https://www.sec.gov/Archives/edgar/data/832808/000119312517019672/d331564d497.htm
497 1 d331564d497.htm SANFORD C. BERNSTEIN FUND, INC.
SUP-0119-0117
LOGO
SANFORD C. BERNSTEIN FUND, INC.
-Short Duration California Municipal Portfolio
-Short Duration New York Municipal Portfolio
Supplement dated January 26, 2017 to the Summary Prospectus and Prospectus (the “Prospectuses”) dated January 15, 2016 for Short Duration California Portfolio (the “California Portfolio”) and Short Duration New York Portfolio (the “New York Portfolio” and, together with the California Portfolio, the “Portfolios”), each a series of Sanford C. Bernstein Fund, Inc. (the “Fund”).
At a meeting held on January 26, 2017, the Board of Directors of the Fund approved the liquidation and termination of the Portfolios. Each Portfolio has suspended sales of its shares pending the completion of the liquidation and the payment of one or more liquidating distributions to its shareholders. The Portfolios expect to make the liquidating distribution or distributions on or shortly after March 31, 2017 (the “Liquidation Date”). The liquidation of the Portfolios may result in a taxable event for shareholders who are subject to federal income tax. Shareholders should consult their tax advisers.
Shareholders may redeem shares of the Portfolios until March 29, 2017, and generally may use the proceeds of the redemption to purchase shares of other registered funds advised by AllianceBernstein L.P. (the “Adviser”). Clients of the Bernstein Private Wealth Management division of the Adviser may call their Bernstein advisors regarding potential investment alternatives, and clients who do not call their advisors will generally be contacted by such advisors in the coming weeks. Shareholders that remain invested in a Portfolio on March 30, 2017 will have their shares redeemed for cash based on the Portfolio’s net asset value as of the close of business on March 30, 2017 and will receive their proceeds on or shortly after the Liquidation Date.
In order to protect shareholders from expense increases resulting from reductions in assets in the Portfolios in connection with the liquidations, the Adviser will waive its management fee and/or bear Portfolio operating expenses until the Liquidation Date so that the total operating expenses of the California and New York Portfolios, excluding management fees and expenses relating to the liquidations, do not exceed 0.29% and 0.61%, respectively, of the Portfolio’s net assets on an annualized basis. In addition, the Adviser will waive its management fee with respect to each Portfolio in its entirety once a substantial portion of the Portfolio’s assets are converted to cash and/or cash equivalents, which is expected to occur approximately two weeks before the Liquidation Date. After the Portfolios convert their assets to cash, the Portfolios will no longer pursue their stated investment objective or engage in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders.
This Supplement should be read in conjunction with the Prospectuses for the Portfolios.
You should retain this Supplement with your Prospectus for future reference.
The [A/B] Bernstein logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P.
SUP-0119-0117

https://www.sec.gov/Archives/edgar/data/277751/000119312517020127/d336634d497.htm
497 1 d336634d497.htm 497
Janus Investment Fund
Janus International Equity Fund
Supplement dated January 27, 2017
to Currently Effective Prospectuses
The Board of Trustees (the “Trustees”) of Janus Investment Fund has approved a plan to liquidate and terminate Janus International Equity Fund (the “Fund”) with such liquidation effective on or about March 30, 2017 or at such other time as may be authorized by the Trustees (“Liquidation Date”). Termination of the Fund is expected to occur as soon as practicable following liquidation.
Effective at the close of business February 3, 2017, the Fund will no longer accept investments by new shareholders. The Fund may be required to make a distribution of any income and/or capital gains of the Fund in connection with its liquidation.
Shareholders of the Fund may redeem their shares or exchange their shares for shares of another Janus fund which they are eligible to purchase at any time prior to the Liquidation Date. Effective at the close of business February 3, 2017, any applicable contingent deferred sales charges (“CDSC”) charged by the Fund will be waived for redemptions or exchanges through the Liquidation Date. Exchanges by Class A shareholders into Class A Shares of another Janus fund are not subject to any applicable initial sales charge. For shareholders holding shares through an intermediary, check with your intermediary regarding other Janus funds and share classes offered through your intermediary.
If a shareholder has not redeemed their shares as of the Liquidation Date, the shareholder’s account will be automatically redeemed and proceeds will be sent to the shareholder of record. For shareholders of Class D Shares investing in a tax-deferred account, the shares will be placed in Janus Government Money Market Fund.
To prepare for the closing and liquidation of the Fund, the Fund’s portfolio managers may increase the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, the Fund may deviate from its stated investment strategies and policies and accordingly cease being managed to meet its investment objective during the liquidation of the Fund.
Additionally, any asset reductions and increase in cash and similar instruments could adversely affect the Fund’s short-term performance prior to the Liquidation Date. The Fund will incur transaction costs, such as brokerage commissions, when selling portfolio securities as a result of its plan to liquidate and terminate. These transaction costs may adversely affect performance.
The redemption or exchange of shares held by a shareholder will generally be considered a taxable event. A shareholder should consult their personal tax adviser concerning their particular tax situation.
A shareholder may obtain additional information by calling their plan sponsor, broker-dealer, or financial institution, or by contacting a Janus representative at 1-877-335-2687 (or 1-800-525-3713 if you hold shares directly with Janus Capital). ...

