FYI: We all know how woefully unprepared Americans are for retirement. But a new study tells an even more sobering tale: Three of every four participants in the best corporate 401(k) retirement plans won’t have enough to cover their post-retirement living expenses.
Regards,
Ted
https://www.marketwatch.com/story/even-75-of-americans-in-the-best-401k-plans-wont-have-enough-to-retire-2019-04-18/print

@Derf
I don't know why Vanguard would have a problem allowing more than 1 beneficiary. We've set primary and secondary beneficiaries "on-line" through our accounts. I've seen primary, secondary and/or co-beneficiary listed as choices at various accounts over the years.
Beneficiaries/co-beneficiaries would be of the same legal status with a 401k, 403b, 457, traditional or Roth IRA to the best of my knowledge. To the point of superseding a will for purposes of distribution at death. Beneficiary is the first trump card.
If any know of a variance with the above; please let us know.
ADD: Derf, here is the Vanguard link explaining beneficiary designation.
Ok.......you're on your own from here tonight. Early rise next day and pillow time calls.

@hank
I usually check links, but didn't tonight. An extra add remained in the link box that opens here, at MFO. Usually the header is overwritten, this time the header remained.
The link header being, http:// This messed the link coding.
Hank, I don't know what you may access at Amazon for movies, but this is a must that ties into today's legal battles. The story of the battle and decisions from the Washington Post to release the Pentagon Papers to the public. This link is a multi Google search so that one may dig around to learn a bit more.
The Post
@msf What you noted, is of consequence to some folks; I would agree. And the note about ERISA. I don't know about her plan, but I know 2 retired hospital employees and their 403b was not ERISA compliant, or whatever the proper term. Thank you.

https://www.sec.gov/Archives/edgar/data/1326544/000089418919002203/wintergreen_497e.htm
497 1 wintergreen_497e.htm SUPPLEMENTARY MATERIALS
WINTERGREEN FUND, INC.
(the “Fund”)
April 17, 2019
Supplement to Prospectus and Summary Prospectus each dated April 30, 2018, as amended.
At a meeting held on April 15, 2019, the Board of Directors (the “Board”) of Wintergreen Fund, Inc. (the “Fund”) approved the liquidation and dissolution of the Fund. Effective immediately at market close on April 17, 2019, the Fund has suspended most sales of its shares pending the completion of the liquidation and the payment of liquidating distributions to its shareholders. The Fund expects to make the liquidating distributions and cease operations on or shortly after June 3, 2019 (the “Liquidation Date”).
In limited circumstances, such as sales to certain retirement plans and sales made through retail omnibus platforms, the Fund will continue to offer its shares for a limited time, but no offer or sale of Fund shares will be made after April 30, 2019.
Shareholders should be aware that the Fund will convert its assets to cash and/or cash equivalents before the liquidating distributions are made to shareholders. After the Fund converts its assets to cash, the Fund will no longer pursue its stated investment objective or engage in any business activities except for the purposes of winding up its business and affairs, preserving the value of its assets, paying its liabilities, and distributing its remaining assets to shareholders.
In connection with the liquidation, the Board approved the immediate suspension of the Fund’s distribution and/or service (Rule 12b-1) fees. The Board also approved a waiver of the redemption fee of 2.00% imposed on shares redeemed within 60 days of purchase for redemptions of Fund shares that occur after the date of this supplement.
If a shareholder has not redeemed his or her shares prior to May 30, 2019, then the shareholder’s account will be automatically redeemed and proceeds will be sent to the shareholder’s address of record.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. The tax year for the Fund will end on the Liquidation Date.
The Fund expects to make one or more distributions of income and/or net capital gains prior to the Liquidation Date in order to eliminate Fund-level taxes. The Fund must declare and distribute to shareholders realized capital gains, if any, and all net investment income no later than the final liquidation distribution. The Fund currently expects to pay a capital gains distribution prior to the liquidation of the Fund. As with any other distribution, such pre-liquidation distribution by the Fund will be taxable unless you hold shares in a tax-advantaged account, such as an IRA or a retirement plan.
Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
Important Action Required for Direct Shareholders with IRA Accounts
As an IRA account shareholder holding an account directly with the Fund, you should contact a shareholder service representative at 1-888-468-6473 to arrange a transfer of your Fund assets to another IRA custodian.
Please respond by May 30, 2019. If we do not receive a response by May 30, 2019, your investment in the Fund will be liquidated as an age-based distribution with 10% federal withholding on the Liquidation Date. Please also note that state withholding may also apply. Checks will be mailed to your address of record. You may have a limited time, typically 60 days, to reinvest proceeds to avoid tax consequences.
* * * * * *
YOU SHOULD RETAIN THIS SUPPLEMENT WITH YOUR PROSPECTUS AND
SUMMARY PROSPECTUS FOR FUTURE REFERENCE.

