@fred495- Thanks- I think that we're going to need it.

@dtconroe- good to hear from you again. We are in exactly the same situation as you describe. I recently bought a long-term Deutsche Bank bond at 5.75%, callable in two years (that MikeM found) from Schwab. However as msf mentions hoping for a call in two years may have been a bad move, since it seems likely that inflation may increase substantially under the new, improved political franchise. If that happens, we may be stuck with that bond for much longer than desirable.

MRFOX had a very nice November 2024, gaining +6.83%. YTD MRFOX is up 21%, beating PRWCX by nearly 6.7%.
Over the past 3 years, MRFOX beats PRWCX by over +9% annually, and by +4.4% over the 5 years ended 11-30-2024.
If anything, it's PRWCX that has slid a bit.

DT, I’ve been facing the same dilemma. The best yields I can find for call- protected CDs at Fidelity are about 4% in the 3-5 year range, and 4.2 in the 1-2 year range.Treasuries are slightly lower but more liquid. Recently I’ve been reinvesting in short-term bond funds (FCNVX, THOPX and USFR). I’ve also bought some agency bonds yielding more than 5%, but they are likely to be called if rates drop.

If you're willing to hold cash-ish (CDs in this case) for a couple of years, then why not take a closer look at RPHIX? If you wait it out a year or two, its minor volatility doesn't matter and it "always" does better than cash.
Portfolio Visualizer comparing RPHIX and cash
I believe MikeM was looking at corporate bonds, not callable CDs. Only assume that the bond will be called if it is currently trading above par. Even then, should interest rates go back up, or if the company issuing the bond should have cash flow issues, you may wind up with the bond for a longer period of time.
I just had a muni bond called that was eligible to be called a couple of years ago. For whatever reason the government entity didn't call the bond for awhile. The bond was even trading above par, so not it not getting called was a plus for me. But much of the time if a bond doesn't get called, it's because its price has dropped below par. Then you're stuck with the bond or you sell it at a loss.

Not everyone's cup of tea, but I have been getting added yield by buying "callable" bonds where the "next call date" is a year or 2 out there. I'm making the assumption a 5, 10 or even 20 year cooperate or gov. agency bond will be called at first call or some time after, while I still can get 5.5-6% until it is called.
That said, I have much more money in bond mutual funds and ETFs now versus a year ago.

Hey Mike, I have been monitoring both callable and noncallable CDs at Schwab. My focus has been on CDs in the 2 year or less range. I am not opposed to trying a callable CD but have not found those 5.5-6% callable CDs at Schwab. I will look again but am curious where you have been finding those callable CDs at those rates?

So good to hear from you @dtconroe. Was concerned about your absence. You have so much to offer when it comes to fixed income investing.
Re ” … or jumping back into the more active investing options “
A couple years older here and never been the “cash” type. But depends on a lot of personal situation factors. I’m at 7.5% in Fido’s MM fund. Take whatever they give me. The 2 “least risky” components of the larger portfolio (15.5% each) are CVSIX and LPXAX. Both should generate a percent or two over cash longer term. However, am prepared for some ocassional down years (- 3-5%) as well. And the fees tend to be higher than most want. Also, there’s been some discussion of (lower fee) JAAA as an alternative to cash - but we don’t have a firm grasp of the risk under certain adverse conditions.
Just killing some time on a nasty winter morning. Best wishes.

Hi hank, nice to hear from you. My investing choices have moved into very passive CDs in recent years. I just don't think my investing choices offer much information, that others would be interested in. My personal situation is virtually unchanged, except that I have no need to chase higher returns via active investing, with frequent buy/sell decisions. I still monitor a large number of watchlists, primarily various categories of bond oefs, but have not been inclined to invest in those bond oefs recently. I may choose to carve out a small position in a fund on my watchlist, just to stay in touch with something other than passive CD choices, so now is a time where that may be viable.

So good to hear from you @dtconroe. Was concerned about your absence. You have so much to offer when it comes to fixed income investing.
Re ” … or jumping back into the more active investing options “
A couple years older here and never been the “cash” type. But depends on a lot of personal situation factors. I’m at 7.5% in Fido’s MM fund. Take whatever they give me. The 2 “least risky” components of the larger portfolio (15.5% each) are CVSIX and LPXAX. Both should generate a percent or two over cash longer term. However, am prepared for some ocassional down years (- 3-5%) as well. And the fees tend to be higher than most want. Also, there’s been some discussion of (lower fee) JAAA as an alternative to cash - but we don’t have a firm grasp of the risk under certain adverse conditions.
Just killing some time on a nasty winter morning. Best wishes.

