I am also looking at what to prune and what to add. Two global growth funds, MGGPX and BGAFX, have held up amazingly well. I own the former, but consider the latter to be its equal. As of last night neither fund had lost more than 15% YTD, with the Baron fund at around -9%. All this could change in an instant, but I could see jettisoning APFDX and cutting back on DSENX in favor of one or both of MGGPX or BGAFX. Kind of surprised the Baron fund is not a Great Owl.

@Sven - Why do you think I started this post :-). I know it's bad.
My problem is when I see "floating rate", I don't look at portfolio. What I hear is that it will yield me the prevailing interest rate.
Now if someone is selling me an S&P 500 Index fund, I'm not going to look at the portfolio to see if it is stocked 50% with small cap stocks. I just wouldn't think about ding that.
In any case, my question goes beyond portfolio of TRP. Isn't a "floating rate" fund supposed to be less risky than a "balanced" or "allocation" fund which can invest 60% odd in equities? What is the risk / reward equation from here going forward?

In this crash, it [RPHYX] has underperformed both vanilla bond funds like MWTRX and Vanguard's bond index fund, VBMFX ...
It was supposed to offer minimal downside. As it turns out, in this stress situation, it has offered more downside than a total bond market index fund ...

RPHYX is supposed to offer a more steady ride, not outperform over mid- to long-term. In that, it has succeeded.
Here's a graph plotting the 3 month performance of these three funds. The "crash", or "downside" begins for the vanilla bond fund VBMFX and the core plus bond fund MWTRX (and the average intermediate core plus bond fund) begin around March 8th.
Here's the graph comparing their performance from March 8th on.
Average core plus: -8.2%
MWTRX: -5.3%
VBMFX: -4.4%
US bond index: -4.1%
RPHYX: -2.3%
Not quite the steady eddy one might have hoped for, but half as much loss on the downside. As others have pointed out, there's a difference between cash and any fund not pegged to a $1.00 NAV. RPHYX is not a checking account. It is best used for the cash portion of one's asset allocation, not for daily expenses.

Thank you; most kind.
https://www.newsday.com/long-island/obituaries/alan-finder-obituary-1.43423378
Complete coincidence that we both trained to be academics and teachers, argued about history of ideas (and politics) 50+ years ago, and were teachers for a while, and then each separately wound up in journalism and editorial work forevermore. It is shocking (literally) to have someone in good health die like this. I sure am hoping everyone here is able to stay mostly safe and scrubbed and more or less isolated even in their declining wealth.

The old $10k-growth quote graphing from M*, which is not up to date tonight yet for many of these, shows that since 2/21 CAPE is right in the middle of, well, not its peers, but other ones I follow and think 'I should have done instead' ... NOBL, OUSA, DVY, VIG, SCHD, SPLV.
So there seems no particular or new reason to jettison CAPE, whether you understand it or not.
Certainly the DSE_X bond sauce has failed to add value for some time now.
It is remarkable to see (for this short, monthlong span) DVY do a full ~9% worse than VIG and OUSA, since the first two are so widely touted.
Of course it is mindblowing to see everything down like 26% in ~31 days, even after today's pop.
Wait'll this new state gets really serious. I just had a college friend die last night of covid19, healthy, 72, took ill 2w ago, on ventilator 12 days in a highly regarded NJ hospital, best care, seemed to be rallying, cardiac arrest in the middle of the night. One of the 780 US deaths thus far. His family and friends are stupefied and (of course) worse. Alan Finder helped me unpack my cartons of LPs and whiskey 55y ago into our freshman dorm.
Wait till we are discussing all this in a month or three or six, following the "president"'s Easter goal and back-to-work order.

Hi @David_Snowball, yes, my comment was about RPHYX, and I was actually thinking of you when I wrote that comment, since I know you've invested heavily in it.
In this crash, it has underperformed both vanilla bond funds like MWTRX and Vanguard's bond index fund, VBMFX, which is positive for the year. It has also underperformed over the medium and long terms.
It was supposed to offer minimal downside. As it turns out, in this stress situation, it has offered more downside than a total bond market index fund, while also underperforming the index by over 100 bps/year over the last 5 years.
I have enormous respect for you, so I am curious if you are rethinking your investment in this fund.

The securitized saga isn't over. VCFAX -3.1...SEMMX -2.95...ANGLX -1.4...DHEAX -2.25. DHEAX is even more unique with 80+% in IG rating bonds. VCFAX is about 50/50 IG/below IG. Slowly but surely they are going down.

Ha! I used the quote recently.
Just checked AUM ... $1.7B, down from $4.5B. The irony is that today's level is where they were when they told me they were "day to day" on inflows.
I loved these guys, their firm, and their strategy. The AUM growth was one of my few complaints. That, and the fact the they were just the subadvisor to AlphaCentric, which has an awful record and management.
But Garrison Point seemed to be left alone and there was no fall-off in performance with AUM. So, they seemed to handle it ... until this.
It's had a remarkable five-year run.
Talk about hiding volatility in NAV ... a whole new level.
I wonder if GP had been its own advisor if the story would have ended differently.
c

From Jan Wolfe at Reuters
"WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday said he wants the U.S. economy to reopen by Easter Sunday, April 12, despite the rapid spread of the novel coronavirus in some U.S. states and a rising death toll from the disease.
Legal experts say a U.S. president has quite limited power to order citizens back to their places of employment, or cities to reopen government buildings, transportation, or local businesses. Here is why."
Story from Reuters

Good briefing from Eric Balchunas et al at Bloomberg. Enjoy. c
https://1drv.ms/b/s!AmF1g-5ef-jIk81XuK51dIiWpncsqQ

Thanks @FD1000 I thought there may be some other data sort at another particular site that Charles views to obtain a different inference. I'm familiar with the M* data.
@Charles, you noted:

How could there not be a robust market for TLT? But there wasn't ... until yesterday.

