The unknown outcomes from future management of money and operations does make me nervous but not much I can do about it. I do not track it daily or even yearly, though I have owned it for more than 15 years.

https://www.sec.gov/Archives/edgar/data/1950357/000121390024076311/ea0213708-01_497.htm
97 1 ea0213708-01_497.htm 497
BCM FOCUS FUNDS
As to its Separate Series
BCM FOCUS SMALL/MICRO-CAP FUND
Supplement dated September 6, 2024
to the Prospectus and Statement of Additional Information dated February 27, 2024
This Supplement to the Prospectus and Statement of Additional Information for the BCM Focus Small/Micro-Cap Fund, a series of the BCM Focus Funds (the “Trust”), updates the Prospectus for the BCM Focus Small/Micro-Cap Fund, and the Statement of Additional Information for the Trust dated February 27, 2024, to amend certain information as described below.
NOTICEOF LIQUIDATION
OF THE BCM FOCUS SMALL/MICRO-CAP FOCUS FUND
At a meeting of the Board of Trustees held on August 23, 2024, upon the recommendation of Bares Capital Management, Inc., the Fund’s Investment Advisor, the Board of Trustees (the “Board”), including all the independent trustees of the BCM Focus Funds (the “Trust”), as such is defined under the Investment Company Act of 1940, unanimously approved a proposal to liquidate the BCM Focus Small/Micro-Cap Fund (the “Fund”) pursuant to a “Plan of Liquidation”. After careful consideration of several factors which they deemed relevant to their making the decision whether to liquidate the Fund, the Board concluded that it is in the best interest of the Fund and its shareholders to liquidate the Fund. The Board, therefore, approved that the Fund is to be liquidated on or about October 11, 2024 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Suspension of Sales. Shares of the Fund will close to new purchases as of the close of the market on the date of this Supplement and the Fund will begin an orderly dissolution. To the extent there are any dividend or distribution payments made prior to the Liquidation Date, they will continue to be paid either in cash or in additional shares of the Fund, depending on each shareholder’s current election, as disclosed in the Prospectus. The Fund reserves the right to change this policy at any time.
Liquidation of Assets. The Fund may depart from its stated investment objective and policies as it prepares to liquidate and distribute its assets to its shareholders. It is anticipated that beginning at the close of the market on the date of this supplement the Fund’s portfolio will be positioned into cash, cash equivalents or other liquid assets. Shareholders who remain in the Fund until the Liquidation Date will automatically receive, promptly following the Liquidation Date, a liquidation distribution equal to the net asset value of the shares of the Fund that such shareholder then holds plus, accrued and unpaid earnings of the Fund at the time of liquidation. The liquidation of the Fund’s portfolio is likely to result in increased transaction costs, which may be borne by the Fund and its shareholders and may result in higher capital gains for taxable shareholders. Shareholders should contact their tax advisers concerning the tax consequences of the liquidation.
The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax. The redemption of shares prior to the Liquidation Date will generally cause a redeeming shareholder to realize a capital gain or loss depending on the shareholder’s tax basis in the shares. Similarly, liquidation proceeds paid to a shareholder as of (or prior to) the Liquidation Date will generally give rise to capital gains or capital losses depending on the shareholder’s tax basis in the shares. In addition, on or prior to the Liquidation Date, the Fund may declare taxable distributions attributable to its net investment income and net short- and/or long-term capital gain (including capital gains, if any, from the liquidation of the Fund’s assets) in advance of the Fund’s regular distribution schedule. All or a portion of any such distributions may be taxable as ordinary income.
Shareholders should consult a personal tax adviser with respect to the effects of the liquidation and of any associated distributions.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP), (IRA), you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
Shareholders who hold their shares through an IRA should consult their tax advisers concerning the tax implications of a distribution, their eligibility to roll over a distribution and the procedures applicable to such rollovers. Caution: If you hold shares through an IRA and do not reinvest liquidation or redemption proceeds through your IRA (i.e., if you cash a check representing those proceeds or deposit or reinvest them in a different account), such proceeds may be subject to a 10% penalty and taxed as ordinary income in the year of receipt.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED OR EXCHANGED THEIR SHARES OF THE FUND PRIOR TO OCTOBER 11, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OR ACCOUNT OF RECORD.
**********************
Shareholders should read this Supplement in conjunction with the BCM Focus Small/Micro-Cap Fund’s Prospectus and the Statement of Additional Information, each as supplemented from time to time. This document provides information that you should know before investing and should be retained for future reference. This document is available upon request and without charge by calling UMB Fund Services, Inc. at (888)885-8859.
Investors should retain this supplement for future reference.

@WABAC and @yogibearbull
Too early in the day for me, I do think. The 2 holdings (50/50) portfolio indicates a 31.9% annualized return! Is this number generated as such from the $6,500 annual contribution setting?; which would equate a Roth contribution.
Thank you.

