Expenses on retail shares should drop from 0.96% to an estimated 0.50 to 0.60% range if you compare them to the institutional share classes. That maybe turns this from a three star fund to a four star one— a meaningful win.

AAII Sentiment Survey, 3/1/23
For the week ending on 3/1/23, bearish became the top sentiment (44.8%; high) & bullish remained the bottom sentiment (23.4%; very low); neutral became the middle sentiment (31.8%; about average); Bull-Bear Spread was -21.4% (very low). Investor concerns: Inflation (moderating but high); economy; the Fed; dollar; cryptos; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (53+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were down, bonds down, oil up sharply, gold up a bit, dollar flat. Sentiment trend change from early-February is seen now. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/958

Jason Zweig had an article in WSJ describing what @hank wrote above. It is about making lemonade out of lemon from treasuries.

Until last year, the Fed had kept interest rates near zero for most of the past decade-and-a-half. Investors became desperate for something, anything, that yielded more than 1%. Wall Street spewed forth high-yield debt, energy partnerships, emerging-market bonds, private credit funds, private real-estate trusts, business-development companies, floating-rate bank-loan funds—all sold on the premise that you needed to take extra risk (and pay extra fees) to get extra income.
But a 5% yield on short-term Treasurys is like kryptonite for the purveyors of that propaganda. “Why chase yield if you’re getting decent returns on a diversified, high-quality fixed-income portfolio?” says Julie Virta, a senior financial adviser at Vanguard Personal Advisor Services in Malvern, Pa.

https://wsj.com/articles/welcome-to-the-5-world-where-yield-chases-you-af3df384
At 4% treasury yield, how does that compete with stocks in general? In just 2 months, the 60/40 portfolio has rollbacked all the gain since the beginning of this year.

PSTL. March 1, '23: 4th Q and full-year report.
https://www.morningstar.com/news/business-wire/20230301006050/postal-realty-trust-inc-reports-fourth-quarter-and-year-end-2022-results

In addition to the 10 yr yield, the 2yr treasury yield reached 4.8% on Tuesday (a level last seen in mid-2006). The 6 month T bill reached 5.1%. Stocks continue to fall today.
Pimco managers have been buying long treasuries as their prices dropped with increased yield.

Interesting he thinks energy is expensive although most oil stocks are trading at PE etc well below the SP500 and energy still makes up a tiny % of SP500

The bonds were still in my Mom's name. We thought about changing that while she was still alive, but it would have required us all to go to bank and do the same thing and she didn't have the stamina for it at 99.
I don't remember if we could have done it by mailing in the bonds etc, but as you point out, that requires trip to PO and insurance and certification. I love my lost PO staff, but I do not trust the USPS to handle things with 100% efficiency. They lost my daughter's college tuition check. Almost got kicked out of school!

Amazingly (to me, at least), it seems that even with power of attorney one cannot change the title on a savings bond.
https://www.treasurydirect.gov/forms/sav0105.pdf
What confused me was that the way you wrote your original post, it sounded like all siblings had to be at the bank together to cash the savings bonds. However, each bond could have been cashed alone by the individual sibling named as beneficiary on that bond. Three trips and six hours instead of one trip and two hours; not really an improvement.
Your experience illustrates the variability in cashing savings bonds in banks. I recently helped (instructed) someone in cashing inherited savings bonds. This person's main bank was Capital One, which is how I learned that Capital One doesn't handle savings bonds. A backup bank initially informed this person that the money would have to be left in an account at the bank for some number of days, or perhaps it was weeks. Fortunately, when they actually cashed the inherited bonds, it was a quick and painless process, and the cash was made available either immediately or within a day (I forget).
Regarding postal services: while registered mail gets somewhat more careful handling, ISTM its main virtue is insuring valuables. Nonnegotiable instruments like checks and savings bonds have no insurance value. So I don't use registered mail for them.
https://faq.usps.com/s/article/Registered-Mail-The-Basics
I use certified mail when I want proof of delivery (e.g. for a legal notice). Even certified mail can get lost (been there, done that). Maybe certified improves your odds of completed delivery, but there's still a risk. If TD says it didn't receive the savings bonds, all the proof in the world to the contrary won't help avoid filing for replacements.

@Old_Joe The Economist notified CA readers a few weeks ago of short term delivery days due to flooding at its Sac'to printer. Seems OK now as Feb 25th issue arrived on 24th.

