https://www.sec.gov/Archives/edgar/data/105563/000168386320001038/f2772d1.htm
497 1 f2772d1.htm WELLINGTON FUND 497
Vanguard Wellington™ Fund
Supplement Dated March 27, 2020 to the Prospectus and Summary Prospectus Dated March 27, 2020
Important Change to Vanguard Wellington Fund
Effective at the close of business on June 30, 2020, Edward P. Bousa will retire from Wellington Management Company LLP and will no longer serve as a portfolio manager for Vanguard Wellington Fund.
Loren L. Moran, Daniel J. Pozen, and Michael E. Stack, who currently serve as portfolio managers with Mr. Bousa, will remain as portfolio managers of the Fund upon Mr. Bousa's retirement. The Fund's investment objective, strategies, and policies will remain unchanged.

I don't have a subscription so you're on your own. Sorry.
Dividends Halted

Totally agree. What @davidmoran described resembles the 2004 tsunami in Indonesia. Can't located the footage showed on CNN that go something like this: an earthquake occurred out in the Pacific Ocean and people were running into the exposed beach as the ocean pulled back. Then the outer waves grew taller and taller as they moved inland quickly and continued to surge. Boats, cars, and houses were tossed around like toys. The sound of people were indescribable.
Here is one video that showed the carnage resulting from the tsunami in Thailand.
https://bing.com/videos/search?q=tsunami+indonesia+youtube&&view=detail&mid=A3A63753C8C7FF817A0CA3A63753C8C7FF817A0C&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dtsunami%2Bindonesia%2Byoutube%26qs%3DMM%26form%3DQBVR%26sp%3D7%26pq%3Dtsunami%2Bindonesia%2B%26sk%3DHS1MM5%26sc%3D8-18%26cvid%3D1B1D0441DBF3432DB7A12BAE798AD205
The impact of this global virus crisis, termed by Ed Yardeni is far from over and likely to last for awhile before recovery.
Just imagine those people who went into the exposed beach as the ocean pulled back.

@msf- thanks again. Actually, I had found that page and downloaded the pdf file. After your link reference, I did so a number of times and was getting really frustrated because there was NO reference to NAV.
FINALLY I noticed that the script blocker on this computer's browser (a Firefox-based variant optimized for these old Apple G5's) was indicating that some resource had been blocked. When I overrode that the section with the NAV info appeared as if by magic. I'll certainly keep an eye on that info.
We actually have a couple of mac Mini's which are much faster and able to handle browsing with no problems, but I generally use the old G5 because it can handle the ancient (Apple OS 9) financial SS which I've been using for some 20 years. It has certain macro functionality which can't be replicated in current spreadsheets, and the financial SS uses a fair number of those automated macro computing routines. All I have to do is copy the daily M* portfolio report, paste it into the SS, push a couple of buttons, and it's all done... everything computed and updated, with graphs showing complete results quarter-by-quarter, and a page showing each fund's performance, both since the previous entry session and YTD.
The SS is certainly dated- Apple had this SS when MS was still using DOS. Old, but good. Like my wife. :)

The advantage to M*, when it worked, is that I could track and compare fund returns YTD, and 1,3,5,10 and 15 years. I don’t see how I could do that using a spreadsheet. M* also allows you to customize portfolio views so that it displays yields, expense ratios, standard deviations and other factors. My problem isn’t with their portfolio function, per se, but the fact that the site won’t let me stay logged in. It’s crazy. I utilize dozens of websites that don’t have an issue keeping users logged in, only M*

Hi guys.
From the closing low on the S&P 500 Index at 2237 on 3/23 I have the Index up through today's market close of 2630 at 17.5%. Since, I bought at the 8, 13, 19, 26, 28 & 26 percent decline marks my average buy computes to 20% off the Index's 52 week high at about 2710. This is the point that I will go green on my packaged buys; however, as I write, I currently have three buy steps in the green (26% down, 28% down & then 26% moving back upwards). For now, I'm on hold going forward with nearterm equity buys as there is no longer an open to buy on the equity side of my portfolio as I'm at a near full allocation.
However, I might do a little nearterm buying on the income side of my portfolio. Fixed income has taken a beating of late and with my open to buy now on the fixed income side of my portfolio ... it says ... its time to shop.
Take care ... and, I wish all "Good Investing."

