I am adding cautiously to INTL large caps. Starting in Jan 2025, I pulled back heavily on riskier assets, after riding the 2023/2024 equity wave. But, this rationale was twofold. I needed to pull back due to impending retirement (2026). And the tariff chaos was well-telegraphed. I added about 60%, of what I pulled out, back to equities on April 8, when the WH signaled they were backing down on harsh rhetoric and tariff rates. This got me to where I am now (58/15/27). I have added to PIMIX and PFN and PDO in the last month, as well, on hopes rates are really going to tick down by the 4th quarter.
This is all in regards to the short and medium term.
Obviously, the debt/deficit and inflation are on people's minds right now. The long term. And we KNOW that Trump will insert his agent into the FED in mid-2026 and try to push rates down significantly. I believe this has two implications, That inflation may gain a foothold and could become a problem. And that it will probably help existing bond fund prices.
There are a lot of plates spinning. Caution and FOMO are battling it out. My totally unqualified view is that the second half of 2025 could be decent, IF jobs and inflation do not deteriorate too much. And if the FED cuts, the markets will be enthralled. Rate cuts should help tech, as they use debt heavily to finance growth. This, and the tight labor market might, offset any job losses. Inflation is the wild card, How does the FED deal with inflation, should it exceed 3%, and they have already cut rates? Do they let it run? Does a new Trump FED appointee appease, or do the right thing? From an investing standpoint, how do bonds and stocks react if the FED is forced to raise rates. Or fails to do so in the face of inflation?
As always, I am open to respectful disagreement and alternative opinion. And healthy debate.

Last week's annual Social Security report still projects that the retirement trust fund will be depleted in 2033.
Across the board benefit cuts of approximately 23% will be required unless action is taken.
"That leaves us hurtling toward the aforementioned 23% benefit cuts in just eight years—
an outcome that is both unacceptable and entirely avoidable."
"There are just two ways to avoid that:
1. When the solvency cliff is reached, Congress can inject general revenue into Social Security on an emergency basis to maintain benefits. Social Security would be partially financed through debt for the first time.
2. We elect a Congress and president willing to push through a strong, progressive solution that does include tax increases."
"And both of those things could occur - probably in that order.
First a crisis, then a progressive solution that gets the program back on track."

https://retirementrevised.substack.com/p/this-is-not-the-moment-for-social

Stable-Value (SV) Rates, 7/1/25
TIAA Traditional Annuity (Accumulation) Rates
Across the board decreases of -25 bps.
Restricted RC 5.25%, RA 5.00%
Flexible RCP 4.50%, SRA 4.25%, IRA-101110+ 4.50%
TSP G Fund 4.25% (previous 4.500%). (Edited 7/4/25)
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/2062/thread

@hank @larryB
You're correct. But I suppose I'm (still) in a rare situation, owing no 1040 federal tax, nor cap gains or tax on divs--- year after year. Collecting the divs gives me some freedom as to where to redeploy the "free money." Total return is indeed the goal. With my mutual funds in the T-IRA, those divs get auto-reinvested. :)
https://client.schwab.com/app/learn/#/story/3-retirement-income-mistakes-to-avoid
Vid:
https://client.schwab.com/app/learn/#/story/how-to-evaluate-dividend-stocks

At first blush it looks like it's better not to contribute to a deductible IRA, but rather to keep retirement savings in a taxable account. It seems better to pay the lower cap gains tax on the taxable account than the higher ordinary income tax on T-IRA withdrawals. But because initial contributions are deductible, the arithmetic doesn't work out that way.
Disregarding T-IRAs, one could use Roths. Contributing to Roths instead of keeping one's retirement savings in taxable accounts seems like an obvious win. Income in Roths is taxed at 0%; income in taxable accounts is taxed at 15% or more.
That is, unless one qualifies for 0% tax on cap gains. One way to do that is to have relatively low taxable income to take advantage of the 0% cap gains tax bracket. Another is to never sell but to bequeath appreciated assets to heirs.

