Hi @kings53man et al
A quick look at a plain, active managed long term Treasury fund, being VUSTX vs SP500 starting at Jan. 1999, which includes all distributions.
So for China, Japan and the many others who hold our U.S. Treasury debt, they don't cry often from their holdings returns over the long term and likely don't feel stupid.
Chart

Here is the mutual fund prospectus filing (I class) for both funds:
https://www.sec.gov/Archives/edgar/data/1806095/000168386320003311/f3560d1.htm

I think 45 should stick with what he knows which is diddley squat.

https://www.bloomberg.com/amp/news/articles/2020-05-14/ubs-sees-muni-bond-market-facing-biggest-storm-in-modern-history
UBS Sees Muni-Bond Market Facing Biggest Storm in Modern History
By Amanda Albright and Danielle Moran
May 14, 2020, 9:30 AM EDT
States still seen as a haven, despite vast budget gaps
But once-booming high-yield niche may see ‘surge of defaults’
Caution tape block off a lakefront bike path in Chicago, Illinois, U.S., on Friday, April 3, 2020. The world's workers are reeling from the initial shock of the coronavirus recession, with job losses and welfare claims around the globe already running into the millions this week.
Caution tape block off a lakefront bike path in Chicago, Illinois, U.S., on Friday, April 3, 2020. The world's workers are reeling from the initial shock of the coronavirus recession, with job losses and welfare claims around the globe already running into the millions this week. Photographer: Christopher Dilts/Bloomberg
To the analysts at UBS Global Wealth Management, the $3.9 trillion municipal-bond market is heading into the biggest financial storm anyone has ever seen.
dropped about 9% this year, on track for their worst yearly loss since 2008, according to Bloomberg Barclays indexes.
High-yield munis have yet to rebound as much as safer assets
UBS had warned clients about the risks of investing in high-yield before the sell-off began in March and said that such debt issued for student housing projects, shopping malls and recycling factories may not recover anytime soon.
“The unprecedented monetary and fiscal support for the economy will allow most municipal bond issuers to recover, but the high yield sector is particularly exposed,” UBS said in the report.
UBS said higher education and health-care bonds pose particularly high risks. For private colleges, the economic crisis may exacerbate long-standing concerns around enrollment declines and affordability, causing default risk to rise “appreciably,” the firm said.
“We expect the severity of the current recession to result in a surge of defaults among high-yield bonds,” they wrote. “There are simply too many bonds secured by nursing homes, continuing care retirement communities, and economic development projects to reach a more benign conclusion.”
To read more: Gimme-Tax-Shelter Mentality Ignores Threatening Credit Storm
—

https://www.sfgate.com/news/article/Trump-asks-board-of-federal-retirement-plan-to-15264929.php
Trump asks board of federal retirement plan to not invest in China, setting up showdown
Eric Yoder, The Washington Post Published 11:05 am PDT, Tuesday, May 12, 2020
/the Trump administration has asked the board that runs the retirement savings program for federal employees and military personnel to not invest in Chinese businesses, ratcheting up the dispute into a potential showdown over who ultimately runs the program./
Not sure if trump correct, likely not long term imho
We are still 20-25s% invest w EM and China. I Dont trust Trump China nor Russians. I do believe EEM and Russian markets are cheap now and maybe heading much higher 3 - 5 yrs from now regardless of whom will be next POTUS...Wonder why trump did not boycott Russians
Any thoughts?

