There were m-mkt reforms in 2014/2016 that introduced liquidity fees, gates (redemption suspension), and floating-NAVs for some institutional m-mkt funds. So, the notion of $1 NAV for m-mkt funds was no longer universal.
Among these, gates proved to be more problematic. Who wants a m-mkt fund with check-writing that may suddenly impose gates. Gates weren't triggered, but the fear of gates hurt those m-mkt funds with them.
In came reforms of 2023 that eliminated gates but possible retained liquidity fees.
So, now we have m-mkt funds with $1 NAV that may impose liquidity fees AND m-mkt funds with floating-NAV that can also impose liquidity fees.
M-mkt funds have to operate under Rule 2a-7 that don't apply to ultra-ST bond funds.

Got it. You still use the QD worksheet as explicitly instructed on Line 22 of Schedule D.
(That's in the Schedule itself, not in its instructions.)
The way this works is that net cap losses cannot be used to offset qualified divs. So the QD worksheet excludes your net loss (in line 3 of the worksheet you put $0 for cap gains). Then you proceed normally with that worksheet, calculating your cap gains rate tax on just the qualified divs.
You get to apply up to $3,000 of the loss against ordinary income. This comes from Line 21 in Sched D. The remainder is carried over to next year.

https://www.sec.gov/Archives/edgar/data/1498498/000119312525022772/d933521d497.htm
497 1 d933521d497.htm ASHMORE FUNDS
ASHMORE FUNDS
Supplement dated February 7, 2025
to the Statutory Prospectus for Class A, Class C and Institutional Class Shares
of Ashmore Emerging Markets Low Duration Fund
On February 5, 2025 the Board of Trustees of Ashmore Funds approved a plan of liquidation (the “Plan of Liquidation”) for Ashmore Emerging Markets Low Duration Fund (the “Fund”), with such liquidation scheduled to take place on or about February 7, 2025 (the “Liquidation Date”). On or before the Liquidation Date, the Fund will seek to convert substantially all of its portfolio securities and other assets to cash or cash equivalents. Therefore, the Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, the Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of the Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund.
The Fund may make one or more distributions of income and/or net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. For taxable shareholders, the automatic redemption on the Liquidation Date generally will be treated like other redemptions of shares generally – that is, as a sale that may result in a gain or loss to shareholders for U.S. federal income tax purposes.
Effective as of the close of business on February 7, 2025, Institutional Class Shares of the Fund are no longer available for purchase by new or existing investors or be available for exchanges from the other series of Ashmore Funds, except for shares that may be purchased as a result of dividend reinvestments.
At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund pursuant to the procedures set forth under “How to Sell or Exchange Shares” in the Fund’s Prospectus.
Shareholders may also exchange their shares for shares of a different series of Ashmore Funds, subject to any investment minimums and other restrictions on exchanges as described under “How to Sell or Exchange Shares” in the Fund’s Prospectus.
Investors Should Retain This Supplement for Future Reference

Thanks for taking the time to reply, MSF. I should have been clearer. When I say had a capital loss from sold assets I meant that lines 15 and lines 16 are both losses on my schedule D for 2024. That is less than zero.
That's why I am asking. I know the instructions for line 16 say to use the QD worksheet if *any* of those 3 conditions apply, not if all apply. I reported qualified dividends on line 3a. So it would seem I can use the QD worksheet, which I would prefer to do. But elsewhere the IRS implies that this worksheet should be used only if lines 15 and 16 are positive. But it is implicit, not explicit.

I'm not sure where the instructions you mention in your first sentence come from. Here are some of the instructions for Line 16:

Schedule D Tax Worksheet. Use the Schedule D Tax Worksheet in the Instructions for Schedule D to figure the amount to enter on Form 1040 or 1040-SR, line 16, if:

• You have to file Schedule D, line 18 or 19 of Schedule D is more than zero, and lines 15 and 16 of Schedule D are gains; or
• You have to file Form 4952 and you have an amount on line 4g, even if you don’t need to file Schedule D.

But if you are filing Form 2555, you must use the Foreign Earned Income Tax Worksheet instead.
[These are all unusual situations - so you likely don't have to use the Sched D worksheet]
Qualified Dividends and Capital Gain Tax Worksheet. Use the Qualified Dividends and Capital Gain Tax Worksheet, later, to figure your tax if you don’t have to use the Schedule D Tax Worksheet and if any of the following applies.

• You reported qualified dividends on Form 1040 or 1040-SR, line 3a.
• You don’t have to file Schedule D and you reported capital gain distributions on Form 1040 or 1040-SR, line 7.
• You are filing Schedule D, and Schedule D, lines 15 and 16, are both more than zero.