The market for these similar TLT, EDV and ZROZ Treasury issues has been robust; but when these and other Treasury issues started to falter on March 9, is the reason for my post that was originally titled, "Absolutely Dumbfounded"...........something was "broken".
However, these 3 have performed well YTD:
--- TLT = +20.6% YTD
--- EDV = + 27.5% YTD
--- ZROZ = +30.1% YTD
However, as I had noted previous; these 3 etf's can be hot potatoes and deliver in the opposite direction, too.
I expect these 3 will give up some positive, with an initial "stimulus" package passage; but who knows how long any of a "happy" time may exist for an equity bump, too. Many bond and equity bumps in the road ahead.
Take care,
Catch

I'm expecting massive sell-offs. Since I'm using RPHYX as a near-cash substitute, I want to know if he gets hit with redemption fever, how much actual cash is on hand versus "in 30 days" cash.
Like the suggestion that he's picking up 5% yields on the cheap, but maybe that means that someone like him is also having to get liquid.

wow, IOFIX only -1.3% today
But, SEMMX (more conservative with SD around 1-1.2) was down another -2.95%

There are a lot of different situations that are getting mixed together here.
@MikeM raises the question of employer plan rollovers in kind. Often employer plans require you to liquidate your holdings and transfer cash. If they make an exception, it is usually limited to rollovers within the same financial institution, e.g. a TRP-managed 401(k) to a TRP IRA. So rollovers have their own obstacles independent of whether funds are closed or not.
Then there are transfers of shares held directly with a fund company (not the situation here). Long ago, TRP was willing to do an in-kind Roth conversion for me of a closed fund to a new Roth account. More recently, it told me that it would not do an in-kind conversion of a closed fund to a new Roth.
At the same time that TRP was telling me this, Fidelity was telling me sure, they could do the Roth conversion of TRP shares in-kind. I never tested this and have my doubts about whether TRP would allow them to open the new account.
IMHO, the key question is how strict the fund company is with respect to opening new accounts, regardless of where that new account will be opened. The TRP examples above show how this can go either way, and also that a fund company's flexibility can change over time.
Regarding @little5bee's transfer request: Let us know what happens. Filling out a transfer request form is different from actually getting the shares transferred.
I own legacy shares of a fund that over the years transformed into institutional class shares at Legg Mason. It now has a $1M (or higher?) min, not technically closed. Legg Mason has informed me that it will reject any transfer request from another institution (such as Schwab) unless I meet the $1M min in the receiving account. Yeah, sure. I'm hoping that the new fund distributor, Franklin Templeton, will be more flexible.

@Graust, not sure what you were looking at. As of yesterday's close, IOFIX was down over -34% for 1Y, and even through Friday's close it was about -25%.
@BenWP, I get the joke, but maybe you could use another analogy given SA's horrendous record of racehorse deaths? I'd hate to think that our investments could go down for the count at any time.
@franktrdr, I read that article on SA, and others describing the mayhem in the FI markets. I believe the author may have been mistaken about CEF NAVs. AFAIK, they are still only published weekly. M* shows a daily as of date, but in the cases of the CEFs I hold, the manager's website only updates weekly and the value on M* only changes weekly. I'm not certain as to whether or not there are any other sources which are updated more frequently.
In all my days, and I'm talking pre-1987 crash by more than a decade, I've never seen anything like this environment, and, I can also say that I've never seen a fund with a perfect '100' scorecard across all linked time-periods on M*, as is the situation for this fund. 'Never say never'.
To try and figure out whether this fund is ever worth going back into, much less now when things are so crazy that, e.g. Vanguard's Muni MM has a 7-day yield of 3%!!!!, Charles is absolutely right, things need to settle down, and then I'd look for funds that maybe weren't so great on the way up, but didn't kill you on the way down.
One final comment on the TLT price breaks vs. NAV. USTs are the Gold Standard for collateral, repos, derivatives, etc., so when things start to unwind, and counter-parties can't make payments, they can lose the bonds and the new holders may be very eager to liquidate because they don't want the interest rate risk (in addition to whatever else is on their balance sheets). Hence, fire sales abound. There was also a story last week about a CME clearing firm (Ronin Capital) that went belly up (dealer-to-dealer) and whose assets had to be auctioned off.
Be careful out there!

@catch22. I know. Unprecedented really. How could there not be a robust market for TLT? But there wasn't ... until yesterday. Here's illustration ...
https://twitter.com/MstarETFUS/status/1242452746466402305?s=20

M* (link) NAV vs PRice
Example as of 3/23/2020...for one week...Price=+1.28...NAV=-0.51%

Just as a reminder, RPHYX is the Short Term High Yield Fund and RSIVX is Strategic Income. The former is down 2.5%, the latter down 14.5% as of 3/23/20.

@little5bee, are you taking about transfers from 2 different accounts both with-in Schwab? Or, to an account in Schwab from an account at a different brokerage?

Hi @Mark
I look at Fido and M* for numbers, but; I observe the bid/ask to guide me in what is happening at the time. I've obviously missed what Charles is pointing towards.
I can fully understand a price and NAV difference in the past week with LQD; as 50% of the holdings are BBB rated, and in the current environment placed BBB on the edge of good junk. TLT is AAA Treasury stuff, although subject too, to folks wanting to sell at some point in time; but not right now.
Thank you.
Catch