Here is a link to a collection of Podcast hosted by Jim O'Shaughnessy:
https://podcasts.apple.com/us/podcast/what-works-on-wall-street-podcast/id1319518557

Howdy folks,
At this time I see buying an index as the silliest thing you could do. Do you know how many zombies are in the Dow or 500? The government bailouts are going to stop one day and when the music stops the bankruptcies are going to be legion. Can you make a buck playing zombies? Sure, but you better be nimble. And there are those that like the short side but that's fighting the Fed and that's risky.
I'd rather invest my equity allocation in companies that are winning now and will win post virus. Companies that have cashflow and are still paying dividends. You are probably a customer of theirs.
Good luck
Rono

I've got another deep value fund that I've been wataching as well (TEQIX).
A Star From the Previous Bear Market Is Struggling in This One, Kinnel (Morningstar), May 5
https://www.morningstar.com/articles/982332/a-star-from-the-previous-bear-market-is-struggling-in-this-one

If the market had kindly stuck to the [2007-2009] pattern of reversal, growth funds would be destroyed and value managers finally vindicated. But no such luck: Once again value is bearing the brunt, though financials haven't been hit the hardest.
[T]his bear market has been much tougher on Mutual Series funds than the previous one was. A big part of that story is cash. ...
In March 2009 when the market hit bottom, ...Franklin Mutual Quest had raised cash to ... 49%. ... it was a big win. ... [It] timed the cash raise nicely but timed [ts] re-entry so poorly that [it] squandered much of [its] earlier outperformance. ...
At the end of January 2020 ... Franklin Mutual Quest [held] 11% [in cash]. ... Quest cranked cash up to 30% by the end of March. From Feb. 19 to March 23, 2020, Franklin Mutual Quest lost 30%.

Too little cash too late?

Thanks for posting. HWIAX is one of Old_Skeet's laggards. It was a deep value fund which had been faltering. Thankfully, it was a very small position within my portfolio which I establised a few years ago when the good times were rolling. I never added to it awaiting deep value to recover. I'm thinking I'm going to let it roll into HWHAX which has about a 6.5% yield and see how things go.
I've got another deep value fund that I've been wataching as well (TEQIX). Opened to watch and keep up with how deep value was performing. It's been a laggard as well ... but, doing better than HWIAX.

And, for equities, you should expect to see a 50%+ price decline a couple times a century, a 30% decline once a generation, and a 10% price decline at least every other year.

Feels like we're ahead of schedule for this century.

The fund is closing, not shutting down. Normally it's not surprising to see a fine performing small cap fund close. However, a fund with just $13M AUM (and a corresponding ER a bit south of 3%) would be more likely to shut down than to close.
Perhaps this is being done to give the new manager some breathing space?
The original manager (16 years) just left.

Effective as of May 1, 2020, Mr. Richard A. Barone will no longer serve as a portfolio manager of the Ancora Income Fund and Ancora Special Opportunity Fund. Accordingly, all references to Mr. Barone as portfolio manager in the Funds’ Prospectus, Summary Prospectus and SAI are hereby removed.
Also effective as of May 1, 2020, Mr. James Bernard, CFA, and Kevin Gale will serve as the new co-portfolio managers of the Ancora Income Fund, and John Micklitsch will serve as the new portfolio manager for the Ancora Special Opportunity Fund.

https://www.sec.gov/Archives/edgar/data/1260667/000116204420000277/ancora497202005.htm
It is curious that this supplement, detailing a May 1 change in management, is dated May 7th. This might have been an unexpected change.

Couldn't GE do a reverse stock split to stay above $5 ?

Sure they could. And the options would adjust accordingly.

Couldn't GE do a reverse stock split to stay above $5 ?

The rule for taxing T-IRA distributions shouldn't sound too convoluted. It just requires you to do things proportionately.
Say that your total T-IRA value at the end of 2019 was $100K ($5K post-tax, $95K pre-tax contributions and earnings). Then 5% of the IRA was post-tax, 95% pre-tax.
So when you take money out in 2020, 5% of it is post-tax (tax free) and 95% of it is pre-tax (taxable). If you take out $5K this year, then you're taking out 5% x $5K = $250 of post-tax money. That leaves $4750 in post-tax money.
At the end of 2020 you repeat the percentage calculation. If your IRA is again worth $100K, then 4.75% of it is post-tax, and 95.25% is pre-tax.
---
As far as using an out of state tax person goes, the only potential downside I can see is less familiarity with state tax laws. Most things tend to be the same or similar across states. But each state seems to have its own set of quirks that might help you or might serve as gotchas.
Simple example: In Hawaii, it looks like you had to have made your first estimated tax payment (if any) by April 20th. But Massachusetts, like many other states, extended the 1Q and 2Q estimate deadlines to July 15th.
A responsible professional is going to study the rules, but that's still time and effort. And as a novice for the new state, there's still the possibility that they might miss something.

