April 17th, 2020 Episode:

https://www.sec.gov/Archives/edgar/data/891190/000168386320003566/f3655d1.htm
497 1 f3655d1.htm VANGUARD TREASURY MONEY MARKET FUND 497
Vanguard Treasury Money Market Fund
Supplement Dated April 16, 2020, to the Prospectus and Summary Prospectus Dated December 20, 2019
Vanguard Treasury Money Market Fund (the "Fund") is closed to all new investors (with the exception of participants who invest in the Fund only through defined contribution plans that offer the Fund as an existing option).
The Fund will remain closed until further notice and there is no specific timeframe for when the Fund will reopen. During the Fund's closed period, all current shareholders may continue to purchase, exchange, or redeem shares of the Fund online, by telephone, or by mail.
The Fund may modify these transaction policies at any time and without prior notice to shareholders. You may call Vanguard for more detailed information about the Fund's transaction policies. Participants in employer-sponsored plans may call Vanguard Participant Services at 800-523-1188. Investors in nonretirement accounts and IRAs may call Vanguard's Investor Information Department at 800-662-7447.

...but it is still expensive.
https://www.sec.gov/Archives/edgar/data/1370177/000139834420008148/fp0053131_497.htm
RIVERNORTH FUNDS
RiverNorth Core Opportunity Fund
Institutional Share Class
(Ticker Symbol RNCIX)
April 17, 2020
SUPPLEMENT TO PROSPECTUS DATED
January 28, 2020
The RiverNorth Core Opportunity Fund Institutional Share Class to Reduce Initial Minimum Investment Amount.
On April 6, 2020 the Board of Trustees (the "Board") of RiverNorth Funds approved a change to the initial minimum investment amount for the Institutional Share Class for the RiverNorth Core Opportunity Fund (the “Fund”). Effective on April 24, 2020, the minimum initial investment amount for the Fund’s Institutional Share Class (ticker RNCIX) will reduce from $5,000,000 to $100,000.
RIVERNORTH FUNDS
c/o ALPS Fund Services, Inc.
1290 Broadway, Suite 1100
Denver, Colorado 80203
1-888-848-7569
Please retain this supplement with your Prospectus for future reference.

I assume that the studies will have enough patients in them so eventually we will have lots of data on effectiveness on patients in hospital. I do not know what egibility criteria they are using to add a patient to the study; presumably on assisted ventilation ( ie at least BiPap) or significant oxygenation or other measures of severity but if they are smart they have included patietns in early stages to see if it prevents deterioration
Keep in mind thought that even if it is extremely effective and say reduces mortality or deterioration by 50% it will not stop transmission or new cases. People will still be worried about getting sick and the still increased ( if lower) risk of death.
Thus a wildly successful drug may lessen the panic and fear, but may not do as much to reopen things as people will still be worried about getting sick
I very much doubt Hydroxychloroquine will do much, but we will know more shortly.
Several small better studies than the one Trump touts have shown little to some smaller benefits
https://www.medrxiv.org/content/10.1101/2020.04.10.20060699v1
https://www.medrxiv.org/content/10.1101/2020.03.22.20040758v3
But we need to know all of data definitions and how studies were done. For example in latter study what does "improved pneumonia" mead? Did the doctors who read the patients xrays know the patient was taking hydroxychloroquine?
These are standard protocols that must be followed if we are to have confidence these drugs will be effective.
Without this is as if Trump had decided that Boeing had "done enough" to fix the Max 737, certified it to fly by presidential edict and told the FAA to stop the investigation.
Who would get on such an aircraft?

@msf If you look at the original article, this was from a phase 3 trial. But yes, it's only one small part of that trial, so Gilead is correctly saying it's promising but too soon to be sure.
Poking around a bit further, it seems that even if it works, they could produce a million doses by the end of the year.
That wouldn't be enough to end this pandemic, though it would save a lot of lives.
Seems to me the market is betting that something is on the way, whether this drug or something else or a comob, so the end is in sight.

Investors should be cautious ...
https://www.cnbc.com/2020/04/17/gilead-drug-remdesivir-investors-should-be-cautious-analysts-says.html

Just early results, but this from Gilead sure sounds promising: a survival rate of over 98% for severely ill patients (already a subset of those infected.) Still need more testing, obviously, and we'd also obviously still have a long haul for a full economic recovery, but if this is for real, current market prices would make a lot more sense.