Glad nearly all my retirement savings are in taxable accounts, so that 15% LTCG would be a better deal for me in Virginia and should save about 3% vs if I was tapping an IRA. Cool.....

Fidelity crunches the taxes for each state with the assumption that a retiree withdraws $100,000
annually from a traditional IRA.
Although the results are interesting and useful, I wish Fidelity would have included property and sales taxes
in their analysis for a more holistic view.
Key takeaways
• State taxes can have a big impact on your retirement nest egg and choosing a lower-tax state could save you thousands annually.
• Despite their reputation for high taxes, some northeastern states may be highly favorable states for retirees who withdraw from IRAs.
• Often seen as retirement-friendly, some Sunbelt states can have relatively high taxes on IRA withdrawals.
• Married couples often pay much less in taxes than single filers on the same IRA income—about 6 percentage points less.
https://www.fidelity.com/learning-center/personal-finance/best-states-to-retire-for-taxes

The conversions and/or QCD's do not count towards the total RMD amount
Fidelity: "QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met."
https://www.fidelity.com/retirement-ira/required-minimum-distributions-qcds
Roth conversions ( a taxable event ) can be done at any time. ... The caveat is that, if required, the full RMD amount ( taxable ) must still be taken ( sometime ) during the applicable tax year.
I used to think so also. But the IRS is clear on this point. Money withdrawn from an IRA before the annual RMD is met is ineligible to be put back into any IRA (whether traditional or Roth). The RMD must come first.
Ed Slott (site): " All IRA RMDs Must Be Satisfied Prior to Doing a Roth Conversion. ... If a person has multiple IRAs, even if they are held at different custodians, the total aggregated IRA required minimum distribution (RMD) must be withdrawn before any Roth IRA conversion (or 60-day rollover) can be completed. "
https://irahelp.com/slottreport/new-rule-all-ira-rmds-must-be-satisfied-prior-to-doing-a-roth-conversion/
The RMD is determined based on the COB December 31st total of *all* your Traditional/Rollover IRA's.
Usually but not always. For example, if you're in the process of doing a 60 day rollover at the end of the year (pulling money out of your IRA on Dec 29th and rolling it back in on Jan 3rd), you have to add back that money to the COB Dec 31st balances in calculating your RMD.
IRS Pub 590-B: "Outstanding rollovers. The IRA account balance is adjusted by outstanding rollovers that aren't in any account at the end of the preceding year."
https://www.irs.gov/publications/p590b#en_US_2024_publink100090063
On the other hand, 401's must be RMD'd individually/seperately
Though you can aggregate 403(b) withdrawals for RMDs.
https://www.irs.gov/retirement-plans/rmd-comparison-chart-iras-vs-defined-contribution-plans

Dear Vanguard Client,
We're writing to inform you that Vanguard will be permanently discontinuing checkwriting services for your IRA account on Sept‍ember 2‍4,‍ 20‍25. This change is part of our ongoing efforts to enhance the security of your retirement savings. We've noticed that many clients have already transitioned to more secure and convenient options, such as electronic bank transfers.
What you need to know
= Checkbook orders will no longer be accepted after Ju‍ly 1, ‍202‍5. If you need new checks before the service ends, please place your order before this date.
= Checkwriting service will be fully removed on IRAs on Sept‍ember 2‍4, ‍20‍25. After this date, your checks will not be processed.
= Nonretirement accounts remain unaffected by this change.

