23 June, 2023:
https://wealthtrack.com/retirement-blind-spots-and-how-to-fix-them-with-morningstars-personal-finance-guru-christine-benz/

@catch22, 1035 exchanges are for personal annuities.
Workplace tax-deferred annuities (401k/403b/457b) can be rolled over into T-IRA - in-service cash rollovers if allowed by plans, and cash rollovers on retirement/resignation/termination from jobs.

@hank @yogibearbull et al
A unique annuity.
Fidelity Personal Retirement Annuity
A 'lite' overview: Fido's annual fee = .25%. There are 55+ fund choices for investments, each having their own ER's. So, if fund 'x' has an ER of .75%, + the .25% fee, ones total annual charge would be 1%.
Tax deferred growth.
There may be some changes since I first read through the prospectus several years ago.
The link will provide the full overview.
@msf and I discussed this annuity choice several years ago.
And @hank, if I recall properly, 403B's were pushed by lobbying groups of the insurance companies to become part of the IRS code. 401k's came later.

It depends.
Annuities are complex because they are insurance CONTRACTS and come with thick prospectuses. But don't let that fool you.
Some low-cost accumulating annuities have all-in ERs that are less than those of typical mutual funds.
Several company and state retirement plans offer annuitized payouts that may be too good to pass up. Some may tie continuing group health coverage to annuitants only, so early retirees, take note. On the commercial side, low-cost SPIAs may be fine. Partial annuitization to meet basic expenses may work for many who don't have time, expertise or aptitude to manage money.
The flip side is that retirees may be offered lump-sum payout that are more favorable to companies/institutions than retirees. So, think before taking the money and run.
Like anything, look into details before accepting or rejecting annuities.
What is bad? Plenty. Many high-cost annuities pay the highest commissions of any product around to salesman/brokers. Some bad players may pitch unnecessary annuity replacements for extra commissions. There may be surrender charges. Many school districts just handover their 403bs to annuity companies and their salesmen to feast. It's a jungle out there.

I would be curious if he mentioned gold or real estate. In January he mentioned both to Market Watch.
https://www.marketwatch.com/story/this-crazy-retirement-portfolio-has-just-beaten-wall-street-for-50-years-11672945313

"Aside from Social Security and other pensions, retirees may obtain guaranteed income from 1) traditional bonds, 2) inflation-protected bonds, or 3) annuities. For ease of presentation, this article narrows the list to one version of each: 1) Treasury bonds, 2) ladders of Treasury Inflation-Protected Securities, and 3) single-premium immediate annuities, also known as lifetime annuities....."
https://www.morningstar.com/bonds/retirement-income-treasury-bonds-tips-ladders-or-annuities

@yogibearbull, at her first employer there was a quasi defined benefit (pure traditional) along side a contribution aspect (TIAA variable annuity products). Her subsequent TIAA, that offers other products, is part of a state employee retirement plan that she qualified for as a result of her previous association with TIAA.
Thanks for the link. I'll check it out.
Add> Those payout rates look pretty darn good. Might be getting a little help from covid. I'm not sure why I would add bonds over their traditional if I want to get to, say something like 60% equity.

I haven't opened a position in TCAF as of yet, though I had fully intended to. Doesn't mean I won't, but with us coming to within 5 years or less until retirement I find myself not wanting to add to risk assets and am considering adding to our fixed income holdings to bring our equity allocation down from its current ~57%---even though inflation is still an issue eating away at purchasing power.

I am not in a fully-invested 100% equity camp. In retirement, my tactical asset allocation (TAA) is 40-60% equity, and due to my buys in 2022, it became higher than that. So, I am in profit-taking mode now to adjust my TAA.
My short-term fixed-income includes stable-value (SVs; 5.50% from TIAA-SRA annuity), T-Bills (rolls will continue, as posted elsewhere), m-mkt funds, ultra-ST bond funds, even some short-term bond funds.
In that context, TCAF is new to my potential buy list for future. I may add it later with cash, or shift $s from SCHD or SCHB.
I have also been watching another cousin pair, global-allocation CEF TBLD and OEF TIBAX / TIBIX. Let us say, politely, that TBLD has been a disaster even with some bond allocation. Of course, there are other factors in play for CEfs (premiums/discounts; leverage, but none for TBLD), but the success of the so-called "cousins" isn't guaranteed. And, here, ETF TCAF with 100% equity is at best a "second cousin" of moderate-allocation OEF PRWCX.

