Interesting that Michelle Bowman voted for the cut. As I said before, she is doing all the right things to become the next Fed Chair. Good for her.

Here you go -
https://www.bloomberg.com/news/articles/2025-03-17/trump-taps-bowman-to-be-fed-s-top-bank-cop-as-wall-street-cheers

PIMIX holdings are disclosed every month ...

+1. The link to the best info I know of is at the very bottom of the fund page: pick Portfolio Statistics. Up comes a spreadsheet, fund after fund after fund, updated monthly. Now pick the Detailed Stats tab, which is organized by sector, with subsector detail. The new spreadsheet comes online about the middle of the month following the end of the as-of month.
For example, things to discover on the Detailed Stats tab: Pimco Income has lots more agency than non-agency mortgages these days. (I just started looking at the Port Stats again a couple of weeks ago after a long hiatus, given that I'm after a home for some of my former CLO $.)

https://www.sec.gov/Archives/edgar/data/806564/000110465925024024/tm258948d2_497.htm
497 1 tm258948d2_497.htm 497
Filed by: Morgan Stanley ETF Trust
Pursuant to Rule 425 under the Securities Act of 1933 and
deemed filed under Rule 14a-12(b) under the Securities Exchange Act of 1934.
Subject Company: Morgan Stanley Mortgage Securities Trust
SEC File No. 811-04917 and 033-10363
SUPPLEMENT DATED MARCH 14, 2025 TO THE SUMMARY PROSPECTUS, PROSPECTUS, AND STATEMENT OF ADDITIONAL INFORMATION OF
Morgan Stanley Mortgage Securities Trust, dated February 28, 2025
(the “Acquired Fund”)
At a meeting held on March 12-13, 2025, the Board of Trustees (the “Board”) of the Morgan Stanley Mortgage Securities Trust unanimously approved the reorganization of the Acquired Fund into a newly-created exchange-traded fund (“ETF”), which will be managed by Morgan Stanley Investment Management Inc. (“MSIM”), which is also the investment adviser to the Acquired Fund. The Board, which is comprised solely of Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (defined below) is in the best interests of the Acquired Fund and the interests of existing shareholders of the Acquired Fund (“Acquired Fund Shareholders”) will not be diluted as a result of the Reorganization.
Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Eaton Vance Mortgage Opportunities ETF (the “Acquiring Fund” and together with the Acquired Fund, the “Funds”), a series of Morgan Stanley ETF Trust (the “Acquiring Fund Trust”) (the “Reorganization”).
If approved by Acquired Fund Shareholders, the Reorganization would be accomplished in accordance with an Agreement and Plan of Reorganization. Subject to shareholder approval, the Reorganization is anticipated to occur (after the close of trading) on or about August 1, 2025 (the “Closing Date”). This supplement is not a solicitation of proxy.
Acquired Fund Shareholders of record on April 10, 2025 will receive a combined Proxy Statement and Prospectus that contains important information about the Reorganization and the Acquiring Fund, including information regarding the Acquiring Fund’s investment strategies and risks, fees and expenses.
If Acquired Fund Shareholders approve the Reorganization, and certain other closing conditions are satisfied or waived, Acquired Fund Shareholders who own shares of the Acquired Fund (“Acquired Fund Shares”) through a brokerage account that can accept shares of an ETF will become shareholders of the Acquiring Fund (which will operate as an ETF) receiving shares of the Acquiring Fund (“Acquiring Fund Shares”) with an aggregate value equal to the aggregate net asset value (“NAV”) of their Acquired Fund Shares held immediately prior to the Reorganization, except with respect to cash received in lieu of fractional Acquiring Fund Shares, which cash payment may be taxable.
The Acquiring Fund is a newly-created series of the Acquiring Fund Trust and will not commence operations until the consummation of the Reorganization. The Acquired Fund and the Acquiring Fund have identical investment objectives and principal investment strategies. However, there are important differences between the Acquired Fund and the Acquiring Fund. For example, although the Acquiring Fund will be subject to similar investment risks as the Acquired Fund, the Acquiring Fund will be subject to additional risks, such as structural risks related to ETFs, which will be described in the combined Proxy Statement and Prospectus. In addition, the Acquired Fund and the Acquiring Fund have substantially similar fundamental investment policies. However, the Acquired Fund’s investment objective is “fundamental” (i.e., it may not be changed without shareholder approval) whereas the Acquiring Fund’s investment objective may be changed without shareholder approval with notice to shareholders of the Acquiring Fund (“Acquiring Fund Shareholders”).
MSIM believes that the Reorganization will provide multiple benefits for Acquired Fund Shareholders, including anticipated lower gross and net expenses as well as additional trading flexibility, increased transparency and the potential for enhanced tax efficiency. However, given that the Acquiring Fund will effect some or all of its creations and redemptions in cash rather than in-kind, a shareholder will not benefit from the greater tax efficiency of the ETF structure to the same extent as a shareholder of an ETF that effects all of its creations and redemptions in-kind.
The Reorganization is structured to be a tax-free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Acquired Fund Shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes as a result of the Reorganization (except with respect to cash received or with respect to investors whose shares are redeemed prior to the Reorganization, as explained elsewhere in this Supplement).
In addition, to fund redemption transactions prior to and in connection with the Reorganization, the Acquired Fund may have to sell securities. These transactions may also result in net realized capital gains to the Acquired Fund, which may result in taxable distributions to shareholders either (i) by the Acquired Fund prior to the Reorganization or (ii) by the Acquiring Fund after the Reorganization.
Importantly, in order to receive Acquiring Fund Shares as part of the Reorganization, Acquired Fund Shareholders must hold their Acquired Fund Shares through a brokerage account that can accept shares of an ETF (i.e., the Acquiring Fund). If Acquired Fund Shareholders do not hold their Acquired Fund Shares through that type of brokerage account, they will not receive Acquiring Fund Shares as part of the Reorganization. For Acquired Fund Shareholders that do not currently hold their Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares, please see the Q&A that follows for additional actions that such Acquired Fund Shareholders must take to receive Acquiring Fund Shares as part of the Reorganization. Other than the approval by the requisite vote of Acquired Fund Shareholders, no further action is required for Acquired Fund Shareholders that hold Acquired Fund Shares through a brokerage account that can hold Acquiring Fund Shares.
If (and only if) the Reorganization is approved by Acquired Fund Shareholders, it is expected that effective on or about the first business day of the month following shareholder approval of the Reorganization (the “Effective Date”), the following fees will be waived: (i) the sales charge on purchases of Class A shares of the Acquired Fund; (ii) the contingent deferred sales charge (“CDSC”) on Class A and Class C shares of the Acquired Fund; (iii) the 12b-1 fees for any applicable share class of the Acquired Fund; and (iv) any finder’s fee payments applicable to any class of shares of the Acquired Fund. Also, effective on the Effective Date, any current Letter of Intent under which Class A shares of the Acquired Fund were purchased would be considered completed. In addition, it is currently expected that if (and only if) the Reorganization is approved by Acquired Fund Shareholders, effective on the Effective Date, the Acquired Fund will be closed to new investors.
The Summary Prospectus, Prospectus and Statement of Additional Information will be amended accordingly...