@hank and @Crash for some excellent discussion(s) on CEF's check out this forum Early Retirement
dickoncapecod (read his bio) is an excellent resource, knowledgeable and helpful. There are also a number of other well versed posters. Hope you find it worth your time.
Note: the "CEF Holdings ---- June 2025" thread the link should take you to changes by the month should you decide to keep visiting.
I usually hold 10-12 CEF's in a mixture of equity and bond versions. I think that most people hold them for the income that is thrown off but as @hank may have mentioned the trick is to know when to buy or bail. Buying at a discount works most of the time for me but not always. Sometimes it's a signal that the fund has lost its mojo but not always. Also be aware that at some brokerages (Fidelity) distributions are reinvested at a 3-5% discount but not every CEF provider provides that on the platform.
I also follow (subscribe) to a service provided by Doug Albo (mostly equity CEF's) on SA. ADS Analytics is also a highly regarded resource there.

One article on the question
A late night listen prompted me to consider the possibility. Guest was Whitney Baker (audio linked at end). Among the concerns she noted is the amount of leverage (borrowed money) in the system. I’m playing that game myself on small scale by (1) carrying a recent home upgrade on a (interest-free for 18 months) credit card so the money can stay invested in a Roth as long as possible. And I carry a small 3% mortgage on my home preferring to risk the money in the markets rather than pay off the loan. Suspect I’m not alone here in that thinking. Of course these are minuscule amounts of “leverage” compared to what hedge funds or CEFs engage in.
Alan Greenspan famously said in the 90s that you can’t recognize a bubble until it has burst. He’s been laughed at for the remark. I get it. But he’s not a dumb person. I won’t list them, but several “authorities” believe there is a market bubble (and they have been scorned in recent years). Bill Fleckenstein is one. Fleck cites passive inflows into retirement savings plans along with index investing. Don’t laugh too loud. He’s certainly been right for several years on gold which has more than doubled over only 2 or 3 years. And highly respected James Stack has his investors at 57% invested and 43% in cash or T-bills. That’s very conservative for him.
Of course, you can cite even more “authorities” who insist there is no bubble. Honestly, I’m not making the case either way. But the question is one worth considering. In a real market crash it’s very hard to “log-in” and sell your plummeting investments and virtually impossible to speak to your friendly fund rep. It gets very crazy. We had a small sneak-preview in late March.
I’ve looked up the P/E (one measure of relative value) on M* for some funds of interest. They all seem tame to me - not signifying a bubble. I have no idea how M* calculates these.
PRWCX: 21.91
DODBX: 13.65
LCORX: 14.08
PRFDX: 14.73
OAKBX: 13.04
Link to Meb Faber May 2025 interview with Whitney Baker

Here’s an improved link to the transcript
Audio Link
Thank you @Mark. I hope above audio link works for those wanting to listen. I did a very quick read.
A Barry Ritholtz podcast with guest Bill Bernstein. - Bernstein’s credentials:” Efficient Frontier Advisors Co-Founder & Neurologist “
It’s a casual rambling look at stock market risks over many years and how various investors deal with the risk. Bernstein is interested in the part of the brain that instinctively tells us to flee when the going really gets bad. Very hard instinct for most to repress. They discuss different portfolios that are easier to stick to than 100% equities. One is a portfolio designed to endure “the worst 98% of all markets”. They debate whether an all-stock approach is best, but both seem to doubt most individuals could stick to it in prologued bear markets - even if they were 30+ years away from retirement.
Sounds like at any given time you have 5 chances out of 6 that stocks will go up. But how to deal with the 1 in 6 probability they will tank? Bonds enter into the discussion. Jim Grant and Charlie Munger are a couple big names they weave into the discussion (along with William Shakespeare). There are some references to Trump’s tariffs and the risk to markets they pose as well as his family’s general financial acumen - but not the dominant theme.

Looks like I'm having a computer malfunction.

The board’s software is really difficult to work with this evening!