Put on a 5/7 (Jan 22) combo spread on GE for a small credit, 20 spreads controlling 2K shares. Just taking it as a speculative position on a corporate turnaround/recovery .... if GE goes below $5 it may run the risk of getting delisted and/or removed from funds, so I kind of wonder if the 'bottom' is in on the stock. It won't take much to make the position nicely profitable, and the downside risk is quite low/comfortable for me.

FPA International Value Fund (FPIVX
https://www.sec.gov/Archives/edgar/data/924727/000110465920060911/tm2019617-1_497.htm
497 1 tm2019617-1_497.htm 497
FPA Funds Trust
FPA International Value Fund (FPIVX)
Supplement dated May 13, 2020 to the
Prospectus and Statement of Additional Information (“SAI”)
dated April 30, 2020
This Supplement updates certain information contained in the Prospectus and SAI for FPA International Value Fund (the “Fund”), a series of FPA Funds Trust (the “Trust”), dated January 31, 2020. You should retain this Supplement and the Prospectus for future reference. Additional copies of the Prospectus may be obtained free of charge by visiting our web site at www.fpa.com or calling us at (800) 638-3060.
At a meeting held on May 12, 2020, the Board of Trustees (“Board” or “Trustees”) of the Trust approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”) with respect to the Fund. The Plan of Reorganization provides for the reorganization (the “Reorganization”) of the Fund into the Phaeacian Accent International Value Fund (the “New Fund”), a newly created series of Datum One Series Trust, a newly created open-end registered management investment company.
A notice of a special meeting of Fund shareholders and and combined proxy statement and prospectus for the New Fund, seeking shareholder approval for the Plan of Reorganization (the “Special Meeting”) will be mailed to Fund shareholders in advance of the Special Meeting, which is expected to be held in the third quarter of 2020. If the Plan of Reorganization is approved by Fund shareholders at the Special Meeting, shareholders of the Fund will receive shares of the New Fund having the same aggregate net asset value as the shares of the Fund they hold on the date of the Reorganization. The Reorganization will not affect the value of your account in the Fund at the time of the Reorganization. The Reorganization is expected to be treated as a tax-free reorganization for federal tax purposes.
If approved, the Reorganization is expected to occur after the Special Meeting, in either the third or fourth quarter of 2020. Prior to the Reorganization, First Pacific Advisors, LP, the Fund’s current investment adviser, will continue to manage the Fund in the ordinary course, as described in the Fund’s Prospectus.
If the Reorganization is approved by Fund shareholders, Phaeacian Partners LLC (“Phaeacian”) will serve as the investment adviser to the New Fund. Phaeacian is a newly formed investment adviser that is a subsidiary of Polar Capital Holdings plc., and is in part owned by the Fund’s current portfolio manager. If the Reorganization is approved, the New Fund will be managed by the Fund’s current portfolio manager, in his new role with Phaeacian, using substantially similar principal investment strategies to those currently used to manage the Fund.
Fund shareholders may purchase and redeem shares of the Fund in the ordinary course until the last business day before the closing of the Reorganization, as described in the Fund’s Prospectus.
