Ahhh, mid 40's. I was there once.

...when I hit retirement I still expect to still be practically all-in on equities as I am now in my mid-40s. While I won't be 'diversified' across so-called "asset classes" I will be 'diversified' by my own comfort levels,

@rforno , I wouldn't recommend that in retirement without a cash bucket (another asset class), unless you don't need to withdraw from your savings. Withdrawing from a full-in equity portfolio during a bear market could be detrimental to your savings, especially if that bear market is at the start of retirement. So if you had that cash bucket, 1, 3, 5 years, whatever your comfort level is, I think 100% equity for the remaining portfolio is perfectly fine for a risk taker like yourself. Probably do better than most.

And no, I don't care about LC/MC/SC G/B/V designations

I don't disagree with you on this at all, but you know these are not asset classes.

I too have made sizable changes in recent years. More than half are broad based Index funds and ETFs while the rest are actively managed funds and individual stocks. These days there are much other things to do with kids in college and gardening. My kid's 529 plans are still on target date funds and they work out great today.

I used to think that Target Date funds were not pretty good investments. But they have improved and costs have come down significantly. I think most investors will do just fine with a low cost target date fund. People have better things to do with their lives than watch their investments. We do it because it is our hobby in a way.
When I changed jobs (while being away from MFO), I have selected Target Date fund for my 401k investments at the new company. Initially I was thinking well I have no monies in the new account, when it grows up sufficiently I will do allocation myself, besides I am too busy with new job and a few other personal things in my life. I think it is a decent investment for most people and I would even claim that "most people" probably includes many of us here.
Do you want a bit more diversification than target date funds add a bit more small cap 5% and small cap international 5% (or 10% global small cap). Step up the target date fund to next higher bond allocation to sooth the extra volatility due to small cap and you are pretty good to go.

The fact that money flowing out of FLPSX makes the fund more manageable. I actually welcome it.
While the fund initially looked at companies whose share price was less than $5, over time they redefined it to $35. I think the real deal was small value premium that is now well known.
Over time excessive fund assets forced this fund to move up to mid size companies and portions of the portfolio is now managed by others. I still have a nice amount of money in this fund despite the strategy change.

Well, maybe it is one of those cosmic coincidences, but Western Asset (a Legg Mason subsidiary) recently introduced a very similarly named ETF, Western Asset Short Duration Income ETF.
With an inception date of 02-07-2019 and a 29 bp ER:

https://www.etf.com/WINC
https://www.leggmason.com/en-us/products/exchange-traded-funds/western-asset-short-duration-income-etf.html
https://www.leggmason.com/en-us/products/mutual-funds/western-asset-short-term-yield-fund.html
[Sponsored Article] https://www.etf.com/sections/etf-industry-perspective/legg-mason-case-active-short-duration-income

Was the closing fund [LGSYX, et al.] a placeholder for the ETF? Or simply a 'hedge', in case the rollout for the ETF was delayed? Hmmm....
FUND (56 bp ER)
Seeks to generate current income and a low sensitivity to interest rate volatility via an actively managed fixed income strategy focused on U.S. dollar-denominated investment grade securities...
Total portfolio effective duration is expected to be one year or less while average effective maturity is expected to be 18 months or less. In any event, average effective maturity will be three years or less.
ETF (29 bp ER)
The Western Asset Short Duration Income ETF is an actively managed, low duration (0-3 years) fixed income strategy that seeks current income via a diversified portfolio with an emphasis on lower interest rate sensitivity, higher credit quality and active credit selection.
Low Duration. An effective average duration target of 3 years or less.

SAI: "As of October 31, 2018, Legg Mason, Inc., 100 International Drive, Baltimore, Maryland 21202, owned of record 25% or more of Short Term Yield Fund’s outstanding shares."
Whitehurst is just the contact (c/o) name given for Legg Mason here.
That, plus the fact that Western Assets is a Legg Mason line of funds, suggest that Legg Mason has been using this fund internally simply as a place to hold cash (or to invest easily in ultra-short bonds, take your pick).
There are lots of fund families that do things like that, though I'm not going to go looking for them and checking on how they list their principal owners.

