https://www.sec.gov/Archives/edgar/data/1314414/000158064225003470/nlft-altegris_497.htm
497 1 nlft-altegris_497.htm
Altegris/AACA Opportunistic Real Estate Fund
Class A Shares: RAAAX
Class C Shares: RAACX
Class I: RAAIX
a series of Northern Lights Fund Trust
Supplement dated June 5, 2025, to the Prospectus and
Statement of Additional Information dated April 30, 2025
The Board of Trustees (the “Board”) of Northern Lights Fund Trust (the “Trust”) has approved the reorganization (the “Reorganization”) of the Altegris/AACA Opportunistic Real Estate Fund (the “Target Fund”) into the LDR Real Estate Value-Opportunity Fund, a series of the World Funds Trust (the “Acquiring Fund”), to be managed by LDR Capital Management, LLC the investment adviser of the Target Fund. A combined proxy statement/prospectus will be sent to each shareholder of record of the Target Funds. The closing of each Reorganization will be subject to approval by the Target Fund’s shareholders. The combined proxy statement/prospectus will describe in greater detail the Reorganization and the reasons that the Reorganization was approved by the Board, subject to shareholder approval. If approved by the Target Fund’s shareholders, the closing of the Reorganization is expected to occur as soon as reasonably practicable after such approval is obtained.
The Target Fund and the Acquiring Fund will have the same investment objective, principal investment strategies and portfolio manager.
No shareholder action is necessary at this time. More detailed information will be provided in a forthcoming combined proxy statement/prospectus to shareholders. When you receive your proxy statement, please review it carefully and cast your vote. This Supplement is not a proxy and is not soliciting any proxy, which can only be done by means of a proxy statement.
On the date of the Reorganization, shareholders who own shares of the Target Fund will receive shares of the corresponding Acquiring Fund. Prior to the Reorganization, the Target Fund will continue to operate as described in its most recent Prospectus and Statement of Additional Information and will continue to accept investments from new and existing shareholders. If you have any questions about the Target Fund, the Acquiring Fund, or the Reorganization, please call 1-877-772-5838.
This Supplement and the existing Statement of Additional Information dated April 30, 2025, provides relevant information for all shareholders and should be retained for future reference. The Statement of Additional Information has been filed with the Securities and Exchange Commission, is incorporated by reference, and can be obtained without charge by calling 1-877-772-5838.

because cathie wood has made 1000X more money filching her investors rather than putting her own capital into her own investment vehicles. sound familiar? rich people always have their fans.

+1
There's a sucker born every minute.
==================
Below is a generic comment.
The usual, why every thread must have politics?

because cathie wood has made 1000X more money filching her investors rather than putting her own capital into her own investment vehicles. sound familiar? rich people always have their fans.

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)

@Derf ...common holdings ranked by dollar volume between accounts include: FNMA, CLDX, T, JPST, SCHD, EVT, UTF, and PTA. As you can see, some are highly speculative, and many throw off significant distributions.
I don't add or subtract very often. That will change (hopefully) if AVGO gets a bump at earnings this week. It may rise higher over the next 2 years or so, but I'll be cashing in to fund a half dozen different long term positions when the market inevitably tanks in the near future.
By the way...I've found that buying high quality individual stocks when on sale is one of the best ways to generate income and capital gains within an account. But you must be very patient. Same with CEFs.
It's not magic, but it works for me. FYI, Schwab has me +14.91% YTD,

Some observations after going through MFO, June 1, 2025.
@David_Snowball: My TIAA 403b does include some non-TIAA funds, but the only Pimco fund available is PIMIX. When my plan changed about 4 years ago, some options were frozen - so, I could keep CREF Social Choice / QCSCIX, sell it, but cannot get back in. For now, I am sticking with it. Will keep an eye on Pimco multi-asset PIRMX (REITs, precious-metals, commodities and lots of TIPS).
@lynnbolin2021: A few years ago, I moved from Wellesley VWINX / VWIAX and VGWIX / VGYAX to Wellington VWELX / VWENX and VGWLX / VGWAX. I used ST- or ultra-ST- bond fund to make appropriate allocation adjustments. Maybe, with higher interest rates, it's time to take another look at Wellesley.
@dong or @Don_Glickstein (guessing MFO handle): Great launch article. But one caution about Upside/Downside Capture Ratio (U/D CR).
U/D CR works best when at least 1 bull and 1 bear cycles are included in the period. Similarly, Upside CR should have at least 1 bull cycle, and Downside CR should have at least 1 bear cycle. Otherwise, the values can mislead.
Since-inception does catch various market cycles. But 18 months isn't sufficient for definitive conclusions. IMO, the period considered should include at least 2022 (so, 3 yrs), maybe even 2020 (5 yrs). Note that CBLDX has existed since 01/2018-, but CBLVX only since 10/2024- .
Anyway, those are minor details. I thoroughly enjoyed your piece.