https://www.sec.gov/Archives/edgar/data/1110502/000139834419006651/fp0041132_497.htm
497 1 fp0041132_497.htm
April 16, 2019
HUSSMAN INVESTMENT TRUST
HUSSMAN STRATEGIC VALUE FUND
Supplement to the Prospectus dated November 1, 2018
Effective immediately, Hussman Strategic Value Fund (the “Fund”), a series of Hussman Investment Trust (the “Trust”), is terminating the public offering of its shares. Shares of the Fund are therefore no longer available for purchase by investors. As discussed below, all outstanding shares of the Fund will be redeemed at their net asset value per share determined as of the close of business on May 29, 2019 (the “Redemption Date”).
The redemption of all outstanding shares of the Fund was approved by the Board of Trustees of the Trust (the “Board”) based on the Board’s determination, in consultation with the Fund’s investment adviser, Hussman Strategic Advisors, Inc. (the “Adviser”) that, given the Fund’s very small asset size relative to its fixed expenses, and the Fund’s limited expectation of growing its assets from sales of additional shares to investors, failure to redeem all shares could have materially adverse consequences to the Fund and its shareholders. Through the Redemption Date, the Adviser will continue to reduce its fees and to reimburse expenses of the Fund as necessary to limit the ordinary operating expenses of the Fund to 1.25% annually of the Fund’s average daily net assets (as described in the Prospectus).
All shares of the Fund will be redeemed on the Redemption Date, and the proceeds of the redemption of shares held in each shareholder’s account will be sent to the shareholder’s address of record or to such other address as may be directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and other tax deferred retirement accounts (as discussed below). Between the date of this Supplement and the Redemption Date, the portfolio securities of the Fund will be sold in an orderly manner as necessary to satisfy redemption requests and to effect redemptions of shares on the Redemption Date. This liquidation of the Fund’s portfolio holdings will reduce, and eventually eliminate, the Fund’s normal exposure to equity investments. Accordingly, during the liquidation process through the Redemption Date, the Fund will not be pursuing its stated investment objective.
Shareholders continue to have the right to redeem their Fund shares or to exchange those shares for shares of any of the other Hussman funds on each business day prior to the Redemption Date. Redemptions (including the redemption of shares in connection with an exchange) will be processed at the net asset value per share of the Fund next computed after receipt of the redemption or exchange request. Shareholders wishing to exchange their shares of the Fund for shares of another Hussman fund should obtain and read carefully the prospectus of the Hussman fund into which you wish to exchange shares before submitting an exchange request.*
The redemption of shares of the Fund, and the exchange of shares of the Fund for shares of another of the Hussman funds, as described in this Prospectus Supplement, will each for tax purposes be considered a sale of your Fund shares. Shareholders should consult with their own tax advisors to ensure proper treatment of the redemption or exchange on their income tax returns. In addition, shareholders invested in the Fund through an IRA or other tax-deferred retirement account should consult the rules regarding reinvestment of their redemption proceeds. In order to avoid the taxation of redemption proceeds in the current tax year, such a shareholder may choose to authorize, prior to the Redemption Date, a direct transfer of their retirement account assets invested in the Fund to another IRA or tax-deferred retirement account. Generally, a shareholder will have 60 days from the Redemption Date to invest their redemption proceeds in another IRA or tax-deferred retirement account to avoid treatment of the redemption proceeds as taxable income for the current tax year.
If you have any questions regarding your investment, or the redemption or exchange of Fund shares as described in this Prospectus Supplement, please call 1-800-487-7626.
Investors Should Retain this Supplement for Future Reference
* Before deciding whether to exchange your shares of the Fund for shares of another one of the Hussman funds, you should consider carefully the investment objective, risks, and charges and expenses of the other fund. The prospectuses for the Hussman funds are available at www.hussmanfunds.com or can be obtained by calling 1-800-487-7626. Please read the applicable prospectus carefully before investing. Purchases of shares of a fund acquired by means of an exchange will be effected at the net asset value of that fund next determined after receipt of your exchange request.