The 10y T touched 4% earlier today. Just for reference, Pimco's base case range from their January outlook was 3.25-4.25.

https://www.sec.gov/Archives/edgar/data/1535538/000174177323000598/c497.htm
497 1 c497.htm
948 P1 03/23
SUPPLEMENT DATED MARCH 1, 2023
TO THE PROSPECTUS DATED OCTOBER 1, 2022
OF
K2 LONG SHORT CREDIT FUND
(a series of Franklin Alternative Strategies Funds)
The prospectus is amended as follows:
The following paragraphs are added to the beginning of the “Fund Summary” and “Fund Details” sections of the prospectus:
On February 28, 2023, the Board of Trustees of Franklin Alternative Strategies Funds, on behalf of K2 Long Short Credit Fund (the “Fund”), approved a proposal to liquidate and dissolve the Fund. The liquidation is anticipated to occur on or about May 12, 2023 (Liquidation Date); however, the liquidation may occur sooner if at any time before the Liquidation Date there are no shares outstanding in the Fund. The liquidation may also be delayed if unforeseen circumstances arise. The Fund may deviate from its investment objective and investment strategies at any time prior to the Liquidation Date.
At the close of market on April 3, 2023, the Fund will be closed to new investors, except as noted below. Existing investors who had an open and funded account on April 3, 2023, can continue to invest in the Fund through exchanges and additional purchases after such date. The following categories of investors may continue to open new accounts in the Fund after the close of market on April 3, 2023: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on April 3, 2023, and (2) Employer Sponsored Retirement Plans or benefit plans and their participants where the Fund was available to participants prior to the close of market on April 3, 2023. The Fund will not accept any additional purchases after the close of market on or about May 9, 2023. The Fund reserves the right to change this policy at any time.
Shareholders of the Fund on the Liquidation Date will have their accounts liquidated and the proceeds will be delivered to them. For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; (b) in connection with the liquidation, the Fund may declare taxable distributions of its income and/or capital gain; and (c) an exchange out of the Fund prior to the Liquidation Date may be considered a taxable transaction and such shareholders may recognize a gain or loss. Shareholders should consult their tax advisers regarding the effect of the Fund’s liquidation in light of their individual circumstances. Participants in an Employer Sponsored Retirement Plan that is a Fund shareholder should consult with their plan sponsor for further information regarding the impact of the liquidation. In considering new purchases or exchanges, shareholders may want to consult with their financial advisors to consider their investment options.
Please keep this supplement with your prospectus for future reference.

This is positioning by all parties - greenwashing by funds and by companies, grandstanding by politicians.
XOM is found in many ESG funds other than ones that explicitly screen out fossil fuel companies. The oil lobby is fighting a battle of image, not of substance.
Sometimes XOM is included in ESG funds because it is rated as one of the "best of the worst". For example, Sustainalytics scores XOM as high risk but in the best 20% of oil and gas producers. Refinitiv appears to generate a company's overall score using only within-industry comparisons, leading to an overall score of 69/100 (second best quartile)
Sometimes because no matter how dirty a company is, the company may have good hiring and pay practices that counterbalance its other sins.
Nov 2019, WSJ: ESG Funds Enjoy Record Inflows, Still Back Big Oil and Gas
May 2022, UMich Ross School of Business: How a Sustainability Index Can Keep Exxon but Drop Tesla
Ultimately I think this is all going to be meaningless. Better run companies will consider risks, including environmental risks (e.g. are their facilities at risk of rising sea levels, are their practices at risk of more stringent regulation, etc.) when making business decisions. Fund managers look at how well companies are run, regardless of whether there's an ESG label slapped onto them. And relatively few ESG funds are set up to go beyond publically available (self reporting, low grade, nonstandardized) data or to make a significant difference in the way companies operate.
Trump's anti-ESG regulations had already been somewhat tempered by removing "ESG" and instead merely emphasizing pecuniary factors. And that's all that most funds marketed as ESG are doing.
https://www.plansponsor.com/dol-issues-final-rule-softer-stance-esg/
This is PlanSponsor's summary of the the newer (2022) version of the rules that are being opposed.
https://www.plansponsor.com/esg-now-permissible-not-required-erisa/
Now if you want to invest in a fund that truly tries to make a difference, that's another story.