https://www.sec.gov/Archives/edgar/data/30126/000089418920002257/rmbmendonreorganization497.htm
497 1 rmbmendonreorganization497.htm RMB MENDON 497E
RMB Mendon Financial Long/Short Fund
Class A Ticker RMBFX
Class C Ticker RMBCX
Class I Ticker RMBIX
Supplement dated March 26, 2020 to the
Statutory Prospectus and Summary Prospectus dated May 1, 2019
IMPORTANT NOTICE REGARDING FUND REORGANIZATION
At a special meeting of the Board of Trustees (the “Board”) of RMB Investors Trust (the “Trust”) held on March 25, 2020, RMB Capital Management, LLC (“RMB”) proposed, and the Board approved, the reorganization of the RMB Mendon Financial Long/Short Fund (the “Financial Long/Short Fund”), a series of the Trust, into the RMB Mendon Financial Services Fund (the “Financial Services Fund”), also a series of the Trust (the “Reorganization”) (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered the recommendation of RMB, the Funds’ investment advisor, that the Reorganization has the potential to benefit shareholders of both Funds through increased efficiencies leading to lower Fund operating expenses borne by shareholders.
Pursuant to an Agreement and Plan of Reorganization, the Financial Long/Short Fund will transfer all of its assets and liabilities to the Financial Services Fund and Class A, Class C and Class I shareholders of the Financial Long/Short Fund will receive the same class of shares of the Financial Services Fund that are equal in value to their shares of the Financial Long/Short Fund that they held immediately prior to the closing of the Reorganization (although the number of shares and the net asset value per share may be different). Upon receipt of the Financial Services Fund shares, the shares of the Financial Long/Short Fund will be null and void. Shareholders of the Financial Long/Short Fund will not pay any sales load, commission, or other similar fee in connection with the Financial Services Fund shares received in the Reorganization. Expenses associated with the Reorganization will be borne by the Funds to the extent of a Fund’s estimated operating expense reduction during the first year following completion of the Reorganization.
It is currently anticipated that the Reorganization will be completed as of the close of business on or about June 12, 2020. It is also intended that the Reorganization will qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended, which means that generally no gain or loss will be recognized for federal income tax purposes by the Financial Long/Short Fund or its shareholders as a direct result of the Reorganization. However, prior to completion of the Reorganization, the Financial Long/Short Fund may make net investment income and capital gains distributions to shareholders. Shareholders of the Financial Long/Short Fund should consult their tax advisors regarding the effect of the Reorganization and income and capital gains distributions on their particular tax situation.
Shareholders of the Financial Long/Short Fund will receive an Information Statement/Prospectus that describes the Reorganization in greater detail, as well as important information about the Financial Services Fund. The Board determined that the Reorganization does not require approval by the Funds’ shareholders.
Please retain this Supplement with the Statutory Prospectus and the
Summary Prospectus.

@Sven - Just that the muni bond market is in chaos. Keeping in mind that average maturities of MMFs tend to run in the 60 day range, we have this from Bloomberg (via Yahoo):

Take a note issued by New York’s Metropolitan Transportation Authority that’s due in about two months. It traded among securities dealers at yields as high as 11.2% on Friday and hit 90% the day before that -- an unheard of payout for securities that not long ago yielded 0.6%

https://finance.yahoo.com/news/wreckage-muni-market-crash-brave-152948684.html
Fill a MMF with bonds like this, and 4.05% will seem low!
MTA bonds I believe are A or AA rated. They could have taken a nosedive because the New York MTA is projecting massive deficits ($6.5B) by year end, due to drop in ridership. It is cutting service service by 25%.
https://patch.com/new-york/new-york-city/mta-loses-125m-week-amid-coronavirus-outbreak-chairman-says
Indicating a flight to quality, VMFXX has a much lower yield than VMMXX (prime), which is now at 1.29%. That at least seems sane.

As of this moment my position constitutes about 1.5% of my total portfolio roughly the same as 2 weeks ago. I can allow myself to ride along for awhile. Here is where confidence in one's active managers comes into play and where Bob C would usually say "I don't think they started taking stupid pills."

