https://www.sec.gov/Archives/edgar/data/923184/000119312523149421/d475937d497.htm
497 1 d475937d497.htm FORM 497
SUPPLEMENT DATED MAY 19, 2023
TO THE MUTUAL FUND PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION OF
MATTHEWS ASIA FUNDS
DATED APRIL 28, 2023, AS SUPPLEMENTED
For all existing and prospective shareholders of Matthews Korea Fund – Investor Class shares (MAKOX) and Institutional Class shares (MIKOX):
As explained in the supplement dated March 7, 2023, the Matthews Korea Fund (the “Fund”) will be reorganized from a mutual fund into an exchange-traded fund (“ETF”), expected to occur on or around July 14, 2023 (the “Reorganization”).
As part of the Reorganization, the following preliminary events will occur before the Reorganization is completed:
●On or around June 20, 2023, all Investor Class shares of the Fund will be converted to Institutional Class shares of the Fund (the “Share Class Conversion”); and
●On or around June 23, 2023, when the Fund has only Institutional Class shares outstanding, those outstanding shares will be combined into fewer shares through a reverse stock split (the “Reverse Stock Split”).
At a meeting held on May 16-17, 2023, the Board of Trustees (the “Board”) of Matthews International Funds, (dba Matthews Asia Funds) (the “Trust”), approved, on behalf of the Fund, the Share Class Conversion and the Reverse Stock Split.
The Share Class Conversion is intended to help minimize the number of fractional shares prior to the Reorganization since fractional shares are not supported in the ETF structure. After the Share Class Conversion occurs, each shareholder that held Investor Class shares will instead hold Institutional Class shares with the same total net asset value as previously held in the Investor Class shares. The Institutional Class shares currently have a lower total expense ratio compared to the Investor Class shares.
Shortly after the Share Class Conversion, the Institutional Class shares will combine into fewer shares through the Reverse Stock Split to increase the net asset value per share of the Institutional Class prior to the Reorganization. A higher net asset value per share for the ETF is desired to help facilitate better secondary market quality of the ETF. The Reverse Stock Split will occur at an exact ratio to be determined by Matthews International Capital Management, LLC, as the adviser to the Fund, currently expected to be between 1-for-6 to 1-for-9. If, for example, the exact ratio is 1-for-7, a shareholder would receive 1 Institutional Class share for every 7 Institutional Class shares held, with any fractional amounts to be paid in cash prior to the Reorganization so that the shareholder would hold a round number of shares. As with the Share Class Conversion, the total net asset value of each shareholder’s Institutional Class shares will be the same after the reverse split as before the reverse split (except for the value represented by cash received for fractional shares). The Reverse Stock Split will not result in a taxable transaction for shareholders. However, any fractional shares of the Institutional Class that are held prior to the Reorganization will be liquidated for cash, which may cause a taxable event with respect to the cash received.
Please retain this Supplement with your records.

You are right, @MikeM. @shipwreckedandalone started a thread on CGDV in March 2022 and @yogibullbear linked the announcement of the Capital Group new ETFs that same month. @rforno expanded the discussion this year. Thanks to all.

Low-cost active Capital Group ETF CGDV (newer, 02/2022- ) is more div-growth (e.g. VIG, etc) than current-div (VYM, SCHD, etc). The latter have been hurt by higher exposures to financials in this regional banking crisis.

A lot of this spring’s US regional banking crisis can be explained this way:

• 1) Banks bought a lot of Treasury bonds and other US government-backed securities when interest rates were low, paying roughly 100 cents on the dollar for them.
• 2) Interest rates went up a lot, driving the prices of those bonds down to, say, 85 cents on the dollar.
• 3) Banks had big losses on those bonds, eating through a lot of their capital.
• 4) People noticed, stocks went down, deposits fled, some banks failed and others have looked shaky.

