For those who invested in REITs. this sector has been declining rapidly to match that of S&P500. Shopping malls such as Simon Property are sizable components in most REIT funds. Many are having problem of paying their bills due to the lockdown across the country.

The biggest U.S. mall owner, Simon Property Group, has furloughed about 30% of its workforce, CNBC has learned, as the company copes with all of its properties being temporarily shut because of the coronavirus pandemic.

https://msn.com/en-us/money/companies/largest-us-mall-owner-furloughs-nearly-a-third-of-its-workforce/ar-BB11Y4jU?ocid=iehp&li=BBnbfcN

It paid dividend of .05 on 3/31. Same as per last 12 months.
Derf

@VF - yeah I was thinking 1700 but your 1600 has a 50-50 chance of being right also.

Just a BA in Economics here ... I'm thinking that the S&P 500 Index trades between a near term range of 2,000 to 2,400. This is based upon TTM earings for the Index being in the range of $100.00 to $120.00 with an earnings yield of 5%. Currently, S&P list the 500 Index with projected March TTM earnings at $140.00. I'm expecting this to change as companies report March results.
For me, since cash is a big part of my asset allocation this market turmoil presents a long term buying opportunity. I'm sure there are others that think differently. But, this is what makes a market. The different perspectives and views.
I am, Old_Skeet

https://www.sec.gov/Archives/edgar/data/747546/000168386320001575/f2978d1.htm
497 1 f2978d1.htm 497
PARNASSUS FUNDS
PARNASSUS INCOME FUNDS
Parnassus FundSM
Investor Shares: PARNX | Institutional Shares: PFPRX
April 1, 2020
Supplement dated April 1, 2020 to the
Summary Prospectus and Statutory Prospectus, each dated May 1, 2019, as amended and restated March 17, 2020
Name Change and Strategy Change
Effective as of May 1, 2020, the name of the Parnassus Fund will change to the Parnassus Mid Cap Growth Fund, and all references in the Prospectus are hereby changed to the new name as of that date. As of that same date, the Fund will move from being a "multi-cap" fund to a fund that primarily invests in mid-sized growth companies. So, while the Fund currently invests materially in mid-sized growth companies, effective as of May 1, 2020, this will be its primary focus, and effective as of that date, the Fund's "Principal Investment Strategies" disclosure is amended and restated as set forth below. In connection with this change, the Fund's investment objective will remain the same and the Fund may continue to hold any company that it has previously purchased regardless of changes to its market capitalization.
The Parnassus Mid Cap Growth Fund seeks capital appreciation through investing primarily (normally at least 80% of its net assets) in mid-sized growth companies. The Fund considers a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap® Growth Index (which was between $1 billion and $33.7 billion as of May 31, 2019) measured at the time of purchase. The Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization grows or falls outside the ranges of the Russell Midcap® Growth Index, which are subject to change. The Fund may normally invest up to 20% of its net assets in smaller- and larger-capitalization companies. A growth company is a company that the Adviser believes has a superior and pragmatic growth strategy and the potential for above-average revenue and earnings growth. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund may purchase foreign securities directly on foreign markets. The Fund is fossil-fuel free, as it does not invest in companies that derive significant revenues from the extraction, exploration, production or refining of fossil fuels; the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. To determine a company's prospects, the Adviser reviews the company's income statement, cash flow statement and balance sheet, and analyzes the company's sustainable strategic advantage and management team. The Adviser also takes environmental, social and governance ("ESG") factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company's fundamentals will deteriorate, if it believes a company's stock has little potential for appreciation or if the company no longer meets the Adviser's ESG criteria.
And the following risk factor is added to the "Principal Risks" disclosure, effective as of May 1, 2020:
Growth Investing Risk. The Adviser may be wrong in its assessment of a company's potential for growth and the growth stocks the Fund holds may not grow as the Adviser anticipates. Finally, there are periods when investing in growth stocks falls out of favor with investors and these stocks may underperform.
The following risk factor has been modified as shown below to fit the revised investment strategy of the Fund, effective as of May 1, 2020:
Small- and Mid-Capitalization Company Risk. The Fund invests primarily in mid-capitalization companies, and may also invest in small-capitalization companies, both of which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well- established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
The paragraph with the heading "Large-Capitalization Company Risk" is removed from the "Principal Risk" disclosure, effective as of May 1, 2020.
In the "Selection Process for Equity Securities" section, the paragraph with the heading "Parnassus Fund" has been replaced with the following, effective as of May 1, 2020:
Parnassus Mid Cap Growth Fund
The Parnassus Mid Cap Growth Fund seeks capital appreciation through investing primarily (normally at least 80% of its net assets) in mid-sized growth companies. The Fund considers a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap® Growth Index (which was between $1 billion and $33.7 billion as of May 31, 2019) measured at the time of purchase. A growth company is a company that the Adviser believes has a superior and pragmatic growth strategy and the potential for above-average revenue and earnings growth. While mid- capitalization companies can be riskier than larger companies, they can also possess more potential for future growth.
A significant portion of the securities held by the Fund may be disposed of in connection with the change in investment strategy to align the securities portfolio of the Fund with the mandate that the Fund invest primarily (normally at least 80% of its net assets) in mid-sized growth companies. Any realignment could result in additional portfolio transaction costs to the Fund.
******
Please Read Carefully and Keep for Future Reference

