update:
https://www.sec.gov/Archives/edgar/data/313850/000168386323003487/f25414d1.htm
497 1 f25414d1.htm VANGUARD ALTERNATIVE STRATEGIES FUND LIQUIDATION
 
Vanguard Alternative Strategies Fund
Supplement Dated April 19, 2023, to the Prospectus and Summary Prospectus Dated February 27, 2023
Important Changes to Vanguard Alternative Strategies Fund (the Fund)
 
On February 14, 2023, the board of trustees of the Fund approved a proposal to liquidate and dissolve the Fund. Effective as of the close of business on April 19, 2023, the liquidation is complete.
In connection with the liquidation, shareholders may receive proceeds that are taxable. Any liquidation proceeds paid to shareholders should generally be treated as received in exchange for their shares and will therefore generally give rise to a capital gain or loss, depending on their basis in the shares. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
 
© 2023 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.PS 1298B 042023
Vanguard Trustees' Equity Fund
Supplement Dated April 19, 2023, to the Statement of Additional Information Dated February 27, 2023
Important Changes to Vanguard Alternative Strategies Fund (the Fund)
On February 14, 2023, the board of trustees of the Fund approved a proposal to liquidate and dissolve the Fund. Effective as of the close of business on April 19, 2023, the liquidation is complete.
In connection with the liquidation, shareholders may receive proceeds that are taxable. Any liquidation proceeds paid to shareholders should generally be treated as received in exchange for their shares and will therefore generally give rise to a capital gain or loss, depending on their basis in the shares. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
Any references to the Fund in this Statement of Additional Information are hereby deleted.
© 2023 The Vanguard Group, Inc. All rights reserved.
SAI 046C 042023
Vanguard Marketing Corporation, Distributor.

https://www.sec.gov/Archives/edgar/data/1558107/000139834423007449/fp0083272-1_497.htm
497 1 fp0083272-1_497.htm
ALPS SERIES TRUST
Polen DDJ Opportunistic High Yield Fund
(the “Fund”)
Supplement dated April 19, 2023 to the
Prospectus and Statement of Additional Information,
each dated January 27, 2023, as supplemented
On February 16, 2023, the Board of Trustees (the “Board”) of ALPS Series Trust (the “Trust”), based upon the recommendation of Polen Capital Credit, LLC, the investment adviser to the Fund, approved the proposed reorganization of the Fund into a correspondingly named series of FundVantage Trust (the “New Fund”), subject to the approval of the shareholders of the existing Fund (the “Reorganization”).
The Board also approved an Agreement and Plan of Reorganization (the “Plan”) that provides that the existing Fund will assign all of its assets to the New Fund, in exchange solely for (1) the number of the New Fund shares equivalent in value to shares of the existing Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund’s assumption of all of the existing Fund’s liabilities, followed by a distribution of those shares to such existing Fund’s shareholders so that the existing Fund’s shareholders receive shares of the New Fund equivalent in value to the shares of the existing Fund held by such shareholder on the closing date of the Reorganization. The Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.
The Trust will hold a shareholder meeting on July 5, 2023, as may be adjourned, at which shareholders of the existing Fund as of April 11, 2023 will be asked to consider and vote on the Plan. If shareholders of the Fund approve the Reorganization, the Reorganization is expected to take effect on or around July 24, 2023.
Shareholders of the existing Fund will receive a combined prospectus/proxy statement with additional information about the shareholders meeting, the Reorganization, and the New Fund. Please read these materials carefully, as they will contain a more detailed description of the Reorganization.
Please retain this supplement with your Prospectus and
Statement of Additional Information.

Sometimes it's better for me to read things written in plain English.
Lessons from Silicon Valley Bank

Oh boy, we flew on Southwest 737 last summer. They switched from the long time stable DC-10 to this new plane.