- The only two sources of financial stress are risk and debt.
FD: It depends. Risk is in your head; change your thinking or maybe change your style.
The right debt is healthy and welcome. Example: buying a house with a loan.
- A home is not an investment.
FD: Home is the best investment for most Americans. Most retirees have small portfolios.
- Trying to get ahead by cutting down on expenses is a loser’s game.
FD: Cutting expenses is one of the best choices for most people because Americans spend too much money and have small portfolios at retirement.
- Increasing income is the key to financial happiness.
FD: If income is a higher salary, probably. Increasing investment income isn't the key.
If someone makes $150K annually, is she happier than another who makes $100K?
If someone's portfolio is worth 10 million, is she happier than another who has "only" 5 million?
- A dwelling under 1250 sq. feet represents a meager existence / lack of success in life
FD: Again, if you are a student or just started working in NYC, you are doing fine.
- Driving a 10-15 year old (rusty) vehicle also represents a lack of success in life.
FD: Really? So, why did Sam Walton drive an old vehicle?
- Never finance a new vehicle. Always pay cash.
FD: Know how to negotiate new vehicles and always finance it when the rate is low at 0-1.99% while your investments do much better.
- Don’t skimp on insurance.
FD: too generic. You need the proper insurance.
We always had Home, Auto, and Umbrella. When we had young kids, we had term life insurance. As retirees with grown kids, we stopped it years ago.
- Always give large outsized tips for services well rendered.
FD: Please define "well rendered."
Wait, I have one. Save a million by age 35. The devil is in the details :-)

(my kind of investing ... and why I went into my state's 403(b) versus the state pension system.)
The Florida Pension Fund Managers Who've Beaten the S&P 500 Over 50 Years
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit. It doesn’t hire consultants to help it pick outside managers. Instead, for the past 50 years, its investments in stocks and bonds have been overseen by a single manager, Bowen, Hanes & Co., a nine-person firm led by Harold “Jay” Bowen III. In short, Tampa and Bowen Hanes do one thing, and the rest of the institutional world does something else.
Consider the Tampa fund’s performance, though. It racked up a 32.2% return in the fiscal year ended in September. “Fiscal 2024 was—not only was it our 50th year, it was the best year the plan’s ever had,” says Bowen, 63. The return was good enough to rank the Tampa plan as the best performer for the period in the Wilshire Trust Universe Comparison Service’s database of plans with more than $1 billion in assets under management. Tampa was also No. 1 for 3, 5, 10, 15, 20, 25, 30, 35 and 40 years.
When the firm started by Bowen’s father began managing the Tampa Fire & Police pension in 1974, the plan had $12.1 million in assets. Fifty years later, in September 2024, the plan’s assets totaled $3.2 billion. What’s more, net of contributions, the system had paid out $1.8 billion to retirees. That means by investing in stocks and bonds, Bowen Hanes had in effect turned $12 million into almost $5 billion over 50 years.
< - >
Full archive link: https://archive.ph/3nTUd
Fund holdings as of September 2024: https://www.tampa.gov/document/september-30-2024-fiscal-year-financial-statements-115286

https://www.sec.gov/Archives/edgar/data/890540/000139834425011564/fp0093886-1_497.htm
497 1 fp0093886-1_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Kopernik Global All-Cap Fund
(the “Fund”)
Supplement dated June 9, 2025
to the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”), each dated March 1, 2025
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Effective as of the close of business on July 31, 2025 (the “Effective Date”), the Fund will be closed to certain new investments because Kopernik Global Investors, LLC (the “Adviser”), the Fund’s investment adviser, believes that carefully managing the Fund’s capacity provides the opportunity to continue to invest in the most attractively priced companies it can find and maintain the ability to take advantage of investments across different markets, countries, industry/sectors, and across the market capitalization spectrum.
While any existing shareholder may continue to reinvest Fund dividends and distributions, other new investments in the Fund may only be made by those investors within the following categories:
• Direct shareholders of the Fund as of the Effective Date and the date of the new investment;
• Participants in qualified retirement plans that offer shares of the Fund as an investment option as of the Effective Date; and
• Trustees and officers of the Trust, employees of the Adviser, and their immediate family members.
The Fund reserves the right to modify the above criteria, suspend all sales of new shares or reject any specific purchase order for any reason.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENC

