}}}}}}} Nowhere in the article does the author, Michael Siconolfi, mention an issue of “trust”. His message: “When withdrawing funds from your retirement account, be sure to check on the redemption protocols or you could unwittingly raise your risk profile”.
No, he does not use the word, trust. But that's the issue. Unless what any intelligent, ordinary person would ordinarily expect should just not be expected. Fidelity is playing a "fine print" game. Glad I went elsewhere to find a brokerage when I made the switch. Schwab is not perfect, either, but I've not run into that sort of subterfuge.

MrsRuffles has a couple of inherited retirement accounts at TIAA. Even though TIAA has an option to select which funds should be drawn from for a distribution, this isn’t available on her accounts. (When we asked why, we were basically told it’s just not available for her accounts.)
We have to call in (and it’s become more difficult to talk to an actual human), and designate how distributions should be drawn. Even then, we’ve had times where despite our explicit instructions, the distribution was still taken on a proportional basis so we had to call in to get it reversed and corrected. So we only take an annual distribution to minimize the hassle.
Her inherited accounts at Fido let us designate online the percentage withdrawals for distributions either on an ad hoc or recurring basis, The major issue we’ve encountered there is having to find the webpage where this magic happens since it is somewhat obscured and takes us to a dated interface.

The author needed to take some money from his 401-K retirement plan at Fidelity. While he specified to an agent and believed the $$ would be taken from his “more aggressive” (riskier) holdings, Fidelity took it from his money market account in accordance with the 401-K plan administrator’s governing rules. Leaves unanswered why he didn’t then have them balance things out by transferring some money out of riskier positions and into the now depleted money market fund?
Sounds more like a failure of communication or misunderstanding of his 401-K plan rules rather than an issue of trust. It’s unfortunate that some plans (per Yogi’s comment) do not allow online trades or withdrawals. In hindsight, the complainant might have first done a “test” withdrawal in a smaller amount to better understand the process before withdrawing a larger sum. Did an agent misunderstand the initial request and fail to comply? Probably. Does it represent a breach of trust? Questionable - since Fidelity followed the rules.
Nowhere in the article does the author, Michael Siconolfi, mention an issue of “trust”. His message: “When withdrawing funds from your retirement account, be sure to check on the redemption protocols or you could unwittingly raise your risk profile”.

I agree that living comfortably below one's means is a decent strategy. I did that for decades. Driving nice well-maintained older vehicles and saving for education and retirement and unknowns. Now that it is no longer necessary, I am finding that increasing spending can be difficult.

- Trying to get ahead by cutting down on expenses is a loser’s game

Trying is one thing... succeeding is a other!
I have continually lowered my expenses in retirement by having the time to pursue cost saving incentives that I had little time to chase while working.
Some examples:
- Homesteading property taxes
- Playing the internet/cable provider game
- Understanding ACA/HSA insurance incentives
- Learning & understanding tax code
- 1099E - rental income
- 1099C - Self Employment income and related deductions (HSA/Insurance premiums/TIRA)
- Traveling at low cost times

- A dwelling under 1250 sq. feet represents a meager existence / lack of success in life
- Driving a 10-15 year old (rusty) vehicle also represents a lack of success in life

Umm... no, downsizing your home and extending your vehicle's longevity are two great ways to lower expenses.