Hi @Sven - The DC-10 is a wide-body type of aircraft, probably closer to the early 747s in size than the 737. It’s very unlikely SW ever used it. Suspect you meant to refer to different generations of the 737, which has grown greatly in size and capabilities over its 50 decades in service.
Some snippets from Wikipedia:
“Since its inception, Southwest Airlines has almost exclusively operated Boeing 737 aircraft (except for a brief period when it leased and flew some Boeing 727-200 aircraft). Southwest is the world's largest operator of the Boeing 737.”
“In November 2020, the FAA formally ended the 737 MAX grounding, and Southwest began the process of returning its 34 737 MAX aircraft to service and retraining all of its pilots. On March 11, 2021, Southwest resumed 737 MAX operation, becoming the fourth US airline to do so.”
“In October 2020, Southwest announced that it was considering the Airbus A220 as an alternative to the MAX 7 to replace its 737-700s, with deliveries from 2025. However, in March 2021 Southwest announced an order for 100 MAX 7 jets with deliveries from 2022 and said that negotiations with Airbus were never initiated.”
-
Historically, the 737 line has been a very reliable aircraft and fit in well with Southwest’s point-to-point short-haul service model, which demanded high frequency takeoffs and landings and fast turn-around times, plus the ability to operate out of smaller airfields with shorter runways. Of course, the lastest 737 version, the MAX has created much havoc for SW.

I owned several Nicholas funds way back, when we lived in Milwaukee. I got a bit concerned when Al brought son into firm and it was obvious he was going to inherit the mantle. He may have been a genius but family is no way to pick best manger going forward.
I did keep my Mutual Shares for years and stayed on even after Price left.
This is one additional problem with active management. The funds that work do well, amass capital gains and there may be a serious tax bill when the manger
1) retires ( Nicholas)
2) decides to spend all his money ( Price)
3) gets fired for doing a great job but not what company wants (Vinik)
4) Serious mid life crisis (Gross)
At least it is entertaining!

SGOL and GLDM have lower ER (0.17 and 0.10) than IAU or GLD
Precious metals ETFs have 28% capital gains tax rate as "Collectible".
If you are interested PHYS is Canadian and qualifies as a PFIC (Passive Foreign Investment Corporation" and capital gains are taxed at usual capital gains rates ( ie 15 to 20%)
https://www.sprott.com/investment-strategies/physical-bullion-trusts/gold-and-silver/tax-information/
However the forms ( 8621) required are complex and not supported by Turbo Tax so you have to file on paper. As I had a small refund coming I am not terribly worried about processing time.
I think I figured it out but it took a while. I have the time as I am retired and like intellectual challenges ( even with the IRS).
You should do your own calculations if the time and extra expense if you pay someone to do your taxes is worth saving 13% on your capital gains. Probably depends on size of your position.
I am thinking if I have a gain by the end of the year the size of my position doesn't make it worthwhile and I will probably sell it.

Zacks hasn't been my go-to place for the MPT data (alpha, beta, R), but I will explore it some more. There isn't much on the website on methodology or assumptions used.
I have used M*, PV, Stock Rover (SR) for MPT data.
But the usual cautions apply.
The MPT data are related to the benchmark(s) used and Zacks doesn't clearly identify those.
It is unclear whether Zacks uses monthly (e.g. for M*, PV) or daily (SR) return data - I assume monthly. BTW, the SDs at SR are much higher than those at PV or M* for this reason. The lesson there is never to mix the MPT stats from different sources.
Zacks "Similar Funds" show a handful of funds that I would hardly consider similar for several funds that I tried.
Zacks' categorization of funds is different too - so, it puts PRWCX in the LC-value or among capital-appreciation that typically are all-equity funds; most others put it in the moderate-allocation category. Of course, PRWCX has ranked as Zacks #1 in that group in these tough markets. It is a good fund, but Zacks #1 for it seems flawed.
https://www.zacks.com/