"...Vanguard International Explorer™ Fund (the Fund), announced a restructuring of the Fund's investment advisory team by removing Baillie Gifford... In connection with the changes to the advisory arrangements, the Fund's expense ratio increased from 0.44% to 0.45%.
The restructuring of the investment advisory relationship resulted in portfolio activity that is expected to generate capital gains."
as admission of fault, vanguard will cover fee increase and cap gains by restructuring c-suite compensation....just kidding !!

i wonder if trump soon causes another disaster via retaliation\chaos in the realm of small investor predictability for rules on 'foreign tax treaties'.
after all, the phrase contains at least 2 of his most despised words.
on a related note, some hedge funds have murmuring about easing of capital controls on russian equity, and hinting at making small bets. and its not on the basis of peace in ukraine, although that was once used for plausible deniability.

By using options, one can create ("structure") financial instruments having virtually any behavior, at a cost of course. IMHO it's not much different from betting - not meant in a derogatory way. And unlike betting, when investing the deck is stacked in your favor. Over time, stocks go up and bonds pay principal and interest.
In horse racing, there are payoff odds on each horse. This is apparently more complicated than gamblers on team sports like. So there "products" are "structured" to offer even money bets. Instead of betting on which team wins with odds set accordingly, a derivative product is offered: one bets on team ± a spread.
In a similar, though more complex way, options can be used to package investment instruments. Want something guaranteed not to lose money? Package a zero coupon bond with a call option (on say, the S&P 500) so that you get some of the gain if the market goes up, and no loss if the call expires worthless.
If you're willing to give up some downside protection for a higher cap on potential gain, you can do that by using put options instead of zeros. See Schwab's description of buffered ETFs.
Income is certainly one reason why people use options such as covered calls.
Managed distribution funds (usually closed end) are something different. These are funds that, as PRESSmUP described, distribute a fairly steady stream of distributions by design. So long as those distributions are less than the total return of the fund (regardless of all is well and good.
From a black box perspective, it doesn't matter what the source of that total return is - dividends, gains (realized or unrealized), proceeds from selling options, proceeds from lending, etc. However, if the fund is distributing more than it is making, then it is eating into your capital, generally not a good thing.
QQQX runs hot and cold. 20%+ total returns in 2021, 2023, 2024. It was one of its category worst (100th percentile) performers in 2022 and YTD (per M*). Over the past five years, its NAV (and its market price) has gone up, so it hasn't been distributing more than it's made.

Vanguard filed a patent in 2001 to create ETf share classes for existing mutual funds.
This exclusive patent expired in 2023.
Numerous firms have shown interest in adopting this structure and are awaiting SEC approval to proceed.
There are concerns that mutual fund outflows may increase the likelihood of taxable capital-gains distributions for ETf shareholders.
"The US Securities and Exchange Commission is expected to approve applications for dual-share-class structures, perhaps as soon as this summer, allowing managers to add an ETF sleeve to an existing mutual fund. More than 50 firms, including BlackRock Inc. and State Street Corp., are waiting for the regulator’s greenlight to deploy the hybrid structure —made possible after Vanguard Group Inc.’s exclusive patent
expired two years ago."
https://www.advisorperspectives.com/articles/2025/05/28/wall-streets-vanguard-style-funds-draws-warnings

@Hank. For reasons of preservation of capital I live in the world between TRBUXX and common old Money Market Funds. For the last several years my Schwab MM has been more than satisfactory. I became overly enthusiastic about CD’s yielding above 5%. Those days are over but going forward it will depend on the direction of interest rates. I don’t need the income but I value preservation. And as the Bogleheads say,,, take your risk with equity stuff.

The nice thing about DIVO is that they aren't even required to use covered calls unless they see an advantage. That seems to me to be a more practical idea for an actively managed fund. Of course it does require the managers to be adept enough to identify opportunities.
Per the OP:

6. The largest active ETF is JPMorgan Equity Premium Income ETF, "which sells covered calls to reduce volatility," an activity that Mr. Sindreu describes as "a sure way to miss out on big gains during rallies while retaining unlimited downside risk."

YTD, JEPI is off -0.84, SPY is off -0.89, while DIVO is up 2.42.
Needless to say that there are other funds out there doing better than DIVO. I wonder how Sindreu's portfolio is doing.