What a whopping day is was in HY Munis where many funds lost 0.8-1%
I sold everything again and now at 99+% in Gov MM.
Basically, I gave back about 50% of what I made last week. Life goes on :-)
Don't know what happened to Munis today but this (link) has an explanation.
But it’s important to note that bonds issued by states and localities are only part of the muni market. About two-thirds of the market is “revenue” bonds — those issued by everything from hospitals to transportation providers to colleges and universities, all of which are about to take a serious hit from a shuddering economy.
“You could draw a dotted line from the economic impact of coronavirus to any facet of muni finance,” Kazatsky said.
“Investors have to brace for systemic downgrades across states, cities, hospitals, transportation, even essential service utilities,” Fabian said. “You can think some pretty grim things these days. The economic data is going to turn terrible.”
What does that mean? The municipal market is wary of sweeping predictions, like the one in 2010 by banking analyst Meredith Whitney, who warned of “a spate of municipal bond defaults,” as if state and local governments had never confronted an economic downturn before.

Let's make predictions. After all there is no rule you have to have an MBA from Harvard and work at GS. I predict S&P 500 goes to 1600.

@MikeW I don't have a sense for how far along we are in the correction (or crash) process. My simple minded approach is to DCA 2% of my available cash each week into either the bond side or the stock side of my holdings. Given the recent surge on the stock side, next week the bond side may wind up receiving an injection. More dividends come in every month, so my cash is somewhat replenished each month. If it drops to maybe 50% of where it is now before the horizon clears, I will probably reevaluate this approach.

A number of company are suspending their dividends including Boeing during this crisis. Wonder if this continue in near term until recovery takes hold ?
VDIGX, VIG, and PRDGX are solid choices. VDIGX has a healthy exposure to health care sector that helped in 2008. Same strategy is also working this year by slightly leading S&P500 index.

While two days is not a trend, does this give you any sense that muni money market funds are stabilizing? It seems the answer is it depends on the daily net shareholder cash flows.

