AAII Sentiment Survey, 6/28/23
Bullish remained the top sentiment (41.9%; above average) & bearish remained the bottom sentiment (27.5%; below average); neutral remained the middle sentiment (30.6%; below average); Bull-Bear Spread was +14.4% (above average). Investor concerns: Inflation (moderating but high); economy; the Fed; dollar; crypto regulations; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (70+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were mixed, bonds up, oil down, gold down, dollar up. All 23 big banks passed the Fed Stress Tests. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1088/thread

Real wages are still higher than they were in three out of the four years of the previous administration prior to the Covid outbreak, and it's false to say every month. They just started to rise this year:
https://fred.stlouisfed.org/series/LES1252881600Q
Meanwhile, the 3.7% unemployment rate is close to an all-time low:
https://fred.stlouisfed.org/series/UNRATE

It's funny how 2 people look at the same numbers https://fred.stlouisfed.org/series/LES1252881600Q and come up with different opinions.
The biggest wage increase since 1980 happened during Trump which reached the highest point. Covid brought it down and the current administration is far from the peak.
Here are the numbers based on the stlouisfed chart. During the Trump years: Q4/2016=349....Q2/2020=393 (that is 12.6% real wage increase in just 3.5 years). Trump finished in Q4/2020=377. There is nobody else that came close to a 12.6% real wage increase. Since 1980 the second biggest increase during any other presidency was about 5%.
The last number from Q1/2023=263 is still far from the top. This is after trillions of support and a waste of money for the next generation.

All 23 banks passed the Federal Reserve Stress Tests.
Press Release https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230628a.htm
Full Report https://www.federalreserve.gov/publications/files/2023-dfast-results-20230628.pdf
https://i.ibb.co/kcRWp6M/Screenshot-2023-06-28-20-54-13.png

Real wages are still higher than they were in three out of the four years of the previous administration prior to the Covid outbreak, and it's false to say every month. They just started to rise this year:
https://fred.stlouisfed.org/series/LES1252881600Q
Meanwhile, the 3.7% unemployment rate is close to an all-time low:
https://fred.stlouisfed.org/series/UNRATE

I "love" Bofa predictions. See what they said on 12/28/2022 (https://www.businessinsider.com/stock-market-volatility-2023-investing-strategy-sp500-bank-america-subramanian-2022-12)
Bofa recomendations were:
1) Subramanian said she sees stocks going through a volatile period in the first half of 2023 as a recession hits the US economy.
2) avoid the S&P 500 index and mega tech
3) Her most-preferred sectors for 2023 are energy, financials, consumer staples, and utilities.
Reality:
1) Volatility wasn't high in the first half. In fact the indexes were nicely up
2) YTD...SPY made 14.8%...QQQ 37.3%
3) Subramanian preferred categories YTD performance...XLF -3.3%...XLE -7.1%...XLP -0.2%...XLU -7.8%
If you follow the above you missed at least 15-20%. Let me know another profession you can keep your job and be so wrong so many times.
=============
A week ago (link)
MMM...maybe it's time to sell, after all subramanian said "The market is more rational than its been in a decade’"
More than a decade? did she look at what the SP500 made in the last 10 years? SPY made 225% in 10 years and QQQ made 460%.

https://www.sec.gov/Archives/edgar/data/773757/000119312523176970/d431892d497.htm
[The fund is rated four stars]
497 1 d431892d497.htm COLUMBIA FUNDS SERIES TRUST I
Supplement dated June 28, 2023
to the Prospectus and Summary Prospectus of the following fund:
Fund Prospectus and Summary Prospectus Dated
Columbia Funds Series Trust I
Columbia Small Cap Growth Fund 1/1/2023
The Board of Trustees of Columbia Funds Series Trust I (the Trust) has approved the re-opening of Columbia Small Cap Growth Fund (the Fund), a series of the Trust, on or about July 31, 2023 (the Effective Date). In connection with this action, on the Effective Date, the first paragraph under the Purchase and Sale of Fund Shares section is hereby removed from the Fund's prospectus and summary prospectus.
Shareholders should retain this Supplement for future reference.