https://www.sec.gov/Archives/edgar/data/1111565/000174177325002492/c497.htm
497 1 c497.htm
June 11, 2025
BNY MELLON FUNDS TRUST
-BNY Mellon Short-Term U.S. Government Securities Fund
Supplement to Prospectus and Statement of Additional Information
The Board of Trustees of BNY Mellon Funds Trust (the "Trust") has approved the liquidation of BNY Mellon Short-Term U.S. Government Securities Fund (the "Fund"), a series of the Trust, effective on or about August 11, 2025 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of Fund management, the Fund's portfolio securities will be sold and the Fund may cease to pursue its investment objective and policies. The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax.
Accordingly, effective on or about July 15, 2025 (the "Closing Date"), the Fund will be closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans (and their successor plans), provided the plan sponsor has been approved by BNY Mellon Investment Adviser, Inc. ("BNYIA"), in the case of BNYIA-sponsored retirement plans, or BNY Wealth ("BNYW"), in the case of BNYW-sponsored retirement plans, and has established the Fund as an investment option in the plan before the Closing Date. The Fund will continue to accept subsequent investments until the Liquidation Date, except that subsequent investments made by check or pursuant to TeleTransfer or Automatic Asset Builder no longer will be accepted after August 1, 2025. However, subsequent investments made by BNYW-sponsored retirement accounts ("BNYW Retirement Accounts") and BNYIA-sponsored retirement accounts ("BNYIA Retirement Accounts"), if any, pursuant to TeleTransfer or Automatic Asset Builder (but not by check) will be accepted after August 1, 2025. Please note that checks presented for payment to the Fund's transfer agent pursuant to the Fund's Checkwriting Privilege on or after the Liquidation Date will not be honored.
Shares held by shareholders who elect to redeem their Fund shares prior to the Liquidation Date will be redeemed in the ordinary course at the applicable net asset value per share. Fund shareholders may exchange their shares for shares of certain other funds comprising the Trust at any time before the Fund ceases operations. Except as described below for certain retirement plans, each shareholder who remains in the Fund until the Liquidation Date will receive a liquidation distribution equal to the aggregate net asset value of the shares of the Fund that such shareholder then holds. Fund shareholders are encouraged to consider options that may be suitable for the reinvestment of liquidation proceeds, including exchanging into another fund comprising the Trust.
Fund shares held on the Liquidation Date in BNYW Retirement Accounts will be reallocated to other previously approved investment vehicles designated in account documents as determined by BNYW and/or a client's trustee or other fiduciary, where required, within BNYW's investment discretion should the consent of a client's third-party fiduciary not be obtained prior to the Liquidation Date. Fund shares held on the Liquidation Date in BNYIA Retirement Accounts will be exchanged for Wealth shares of Dreyfus Government Cash Management ("DGCM"). Investors may obtain a copy of the Prospectus of DGCM by calling 1-800-373-9387.
0963STK0625