FYI: Remember Corporate Fundamentals?
Regards,
Ted
https://www.morganstanley.com/pub/content/dam/wmdc/faws/documents/home-office/global-investment-committee/gic-weekly.pdf

"Wealthfront, for example, harvests losses by switching between the Vanguard ETF and the Schwab U.S. Broad Market ETF."
https://www.reuters.com/article/us-usa-sec-fintech/sec-sanctions-robo-advisers-wealthfront-hedgeable-idUSKCN1OK22E
Wealthfront, for example, was fined $250,000 by the SEC for allegedly making "false statements about a tax-loss harvesting strategy it offered to clients."

The company had told clients using the service that it would monitor all clients’ accounts for transactions that might trigger a sale of securities that would diminish the benefits of the tax-loss strategy but it failed to do so, the SEC alleged.
For a period of over three years these sales occurred in at least 31 percent of accounts enrolled in the company’s tax-loss harvesting strategy, the SEC alleged.
[The SEC also claimed that Wealthfront paid bloggers for client referrals w/o disclosure, and that it posted performance figures that included less than 4% of their clients' accounts - the better performing ones, of course.]

Definitely beware the bold claims when they're paid testimonials and rigged numbers.

FYI: Today, Morningstar revealed the nominees for the Morningstar Awards for Investing Excellence--Outstanding Portfolio Manager. Morningstar analysts nominated five candidates for the award across equity, fixed-income, and multi-asset categories. The winner will be announced during the Morningstar Investment Conference in May 2019.
Regards,
Ted
https://www.morningstar.com/articles/923257/5-nominees-for-outstanding-portfolio-manager.html

FYI: The exchange-traded fund industry has claimed credit for democratizing strategies once available only to the rich, such as trading oil futures or using leverage to amplify returns. The latest target: your tax bill.
Regards,
Ted
https://www.wsj.com/articles/beware-the-bold-claims-of-tax-loss-harvesting-11555153200?mod=md_mf_news

@jerry et al I don't disagree about a time frame chosen by Fidelity. They know better than any of us about the internals.
A couple of notes for the curious.
FSMEX and fund assets for the past few years.
2016 remained mostly around for the year for each month. I suspect, although did not check; this flatness to be the same for 2015, as that year was pretty much sideways for health funds in general.
---2016, avg. monthly assets =$2 billion
---2017, Aug. = $4 billion
---2018, Oct. = $6.3 billion
---2019, Mar./early April = $7 billion
Not a fair and fully just comparison, but FSPHX (broad-based health), which has been in place since 1981 and is very well known and respected, currently has $7.2 billion of managed assets.
Lastly, we did a test trade and for those having a position in FSMEX, all is well for purchase at this time. I suspect the same holds true for as long as access is allowed where this fund exists within 401k's, 403's, etc. Obviously, a lot of money may still flow to this fund.
ADD: Fidelity closed the FDGRX fund to new money in 2006. However, notice was provided as to a time frame. I don't recall exactly, but suggest the cut off was within a 3 month period. But, the fund remains open to adding money from existing fund holders, including where available in 401k/403b type retirement accounts.
Good evening,
Catch

”Maybe it is who we are as a culture or, maybe, a species. Do we really worry more about the wealthy and their businesses and farms (or the profit derived from them) than about food for the young? At the minimum, don't you find it interesting that taxing large estates bring more panic to the average American than cutting food stamps?”

Maybe that elite minority is better able to articulate and propagate their case to the masses? It’s not uncommon for Great Lakes coastal resort communities to invest millions of state / local tax dollars on amenities like public marinas for the “high-flyers” who visit the area 2-3 months of the year, while ignoring basic infrastructure and services for the less affluent locals residing only blocks away from all that extravagance. The contrast in many communities is stunning.
Worse, the “locals” who pay these taxes don’t seem to notice or mind. However, they’ll often begrudge a food stamp recipient or government employee or union worker earning a modest wage and living just a bit better than they can afford. Go figure.
“The rich are different from you and me ... .” (F Scott Fitzgerald)
“I should have called it Something you somehow haven’t to deserve.” (Robert Frost)
Superyacht: https://www.superyachtfan.com/yacht_seaquest.html

Hello, old_skeet. I'm confused.
"Old_Skeet's market barometer closed with an extremely overbought reading of 128 which is down from last week's overbought reading of 135. Generally, a higher barometer reading indicates that there is more investment value in the Index over a lower reading.
..."I'm not presently putting new money to work in either my stock or bond funds while I await a higher barometer reading indicating a better investing climate for stocks; and, I'm also awaiting better yields from bonds. Currently, by the metrics of the barometer, stocks are extremely overbought..."
My conundrum is: 128 is a LOWER number than 135. Come again, please?