An explanation of what happened of sorts: https://fmimgt.com/fmi/corp/International/Letter/2020/iso_in_20200331.pdf

"The virus is in charge, no economics or the Fed."
Correct.
https://www.politico.com/news/2020/04/15/coronavirus-hot-spots-farm-belt-189272

I think the answer to "So who's right?" is it depends.
Here in mid April, there is still no widespread testing available in the U.S.
Aggressive widespread testing (for the virus itself as well as for antibodies) & contact tracing/surveillance would not only start to give control of containing the infection but would also go a long way in boosting confidence in the business world with some semblance on how to proceed going forward. It would definitely be the most cost effective way to do so & with the most surgical precision. And even though this is not a panacea (with false negative viral tests, the unknown at what level of antibody titers actually confer immunity, best treatment options, etc.), at least it's an effective start & a plan of action & can start to address specific issues as they come up. It seems like a logical first step.
Instead this is the white house plans for reopening:
"The plan lays out three phases: Preparing the nation to reopen with a national communication campaign and community readiness assessment until May 1. Then, the effort through May 15 would involve ramping up manufacturing of testing kits and personal protective equipment and increasing emergency funding. Then staged reopenings would begin, depending on local conditions."
https://www.washingtonpost.com/health/2020/04/14/cdc-fema-have-created-plan-reopen-america-heres-what-it-says/
It's a long way between now & May 15.
"prepare for the best & hope for the best" is probably not the answer.

This is from the NFCU website tonight:
Certificate Special Offers
Rates effective as of: 15 April, 2020 12:01 AM ET
Product Minimum Deposit Term Dividend Rate APY†
Special 37-Month IRA/ESA Certificate1 $50 37 months 2.96% 3.00%
Special EasyStart℠ Certificate2 $50 12 months 3.44% 3.50%
1Limit one Special 37-Month IRA/ESA Certificate per member. This offer, including the stated Annual Percentage Yield (APY), is effective December 6, 2019. Navy Federal reserves the right to end or modify this offer at any time. The Special 37-Month IRA/ESA Certificate has a $50 minimum and a $150,000 maximum balance. Only available for IRA/ESA Certificates. Additional deposits are allowed at any time, subject to the maximum balance. IRA/ESA certificate subject to IRS contribution limits. Penalties apply for early withdrawals from certificates. Other restrictions may apply.
2Limit one Special EasyStart Certificate per member. This offer, including the stated APY, is effective Dec. 10, 2018. Navy Federal reserves the right to end or modify this offer at any time. Penalty for early withdrawal. The Special EasyStart Certificate has a $50 minimum balance and a $3,000 maximum balance. Additional deposits are allowed at any time, subject to the maximum balance. Certificate owner(s) age 18 and older must have Direct Deposit of Net Pay or payroll allotment and a Navy Federal checking account within 90 days of the certificate issue date. If these requirements have not been satisfied by the 90th day, your Special EasyStart Certificate dividend rate will be reduced to the prevailing dividend rate of the standard EasyStart Certificate for the remainder of the certificate's term.
https://www.navyfederal.org/products-services/checking-savings/certificates-rates.php

https://www.sec.gov/Archives/edgar/data/1683471/000089418920002726/sourceliquidationsupplement.htm
497 1 sourceliquidationsupplement.htm 497 SOURCE DIVIDEND OPPORTUNITY ETF
Filed pursuant to Rule 497(e)
Registration Nos. 333-215588; 811-23226
Source Dividend Opportunity ETF (DVOP)
a series of Listed Funds Trust
April 15, 2020
Supplement to the Summary Prospectus, Statutory Prospectus (each, a “Prospectus” and collectively, the “Prospectuses”), and Statement of Additional Information (the “SAI”) each dated December 26, 2019
This supplement provides new and additional information beyond that contained in the Prospectuses and SAI and should be read in conjunction with the Prospectuses and SAI.
After careful consideration, and at the recommendation of Source Asset Management, LLC, the investment adviser to the Source Dividend Opportunity ETF (the “Fund”), the Board of Trustees of Listed Funds Trust approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about April 30, 2020 (the “Liquidation Date”). Shares of the Fund are listed on the Cboe BZX Exchange, Inc.
Beginning on or about April 20, 2020 and continuing through the Liquidation Date, the Fund will liquidate its portfolio assets. As a result, during this period, the Fund will increase its cash holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund’s Prospectuses and SAI.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder’s Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of your shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call (800) 617-0004 for additional information.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
1

Another deep dive and a more positive outlook: https://morningstar.com/articles/976107/coronavirus-update-long-term-economic-impact-forecast-to-be-less-than-2008-recession
So who's right? Morningstar or:
https://foreignpolicy.com/2020/04/09/unemployment-coronavirus-pandemic-normal-economy-is-never-coming-back/
or:
https://forbes.com/sites/hershshefrin/2020/04/12/great-depression-economics-101-what-historical-numbers-and-charts-from-the-great-depression-foretell-about-the-economy-and-stock-market/#2f6845c11e3c
Or no one?