https://www.sec.gov/Archives/edgar/data/1014913/000110465923075579/tm2319682d1_497.htm
497 1 tm2319682d1_497.htm 497
Filed pursuant to Rule 497(e)
Registration No. 333-07305
1940 Act File No. 811-07685
FRONTIER FUNDS, INC.
Supplement to Prospectus Dated October 31, 2022
Frontier MFG Select Infrastructure Fund
Institutional Class Shares (FMSIX)
Service Class Shares (FMSSX)
The Board of Directors (the “Board”) of Frontier Funds, Inc. (the “Company”), based upon the recommendation of Frontegra Asset Management, Inc. (“Frontegra”), has determined to liquidate the Frontier MFG Select Infrastructure Fund (the “Fund”). Frontegra is the Fund’s investment adviser and MFG Asset Management is the Fund’s subadviser. After considering a variety of factors, the Board concluded that it would be advisable and in the best interest of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Company, effective as of the close of business on the liquidation date, August 23, 2023.
The Board approved a Plan of Liquidation that determines the manner in which the Fund will be liquidated. Pursuant to the Plan of Liquidation and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases, additional investments and incoming exchanges, except for purchases made through an automatic investment program or the reinvestment of any distributions or a purchase exception that is approved by the officers of the Company, effective after market close on June 29, 2023. After the Fund is closed to new investments, shareholders will be permitted to exchange their shares of the Fund for shares of the other available Frontier Funds or to redeem their shares of the Fund, as provided in the Fund’s prospectus, until the liquidation date. No redemption fees will be imposed by the Fund in connection with redemptions or exchanges; however, please note that your financial intermediary may charge fees in connection with redemptions or exchanges.
Prior to the August 23, 2023, liquidation date, the Fund will no longer actively pursue its stated investment objective, and MFG Asset Management will begin to liquidate the Fund’s portfolio. The Fund’s portfolio managers will likely increase the Fund’s assets held in cash and cash equivalents in order to prepare for an orderly liquidation and to meet anticipated redemption requests. As a result, the Fund is expected to deviate from its stated investment objective, policies and strategies.
Pursuant to the Plan of Liquidation, any shareholder who has not exchanged or redeemed their shares of the Fund prior to the liquidation date of August 23, 2023, will have their shares redeemed in cash and will receive one or more payments representing the shareholder’s proportionate interest in the net assets of the Fund as of the liquidation date, after the Fund has paid or provided for all taxes, expenses and any other liabilities, subject to any required withholdings. The automatic redemption of Fund shares on the liquidation date will generally be treated the same as any other redemption of Fund shares for tax purposes, so that shareholders (other than tax-exempt accounts) will recognize gain or loss for income tax purposes on the redemption of their Fund shares in the liquidation. In addition, the Fund and its shareholders will bear transaction costs and tax consequences associated with the disposition of the Fund’s portfolio holdings prior to the liquidation date. The Fund expects to have declared and paid a distribution or distributions, which, together with all previous such distributions, will have the effect of distributing to the Fund’s shareholders all of the Fund’s investment company taxable income and net capital gain (after reductions for any available capital loss carryforward), if any, realized in the taxable periods ending on or prior to the liquidation date. The distribution or distributions will include any additional amounts necessary to avoid federal income or excise tax. Shareholders should consult their tax adviser for further information about federal, state and local tax consequences relative to their specific situation.
Important Information for Retirement Plan Investors
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you hold your Fund shares through a tax-deferred retirement account, you should consult with your tax adviser or account custodian to determine how you may reinvest your redemption proceeds on a tax-deferred basis. If the redeemed shares are held in a qualified retirement account such as an individual retirement account (IRA) and you have made no election regarding tax withholding, the redemption proceeds may be subject to a 10% federal income tax withholding and any applicable state required withholding. If you will receive a distribution from an IRA or a Simplified Employee Pension (SEP) IRA that is terminating as a result of the liquidation of the Fund, you must either roll the proceeds into another IRA within 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 applicable, or request that the distribution be made directly to another IRA or eligible retirement plan. Please note you can make only one tax-free rollover of a distribution you receive from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. If you receive a distribution from a 403(b)(7) custodial account (tax-sheltered account) or a Keogh account, you must roll the distribution into an eligible retirement plan within 60 days in order to avoid disqualification of the plan and inclusion of the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodial account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
This supplement should be retained with your Prospectus for future reference.
The date of this Supplement to the Prospectus is June 28, 2023.