https://www.sec.gov/Archives/edgar/data/768847/000076884725000122/vaneckfundsemb-supplementt.htm
497 1 vaneckfundsemb-supplementt.htm 497E SUPPLEMENT TO SUMMARY PROSPECTUS, PROSPECTUS AND SAI
vvtsupplement_image1a01a.jpg
SUPPLEMENT DATED JUNE 6, 2025
TO THE SUMMARY PROSPECTUS AND PROSPECTUS DATED MAY 1, 2025, AND THE CURRENT STATEMENT OF ADDITIONAL INFORMATION
OF VANECK FUNDS
EMERGING MARKETS BOND FUND
Class A: EMBAX / Class I: EMBUX / Class Y: EMBYX
IMPORTANT NOTICE REGARDING THE CONVERSION OF EMERGING MARKETS BOND FUND INTO AN EXCHANGE-TRADED FUND
This Supplement updates certain information contained in the above-dated Summary Prospectus, Prospectus and Statement of Additional Information for VanEck Funds regarding Emerging Markets Bond Fund (the “Fund”). You may obtain copies of the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information free of charge, upon request, by calling toll-free 1.800.826.2333 or visiting the VanEck website at www.vaneck.com.
•In October 2025, the Fund will be converted from a mutual fund to an exchange-traded fund (“ETF”).
•If you are an existing shareholder of the Fund, and your account CAN hold an ETF, your Fund shares will be converted, and no action is needed by you.
•If you hold the Fund in an account that CANNOT hold an ETF (i.e., your account is not permitted to purchase securities traded in the stock market), there are certain actions you can take as further detailed below.
On June 5, 2025, the Board of Trustees (the “Board”) of VanEck Funds (the “Trust”) approved converting the Fund into an ETF by the reorganization of the Fund into a corresponding ETF, the VanEck Emerging Markets Bond ETF (the “Acquiring ETF”), which will be a newly created series of the Trust.
The Board, including all of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, determined, with respect to the Reorganization (as defined below), that participation in the Reorganization is in the best interests of the Fund and the interests of existing shareholders of the Fund will not be diluted as a result of the Reorganization. Following the Reorganization, the Fund will be liquidated (such reorganization and liquidation, the “Reorganization”). The Reorganization is currently anticipated to close as of the close of trading on the New York Stock Exchange on or about October 3, 2025.
The Reorganization will be conducted pursuant to an Agreement and Plan of Reorganization and Liquidation (“Plan”) and is structured to be a tax-free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes due to the Reorganization (except with respect to cash received, as noted below).
In connection with the Reorganization, shareholders of the Fund will receive Acquiring ETF shares and a cash payment in lieu of any fractional shares of the Acquiring ETF, which in total are equal in value to the number of shares of the Fund they own. The redemption of fractional shares may be a taxable event. Importantly, to receive shares of the Acquiring ETF as part of the Reorganization,
Fund shareholders must hold their shares through an account that can hold shares of an ETF (i.e., a brokerage account). If Fund shareholders do not hold their shares through an account that can hold shares of an ETF, they will not receive shares of the Acquiring ETF as part of the Reorganization.
No action is required for Fund shareholders that hold Fund shares through an account that can hold shares of an ETF.
Completion of the Reorganization is subject to conditions under the Plan. Fund shareholders are not required to approve the Reorganization. Fund shareholders will receive an information statement/prospectus describing in detail both the Reorganization and the Acquiring ETF, and a summary of the Board's considerations in approving the Reorganization.
Important Notice About Your Fund Account
Questions and Answers
Q. Why did VanEck propose the conversion of my mutual fund to an ETF?
A. VanEck believes that the Reorganization will provide multiple benefits for investors of the Fund, including lower expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency.
Q. How does VanEck anticipate that the Fund be managed after the Reorganization?
A. It is currently anticipated that the Acquiring ETF will be managed in substantially the same manner as the Fund, with minimal changes, if at all, to the Fund's investment process or the portfolio management team.
Q. What types of shareholder accounts can receive shares of an ETF as part of the Reorganization?
A. If you hold your Fund shares in an account that permits you to purchase securities traded on U.S. stock exchanges, such as ETFs or other types of stocks, then you will be eligible to receive shares of the Acquiring ETF in the Reorganization. No further action is needed by you.
Q. What types of shareholder accounts cannot receive shares of an ETF as part of the Reorganization?
A. The following account types cannot hold ETFs:
•If you hold your Fund shares in an account with a financial intermediary that only allows you to hold shares of mutual funds in the account, you will need to contact your broker or financial intermediary to transfer your shares to an existing or new brokerage account that permits investment in ETF shares. If you do nothing, you will not receive shares of the ETF and your position will be liquidated and you will receive a cash distribution equal in value to the net asset value of your Fund shares less any fees and expenses your intermediary may charge. This event may be taxable. To prevent a taxable event, please contact your broker or financial intermediary to transfer your shares to an existing or new brokerage account.
•If you hold your Fund shares through an IRA or group retirement plan whose plan sponsor does not have the ability to hold shares of ETFs on its platform, you may need to redeem your shares prior to the Reorganization, or your broker or intermediary may transfer your investment in the Fund to a different investment option prior to or at the time of the Reorganization.
•If you are unsure about the ability of your account to accept shares of an ETF, please contact your broker or financial intermediary.
Q. How do I transfer my Fund shares to a brokerage account that will accept ETF shares?
A. The broker where you hold your Fund shares should be able to assist you in transferring your shares to a brokerage account that can accept shares of an ETF. The sooner you initiate the transfer, the better. If you don't have a brokerage account or a relationship with a brokerage firm, you will need to open an account with a brokerage firm.
Q. What if I do not want to own shares of an ETF?
A. If you do not want to receive shares of the Acquiring ETF in connection with the Reorganization, you can exchange your Fund shares for shares of another VanEck mutual fund that is not participating in the Reorganization or redeem your Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action. Exchange or redemption of your Fund shares may be a taxable event if you hold your shares in a taxable account.
* * *
In connection with the Reorganization discussed herein, a prospectus/information statement included in a registration statement on Form N-14 will be filed with the Securities and Exchange Commission (the “SEC”). Investors are urged to read the materials and any other relevant documents when available because they will contain important information about the Reorganization. Free copies of the materials will be available on the SEC’s website at www.sec.gov. A paper copy of the materials can be obtained at no charge by calling 1.800.826.2333. This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
Please retain this supplement for future reference.
*******************Registration filing for emerging markets bond ETF*******************************:
https://www.sec.gov/Archives/edgar/data/768847/000076884725000124/vaneckemergingmarketsbonde.htm