I don't know how it does it, @davidmoran. What you found above about the nature of ETNs is true. The note (N) is only as good as its issuer, Barclay's. If this bank were to tank, the note could have no value. Barclay's currently has 6 ETNs, as profiled in the link below.
http://etn.barclays.com/US/7/en/instruments.app?statusId=4,5
I think they are quite honest in stating the risk of losses. I looked at a 1-month chart of DSENX and CAPE on Yahoo and found the former was down -29.46%, while the latter declined -17.93%. CAPE's performance for this period is almost exactly the same as SPY. My bad is owning more of the MF than the ETN. It would take some time for me to figure out my total return in several different positions, with different purchase and sell dates.

As I have said before, trading CAPE is an adventure as there is often a lag between what the market is doing and a big gap between the bid and the ask prices. Trading volumes are usually low. With no commissions, it's now possible to buy small positions with only the price to worry about. Limit trades are a necessity. CAPE is far more tax efficient than DSENX because it doesn't throw off dividends.

True dummy thought --- how does it track VOO and DSEEX so closely without reinvested divs? NAV alone? Also not seeing why limits are a necessity unless daytrading. Perhaps I am just foggier than my norm today.
Did you ever see this from a couple years ago (SMWilliams seekingalpha, cached)? Sounds unlikely.
This ETN could essentially play a similar role to an overall index equity ETF as a core portfolio fund with better risk-adjusted returns. However, since this is not an ETF but an ETN, I'd be hesitant with recommending it due to the fact that it has no underlying holdings but instead is an unsecured debt obligation only. The ETN only has 4 underlying indexes that it tracks in equal weights every month, so for an investor who wants to track the ETN but is uncomfortable with the ETN structure, you can see the indexes that it tracks online and replicate it by buying ETFs that cover those sectors, currently 25% consumer discretionary, 25% health care, 25% industrials, and 25% technology. The ETN has a 0.45% fee, Vanguard's Sector ETFs have a 0.10% fee, so depending on trading costs, you might end up paying less fees and you'd own an actual interest in the sector's stocks rather than just a credit note.
To replicate this ETN in its current state with Vanguard ETFs, you'd calculate the total equity allocation you have and buy 25% of it in each: the Vanguard Consumer Discretionary ETF (VCR), the Vanguard Information Technology ETF (VGT), the Vanguard Healthcare ETF (VHT), and the Vanguard Industrials ETF (VIS) - which is what it holds as of September 29. Every month you'd check back on the website (or on this site which might have more up to date information on its holdings) and see what portfolio changes have been made and adjust your own portfolio. Although this would take much more time than just buying a simple static ETF portfolio, which should be enough for most people, but if you want to optimize your portfolio for less risk, this could be a relatively simple adjustment to make.

Sometimes the better money is made over the long term by trading slowly. When I traded futures I started with 5, 3, and 1 minute time charts then tick charts and other esoteric ones, often opening and closing entire positions "inside the bar". Finally I realized how the markets worked and that the 15m chart worked best for my needs and trading psychology when trading US index futures to filter out the noise of algos trading with themselves. Weekly charts are my default for stock investing these days, too.
As Jedi Master Terra Sinube once told an impulsive young padawan student, "The value of moving slowly is that one can always clearly see the way ahead." ;)

@msf, Really appreciate your detail posting on MMF.

Aside from liquidity, there's the risk of breaking a buck. "[G]overnment and retail money market funds are allowed to try to keep their NAV at a stable $1.00 per share. These funds do this by using special pricing and valuation conventions when valuing the fund assets. ... If one of these money market fund’s NAV deviates by more than half a cent from $1.00, the fund would have to re-price its shares to something other than $1.00, which is known as “breaking the buck.” Therefore, if it deviates by more than half a cent below $1.00 (as one money market fund did in 2008 due to losses in the underlying investments), investors in the fund will likely lose money."
https://www.sec.gov/oiea/investor-alerts-bulletins/investor-alerts-mmf-investoralerthtm.html

I notice that Vanguard Federal money market, VMFXX, has a 7 day yield of 0.82% while the Vanguard Municipal money market, VMSXX has a 7 day yield of 4.05%. The NAVs are still at $1.00. Any insights? Thanks.

