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...

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.

Hi @_Mona, think has to do w/ cost and your personal perference. We have the VTI and SPY along w/ Dows-ETFdifferent accounts. May not make a big difference long term except for costs. Every large trading firms are trying to cut down their costs for index next to nothing.
SCHK is also another good choice for schwab broad market ETF, 0.05% fees if you think costs maybe major concerns

As mentioned in other threads on MFO I'm now the proud owned of 50 shares of ASML. Anyone here who has an interest in that company should please take note and probably sell immediately.

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

What are the differences between the Vanguard 500 Index VFIAX and Schwab 500 Index SWPPX?
I have the same question with Vanguard Total Stock Market Index VTSAX vs Schwab Total Stock Market Index SWTSX.
It appears that the performance of VFIAX vs SWPPX and VTSAX vs SWTSX are almost identical, however, the Tax Cost Ratio on both of Schwab's indexes is higher. Why would this be?
Mona

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

I wasn’t “calm”. But now have a substantial position in PIEQX (5-6%) which I didn’t have before all the nonsense began couple weeks ago. Plan to hold that one a good long while. About half I bought yesterday. Also sold some bond-weighted holdings so that a trickle went into miners and natural resources (the riskiest areas). Call it bottom fishing / dumpster diving.
Wish I’d had the foresight to add to PRNEX yesterday when crude was flirting with $30. Nice bump up today. It was a long day flying and driving. Did what I could enroute. Bought a little today as part of a broader rebalance.
Confucius say: “He who hesitates is lost.”

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

Shiller p/e is still higher than at anytime except the last 5-6y, the ~decade following the mid-'90s, and fall 1929

https://www.nytimes.com/2020/03/12/business/coronavirus-401k-bonds.html
https://www.google.com/amp/s/www.nytimes.com/2020/03/12/business/coronavirus-401k-bonds.amp.html
Incognito search
https://www.google.com/search?source=hp&ei=HgtrXsKdJ8_LtQa97JHQBg&q=Should+I+put+my+401k+in+bonds&oq=Should+I+put+my+401k+in+bonds&gs_l=mobile-gws-wiz-hp.3..0i324j0i22i30l3.3590.3590..6493...0.0..0.129.129.0j1......0....2j1.......0.-5FE9fU-Vd4
Should I put my 401k in bonds
If near retirement maybe large portions
If far away from retirement, not a good idea

https://www.morningstar.com/articles/971583/where-to-go-for-income-in-a-low-yield-world
/Where to Go for Income in a Low-Yield World
If you're on the hunt for yield, be sure to mind the downside.
Have you heard about the “war on savers”? Well, brace yourself, savers: This war may well get worse before it gets better./
Couple ideas re- for incomes
HY bonds
Div stocks
Good quality bonds
Cash

@Crash Is CM's dividend safe? 7+% is an impressive yield.

I check with "Simply Wall Street" as well as Morningstar, when it comes to single-stocks.
"SWS" shows CM at an even deeper discount, -48.5% below NAV. They are showing the div as just a bit lower, at 6.82%. (But see below!) "Highly volatile" over the last 3 months, but EVERYTHING has been volatile, lately....The graph shows CM to be less volatile than the industry average, though it's a bit more volatile than the GENERAL market.
...Valuation is shown at greater than -50% discount. (NYSE dollars, not Toronto.) 4 out of 6 "analyst checks" are green, 2 are red. Those two are the PEG ration and the P/B.
"Fair Value" is pegged at $122.64. Price today is $52.22.
Analyst future growth forecast: not good, so you'd be buying it for the dividend. It's not NEGATIVE, just not much growth is forecasted. "Earnings" are rated as "quality." So I guess that means earnings at CM are not made up of non-recurring items that are exceptions to the rule.
Financial health: 6 out of 6 green check-marks. Long-term assets are much bigger than liabilities. On the specific spot showing the dividend, it is shown as 8.23%. (It goes ex-dividend on 25th March.)
"Yield vs. the Market:" 8.2 right now and in three years it is forecast to be 8.4.
The dividend is judged to be "stable" and "growing." Right now, 50% of earnings are paid out to shareholders, and 49% predicted in three years.
I hope all of this is useful. :)

