Probably the nicest things M* Christine has ever said about dividend stocks in the 8-10 year I've been reading her.
She still can't bring herself to say utilities or consumer staples, even if half the home page is touting such investments in individual stocks.

PTIAX was approaching +5% for the year. Now at +1.45%, but this is from Morningstar, so take it with a pound of salt...

FYI. I bought VLAAX and VALIX each a $1000 investment in TIAA. Then I bought $100 in each. At the same time I also bought $100 in BEGIX and BOPIX. All show up NTF and I was never charged any commission.
Now I see for EACH of my $100 x 4 investments I've been charged $50 commission. If anyone contemplating TIAA, stop. I'll try to figure it out. The funds STILL show NTF. And I was never charged for my initial investment. It's also clear additional investment is just $100. Either they fix the problem, or I'm filing complaint with (WHO? someone tell me please) and closing my account.

Mother pus-buckets, eh? I hate when I run into that.

Vanguard: $1K min plus TF ($0 to $20) for VLAIX in an IRA.
https://investor.vanguard.com/mutual-funds/profile/overview/DA60?FundIntExt=EXT

FYI. I bought VLAAX and VALIX each a $1000 investment in TIAA. Then I bought $100 in each. At the same time I also bought $100 in BEGIX and BOPIX. All show up NTF and I was never charged any commission.
Now I see for EACH of my $100 x 4 investments I've been charged $50 commission. If anyone contemplating TIAA, stop. I'll try to figure it out. The funds STILL show NTF. And I was never charged for my initial investment. It's also clear additional investment is just $100. Either they fix the problem, or I'm filing complaint with (WHO? someone tell me please) and closing my account.

https://www.google.com/amp/s/seekingalpha.com/amp/article/4331347-pimco-enhanced-short-maturity-active-etf-cash-alternative
Pimco enhanced short maturity etf cash alternative
Think seeking Alpha writers may have lurked into mfo forum or vice versa
Thx for the article

PTIAX Just thought I'd mention it. Together with the rest of the market's meltdown, the fund is more than 9% of my stuff, now. Unbelievable swings in the Indices! I suspect a mid-month dividend is due overnight, which might help to explain today's performance, Friday the 13th. ... (And "beware the Ides of March!")

I'd give the generic answer that Vanguard is better at running index funds - often holding less cash, trading with an eye to tax implications, etc. But there's an additional reason that Vanguard index funds are more tax efficient. They usually have an ETF share class.
This means that should the fund generate any cap gains, like any ETF fund it is able to purge those gains. You can see the difference by comparing the cap gains distributions of VFIAX and SWPPX.
Take a look at Schwab's web page for SWPPX:
https://www.schwab.wallst.com/schwab/Prospect/research/mutualfunds/summary.asp?symbol=SWPPX
Under Fund Performance, click on the Dividends & Distributions link.
You'll see green (cap gains divs) for 2015, 2016, 2017, 2018, and 2019.
Now look at Schwab's web page for VFIAX.
https://www.schwab.wallst.com/schwab/Prospect/research/mutualfunds/summary.asp?symbol=VFIAX
No green - no cap gains dividends.

https://www.sec.gov/Archives/edgar/data/1355064/000158064220001192/catalyst497.htm
497 1 catalyst497.htm 497
Catalyst MLP & Infrastructure Fund
(the “Fund”)
CLASS A: MLXAX CLASS C: MLXCX CLASS I: MLXIX
March 13, 2020
The information in this Supplement provides new information beyond that contained in the currently effective Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) for the Fund, dated November 1, 2019, as supplemented January 24, 2020. It should be retained and read in conjunction with that Prospectus, Summary Prospectus and SAI.
______________________________________________________________________________
REVERSE SHARE SPLIT
On March 25, 2020, the Fund will implement a 5:1 reverse share split (“Reverse-Split”) of the issued and outstanding Class A, Class C and Class I shares of the Fund. As a result, although the value of the shares you own will not change, the number of shares you own will decrease. For example, if you currently own 5 shares of the Fund, after the completion of the Reverse-Split, you will own 1 share of the Fund. Shareholders of record at the close of business on March 25, 2020, will participate in the Reverse-Split, and the adjusted net asset value of your shares will be calculated as of that date. The Fund will complete the Reverse-Split after the close of the securities markets on March 25, 2020.
Shares of the Fund will be offered, sold, and redeemed on a Reverse-Split-adjusted basis beginning March 25, 2020. The total dollar value of your investment in the Fund will not change. The Reverse-Split is not anticipated to be a taxable event, nor will it have an impact on the Fund’s holdings or its performance. Because the Fund pays distributions on a per share basis and the number of shares of each Class will be reduced, the dollar amount of the distributions will not change as a result of the Reverse-Split, but dividends or other distributions will be adjusted in the same proportion...

