https://www.sec.gov/Archives/edgar/data/915802/000139834420011509/fp0054235_497.htm
497 1 fp0054235_497.htm
FINANCIAL INVESTORS TRUST
SUPPLEMENT DATED MAY 27, 2020 TO THE SUMMARY PROSPECTUS AND PROSPECTUS FOR THE GRANDEUR PEAK INTERNATIONAL STALWARTS FUND (THE “FUND”) DATED AUGUST 31, 2019
Effective as of the close of business on June 10, 2020, the Fund will close to new investors, except as described below. This change will affect new investors seeking to purchase shares of the Fund through third party intermediaries subject to certain exceptions for financial advisors with an established position in the Fund and participants in certain qualified retirement plans with an existing position in the Fund. The Fund remains open to purchases from existing shareholders, and to new shareholders who purchase directly from Grandeur Peak Funds.
The Fund retains the right to make exceptions to any action taken to close the Fund or limit inflows into the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
******* From GP website: International Stalwarts has Total Net Assets as of 5/26/2020:$1 Billion

@johnN: I too have pondered whether to take my foot off the accelerator. Prior to COVID, I could see retirement on the not-so-distant horizon. COVID temporarily erased the smile that was starting to form. I'm closed to being recovered but uncertainty is still in the air. I wanted to retire within five years, but if it has to be 10, it has to be. However, what I do know is being in Cash won't get me there. It certainly won't get me there as quickly as I'd like. I feel like Evil Kenievel in that I'm in the air and I've cleared most of the buses, but whether or not I can stick the landing remains in question. I won't go gentle into that good night. The stock market has been my vehicle for independence. I am trusting the Managers I've chosen have performed their due diligence and the companies within the funds are strong enough to make it to the other side, or have the ability to take advantage and gain market share. I may be wrong, but it is the path needed to achieve my goal. Good luck.

I’m in my 3rd year of retirement - during the 2000-2002 and 2008-09 years I was working and simply continued to dca into my/our 403bs and IRAs. I kept my head down and ran with it as buying opportunities. This time (for me) is different. With a 35/63/2 (equity/bonds/cash) allocation prior to CV-19 and feeling flush, I drank the koolaid with mad money to DSEEX, JMUTX, PIGIX, PIMIX, PCI, OPTAX, ORNAX with approximately 6% of PV. Still holding PIMIX, PIGIX, PCI, and DSEEX. I’ve looked at the loss as a learning opportunity, and will sell the others if/when they recover. My allocation sits at 30/59/11 (E/B/C) and I’m slowly deploying the cash to VBILX, VWIUX, VIG, and VTI.

https://www.thestreet.com/markets/stock-market-nasdaq-new-york-stock-exchange-dow-jones-052620
hello
Do you folks think this is a new fierce-bull market rally or just a W recovery in hiding, will DOWS JONES reach 15k by end of summer, or 26.3k???
We did bought more/added today SPY, QQQ, vong, vanguard2045. If it continue to come down, maybe think of DCAs and buy more next 6 12 months...
My friend from working thinking of bailing out, even though that person has > 15 yrs until retirement, think got too anxious and does not want to loose more money.
I do think maybe good time to go for more cash + fixed incomes if nearing retirement and if DOWS reach 27 or 28k levels
For our household, still 90/10 in tsp distributions, no changes probably until few yrs until retirement in ~12 yrs [after considerations and careful discussions w/ Wifey-Boss]
thankyou for any suggestions...

I morphed into a plan over the years though I admit every time it's tested, like in March, I still get nervous.
The plan, the plan...
- 1/2 my retirement savings is in the Schwab Intelligent Portfolio at about an equity:bond:cash allocation of 45:35:10. I can't screw it up, which is good :)
- over the past year I set up a 3 year expense withdrawal bucket in anticipation of cutting back to part time semi-retiring or retiring altogether. I wanted the option.
- The remainder of the savings is my self managed account which went into March at about 56:25:12 and about 7% gold. I'm most disappointed in the bond portion of this where I held IOFAX, MAINX and HY munis. That plan changed. I sold IOFAX and MAINX and the new plan is to be very lean in bond funds going forward. For some reason I can accept an equity fund dropping 25% but I just can't accept a bond fund dropping 20+. I've actually put a lot of the bond sale proceeds into an alternative fund MNWAX.
- I'm 66 and trying to hold off SS as long as I can.