Purchase and redemption requests received after closing of the Reorganization (if approved) should be directed to the New Fund in accordance with its prospectus.
PLEASE RETAIN FOR FUTURE REFERENCE.
--------------------------------------------------------------------------------------------------------
FPA Paramount Fund, Inc.
https://www.sec.gov/Archives/edgar/data/76210/000110465920060913/tm2019619-1_497.htm
497 1 tm2019619-1_497.htm 497
FPA Paramount Fund, Inc. (FPRAX)
Supplement dated May 13, 2020 to the
Prospectus and Statement of Additional Information (“SAI”)
dated January 31, 2020
This Supplement updates certain information contained in the Prospectus and SAI for FPA Paramount Fund, Inc. (the “Fund”), dated January 31, 2020. You should retain this Supplement and the Prospectus for future reference. Additional copies of the Prospectus may be obtained free of charge by visiting our web site at www.fpa.com or calling us at (800) 638-3060.
At a meeting held on May 12, 2020, the Board of Directors (“Board” or “Directors”) of the Fund approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”) with respect to the Fund. The Plan of Reorganization provides for the reorganization (the “Reorganization”) of the Fund into the Phaeacian Global Value Fund (the “New Fund”), a newly created series of Datum One Series Trust, a newly created open-end registered management investment company.
A notice of a special meeting of Fund shareholders and and combined proxy statement and prospectus for the New Fund, seeking shareholder approval for the Plan of Reorganization (the “Special Meeting”) will be mailed to Fund shareholders in advance of the Special Meeting, which is expected to be held in the third quarter of 2020. If the Plan of Reorganization is approved by Fund shareholders at the Special Meeting, shareholders of the Fund will receive shares of the New Fund having the same aggregate net asset value as the shares of the Fund they hold on the date of the Reorganization. The Reorganization will not affect the value of your account in the Fund at the time of the Reorganization. The Reorganization is expected to be treated as a tax-free reorganization for federal tax purposes.
If approved, the Reorganization is expected to occur after the Special Meeting, in either the third or fourth quarter of 2020. Prior to the Reorganization, First Pacific Advisors, LP, the Fund’s current investment adviser, will continue to manage the Fund in the ordinary course, as described in the Fund’s Prospectus.
If the Reorganization is approved by Fund shareholders, Phaeacian Partners LLC (“Phaeacian”) will serve as the investment adviser to the New Fund. Phaeacian is a newly formed investment adviser that is a subsidiary of Polar Capital Holdings plc., and is in part owned by the Fund’s current portfolio managers. If the Reorganization is approved, the New Fund will be managed by the Fund’s current portfolio managers, in their new role with Phaeacian, using substantially similar principal investment strategies to those currently used to manage the Fund.
Fund shareholders may purchase and redeem shares of the Fund in the ordinary course until the last business day before the closing of the Reorganization, as described in the Fund’s Prospectus. Purchase and redemption requests received after closing of the Reorganization (if approved) should be directed to the New Fund in accordance with its prospectus.
PLEASE RETAIN FOR FUTURE REFERENCE.