https://www.sec.gov/Archives/edgar/data/1683471/000089418925001865/stfetfs497e31725.htm
497 1 stfetfs497e31725.htm STF ETFS 497E
Filed pursuant to Rule 497(e)
Registration Nos. 333-215588; 811-23226
Supplement dated March 17, 2025
to the STF Tactical Growth & Income ETF (TUGN)
STF Tactical Growth ETF (TUG)
Summary Prospectuses, Prospectus, and Statement of Additional Information,
each dated July 31, 2024
each, a series of Listed Funds Trust
The Board of Trustees of Listed Funds Trust (the “Trust”) has approved an agreement and plan of reorganization providing for the reorganization of the STF Tactical Growth & Income ETF and STF Tactical Growth ETF (each a “Fund,” together the “Funds”) into newly created series of the Hennessy Funds Trust (each an “Acquiring Fund,” together the “Acquiring Funds.”) (the “Reorganization”). The Reorganization is subject to the approval of shareholders of the Funds.
Each Acquiring Fund will have the same investment objective, principal investment strategies, principal risks and policies as its corresponding Fund. Jonathan Molchan of STF Management LP, a current co-portfolio manager for each Fund, will continue to serve as portfolio manager for each Acquiring Fund as an employee of Hennessy Advisors, Inc., investment adviser to the Acquiring Funds, following the Reorganization.
Under the terms of the agreement and plan of reorganization approved by the Board of Trustees of the Trust, each Fund will transfer all of its assets and known liabilities to an Acquiring Fund in exchange for shares of an Acquiring Fund. Shareholders of each Fund will thus effectively be converted into shareholders of the respective Acquiring ETF and will hold shares of such Acquiring ETF with the same net asset value as shares of the Target ETF that they held prior to the Reorganizations. The Reorganization is expected to be treated as a tax-free reorganization for U.S. federal tax purposes.
A shareholder meeting will be scheduled for the purpose of voting on the Reorganization. If shareholders approve the Reorganization, the closing of the Reorganization is expected to occur in July or August of 2025. If shareholders do not approve the Reorganization of a Fund, then the Fund will not be reorganized into its corresponding Acquiring Fund and the Board of Trustees of the Trust will consider what further actions to take with respect to the Fund, including, but not limited to, continuing to operate the Funds within LiFT or the liquidation of the Funds. Shareholders of record will receive a prospectus/proxy statement prior to the meeting, which will provide further details about the Acquiring Funds, shareholder meeting dates and voting details, as well as the Reorganization.
Please retain this supplement with your Summary Prospectus, Prospectus, and
Statement of Additional Information for future reference.