Hi @kings53man,
Just wondering what your overall asset allocation might be? Cash 10% ... Fixed (income) ? ... Equity (stocks) ?
I have been retired now for more than five years. My basic asset allocation is 20/40/40 which I can overweight the income area and equity area by 5% each should I feel warranted. Currently, I'm at 15% cash, 40% income and 45% equity. Since, the yield on cash is in the 1% range (or less) I'm thinking of raising my income allocation to 45% and reducing cash to 10% as my CD's mature. The last CD I had mature, a week or so ago, I rolled into three good generating income funds with a package yield of a little better than 4%. The three fund package consisted of BLADX, FLAAX & PFANX.
Here is more on how I roll now in retirement.
Old_Skeet's All Weather Asset Allocation.
My all weather asset allocation of 20% cash, 40% income and 40% equity affords me everything necessary to meet my needs now being in the distribution phase of investing. The benefit of this asset allocation is that it provides sufficient income, maximizes diversification, minimizes volatility, and provides long-term returns.
The 20% held in cash area provides me ample cash should I need a cash draw over and above what my portfolio generates plus it can provide the capital necessary to fund a special investment position (spiff) should I choose to open one during a stock market pullback. In addition, cash helps stabilize a portfolio during stock market volatility. Example of investments held in this area are cash, money market mutual funds and CD's.
The 40% held in the income area provides me ample income generation to meet my income needs in retirement. It is a well diversified area that incorporates a good number of income generating type funds. Some examples of investments held in this area are BAICX, FLAAX & PONAX.
The 40% held in the equity area provides me some dividend income along with some growth, that equities generally provide, that offsets the effects of inflation, over time. Some examples of investments held in this area are IDIVX, NEWFX & SPECX
Generally, for my income distributions, I take no more than a sum equal to what one half of my five year average total return has been. In this way, principal grows over time. And, as principal grows the amount available for distribution does as well.

As I am getting close to retirement, I plan to build my cash allocation to 10% as market recovers.

https://www.marketwatch.com/story/making-sense-of-the-turmoil-in-the-muni-market-2020-05-22
Opinion: Making sense of the turmoil in the muni market
Are municipal bonds now more attractive than comparable corporates or Treasurys in your retirement portfolio?
After the beat down in feb/March, muni bonds also recovered past few wks, making one of most attractive vehicles to consider own out there

Hi @_rforno, how is your total accumulative return do over past 20 yrs, upwards of >350% totals?...thx kind regards

I've not calculated it, nor am I interested in comparing my performance to any industry benchmark, because I don't care about benchmark comparisons or beating them. However, according to my own measures -- namely, seeing acceptable levels of wealth growth/accumulation in a relatively stress-free way that lets me sleep well at night -- I am doing quite well and am *more* than set up and/or well-on track for a comfortable retirement in practically all but the worst-case scenarios. In other words, I am thankful for where I am.

https://www.thestreet.com/retirement-daily/news-commentary/how-to-build-a-sleep-at-night-retirement-portfolio
How to Build a Sleep-at-Night Retirement Portfolio
/Are there asset classes that can adequately protect a portfolio and help an investor sleep well at night? There is no easy or right answer. Many of us are like Ponce de León, who, according to legend, searched in vain for the fountain of youth. Many investors are forever searching for the fountain of diversification that fully protects when volatility strikes and outperforms when markets take off./
enjoy

@JohnN recently started this thread that seems worth including here:
https://mutualfundobserver.com/discuss/discussion/56127/low-risk-vanguard-retirement-portfolio#latest

https://seekingalpha.com/article/4348188-low-risk-vanguard-retirement-portfolio
Low Risk Vanguard Retirement Portfolio
May 16, 2020 12:35 AM ETVBMFX, VEXPX, VFICX.
Investment portfolios with low volatility, low drawdowns and high returns can be constructed with Vanguard mutual funds.
From January 2003, a dual momentum strategy applied to a five-fund Vanguard portfolio would have produced a safe 5% annual withdrawal rate while achieving a 6.76% annual balance increase.
The strategy described in this article is suitable for conservative investors. It requires quarterly reallocation of funds and is robust with respect to its two parameter selections.

@hank said,

My only suggestion would be that in the overall picture I think it more prudent to look at what a more diversified portfolio (focusing more on underlying assets) might generate long term than to focus on one or a handful of funds.