@msf great response.... I do invest in many muni bonds mostly universities airport sprt complexes hospitals cities infrastructure etc.. I also buy good grade securities big companies like t-mobile Seagate att boa Merrill Lynch hcahealthcare macys Ford gm united airlines chevron Corp bonds... Due diligence reasearch and ready to sell at any given moments if you smell any blood in water... Very lucky for me no defaults for me over the past 8 9 yrs but you will never know...although many bonds called and you get a lesser rewards if they are called... Make suryou read tones stuff articles research about bonds before buying before buying these bonds... Like mf investments spread them out and don't put all your eggs in one basket.. Put in many baskets and buy multiple in different vehicles differently structures as and investment vehicles and utilities...
Lucky for me fid not pull trigger for Pg&e or peutoruco after the storms hurricane otherwise may face another bankruptcy loss capital incomes (ytm was 12-15% too high) ... If the yieare too high and looks too good bonds may not be to good and I tried stay away

Nothing wrong with a single fund if it has a diversified portfolio, like a Retirement fund. This one does not. Not even close. I don't think GMO ever suggested a portfolio of 1/2 international and 1/2 domestic and nothing else.
@STB65, have you used Portfolio Visualizer? If not, try it. Build a portfolio of 5-10-50 funds and another portfolio with one fund, a TRP retirement fund. Let that guide you.

Hi @STB65: For starters, I'd never put all my investment dollars in a single fund. With this in mind (and if it were me) I'd be looking around for at least eleven more funds to pair with this one. Think twelve because there are twelve months in a year and this fund only makes disbursements once per year in December. Think something along the lines of how oftern you'd like to get paid and then go form there. Having a single fund ... What would you do should it falter and not meet your expectations? Where is your back up? Something to think on. Skeet

I have suggested, to him, that he take all fund distributions in cash and stop the automatic reinvestment process since he is now in the distribution phase of investing.

I think that is good advice to your friend @Old_Skeet. I'm not at distribution phase yet. At 65 I keep putting off retirement, but my intent when I get there is to do what you suggested and change my fund and stock distributions to go to cash instead of reinvesting. My plan is to have about a 3 year cash bucket to draw from and add those distributions to the bucket. That should stretch out the replenishment time past 3 years and assure I don't have to replenish in a bear market.
Thanks for the feedback. You do seem to handle multiple accounts and the complexity that goes with that pretty well. That takes discipline. I have to say, the older I get the simpler I want to make things. I like investing, but I came to the conclusion a few years ago my tweaks and typically late adjustments added little to no value.

Hi, hmgodwin.
The Lipper database. Following your question, I checked Morningstar and found an odd report (cash= 37% long - 24% short, net 13% currently) and the normal fund material doesn't disclose it. I've written to Mike Roos at Artisan to see if he can help.
More soon,
David

On the Thematic main page, under data and statistics, if one scrolls to the very bottom it says that the fund has cash and cash equivalents of 5.4%. That number is of the end of January. The 4th quarter fact sheet states -4.6% cash and cash equivalents.

The enthusiasm of many people for individual bonds, especially regarding safety, continues to fascinate.
Ted "want[s] a reasonable risk free portfolio." Yet the individual bond portion of his portfolio contains one solitary bond. a junk bond (Moody's B3) at that.
There's no question that one can hold junk in a lower risk portfolio, if one adequately diversifies. What I've read suggests that to diversify a collection of taxable bonds one should start with at least $100K (see, e.g. this Money column or this Balance piece advising six-figure portfolios). That's so that you can hold more than a small smattering of bonds.
In contrast to Ted's single bond, johnN diversifies his bond portfolio:"I am 45 yo but have about 20 or 25 % of portfolios in private corp bonds." Still his apparent support for Ted's particular bond is puzzling: "Ted gave a great example hzt Corp grading is bad but the cusip has many etf and funds holding the Corp bond."
John's comfort zone is primarily investment grade. "I usually buy bbb- bonds or higher (sometimes bb+ too)". Ted's bond, rated b- (B3) is not only below investment grade, it is significantly below John's bb+ threshold for junk bond dabbling. This is supposed to be mitigated by setting email alerts on "hertz bankruptcy", thus enabling him to deal with "anything fishy".
But this hope is undercut by his observation that most of these HTZ bonds are owned by etfs and funds. Those funds are run by professionals who have faster access than email to information, better tools, and whose sole job it is to monitor securities. An individual investor is not going to outrace them should the bond value collapse.
Often when a bond defaults, bondholders get back a good chunk of their investment. But with HTZ, even a small amount of diligent research reveals something different. Should the company go into bankruptcy or be unable to meet its obligations, bond holders here may not recover a dime.
From the latest (FY 2018) 10K: "Substantially all of our consolidated assets secure certain of our outstanding indebtedness, which could materially adversely affect our debt and equity holders and our business."
If you're just starting out investing in individual bonds, here's a worthwhile column
entitled The Harsh Realities of Individual Bond Investing
http://rpgplanner.com/individual-bonds/
The author's recommended starting portfolio size is seven figures. That is probably much higher than necessary for diversification, but he's also addressing spread. I've done okay investing in individual munis, but I never sell because the spread. I'm not categorically against investing in individual bonds. You just need to really understand what you're getting into.