Not directly related to COVID-19; but the current results are similar.
I posted this back in 2011; or there about. I need some comic relief again, don't know about you.
Are we all going to receive another quantitative easing? I don't know. What's left to do.
Sadly, Mr. Clarke passed in 2017. These two put so many financial events in a comic light, based in truth.
NOTE: you may need to click the play arrow two times

Thank you @Old_Joe for the WSJ overview
The below link is from a report about noon on Friday. Most Treasury issues prices remain negative at 3pm, and in particular the 30 year stuff which is -2 to -3%. Yields moving UP. So, I still don't understand what is happening. Sure as hell, something is broken somewhere in the financial system.
The fully and totally beaten up corp. bond market is shining so far today, which are at about a +5%. Trading like an equity and may crash and burn before the end of the market day.
Treasury Buying issues starting with 30 year bond

@Catch22- Here's a short version of a current WSJ article which seems to be reflecting some of your concerns.

Funding strains in the banking system worsened slightly Friday despite the New York Federal Reserve’s offer to inject $1.5 trillion of extra short-term funding.
The strains suggest the Fed’s promised injection of central-bank money, announced Thursday, hasn’t fully solved the banking system’s issues. Some analysts and investors think a return to a full quantitative easing—or bond-buying—program will be needed to calm funding markets that lie at the center of the world’s financial infrastructure.
Bond and equity markets remained volatile and price moves may not reflect normal changes in investors’ appetite for risk, according to analysts.
In a sign of growing funding strains in the banking system, indicators of the difference between the rate at which banks lend to each other and the Fed’s interest rate increased to the highest level since the tail end of the 2008-09 financial crisis.
The Fed offered up to $1.5 trillion for periods of one month and three months Thursday and Friday. However, banks only drew a total of $119.5 billion, suggesting this wasn’t the kind of liquidity they needed. The low takeup suggests that the problems might not be so simple as a shortage of central-bank reserves.
“There is lots of money in the system but it is not circulating easily,” said a foreign-exchange strategist at UBS. “The ability of the financial system to intermediate in this market is now very constrained.”
The underlying problem, say some investors, is that banks are holding too many Treasurys and don’t want any more. It is a situation that hasn’t been fully resolved since it was exposed by a spike in borrowing costs in repurchase—or repo—overnight
borrowing markets in September.

The preceding is a substantially abridged selection from the original WSJ article.

The Leuthold Group's "chart of the week" showed the gap between the S&P 500 yield and the 10-year Treasury yield. The S&P has outyielded 10-year Treasuries five times: approximately 1957, 2009, 2012, 2016, 2020.

Chart 1 documents the spread between the S&P 500 dividend yield and the 10-year Treasury yield since the S&P was launched in 1957. As of March 12th, the S&P 500’s yield exceeded the 10-year Treasury by a record 1.64%; a virtual fountain of cash in an era starved of current income.

And yes, I think they were smirking when they typed the "virtual fountain" description.
David

Agree with Gary1952 or if you like and feel very nervous cd's buta bond investment at this time looks very wrong though TIPs and I_bond s ok

Now ... Lewis, you know those high yielding US Tresuries of the 1980's are no more! But, I get your message.

Old_Skeet has also been a buyer of equities during this stock market sell-off. I have bought at the 8%, 13%, 19% & 27% decline marks keeping my equity allocation on bubble within my portfolio's overall asset allocation.

No. Not unless it's the 1980s and Treasuries are yielding double digits.

https://www.fool.com/investing/2020/03/11/stocks-are-plunging-heres-what-you-need-to-know.aspx
/Stocks Are Plunging -- Here's What You Need to Know
We have an update on real estate and some promising REITs to put on your watchlist.
Matthew Frankel, CFP
The stock market is plunging, with the S&P 500 down by more than 18% from its all-time highs reached earlier this year. While this can certainly seem scary, Industry Focus: Financials host Jason Moser and Fool.com contributor Matt Frankel, CFP are here to help make sense of things./
Maybe selective look at your portfolio and consider starting positions or add to stocks etf mf that you really liked or have on watch list

https://www.investopedia.com/despite-a-steep-market-correction-retail-investors-have-been-buyers-of-stocks-4799479
/Individual Investors Calmly Buy Stocks During Sell-Off
Fidelity and Vanguard clients have been buying stocks amid the slide.
Individual investors are leaning into Warren Buffett's famous axiom, "Be fearful when others are greedy, and be greedy when others are fearful," despite the steep correction across U.S. markets since late February. According to trading data from Fidelity Investments and Vanguard, two of the biggest brokers serving retail investors, their clients are showing no signs of panic and adding stocks to their portfolios in the midst of a steep market sell-off that has brought the S&P 500 down close to 20% from its highs of February 19th. This, despite ongoing concerns about the depth and severity of the economic impact of the coronavirus, which has now officially been labeled a global pandemic by the World Health Organization1/
They may do well long term, history has demonstrated market go up 9%-12 annually since 1920s. Maybe many folks have moderate amount of cash could slowly jump in now

Ample opportunities abound when the market drops 1,000 points per days. Still think the bottom has not been reached. When layoff news starts US there will be further decline. This time a quick V-shape recovery is highly unlikely.