The matter is in limbo pending court ruling(s).
https://www.cnbc.com/2025/08/26/trump-fed-cook-respond-court.html

@sma3. Agree it will not end until but I think #2 is least likely. You left out #5. President Vance takes over after stroke in the gold house. He is controlled by BIG MONEY and the new administration is more corrupt and ruthless but less clumsy and incompetent.

Lisa COOK & her lawyer Abbe LOWELL are suing. Fed doesn't seem in a rush to update its website (last update 8/9/25).
https://www.federalreserve.gov/aboutthefed/bios/board/default.htm
https://en.wikipedia.org/wiki/Abbe_Lowell

What a fund's "top positions" are depends on how one defines them. For your purpose (flight to safety), the number is actually higher than 14%.
The fund's second largest holding according to the fund's webpage is TRP Government Reserve Fund, at 8.66%. This is an internal MMF (click on "internal funds" here).
I'd be inclined to add the full 8.66% to 14.0% (a hefty nearly 23%) in counting "dry powder". If you prefer to prorate based on Treasury holdings, as of May 31 (Gov Reserve's annual shareholder report), holdings break down as: Treasuries 31.6% (10.1% Bills, 21.5% Notes), Treasury repurchase agreements 37.7%, government agency repurchase agreements 26.2%, government agency debt 5.5%.
It's this sort of dynamic allocation of assets that leads me to wonder how closely investors can mimic PRWCX with combinations of other funds.

We experienced premium increases of 150% here in FL.
Add the fact that our yearly insurance premiums are often billed in full (full payment due day one of the coverage period).
Often Insurer's collect interest as a finance option to pay premiums monthly.
For example, I pay 8% interest on top of the insurance premium to the insurer (my lender escrows insurance into my mortgage monthly payment). This added interest charge just adds further financial hardship to these premium increases.
Check my math but I believe this makes the 8% interest charges (in dollars) also 150% higher.

Thanks @equalizer...keeping Marks going...
His memo back in 1990:
howard-marks-memo-1990-route-performance-review/
The Root to Performance (Audio review of the memo):

Speaking of defense contractors, CNBC reporting the WH is considering taking stakes in US defense contractors ... which if so likely paints a scarlett letter on US planes/missiles/equipment and exports will not be as trusted as they used to be, thus boosting other defense companies around the world.
https://www.cnbc.com/2025/08/26/trump-pentagon-equity-stakes-in-defense-contractors.html

Barron's on Home Insurance in CPI & PCE Index
CPI includes housing via OERs (owners' equivalent rent) & that doesn't include home insurance premiums (paid by the owner of the property). Fed's favorite PCE index includes home insurance via insurers' premiums net of claims. Neither uses some home insurance premium basket to measure what homeowners are facing - skyrocketing home insurance premiums (in Illinois, +16% to +30%).
BTW, a similar indirect methodology is used for health insurance - i.e. health insurers' earnings are used to indirectly measure the health insurance costs. Health insurance costs are also rising rapidly although that may be masked by group insurance coverage of employees. But those self-employed or retirees (for Medigap/supplemental insurance or Medicate Advantage premiums) may see higher costs.
Barron's (subscription) https://www.barrons.com/advisor/articles/home-insurance-inflation-pain-5ca1061a?mod=hp_SP_A_1_1

The "cause" alleged is having "'falsified bank documents and property records' in an effort to gain more favorable loan terms and lower interest rates."
https://www.nytimes.com/2025/08/22/us/politics/trump-lisa-cook-fed-mortgage-fraud.html
Gosh that sounds familiar. Wasn't it Cook who lost a fraud case for falsifying property records including claiming a 33,000 square foot apartment in order to gain more favorable loan terms and lower interest rates? Maybe not.

But, but the bank loan was fully paid off and the bank didn’t complain (because they would have lost banking charter?), so free pass.
In Cooks case, the bank must have gone bankrupt, so we gotta press charges on the social, the official legal scholarly journal of the Govt.

Kinda mushy. But maybe some might be interested.
https://www.fool.com/investing/2025/08/24/my-honest-opinion-of-energy-transfer-stock/

@Observant1 Vanguard states that info as the end of 8/25. Yahoo shows what you provided. Sad day in Mudville! I thought that VG info was ODD. Thanks Observant1

The "cause" alleged is having "'falsified bank documents and property records' in an effort to gain more favorable loan terms and lower interest rates."
https://www.nytimes.com/2025/08/22/us/politics/trump-lisa-cook-fed-mortgage-fraud.html
Gosh that sounds familiar. Wasn't it Cook who lost a fraud case for falsifying property records including claiming a 33,000 square foot apartment in order to gain more favorable loan terms and lower interest rates? Maybe not.