Since you had a sale of assets, you have to file Schedule D. Assuming that you had net gains (subtracting your cap loss from your MF cap gains), then both line 15 (net long term gains) and line 16 (net cap gains) will be positive.
In summary:
- Don't have to use Sched D worksheet - check
- Have positive numbers on Sched D lines 15 and 16 - check
So you're supposed to use the Qualified Dividends and Capital Gains Worksheet.

@a2z Some of the best performing Municipal bond funds that I track are:
Duration, Symbol, Name
0.2, FHMIX, Federated Hermes Conservative Municipal Microshort Inst
1.8, SUB, iShares Short-Term National Muni Bond ETF
3.9, SHYD, VanEck Short High Yield Muni ETF
4.0, DFNM, Dimensional National Municipal Bond ETF
4.2, BSNSX, Baird Strategic Municipal Bond Inv
4.7, BMNIX, Baird Core Intermediate Municipal Bond Inst
6.3, MUB, iShares National Muni Bond ETF
7.0, HYMU, iShares High Yield Muni Income Active ETF
8.5, HTAB, Hartford Schroders Tax-Aware Bond ETF
EVSM, Eaton Vance Short Duration Municipal Income ETF
Dfa Dimensional National Municipal Bond ETF (DFNM) is 42% invested in long term Muni bonds, 35% short term Munis, and 14% intermediate term. (close to barbell strategy)
iShares National Muni Bond ETF (MUB) is 65% invest in long term Muni bonds, 14% short term Munis, and 20% intermediate term. (close to bond ladder strategy)

All of that is true (but see below); I'm not sure what your point is.
I'm also not sure that if you walk into a branch (or do a mobile deposit) with a check as opposed to a wire) on settlement day that would be acceptable. You should be able to trade immediately (assuming T+1) upon depositing a check, but the cash may not be immediately available to settle a trade or withdraw as cash.

A portion of or all of deposits are available to trade within one business day. Though funds will show in your account, there will be an additional hold period before you can withdraw or transfer them. Your confirmation will indicate the availability of funds for your specific account.

Fidelity FAQ When will I have access to my funds?

am not sure i would let vanguard outside active managers off the hook for sticking to the standard mutual fund structure.
...
finally, its laughable that mid-mega cap u.s. managers are 'giving away their secrets' with etfs. no active manager can move the market a trickle relative to the passive flows. nonetheless, for those with large egos, there does seem to be an option with less than daily disclosure of holdings.

Are you talking about all 22 outside active management firms, or just Primecap and Wellington? I ask because many of these manage sleeves that are not comprised of mid to megacap US equity.
No matter. If the Primecap principals felt it was in their interest to manage ETFs, they could have done so on their own. Just as they started Primecap Odyssey on their own. AUM doesn't appear to be a major concern of theirs. POGRX was the largest of those funds as of Oct 31, 2018 ($13B). It now has $5.4B AUM.
Regardless of its reasons, it has always been, and remains, Vanguard's policy to disclose only what is required by law and no more. Even with index funds (addressing your ego remark), and even with their ETF share classes.
See, e.g. Vanguard ETFs Eschew Daily Disclosure ETF Trends, 2014.
Current policy:

Each Vanguard index fund, other than those Vanguard index funds relying on Rule 6c-11 under the 1940 Act (e.g., standalone ETFs), generally will seek to disclose the fund’s complete portfolio holdings as of the end of the most recent month online at vanguard.com, 15 calendar days after the end of the month.

Vanguard Whitehall Funds SAI Feb 27, 2024.

T+1 means that an investor has one business day to pay for a trade. Cash up front is different. Think of it this way: with one day settlement an investor could place a trade with no cash in an account and walk into a branch the following business day with a check covering the trade for deposit into the account.