@msf and @davidmoran You are confirming what my tax guy has told us. He is really, really good. But he's back in Massachusetts, still. We used him for 2019 tax return because we had partial-year MA and HI, both. Is there anything apart from what his personal preference might be that would keep us from continuing to use him? ..... BTW, 2020 ---- back in January, was the first time I took ANYTHING from the Trad. IRA. Ostensibly then, that legitimate portion of the distribution can be reported as non-taxable. He spelled it out for me a couple of times: the formula the IRS uses to "tease-out" the non-taxable portion from the rest of it, but it all just sounded ridiculously arcane, complicated and utterly convoluted to me. In other words: bullshit. There is exactly $5,000 of non-taxable money in that IRA, but somehow, it's not possible to just tell the IRS: "OK, I'm taking that $5,000.00 now. See you later." (If we COULD continue to use him, HE would be familiar with our circumstances and we could rely on him to let us know what the status is, in hard-dollar terms, from year to year. It would not take more than a few years, I suppose, to run through that $5,000.00).

https://www.sec.gov/Archives/edgar/data/1145022/000089418920003753/hwmergersupplementmay2020.htm
497 1 hwmergersupplementmay2020.htm 497
Hotchkis & Wiley Funds
Supplement dated May 13, 2020 to the Summary Prospectus, Prospectus,
and Statement of Additional Information,
each dated August 29, 2019, as supplemented April 30, 2020
Hotchkis & Wiley Capital Income Fund
Class I (HWIIX)
Class A (HWIAX)
Class C (not currently offered)
Class Z (not currently offered)
We are pleased to announce that on May 12, 2020, the Board of Trustees (the “Board”) of Hotchkis & Wiley Funds (the “Trust”) approved: (1) a plan of reorganization pursuant to which the Hotchkis & Wiley Capital Income Fund (the “Capital Income Fund”) will be reorganized into the Hotchkis & Wiley High Yield Fund (the “High Yield Fund”) (each, a “Fund,” and together, the “Funds”) (the “Reorganization”); and (2) the subsequent liquidation and dissolution of the Capital Income Fund, on or about June 26, 2020. The Reorganization, which is expected to be tax free to the shareholders of the Capital Income Fund and is subject to customary closing conditions, will be effected by transferring of all of the assets and liabilities of the Capital Income Fund to the High Yield Fund in exchange for shares of the High Yield Fund, with the shares being distributed pro rata by the Capital Income Fund to its shareholders. The Capital Income Fund will then be liquidated and dissolved. Shareholders of the Capital Income Fund will not pay any sales load, commission, or other similar fee in connection with the High Yield Fund shares received in the Reorganization. The Reorganization is expected to occur on or about June 26, 2020. In accordance with applicable regulatory guidance, shareholder approval is not required for the Reorganization, and shareholders are not being asked to approve the Reorganization.
The Capital Income Fund’s portfolio managers will continue to manage the Capital Income Fund in the ordinary course through June 26, 2020. The portfolio managers for the Capital Income Fund are Mark Hudoff, Patrick Meegan, and Noah Mayer. Mr. Hudoff and Mr. Meegan also serve as portfolio managers for the High Yield Fund. In addition to Mr. Hudoff and Mr. Meegan, Ray Kennedy and Richard Mak also serve as portfolio managers for the High Yield Fund.
The investment objective of the Capital Income Fund is to seek high current income and long-term growth of income, as well as capital appreciation. The investment objective of the High Yield Fund is to seek high current income combined with the opportunity for capital appreciation to maximize total return. The Funds’ principal investment strategies, risks, and policies are similar.
Existing shareholders may redeem or exchange shares of the Capital Income Fund in the ordinary course until the last business day of the closing of the Reorganization, June 26, 2020. The Capital Income Fund will be closed to purchases as of the close of business on June 19, 2020. The Funds will file an information statement and prospectus as part of a Registration Statement on Form N-14 with the Securities and Exchange Commission (“SEC”) in connection with the Reorganization. The information statement and prospectus will be sent to shareholders of the Capital Income Fund.
Shareholders are urged to read the information statement and prospectus because it will contain important information about the Reorganization, including the Board’s reasons for approving the Reorganization and a comparison of the Funds’ fees and expenses, principal investment strategies, risks, policies, and other matters. Once filed, the information statement and prospectus will be available, free of charge, on the SEC’s website at http://www.sec.gov. Once mailed to shareholders of the Capital Income Fund, the information statement and prospectus will be available, free of charge, on the Funds’ website at https://www.hwcm.com/mutual-funds/.
PLEASE RETAIN THIS NOTICE FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/1260667/000116204420000300/ancora497202005.htm
497 1 ancora497202005.htm
Filed Pursuant to Rule 497