VEIAX started in Sept. 2012 and had only $26.1 million AUM as recent data shows.
http://www.schwab.com/public/schwab/investing/investment_help/investment_research/mutual_fund_research/mutual_funds.html?path=/Prospect/Research/mutualfunds/summary.asp?symbol=VEIAX

https://www.sec.gov/Archives/edgar/data/1005020/000157104917000694/t1700229_497.htm
497 1 t1700229_497.htm VIRTUS OPPORTUNITIES TRUST
Virtus Emerging Markets Equity Income Fund and Virtus Essential Resources Fund, each a series of Virtus Opportunities Trust
Supplement dated January 26, 2017, to the Virtus Emerging Markets Equity Income Fund and Virtus Essential Resources Fund Summary Prospectuses and the Virtus Opportunities Trust Prospectus, each dated January 28, 2016, and the Statement of Additional Information dated September 23, 2016, as supplemented
Important Notice to Investors
On January 18, 2017, the Board of Trustees of Virtus Opportunities Trust voted to liquidate Virtus Emerging Markets Equity Income Fund and Virtus Essential Resources Fund (the “Funds”). Based on the recommendation of management, the Trustees determined that liquidation is in the best interest of the shareholders and voted to direct the mandatory redemption of all shares of the Funds. Effective March 3, 2017, the Funds will be closed to new investors and additional investor deposits.
On or about March 15, 2017 (the “Liquidation Date”), each of the Funds will be liquidated at its respective net asset value. Prior to such time, shareholders may exchange their shares of the Funds for shares of the same class of any other Virtus Mutual Fund. Shareholders may also redeem their shares at any time prior to the Funds’ liquidation on the Liquidation Date. There will be no fee or sales charges associated with exchange or redemption requests.
Any shares not exchanged or redeemed by the close of business on the Liquidation Date will be redeemed and the account value distributed to shareholders, except shares held in BNY Mellon IS Trust Company custodial accounts, which will be exchanged for shares of Virtus Low Duration Income Fund. Shareholders with BNY Mellon IS Trust Company custodial accounts should consult the prospectus for Virtus Low Duration Income Fund for information about that fund.
Because the exchange or redemption of your shares could be a taxable event, we suggest you consult with your tax advisor prior to the Funds’ liquidation.
Investors should retain this supplement with the Prospectuses and
Statement of Additional Information for future reference.
VOT 8020/EMEI&ERClosing (1/2017)

@Tony,
I wanted to link the update to the Golden Butterfly Portfolio you referenced:
https://portfoliocharts.com/2016/04/18/the-theory-behind-the-golden-butterfly/

No plan to add either new funds. Bear in mind that the expense ratio of OSTGX at 1.50%.

Subtitle: Portfolio Charts is a completely free resource for exploring passive investing strategies using intuitive charts and real world examples that look beyond the raw numbers.
Category headings: Assets, Portfolios, Calculators, Commentary, Library*
Site-unique lazy portfolio: Golden Butterfly
Site URL: https://portfoliocharts.com/
*Library category added after posting on 1/26.

Sold BUFTX and bought REGL. Only MF I have added to recently is DSENX. In the past 12 months have moved more $ into ETFs: XMLV, CAPE, MOAT and in most cases sold MFs. Looking at DEULX, however.