FD said, ”I never believed in B&H for decades, the markets keep changing, and sometimes it's for years.”
Somewhat agree. Every 3-5 years I’ve found it prudent to alter the overall mix - even though it is intended as long-term B&H. An example was after real assets funds outperformed heavily around 2020-21. I dumped them. But during the past 6-12 months I reallocated to one, as these products have cooled off in recent years.
My “Strategery” doesn’t always work. Last year I sold a big position in PRPFX after it had surged 28% at one point during the year. Darned if it hasn’t continued on its winning ways this year, thanks to gold’s unparalleled rise plus its holdings in the Swiss Franc which is up around 10% YTD.
However, at this stage of life, ”A bird in the bag is worth two in the bush”.

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.

Many years ago I looked into ways of investing in currencies when Fidelity (among others) offered currency funds.
Invesco CurrencyShares® ETFs (e.g. FXE, FXF) are one way to play currencies. The YTD gains reported above include both changes in premium (spread of market price over NAV has increased) and interest (these ETFs can pay interest).
From the M* chart for FXE here the YTD figures are:
NAV (representing currency movement less expenses): +9.47%
NAVwDivs (representing the above plus interest earned): +10.09%
Price (representing NAV gain + increased premium): +9.65%
Price+Divs (representing the above plus interest earned): +10.27%
Thus, interest earned YTD = (10.27% - 9.65%) = (10.09% - 9.47%) = 0.62%.
Compounded to annual yield: 1.0062 ^ (365/144) (days) - 1 = 1.58%
Another way to invest in currency is to open foreign currency accounts at banks. Perhaps the most well known is Everbank. It wasn't competitive when I looked at it years ago and doesn't seem to be competitive now. (It is offering 0.10% APY on a three month Euro CD.) There are other banks that offer foreign currency accounts. The one I remember is Cathay bank.
Dollar weakness seems to be due to worldwide disinvestment in the US attributed to increasing uncertainty in the US generally (regulatory environment, tax regimen, tariffs, etc.). Somewhat counterbalancing this are higher interest rates in the US - the Fed has not reduced rates recently (due to inflation concerns) while other central banks have continued to do so.
WSJ, Why the Fed Isn’t Ready to Join Other Central Banks in Cutting Rates, May 8, 2025.

The Fed cut its benchmark short-term rate by 1 percentage point in the second half of 2024 ... The European Central Bank, meanwhile, has cut its benchmark rate seven times in the last year by a combined 1.75 percentage points. The Bank of England on Thursday cut its benchmark rate to 4.25% from 4.5%. It was the bank’s fourth cut since last summer.

Thanks for the link. Pieces on the Kitces site are always worth a read. I'm planning to read it in full over the next couple of days.
Meanwhile, I see that the exec summary is already out of date:

It also creates a new type of savings account for children – Money Account for Growth and Advancement, or "MAGA" accounts – which the Federal government would automatically open and fund with $1,000 for every US citizen born from 2025 through 2028!

From CNBC:

Under the proposal, “Trump Accounts” — previously known as “Money Accounts for Growth and Advancement” or “MAGA Accounts” — can later be used for education expenses or credentials, the down payment on a first home or as capital to start a small business.

https://www.cnbc.com/2025/05/22/tax-bill-maga-baby-bonus-now-called-trump-accounts-who-is-eligible.html
Here are some other last minute changes that were dropped into the bill:
https://www.politico.com/live-updates/2025/05/21/congress/trump-megabill-last-minute-changes-00364603

https://www.sec.gov/Archives/edgar/data/1655589/000174177325002037/c497.htm
497 1 c497.htm ETF5 P1 0525
ETF5-P1 05/25
FRANKLIN TEMPLETON ETF TRUST
SUPPLEMENT DATED MAY 22, 2025
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
DATED AUGUST 1, 2024, OF
FRANKLIN FTSE HONG KONG ETF
On May 21, 2025, the Board of Trustees of Franklin Templeton ETF Trust, on behalf of the Franklin FTSE Hong Kong ETF (the “Fund”), approved a proposal to liquidate and dissolve the Fund. The liquidation is anticipated to occur on or about July 8, 2025.
After the close of business on June 10, 2025, the Fund will no longer accept creation orders. Trading in the Fund on NYSE Arca, Inc. (NYSE Arca) will be halted prior to market open on July 2, 2025. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about July 8, 2025.
When the Fund is in the process of liquidating its portfolio, which is anticipated to commence prior to July 2, 2025, the Fund will hold cash and securities that may not be consistent with the Fund’s investment goal and strategies.
Shareholders may sell their shares of the Fund on NYSE Arca until the market close on July 1, 2025 and may incur the usual and customary brokerage commissions associated with the sale of Fund shares. The Fund’s shares will no longer trade on NYSE Arca after market close on July 1, 2025, and the shares will be subsequently delisted. At the time the liquidation of the Fund is complete, shares of the Fund will be individually redeemed. Shareholders who do not sell their shares of the Fund before market close on July 1, 2025 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about July 8, 2025.
For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; and (b) in connection with the liquidation, the Fund may declare taxable distributions of its income and/or capital gain. Shareholders should consult their tax advisers regarding the effect of the Fund’s liquidation in light of their individual circumstances.
Please retain this supplement for future reference.