https://www.sec.gov/Archives/edgar/data/1111565/000174177325002495/c497.htm
June 11, 2025
BNY MELLON FUNDS TRUST
BNY Mellon Income Stock Fund
Supplement to Summary Prospectus, Prospectus and Statement of Additional Information
The Board of Trustees of BNY Mellon Funds Trust (the “Trust”) has approved, subject to shareholder approval, the conversion of BNY Mellon Income Stock Fund (the “Fund”), which currently operates as a mutual fund, into an exchange-traded fund (“ETF”). If approved by Fund shareholders, the Fund will be converted into an ETF through its reorganization with and into BNY Mellon Enhanced Dividend and Income ETF (the “Acquiring ETF”) pursuant to an Agreement and Plan of Reorganization (the “Agreement”) between the Trust, on behalf of the Fund, and BNY Mellon ETF Trust II (“ETF Trust II”), on behalf of the Acquiring ETF. Accordingly, if the reorganization is approved by Fund shareholders, the Fund will transfer its assets to the Acquiring ETF, in exchange for whole shares of the Acquiring ETF and the assumption by the Acquiring ETF of the Fund’s liabilities (the “Reorganization”). Upon consummation of the Reorganization, Acquiring ETF shares received by the Fund will be distributed to Fund shareholders, with each shareholder receiving a pro rata distribution of the Acquiring ETF shares received by the Fund, for Fund shares held prior to the Reorganization. If approved by Fund shareholders, the Reorganization will be consummated on or about the close of business on December 5, 2025 (the “Closing Date”). After the Reorganization, the Fund will cease operations and will be terminated as a series of the Trust.
Importantly, as described in more detail below, in order to receive Acquiring ETF shares as part of the conversion, Fund shareholders must hold their shares through a brokerage account that can accept shares of an ETF. Please see the Q&A below for additional actions Fund shareholders can take in order to receive ETF shares in the conversion if such shareholders do not currently hold Fund shares through a brokerage account that can accept shares of an ETF.
The Acquiring ETF is a newly-created series of ETF Trust II and will carry on the business of the Fund and assume its performance and financial records. The Acquiring ETF will have the same investment objective and similar investment strategies as the Fund. BNY Mellon Investment Adviser, Inc. (“BNY Adviser”) is the investment adviser to the Fund and BNY Mellon ETF Investment Adviser, LLC (“BNY ETF Adviser”), an affiliate of BNY Adviser, will serve as the investment adviser to the Acquiring ETF. Newton Investment Management North America, LLC (“NIMNA”), the Fund’s current sub-adviser, will serve as the sub-adviser to the Acquiring ETF and, subject to BNY ETF Adviser’s supervision and approval, provide the day-to-day management of the Acquiring ETF’s investments. The current primary portfolio managers of the Fund will manage the Acquiring ETF. The Acquiring ETF will be overseen by a different board, and will have certain different third-party service providers, than the Fund. The Acquiring ETF will not commence investment operations until the Reorganization is consummated.
The Trust’s Board unanimously concluded that reorganizing the Fund into the Acquiring ETF is in the best interests of the Fund and that the interests of the Fund’s shareholders will not be diluted as a result of the Reorganization. BNY Adviser believes that the Reorganization will permit the Fund’s shareholders to pursue similar investment goals in the Acquiring ETF, which has a lower management fee and an estimated lower total annual expense ratio than the Fund. Management also believes that the Reorganization should provide certain other potential benefits for the Fund’s shareholders, including greater tax efficiency, the ability to purchase and sell shares throughout the trading day at the then-prevailing market price on an exchange, less cash drag on performance, and lower portfolio transaction costs.
It is currently contemplated that shareholders of the Fund as of July 14, 2025 (the “Record Date”) will be asked to approve the Agreement on behalf of the Fund at a special meeting of shareholders to be held on or about September 10, 2025.
As a condition to the closing of the Reorganization, the Fund will receive an opinion of counsel to the effect that, for federal income tax purposes, the Reorganization will qualify as a tax-free reorganization and, thus, no gain or loss will be recognized by the Fund, the Fund’s shareholders or the Acquiring ETF as a direct result of the Reorganization. Fund shareholders may, however, be required to recognize gain or loss if their shares are redeemed, in whole or in part, in connection with the Reorganization.