One solution to this crisis would be that, if the bonds magically went back to being worth 100 cents on the dollar, the banks would mostly be fine again. That seems improbable, though I guess one interesting mechanism would be if the banking crisis caused enough of a recession to drive long-term interest rates back to where they were in 2020. Then the bonds would be fine, though probably the banks would have credit losses.
Another solution to this crisis would be that, if the US government just bought the bonds from the banks at 100 cents on the dollar, the banks would mostly be fine again. Of course then the government would have paid 100 cents for stuff worth 85 cents, which seems bad. But through the magic of held-to-maturity accounting, you can sort of wave your hands and pretend that it’s not bad. If the government paid 100 cents today for a bond worth 85 cents, and then held it until it matured, it would get back 100 cents. (Plus interest, though not very much.) In some accounting sense, the government would not lose any money: It would get a below-market rate of interest on its money for the next few years, but it would technically get all of its money back.
And in fact this is kind of how the banks thought of these bonds: They were often in the banks’ held-to-maturity portfolios, meaning that they didn’t need to be marked down when they lost value due to changing interest rates. It’s just that, when people notice this stuff and deposits flee, you can’t hold the bonds to maturity, because you have to sell them, at a loss, to pay back depositors. But the government is not funded by short-term deposits, so it really can hold the bonds to maturity.
And in fact this is kind of, a little bit, a solution that the government hit on: In response to the failure of Silicon Valley Bank, the US Federal Reserve announced a new Bank Term Funding Program that would lend the banks 100 cents on the dollar against bonds worth 85 cents on the dollar. This is not the same thing as buying the bonds at 100 cents on the dollar — the banks, rather than the government, are still economically on the hook for the losses — but it is motivated by the same sort of thinking. “Eventually these bonds will pay out 100 cents on the dollar, so it’s fine to lend 100 cents on the dollar against them, even if they are worth 85 cents today.”
But nobody has actually embraced a program of “the government will just buy the bonds back at par to make the banks healthy again,” because it is kind of an extreme transfer of losses from banks to taxpayers, even if you can wave your hands a bit and pretend it isn’t. But here’s this from Andrew Ackerman at the Wall Street Journal:

Banks have spent the past week or so testing what would be a clever gambit: Paying billions of dollars they collectively owe to replenish a federal deposit insurance fund using Treasurys instead of cash.
The idea—floated to regulators and lawmakers by PNC Financial Services Group and supported by others—could allow banks to take securities that are currently worth, say, 90 cents on the dollar, and give them to the Federal Deposit Insurance Corp. at full price. That would effectively shift losses clogging the banks’ balance sheets to the FDIC, according to people familiar with the proposal. ...
Proponents say nothing in the law says FDIC fees have to be paid in cash, so the agency could change its rules. They say the move, if greenlighted by the FDIC, would help the banking system address the way rising rates over the past year have saddled lenders with billions in losses on their portfolios of bonds. Those losses helped sink Silicon Valley Bank in March, sparking turmoil across the banking sector. …
Supporters say the government would hold the securities until maturity, allowing them to recover principal and interest on the debt. The government would suffer no losses, they say.

The FDIC has spent billions of dollars on its bank rescues — which is also a transfer of losses from banks to the government to make the banking system more solvent — but it is getting the money back by charging a special assessment to be paid by about 113 big banks. If the banks pay the assessment with Treasuries that are worth 90 cents on the dollar, but that count for 100 cents on the dollar, then they get a little discount on the assessment and get to move unpleasant assets off their balance sheets.
Why stop there? They should pay their taxes in Treasuries. Really what they should do is pay executive bonuses in Treasuries: “We’re giving you a $1 million bonus, technically it is only worth $850,000 but if you hold it to maturity it’s a million.”