https://www.sec.gov/Archives/edgar/data/1139819/000093041325000414/c111644_497.htm
497 1 c111644_497.htm DEFINITIVE MATERIAL
LORD ABBETT TRUST I
Lord Abbett Climate Focused Bond Fund (the “Fund”)
Supplement dated February 7, 2025 to the
Summary Prospectus, Prospectus, and Statement of Additional Information of the Fund,
each dated December 1, 2024, as supplemented
Liquidation of the Fund
On February 4, 2025, the Board of Trustees of Lord Abbett Trust I approved a plan of liquidation (the “Plan”) pursuant to which the Fund will be liquidated and dissolved. It is currently anticipated that the liquidation and dissolution of the Fund will be completed on or around Spring 2025 (the “Liquidation Date”). Any Fund shares outstanding on the Liquidation Date will be automatically redeemed on the Liquidation Date. The proceeds of any such redemption will be equal to the net asset value (“NAV”) of such shares after dividend distributions required to eliminate any Fund-level taxes are made, the Fund’s expenses and liabilities have been paid or otherwise provided for as directed by the Plan, and the Fund has distributed to its shareholders of record the remaining proceeds in one or more liquidating distributions on the Liquidation Date as set forth in the Plan.
At any time before the Liquidation Date, shareholders may:
§ Exchange their Fund shares for the same class of shares of another Lord Abbett Fund, provided that the exchange satisfies the investment minimum of the Fund selected;
§ Redeem their Fund shares at the NAV of such shares pursuant to the procedures set forth under “Purchases and Redemptions” in the prospectus; or
§ Do nothing and their Fund shares will be redeemed on or about the Liquidation Date. However, shareholders in individual retirement accounts who do not take other action will automatically have their shares exchanged for shares of Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund on or about the Liquidation Date.
In connection with the liquidation of the Fund, the Fund no longer will accept purchase orders or exchange requests as of February 7, 2025.
Capitalized terms used in this Supplement shall, unless otherwise defined herein, have the same meaning as given in the Prospectus and/or SAIs.
Please retain this document for your future reference.

“Panama has denied making changes to allow US government vessels to transit the Panama Canal for free, following White House claims it had agreed to such a move.
The State Department said in a statement on X that its government vessels "can now transit the Panama Canal without charge fees, saving the US government millions of dollars a year".
Responding to the comments, the Panama Canal Authority (ACP) said it was "empowered to set tolls and other fees for transiting the canal," adding that it had "not made any adjustments to them".
https://www.bbc.com/news/articles/cj9149j4nmzo

At its core, the question here is whether one can do a same day trade at Schwab from a fund in one family (here a Schwab MMF) to a fund in another family. There's a fair amount of noise that's crept in.:
- The fund being sold is a MMF. Doesn't matter.
- Margin issues - as Yogi noted, there's no or limited margin in IRAs. Which seems to make purchase w/i last 30 days irrelevant. AFAIK, the only place where 30 days matters on mutual funds is whether they can be used as margin collateral.
I tested out what sfnative described this morning - placing a sell order at Schwab in an IRA and immediately afterward placing a buy order for the expected proceeds (leaving a buffer for market decline). The orders were accepted without any warning. Not surprising since the warning zenbrew quoted about risking a margin loan doesn't apply to IRAs.
I canceled the two orders because they weren't I wanted to make.
The same approach (enter sell order, then separate buy order) also works at Vanguard. There you get a warning about needing to have enough cash come the day of reckoning (settlement day). No mention or margin - just have the cash there (or else!, I guess)
I don't believe the same approach will work at Fidelity. You cannot place a sell order and follow it up online with a buy order, which is what the OP described. In order to do a same day cross-family trade, you must work with a rep who will only enter a buy order for 90% of the current value of the fund being sold. This is to protect against the sale not raising enough cash to cover the buy order, should the market dip.
Fidelity provides an alternate approach for its MMFs. Fidelity uses MMFs to provide automatic "overdraft protection" for your core account. IF you place a buy order (without placing a sell order on the MMF), and the cash in your core account is insufficient, Fidelity will draw upon your other MMFs automatically.
Conceptually it's the same thing as using a savings account at a bank for overdraft protection on your checking account. You don't withdraw money from savings, you just write a large check. As with Fidelity, cash flows automatically only in one direction - savings to checking. A bank doesn't automatically sweep cash from checking to savings.
Finally, when you enter the sell and buy orders, the brokerage is usually not extending you an overnight draft. Rather both transactions typically settle on the same day (T+1). No cash is needed overnight.
A few funds settle in 2 days. If you sell a T+2 fund and buy a T+1 fund or ETF, and it works, then you are relying upon the good graces of the brokerage, as Yogi described. I've done this in an IRA at Fidelity (through a rep) and it's worked.
I've talked with them about how this amounts to a one day loan that I thought was verboten in an IRA. They've told me that this is okay, and that it doesn't rely on limited margin (which I don't have). Whatever. I don't recommend doing trades online with mismatched settlement dates unless a rep confirms that it's okay at your brokerage.