Today was a rare 10 to 1 up volume over down volume on the NYSE. At one time one of the better buy signals (especially after market declines). Another one in the next week or two would be even more potent. However this signal was pretty worthless during the 2022 bear market.

Was curious how today would unfold after Friday’s rare 10 to 1 up day. Those kind of days ended bear markets and bull market corrections in the past ( see Zweig’s book) but as above was pretty worthless in 2022 as everyone became so focused on them.

I have a special place in my heart for PIMIX.
It was the first bond fund I owned and the longest from around 2010 to 01/2018 at 50+% for years.
It was the fund I used to change my stock/bond % until I retired
But since 01/2018, the magic has been gone. I sold and never looked back.
The cheap, on sale MBS trade was gone. PIMIX AUM grew like no other.
...
PIMIX is s still open...why?
I stopped listening to PIMIX managers, no matter what the question is, they still like securitized/MBS for over 15 years.
It doesn't matter to me what a fund made 3-5-15 years ago, I care what it has been doing lately with a look at the future.
Add to PIMIX its derivatives and a black box tools and I'm skeptical.
Is PIMIX a good fund? Sure, but I continue to stay away.

what he said

Pimco Income AUM total $179.80 billion
PIMIX $109.91 billion
PONPX $48.41 billion
PONAX $14.26 billion
Rest in other classes

Bought some EUAD on the premise that countries will try to diversify away from the US on aerospace and defense products. #1 holding is Airbus (21%) and has a ton of EU defense companies that have skyrocketed in recent weeks.
(Wouldn't mind owning HAGHY and THLLY as individual holdings on a decent pullback, either.)

Bond market is multiple times bigger than the stock market.
The biggest stock fund is $1+ trillion.
The biggest bond fund is only low triple-digit billions.
PIMIX is still a baby among giant funds. Its AUM (MFOP data) bottomed at $111.1 billion on 10/31/22 and it's $179.8 billion as of 2/28/25 - that is an impressive +61.8% growth in 2 yrs, 4 mo for a large fund. This growth is despite Pimco having cousin ETF PYLD and several cousin CEFs PDI, PDO, PAXS.
Pimco markets PIMIX it well. It's often a choice in 401k/403b, including in my Fido 403b and TIAA 403b, and do I have it there (no other choices for multisector funds there).

I have a special place in my heart for PIMIX.
It was the first bond fund I owned and the longest from around 2010 to 01/2018 at 50+% for years.
It was the fund I used to change my stock/bond % until I retired
But since 01/2018, the magic has been gone. I sold and never looked back.
The cheap, on sale MBS trade was gone. PIMIX AUM grew like no other.
I found better funds to replace it, such IOFIX until ithe meltdown.
For years now I stated that RCTIX invests mainly in securitized but have a better risk/reward and a much smaller AUM.
https://schrts.co/NIzzEXtp
PIMIX is s still open...why?
I stopped listening to PIMIX managers, no matter what the question is, they still like securitized/MBS for over 15 years.
It doesn't matter to me what a fund made 3-5-15 years ago, I care what it has been doing lately with a look at the future.
Add to PIMIX it's derivatives and a black box tools and I'm skeptical.
Is PIMIX a good fund? Sure, but I continue to stay away.