If your tax rate on qualified dividends is considerably less than CDs, why not consider replacing some of the maturing CDs with beaten down large-cap stocks? PFE, for example, is currently yielding ~6.65%. If you have no desire to hold individual positions there are ETFs such as those mentioned in www.nerdwallet.com/article/investing/high-dividend-etfs

2-yr T-Notes are at 4.13%, 5-yr 4.07%. Why go for 3.40% CDs?

Many of my higher rate CDs are maturing. I am extending some to 3 to 5 years even if the rate is 3.40% for 3 years(the rate I am getting for one maturing today). I just turned 76 years of age. With ultra-conservative passive investing my post-retirement savings has doubled and, so far, knock on a lucky door, my non-saving, non-RMD income has exceeded my spending. (Spending, be deviled, 57% of that spending this year has been nothing but federal and property tax.) I discovered I just no longer want to chase the rates or the markets. I guess I should find some tax free stuff since anything I do seems to raise my unused dividends/interest and cost me more in taxes.
Girls just wanna have fun.

Not everyone's cup of tea, but I have been getting added yield by buying "callable" bonds where the "next call date" is a year or 2 out there. I'm making the assumption a 5, 10 or even 20 year cooperate or gov. agency bond will be called at first call or some time after, while I still can get 5.5-6% until it is called.
That said, I have much more money in bond mutual funds and ETFs now versus a year ago.

AAII Sentiment Survey, 12/4/24
BULLISH became the top sentiment (48.3%, high) & neutral remained the bottom sentiment (21.0%, low); bearish became the middle sentiment (30.7%, average); Bull-Bear Spread was +17.6% (above average). Investor concerns: Budget deficit, debt, inflation, the Fed, dollar, geopolitical, Russia-Ukraine (145+ weeks), Israel-Hamas (60+ weeks). For the Survey week (Th-Wed), stocks up, bonds up, oil down, gold up, dollar up. NYSE %Above 50-dMA 62.55% (positive). The dollar seems to be consolidated for a technical bounce. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1760/thread

This Fund’s closing or not closing at $1b is of no relevance to me when the complex manages another $5b in the same strategy. That is the AUM I recall seeing when I checked it’s SAI the last time. That number may be higher now. How did this Fund’s closing even become a topic of importance? In any case, I have never seen a mid to large cap (growth?) fund closing at $1b AUM. Not sure why the manager would do that. From my perspective, they can have $5b in the fund. The boatload of SMAs take up disproportionately more resources than the single OEF.

It's been a solid performer, but yes.... very highly concentrated.
Top 10 Holdings
(as of 09/30/2024) % of Net Assets
Cash & Cash Equivalents 25.40%
Ross Stores 9.11%
AutoZone 9.01%
Arch Capital Group 6.29%
O’Reilly Automotive 6.09%
Cummins 5.43%
Mastercard 4.61%
Domino’s Pizza 4.45%
TJX Companies 4.15%
Visa 4.00%
I recall mention that they could possibly close this fund once it hits $1B AUM, which it now approaches.

update:
Special meeting of shareholders:
https://www.sec.gov/Archives/edgar/data/923184/000119312524270653/d884968d497.htm

I am probably one of the few hold outs here with this investment.
As of 8/31/24, the last date when the full holdings are available, the fund held 16 investments. That is beyond being concentrated. It also held 25% cash. The US market seems uninvestible for this manager!

See this earlier ETF post.
https://www.mutualfundobserver.com/discuss/discussion/62506/brookmont-catastrophic-bond-etf-in-registration
Most recent filing from November:
https://www.sec.gov/Archives/edgar/data/1771146/000183988224040421/brookmont-485bxt_112124.htm

Does this have a ticker yet? Dec 19 is only two weeks away.

See this earlier ETF post.
https://www.mutualfundobserver.com/discuss/discussion/62506/brookmont-catastrophic-bond-etf-in-registration
Most recent filing from November:
https://www.sec.gov/Archives/edgar/data/1771146/000183988224040421/brookmont-485bxt_112124.htm

Called Marshfield Funds earlier this week and was told: MRFOX record date 12/13/2024, reinvestment date 12/16/2024, STCG $0.512150/share, LTCG $0.636156/share. I didn't note any dividends, but that could be an error on my part or they're not yet determined. I see no mention of this on their web site.