Keep in mind John Waggoner's pointers about the low need for international equity investing:
http://www.usatoday.com/story/money/2015/01/16/investing-international-funds/21825245/

DODLX clobbered my own PRSNX over the past 1-year period. On May 01, 2014, DODLX significantly changed its posture and strategy--- so notes Morningstar. Maybe that's why M* does not display returns beyond 3 years. Longer-term results could be found without much difficulty, of course. I think I have domestic bonds pretty well covered via MAPOX and PRWCX. In my portfolio, those 2 funds represent 52% of my entire total. And of course, PRSNX is a "global" bond fund, though I haven't looked lately to see just how much of it is in the USA. .... DODLX yield is 1.69% and PRSNX is at 3.44%. (30-day SEC yield is 3.92%, and I don't see a 30-day SEC yield number reported for DODLX.) My other rather large bond position is in PREMX. Doing very nicely. Others here prefer FNMIX, and I can see why. :)

Actually I just met with someone from Osterweis yesterday. I have really not looked at the two new funds. As all of their others, these were created because of client requests and team talent. OSTGX manager Jim Callinan was at Robertson Stephens (RS) - now owned by Victory Funds - for about 10 years, managing small cap, science & technology. The new fund will be very concentrated. The new Total Return fund will more of a core bond fund, a contrast to the great OSTIX, which is totally flexible. It just opened on 12/30/16.
At this point, we are not looking to add either one to portfolios, but never say never.

bought little of bond cusip 40414LAE9 Reit healthcare recently

@bee - Nice find (Where to invest $10,000). Fascinating short read.
- Had a little loose change at the start of year to invest. Followed Ritholtz's lead by throwing it at an international index fund.
- Never liked Bernstein in the past - but thought his advice here made more sense than any others.
- The rep from Vanguard, I thought, seemed to be selling the shop a bit.
All of them interesting. Thanks for the link.

U.S. Existing Home Sales Reach 10-Year High
BY TOM MOELLER,Haver Analytics JANUARY 24, 2017
During all of 2016, sales of existing homes increased 3.8% to 5.452 million, the highest level since 2006, when sales reached 6.478 million.
The total inventory of homes on the market declined 6.3% y/y to 1.650 million. The months' sales supply of homes fell to 3.6 months, the lowest point since January 2005.
The median price of all previously owned homes improved 4.0% versus December 2015 to $232,200. The average price of an existing home rose to $274,000 (3.0% y/y).

http://www.haver.com
Walking Away From Commercial Mortgages
With the continued rise of e-commerce punishing retailers, and in turn, those who rent space to them, some mall landlords are deciding it's best to walk away from struggling properties, writes Esther Fund in the WSJ.
The lenders, in turn, are then forced to sell the distressed properties at fire-sale prices.
In the first 11 months of 2016, 314 loans secured by retail property were liquidated, up 11% from the same period a year earlier. "There have been some draconian losses for the enclosed mall business," says James Hull, whose firm purchased five malls out of foreclosure last year.
Simon Property Group (NYSE:SPG) .. last year defaulted on a loan secured by Greendale Mall in Worcester, MA.
Washington Prime Group (NYSE:WPG) late last year said it was considering turning malls in Grand Junction, CO and Lancaster, OH back to lenders
CBL & Associates (NYSE:CBL) has rid itself of 14 malls since 2014, with six of those handed back to lenders.
http://seekingalpha.com/news/3237097-mall-owners-turning-jingle-mail
Howard Davidowitz, chairman of the New York City-based retail consulting and investment banking firm Davidowitz and Associates, has been warning of a retail disaster for some time
We're likely going to see large numbers of retail locations and malls close, he added. Store sizes have to shrink and we need fewer stores in general. We'll also have more urban stores and fewer suburban locations.
"This is going to be traumatic because there's $47 billion of shopping-centered debt coming due in the next 18 months," Davidowitz said. "Neiman Marcus is not viable. They can't operate with this much debt. Neither can J Crew. They're overwhelmed. Sears, the largest department store in America, is in liquidation. Kmart is in liquidation."
What we're seeing is an absolute train wreck, Davidowitz stated, and we're going to need massive restructuring in the retail space.
http://seekingalpha.com/article/4038163-davidowitz-brick-mortar-retail-absolute-train-wreck
Lisa Abramowicz@Bloomberg Gadfly Looks for more pain ahead in retail
It’s been a bad couple of months for Neiman Marcus.
But the already beaten-up Neiman Marcus notes plunged substantially further on Monday without an obvious explanation. While prices on bonds maturing in 2021 had dropped more than 19 percent from Dec. 12 through Friday, they fell an additional 6.7 percent on Monday for the biggest one-day loss in more than a year.Still, this isn't a new development. Bond investors can't exactly have been taken by surprise by this sea change in consumer behavior, away from shopping at stores and buying goods and toward shopping online and purchasing vacations and experiences.
https://www.bloomberg.com/gadfly/articles/2017-01-24/neiman-marcus-bond-pain-points-to-more-junk-sinkholes-gadfly