Hi VF -
RPGAX is a great fund. Much better “hedged” than most, as you know. It’s not an easy decision for me. One ingredient in my thinking is I have been holding DODIX as “cash equivalent” in my portfolio and no longer think that’s a viable option due to the super low short term rates (nowhere to go but up). So today I shifted a bit from DODIX into DODBX and at the same time moved an equivalent amount from RPGAX into TRBUX.
What I really intended to suggest to folks is that there is another option to just deploying precious cash if you want to add some risk to the portfolio. That us to gradually move from your more conservative allocation / balanced funds into more aggressive ones, In this case, DODBX is the more aggressive of the two - typically holding 65-70% in equities. And, as I mentioned, they’ve positioned the fund to benefit mightily from any rate increases by overweighting financials To wit - I’m early in this move and will be punished.
Nasty day for most of us. You’d think the world is about to end,

Trade War. Tariffs. Corona Virus. Up 35% in 2019.
Tells you how much Harvard Graduates working on Wall St know.

Hi guys ... Old_Skeet's stock market barometer reading remains "pegged" on the high side with a reading of 180 indicating that the markets are extremely oversold based upon the metrics of the barometer. I'm thinking that many investors are having to sell the good stuff to meet margin calls and this has lead to the extreme selling that we are now seeing. For today, the S&P 500 Index declined to a reading of 2481 from yesterday's closing of 2741 which equates to a 9.5% loss for the day; and, a decline of 26.7% from it's 52 week closing high of 3386 just weeks ago. This now puts the 500 Index into bear market territory. I'm also thinking that the momentum remains to the downside until the weaker investors get flushed. Friday may shape up to be a throw back rally as throwback rallies generally follows an extreme down day.
So, what did Old_Skeet do today? He bought (again) in my equity income sleeve as I currently favor equity income over fixed income. In doing my portfolio's tabulation for today my asset allocation bubbles at 18% cash, 42% income and 40% equity. With this, I have now bought equities at the 8%, 13% 19% and 27% decline marks for the 500 Index.
My next planned buy will be somewhere off the Index's 52 week high somewhere between -25% (2540) to -30% (2370) and most likely in my equity income sleeve. However, I might hold off my equity buying until next week until how I see the US10YrT closes for week and the Index bubbles.. Seems, thus far for this week, the big down days have been on Monday and Thursday. Perhaps, this will hold true for next week.
Take care ... and, I wish all ... "Good Investing."
Old_Skeet

Yes - the ship is tossing and floundering around looking for a port (reminiscent of “The Flying Dutchman” I was planning on seeing in May). I agree with @Catch22’s overall observation. Only a nut like me would try to predict. But here we go:
- Short rates have turned up since bottoming under 0.5% on the 10 year earlier. Finished at 0.8% today. The current conventional wisdom that U.S. rates will drop to 0 and than keep falling may be wrong. They may now be rising. Might relate to @Mark’s mortgage issue, as mortgage rates are closely linked to the 10 year treasury.
- Gold’s been hammered. Yet a lot of smart people have been high on it - Ray Dalio, Bill Fleckenstein, Mark Mobius among them. I’ve always thought gold was a manipulated market and this might be the “shakeout” of weaker hands in advance of another rise. Just a guess based on the easy money that’s flooded global markets for years.
- Equities. I’m amazed when people pour money into a fund that’s up 20, 30, 40% in a year’s time. Somehow that makes sense to them. But after a similar drop in value folks run away. Maybe that works for them. Wouldn’t for me.
Sorry - Diverging here. So I think (over the next year) it’s down for rate-sensitive bonds, up for the precious metals and sideways for global equities. The virus is nasty. Lot of unknowns. On the other hand - we haven’t been invaded by the Russians (physically), Trump hasn’t lobbed a Nuke at some little country (yet) and a spaceship from another planet hasn’t landed in Manhattan. (It just always looks that way.)
I’m beginning to rotate slowly out of RPGAX and back into DODBX. Risk reward factor is starting to favor the latter - especially if rates eventually rise, which they’ve long expected and positioned the fund for.
Best wishes. Stay well.

We're already at the target (2500 on the S&P) that I set for my dry powder at the start of this mess, but I'm afraid to pull the trigger. I probably will start to scale in soon-ish. Though I can't see any short-term triggers for a meltup, and I can see plenty of reasons for us to keep falling, so I'm not in any hurry.
On my likely buy list: VDIGX and GPGCX. I might also add a little to my small stake in TDVFX. Super volatile fund, should bounce back if the market does, but sure, right now I wish I'd never bought it.
Was considering PCI or PDI but yikes, I wish I understood better what was in Dan Ivascyn's magic sauce so I could grasp the risks, but I don't, so I'll probably steer clear.