Certainly that's a part of it. However, 532; of these funds are in cash or paper that will mature or can be redeemed within five business days (weekly liquid assets). So it's hard to see such a stampede moving the shadow price (mark-to-market NAV) four times what we've just seen (i.e. to below 99.5¢). These funds have enough "cash" to handle a run on the bank, and the remainder of the assets will make its way through the fund over a few months.
The government, as the WSJ put it, recently "backstopped" these MMFs. With all due respect, I think most MMF investors just see this as a "government guarantee". It's not quite that, but perception is reality and it should have a calming effect.
That doesn't mean that the muni bond market won't again go wacko. This only addresses the question of cash flow of muni MMFs.
Given that "Individual, or 'retail,' investors are the largest holders of municipal securities", a herd mentality reaction could make a real impact on the muni bond market. That in turn could depress the value of a fund's holdings. (Quote is from ICI's FAQ About Municipal Bonds.)
ISTM that the government MMF loan program lets MMFs prop up their shadow price by swapping undervalued paper for cash. For example, a MMF might have a muni bond that will mature and be redeemed at par in 11 months, while the market is currently pricing it at $0.98. This loan program allows the MMF to borrow against the bond as if it were worth $1 (amortized cost).
But that program doesn't come without a cost of its own. There's an interest charge equal to the primary credit rate (currently 0.25%) + 0.25% for muni MMFs. Will sponsors go for this?
If past is prologue, the answer is largely yes.

at least twenty-nine MMFs had losses large enough to cause them to break the buck in September and October 2008 despite significant government intervention and support of the sector. Five funds or more experienced losses exceeding the 3 percent reported by Reserve, and one fund reported a loss of nearly 10 percent. Among the twenty-nine funds that would have broken the buck without sponsor support, the average loss was 2.2 percent."

https://libertystreeteconomics.newyorkfed.org/2013/10/twenty-eight-money-market-funds-that-could-have-broken-the-buck-new-data-on-losses-during-the-2008-c.html
Aside from the Reserve Fund that broke a buck, that's 28 other funds where their sponsors propped up their funds. They did this not at a rate of 50 basis points for a few months, but by infusing 200 basis points give or take up front. The loan program is a fantastic deal for the MMFs. From a psychological perspective, the expectation is that they won't have to use it. And should they need to, it is dirt cheap.
Then again, what do I know? As Will Rogers said, all I know is what I read in the papers. I didn't go to a seventh-rated MMF sponsor (Schwab, according to Crane Data) to ask about this new development.
Though I did speak with the big kahuna (Fidelity dominates money-market industry) a few years ago after the liquidity regs were finalized. At that time Fidelity was very courteous, confirming that I was reading the regs correctly, but declining to provide any information about how Fidelity would implement them in practice. As expected, and no different from Schwab's response - just boilerplate.

https://www.sec.gov/Archives/edgar/data/101507/000143510920000074/usgiholmes497.htm
97 1 usgiholmes497.htm
U.S. GLOBAL INVESTORS FUNDS
Holmes Macro Trends Fund (the “Fund”)
Investor Class Shares
Supplement dated March 31, 2020, to the Prospectus dated May 1, 2019, as supplemented
IMPORTANT NOTICE REGARDING CHANGES TO THE FUND
At the March 27, 2020 meeting of the Board of Trustees (the “Board”) of U.S. Global Investors Funds, the Board approved, at the recommendation of U.S. Global Investors, Inc., the investment adviser to the Fund (“Adviser”), changes to the Fund’s name, investment strategies, and primary benchmark index, in order to highlight a focus on luxury goods-related investments, effective May 1, 2020. These changes, among other things, will be reflected in the Fund’s forthcoming prospectus and SAI dated May 1, 2020.
The costs incurred in connection with effectuating the changes to the Fund, such as filing fees, costs incurred in connection with the filing, printing, and mailing of shareholder notices, and attendant legal expenses, among other costs, will be borne by the Adviser and not the Fund’s shareholders. Trading costs associated with transitioning the Fund’s current portfolio of investments, which are expected to be minor, will be borne by the Fund. The Fund could also potentially realize taxable gains in connection with transitioning the Fund’s current portfolio of investments, which could expose the Fund’s shareholders to the possibility of a future capital gain distribution.
A summary of the anticipated changes to the Fund’s forthcoming prospectus and SAI dated May 1, 2020 is as follows:
1. The Holmes Macro Trends Fund will be renamed the Global Luxury Goods Fund.
2. The primary benchmark index for the Global Luxury Goods Fund shall be the S&P Global Luxury Index.
3. The section entitled “Principal Investment Strategies” will be revised as follows:...