IMHO the problems I or sma3 experienced shouldn't be viewed as so difficult that buying the tax refund bonds isn't worth doing. After all, one's got 30 years to get things straightened out.
I could have simply mailed the $50 bond back, waited four months or so, and watched for it to show up in my TD account. I was just annoyed by the facts that TD didn't do what it said it would do (issue electronic replacements) and I wound up being the one paying (in postage and personal time and effort) for it. Next time, if there is a next time, I can just wait out however long it takes for things to work as expected.
And the USPS did deliver 11 out of the 12 savings bonds (each in its own envelope) correctly the first time. Maybe you'll get lucky and get all dozen delivered properly.
My guess as to the cause of sma3's trouble is that there were various combinations of siblings as co-owners on the savings bonds. While TD says that only one owner's signature is required to cash a paper bond, the bank may have been overcautious and wanted everyone to sign together. These days, how many paper bonds do they cash?
"Both owners must sign for most other transactions [aside from cashing the savings bond]"
https://www.treasurydirect.gov/savings-bonds/buy-a-bond/register-a-bond/
This is just one of a few reasons why I feel it is better to keep the savings bonds in electronic form.
If you inherit paper bonds and want to get them into electronic form, it's a little tricky because there are instructions for inheriting bonds, instructions for converting to electronic form, but not instructions to do both in one step. I was in that situation a few years ago, back when TD was helpful. I got very clear instructions on what form to use and what to mail in. No problems, handled quickly. I might be able to dig up those instructions if someone needs them.
Those savings bonds reached final maturity and I got a timely automated email from TD informing me of the pending maturity. After they matured, I was able to log in and cash out nearly immediately. That still works.

Haven't read it yet, but here is a link to PRWCX/TRAIX annual report dated 12/31/2022.
https://prospectus-express.broadridge.com/summary.asp?doctype=ann&clientid=trowepll&fundid=77954M105

@msf, now you got me to think twice about buying the $5K ibond from this year tax refund. Alternatively we would hang on to it and sell it later at our local bank.
For other treasury we keep all of them at our brokerage,

A format change from a continuous-running thread to new monthly posts.
TIAA Traditional (Accumulation) Rates
Restricted RC 6.25%, RA 6.00%
Flexible RCP 5.50%, SRA 5.25%, Newer IRAs 3.45%
TSP G Fund hasn't updated yet (previous monthly rate was 3.625%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#401k #403b #StableValue #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/956

Can anyone please explain what does reorganizing a mutual fund into a mutual fund trust accomplish? Layman's terms please if you can. Also, is this move good for the shareholders? TIA