I am likely starting a position in CGDV and CGGO sometime soon as well. Been tracking it for the past year and am a general fan of Capital Group's style.

https://www.sec.gov/Archives/edgar/data/1110502/000158064223002777/hussman-sif_497e.htm
497 1 hussman-sif_497e.htm 497
A close up of a logo
Description automatically generated with low confidence
May 18, 2023
HUSSMAN INVESTMENT TRUST
HUSSMAN STRATEGIC INTERNATIONAL FUND
Supplement to the Prospectus dated November 1, 2022, as amended
Effective immediately, Hussman Strategic International Fund (the “Fund”), a series of Hussman Investment Trust (the “Trust”), is terminating the public offering of its shares. Shares of the Fund are therefore no longer available for purchase by investors. As discussed below, all outstanding shares of the Fund will be redeemed at their net asset value per share determined as of the close of business on June 27, 2023 (the “Redemption Date”).
The return of capital by way of a redemption of all outstanding shares of the Fund was approved by the Board of Trustees of the Trust (the “Board”) based on the Board’s determination, in consultation with the Fund’s investment adviser, Hussman Strategic Advisors, Inc. (the “Adviser”), that failure to redeem all shares could have materially adverse consequences to the Fund and its shareholders given relevant factors including the Fund’s small asset base and limited prospects for the Fund to reduce expenses and increase cost efficiencies based on assets from new shareholder investments. Through the Redemption Date, the Adviser will continue to reduce its fees and to reimburse expenses of the Fund as necessary to limit the ordinary operating expenses of the Fund to 2.00% annually of the Fund’s average daily net assets (as described in the Prospectus).
All shares of the Fund will be redeemed on the Redemption Date, and the proceeds of the redemption of shares held in each shareholder’s account will be sent to the shareholder’s address of record or to such other address as may be directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and other tax deferred retirement accounts (as discussed below). Between the date of this Supplement and the Redemption Date, the portfolio securities of the Fund will be sold in an orderly manner as necessary to satisfy redemption requests and to effect redemptions of shares on the Redemption Date. This liquidation of the Fund’s portfolio holdings will reduce, and eventually eliminate, the Fund’s normal exposure to foreign equity investments. Accordingly, during the liquidation process through the Redemption Date, the Fund will not be pursuing its stated investment objective.
Shareholders continue to have the right to redeem their Fund shares or to exchange those shares for shares of any of the other Hussman funds on each business day prior to the Redemption Date. Redemptions (including the redemption of shares in connection with an exchange) will be processed at the net asset value per share of the Fund next computed after receipt of the redemption or exchange request. Shareholders wishing to exchange their shares of the Fund for shares of another Hussman fund should obtain and read carefully the prospectus of the Hussman fund into which they wish to exchange shares before submitting an exchange request.*
The redemption of shares of the Fund, and the exchange of shares of the Fund for shares of another Hussman fund, as described in this Supplement, will each for tax purposes be considered a sale of your Fund shares. Shareholders should consult with their own tax advisors to ensure proper treatment of the redemption or exchange on their income tax returns. In addition, shareholders invested in the Fund through an IRA or other tax-deferred retirement account should consult the rules regarding reinvestment of their redemption proceeds. In order to avoid the taxation of redemption proceeds in the current tax year, such shareholder may choose to authorize, prior to the Redemption Date, a direct transfer of their retirement account assets invested in the Fund to another IRA or tax-deferred retirement account. Generally, a shareholder will have 60 days from the Redemption Date to invest their redemption proceeds in another IRA or tax-deferred retirement account to avoid treatment of the redemption proceeds as taxable income for the current tax year.
If you have any questions regarding your investment, or the redemption or exchange of Fund shares as described in this Supplement, please call 1-800-487-7626.
Investors Should Retain this Supplement for Future Reference
*Before deciding whether to exchange your shares of the Fund for shares of another Hussman fund, you should consider carefully the investment objective, risks, and charges and expenses of the other fund. The prospectuses for the Hussman funds are available at www.hussmanfunds.com or can be obtained by calling 1-800-487-7626. Please read the applicable prospectus carefully before investing. Purchases of shares of a fund acquired by means of an exchange will be effected at the net asset value of that fund next determined after receipt of your exchange request.