@sma3: I grew up 10 miles from New London. My father’s small company built wooden boats by hand using skilled craftsmen. After the Nautilus was launched around 1955, Electric Boat (now part of General Dynamics, I think) as a defense contractor could offer much higher wages than my father could pay and he lost many employees. Fiberglass boats and the employee drain eventually caused him to shut down the business in the late 60’s. His motor sailers, however, continue to provide great service to old-school yacht owners.
In the same part of the state, a practically non-existent tribe of Pequots opened a huge casino that became the biggest taxpayer to the State. Job creation for sure, but not in a line of business that sits well with my belief system.

According to LCORX's Fact Sheet, its investment objective is: "Capital appreciation and income while maintaining prudence in terms of managing exposure to risk. Investment guidelines are 30%-70% equity exposure and 30%-70% fixed income." What is the value in comparing it to a 100% equity fund like SPY after the longest equity bull market in history just ended? PRWCX is a fairer comparison as is VBIAX, and PRWCX has been a terrific fund.

I compared LSLTX(99+% in stocks) to SP500 and LCORX(60+% stocks) to PRWCX.
Leuthold funds have high ER and small AUM.

https://www.sec.gov/Archives/edgar/data/1491978/000113743923000850/flexn14497062023.htm
497 1 flexn14497062023.htm
FLEXSHARES® TRUST
To the Shareholders of
FlexShares® International Quality Dividend Defensive Index Fund (IQDE)
FlexShares® Quality Dividend Dynamic Index Fund (QDYN)
(each, a “Target Fund” and together, the “Target Funds”)
SUPPLEMENT DATED JUNE 27, 2023 TO THE JOINT PROSPECTUS/INFORMATION STATEMENT DATED JUNE 9, 2023
Upon a recommendation of Northern Trust Investments, Inc. (“NTI”), the Board of Trustees of FlexShares® Trust, on behalf of the FlexShares® International Quality Dividend Defensive Index Fund (“IQDE”) and FlexShares® International Quality Dividend Index Fund (“IQDF”), and NTI have agreed to terminate the Agreement and Plan of Reorganization (“Plan”) for IQDE, which will result in the cancellation of the proposed reorganization of IQDE with and into IQDF. The reason for the cancellation of the proposed reorganization is that, following the reconstitution of the underlying indexes of IQDE and IQDF, there was no longer sufficient overlap in the two portfolios to support a tax-free reorganization.
Termination of the Plan for IQDE and cancellation of IQDE’s reorganization will have no impact on the reorganization of the FlexShares® Quality Dividend Dynamic Index Fund with and into the FlexShares® Quality Dividend Index Fund (the “QDYN Reorganization”). Accordingly, the QDYN Reorganization will proceed as described in the Joint Prospectus/Information Statement.
Please retain this Supplement for future reference.

My “Transfer-in-Kind” request went through Monday. Took around 10 days to complete. Previous transfers (D&C to Fido) were done after first liquidating the fund. Those executed faster - in 5-7 days. Today I logged in to direct Fido to “reinvest dividends & cap gains.” Interestingly, they’d already set it that way for me. (Must have carried over from D&C.) Looks like DODBX kicked out a quarterly dividend today. So I’ll get a definitive answer to my question by week’s end. Not expecting any problem. No plans to sell any of this fund. Suspect that could lead to charges if done too early.

Not a fan of Rekenthaler. With 401, 403, 457, it is just another employer option of a variety of mutual funds, some risky and some less risky. When I retired, I transferred all of my 401, 403, 457 holdings into a rollover IRA, so they would be consolidated. As far as "retirement income", you pick all kinds of options on the risk/reward continuum, depending on your portfolio objectives. For years, I chose multisector bond oefs, nontraditonal bond oefs, HY and FR/BL options, Municipal bond oefs, etc. for the monthly dividends they paid, to produce a very nice retirement income on a monthly basis. When the markets started crashing with higher interest rates, I chose to move to CDs, MMs, etc. I will likely go back to some combination of a variety of OEF bond funds and CDs/MMs in the future, but for now I don't feel compelled to latch on to any option unless it meets my low risk criteria for producing "retirement income".