“High-quality bonds are on sale, and Pimco Income fund manager Daniel Ivascyn is loading up on them.”
Could have fooled me. Article is dated March 12. Not sure when the interview was done. Bonds looked better when the 10-Year Treasury was at 4.8% a month or so ago than at 4.32% today. But everything is relative. Perhaps he means “on sale” in comparison to overpriced junk bonds …
Later, he elaborates: ”… Ivascyn says that high-quality bonds are priced so cheaply now relative to stocks, which are still near all-time highs, that it's worth taking some risks.”
A logical follow-up might be: “Which stocks?”
Ivascyn is known to avoid the press as much as possible, so LB did a nice job with what he likely had to work with.
The story has very few direct quotations with Louis largely paraphrasing Ivascyn on different issues. But some important quotes are included in the last paragraph and say a bit about Ivancyn’s macro outlook and expectations for Fed policy.
“We think [the Federal Reserve is] going to be very patient, and with all the uncertainty around tax policy and tariff policy, we think they’re on hold,” he says. Even if inflation spikes and rates go up again, the reaction “could be even worse for equity markets.”

Just posted all ratings to MFO Premium site, using Refinitiv data drop from Friday, 14 March 2025. Flows too updated through 14 March.

Nice discussion. Thanks folks. No longer own PRWCX so haven’t listened to the interview. Agree with your high appraisal of the fund and Giroux. Already a legendary investor.
Noting Giroux has lightened up on the Mag 7 …. Perhaps remotely related - To show how hard NVDA and some of the high flyers have been hit lately, PRPFX (+4.9% YTD) managed to close down 0.50% a couple days ago in spite of a very good day for gold. People tend to overlook that that fund allocates 15% to “aggressive growth” stocks. NVDA was one of the stocks propelling it much higher a year ago.
BTW - I was looking over Stack’s late February newsletter last evening. If I’m reading his charts accurately, utilities were the cheapest equity sector on a relative basis compared to all other sectors at time of publication. Most interesting.

As you are probably 160+ yo, this is a test whether you are still alive..

If it was $10M or more I would say convert to gold and Bitcoin and call Jason Bourne for extraction.

Grifters gonna grift. I asked WH faith advisor Ms. White about accepting meme coin, she said no. I then countered with a dozen eggs, and she still said no....though she hesitated on that one. So now it's up to me to pray for Hank and Derf!
The markets got a bump on Friday from Chuck Schumer rolling over for MAGA - agreeing to support the GOP spending bill and thus lowering the threat of a govt shutdown.
Equities should remain an adventure in the weeks ahead, unless our grand leader capitulates on these tariffs. Let us "pray" that this is all short-term noise and not long-term damage, but I do not appreciate being told by the grand leader that the sacrifice will be worth it.
Red flags and alarm bells aplenty.
As future economic reports roll in, the market will be on high-alert. Even jittery. This could get ugly fast.
The flight to safety feels like stage 1 of this process. BRK is still near 52 week highs. HY has held up ok so far, only small cracks showing. Stage 2 should be real interesting.

I don’t know what lies ahead. Around here they can’t even get the day-to-day weather forecast correct. If you do know, please move to the front of the class.
- From Dan Ivascyn of Pimco in this week’s Lewis Braham Barron’s interview:
”Ivascyn doesn't anticipate a deep recession or inflationary spike …”
- One bell-weather of recession I watch is Rio Tinto (RIO). It gained 3% Friday and is up over 7% YTD.
- The action in precious metals doesn’t appear to be forecasting a prolonged or deep recession.
- The bond market does seem to be anticipating at least a moderate slowdown. The 10-year U.S. treasury has fallen from around 4.8% two months ago to around 4.32% Friday. But some of that is a result of junk bond investors seeking refuge in better quality credit as overpriced junk reprices.
- There are dangers in selling risk assets and moving into cash based on a prediction. Here’s what Barron’s columnist Jack Hough has to say on that in this week’s edition:
“Since it's impossible to know when the stock market will fall, only that stocks tend to go up more they go down, you'll likely get the timing wrong. Then stubbornness will kick in, and you'll decide that you're not wrong, just early. By the time you get to despair, and capitulation, history suggests that you'll be buying back in at a much higher price. Or you might luck out and time the whole thing beautifully. Best to lean on luck for your March Madness brackets, however, not your long-term savings.”

Top holdings in PRCFX:
Microsoft Corp.
Apple Inc.
Amazon.com Inc.
Alphabet Inc. Cl A
NVIDIA Corp.
Meta Platforms Inc.
Giroux decreased percent holdings in all of these, except Meta, since 12/31/24.