When I play with the PV website I am impressed with most Healthcare funds. Also Utilities sector funds have historically have offered higher perpetual rates. Both VGHCX (VHT) and VUIAX (VPU) look like great funds to own for retirement income.
As I mentioned, VWINX historically seemed offered a better perpetual rate than sister fund VWELX.
I would like to hear from others who have back tested their favorite funds. Obviously, all of this is historical data and needs to be naively appreciated for that.

Sorta. Won’t need as much as normally pull out due to not being able to travel anywhere this summer (and who knows for how long?) - plus being gifted a $1200 check from Uncle Donald. Will pull partial RMD however to meet budget needs. And it’s always nice to leave the Roth untouched in any given year. I always move the anticipated budget needs into TRBUX (ultra short) far in advance and leave it under the tax-sheltered umbrella until actually needed. Made deferring some of the anticipated RMD super easy in this case. Good suggestion from @BenWP for those who might need to reclaim their RMD.

“... Let the money grow through the entire year.”

Catch did qualify that comment with “If one doesn't have a need for a RMD for current needs”. Otherwise I’d caution against leaving $$ you expect to need any time soon in the markets. They don’t always “grow”.
A thought: Fortunate are those “average” retirees who can subside beyond age 70.5 without having to tap even a small portion of their tax-sheltered investments. Having substantial non-deferred savings would be one reason not to need to rely on tax-deferred accounts. I searched for the % of Americans in retirement who subside w/o tapping tax-deferred assets, but couldn’t find an answer. Putting aside the substantial number who have no tax-shelter at all, I’d guess the number to be perhaps 10-15% who have one but don’t rely on it to fund living expenses - at least to some degree.

what's interesting is to not use longest time frame but to set the start date to 2007, so you're going into retirement at a very bad time. i did it w PRWCX. started with 1 mil and at the end of 2019 you had 780k with a max drawdown of 55%, at the 10th percentile. scary. but at least you still had money. oh -- did retirement of 20 years. thanks for posting this!

I could not figure out where to set a custom start date. I'm pretty sure I clicked all the options. What am I missing?

There is a tendency to use this tool as black box oracle. I'm not faulting the use of a simulator to run models per se. Rather I'm suggesting that people may not fully appreciate what is being modeled.
The Monte Carlo simulation engine of PV does not appear to allow a user to pick the starting date for the simulated runs. When one specifies a range of dates (which one does by setting "Use Full History" to "No"), one is specifying the data set (annual returns) from which the simulator randomly selects returns. It doesn't mean that the simulated runs start with the 2007 performance.
By selecting 2007 to 2019, you're telling the simulator to use one of 13 annual returns for each year in each run. Which means, among other things, that a run of 20 years must duplicate the returns from some years, since it needs 20 1 year returns and it's got only 13 years to choose from.
See "Historical Returns" in the "Methodology" section of PV's FAQs.
The simulator does have an option where you can tell it to start with the worst year (or worst two, or worst three, or ...). So if a simulated run of 20 years has returns r1, r2, ..., r20, and r5 is the worst, the simulator reorders the returns as r5, r1, r2, r3, r4, r6, ....
Better, but not perfect, because the worst run in your data set may not be in the simulated run. Still, this is much better than nothing.
---------
Numbers:
If you use this option with QQQ over 30 years with an initial withdrawal amount equal to 4% of the portfolio (subsequently inflation adjusted), then the simulations say that about 5% of the time your portfolio doesn't survive 30 years.
2007 was not the worst time to start retirement. The S&P 500 returned 3.53% that year, and QQQ returned 18.7%. See graph. If one is looking for a poorly performing data set, one would be better off excluding 2007 and starting with 2008.
Running the model with data from 2008 through 2019, 5% of the time the portfolio doesn't survive. Add in the requirement that the first year in any simulated run is the worst, and 6% or so of runs don't survive. Not a big difference.
For kicks, I ran QQQ, 4% starting withdrawal (inflation adjusted) for the lost decade (2000-2009). Less than 1 in 5 survive for 20 years, barely 5% survive 30. Expand the data set to the past 20 years (2000-2019), and about 7 in 10 survive 20 years; a bit over half survive 30. That doesn't include starting each run with the worst year which would make things worse.
Not comforting figures. Forget about getting the original investment back (perpetual withdrawal rate). According to the model, assuming returns over the next 20 years are like the past 20, there's a good chance that the money won't even last at all.
OTOH, with PRWCX, based on returns over the past 20 years, starting with a 4% initial withdrawal amount (inflation adjusted), and requiring the worst year to come first, one may have a 98% chance of surviving 30 years.

what's interesting is to not use longest time frame but to set the start date to 2007, so you're going into retirement at a very bad time. i did it w PRWCX. started with 1 mil and at the end of 2019 you had 780k with a max drawdown of 55%, at the 10th percentile. scary. but at least you still had money. oh -- did retirement of 20 years. thanks for posting this!