If the Reorganization is approved, each shareholder who holds their Fund shares through an account that may hold Acquiring ETF shares (a “Qualifying Account”), as described below, will become a shareholder of the Acquiring ETF on the Closing Date and will no longer be a shareholder of the Fund. Such shareholders will receive shares of the Acquiring ETF with an aggregate net asset value equal to the aggregate net asset value of their investment in the Fund immediately before the Reorganization. In addition, approximately two business days before the Reorganization, any fractional shares of the Fund held by shareholders will be redeemed at the current net asset value and the Fund will distribute the redemption proceeds in cash to those shareholders.
If the Reorganization is approved, each shareholder who holds their Fund shares through an account that is not permitted to hold Acquiring ETF shares (a “Non-Qualifying Account”), as described below, will not receive Acquiring ETF shares in connection with the Reorganization. Instead, depending on the type of account through which such shareholder holds their Fund shares, the shareholder will either receive cash or Wealth shares of Dreyfus Government Cash Management, a government money market fund advised by BNY Adviser and sub-advised by Dreyfus, a division of Mellon Investments Corporation, an affiliate of BNY Adviser. The redemption or transfer of such shareholder’s investment may be subject to tax.
The Acquiring ETF offers one class of shares and does not issue fractional shares. If the Reorganization is approved, Class A, Class C, Class I, Class Y, and Investor shares of the Fund will be converted into Class M shares of the Fund (without a contingent deferred sales charge (“CDSC”) or other charge). The share class conversion is expected to occur approximately two weeks before the Closing Date. The Fund’s exchange privilege (exchanges into and out of the Fund with other series of the Trust) will be terminated on or about November 21, 2025.
In addition, approximately two weeks before the Reorganization, the Fund may, if deemed advisable by management of BNY Adviser, effect a share split (either forward or reverse) to approximate the net asset value per share of the Acquiring ETF. After such share split (if any), any fractional shares held by shareholders will be redeemed approximately two business days before the Closing Date, as noted above. The distribution to shareholders of such redemption proceeds, which is expected to be a small amount, will likely be a taxable event to shareholders who hold their shares in a taxable account and shareholders are encouraged to consult their tax advisors to determine the effect of such redemption.
If the Reorganization is approved, effective on the first business day of the month following Fund shareholder approval of the Reorganization, (i) the CDSC applicable to Class C shares (and Class A shares, if applicable) of the Fund will not be imposed on redemptions made by shareholders of the Fund, (ii) the applicable front-end sales load will not be imposed on investments in the Fund’s Class A shares, (iii) the Fund’s 12b-1 and shareholder services plan fees will be waived, and (iv) any letters of intent will be closed out. In addition, effective on the first business day following Fund shareholder approval of the Reorganization, no investments for new accounts will be permitted in the Fund (with the exception of new accounts for clients of BNY Wealth, certain retirement plans, certain wrap programs and existing Fund shareholders who are transferring their Fund accounts to a brokerage or other account that is eligible to hold Acquiring ETF shares). The reinvestment of dividends and capital gains distributions will continue to be permitted. To the extent investments are made in the Fund on or after the first business day of the month following Fund shareholder approval of the Reorganization, the Fund’s distributor will not compensate financial institutions (which may include banks, securities dealers and other industry professionals) for selling Class C shares or Class A shares subject to a CDSC at the time of purchase. Approximately two business days prior to the Closing Date, the Fund will be closed to all purchases and redemptions...