They're two different share classes of the same fund. That means they both represent ownership of the same underlying portfolio (fund). It's just that they're sold to different types of investors and they have different annual expenses (expense ratios).
VBMFX costs 0.15%/year (expense ratio, or ER), while VBTIX's expense ratio is 0.04%. Neither share class is open to retail investors.
You could buy VBTLX shares, with a $3K minimum investment and a 0.05% expense ratio. You could also buy the same fund through a brokerage by purchasing BND (an ETF share class of the same fund) with an expense ratio scheduled to drop to 0.035% (according to Barron's).

@randynevin: VBTIX are the institutional shares , 5 Million minimum investment.
Regards,
Ted

"The tax reform law of 2017 eliminated many deductions, including those for charitable contributions."
No, and that's the point. Charitable contributions are still deductible, though because of a higher standard deduction you're less likely to benefit from itemizing them. Hence an increased value in using DAFs. As the article later explains: "A donor-advised fund allows benefactors to group donations into one contribution that would make it worthwhile to itemize one year versus taking the standard deduction."
Rather than eliminate charitable deductions, the tax law actually expanded them. You're now allowed to deduct up to 60% of AGI for cash contributions; previously you were limited to 50%.
BTW, for those over 70.5, QCDs (qualified charitable deductions) are another way to get around the "problem" of higher standard deductions.
"Unlike a private foundation, gifts from a donor-advised fund are anonymous."
Anonymity is merely permitted, not required. As the article goes on to say: "But in a statement, Schwab Charitable said approximately 97% of grants from its accounts include donor names."
The only potential regulation explicitly mentioned in the article is to close a tax loophole. When you donate directly to a charity, you get a deduction only to the extent that you did not receive something of value. When you contribute to a DAF, you get a 100% deduction. So you shouldn't receive anything of value when the DAF passes that money on to your designated charity. How can this be enforced?
Not mentioned as a target for additional regulation is the discretion that DAFs exercise in deciding what organizations can receive money from them. Some DAFs may give money to any organization that the IRS recognizes as a 501(c)(3) nonprofit. Others may prohibit money from going to what they consider dubious organizations; if so those DAFs should make this clear up front.
This is what connects the dots back to anonymous contributions mentioned in the article.
https://www.phillymag.com/news/2019/02/25/vanguard-charitable-splc-hate-groups/