https://www.sec.gov/Archives/edgar/data/1545440/000158064225003481/umt-lyrical_497.htm
497 1 umt-lyrical_497.htm
June 5, 2025
ULTIMUS MANAGERS TRUST
Lyrical International Value Equity Fund
Institutional Class (LYRWX)
Investor Class (LYRNX)
A Class (LYRVX)
C Class (LYRZX)
Supplement to the Summary Prospectus, Prospectus and Statement of Additional Information,
each dated March 30, 2025
This supplement updates certain information in the Summary Prospectus, Prospectus and the Statement of Additional Information (“SAI”) of the Lyrical International Value Equity Fund (the “Fund”), a series of Ultimus Managers Trust (the “Trust”), as described below. For more information or to obtain a copy of the Fund’s Summary Prospectus, Prospectus or SAI, free of charge, please contact the Fund toll free at 1-888-884-8099.
Termination, Liquidation and Redemption of A Class and C Class Shares
Effective immediately, the Fund has terminated the public offering of its A Class and C Class shares and will discontinue the operations of the A Class and C Class shares of the Fund effective June 30, 2025. The A Class and C Class shares of the Fund are no longer available for purchase and, at the close of business on June 30, 2025, all outstanding A Class and C Class shares of the Fund will be redeemed at the net asset value per share of A Class and C Class shares, respectively (the “Transaction”).
Upon the recommendation of the Fund’s investment adviser, Lyrical Asset Management, LP (the “Adviser”), the Board of Trustees (the “Board”) of the Trust determined to terminate the public offering of the Fund’s A Class and C Class shares, liquidate the assets of the Fund’s A Class and C Class shares and redeem all outstanding shares of the Fund’s A Class and C Class shares based on, among other factors, the Adviser’s belief that it would be in the best interests of the Fund and its shareholders to discontinue the operations of the Fund’s A Class and C Class shares in view of the net assets of A Class and C Class shares. Through the date of the Transaction, the Adviser will continue to waive investment advisory fees and/or reimburse expenses of each of the A Class and C Class shares of the Fund, as necessary, in order to maintain the A Class and C Class shares at their respective current expense limits, as specified in the Prospectuses.
In connection with the Transaction: (i) all of the portfolio securities of the A Class and C Class shares of the Fund will be liquidated in an orderly manner not later than June 30, 2025; and (ii) all outstanding shareholder accounts on June 30, 2025 will be closed and the proceeds of each account be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing accounts. As a result of the Transaction, the portfolio holdings in the A Class and C Class shares of the Fund will be reduced to cash or cash equivalent securities. Accordingly, going forward, shareholders should not expect the A Class and C Class shares of the Fund to achieve the Fund’s stated investment objectives.
Shareholders may continue to freely redeem their A Class and C Class shares of the Fund on each day the New York Stock Exchange is open for business prior to the date of the Transaction.
The Transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns. In addition, shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. In order to avoid a potential tax issue, shareholders generally have 60 days from the date that proceeds are received to re-invest or “rollover” the proceeds in another IRA or qualified retirement account; otherwise, the proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
The Fund’s other share classes, Institutional Class and Investor Class, will remain open and operational. Following the Transaction, all references to the A Class and C Class shares in the Summary Prospectus, Prospectus and SAI are hereby removed.
If you have any questions regarding the Funds, please call 1-888-890-8988.
Investors Should Retain this Supplement for Future Reference