PRPFX prospectus describes risks of holding gold/silver bullion and coins. https://www.permanentportfoliofunds.com/pdf/Prospectus.pdf
"The gold and silver bullion and bullion-type coins held by the Portfolio’s subcustodian on behalf of the Portfolio could be lost, damaged, stolen or destroyed. Access to the Portfolio’s gold and silver holdings could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). The gold and silver custody operations of the subcustodian are not subject to specific governmental regulatory supervision. The subcustodian’s procedures may not prevent the deposit of gold or silver on behalf of the Portfolio that fails to meet the purity standards agreed to at the time of purchase. The Portfolio does not insure its gold and silver holdings and the responsibility of the Portfolio’s custodian and any subcustodian for loss, damage or destruction of the Portfolio’s gold and silver holdings is very limited under the agreements governing the custody and subcustody arrangements. In addition, if the Portfolio’s gold and silver bullion and bullion-type coins are lost, damaged, stolen or destroyed under circumstances rendering the custodian, any subcustodian or any other third party liable to the Portfolio (or the custodian or any subcustodian), the responsible party may not have the financial resources (including liability insurance coverage) sufficient to satisfy such claim. Consequently, the value of the Portfolio’s shares may be adversely affected by loss, damage or destruction to the bullion and bullion- type coins for which the Portfolio may not be reimbursed. When holding bullion, the Portfolio may encounter higher custody and other costs than those normally associated with ownership of securities. Gains realized upon the sale of bullion or bullion-type coins will not count towards the requirement in the Internal Revenue Code of 1986, as amended (“Code”), that at least 90% of the Portfolio’s gross income in each taxable year be derived from gains on the sale of securities and certain other permitted sources, except to the extent that the Portfolio has invested in bullion as a hedge with respect to investment in the securities of companies engaged in mining gold or silver."

@Sven - Picking up on what Mike said, ETFs that invest in the physical metal are less risky (or, at least less volatile) than funds that invest in gold mining companies. So the metal itself experiences less volatility than a group of mining companies inside a fund might. But, longer term there’s more potential profit in the mining companies. I’ve seen anywhere from 3-8% recommended by various observers as the “right” portfolio exposure. And some won’t touch it with a 10-foot pole.
The Permanent Portfolio fund, PRPFX, keeps 25% in gold and silver bullion. And, honestly, I don’t know how they manage to do that and still keep the fund’s volatility as low as they do. That’s one option for those seeking modest exposure to the precious metals. And, a lot of natural resource funds also hold some - usually only in small proportion.
The biggest problem with gold is its utter unpredictability. 50%+ multi-year gains followed by 30% or greater multi-year declines are not unheard of.
2000 + 50% = 3,000
3,000 - 30% = 2,100
:)

WFC acquired what remained of Strong Capital (its famous ad-line was: Is your portfolio Strong?).
Invesco acquired OppneheimerFunds. Invesco has been an aggressive acquirer but it is taking some rest now.
True, Franklin Templeton is now quite different from old Templeton or Franklin.

Barron’s notes this week that like other ”balanced” funds (their depiction not mine) PRWCX has experienced outflows over the past year. I don’t know what this says about the fund, if anything. Just reporting.
Excerpt: Memories of last year's poor showing might be causing investors to miss out. The average “moderate” allocation fund tracked by Morningstar lost 13.6% in 2022. And, over the past 12 months, net outflows for the 568 balanced funds that company follows totaled $72.3 billion at the end of March. … Some top-performing funds haven't been spared. Consider the venerable $49 billion T. Rowe Price Capital Appreciation fund (PRWCX). It had net outflows of about $1.6 billion for the 12 months ended on March 31, according to Morningstar.
Article: “Funds are Back” by Lawerence C. Strauss - Barron’s April 17, 2023 (Print Ed)

It's more than simply an AUM-weighted average of fund returns. It considers cash flows - investor dollars going in and out - and calculates how much each extra investor dollar earns. That's still asset weighted, though the assets being weighted are those attributable to investor trades rather than assets under management.
https://awgmain.morningstar.com/webhelp/InvestorReturnsFactSheet.pdf
It's not perfect. A single large investor with lousy timing can skew the results to the downside. Much as a few billionaires can make it seem like average workers are earning a whole lot more than they are.
"Closest" is a matter of perspective. Take a category returning, say, 8.04%, and let's say the average investor dollar returns 0.69% less. The investors are failing to capture 8.58% of that 8.04% return.
Compare that with a category returning 13.2%, where the average investor dollar returns
1.17% less. The investors are failing to capture 8.86% of that 13.2%.
Investors are failing to capture nearly the same fraction of returns either way. Those figures are what M* calculated for allocation/balanced funds and for domestic equity funds from 2010 to 2020.
https://www.morningstar.com/articles/1056151/why-fund-returns-are-lower-than-you-might-think
Perhaps the investors aren't sticking around longer for the allocation/balanced funds. The differences in the category "gaps" (as M* calls the 0.69% underperformance) could be due primarily to the relative magnitude of category returns.
If one category returns 1.5x that of another category (with exactly the same performance graph, just 1.5x the amplitude), then one would expect the "gap" for that category to naturally be 1.5x as large as well.