My thinking is that if you can't manage what you have then you've got to many funds. Being a prior corporate credit manager for a regional distribution company I had to have a receivable system in place to manage a fairly large customer base. This skill set lead to my development of my sleeve management system to better manage my family's investments. Through the years it has worked fairly well. You can read more about this below.
Sleeve Management System ... Last Revised on 03/01/2019
Now being in retirement here is a brief description of my sleeve management system which I organized to better manage the investments held within mine and my wife's portfolios. The consolidated master portfolio is comprised of two taxable investment accounts, two self directed retirement accounts, a health savings account plus two bank savings accounts. With this, I came up with four investment areas. They are a cash area which consist of two sleeves ... an investment cash sleeve and a demand cash sleeve. The next area is the income area which consist of two sleeves ... a fixed income sleeve and a hybrid income sleeve. Then there is the growth & income area which has more risk associated with it than the income area and it consist of four sleeves ... a global equity sleeve, a global hybrid sleeve, a domestic equity sleeve and a domestic hybrid sleeve. And, then there is the growth area where the most risk in the portfolio is found and it consist of five sleeves ... a global growth sleeve, a large/mid cap sleeve, a small/mid cap sleeve, a specialty/theme sleeve plus a special investment (spiff) sleeve. Each sleeve (in most cases) consist of three to nine funds with the size and weight of each sleeve can easily be adjusted, from time-to-time, by adjusting the number of funds held along with their amounts. By using the sleeve system I can get a better picture of my overall investment landscape. I have found it beneficial to Xray each fund, each sleeve, each investment area, and the portfolio as a whole quarterly for analysis. My positions and sleeves can be adjusted from time-to-time as to how I might be reading the markets through using my market barometer and equity weighting matrix system. The matrix system is driven by the barometer. All my funds with the exception of those in my health savings account pay their distributions to the cash area of the portfolio. This automatically builds cash in the cash area to meet the portfolio's disbursements (when necessary) with the residual being left for new investment opportunity. Generally, in any one year, I take no more than a sum equal to one half of my portfolio's five year average return. In this way principal builds over time. In addition, most buy/sell transactions settle from, or to, the cash area with some net asset exchanges between funds taking place. In addition, my rebalance threshold is + (or -) 2% from my target allocation for both my income, growth & income and growth areas while I generally let cash float.
Consolidated Master Portfolio
Here is how I have my asset allocation broken out in percent ranges, by area. My neutral allocation weightings follow. They are cash area 15%, income area 35%, growth & income area 35% and growth & other asset area 15%. I do an Instant Xray analysis of the portfolio quarterly and make asset weighting adjustments as I feel warranted based upon my assessment of the market, my risk tolerance, cash needs, etc. I have the portfolio set up in Morningstar's portfolio manager by sleeve, by area and the portfolio as a whole for easy monitoring plus I use brokerage account statements, Morningstar fund reports, fund fact sheets along with their annual reports to follow my investments. I also maintain a list of positions to add (A) to, to buy (B), to reduce (R) or to sell (S). Generally, funds are assigned to a sleeve based upon a best fit basis.
Currently, my INVESTMENT FOCUS is to increase my portfolio's income stream through positioning new money into income generating assets while letting equities run on the high side to their upper threshold limit.
Target Asset Allocation (Balanced Towards Income): Cash 20%, Income 40%, G&I 30% & Growth 10%
Consolidated Master Portfolio Asset Allocation: Cash 16%, Income 39%, G&I 32% & Growth 13%
Rebalance Action Needed: Decrease Growth Area 1% and Increase Income Area 1%
CASH AREA: (Weighting Range 10% to 20%)
Demand Cash Sleeve ... Cash Distribution Accrual & Future Investment Accrual
Investment Cash Sleeve ... Money Market Funds: AMAXX, GBAXX, DTGXX, PCOXX, CD Ladder(A) &
Cash Savings(A)
INCOME AREA: (Weighting Range 30% to 40%)
Fixed Income Sleeve: CTFAX(A), GIFAX, LBNDX(A), NEFZX, PONAX(A) & TSIAX
Hybrid Income Sleeve: APIUX, AZNAX, BAICX, DIFAX(A), FISCX(A), FKINX, ISFAX(A), JNBAX, PGBAX & PMAIX
GROWTH & INCOME AREA: (Weighting Range 30% to 40%)
Global Equity Sleeve: CWGIX, DEQAX, DWGAX & EADIX(A)
Global Hybrid Sleeve: CAIBX, TEQIX & TIBAX
Domestic Equity Sleeve: ANCFX, FDSAX, INUTX(A) & SVAAX
Domestic Hybrid Sleeve: ABALX, AMECX, FBLAX, FRINX(A), HWIAX & LABFX
GROWTH & OTHER ASSET AREA: (Weighting Range 10% to 20%)
Large/Mid Cap Sleeve: AGTHX, AMCPX & SPECX
Small/Mid Cap Sleeve: AOFAX, NDVAX & PMDAX
Global Growth Sleeve: ANWPX, NEWFX & SMCWX
Miscellaneous, Specialty & Theme Sleeve: LPEFX, PCLAX & PGUAX
Ballast & Spiff Sleeve: No position held at this time.
A credit manager's belief is that there are safety in numbers so spread the risk and limit how much any one account class can have on open credit. And, for those with a bad debt write off history ... it's CIA (cash in advance).

https://www.google.com/search?q=corporate+bond+default+rates+historical&oq=corporate+bonds+rates+defau&aqs=heirloom-srp.1.0l5
Www.moodys.com - sign up and acct registration free to look at muni bonds previous history
Also call Vanguard bond desk ask sale rep for history of bond cusip before buying ask them. About red flags about missed payments and any potential issues before buying