You're asking the wrong guy. I'm just a tool monkey.

@WABAC and @yogibearbull
Too early in the day for me, I do think. The 2 holdings (50/50) portfolio indicates a 31.9% annualized return! Is this number generated as such from the $6,500 annual contribution setting?; which would equate a Roth contribution.
Thank you.

Any fresh thoughts re investing a few bucks here?
A number of companies package up variable rate demand notes into bank account-like accounts. Features may vary slightly (e.g. min required, check writing ability, min transaction amount) but the underlying investments are similar as are the way these accounts work.
Companies that offer these accounts seem to be rated BBB or A and are using these accounts as a relatively cheap way to get cash. Some BBBs: Duke, Dominion, GM, and Ford. Some As: Toyota, Mercedes-Benz (only accredited investors), and Caterpillar
A couple of webpages from 2021 on these types of investments:
MyMoneyBlog: https://www.mymoneyblog.com/big-list-of-car-demand-notes-non-fdic.html
Bogleheads thread: https://www.bogleheads.org/forum/viewtopic.php?t=340088
And a 2021 WSJ article cited in the Bogleheads thread (subscription or library card required):
https://www.wsj.com/articles/car-maker-notes-attract-investors-seeking-short-term-yield-11605781801

Called "variable denomination floating rate demand notes," the securities are basically unsecured bonds, paid by the company's cash from operations. There is no public market and investors can typically withdraw their money at will. Rates can be changed at any time by the company, which can call the securities at its discretion.

What's the risk?
For my money (pun intended), I'd rather go with a Treasury MMF yielding around 5.1%; since it's state tax exempt that's not much different from 5.5% fully taxable and a whole lot safer.
https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf
If I had to go with a single issuer, I'd look at the A rated companies.
A nuclear accident that bankrupts the company?
Not likely.

[The] Price-Anderson [Act has since 1957 freed] nuclear plant operators and all firms involved in nuclear construction and maintenance of any liability for offsite accident damage. The only chance for additional compensation lies in the act’s declaration that if accident damages exceed the legal limit “Congress will thoroughly review the particular incident” and will “take whatever action is determined to be necessary” to provide full compensation to the public. In short, a Fukushima-level accident would toss the costs of compensation and cleanup unto the lap of Congress.

https://thebulletin.org/2020/02/the-us-government-insurance-scheme-for-nuclear-power-plant-accidents-no-longer-makes-sense/
This was recently extended (for another 40 years) and expanded with little publicity. It's a sizeable and relatively unknown industry subsidy.
What was publicized were billions of dollars allocated in the Inflation Reduction Act for maintaining existing nuclear plants and building new ones.
https://www.energy.gov/ne/articles/inflation-reduction-act-keeps-momentum-building-nuclear-power

What's more fun than complaining about kids these days? I say: Giving the indolent ne'er do wells advice they won't take.
Here are what I call Grumpy Grampy's Simple Portfolios for Widows, Orphans, and Kids that probably don't wash behind their ears. Can Grumpy Gramp's portfolios beat the clones? Let's find out together.
The first mimics the beta of the ICMUX/FPACX: Dinky linky.
And this portfolio mimics the beta of the LCORX/RPHYX portfolio: YADL.
Disclaimer: I am not a grandfather or an investment advisor.
Edit to add: PV does not seem to be accounting for fixed annuals contributions of 6500$. Suggestions and solutions are welcomed

I'd be hesitant to go into floating-rate anything right now given that rates are due to go down....but that .25 'bonus' on the note might keep you ahead of (or at least at-par) with rate cuts. And for me, right now I'd prefer something more tax advantaged -- these are taxed both at federal and state.
Nothing against Duke as a company - I'd rather buy a note from them than a Wall Street company.

I track it daily, but don’t own it. I can’t remember it sustaining a -2.85% single day hit like today in the years I’ve tracked it - but am sure there have been some. It will be interesting to watch this one in coming days and see how it performs relative to the broader market. I don’t really understand it very well, which is the main reason I don’t own it. But have tremendous admiration for Buffett and BRK’s long term stellar performance.

@David_Snowball, I guess I don't see anything simple about advising beginning investors to spend a lot of ER money on funds that successfully short the NASDAQ every once in a while, but can't out-perform Devo's replicating portfolio exercise on much of anything over any period of time.
On the one hand we have the 500 "best" companies in America and three-month T-Bills. What is corrosive about cash?
OTOH we have bonds, preferreds, derivatives, shorts, hedges, puts, options, junk, and assorted gyrations the BRAINIACs invest in that are less corrosive, and can be sold to buy a new set of tires if you need cash without taking much of a loss?