Paxton is a genuine leader.
https://www.google.com/search?q=republican+mortgage+fraud+examples+&sca_esv=6d88a22af351a497&rlz=1C1ONGR_enUS1124US1124&sxsrf=AE3TifP9uLZ0rL1LYs_oRi6U3dl2UomnUQ:1756178316901&ei=jCetaK3hNuPW5NoPq8yo8Qk&ved=0ahUKEwit1_aFwqePAxVjK1kFHSsmKp4Q4dUDCBA&uact=5&oq=republican+mortgage+fraud+examples+&gs_lp=Egxnd3Mtd2l6LXNlcnAiI3JlcHVibGljYW4gbW9ydGdhZ2UgZnJhdWQgZXhhbXBsZXMgMgUQIRigATIFECEYoAEyBRAhGKABMgUQIRigATIFECEYoAFIzRJQxgdYnRFwAXgAkAEAmAFhoAGwBqoBAjEwuAEDyAEA-AEBmAIJoALiBcICBRAhGKsCmAMAiAYBkgcBOaAH6SSyBwE5uAfiBcIHAzMuNsgHDA&sclient=gws-wiz-serp

The "cause" alleged is having "'falsified bank documents and property records' in an effort to gain more favorable loan terms and lower interest rates."
https://www.nytimes.com/2025/08/22/us/politics/trump-lisa-cook-fed-mortgage-fraud.html
Gosh that sounds familiar. Wasn't it Cook who lost a fraud case for falsifying property records including claiming a 33,000 square foot apartment in order to gain more favorable loan terms and lower interest rates? Maybe not.

Out this evening:
https://www.cnbc.com/2025/08/25/trump-fires-lisa-cook-fed-powell.html
Reuters has a good roundup of the analyst reaction, which I agree with.
https://finance.yahoo.com/news/instant-view-analyst-reaction-trump-005322877.html

ARDBX was up 1.55% on Friday.
M* and Yahoo indicate that it was down 0.90% today.

Another Artisan did VG
ARDBX
ARTISAN INTL EXPLORER ADVISOR CL
$14.40
+$0.22
+1.55%

ARTJX
ARTISAN INTL SMALL MID INVESTOR CL
$19.83
+$0.45
+2.32%

https://www.sec.gov/Archives/edgar/data/711080/000119312525187688/d33953d497.htm
497 1 d33953d497.htm 497
TOUCHSTONE STRATEGIC TRUST
Touchstone Large Company Growth Fund (the “Fund”)
Supplement dated August 25, 2025 to the Prospectus, Summary Prospectus,
and Statement of Additional Information dated October 28, 2024
IMPORTANT NOTICE REGARDING CHANGES TO THE FUND
Proposed Reorganization
At a meeting of the Board of Trustees (the “Board”) of Touchstone Strategic Trust (the “Trust”) held on August 14, 2025, Touchstone Advisors, Inc. (“Touchstone”) proposed, and the Board approved, converting the Fund into an exchange-traded fund (“ETF”) by the reorganization of the Fund into a new ETF (“Acquiring ETF”), which upon filing and regulatory approval will be a newly-created fund in the Touchstone family of funds, (the “Reorganization”). At the same Board meeting, the Board approved the appointment of the Fund’s sub-adviser, DSM Capital Partners, LLC, as sub-adviser to the Acquiring ETF. The Board also approved the Acquiring ETF’s investment goal and principal investment strategies and risks, which will be identical to the Fund’s investment goal and principal investment strategies and risks. The Acquiring ETF, however, will be subject to certain risks unique to operating as an ETF.
Additional information about the Acquiring ETF will be available in the first quarter of 2026. The Acquiring ETF will not commence operations prior to the Reorganization and the Acquiring ETF’s shares are not currently being offered to the public, nor have they been approved for listing on any exchange. You can obtain a copy of the prospectus or SAI for the Acquiring ETF, once available, by visiting the website at TouchstoneInvestments.com/ETFs, by calling (833) 368-7383, or by contacting your financial adviser.
Following the Reorganization, Touchstone has agreed to waive fees and reimburse expenses to the extent necessary to ensure the Acquiring ETF’s total annual operating expenses (excluding dividend and interest expenses relating to short sales; interest; taxes; brokerage commissions and other transaction costs; portfolio transaction and investment-related expenses; expenses associated with the Acquiring ETF’s interfund lending program, if any; other expenditures which are capitalized in accordance with U.S. generally accepted accounting principles; the cost of “Acquired Fund Fees and Expenses,” if any; and other extraordinary expenses not incurred in the ordinary course of business) are limited to 0.67% of average daily net assets. The Reorganization does not require shareholder approval and is expected to be tax-free for U.S. federal income tax purposes.
Under the terms of the Agreement and Plan of Reorganization, the Fund would transfer all of its assets to the Acquiring ETF in exchange for shares of the Acquiring ETF. The Acquiring ETF would also assume all of the Fund's liabilities. The shares of the Acquiring ETF would then be distributed to the Fund's shareholders, and the Fund would be terminated. It is anticipated that, prior to the Reorganization Class A, Class C and Class Y shares of the Fund will be converted into Institutional Class shares of the Fund. After the Reorganization, shareholders may only purchase or sell shares of the Acquiring ETF on a national securities exchange at prevailing market prices through a broker-dealer.
A prospectus/information statement containing more information regarding the Reorganization will be filed with the Securities and Exchange Commission (the “SEC”), and once effective, will be mailed to Fund shareholders in the first quarter of 2026. The Reorganization is expected to be completed in the first quarter of 2026. Expenses associated with the Reorganization will be borne by Touchstone.