Ancora Income Fund
Ancora/Thelen Small-Mid Cap Fund
Ancora MicroCap Fund
Ancora Special Opportunity Fund
Ancora Dividend Value Equity Fund
(together, the “Funds”)
Supplement dated May 13, 2020
To the Funds’ Statutory Prospectus dated April 30, 2020
This Supplement contains new and additional information that supersedes any contrary information contained in the Funds’ Statutory Prospectus. Accordingly, the Funds’ Statutory Prospectus is updated as follows.
Closing of the Ancora Special Opportunity Fund
Effective as of the close of trading on May 13, 2020, the Ancora Special Opportunity Fund
will be closed to investors, and no purchases of such Fund’s shares will be allowed after such date, except as otherwise set forth below.
The following is added to the beginning of the section titled “Purchase and Sale of Fund Shares” on page 13 of the Statutory Prospectus:
The Ancora Special Opportunity Fund will be closed to investors as of the close of trading on the New York Stock Exchange on May 13, 2020 (the “Close Date”), and no purchases of such Fund’s shares will be allowed after the Close Date, subject to certain limited exceptions. For more information, see the “Purchasing Your Shares” section of the Prospectus.
The following is added to the end of the section titled “Purchasing Your Shares” on pages 20-22 of the Statutory Prospectus:
Information Regarding Purchases of Shares of the Ancora Special Opportunity Fund. The Ancora Special Opportunity Fund will be closed to investors as of the close of trading on the Close Date, and no purchases of such Fund’s shares will be allowed after the Close Date, subject to certain limited exceptions. Your investment must be received (not postmarked) by the Fund’s transfer agent, Mutual Shareholder Services, LLC, before the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the Close Date. In addition, after the Close Date, you will not be permitted to exchange shares of other Ancora Funds for shares of the Ancora Special Opportunity Fund.
After the Close Date, purchases of shares of the Ancora Special Opportunity Fund must qualify under one of the following exceptions:
{8832881:3 }
1
Retirement Plans — A defined contribution retirement plan (for example, 401(k) plans, profit sharing plans and money purchase plans), 403(b) plan or 457 plan that offers the Fund as of the Close Date may continue to accept additional investments by existing shareholders of the Fund for additional shares of the Ancora Special Opportunity Fund. New participant accounts within the plan are allowed. In addition, participants in a plan may not open a new account outside of the plan under this exception.
Gifts — An individual may receive shares of the Fund as a gift from a family member who is an existing shareholder of the Ancora Special Opportunity Fund.
Charities — A charitable foundation or trust may receive shares of the Fund from an existing shareholder of the Fund.
Certain Ancora Affiliates — Current trustees or officers of Ancora Funds, employees of Ancora, or a member of the immediate family of any of these persons may invest in the Fund.
Once an account is closed, additional investments will not be accepted unless you meet one of the specified criteria above. Management reserves the right to: (i) make additional exceptions that, in its judgment, do not adversely affect its ability to manage the Ancora Special Opportunity Fund; (ii) reject any investment or refuse any exception, including those detailed above, that it believes will adversely affect its ability to manage the Fund; and (iii) close or re-open the Ancora Special Opportunity Fund to new or existing shareholders at any time. An investment is subject to management’s determination of your eligibility to buy shares of the Ancora Special Opportunity Fund and you may be required to provide additional documentation or otherwise demonstrate eligibility before an investment is accepted.
The closing of the Ancora Special Opportunity Fund does not restrict you from redeeming or selling shares of such Fund. The other Ancora Funds remain open to all investors.
Redemptions In-Kind for All Funds
The following is added to the end of the section titled “Selling (Redeeming) Your Shares” on pages 22-24 of the Statutory Prospectus:
In addition to paying redemption proceeds in cash, each of the Funds reserves the right to pay part or all of your redemption proceeds in securities instead of cash (redemption in-kind). Redemption in-kind proceeds will typically be made by delivering the selected securities to the redeeming shareholder within seven days after the receipt of the redemption order in proper form by a Fund.
If you should have any questions, please call 1-866-626-2672 for assistance. These documents are available upon request and without charge by calling the Trust at 1-866-626-2672.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
{8832881:3 }
2

Investors Head For Fixed Income, Exposure Reaches 7-Year High
Bond and bond fund allocations rose 0.8 percentage points to 19.5%. Last month's increase keeps exposure
https://www.forbes.com/sites/investor/2020/05/12/investors-head-for-fixed-income-exposure-reaches-7-year-high/#19f66d8b5cf4
Many folks maybe staring to head for the hills now
Maybe good time to bail from stocks if near retirement