https://www.sec.gov/Archives/edgar/data/1040612/000104061220000057/mfcorebondr6closeprosupp.htm
(There is a table. It is better to view the table via the link)
Madison Funds®
Supplement dated April 15, 2020
This Supplement amends the Prospectus and the Statement of Additional Information of the Madison Funds dated February 28, 2020,
and the Summary Prospectus for the Madison Core Bond Fund dated February 28, 2020.
Madison Core Bond Fund - Closing Class R6 Shares and Converting to Class Y Shares
On March 6, 2020, the Board of Trustees of Madison Funds approved the termination of the Class R6 share class of the Madison Core Bond Fund (the “Fund”), which it deemed to be in the best interests of the shareholders of the Class R6 shares of the Fund.
Effective immediately after the close of business (4:00 PM EST) on May 28, 2020 (the “Closure Time”), Class R6 shares of the Fund will be closed to all investors and will no longer be available for purchase, including purchases by exchange. As of the Closure Time, each Class R6 shareholder’s outstanding Class R6 shares of the Fund will automatically convert to a number of full and/or fractional Class Y shares of the Fund equal to the aggregate net asset value to the shareholder’s Class R6 shares of the Fund determined as of the Closure Time (the “Class Y Conversion”). There will be no change in the overall value of a Class R6 shareholder’s Fund holdings as of the Closure Time resulting from the Class Y Conversion. Investments in Class Y shares of the Fund after the Closure Time will be subject to the fees and expenses applicable to Class Y shares as disclosed in the current prospectus and referenced below...

@Old_Skeet
You pretty much covered everything I mentioned already

In your analysis you reference CTFAX's inception date being 2012. This is wrong.

In your previous post you mentioned 2 funds CFTAX + CTFAX.

CTFAX's investment strategy is entirely different than VWINX. My point in using it was to reflect during the recent market volatility that CTFAX was the better performer and a way for a retail investor like myself could play market volatility.

I know that and why I mentioned numbers since inception but also the last 5 years + YTD

Below is my performance findings using Morningstar's performance numbers as of 4/14/2020

Correct, M* is up to date on performance BUT I look deeper at SD, Sharp,Max Draw,Sortino and these numbers are monthly one. I can easily find funds with better performance which is one criterion, what about the rest? I also look longer term because a fund can be great for 1-3-6 months but not 3-5-10 years. An investor who wants to hold long term these numbers are important.
When I checked CTFAX long term, it handled YTD amazingly and did a pretty good job for 3 years. If you look further VWIAX had better volatility, in 2008 Max draw for VWIAX was -18.7 while CTFAX -42.55
So, I'm guessing they changed the formula which is great because it's a good option.
BTW, COTZX is not available at Fidelity and Schwab which are 2 major discount brokers.
Here is my bottom line: CTFAX risk-adjusted performance for YTD and for 3 years are very good.

I presume this statement is relative to investment markets and not society.

Come fall I'm looking for things to pick up.

I remain to the thought that the glide path to "happy time" from a societal aspect is not close at hand. This circumstance is going to continue to impact various sectors of investments, due to consumer confidence and/or ability; or willingness, to spend.
Aside from daily data regarding COVID, remains the confidence of the public to become fully involved in "normal". From a northern perspective, is the great winter season migration to points south for several months. I suggest this area will provide a decent indicator of what is taking place.
I know several folks who own near beach front condos. They stay for several of the winter months, and then rent to in-state folks for the summer months for vacation time. Many of their neighbors don't stay at their own units during the winter months, but rent the unit for the winter season. These condo's are part of their investment portfolio.
All of the owners, from about 1 month ago; have all summer rental reservations cancelled. What remains to be seen is how many reservations will be placed and/or cancelled for those who need to plan ahead to the coming winter season of 2020.

“The market sentiment is quite clearly don’t fight the Fed. The analytical sentiment from talking to individual companies is very different,” said Dan Fuss, vice chairman of Loomis, Sayles & Company and manager of the flagship Loomis Sayles Bond Fund LSBDX, +0.64% , which manages $8.7 billion of assets.

https://marketwatch.com/story/disappointment-on-corporate-earnings-could-undermine-hopes-for-fed-to-rescue-markets-says-warren-buffett-of-bonds-2020-04-15?mod=home-page