@yogibearbull, Good point. I've never had a margin loan tripped.
This is the message I get when doing it in a IRA:
"1. Caution: This buy order was accepted without sufficient settled funds to trade in your account. If you subsequently sell this security without first delivering sufficient cash by settlement date, you may incur a trading restriction requiring settled cash up front for future purchases. (AC176)
2. You are placing an order without sufficient free cash to cover it. Please remember to deposit sufficient funds or sell shares of your Schwab Purchased Money Funds to cover this order."
The wording to me seems to make this routine.
But now that I'm thinking about this, I wonder why I do this. I think it's just more out of convenience for me to do these trades together vs because I want to time the market. So if I had to, I could just wait the next trading day to actually do the purchase.

”US consumer sentiment slumped in early February to a seven-month low on a spike in short-term inflation expectations related to concerns about tariffs. The preliminary February sentiment index slid 3.3 points to 67.8, according to the University of Michigan. The latest reading trailed all forecasts of economists surveyed by Bloomberg.
“Consumers expect prices to rise at an annual rate of 4.3% over the next year, up a full percentage point from the prior month, the data released Friday showed. And they saw costs rising at an annual rate of 3.3% over the next five to 10 years, up slightly from the previous month.”
Sourced From Yahoo Finance (as reported by Bloomberg)
Related: The rate on the U.S. 10-Year Treasury jumped .051 ppt to just below 4.5% after the report’s release today. That’s still down sharply from a recent high of around 4.8% reached 2-3 weeks earlier.

In Schwab, I often buy the same day I'm selling shares from my money market fund to cover the purchase. I couldn't remember if I've ever tried doing this with a stock or ETF intraday purchase but I tried today. It went through. This is the typical type of message I get to review prior to confirming my order.
"1. You are placing an order without sufficient free cash to cover it, which could result in a margin loan. Please consider selling shares of your Schwab Purchased Money Funds to cover this order. (AC165)"

It is 10 basis points cheaper than FDZXX. Other than that what would the advantages be?

"...BlackRock expanded the way investors can manage their cash with the launch of two money market ETFs, including the industry’s first prime money market etf. The iShares Money Market ETFs - the iShares Prime Money Market etf (NYSE: PMMF) and the iShares Government Money Market etf (NYSE: GMMF) - combine the quality and liquidity of regulated money market funds with the transparency and efficiency of the etf structure."
These are active etfs with ERs 0.20%, comparable to several ultra-ST bond funds.
https://www.businesswire.com/news/home/20250205104628/en/BlackRock-Expands-Access-to-Cash-Management-Strategies-with-Launch-of-Active-Money-Market-ETFs
https://www.ishares.com/us/products/341466/
https://www.ishares.com/us/products/341467/

Q: "Has Schwab removed that restriction on MM? "
A: The only person/entity who can authoritatively answer that is.. Schwab, no?
Anecdotally, my expectation would be that if I have to explicitly place a 'buy'/'sell' order for a MMF, then I would not expect proceeds from a sale of a MMF to be available til the next day -- MMF sell orders presumably execute like any other mutual fund, at the end of the day. So how could funds be available to buy something, if the order is not executed until markets close? -- Fido is the exception as Fido doesn't require buy/sell orders for the MMF being used as the core/clearing position. Its this convenience which FIDO offers for this (among other reasons) that I locate most of my assets there.
to your last point, I've found several of the ultra-short bond ETFs now offering higher yields than MMFs, /so I've repositioned something like +90% of my 'cash' in these, rather than MMFs. I looked at SGOV its trading at ~ $100, with a bid/ask spread of a penny, per the Fido quote. That's an incredibly tight spread, IMO.

@msf,
I do not think I follow this (can you pl elaborate, may be with an example)?
"Deductibility of IRAs is based on another form of MAGI"

To calculate MAGI for IRMAA purposes, you add in tax-exempt income (line 2a of the 1040).
https://secure.ssa.gov/poms.nsf/lnx/0601101010
Contributions to an IRA cannot be deducted if MAGI exceeds certain amounts. For 2025, they are $146K (MFJ) and $89K. You can still contribute (assuming you have taxable compensation); you just can't deduct the contributions.
MAGI for IRA deductibility purposes follows Worksheet 1-1 in Pub 590-A. This adds in a half dozen other amounts, but does not add in tax-exempt income.
More generally,

Your modified adjusted gross income (MAGI) is your adjusted gross income with some of those adjustments added back. It determines whether you qualify for certain deductions, credits and other tax benefits, and how much you qualify for. MAGI is calculated differently for each benefit.

https://www.irs.gov/e-file-providers/definition-of-adjusted-gross-income