Examples
Period 01/1985-05/2023 (as far back as free PV goes)
Fund SWR PWR
VWINX 8.76% 5.53%
VWELX 9.77% 6.64%
ABALX 9.35% 6.29%
VFINX 10.93% 7.52%
So, in this period of about 37.5 years, the realized SWRs were much higher than Bengen's 4% rule. Equities did well and more equities, the better. PWRs weren't that much lower - remember that with PWRs, your or your heirs would also have the inflation-adjusted initial lump-sum on hand.
Period 01/2000-12/2009 (a tough decade)
Fund SWR PWR
VWINX 13.28% 4.14%
VWELX 12.31% 3.41%
ABALX 12.88% 2.98%
VFINX 7.42% 0.00
SWRs look high but remember that the initial balance is also exhausted in 10 years, and that alone at 0% return will be SWR of 10%. PWRs are low and more meaningful for this period. If some more aggressive funds are included, those may fail and would just show the PWR of 0.00% (as for VFINX/SP500).

It’s well known that Bill Gross cut-his-teeth as a professional blackjack dealer before becoming an investor. Perhaps lesser known is that the legendary Louis Rukeyser of PBS’s Wall Street Week fame was also a devoted casino gambler.
”One cost of celebrity for Mr. Rukeyser was the jibes he would have to bear while indulging his fondness for casino gambling. No sooner had he settled into a blackjack game, he once recalled, than someone would ask him if the odds at the table were really better than those on Wall Street.”
Interesting 2006 NYT article putting Rukeyser and the show into perspective:
https://www.nytimes.com/2006/05/03/business/media/03rukeyser.html?smid=nytcore-ios-share&referringSource=articleShare

LCORX?
I have been recommending PRWCX easily over 10 years. It's one of the best allocation funds of all time. Yes, I know, it's a flexible go-anywhere fund.
Since the inception of LCORX...LCORX made 695% while PRWCX made "only" 1453.8%(more than double). I don't know how Giroux keeps doing it with AUM over 50 bil, just amazing.

Wiki: "Markowitz.....optimization.....optimal mean-variance portfolios..... In 1954, he received a PhD in Economics from the University of Chicago with a thesis on the portfolio theory. The topic was so novel that, while Markowitz was defending his dissertation, Milton Friedman argued his contribution was not economics"
And Milton Friedman was his PhD co-advisor!
https://en.wikipedia.org/wiki/Harry_Markowitz

https://www.sec.gov/Archives/edgar/data/1602508/000089418923004374/fundxmutualfundstoetfconve.htm
497 1 fundxmutualfundstoetfconve.htm 497E MUTUAL FUNDS TO ETFS CONVERSION
FundX Flexible Income Fund – INCMX
FundX Conservative Upgrader Fund – RELAX
Supplement dated June 26, 2023 to the
Prospectus and Statement of Additional Information (“SAI”)
dated January 30, 2023
This supplement provides new and additional information beyond that contained in the Prospectus and SAI, and should be read in conjunction with those documents. This supplement is being provided for information purposes only; no securities are being offered hereby.
The Board of Trustees of FundX Investment Trust (the “Trust”), at a board meeting held on May 17, 2023, approved converting each Fund into an exchange-traded fund (“ETF”) by the reorganization of each Fund into a corresponding ETF, as listed below. Each ETF will be a newly created series of the Trust.
Fund ETF
FundX Flexible Income Fund→FundX Flexible ETF
FundX Conservative Upgrader Fund→FundX Conservative ETF
There will be no change to each Fund’s investment objective, investment strategies or portfolio management as a result of the reorganizations.
Further information with respect to the reorganizations will be mailed before the consummation of the reorganizations to holders of each Fund’s shares as of the record date.
Please retain this Supplement with your Prospectus and SAI dated January 30, 2023 for future reference. These documents are available upon request and without charge by calling the Fund at 1-866-455‑FUND [3863].
Please retain this Supplement with the Prospectus and SAI.