The bullet points follow:
Signs that the coronavirus pandemic is easing drove stocks higher on Tuesday, even as the first batch of quarterly earnings showed the outbreak is taking a toll on corporate profits. The Dow climbed about 560 points, helped by Johnson & Johnson, Microsoft, and Apple which rose 4.5%, 4.9%, and 5%, respectively. The S&P 500 also registered a significant gain, rising more than 3%.
The market rallied on the idea that “maybe the worst of the economic freefall is over” and talk about reopening the economy, Charles Schwab’s Jeffrey Kleintop told CNBC’s “Squawk Box Asia” on Wednesday morning Singapore time. But Kleintop, who is chief global investment strategist at Charles Schwab, warned that “the stock market may have a tougher time from here.” He said one unknown is the possibility of a second wave of infections as lockdown measures lift.
New York Gov. Andrew Cuomo’s optimistic tone about the outbreak in his state, the epicenter of the pandemic in the United States, also boosted investor sentiment. He said Tuesday deaths related to the virus in the state are leveling off.
Still, the dismal earnings ahead from U.S. companies grappling with the coronavirus shutdown could spook investors. Analysts expect S&P 500 earnings growth to decline 10.2% in the first quarter year-over-year, according to Refinitiv.
Generally, bank earnings came in well below expectations on Tuesday due to the economic impact of the coronavirus. However, JPMorgan’s trading division also posted a 32% increase in revenue to a record $7.2 billion.
For the first quarter, 88 negative earnings pre-announcements have been issued by S&P 500 corporations, according to Refinitiv. A wave of major companies has already withdrawn their full-year guidance.
https://www.cnbc.com/2020/04/14/stock-market-futures-open-to-close-news.html

@FD1000. In your analysis you reference CTFAX's inception date being 2012. This is wrong. The fund's inception date is 2002. Going back to 2002 takes into account the Great Recession. Why is this important because when stocks are cheap CTFAX loads equities and when they are expensive it holds less of them. CTFAX's investment strategy is entirely different than VWINX. My point in using it was to reflect during the recent market volatility that CTFAX was the better performer and a way for a retail investor like myself could play market volatility. I was pointing out that you had CTFAX's fund inception date wrong in your analysis. Again, the correct date is 2002 rather than 2012 which you used in your analysis. I'm thinking using the correct date will change things a good bit within your analysis. Within the past year its equity allocation has ranged from a low of 15% on upwards, most recently, towards 70%, perhaps more. Morningstar has it currently classified as 15% to 30% equity allocation fund. This could change and I think worth watching.
In addition, if one were to use a different share class COTZX rather than the A share version that I referenced this changes things a good bit performance wise as CTFAX performance since 2002 is 6.85% while it lower er cousin (COTZX) is 7.12%.
My reasons for owning the fund are listed below.
Takes advantage of market shifts. Follows a disciplined approach to adapt to market changes.
Rebalances automatically. Aims to buy low and sell high by adjusting equity exposure based on the price level of the S&P 500 Index. Pursues risk-adjusted returns.
Your analysis is interesting; but, it is not fully reflective of the CTFAX's performance since it's inception date is inaccurate and differs from my own alalysis which is detailed below.
Below is my performance findings using Morningstar's performance numbers as of 4/14/2020. Three month advantage CTFAX +8.02% vs VWIAX -3.31%, YTD advantage CTFAX +8.44% vs. VWIAX -2.99%, 1 Year advantage CTFAX +17.75% vs VWIAX +5.74, 3 Year advantage CTFAX +28.82 vs VWIAX +19.11, 5 Year advantage CTFAX +35.24% vs VWIAX +31.99%, 10 Year advantage CTFAX +108.70% vs VWIAX +105.51%.
Again, what I was communicating in my opening comment was that to play stock market volatility that CTFAX was a better choice over the widely followed, and touted by some, VWIAX. I'm thinking I just now provided the support, through the above analysis, necessary to posture my opening comment even on out through a 10 year period.
I'm still with my plan to increase my position in CTFAX with it soon to become one of my top five holdings due to its strong recent and time tested performance.
One can learn more about CTFAX through the below link.
https://www.columbiathreadneedleus.com/investment-products/mutual-funds/Columbia-Thermostat-Fund/Class-A/details/?cusip=197199755&_n=1
Skeet
Note: CFTAX was a typo error it should have read CTFAX.
In a comparison of CTFAX vs. PRWCX ... CTFAX betters PRWCX up to and through three years but trails in the 5 year and ten year comparison.

Interesting. However, I am finding that CTFAX's inception date is 2OO2. I wonder how this would change things. For me, CTFAX is not a complete investment strategy. I am using it to play stock market swings automatically rather than doing it manually. For me it seems to be the better fit.

In your previous post you mentioned 2 funds CFTAX + CTFAX. I guess we are talking about CTFAX.
PV (link) has data since 2003 and shows that both VWIAX+PRWCX were a better risk-adjusted choices than CTFAX but in the last 5 years (link) CTFAX was the better choice because YTD (chart) was great.
Your manual changes are a personal choice and what works for you.
Most investors can't/won't switch funds and I don't blame them, it's much harder.
VWIAX is a great LT, and low ER fund with a great management for most retirees.
I do trades all the time but I check it too. My LT goals are to make over 6% annually with SD < 3 and never lose more than 3% from any last top. Schwab calculates annual average performance + SD. My portfolio performance is higher than 6% and SD < 2(actually 1.71) and I never lost more than 1% from any last top in about 3 years.