https://www.sec.gov/Archives/edgar/data/1261788/000089418923003762/zieglerseniorfloatingratef.htm
497 1 zieglerseniorfloatingratef.htm 497E ZIEGLER SENIOR FLOATING RATE FUND LIQUIDATION
Trust for Advised Portfolios
Supplement dated May 17, 2023
to the Prospectus and Statement of Additional Information
dated January 31, 2023 for the
Ziegler Senior Floating Rate Fund
Ziegler Capital Management, LLC (“ZCM”), investment adviser to Ziegler Senior Floating Rate Fund (the “Fund”), has recommended, and the Board of Trustees of the Trust for Advised Portfolios has approved, the liquidation and termination of the Fund. The Fund is expected to cease operations and liquidate on or about July 16, 2023 (the “Liquidation Date”). On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and the Fund will be dissolved.
Effective at the close of business on May 22, 2023, the Fund will no longer accept purchase orders. In addition, beginning at the close of business on May 17, 2023, ZCM will begin an orderly liquidation of the Fund’s assets and the Fund’s assets will be converted into cash and cash equivalents. As a result, during this process, the Fund will no longer be pursuing its stated investment objective. Although the Fund will be closed to new investments as of the close of business on May 22, 2023, shareholders may voluntarily redeem their shares before the Liquidation Date. Shares of the Fund redeemed on or after July 16, 2023 will not be subject to redemption fees. ZCM will bear all expenses incurred in carrying out the liquidation process, except for transaction costs incurred in connection with liquidating the Fund’s investments. Shareholders remaining in the Fund just prior to the Liquidation Date may bear increased transaction fees incurred in connection with the disposition of the Fund’s portfolio holdings.
The liquidating distribution will include any accrued income and capital gains, will be treated as a payment in exchange for shares, and will generally be a taxable event for shareholders investing through taxable accounts. You should consult with your tax advisor for further information regarding the federal, state and/or local income tax consequences of the liquidation that are relevant to your specific situation.
Please contact the Fund at 833-777-1533 or your financial advisor if you have questions or need assistance.
Please retain this supplement with your Prospectus and Statement of Additional Information for future reference.

I have read that in case of no/delayed debt-ceiling resolution, the T-Bill may hit 8-10%. Just imagine the mark-to-market (MTM) chaos that will cause for m-mkt funds, bank capital, loan collaterals. May be the government will declare some MTM holidays in the US, but will the global markets pay attention? Institutions live on MTM (and that is where some panic is - weird Treasury yield-curve, high CDS on the US sovereign debt), but retail doesn't. T-Bills should be money-good at maturity.

https://www.sec.gov/Archives/edgar/data/1314414/000158064223002742/psi_497.htm
497 1 psi_497.htm 497
PSI STRATEGIC GROWTH FUND
Class A Shares FXSAX
(a series of Northern Lights Fund Trust)
Supplement dated May 16, 2023 to
the Prospectus dated October 28, 2022
The Board of Trustees of Northern Lights Fund Trust (the “Board”) has determined based on the recommendation of the investment adviser of the Portfolio Strategies, Inc. (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on June 27, 2023.
Effective at the close of business May 16, 2023, the Fund will not accept any purchases and will no longer pursue their stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to June 27, 2023, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO June 27, 2023 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-888-9-BUYPSI.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus dated October 28, 2022, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated October 28, 2022, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-888-9-BUYPSI.

The 2019 ProPublica piece is out of date.

The IRS announced significant changes Monday [Dec 30, 2019] to its deal with the tax prep software industry. Now companies are barred from hiding their free products from search engines [as reported in the ProPublica piece] such as Google, and a years-old prohibition on the IRS creating its own online filing system has been scrapped.

https://www.govexec.com/oversight/2020/01/irs-reforms-free-file-program-drops-agreement-not-compete-turbotax/162167/
Intuit did itself no favors by hiding the free software from users. Instead of living with half a loaf, it could wind up with crumbs. It, and H&R Block, shot themselves in the foot by going further and completely dropping out of the Free File program in 2021 and 2020 respectively.
https://www.propublica.org/article/turbotax-maker-intuit-will-leave-free-tax-filing-partnership-with-irs
From that piece:

The program was founded as a gambit by the tax prep industry, led by Intuit, after the George W. Bush administration proposed that the IRS create a free online filing option for taxpayers.