Hi @yogibearbull Thank you for the list and updates. The Secure Act 2 for 529's has been discussed here. We've pushed this plan to others for years. And we've recently taken advantage of the Roth rollover twice. This provision is a very nice bump to a young person's retirement program.

https://www.sec.gov/Archives/edgar/data/1314414/000158064225003443/nlft-athena_497.htm
497 1 nlft-athena_497.htm
ATHENA BEHAVIORAL TACTICAL FUND
a Series of Northern Lights Fund Trust
Class I shares ATVIX
Supplement dated June 4, 2025 to
the Prospectus and Statement of Information dated August 28, 2024
The Board of Trustees of Northern Lights Fund Trust (the “Board”) has determined based on the recommendation of the investment adviser of the Athena Behavioral Tactical Fund (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on July 7, 2025.
Effective at the close of business June 4, 2025, the Fund will not accept any purchases and may no longer pursue its stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to July 7, 2025, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. 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 “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO JULY 7, 2025 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-833-653-0575.
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.
This Supplement and the existing Prospectus dated August 28, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated August 28, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-877-766-2264.

https://www.sec.gov/Archives/edgar/data/1589756/000093041325001936/c112806_497.htm
497 1 c112806_497.htm
Virtus KAR Long/Short Equity Fund (the “Fund”),
a series of Virtus Alternative Solutions Trust
Supplement dated June 3, 2025, to the Summary Prospectus and the
Virtus Alternative Solutions Trust Statutory Prospectus and Statement of Additional Information (“SAI”) applicable to the Fund, each dated February 28, 2025
Important Notice to Investors
On June 3, 2025, the Board of Trustees of Virtus Alternative Solutions Trust voted to approve a Plan of Liquidation for the Fund, pursuant to which the Fund will be liquidated (the “Liquidation”) on or about July 25, 2025 (“Liquidation Date”).
Effective July 3, 2025, the Fund will be closed to new investors and additional investor deposits, except that purchases will continue to be accepted for defined contribution and defined benefit retirement plans, the Fund will continue to accept payroll contributions and other types of purchase transactions from both existing and new participants in such plans, and the Fund will allow reinvestment of distributions from existing shareholders. Investors should note that the Fund’s investments will be sold in anticipation of the Liquidation and may be sold in advance of July 3, 2025.
At any time prior to the Liquidation Date, shareholders may redeem or exchange their shares of the Fund for shares of the same class of any other Virtus Mutual Fund. There will be no fee or sales charges associated with exchange or redemption requests.
Prior to the Liquidation Date, the Fund will begin engaging in business and activities for the purposes of winding down the Fund’s business affairs and transitioning some or all of the Fund’s portfolio to cash and cash equivalents in preparation for the orderly Liquidation and subsequent distribution of its assets on the Liquidation Date. During this transition period, the Fund will no longer pursue its investment objective or be managed in a manner consistent with its investment strategies, as stated in the Prospectuses. This is likely to impact the Fund’s performance. The impending Liquidation of the Fund may result in large redemptions, which could adversely affect the Fund’s expense ratios. Those shareholders who remain invested in the Fund during part or all of this transition period may bear increased brokerage and other transaction expenses relating to the sale of portfolio investments prior to the Liquidation Date.