Thanks @Observant1 for the “probing” article on Americans’ current love affair with stocks. In reading I became curious about the author. From the linked article: “The typical salary for a journalist in the United States is $49,887 per year”. Had no idea they were so underpaid.
Gunjan Banerji was born in 1992. For some perspective …. That year Louis Rukeyser’s Wall Street Week was completing its 22nd season on PBS. 5 years had passed since the global stock market “flash crash” of ‘87. She would have been 6 or 7 when the tech sector sizzled and 8 when the bubble burst in 2000. (Maybe some nervous playground banter?) She would have been 16 in 2008 during the depths of “the great financial crisis” (and subsequent 50%+ drop in the S&P). No doubt, this great unwinding of stock market mania was discussed / analyzed to extent in her high school business / social studies classes during these teen-age formative years.

Hi, guys.
Mostly, given the Morningstar research and my own preferences, I was shooting for two parameters: (1) maximum simplicity hence 50/50 and (2) a multi-asset manager who might make some adjustments to moderate risk as things evolved. Too, I've spoken to a bunch of managers who are corrosively skeptical about the weaknesses of a debt-weighted passive index. Absent those constraints, Vanguard Balanced Index would be the logical choice.
Really, anything we can do to get anxious young investors to take the first, tentative step, would be wonderful. Colleges are hiring faculty later in life (our "youngsters" are starting 5-7 years later than I did) and they're not starting to save until their mid-30s. I spend a lot of time cheerleading for "take the first small step".
David

Time to bring out Devo's replicating portfolio exercise.
A 50/50 portfolio of LCORX and RPHYX generate a beta of .26 over ten years. So the clone is 26% SPY and 74% the 3 month T-Bill. Here is the result: Dinky linky.
The second portfolio recommends a 50/50 split of FPACX and ICMUX. The clone works out to 46% SPY and 54% 3 month t-bills. Here is the result of that run: YADL.
What advice would you give any indolent youths known to you?
Edit to add: PV does not seem to be accounting for fixed annuals contributions of 6500$. Suggestions and solutions are welcomed

You may also want to check out the "raisin" platform in which all funds are kept in fdic banks and where you can easily transfer between banks to get the highest savings rate. You get a little less in interest but it is all insured. Current highest apy is 5.20 with Western Alliance Bank. I keep my emergency fund amounts here (1 year living expenses) and have been quite happy with the accounts. Just google - raisin.com if interested. good luck.

@msf, my 401k from a past employer transferred from TRP to ML last year. I've only kept the 401k because I cannot transfer PRWCX in-kind from a 401k to an IRA. The odd thing about the ML 401k account is the account is not direct from the Merrill Lynch website. It is in something called "Merrill Benefits Online". To be quite honest, the ML benefits options and website suck. I really don't like the arrangement but have kept it because it is where I have PRWCX.
I have tried a few times to add to PRWCX through this ML Benefits site and have been denied. I tried today after seeing this post and, low and behold, it took. And yes, with a $49.95 TF. I'll know tomorrow if it really went through.

@Sma3. All good points. This old retired guy thinks that the 50/ 50 allocation the 4% rule is based on to too aggressive for sleeping well. I am thinking more in terms of dollars at risk instead of %. A 15% decline sounds sorta benign compared to that number express in raw dollars of our nest egg.

This old retired guy looked at Carlson's chart for the number of years it took to consistently made 4% ( one recommended withdrawal rate ) or more on average over the preceding period.
In other words how long after a major loss would it take to get back to over 4% return on average to equal your withdrawals
Out of the 31 years listed in 9 years you would have to wait over 5 years to get back to over 4% average return
In 2000 you had to wait 14 years before your ave returned to over 4%
One wonders if the recommended "three to five years of expenses in cash" is sufficient.
The SP500 didn't permanently recover to it's 2000 peak until 2012

For existing positions only or wide open??

Wide open, for a mere 35$ simoleans.
I was looking to see if they had DODBX, and up popped PRWCX as an open fund.

Thanks for the heads-up @WABAC. I have wanted to add-to PRWCX in my 401k at Merrill forever. It would never allow me to do so in the past. I just put in an order to do so. Seems to have been accepted. Has a $49 TF but I'm ok with that. Fingers crossed it goes through.

Wow. In my ML accounts, it is NTF. Even for TF funds, I have to pay "just" $19.95.
Must be some special "discount" you get with your 401(k) plan :-(

(Excerpted from Fidelity’s Glossary of Terms
“Other-The "Other" category includes non-asset class holdings (i.e., other than stocks, bonds, and short-term investments), including, without limitation, derivative securities, options, preferreds, convertibles, warrants, and precious metals, as well as some Internal Revenue Code Section 529 qualified tuition program (529 plan) investment trust holdings.”
“Other Holdings-Any interest held in a selected account that cannot be placed within one of the following categories: Equity, Fixed Income, Cash, Mutual Fund, or Exchange Traded Product (ETP).”
My attempt to sort these components out on a specific fund basis was unsuccessful.
Added - Follow-up Ques:
* Can we assume that if your fund invests in commodities or real estate it is likely doing so through derivatives and so those investments would be included under Fidelity’s “other” classification?