On Yahoo Quote page for USAGX, just click Max (don't go in Charts) and you will see the prices mentioned by @WABAC. I thought that there may be a split somewhere but not.
https://finance.yahoo.com/quote/USAGX?p=USAGX&.tsrc=fin-srch

Yes. It has been quite a ride. M* is barely keeping track of where the realized gain horizon might be. That's my usual goal line for selling in retirement accounts.
Devo's original post reminded me of a comment from Buffet I quoted recently on not knowing the direction of interest rates.
Good luck with gold.

https://www.sec.gov/Archives/edgar/data/874964/000093041323001674/c106471_497.htm
497 1 c106471_497.htm
THE LAZARD FUNDS, INC.
Lazard Global Fixed Income Portfolio
Supplement to Current Summary Prospectus and Prospectus
The Board of Directors of The Lazard Funds, Inc. (the “Fund”) has approved the liquidation of Lazard Global Fixed Income Portfolio (the “Portfolio”).
No further investments are being accepted into the Portfolio, except for investments by certain brokers or other financial intermediaries or employee benefit or retirement plans (acting on behalf of their clients or participants) with pre-existing investments in the Portfolio pursuant to an agreement or other arrangement with the Fund, the Distributor or another agent of the Fund regarding Portfolio investments. Promptly upon completion of liquidation of the Portfolio’s investments, the Portfolio will redeem all its outstanding shares by distribution of its assets to shareholders in amounts equal to the net asset value of each shareholder’s Portfolio investment. It is anticipated that the Portfolio’s assets will be distributed to shareholders on or about July 31, 2023.
Prior to the liquidation of the Portfolio, depending on the arrangements of any broker or other financial intermediary associated with your account through which Portfolio shares are held, the Fund’s exchange privilege may allow you to exchange shares of the Portfolio for shares of the same Class of another series of the Fund in an identically registered account. Please see the section of the Prospectus entitled “Shareholder Information—Investor Services—Exchange Privilege” for more information.
Dated: June 2, 2023

https://www.sec.gov/Archives/edgar/data/1016073/000139834423011419/fp0083721-1_497.htm
497 1 fp0083721-1_497.htm
25 East Erie Street
Chicago, Illinois 60611
1-800-560-6111
DRIEHAUS MICRO CAP GROWTH FUND
Ticker: *DMCRX
(the “Fund”)
SUPPLEMENT DATED JUNE 1, 2023
TO THE PROSPECTUS AND SUMMARY PROSPECTUS FOR THE FUND DATED APRIL 30, 2023
(the “Prospectus” and “Summary Prospectus, respectively)
On May 31, 2023, the Board of Trustees of the Driehaus Mutual Funds approved the re-opening of the Driehaus Micro Cap Growth Fund (the “Fund”) to certain existing investors, as further described below. This change, referred to as a “soft-close,” will be effective immediately after 4:00 pm Eastern Time on June 9, 2023.
You may purchase Fund shares and reinvest dividends and capital gains you receive on your holdings of Fund shares in additional shares of the Fund if you are:
·A current Fund shareholder;
·A participant in a qualified retirement plan that offers the Fund as an investment option or that has the same or a related plan sponsor as another qualified retirement plan that offers the Fund as an investment option; or
·A financial advisor or registered investment adviser whose clients have Fund accounts.
You may open a new account in the Fund if you:
·Are an employee of Driehaus Capital Management LLC (the “Adviser”) or its affiliates or a Trustee of Driehaus Mutual Funds;
·Exchange your shares of another Driehaus Mutual Fund for shares of the Fund;
·Hold shares of the Fund in another account, provided your new account and your existing account are registered under the same address of record, the same primary Social Security Number or Taxpayer Identification Number, the same name(s), and the same beneficial owner(s); or
·Are a financial advisor or registered investment adviser whose clients have Fund accounts.
These restrictions apply to investments made directly through Foreside Financial Services LLC, the Fund’s distributor, as well as investments made through intermediaries. Intermediaries that maintain omnibus accounts are not allowed to open new sub-accounts for new investors, unless the investor meets the criteria listed above. Once an account is closed, additional investments will not be accepted unless you meet the criteria listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before an investment is accepted. The Fund reserves the right to (i) eliminate any of the exceptions listed above and impose additional restrictions on purchases of Fund shares; and (ii) make additional exceptions that, in the Adviser’s judgment, do not adversely affect its ability to manage the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
For more information, please call the Driehaus Mutual Funds at 1-800-560-6111