July 7, 2025 issue of Barron's had a cover story on this deluge of ETFs.
https://ybbpersonalfinance.proboards.com/board/12/weekly-business-digests
My summary from Weekend Business Digest 1:
"COVER STORY, “ETFs Are Eating the World. The Right – and Wrong – Ways to Invest”. It’s hard to imagine an investment idea or theme without a related ETF. There are 4,000+ ETFs in the US, 700+ were added just in 2024, and several hundred are pending before the SEC. Note that there are only 2,400 listed stocks in the US (but there are many ETFs for single-stocks). Many mutual funds/OEFs are adding ETF classes after Vanguard’s patent expired in 2023. Almost 1,300+ active ETFs are competing with active OEFs. Many new ETFs won’t survive because viable ETFs need $100+ million AUM. There have been strong inflows, and the total ETF AUM is $11 trillion, and almost 33.3% of all listed funds (OEFs, ETFs) excluding the money-market funds (CEFs are too tiny to move the needle). Lot of money is just shifting from OEFs into ETFs.
The ETFs has several advantages: (i) tax-efficiency (due to tax-free creation/redemption), (ii) accessibility, (iii) trading convenience, (iv) lower ERs; big ETFs are very liquid. Many financial advisors now prefer to use ETFs for asset allocation. On the other hand, there is more temptation to trade and reinvestments are inconvenient.
Top 4 ETF sponsors/firms (Vanguard, BlackRock/BLK, Invesco/IVZ, State Street/STT) have 82% of the total ETF AUM, so there is lot of noise out there. Major stock ETFs are SPY, IVV, VOO (SP500); RSP (equal-weight SP500), IEFA (EAFE), VT (total world stock), NOBL (dividend Aristocrats), TCAF (capital appreciation), etc. Major bond ETFs are AGG, BND (US aggregate bond); BNDW (total world bond), MUNI (intermediate-term munis), JCPI (inflation-protected), ANGL (fallen-angle HY), etc. Major alternative ETFs are GLD, GLDM (gold bullion); IBIT, FBTC (spot Bitcoin), etc.
There are flaws in some of these ETFs. Some bond, private-asset and commodity ETFs are in small, fragmented and illiquid markets that trade infrequently or not at all. The ETF pricing then is based on matrix-pricing or professional estimates/ guesses that may break down during market stresses. Most commodity ETFs hold futures because it isn’t practical to hold physical commodities except for some precious metals. This adds the complications of backwardation/ contango at future rolls. Also beware that ETFs can hold only up to 15% in private, illiquid assets, so pay attention to what the rest 85% is in. Then, there are leveraged ETFs, +/- 1x, +/- 2x, etc, often in pairs, so the firms make money whether investors have gains or losses."
Barron's (subscription) https://www.barrons.com/articles/etfs-funds-investing-f38dc17a

@Observant1 said, Costco sells Folgers Classic Roast Ground Coffee (43.5 oz.) for $19.49.
Also check out 3lbs Kirkland Signature... delicious coffee... price has probably doubled in the last year
Kirkland Signature