Worth noting who made the original proposal, given that

Republicans are already lining up against the plan, fearing it could eventually lead to a system where the IRS fills out people’s returns for them, which they say is a conflict of interest since the agency also enforces tax laws.

https://www.politico.com/news/2023/05/16/irs-free-online-filing-system-00097198
Why haven't I seen lots of homeowners up in arms about their municipal government determining how much their property is worth (assessor), then based on that number calculating how much they owe in property taxes, and even collecting the taxes online. And if you don't pay, they'll send the county sheriff to arrest you, the city attorney to prosecute you, and the municipal court to try you.
Certainly those must be blatant conflicts of interest as well. I protest! :-)

Excerpt from the article

Big rotation out of commodities, utilities, and into tech stocks — highest since December 2021 — and euro-zone equities
Investors are most long growth versus value stocks since July 2020; survey investors have said only twice since September 2020 that growth would outperform value
After long big tech, most crowded trades include short US banks, short US dollar, long European equities, long T-bills and long China equities
Bank credit crunch and global recession are seen as top tail risks, followed by high inflation keeping central banks hawkish, worsening geopolitics and systemic credit event
Share of surveyed investors expecting a debt ceiling resolution ahead of the X-date dropped from 80% in April to 71% in May

Several fund families now have 0% ER funds for advisory accounts only. Fido version is Fido Flex, TIAA version is class W, etc. I am sure that the firms get some cut from the advisory fees although this isn't visible to clients.
Fido also has retail Fido ZERO funds where the ER is 0% but Fido says that it uses security lending extensively to recover costs and cheaper indexes from related Geode Capital - it was started by Fido, then only controlled, finally spun off. https://en.wikipedia.org/wiki/Geode_Capital_Management
Both Fido and Schwab offer extensive advisory services through affiliated advisors. These advisors use firms' platforms and have other contractual agreements. I think that Vanguard got out of this type of advisory business years ago.

He seemed like a good guy, from what I could tell. His survived by his wife and two adult sons. Had a career of just over 30 years with Kornitzer Capital Management. Passed away at the age of 54. The family asks that you consider a donation in his memory to Carl's Cause, a non-profit that works to address the stigma around mental health issues.

https://www.sec.gov/Archives/edgar/data/1135300/000089418923003709/buffalosticker51523.htm
Buffalo Funds
Supplement dated May 15, 2023
to the
Prospectus and Statement of Additional Information (“SAI”)
dated July 29, 2022, as previously supplemented
The Buffalo Funds regret to inform shareholders that Jamie Cuellar, CFA, a co-portfolio manager of the Small Cap Fund since 2015 and of the Discovery Fund since April 2020, unexpectedly and tragically passed away on May 8, 2023. Jamie spent more than 30 years as part of the investment management industry, including the last 8 with Kornitzer Capital Management, Inc. (“KCM”). The Funds and KCM are grateful for all of Jamie’s contributions. He will be greatly missed.
Please note all references to Mr. Cuellar in the Funds’ Prospectus and SAI are deleted in their entirety.
The Small Cap Fund continues to be managed by Robert Male, CFA, and the Discovery Fund continues to be managed by Dave Carlsen, CFA.
Please retain this supplement with your Prospectus and SAI
Picture:
https://buffalofunds.com/team/jamie-cuellar/

FMIJX is an international equity fund which hedges currency (most foreign funds don't hedge).
The strong U.S. dollar provided a tailwind for FMIJX.
FMI introduced an unhedged version of its International Fund (FMIFX) on 12/31/2019.
The link below shows the portfolio backtest results for both funds.
FMIJX vs. FMIFX