On the Liquidation Date, any outstanding shares of the Fund will be automatically redeemed as of the close of business, except those shares held in BNY Mellon IS Trust Company custodial accounts, which will be exchanged for the same class of shares of Virtus Seix U.S. Government Securities Ultra-Short Bond Fund, with the exception of Class C shares which will be exchanged for Class A shares of Virtus Seix U.S. Government Securities Ultra-Short Bond Fund, and any contingent deferred sales charges will be waived. Shareholders with BNY Mellon IS Trust Company custodial accounts should consult the prospectus for the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund for information about that fund.
The proceeds of any redemption will be equal to the net asset value of such shares after the Fund has paid or provided for all charges, taxes, expenses and liabilities. The distribution to shareholders of these proceeds will occur as soon as practicable and will be made to all Fund shareholders of record at the time of the Liquidation. Additionally, if required, the Fund will declare and distribute to shareholders any undistributed realized capital gains and all net investment income no later than the final Liquidation distribution. To the extent that the Fund has experienced redemptions prior to the date the Fund distributes any realized capital gains and net investment income, the remaining shareholders at the time of the distribution(s) may bear increased tax liability due to receiving a higher proportion of the distribution(s).
Although shareholders are expected to receive proceeds of the Liquidation in cash, proceeds distributed to shareholders may be paid in cash, cash equivalents, or portfolio investments equal to the shareholder’s proportionate interest in the net assets of the Fund (the latter payment method, “in kind”). Shareholders who receive proceeds in kind should expect (i) that the in-kind distribution will be subject to market and other risks, such as liquidity risk, before sale, and (ii) to incur transaction costs, including brokerage costs, when converting the investments to cash.
Because the exchange or redemption of your shares could be a taxable event, we suggest you consult with your tax advisor prior to the Fund’s Liquidation.
Investors should retain this supplement with the Prospectuses and SAI for future reference.
VAST 8034 KAR L/S Equity Fund Liquidation (6/2025)

This ad-hoc feature returns after a long break - the last was in 11/2024. One reason is that except for some special issues, Barron's has reduced coverage for funds. This week has several fund stories and some more were added due to my wrong guesses yesterday (market "EXTRA").
Staying home has worked for US investors for years but now may be time to think GLOBAL with 15-20% exposure (average now is 12%).
...
Funds: DODLX, FOSFX, GLD, IEUR, INDA, MDWIX, TGVAX, TXUE, VGK
INCOME/FUNDS. Dividend-oriented funds can focus on dividend-growth (CGDG, VIG, VIGI), current-dividends (FDVV, ONEY, VYM) or dividend-blend (SCHD).
Q&A/FUNDS. Alan BERRO, AWSHX / RWMGX / WSHFX (AUM $191.6 billion; low turnover). This large-blend (near the edge of value and blend) and GARP strategy fund mostly holds dividend-paying stocks with stable dividend histories. But there can be exceptions for up to 10% of the AUM, so there are growth stocks AAPL, AMZN, AVGO, CMCSA, MSFT and turnaround situations BA, EL, GILD, NKE, SBUX. Value/cyclicals should do better in meaningful rate environments. But he avoids high-yielding value-traps.
FUNDS. Vanguard core bond VCORX is featured. Top holdings are investment-grade corporates, Treasuries/Agencies, Agency MBS with some EMs, foreign sovereigns, and HY. Fund is cautiously positioned as the probability of recession in 2025 has increased.
EXTRA, FUNDS. Following BlackRock/BLK, State Street/STT, etc, Vanguard is expanding its PROXY-VOTING program “Investor Choice” to several of its index funds. However, only a tiny % of holders eligible to vote do so. Fund companies are also expanding their related investor PR.
EXTRA, FUNDS. Tidal Trust will offer ETFs based on publicly disclosed holdings of funds by Bill ACKMAN, Stan DRUCKENMILLER, Michael BURRY, Warren BUFFETT, etc. These ETF portfolios may be stale by several months.
https://ybbpersonalfinance.proboards.com/thread/841/weekly-business-digest-june-2025
Link for Weekly Features https://ybbpersonalfinance.proboards.com/board/12/market-insights