I could not figure out where to set a custom start date. I'm pretty sure I clicked all the options. What am I missing?

https://www.sec.gov/Archives/edgar/data/831114/000139834420010669/fp0053971_497.htm
497 1 fp0053971_497.htm
THE RBB FUND, INC.
Schneider Small Cap Value Fund
(the “Fund”)
_____________________________________________________________________________________
Supplement dated May 15, 2020
to the Prospectus and Statement of Additional Information,
each dated December 31, 2019
_____________________________________________________________________________________
At a meeting held on May 13-14, 2020, the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”), based upon the recommendation of Schneider Capital Management Company, the investment adviser to the Fund (the “Adviser”), approved a Plan of Liquidation and Termination for the Fund (the “Plan”). The Board concluded that it is in the best interest of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Company effective as of the close of business on July 15, 2020.
The Adviser has determined to waive any applicable redemption fees for shares of the Fund redeemed on or after May 15, 2020.
Effective as of the close of business on May 25, 2020, in anticipation of the liquidation, the Fund will no longer accept purchases into the Fund. In addition, the Adviser is in the process of transitioning the Fund’s portfolio securities to cash and/or cash equivalents and the Fund will no longer be pursuing its stated investment objective.
Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus. The redemption of shares will generally be considered a taxable event.
If you hold shares of the Fund in an IRA account, you have 60 days from the date you receive your proceeds from the liquidation of the Fund (the “Proceeds”) to reinvest or “rollover” your Proceeds into another IRA and maintain their tax-deferred status. You must notify the Fund’s transfer agent by telephone at 1-888-520-3277 (toll free) prior to July 15, 2020, of your intent to rollover your IRA account to avoid withholding deductions from your Proceeds.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to July 15, 2020, your shares will be automatically redeemed on July 15, 2020 at the closing net asset value per share, and you will receive your Proceeds from the Fund, subject to any required withholding. These Proceeds will generally be subject to federal and possibly state and local income taxes if the redeemed Fund shares are held in a taxable account, and the Proceeds exceed your adjusted basis in the Fund shares redeemed.
If the redeemed Fund shares are held in a qualified retirement account, such as an IRA, the redemption Proceeds may not be subject to current income taxation. You should consult with your tax advisor on the consequences of this redemption to you.
Shareholder inquiries should be directed to the Fund at 1-888-520-3277 (toll free).
* * * * *
Please retain this supplement for your reference.
(Disclosure: I have small positions in the this fund)

what's interesting is to not use longest time frame but to set the start date to 2007, so you're going into retirement at a very bad time. i did it w PRWCX. started with 1 mil and at the end of 2019 you had 780k with a max drawdown of 55%, at the 10th percentile. scary. but at least you still had money. oh -- did retirement of 20 years. thanks for posting this!

Great point...thanks. Wonder if starting in the year 2000 (tech bubble) had more dire results. The perpetual Withdrawal Rate would surely be lower (for both starting years) and maybe a better data points to use for this 2020 start year scenario.

what's interesting is to not use longest time frame but to set the start date to 2007, so you're going into retirement at a very bad time. i did it w PRWCX. started with 1 mil and at the end of 2019 you had 780k with a max drawdown of 55%, at the 10th percentile. scary. but at least you still had money. oh -- did retirement of 20 years. thanks for posting this!

This Reminds me of PRPFX to a degree:

Matching the high return of the Total Stock Market with the low volatility of the Permanent Portfolio, the Golden Butterfly is a home-grown Portfolio Charts sample portfolio that combines some of the best features of other asset allocations into a stable and efficient investment strategy for accumulation and retirement alike.

https://portfoliocharts.com/portfolio/golden-butterfly/
Here are a few more notable Portfolios:
https://portfoliocharts.com/portfolios/