stillers: BTW, I'm starting to feel genuine sorrow for your family. And I consider that a big step on my part.
FD: Your usual, I post about investments and you troll my thread and attack me personally. After years that you claimed I don't have a clue, would never retire, and would never make it in retirement, the opposite is true. I retired years ago in 2018. Our portfolio size grew from 25+ times our expenses to close to 50 times, not including SS. All documented (here). We keep spending money on weeks of travel around the world, restaurants, and a new vehicle and are extremely busy. Life is good, no need to feel sorrow, unless you are talking about yourself.

https://www.sec.gov/Archives/edgar/data/883622/000113743923000766/delivyintlsmallcap052023497.htm
497 1 delivyintlsmallcap052023497.htm
IVY FUNDS
Delaware Ivy International Small Cap Fund (the “Fund”)
Supplement to the Fund’s Prospectuses each dated January 30, 2023, as amended
On May 24, 2023, the Board of Trustees of Ivy Funds unanimously voted to approve a proposal to liquidate and dissolve the Fund. The liquidation and dissolution are expected to take effect on or about August 31, 2023 (“Liquidation Date”) and the proceeds (less mandatory tax withholding) will be provided to the address of record if no action is taken. Retirement accounts held directly on the transfer agency platform within the Fund will be liquidated on or about the Liquidation Date and the proceeds (less mandatory tax withholding) will be mailed to the address of record if no action is taken.
Shortly before the Liquidation Date, the Fund may convert to cash and cash equivalent positions as a temporary defensive measure to preserve value. After the Fund is converted to cash, it may not achieve its investment objective. For Fund accounts with automated purchases, exchanges, and/or withdrawals established, these transactions will cease prior to liquidation if no action is taken.
The Fund will be closed to new investors and all sales efforts will cease as of the date of this Supplement. However, the Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until five (5) business days before the Liquidation Date.
Until the Liquidation Date, shareholders of the Fund will have the opportunity to exchange their shares for shares of the same class of any other Delaware Funds by Macquarie® fund. Any exchange would be made at the current net asset values of the Fund and the selected Delaware Fund. Shareholders may redeem their Fund shares at any time prior to the Liquidation Date. No applicable contingent deferred sales charge will be assessed in connection with any redemption of shares from the Fund prior to the Liquidation Date.
Effective the date of this Supplement, the following is inserted before the first paragraph of the Fund’s prospectus section entitled, “Fund summaries — Delaware International Small Cap Fund — Purchase and redemption of Fund shares”:
The Fund is liquidating and is therefore closed to new investors. Existing shareholders of the Fund may continue to purchase shares until five (5) business days before August 31, 2023.
Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in a Fund.
Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
Please keep this Supplement for future reference.
This Supplement is dated May 31, 2023.

https://www.sec.gov/Archives/edgar/data/883622/000113743923000756/ivyemmkt052023497.htm
IVY FUNDS
Delaware Ivy Emerging Markets Local Currency Debt Fund (the “Fund”)
Supplement to the Fund’s Summary Prospectus and Statutory Prospectus
each dated January 30, 2023, as amended
On May 24, 2023, the Board of Trustees of Ivy Funds unanimously voted to approve a proposal to liquidate and dissolve the Fund. The liquidation and dissolution are expected to take effect on or about August 31, 2023 (“Liquidation Date”). Retirement accounts held directly on the transfer agency platform within the Fund will be liquidated on or about the Liquidation Date and the proceeds (less mandatory tax withholding) will be mailed to the address of record if no action is taken.
Shortly before the Liquidation Date, the Fund may convert to cash and cash equivalent positions as a temporary defensive measure to preserve value. After the Fund is converted to cash, it may not achieve its investment objective. For Fund accounts with automated purchases, exchanges, and/or withdrawals established, these transactions will cease prior to liquidation if no action is taken.
The Fund will be closed to new investors and all sales efforts will cease as of the date of this Supplement. However, the Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until five (5) business days before the Liquidation Date.
Until the Liquidation Date, shareholders of the Fund will have the opportunity to exchange their shares for shares of the same class of any other Delaware Funds by Macquarie® fund. Any exchange would be made at the current net asset values of the Fund and the selected Delaware Fund. Shareholders may redeem their Fund shares at any time prior to the Liquidation Date. No applicable contingent deferred sales charge will be assessed in connection with any redemption of shares from the Fund prior to the Liquidation Date.
Effective the date of this Supplement, the following is inserted before the first paragraph in the section of the prospectus entitled “Fund summaries – Delaware Ivy Emerging Markets Local Currency Debt Fund – Purchase and redemption of Fund shares”:
The Fund is liquidating and is therefore closed to new investors. Existing shareholders of the Fund may continue to purchase shares until five (5) business days before August 31, 2023.
Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in the Fund or acting on a distribution check (if applicable).
Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
Please keep this Supplement for future reference.
This Supplement is dated May 31, 2023.