Stable-Value (SV) Rates, 6/1/25
TIAA Traditional Annuity (Accumulation) Rates
No changes
Restricted RC 5.50%, RA 5.25%
Flexible RCP 4.75%, SRA 4.50%, IRA-101110+ 4.75%
TSP G Fund 4.50% (previous 4.250%). (edited 6/4/25)
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#StableValue #401k #403b #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/2013/thread

@FD. Thanks. But my ”guessing” is about whether passive inflows related largely to retirement plans is keeping the major U.S. indexes / stock prices artificially elevated? More a question of “why” than “what.” If it is in fact the case it might also be affecting large cap stock prices globally as well.
Haven’t looked at Grantham lately and he’s been debunked by most here and likely you too. But I think his views closely represent those of the passive inflows skeptics I alluded to.

Is the S&P 500 possibly weighted more in the direction of growth (vs value)? I’m beginning to give some credence to those who argue U.S. large cap valuations are being artificially distorted (to the high side) / kept aloft by passive inflows - mainly thru retirement plans.
Dunno. Just wondering. I don’t think anyone really knows.
However, it was reported recently that very large inflows into VOO are continuing, FWIW

The following article provides several suggestions on how to secure your retirement portfolio
when market anxiety is high.
https://www.msn.com/en-us/money/top-stocks/market-anxiety-is-running-high-how-to-secure-your-retirement-portfolio/ar-AA1Fk9bO

Lord, talk about covering everything

The following article provides several suggestions on how to secure your retirement portfolio
when market anxiety is high.
https://www.msn.com/en-us/money/top-stocks/market-anxiety-is-running-high-how-to-secure-your-retirement-portfolio/ar-AA1Fk9bO

From the article
"The so-called 60/40 portfolio – long recommended for investors who want to balance exposure to risk with a cushion of safer, steady income – calls for allocating 60 per cent of holdings to stocks and 40 per cent to bonds. While a bedrock for retirement savers over decades, the approach lost some of its lustre in recent years as its underlying mechanism fell out of whack, with US stocks and bonds moving more in lockstep rather than offsetting each other."
VBIAX is your typical 60/40.
I would not call 2.2% a great income.
BND, the US Tot Index made 1.46% annually in the last 10 years, a pretty low performance. Even 15 years at 2.2% is pretty low. BND lost more than 13% in 2022, where was the cusion?
I never believed in B&H for decades, the markets keep changing, and sometimes it's for years. I preferred to hold funds like PRWCX.

Article - Originally from Bloomberg
The author’s premise seems to be that the strategy has worked this year using intermediate term bonds, but that abnormal behavior at the 30-year end clouds the strategy’s efficacy going forward.
“A SLUMP in US long-dated bonds is clouding the comeback of a classic investment strategy. The so-called 60/40 portfolio – long recommended for investors who want to balance exposure to risk with a cushion of safer, steady income – calls for allocating 60 per cent of holdings to stocks and 40 per cent to bonds. While a bedrock for retirement savers over decades, the approach lost some of its lustre in recent years as its underlying mechanism fell out of whack, with US stocks and bonds moving more in lockstep rather than offsetting each other.”