Not just utility are expensive by historical PE; the entire S&P 500 was traded high before the COVID-19 strike. Perhaps now the valuation is more reasonable.
Solar power has come a long way as the cost has come down considerably. Last time I visited Las Vegas on business, there were solar farms with miles of solar panels built on empty desert to supply the utility companies. Southwest US has the ideal condition to take advantage of the abundant sunlight. Many states offer homeowners credit to install solar panels on their roofs.

From a M* article posted today--
The most vulnerable strategies in the current environment have been flashing red well in advance. For example, AlphaCentric Income Opportunities (IOFIX), a multisector bond fund that has invested the majority of its assets in mezzanine subprime MBS, has experienced heavy redemptions in recent weeks. Given that the portfolio was roughly 95% invested in nonagency residential mortgage credit, it’s highly unlikely the managers were able to raise cash to meet those redemptions without locking in losses in the current environment. The fund has erased more than 40% of its value for its shareholders since the beginning of March, with most of those losses coming in the last several trading days.
But that fund’s highly aggressive approach already made it an outlier relative to competitors in the multisector bond category, which is home to funds with a greater appetite for credit-sensitive sectors. Its portfolio chock-full of subordinated mortgage credit avoided by other fund managers, its indeterminate credit quality profile (most of the fund’s holdings were nonrated), and absence of high-quality holdings to provide liquidity should have raised concerns for any investor. The fund’s chart-topping returns in recent years--its trailing three-year annualized return of 10.4% through February 2020 outpaced its next closest competitors’ by a full 300 basis points--should have also raised questions about the risks its managers were taking to achieve those results.

https://finance.yahoo.com/news/stock-market-news-live-updates-march-26-2020-221723808.html
Good morning,
Market very confusing still: unemployment numbers shatter previous records, multiple deaths remain high with COVID19, many more infected/many more counting and still remain critically ill. Hot spots open up in several countries.
Dows still up today after all those news, think bottom maybe when Dows at 18750s levels last wk?
maybe good to tiptoe in, DCA and watch closely.

Powell is appearing on mainstream media providing reassurance the public. Here is a little detail:

Jerome Powell says the Federal Reserve would provide essentially unlimited lending to support the economy as long as it is damaged by the viral outbreak.
The economic rescue bill approved by the Senate early Thursday includes $425 billion that the Treasury could use to backstop the Fed. That would allow the Fed to boost its lending programs to an astronomical $4.25 trillion.
“Wherever ... credit is not flowing, we have the ability in these unique circumstances to temporarily step in and provide those loans and we will keep doing that, aggressively and forthrightly," Powell said.
When asked if the Fed would run out of ammunition to support the economy, Powell said no.

https://marketbeat.com/articles/fed-chair-powell-says-will-provide-nearly-unlimited-lending-2020-03-26/

muni bond funds and high yield munis also lost big recently (and in 2008). Muni funds had huge increases today — 3-5% — which is unheard of for munis. Personally I think most of the recent bond fund drops were due to liquidity issues from traders selling bonds, after stocks dropped so much, and overwhelming the markets.

I agree. I notice muni money market now yielding 4% comparing to the typical 1% of federal money market funds. This is seldom observed.
For example,
Vanguard Federal money market, VMFXX, 7 days yield, 0.82%
Vanguard Muni money market, VMSXX, 7 days yield, 4.05%
Liquidity issue?

I am also looking at what to prune and what to add. Two global growth funds, MGGPX and BGAFX, have held up amazingly well. I own the former, but consider the latter to be its equal. As of last night neither fund had lost more than 15% YTD, with the Baron fund at around -9%. All this could change in an instant, but I could see jettisoning APFDX and cutting back on DSENX in favor of one or both of MGGPX or BGAFX. Kind of surprised the Baron fund is not a Great Owl.

I just looked up MGGPX and can't believe it currently only lost 13% this year. Again, I thank Ted for that one :-)

I just looked at CAPE since its inception, 7.5y ago, 10/12, and noted its >10% superiority to SPY. (Even moreso compared w/ the div and low-vol etfs listed above.)
So if you are a long-termer (at 73- I have only so many terms left) I believe you will be hard-pressed to find something reliably outperforming SPY over time. Would like to know examples.
Did not look to MFOP to screen for LCG like the named winners from TRP and Fido, also Polix and Akre, yet I am sure they have outperformed CAPE. But who else?
Given AGG's relative outperformance recently, am thinking it plus CAPE in some proportion could be my new retirement grail.