Stable-Value (SV) Rates, 6/1/23
TIAA Traditional Annuity (Accumulation) Rates
No changes
Restricted RC 6.50%, RA 6.25%
Flexible RCP 5.75%, SRA 5.50%, Newer IRAs 5.20%
TSP G Fund hasn't updated yet (previous monthly rate was 3.625%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#401k #403b #StableValue #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/1050/thread

So did my accounts. Placed my first trade in my retirement account today.

That ability of a fund to request information is a direct result of the market trading scandal:

The market timing and late trading issues of the mid 2000’s were caused, in certain cases, by the lack of transparency regarding beneficial mutual fund owners invested through omnibus accounts. Rule 22c-2 under the 1940 Act, which the SEC adopted in response to those scandals, requires a fund to enter into written agreements with financial intermediaries, including those maintaining omnibus account positions with the fund, in which the intermediary agrees to provide the fund with certain shareholder information upon request and to implement any fund-imposed trading restrictions on investors identified by the fund as having violated the fund’s frequent trading policy

https://www.perkinscoie.com/images/content/1/1/v2/115211/IL-0712-Williamson.pdf
Still, as you said, this only goes so far:

Although these policies are designed to deter frequent trading, none of these measures alone, nor all of them taken together, eliminate the possibility that frequent trading will occur in these funds, particularly with respect to trades placed by shareholders who invest in these funds through omnibus accounts maintained by brokers, retirement plan accounts, and other financial intermediaries. The Funds’ access to information about individual shareholder transactions made through such omnibus arrangements is often unavailable or severely limited. As a result, the Funds cannot ensure that their policies will be enforced with regard to those fund shares held through such omnibus arrangements (which may represent a majority of fund shares), so frequent trading could adversely affect these funds and their long-term shareholders as discussed above.

Guggenheim Funds frequent trading policy
Sometimes (though probably not with this), enforcement is effected through intimidation, being told something like: "we can get you if you break our rules", even if that's not true.

@rforno: you are quite right about the number of new ETFs that should never have seen the light of day and which merit no recommendation. I have browsed a couple of the ETF-dedicated sites and quickly realized that what passes for news is no more than a regurgitated press release from the sponsor of the latest 3X (fill in the asset here) vehicle. It's also true that there many MFs whose deletion from the ranks would not cause a ripple.
The big fund companies seem to have no trouble issuing ETFs and gathering big assets. I suspect they, like American Funds, have massive retirement AUMs and they can direct their managers to buy the new issues. Harbor Funds, on the other hand and despite some highly rated OEFs do not seem to be able to generate trading volume in what I consider to be attractive ETFs. Unfortunately, Harbor has lost AUM every year since 2014, so getting into ETFs might be seen as a effort to stem the ebb tide. Their ETF assets are rising, but don't offset OEF losses. FWIIW, I own HIISX and just recently purchased WINN, Harbor Long Term Growers ETF. This fund is managed by the same people at Jennison Associates who run their growth strategies, including Harbor Capital Appreciation. The late Sig Segalis was the guru of that strategy. PGIM, Jennison Focused Growth ETF, competes for the same assets, albeit at a higher ER than the Harbor fund. Proliferation for sure resulting in a trivia-laden post such as this one.