Vanguard has been careless in merging some of its OEFs. After ignoring related investor complaints, it had to settle with the SEC on this
What Vanguard was careless about was how it went about reducing the min of its institutional clones of TDFs. Not the merger per se.
Reducing the min triggered a mass migration of smaller sized employer-sponsored retirement plans from the retail funds to the institutional funds. The result was a huge sell-off (and recognized gains) in the retail funds. Individual investors with shares in taxable accounts were left holding the bag - a huge tax bill.
Shortly thereafter, Vanguard merged the institutional funds with the retail funds.
Had Vanguard not reduced the min for institutions, or had Vanguard reduced the min subsequent to merging the funds, no sales and no gains would have been triggered.
I haven't checked the prospectuses of these new ETFs, but Vanguard allows tax-free conversions of its mutual funds/OEFs to their ETF classes that may have lower ERs (typically similar as Admiral OEF ERs), but not the reverse.
See https://www.chapman.com/media/publication/15122_IL-0224-Coyle-Pershkow-Warren.pdf

This highlights another benefit to Mutual Fund Class shareholders of Perpetual’s proposed structure (also a featured part of the original Vanguard model, the DFA Application, and the First Trust Application, the Fidelity Application). The structure outlined in the Perpetual Application contains a conversion privilege that allows for a shareholder seamlessly convert from a Mutual Fund Class to the ETF Class.[fn 17]
17 Unlike the Perpetual Application, the DFA Application, the Fidelity Application, the First Trust Application, and the original Vanguard application, the F/m Application proposes a conversion privilege whereby an ETF shareholder could convert its ETF shares to mutual fund shares. The F/m Application, however, does not address whether this structure would function essentially as an open-ending mechanism. Any time shareholders are displeased with the spread or premium/discount of their ETF shares, they could move to the mutual fund and redeem at net asset value (NAV). This could have at least one major unintended consequence: market makers and liquidity providers who regularly purchase and sell creation units will be disincentivized to make markets or provide liquidity, thereby stressing the ETF’s arbitrage mechanism.

https://www.sec.gov/Archives/edgar/data/2042316/000168386325004827/f42160d1.htm
497 1 f42160d1.htm FUND LIQUIDATION SUPPLEMENTS
May 23, 2025
Victory Pioneer Global Value Fund
Supplement to the Summary Prospectus, Prospectus
and Statement of Additional Information
each dated March 31, 2025
The Trustees of the fund have authorized the liquidation of the fund. It is anticipated that the fund will be liquidated on or about July 25, 2025 (the “Liquidation Date”). The fund will discontinue accepting requests from new accounts to purchase shares or process exchanges into the fund effective at the close of business on May 23, 2025. The fund will discontinue accepting requests from existing accounts to purchase shares or process exchanges into the fund effective at the close of business on July 18, 2025. Shares purchased through any dividend reinvestment and certain automatic investments will continue to be processed up to the Liquidation Date. The fund also may accept additional investments from established employer-sponsored retirement plans up to the Liquidation Date.
Prior to the fund’s liquidation, all or a substantial portion of the fund’s assets may be invested in cash, cash equivalents and debt securities with remaining maturities of less than one year. When invested in such instruments in anticipation of the liquidation, the fund may not be able to achieve its investment objectives.
Shareholders can redeem their shares of the fund at any time prior to liquidation.
Shareholders may also exchange their fund shares for shares of the same class of any other Victory Pioneer fund that offers that class, subject to any restrictions set forth under “Buying, Exchanging, and Selling Shares” in the Prospectus. Any shares of the fund outstanding on the Liquidation Date will be 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 due to the fund’s shareholders will be distributed by the mailing of a check to each such person at such person’s address of record.
The liquidation of the fund may result in income tax liabilities for the fund’s shareholders. The automatic redemption of the fund’s shares on the Liquidation Date will generally be treated as any other redemption of shares, i.e., as a sale that may result in a gain or loss for federal income tax purposes.
If you hold fund shares through an individual retirement account, you can arrange to have such shares exchanged for shares of another Victory Pioneer fund prior to the Liquidation Date. Alternatively, if you receive a check representing your investment in the fund, it will be treated as a distribution from your individual retirement account. You may be eligible to roll over your distribution, within 60 days after you receive it, into another individual retirement account. However, rollovers are subject to certain limitations, including as to frequency. You should consult with your tax adviser concerning the tax implications of a distribution for you, your eligibility to roll over a distribution, and the procedures applicable to such rollovers.