Here is an interesting interview with Tom Barrack (Colony Capital chairman) that looks at how regulatory requirements within the Commercial Mortgage-Backed Securities (CMBS) market are connected to the current liquidity crisis in that market space. There are lots of short term interconnected temporary cash flow problems that need rapid resolution in this crisis situation. Many are unrelated to the historical (and potentially future) values of the underlying businesses and the creditworthiness of the individual borrowers confronting the problems.:
https://finance.yahoo.com/video/barrack-says-real-estate-collapse-222512472.html

Just found the SEC Filing so it is not an April Fools joke!
https://www.sec.gov/Archives/edgar/data/915802/000139834420007183/fp0052318_497.htm
497 1 fp0052318_497.htm
FINANCIAL INVESTORS TRUST
SUPPLEMENT DATED MARCH 31, 2020 TO THE SUMMARY PROSPECTUSES AND PROSPECTUS FOR THE GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND, GRANDEUR PEAK GLOBAL MICRO CAP FUND, GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND, GRANDEUR PEAK GLOBAL REACH FUND AND GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND (EACH A “FUND,” AND TOGETHER, THE “GRANDEUR PEAK FUNDS”) DATED AUGUST 31, 2019
Effective April 1, 2020, the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund will reopen to all shareholders.
Also, effective April 1, 2020, the Grandeur Peak Global Micro Cap Fund will reopen to all shareholders who purchase directly from Grandeur Peak Funds. The Fund remains open through financial intermediaries to shareholders who currently hold a position in the Fund. Financial advisors with clients in the Fund are able to invest in the Fund for both existing as well as new clients. The Fund also remains open to all participants of retirement plans currently holding a position in the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Mike, I’ve been invested in a AKREX/AKRIX since 2017. Although it’s highly concentrated and particularly in financials, I don’t think that’s too much to worry about.
26% of the 45% invested in financials is with MasterCard, Visa and Moody’s. They should do well going forward unless we truly fall into a deep recession or depression.
IMO it is not going to happen. A slow down yes, maybe a quarter or possibly two, but nothing more than that unless something very unexpected occurs.

@Mark Yes, a home is an illiquid asset that is hard to value or to liquidate to pay debts. Yet looking at just that is thinking like the average person whose home is his/her largest asset. According to Brookings, "Almost three-quarters of aggregate household assets are in the form of financial assets—namely stocks and mutual funds, retirement accounts, and closely-held businesses. Real estate makes up the vast majority of nonfinancial assets."https://brookings.edu/blog/up-front/2019/06/25/six-facts-about-wealth-in-the-united-states/Since the top 20% controls 77% of America's net worth, much of their assets is not in their residence but in more liquid forms--cash, stocks, bonds, funds, etc: "In fact, the top one percent alone holds more wealth than the middle class. They owned 29 percent—or over $25 trillion—of household wealth in 2016, while the middle class owned just $18 trillion.[iii]" When Bernie Sanders talked about a 2.5% wealth tax he wasn't asking people to sell their homes to pay it.