@Jim0445: For what it's worth, I've never been a fan of John Rogers and Ariel Funds. Like his latest stunt, putting Eric Holder on the Ariel Board.
Regards,
Ted

Kiplinger's just added a new fund to the Kiplinger 25, DF Dent Midcap Growth, DFDMX, was curious if anyone knew anything about the fund or its managers, or their experience with the fund, thanks, Lukemon

Here is the real shocker: there are 6 million small businesses and 2 million family-owned farms in America. In the last year of the old law in 2017, only 80 small businesses and farms nationwide faced any estate tax.

Nothing makes more sense than the estate tax if you believe in American individualism and democracy, that people should make their own way in their the world and earn their keep instead of being coddled by the government or family wealth. It’s not a “tax on success” as the heirs didn’t actually produce the wealth they’re inheriting. If anything a high estate tax would force them to work hard and make their own way in the world. Moreover, massive inheritance is a threat to democracy as it concentrates power in a few families like kings or queens for generations in perpetuity. Yet nothing is more ridiculously maligned in the conservative press as this article illustrates. It’s a non-threat, a bogeyman that for 99.5% of right wing Americans with delusions of grandeur will never affect them.

Here is an update for Old_Skeet's market barometer (which follows the S&P 500 Index) for the week ending April 12, 2019 along with my thinking.
Old_Skeet being a retail investor provides this information for information purposes only. It simply reflects what I am seeing in the markets, my thinking, along with what has worked best within the Index and within my portfolio for the past week. My thoughts and my positioning should not to be taken as investment advice.
For the week Old_Skeet's market barometer closed with an extremely overbought reading of 128 which is lower from last week's overbought reading of 135. Generally, a lower barometer reading indicates that there is less investment value in the Index over a higher reading. Short interest in the Index, for the week, remained at 1.8 days to cover. The yield on the US10Yr moved from just short of 2.5% up to 2.57%. The 500 Index moved upward from 2893 to 2907 for a 0.48% gain as more investors bought stocks. The three best performing sectors were Financials +2.09%, Telecom Services +1.55% and Information Technology +1.16%. For Old_Skeet, I'm not presently putting new money to work in either my stock or bond funds while I await a higher barometer reading indicating a better investing climate for stocks; and, I'm also awaiting better yields from bonds. Currently, by the metrics of the barometer, stocks are extremely overbought. And, if corporate earnings and revenues disappoint, this earning season, then a pullback in stocks most likely wil be taking place.
For the week my three best performing funds were PCLAX +1.28% ... PMDAX +1.18% ... and, NDVAX +0.91%.
I am positioned in what I call an "all weather" asset allocation which consist of about 20% cash, 40% income and 40% equity. The benefit of this asset allocation, with me being in the distribution phase of investing, is that it provides for ample cash reserves, sufficient income, maximizes diversification, minimizes volatility, and provides long-term returns. I'm currently heavy in stocks by +5% and light in cash by -5%.
Thanks for stopping by and reading.
I wish all ... "Good Investing."
Old_Skeet

FYI: Patience is usually considered to be a virtue except when it comes to investing. Investors are notoriously impatient when the funds they are in underperform the market for a few years. The magic number seems to be three. Key investment lessons from the financial crisis with Ariel Investments’ Charlie Bobrinskoy.
Regards,
Ted
https://wealthtrack.com/financial-crisis-survival-lessons-beats-market-peers-since-bottom-ariel-fund/
M* Snapshot ARFFX:
https://www.morningstar.com/funds/xnas/arffx/quote.html
Lipper Snapshot ARFFX:
https://www.marketwatch.com/investing/fund/arffx
ARFFX Is Ranked #151 In The (LCV) fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/large-value/ariel-focus-fund/arffx

FYI: Causeway Capital Management LLC today announced that the Board of Trustees of Causeway ETMF Trust has approved the liquidation of Causeway International Value NextShares ($4.5 million in net assets) and Causeway Global Value NextShares ($4.8 million in net assets), each a series of Causeway ETMF Trust, on or about May 13, 2019.
Effective the close of business on April 15, 2019, the funds will no longer accept creation unit purchase orders. The last day of secondary market trading on NASDAQ in the funds’ shares is expected to be after markets close on May 6, 2019.
Regards,
Ted
https://www.businesswire.com/news/home/20190412005005/en/Causeway-ETMF-Trust-Liquidate-Exchange-Traded-Managed-Funds

Ive held IHI for 3 years,and have not been sorry I chose it over FSMEX, returns exceed ytd, 1, 3, 5 and 10 year over Fidelity's fund, which I did look at when choosing, but since I have FSPHX, same manager as FSMEX, chose IHI.