https://www.sec.gov/Archives/edgar/data/1548609/000089418923004381/baf-tr_497e.htm
497 1 baf-tr_497e.htm SUPPLEMENTARY MATERIALS
BROWN ADVISORY FUNDS
Brown Advisory Total Return Fund
(the “Fund”)
Institutional Shares (BAFTX)
Investor Shares (BIATX)
Supplement dated June 26, 2023
to the Prospectus, the Summary Prospectus and the Statement of Additional Information
dated October 31, 2022
1. Shares of the Fund Are No Longer Available for Purchase
As the result of a reorganization transaction pursuant to which the Fund was reorganized with and into the Brown Advisory Sustainable Bond Fund effective as of the close of business on June 23, 2023, the Fund is no longer operational and its shares are no longer offered for sale.
If you have any questions, please call the Fund at 1-800-540-6807 (toll free) or 414-203-9064
Investors should retain this supplement for future reference.

https://www.sec.gov/Archives/edgar/data/1438681/000158064223003318/alphamarksupplement.htm
497 1 alphamarksupplement.htm 497
Supplement dated June 26, 2023
to the Summary Prospectus, Prospectus and
Statement of Additional Information (the “SAI”) of AlphaMark Fund (the “Fund”)
ALPHAMARK FUND
Ticker Symbol: AMLCX
This Supplement provides new and additional information beyond that in, and should be read in conjunction with, the Fund’s Summary Prospectus, Prospectus and SAI.
The Board of Trustees of AlphaMark Investment Trust (the “Trust”), after notice of the Advisor’s termination of the investment advisory agreement and based on information provided by AlphaMark Advisors, LLC (the “Advisor”), has determined that it is in the best interest of the Fund and its shareholders that the Fund be liquidated. In connection therewith, the Board has approved a Plan of Liquidation and Dissolution (the “Plan”) for the Fund. Effective immediately, the Fund will cease to pursue its investment objective, will cease selling shares, and the Fund’s investment manager, AlphaMark Advisors, LLC, may begin liquidating the Fund’s investments.
Pursuant to the Plan, the Fund will liquidate its investments and thereafter redeem all of its outstanding shares by distribution of its assets to shareholders in amounts equal to the net asset value of each shareholder’s Fund investment after the Fund has paid or provided for all of its charges, taxes, expenses and liabilities. The Advisor anticipates that the assets of the Fund will be fully liquidated and all outstanding shares redeemed on or about July 31, 2023 (the “Liquidation Date”). This date may be changed without notice to shareholders, as the liquidation of the Fund’s assets or winding up of the Fund’s affairs may take longer than expected.
Until the Liquidation Date, you may continue to freely redeem your shares, including reinvested distributions, in accordance with the section in the Prospectus entitled “How to Redeem Shares.” 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 “Dividends, Distributions and Taxes” sections in the Fund’s Prospectus for general information. You may wish to consult your tax advisor about your particular tax situation.
As a result of the anticipated liquidation of the Fund, the Fund is expected to deviate from its stated investment strategies and policies and will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will hold cash and cash equivalents, such as money market funds, until all investments have been converted to cash and all shares have been redeemed. During this period, your investment in a Fund may not experience the gains (or losses) that would be typical if the Fund were still pursuing its investment objective.
Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares prior to distribution, unless you have previously requested payment in cash.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO THE LIQUIDATION DATE WILL HAVE THEIR SHARES REDEEMED AUTOMATICALLY AS OF THE CLOSE OF BUSINESS ON THE LIQUIDATION DATE. THE PROCEEDS OF ANY SUCH REDEMPTION WILL BE EQUAL TO THE NET ASSET VALUE OF SUCH SHARES AFTER THE FUND HAS PAID OR PROVIDED FOR ALL OF ITS CHARGES, TAXES, EXPENSES AND LIABILITIES. ANY LIQUIDATING DISTRIBUTION, WHICH MAY BE IN CASH OR CASH EQUIVALENTS EQUAL TO EACH RECORD SHAREHOLDER’S PROPORTIONATE INTEREST OF THE NET ASSETS OF THE FUND, DUE TO THE FUND’S SHAREHOLDERS WILL BE SENT TO THE SHAREHOLDER’S ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-866-420-3350.
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. If you have questions or need assistance, please contact your financial advisor directly or the Fund at 1-866-420-3350.
This Supplement and the Fund’s Summary Prospectus, Prospectus and SAI provide relevant information for all shareholders and should be retained for future reference.

401a allows employer & employee contribution. So, those could be combo mandatory & optional plans.
401k/403b are optional plans with employee contributions.
All of this is under the IRS code section 401 and within it are subsections 401k, 403, 457, 457b.