@shipwreckandalone
https://www.google.com/search?q=Google+book+invest+bond&oq=Google+book+invest+bond&gs_l=mobile-heirloom-serp.12...4360.13206.0.14009.24.19.0.5.5.0.183.2441.1j18.19.0....0...1c.1.34.mobile-heirloom-serp..9.15.1486.jbvUOXro7Kk
Hi sir/mam
Not Ted but investing in private corp/muni bonds for quite while
I usually buy bbb- bonds or higher (sometimes bb+ too) do diligence resreach s on cusip before buying. Check company data sheets and devaluation ovtime if companies high risks for default. Google the cusip and if several etf or funds hold the bond you know that bond maybe good to buy
If you do it for a few years you will get 'hangs of things'
Read at least 3 or 4 books about bonds before buying... At least this is what I did
Best thing about buying private Corp or muni bonds you don't have pay annual fees and you can sell Anytime.
Ted gave a great example hzt Corp grading is bad but the cusip has many etf and funds holding the Corp bond. I also set up a junk Gmail account and place google.com/alerts w 'hertz bankruptcy' title search engine to that Gmail acct. You will get tone junk emails and you will know quickly if you need sell bond or not if any fishy comes up.
I buy Corp or munis bonds from Vanguard Merrill edge or schwab. Schwab has Corp very safe all bbb- or higher and Vanguard has many bonds include high risks defaults bonds (I tend to stay away from those)
You can do diligence research w/company evaluations w schwab research (probably one of best research engines in market stick research) before buying bonds...
You may consider buying just few bonds and see how they do at first.
Most bonds take at least 1k to 5k to 10k to buy (plus 10 or 20dollars commissions one time fees) . Some good corp bond you think may never bankrup (one time I found) has at least 250k to buy - I could never touch this bond not enough $$ lol. Great bout bonds u never worry about additional fees., good hedge to put in Corp bonds instead of cash, and if u choose safe Corp bonds you maybe sleeping better at night not too much worrying.
One question I always ask myself is 'is it better to buy 10k of Att Corp bond which yield for 6%over 10or 20+ years or buy Sp500 etf which you will never know yields but risks higher... So the simple answer maybe owing both and owe both vehicles.. You know ATT CORP will never bankrup do its like having cash
I am 45 yo but have about 20 or 25 %of portfolios in private corp bonds
Worst thing about corporate individuals bonds are you have to pay capital income taxation to irs and every year you will have to Pay because if Sp500 went down by 20% you do always make 6% from att coupons rate yield
I had total 3 or 4 defaults bonds and loose all $$capital on the bonds in 2009 and 2010 - I did not know much back then and was too greedy bought b graded bond (which is very badly graded was yield 20%annually)... These bonds belly up over next few yrs and loose all $$... Credit crisis years so lots small companies went out business
I never buy private reasury bonds Yields so low plus I have 401k at work and part of my portfolio has Treasury automatic placed in it already
Good luck

FYI: An increasingly popular way to make charitable donations while maintaining the tax benefits of philanthropy could face greater regulatory scrutiny.
The tax reform law of 2017 eliminated many deductions, including those for charitable contributions, while increasing the standard deduction to $24,000 for couples. In response, so-called donor-advised funds have become a hit.
Regards,
Ted
https://www.google.com/search?source=hp&ei=6KR7XOvtPKC6jwTt-5moAg&q=As+donor-advised+funds+grow+in+popularity,+they+may+draw+more+scrutiny&btnK=Google+Search&oq=As+donor-advised+funds+grow+in+popularity,+they+may+draw+more+scrutiny&gs_l=psy-ab.3...3017.3017..4082...0.0..0.79.152.2......0....2j1..gws-wiz.....0.dyZBZxFgkjw

With retirement, I had planned to let this fund manage my money for the next 20 to 35 years. I'm concerned that a new single manager has been assigned. While I trust my judgment for a few years, I know it will decline.
What's up here? Vanguard rarely relies on a single manager. The fund had some mediocre years, but it was still a M* 4* fund on M*.
GMO says foreign and/or international funds have the best 7 yr prospects, but the January rally may have changed that assessment.
While I would like to follow GMO's recommendations, I don't have the resources to engage their services.
Suggestions appreciated.