https://www.sec.gov/Archives/edgar/data/1048702/000168035925000443/nmf497saijnhnoverseas6112025.htm
Supplement dated June 11, 2025
to the Statement of Additional Information (“SAI”) dated February 28, 2025
Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the SAI.
Nationwide Janus Henderson Overseas Fund
On June 10, 2025, the Board of Trustees (the “Board”) of Nationwide Mutual Funds (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust (as defined under the Investment Company Act of 1940, as amended), considered and approved a proposal to liquidate the Nationwide Janus Henderson Overseas Fund (the “Fund”), a series of the Trust. The Fund will be liquidated pursuant to a Board-approved Plan of Liquidation and Dissolution (the “Plan”) on or about August 15, 2025 (the “Liquidation Date”). Until the Liquidation Date, the Fund is permitted to depart from its stated investment objective and strategies and hold cash and cash equivalent positions as a temporary defensive measure to preserve value. In anticipation of the Fund’s liquidation, the Fund intends to begin to sell its portfolio holdings in exchange for cash, U.S. government securities and/or other short-term debt instruments.
Because of the pending liquidation, the Fund no longer represents a long-term investment solution. Therefore, effective immediately, new account requests, exchanges into the Fund and purchase orders for the Fund’s shares will no longer be permitted (other than those purchase orders received through dividend reinvestment or purchase orders from funds-of-funds or qualified retirement plans who are existing shareholders). The Fund is no longer being marketed for new investment and, as a consequence, the size and net asset value of the Fund may decrease as a result of shareholder redemptions and sale of Fund assets to meet those redemptions. This potentially will cause remaining shareholders to bear increased operating expenses. Such shareholders also will bear a proportionate share of the costs of liquidation and other expenses in respect of their new as well as existing investments. Unless subject to a waiver or reduction as described in the Fund’s prospectus, purchases of Class A shares of the Fund will continue to be subject to applicable sales charges. Any investor who purchases shares of the Fund through reinvestment of dividends or otherwise also should consider the potential tax consequences of making new investments in the Fund during the short period prior to the Fund’s liquidation.
Between now and the Liquidation Date, existing shareholders of the Fund may continue to reinvest dividends and distributions, redeem shares, or exchange shares into other Nationwide Funds without incurring a sales load or a contingent deferred sales charge. However, in accordance with the Plan, the Fund may set up a reserve account for expenses incurred in connection with the liquidation to ensure that all shareholders are treated fairly. Any such reserve
account may affect the amount of redemption proceeds payable to a shareholder upon redemption. Rule 12b-1 fees will continue to accrue on shares of the Fund in the manner set forth in the Fund’s prospectus until the Liquidation Date.
Any shareholder who has not redeemed or exchanged shares into another Nationwide Fund by the regular close of business on the business day before the Liquidation Date will receive a liquidating distribution as of the Liquidation Date. On the Liquidation Date, the Fund will distribute pro rata to its shareholders of record all of its assets in cash, and all outstanding shares of beneficial interest will be redeemed and canceled. If you hold shares of the Fund directly with the Trust in an Individual Retirement Account (“IRA”) maintained by U.S. Bank N.A. and you do not contact us at 800-848-0920 prior to the Liquidation Date, we will invest your liquidation proceeds in Investor Shares of the Nationwide Government Money Market Fund until we receive instructions from you. Investor Shares of the Nationwide Government Money Market Fund are subject to low balance fees in the amount of $2 per month if the monthly average balance of the account falls below $500, which may exceed the low balance fees applicable to shares of the Fund. IRA owners may obtain a prospectus for the Nationwide Government Money Market Fund by calling 800-848-0920.
The liquidation will constitute a taxable event, except to the extent the Fund’s shares are held in a tax-advantaged product, plan or account. Therefore, you may be subject to federal, state, local or foreign taxes. You should consult your tax advisor for information regarding all tax consequences applicable to your investments in the Fund.
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Volatility from stocks doesn't tend to bother me as much as it does some people. I am comforted by the greater long term returns. What annoys me is buying investment grade bonds as "ballast" and having them lose money. Accepting the slower total growth, then getting hit with losses, really bugs me. I guess I do not have the retirement mentality.

Yes, that makes sense. If my bonds go nowhere or move a bit southward, I grin and bear it, for the sake of the month-end pay-out. Those amounts are not guaranteed, either, but they are consistently in the same neighborhood. One in the hand is worth two in the bush?
...Can't find that Weekend Update SNL clip just now. A birth control device implanted into a male's palm.
As we've heard over and over, there's no single correct recipe.

Volatility from stocks doesn't tend to bother me as much as it does some people. I am comforted by the greater long term returns. What annoys me is buying investment grade bonds as "ballast" and having them lose money. Accepting the slower total growth, then getting hit with losses, really bugs me. I guess I do not have the retirement mentality.