I searched to see if others are seeing the end of the bubble.
The last article was in July.
http://www.forbes.com/sites/tonysagami/2016/07/14/4-signs-the-global-housing-bubble-is-already-bursting-heres-what-to-do/#1fbf3fa7446a

NYT's David Leonhardt has a tribute today, Jan 24:
https://www.nytimes.com/2017/01/24/opinion/brenda-barness-wisdom-and-our-anti-parent-workplace.html

... Barnes died last week, from a stroke, at the age of 63. She died at an unfairly young age, but lived a deeply fulfilling life. She reminds me of what the psychologist Amos Tversky said before his own early death: “Life is a book. The fact that it was a short book doesn’t mean it wasn’t a good book. It was a very good book...”

Sold about 1/3 of my shares in one account of PJP and traded them for MDY. I had some shares in PJP that were still in the 30% profit range, kept those and sold off the shares with losses. I still have plenty of health care in 2 mutual funds (2 separate accounts) but see more opportunity in small and midcap right now.

Canadian, eh? Outa Toronto. So, when they're talking about 25% of portfolio in international stocks/funds, it's from a perspective originating from North of the border. Two summers ago, I was up visiting an old friend up there. TAX-FREE bank accounts are available. The catch is, they pay less than 1%. I have a bank account (savings) that pays 0.1%. That's even crazier. ...Anyhow, the article recommends beefing-up on small-cap funds. I've been growing my portion. I've seen nothing better than MSCFX: +162% since inception, in Aug, 2011. Damn, I always forget that the fund is closed. Like a wild night with Kate Upton, but then you wake up by yourself. ;) ..... Sorry. Anyhow, my wife is in VSCIX, and it's chugging along. Pretty BLOATED, though.

Back on the topic of what we are BUYING / SELLING /CONSIDERING...
I had loaded up on yieldy stuff when it sold off after the election (muni-CEFs, Pimco taxable CEFs, preferred-CEFs REITs). In the past couple of weeks, I rotated out of those that went up the most (e.g. PIMCO muni-CEFs), and replaced SOME of those proceeds into other muni-CEFs which had not participated so much.
With the remainder of the proceeds, I've been opening/re-entering what I presume will be lower-beta bond OEFs (e.g. PMZDX, SPFPX) and adding to my positions in ACVVX - a pretty decent market-neutral fund and PIMIX (Pimco Income). -- Basically trying to lock-in some gains and dial-down some of the beta in my fixed-income positions to lower-beta options.
In my 401k, will likely be selling down my 27% allocation in PTTRX; proceeds into the SV.

Thanks for the nod. Brenda's life was a cautionary tale: a wickedly smart small college econ major who, almost literally, worked herself to death for her employer. At the point that she resigned the presidency of Pepsi, she said she was leaving home at 5:30 each morning and returning between 10:00 and 11:00 each night. She'd look in on her kids and kiss their foreheads, but might not hear their voices - nor they, hers - for a week at a time.
When she walked away, she said it wasn't that her kids needed her so much as she needed them.
She throttled back, then got lured back (to Sara Lee), and suffered a catastrophic stroke. She walked away for good to work on her recovery and, eventually, became strong enough to return to the college's board of trustees. She was blunt, sensible and demanding. Despite my only occasional interactions with the board over the two decades since I was the dean, she always remembered me and offered a warm greeting.
I'll miss her.
David