Just received this email (the table in the email has been adjusted below)
March 31, 2020
Dear Clients and Fellow Shareholders,
We are re-opening the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund to all shareholders as of Wednesday, April 1, 2020.
We continue to be encouraged by the limited redemptions by our shareholders as we experience increasing volatility in the markets, and believe it is in the best interest of both shareholders and portfolio managers to have the funds open at this time. Opening the Funds to new shareholders may provide an opportunity to make investment decisions in today’s depressed markets that we believe will benefit shareholders for the long term.
Grandeur Peak Emerging Markets Opportunities Fund GPEOX/GPEIX Open
Grandeur Peak Global Contrarian Fund GPGCX Open
Grandeur Peak Global Micro Cap GPMCX Open*
Grandeur Peak Global Opportunities Fund GPGOX/GPGIX Open
Grandeur Peak Global Reach Fund GPROX/GPRIX Open
Grandeur Peak Global Stalwarts Fund GGSOX/GGSXY Open
Grandeur Peak International Stalwarts Fund GPIOX/GPIIX Open
Grandeur Peak International Stalwarts Fund GISOX/GISYX Open
Grandeur Peak US Stalwarts Fund GUSYX Open
In the event the market has an unexpected rebound or the flows into the funds exceed our target asset levels, we are prepared to return back to a Soft Closed status to maintain a relatively small asset base and preserve the nimbleness for our research team. We will, of course, notify you in advance of any future changes to the funds’ status.
To learn more about any of our funds, call any of us on the client team (contacts below) or our shareholder services team at 855-377-7325. Additional information is also posted on our website: www.grandeurpeakglobal.com.
Best Regards,
Mark Siddoway, CFA, CAIA, MBA
Head of Client Relations
* The Grandeur Peak Global Micro Cap Fund is open through financial intermediaries to shareholders who currently hold a position in the Fund. Financial advisors with clients in the Fund are able to invest in the Fund for both existing as well as new clients. The Fund also remains open to all participants of retirement plans currently holding a position in the Fund.
The objective of all the Grandeur Peak Funds is long-term growth of capital. The Global Contrarian and US Stalwarts Funds are new and have limited operating history.
RISKS:
Mutual fund investing involves risks and loss of principal is possible. Diversification does not eliminate the risk of experiencing investment loss. Investing in small-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.
An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit www.grandeurpeakglobal.com or call 1-855-377-PEAK (7325). Please read it carefully before investing.
Grandeur Peak Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. For more complete information including charges, risks and expenses, read the prospectus carefully.

Global fund managers tilted towards bonds in March and don't hold much near term hope for a sustained stock market rebound....

Global fund managers are convinced the world economy is already in recession, and recommended increasing bond holdings in March to the highest level in at least seven years while buffering up on cash at the expense of equities, a Reuters poll showed.
“The recent fall in equities reflects the wrongdoings over the past decade such as share buy-backs at a time when investment growth was warranted."
“The monumental scale of stimulus announced by central banks can only bring bond yields lower."
Asset managers reduced recommendations to equity exposure to the lowest since September, to 45.9% of the model global portfolio from 49.1%. Cash holdings were increased to the highest since October, to 5.2% from 3.8%. Asked on the outlook for equities over the next three months, nearly 90% of respondents said stocks would fall further or stay around current levels.
U.S. funds suggested a cut to equity exposure to the lowest in Reuters poll records for that country going back to early 2011 and an increase to bond holdings to the highest since then.

https://reuters.com/article/us-funds-global-poll/global-funds-still-recommend-bonds-over-stocks-reuters-poll-idUSKBN21I1PO

If you were to evaluate a man's finances to see whether he was credit worthy or not, would you only look at his annual income or his assets as well--how much cash he had in the bank, the value of his home, the value of his brokerage account? Especially with a man who is aging wouldn't it make more sense to pay attention to his assets as opposed to just his income since his earnings power would be declining? The same goes with a blue chip company like Apple. Would you say Apple's ability to repay its debts is only based on its earnings potentional or the massive hoard of cash it has on its balance sheet. All of which is to in this constant discussion of the debt level of nations, especially aging developed superpower nations with less growth potential but immense stores of already existing wealth, why is the debt to annual GDP the primary focus? Why isn't this also part of the discussion?

@Crash. If today's S&P holds, I have it down (only) 18.5% from last peak, which means the bull market has not ended ... using month ending data only, which is pretty common.