prospectus, Statutory Prospectus and
Statement of Additional Information, each dated February 28, 2024
Effective immediately, the DCM/INNOVA High Equity Income Innovation Fund (the “Fund”), a series of Centaur Mutual Funds Trust (the “Trust”), has terminated the public offering of its shares and will discontinue its operations effective May 24, 2024. Shares of the Fund are no longer available for purchase and, at the close of business on May 24, 2024, all outstanding shares of the Fund will be redeemed at net asset value (the “Transaction”).
The Board of Trustees of the Trust (the “Board”), at the recommendation of the Fund’s investment advisor, DCM Advisors, LLC (the “Adviser”), determined and approved by Written Consent of the Board on April 10, 2024 (the “Written Consent”), to discontinue the Fund’s operations based on, among other factors, the Advisor’s belief that it would be in the best interests of the Fund and its shareholders to discontinue the Fund’s operations. Through the date of the Transaction, the Advisor will continue to waive investment advisory fees and reimburse expenses of the Fund, if necessary, in order to maintain the Fund at its current expense limit, as specified in the Fund’s Prospectus.
Through the Written Consent, the Board directed that: (i) all of the Fund’s portfolio securities be liquidated in an orderly manner not later than May 24, 2024; and (ii) all outstanding shareholder accounts on May 24, 2024, be closed and the proceeds of each account be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing accounts. As a result of the Transaction, the Fund’s portfolio holdings will be reduced to cash or cash equivalent securities. Accordingly, going forward, shareholders should not expect the Fund to achieve its stated investment objectives. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
Shareholders may continue to freely redeem their shares on each business day prior to the Transaction. Procedures for redeeming your account, including reinvested distributions, are contained in the section “Redeeming Your Shares” in the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to May 24, 2024, will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer or other financial intermediary and are held in a brokerage or other investment account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer or other financial intermediary for deposit into your brokerage or other investment account.
The Transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
Shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. In order to avoid a potential tax issue, shareholders generally have 60 days from the date that proceeds are received to re-invest or “rollover” the proceeds in another IRA or qualified retirement account; otherwise the proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
If you have any questions regarding the Fund, please call 1-888-484-5766.
Investors Should Retain this Supplement for Future Reference

Original post can be found here: https://marshfieldfunds.com/commentary/
******************************************************************************************************************************
Marshfield Concentrated Opportunity Fund (MRFOX)
Market Commentary For March 2024
[Commentary Fox]
The market surged this quarter and, somewhat uncharacteristically for such a breathless sprint (especially one fueled principally by tech), our stocks outpaced it. While we have confidence in our companies and their shares’ ability to outperform the S&P 500 over time, we could never have predicted the strong performance we saw this quarter. Nor, frankly, could we have foreseen the market’s robust upswing in a world so beset with uncertainties. Ultimately, the timing of such bursts of performance is both impossible to anticipate or even to understand. When it happens for us, though, we give thanks to the rigors of our process and discipline that keep us on the straight and narrow no matter how the market chooses to behave.
Therefore, while ever obedient to the higher power of our philosophy, we remain unrepentant agnostics when it comes to the future trajectory of the stock market in general and individual names in particular. The fact that the S & P 500 is weighted according to the market cap of its constituent companies only serves to reinforce that resolve, especially while “as goes Nvidia so goes the index” is now apparently the rule of the day. This is nothing particularly new; investors worshipping at the altar of the reigning FOMO darlings have always had outsized influence over the direction of the market—at least in the short-to-medium term. But as we’ve seen time and again, many a false god has been praised to the heavens only to have its feet of clay revealed in due time.
That does not mean, though, that we are without religion when it comes to embracing the information the market can and does provide us. Indeed, the faith we place in the market’s efficiency in aggregating individual views as to what a company’s stock is worth each day is valuable treasure; while stock prices are not always correct in how they reflect underlying value, they are unassailably right in describing how investors view those stocks each day. It’s our job to use that information by, as appropriate, buying, selling, or holding. So long as a stock’s price is, over time, tethered—even loosely—to its true value, our ability to wait for the right moment to engage in advantageous trades turns out to be our greatest blessing. Who cares what the market might be about to do—race higher, skid lower, coast—so long as we have a sound read of intrinsic value against which we can measure, on any given day, whether our chosen stock is priced too low, too high, or more or less right on the nose?
Given the above-mentioned market surge, we found little to buy and more to sell. Early in the quarter, before Capital One’s acquisition attempt was announced, we continued to add to our position in Discover Financial. Subsequent to that announcement, we sold our entire position in that stock. Once an acquisition is announced, the price of the stock is essentially set by arbitrageurs, who, frankly, understand the odds of the deal closing better than we could. During the quarter we also sold our position in in Goldman Sachs. A succinct version of our theory in owning Goldman goes as follows: they have large pool of capital and we believed they could allocate that capital intelligently enough to earn a decent return. Unfortunately, many of the allocation decisions they made were subpar and we saw no reason to believe that the quality of their decisions would improve in the future. We also finished trimming our position in Arch Capital, solely due to price appreciation.
The broad market today seems to be hosting a tent revival of sorts, with tech stocks as the talismanic centerpiece. But this too offers us an opportunity: instead of bemoaning the exorbitant price of stocks, we rejoice in our ability, as just noted, to sell those holdings that are hitting highs we believe are unlikely to be sustained or surpassed, at least in the medium term. Markets like this, whether held aloft by hope, euphoria, or (ir)rational exuberance, do tend to return to earth at some point. If opportunity is knocking today, we’ll answer the door with a smile. What we won’t do is join the pilgrimage to the top of the cliff. But by this point, we assume we’re preaching to the choir.