https://www.sec.gov/Archives/edgar/data/1026977/000139834423007351/fp0083232-1_497.htm
497 1 fp0083232-1_497.htm
CITY NATIONAL ROCHDALE FUNDS
CITY NATIONAL ROCHDALE INTERMEDIATE FIXED INCOME FUND
Servicing Class (CNRCX)
Institutional Class (CNRIX)
Class N (RIMCX)
Supplement dated April 14, 2023, to the Prospectus and the Statement of Additional Information dated January 31, 2023
The Board of Trustees of City National Rochdale Funds has approved a Plan of Liquidation for the City National Rochdale Intermediate Fixed Income Fund (the “Fund”), which authorizes the termination, liquidation, and dissolution of the Fund. In order to effect such liquidation, effective as of the close of business on April 18, 2023, the Fund will be closed to all investments by existing shareholders, and no new Fund accounts may be opened. Shareholders may redeem their shares until the date of liquidation.
The Fund will be liquidated on or about May 26, 2023 (the “Liquidation Date”), and shareholders may voluntarily redeem their shares until the Liquidation Date. Prior to the Liquidation Date, the Fund may declare and pay its shareholders of record one or more dividends or other distributions consisting of any undistributed income and net realized capital gains. 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.
In anticipation of the liquidation of the Fund, City National Rochdale, LLC, the Fund’s adviser, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact the Fund at 1-888-889-0799 if you have any questions.
Important Information for Shareholders with IRA Accounts
If you hold your shares in an IRA, you should consult your tax adviser regarding the liquidation of the Fund. You may have 60 days from the date you receive your proceeds to “roll over” your proceeds into another IRA and maintain their tax-deferred status. You must notify the Fund prior to the Liquidation Date of your intent to roll over your IRA account to avoid federal and potential state withholding deductions from your proceeds. If the Fund has not received your redemption request or other instruction, your shares will be liquidated on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
If you have questions or need assistance, please contact a shareholder services representative of the Fund at 1-888-889-0799.
*****
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CNR-SK- 070-010

https://www.sec.gov/Archives/edgar/data/1026977/000139834423007354/fp0083232-2_497.htm
497 1 fp0083232-2_497.htm
CITY NATIONAL ROCHDALE FUNDS
CITY NATIONAL ROCHDALE GOVERNMENT BOND FUND
Servicing Class (CNBIX)
Class N (CGBAX)
Supplement dated April 14, 2023, to the Prospectus and the Statement of Additional Information dated January 31, 2023
The Board of Trustees of City National Rochdale Funds has approved a Plan of Liquidation for the City National Rochdale Government Bond Fund (the “Fund”), which authorizes the termination, liquidation, and dissolution of the Fund. In order to effect such liquidation, effective as of the close of business on April 18, 2023, the Fund will be closed to all investments by existing shareholders, and no new Fund accounts may be opened. Shareholders may redeem their shares until the date of liquidation.
The Fund will be liquidated on or about May 26, 2023 (the “Liquidation Date”), and shareholders may voluntarily redeem their shares until the Liquidation Date. Prior to the Liquidation Date, the Fund may declare and pay its shareholders of record one or more dividends or other distributions consisting of any undistributed income and net realized capital gains. 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.
In anticipation of the liquidation of the Fund, City National Rochdale, LLC, the Fund’s adviser, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact the Fund at 1-888-889-0799 if you have any questions.
Important Information for Shareholders with IRA Accounts
If you hold your shares in an IRA, you should consult your tax adviser regarding the liquidation of the Fund. You may have 60 days from the date you receive your proceeds to “roll over” your proceeds into another IRA and maintain their tax-deferred status. You must notify the Fund prior to the Liquidation Date of your intent to roll over your IRA account to avoid federal and potential state withholding deductions from your proceeds. If the Fund has not received your redemption request or other instruction, your shares will be liquidated on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
If you have questions or need assistance, please contact a shareholder services representative of the Fund at 1-888-889-0799.
*****
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CNR-SK- 073-0100