FMIJX has had two unusually bad patches (2020) and (2022) surrounded by some very strong years verses its peers.
fmijx/performance
Not International, but "Global Investing without the indigestion" might be another approach for diversifying away from the US:
investing-without-an-ulcer

There’s a whole other issue of whether the fund is dollar hedged, partially so, or not at all. You can find international funds in each camp depending on whether or not you want to hedge against potential dollar weakness. If you believe the dollar will remain strong, use dollar-hedged funds.
Buffet sold a lot of U.S. stocks first quarter, but increased his holdings in Japan. I suspect part of his thinking involves relative currency valuations (dollar vs yen).
Another question is how much of a premium you’re willing to pay for a more diversified portfolio. ISTM that if all of your investments are rising together there’s a pretty good chance that at some future date they will all decline together.
It’s interesting that some really accomplished heads of corporations look out 5-10 years when making spending decisions about acquisitions, expensive new infrastructure, new streams of income. But a lot of us (self included) react to gains / losses much nearer term. I mention that only because international investing involves calculated longer term risk taking. Past may not be precursor to future.

Regional bank KRE is in mid-30s again (as in early-May). I think that is good price for it - but after an initial position in early-May, I am not adding to it here. The downside is 2020/pandemic-low in mid-20s. The upside is if there is a comprehensive reform on the FDIC insurance coverage.
This is like catching a falling knife. So, don't just jump on it.
Right now, the FDIC has a few proposals on deposit-reforms, and the Treasury (so, the White House) and the Fed are reviewing those. The FDIC is also proposing temporary fees on banks to recover its costs of covering ALL deposits (that it didn't have to do) in the rescues of 3 failed regional banks (SVB, Signature, First Republic). Of course, this cannot continue on ad-hoc banks as more regional banks fail - PACW seems to be in trouble now.
https://stockcharts.com/h-sc/ui?s=KRE&p=D&yr=1&mn=0&dy=0&id=p27896665771

State budgets have to follow the rules of economics, because they cannot print money. CT was running neck and neck with IL for the most indebted state
consequently, taxes went way up, real estate shriveled ( housing prices were flat from 1987 to 2019!) and people left.
A moderate Democrat has refused the left wing's demand to spend more, and the pension deficit is easing.
Massachusetts was in similar shape in the past but they have a flat rate income tax, passed a law preventing town budgets from rising more than 2 1/2% without voter consent and they let loose Harvard and MIT Biotech and they are no longer Taxachussets.
But with the Covid budget surplus, the politicians want to spend again and they haven't learned their lesson
There are massive amounts of money that can be cut in the Federal budget, if the corporate hogs were kept away from the trough.
Medicare is a prime example. The US spends twice as much as any other country on health care, with worse results.
"Of the 10 highest paid among all corporate executives in the US in 2020, 3 were from Oak Street Health, and salary and benefits included, reportedly, $568 million for the chief executive officer (CEO). Executives in large hospital systems commonly have salaries and benefits of several million dollars a year."
https://jamanetwork.com/journals/jama/fullarticle/2801097
The budget busting Alzheimer's drugs are just the start.

In late 2021, we greatly reduced bond exposure as multiple inflation signs flared up. That saved the misery in bonds through much of 2022 when we turned to CD Treasury ladders.
Right now, FED rate hike cycle is near the end (terminal rate) and likely to hold at that rate for the remaining of the year. This means that there are more opportunities to have respectable gains in bonds and bond funds. YTD total return of the Barclays aggregated bond index (bond benchmark) is up 3.7%, and it is only May. So there is still time to invest in bonds. If US falls into a severe recession, the FED will cut rate quickly and bond prices will go up too.
During the banking turmoil in March, bonds fell and recovered when FDIC and Treasury intervened. Otherwise, bonds have moved up most of the year. Today, we prefer high quality bonds including short- and intermediate-term treasury, total bond index (BND), and DODIX. Other bond exposure we have are from balanced ad global allocation funds.