OP (Fred):
I am a soon-to-be early retiree. (Had planned to retire in Aug 2020, but COVID arrived, and my employer sent me home to work from my sofa -- so I decided to hang around a few years more, not out of financial necessity, but by choice...)
I mention this only because most of my lifetime investment contributions have been made. My primary concern is not maximizing return. Rather its to preserve and protect principal and the purchasing value thereof.. I've 'made it'. I don't wish to 'lose it'.
I discovered QDSNX at the end of last year -- on these message boards. I discovered REMIX (BLDNX), in the same time period. Based on their volatility/performance/risk-management philosophies, I opened positions in both funds very early in 2024, and have added to them periodically. QDSNX in particular seems to be positioned to benefit (modestly) during hard "down days" in the market.
Excepting my company plan -- which has the typical, plain-vanilla, unhedged, indexed type limited choices, QDSNX and REMIX are the 2nd and 3rd largest , non-cash positions in each of my accounts. The largest position is BAMBX -- another fund classified as 'alternative', but which I view as a tremendous bond fund substitute.
When the next recession/bear market hits, I will likely re-deploy more capital to more conventional / unhedged ETFs/funds, at lower prices. Until that happens, given the stretched valuations and exuberant market sentiment, I'm very content to rely on risk-managed funds to eke out returns.

@Crash- As FD1000 is suggesting, some self-educational effort is required on your part to get a feel for how the Schwab site (or any other financial site) is laid out. For instance, a number of times you've complained about how everything is "hidden". Nonsense. Nothing is "hidden"... you simply have to familiarize yourself with the layout. There's a reason that things are organized the way that they are.
Maybe what seems "hidden" to you seems perfectly logical to others. There is an overwhelming amount of information there, and while you evidently would prefer it to be all be right there on one page, that is a rather improbable possibility.

https://www.sec.gov/Archives/edgar/data/1314414/000158064224001994/equity-hedged_497.htm
497 1 equity-hedged_497.htm 497
Navigator Equity Hedged Fund
Class A Shares NAVAX
Class I Shares NAVIX
Class C Shares NAVCX
(a series of Northern Lights Fund Trust)
Supplement dated April 4, 2024 to
the Prospectus and Statement of Information dated February 28, 2024
The Board of Trustees of Northern Lights Fund Trust (the “Board”) has determined based on the recommendation of the investment adviser of the Navigator Equity Hedged Fund (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on May 24, 2024.
Effective at the close of business April 4, 2024, the Fund will not accept any purchases and may no longer pursue its stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to May 24, 2024, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO MAY 24, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-877-766-2264.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus dated February 28, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated February 28, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-877-766-2264.

"What I saw scared me away."
@Crash- to amplify what larryB said:
• Open Schwab to Accounts: Summary
• On top line, next to "Summary", click "Trade"
• On "Trade" window click "CDs"
That brings up a simple page with a list of ten or so one-year CDs.
• Select one.
• Click "Buy"...
• That gives you to an info page showing everything that you need to know about that CD.
• Click "Review Order" and proceed from there.
Also notice on that first CD page the "Visit Find CDs for a detailed CD search experience" link. If you click on Find CDs you can enter any parameter that you want, such as "non-callable" or a longer maturity.
This is "scary" ???
Frankly Crash, we had to beat you up just to try Schwab. Now that you're there it's a little disappointing that you haven't taken the initiative to do a little exploring on your own. You seem to have plenty of time to do in-depth exploration of "March Madness" but no time to do the same with your financial broker.
Which is more important?