https://www.sec.gov/Archives/edgar/data/1026977/000139834423007355/fp0083232-3_497.htm
497 1 fp0083232-3_497.htm
CITY NATIONAL ROCHDALE FUNDS
CITY NATIONAL ROCHDALE CORPORATE BOND FUND
Servicing Class (CNCIX)
Class N (CCBAX)
Supplement dated April 14, 2023, to the Prospectus and the Statement of Additional Information dated January 31, 2023
The Board of Trustees of City National Rochdale Funds has approved a Plan of Liquidation for the City National Rochdale Corporate Bond Fund (the “Fund”), which authorizes the termination, liquidation, and dissolution of the Fund. In order to effect such liquidation, effective as of the close of business on April 18, 2023, the Fund will be closed to all investments by existing shareholders, and no new Fund accounts may be opened. Shareholders may redeem their shares until the date of liquidation.
The Fund will be liquidated on or about May 26, 2023 (the “Liquidation Date”), and shareholders may voluntarily redeem their shares until the Liquidation Date. Prior to the Liquidation Date, the Fund may declare and pay its shareholders of record one or more dividends or other distributions consisting of any undistributed income and net realized capital gains. 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.
In anticipation of the liquidation of the Fund, City National Rochdale, LLC, the Fund’s adviser, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact the Fund at 1-888-889-0799 if you have any questions.
Important Information for Shareholders with IRA Accounts
If you hold your shares in an IRA, you should consult your tax adviser regarding the liquidation of the Fund. You may have 60 days from the date you receive your proceeds to “roll over” your proceeds into another IRA and maintain their tax-deferred status. You must notify the Fund prior to the Liquidation Date of your intent to roll over your IRA account to avoid federal and potential state withholding deductions from your proceeds. If the Fund has not received your redemption request or other instruction, your shares will be liquidated on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
If you have questions or need assistance, please contact a shareholder services representative of the Fund at 1-888-889-0799.
*****
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CNR-SK- 072-0100

I'm writing about tax code and generalities while you're presenting specific tax situations and experiences. We're simply talking at cross purposes. As we're coming from different perspectives, I'm fine with agreeing to disagree. That doesn't mean I can't ramble on a little more.
I have owned publicly traded MLP's that generate K1's and they're nowhere close to the depreciation that private REIT's generate.
FWIW, here are a couple more generalities I've managed to locate. Clearly, they don't represent your experience.

Typically, 70-100% of MLP distributions have been considered a tax-deferred return of capital, which means one does not pay taxes on that portion of the distribution until the investor sells his or her position.

https://www.nasdaq.com/articles/understanding-the-tax-benefits-of-mlps

Each individual MLP is different, but on average an MLPs distribution is usually around 80% to 90% a return of capital, and 10% to 20% ordinary income.

https://www.suredividend.com/mlp-list/
I don't think 1031 exchanges are do-able with MLP'S
Partners cannot to 1031 exchanges, because what they own are fractions of the partnership, not the real property itself. That's owned by the partnership. So it is technically it is the partnership that must do the exchange.
Here are a couple of pages that talk about how a partnership can do an exchange:
https://www.exeterco.com/article_1031_exchange_partnership_interests
https://provident1031.com/can-an-llc-do-a-1031-exchange/
The simplest description is:

All partners can sell their existing properties together and buy a replacement property together. This is because Section 1031 mandates that the same taxpayer must do all exchanges – so a multi-member LLC can also participate so long as it doesn’t change the structure.

Typically MLPs have two tiers - (1) the MLP itself owned by the investors, and (2) the operating limited partnership (OLP) that is wholly owned by the MLP. It is the OLP that owns the actual real property.
https://www.jdsupra.com/legalnews/master-limited-partnerships-77967/
I'm not seeing how this has any effect on the ability of an OLP to do a 1031 exchange. An OLP looks like just another partnership (albeit with a single owner, the MLP). Is there anything you see in this structure that suggests an OLP cannot do a 1031 exchange?