https://www.sec.gov/Archives/edgar/data/1645194/000119312525125030/d820618d497.htm
497 1 d820618d497.htm 497
VGOF-P5 05/25
LEGG MASON ETF INVESTMENT TRUST
SUPPLEMENT DATED MAY 22, 2025
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION
EACH DATED AUGUST 1, 2024 OF
WESTERN ASSET SHORT DURATION INCOME ETF AND
WESTERN ASSET TOTAL RETURN ETF
On May 21, 2025, the Board of Trustees of Legg Mason ETF Investment Trust, on behalf of the Western Asset Short Duration Income ETF and Western Asset Total Return ETF (each a “Fund” and together, the Funds”), approved a proposal to liquidate and dissolve the Funds. The liquidation is anticipated to occur on or about August 29, 2025.
After the close of business on August 1, 2025, the Funds will no longer accept creation orders. Trading in the Funds on NASDAQ will be halted prior to market open on August 23, 2025. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about August 29, 2025.
When the Funds are in the process of liquidating their portfolios, which is anticipated to commence prior to August 23, 2025, the Funds will hold cash and securities that may not be consistent with the Funds’ investment objectives and strategies.
Shareholders may sell their shares of a Fund on NASDAQ until the market close on August 22, 2025 and may incur the usual and customary brokerage commissions associated with the sale of Fund shares. The Funds’ shares will no longer trade on NASDAQ after market close on August 22, 2025, and the shares will be subsequently delisted. At the time the liquidation of the Funds is complete, shares of the Funds will be individually redeemed. Shareholders who do not sell their shares of a Fund before market close on August 22, 2025 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about August 29, 2025.
For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; and (b) in connection with the liquidation, a Fund may declare taxable distributions of its income and/or capital gain. Shareholders should consult their tax advisers regarding the effect of a Fund’s liquidation in light of their individual circumstances.
Please retain this supplement for future reference.
2

Piketty, Capital in the Twenty-First Century. Jan 1, 2014.
https://www.amazon.com/Capital-Twenty-Century-Thomas-Piketty/dp/067443000X

Looks like an interesting read. Thanks for the link, though I won't be buying it from Amazon.

A decade ago, the world was all abuzz with Piketty and this book. Be advised that it is long, dense, and fairly academic. I read about half of its roughly 600 pages. It's well researched, very interesting and worth the read. But it also seemed somewhat repetitive to me. It's not, but it does go on and on. It's still on my nightstand.

[T]here is little doubt that Mr. Piketty has written the big-think book of the moment. Sped into production in February [2014], “Capital” has jumped onto the New York Times best-seller list. Last week, Amazon notified readers its cavernous cupboards were bare.
...
Mr. Piketty is by no means the first intellectual to have attained celebrity. But he may be the first to see his ideas — and his headshot — go viral.
...
His book, and its discussion of, say, “The Ups and Downs of Ricardian Equivalence,” could prove as daunting to most readers as Mr. [Christopher] Lasch’s analysis of “the banality of pseudo self-awareness” [The Culture of Narcissism] or Mr. [Alan] Bloom’s charting of the path that led “From Socrates’ Apology to Heidegger’s Rektoratsrede [The Closing of the American Mind].”

https://www.nytimes.com/2014/04/27/fashion/Thomas-Piketty-the-Economist-Behind-Capital-in-the-Twenty-First-Century-sensation.html

Thanks for the warning. :). Sounds like a door stop.
I'll see if my library has it. And maybe I'll just stick to the latest Michael Connelly even if Piketty is only as daunting as Lasch, who I remember as mostly crabby.
BTW, when it comes to the downgrades, I agree that it is Congress that should get most of the credit though the deficit builder is named after Trump. Wandering attention spans will return to Tariff Theatre as third quarter earnings come into view. Tariff Theater is entirely a Trump production.