The Journal of Accountancy article from 1997 isn't relevant in today's world especially after the rise of crowdfunded CRE following the JOBS Act in the 2010's
That article discussed the alteration of tax benefits (notably pass through of losses) in 1986. Could you speak to the tax benefits that have since been restored or otherwise replaced that make the article irrelevant today?
If it's the date of the article that's bothering you, here's a 2020 Tax Foundation piece bemoaning how the TRA extended depreciation periods (MACRS) and restricted the use of declining balance depreciation.

Lessons for Today
...
Long asset lives (for example, 27.5 years for residential buildings and 39 years for nonresidential buildings) in which deductions are spread over many decades mean that companies cannot deduct anywhere near the full value of their investments in structures, as inflation and the time value of money chip away at the value of those deductions. Shortening depreciation schedules to 15 or even 20 years, roughly where they were before TRA86, would lessen the magnitude of this problem, but it would not be the ideal policy.
The current system of depreciation creates a bias against businesses that heavily invest in structures, as the effective marginal tax rates on investments in nonresidential and residential structures are much higher than those on equipment, software, and intellectual property.

https://taxfoundation.org/1980s-tax-reform-cost-recovery-and-the-real-estate-industry-lessons-for-today/
With respect to crowdfunding, that's a completely separate matter. It deals with who can invest, not how the investments are taxed. Whatever Regs A+ and CF and Rule 506(c) facilitate, they don't apply to the Fidelity offering. As stated in the Form D that yogi cited, Fidelity's offering gets its SEC exemption from Rule 506(b).

@hank said: I rarely cite Bill Fleckenstein here. His daily column is by subscription. His views far from mainstream.
From March 27 (in response to a reader’s question):
”Never ever ever buy a bond fund. There is no maturity date on a fund! A tradeable CD is not something I'm familiar with, but I'd say if it is tradeable then, yes, it can rally and, yes, it seems like a decent idea, assuming you stay under the FDIC limit.” *

I don’t follow Bill Fleckenstein for good reason.that you quoted his statement above. It appears that he don’t fully appreciate the value of holding broadly diversified bond mutual funds/ETFs as part of fixed income strategy. A basket of bonds are bought and matured has no end date that that is the mandates of many mutual funds. I think he would be expose to reinvestment risk when the FED cut rate and the yield curve returns to normal. CDs will be competing with longer maturity bonds for yields in the similar range, while bonds have the opportunity to gain price (capital appreciation).
Alternatively one can hold individual bonds as a ladder till maturity, but this will take $200K or more. Others with higher asset level may use separate managed accounts. For small investors, holding bond and asset allocation funds are viable solution for fixed income. Today the cost of buying bond and allocation funds for fixed income is quite compelling comparing to that of separate managed accounts.
@sma3 linked an article from Schwab that address the reinvestment risk.
https://schwab.com/learn/story/why-go-long-when-short-term-bonds-yield-more

I saw that one
FYI for all the opponents of the increased IRS budget, please remember that the chaos the GOP IRS budget cuts have caused has direct and significant negative impacts on average Americans.
My sisters and I are waiting for my deceased mother's refund ( $20,000) from her 2020 and 2021 taxes. She died over two years ago and we were required to file on paper.
I have called the IRS several times and have gotten conflicting advice about what to do. During the last call ( which takes hours) a very competent man confirmed they had the returns but they have to be processed by hand. He cold not tell me how long it would take, but wanted to make sure that this was not causing us significant financial distress.
What if we needed the money? Of course when we get it, it will not be paid with interest.

Sorry for the tax mess. Thanks for posting. Picked up a couple collectible U.S. coins several years ago. Have appreciated nicely. Assumed long term cap gains would apply. But if the tax hit is 28% (sounds like it), am better off hanging on.
Fortunately there are many avenues to p/c exposure that don’t suffer a tax hit if held in a tax sheltered / deferred account. Degree of risk / volatility varies by type of investment.