The first is an interesting question, and one that Yogi has addressed, but not the right question for these funds. They are already in a trust - the second line in Shadow's transcription reads: FINANCIAL INVESTORS TRUST.
A more focused question would be: what does reorganizing mutual funds from one trust into a different trust accomplish? Check for changes (infrequent) in fees, waivers, clawbacks, management firms. Also shareholder voting rights (see below).
Rondure Global Advisors has been using a trust (Financial Investors Trust) and will be moving to Northern Lights Trust III. They are both Delaware statutory trusts, so the laws governing them are the same (Delaware).
But because they are different trusts, they have different trustees (those are the fiduciaries you vote for to represent your interests in the funds). Also, since the size of the two trusts are almost surely different, a shareholder vote will have more (or less) weight than before.
Yogi wrote that large fund firms use trusts (aggregating their funds) for efficiency. Boutiques do the same, except that instead of aggregating their funds together in a trust they run, they join together with other boutiques in a trust they don't run. So you find funds from multiple families in a single trust.
Here's a list of some of the funds in Financial Investors Trust. I've underlined some funds/families that have appeared in posts here:
JCRAX - FINANCIAL INVESTORS TRUST - ALPS/CoreCommodity Management CompleteCommodities Strategy Fund Investor Shares
INDAX - FINANCIAL INVESTORS TRUST - ALPS/Kotak India Growth Fund Investor Shares
LPEFX - FINANCIAL INVESTORS TRUST - ALPS/Red Rocks Listed Private Equity Fund Investor Shares
ALIBX - FINANCIAL INVESTORS TRUST - ALPS | Smith Balanced Opportunity Fund Investor Class
SMCVX - FINANCIAL INVESTORS TRUST - ALPS | Smith Credit Opportunities Fund Investor Class
FINANCIAL INVESTORS TRUST - ALPS/Smith Short Duration Bond Fund Class A
FINANCIAL INVESTORS TRUST - ALPS/Smith Total Return Bond Fund Class A
AMWYX - FINANCIAL INVESTORS TRUST - ALPS/WMC Research Value Fund Investor Shares
CHNAX - FINANCIAL INVESTORS TRUST - Clough China Fund Investor Shares
HSSAX - FINANCIAL INVESTORS TRUST - Emerald Banking and Finance Fund Class A
HSPGX - FINANCIAL INVESTORS TRUST - Emerald Growth Fund Class A
EFCAX - FINANCIAL INVESTORS TRUST - Emerald Insights Fund Class A
ESTAX - FINANCIAL INVESTORS TRUST - Emerald Select trueLiberty Income Fund Class A
ELASX - FINANCIAL INVESTORS TRUST - Emerald Small Cap Value Fund Class A
GPEOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Emerging Markets Opportunities Fund Investor Class
FINANCIAL INVESTORS TRUST - Grandeur Peak Global Contrarian Fund Institutional Class
FINANCIAL INVESTORS TRUST - Grandeur Peak Global Explorer Fund Institutional Class
GPMCX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Micro Cap Fund Institutional Class
GPGOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Opportunities Fund Investor Class
GPROX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Reach Fund Investor Class
GGSOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Stalwarts Fund Investor Class
GPIOX - FINANCIAL INVESTORS TRUST - Grandeur Peak International Opportunities Fund Investor Class
GISOX - FINANCIAL INVESTORS TRUST - Grandeur Peak International Stalwarts Fund Investor Class
FINANCIAL INVESTORS TRUST - Grandeur Peak US Stalwarts Fund Institutional Class
RMRGX - FINANCIAL INVESTORS TRUST - Highland Resolute Fund Class I
RLTAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Aggressive Investor Shares
RLGAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Growth & Income Investor Shares
RMIAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Moderate Investor Shares
RNWOX - FINANCIAL INVESTORS TRUST - RONDURE NEW WORLD FUND Investor Class
ROSOX - FINANCIAL INVESTORS TRUST - RONDURE OVERSEAS FUND Investor Class
SFGIX - FINANCIAL INVESTORS TRUST - Seafarer Overseas Growth and Income Fund Investor
SFVLX - FINANCIAL INVESTORS TRUST - Seafarer Overseas Value Fund Investor Class
DGIFX - FINANCIAL INVESTORS TRUST - The Disciplined Growth Investors Fund
VVPLX - FINANCIAL INVESTORS TRUST - Vulcan Value Partners Fund Investor Class Shares
VVPSX - FINANCIAL INVESTORS TRUST - Vulcan Value Partners Small Cap Fund Investor Class Shares
Source: https://fintel.io/ff/915802
Here are some of the funds/families in the new trust, Northern Lights Trust III. Nothing pops out at me:
AAMAX - NORTHERN LIGHTS FUND TRUST III - Absolute Capital Asset Allocator Fund Class A Shares
ACMAX - NORTHERN LIGHTS FUND TRUST III - Absolute Capital Defender Fund Class A Shares
ADOAX - NORTHERN LIGHTS FUND TRUST III - ACM Dynamic Opportunity Fund Class A Shares
TINIX - NORTHERN LIGHTS FUND TRUST III - ACM Tactical Income Fund Class I
BWDAX - NORTHERN LIGHTS FUND TRUST III - Boyd Watterson Limited Duration Enhanced Income Fund Class A Shares
CINTX - NORTHERN LIGHTS FUND TRUST III - Centerstone International Fund Class I
CENTX - NORTHERN LIGHTS FUND TRUST III - Centerstone Investors Fund Class I
CPQAX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Long-Short Equity Fund Class A Shares
CPAEX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Equity Fund Class A Shares
CPATX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Income Fund Class A Shares
TMNAX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Municipal Fund Class A
HYTR - NORTHERN LIGHTS FUND TRUST III - CP High Yield Trend ETF
FPAG - NORTHERN LIGHTS FUND TRUST III - FPA Global Equity ETF
GHSIX - NORTHERN LIGHTS FUND TRUST III - Good Harbor Tactical Select Fund Class I Shares
QQH - NORTHERN LIGHTS FUND TRUST III - HCM Defender 100 Index ETF
LGH - NORTHERN LIGHTS FUND TRUST III - HCM Defender 500 Index ETF
HCMNX - NORTHERN LIGHTS FUND TRUST III - HCM Dividend Sector Plus Fund Class A Shares
HCMFX - NORTHERN LIGHTS FUND TRUST III - HCM Dynamic Income Fund Investor Class Shares
HCMEX - NORTHERN LIGHTS FUND TRUST III - HCM Income Plus Fund Class A Shares
HCMGX - NORTHERN LIGHTS FUND TRUST III - HCM Tactical Growth Fund Class A Shares
LIONX - NORTHERN LIGHTS FUND TRUST III - Issachar Fund Class N Shares
GHTAX - NORTHERN LIGHTS FUND TRUST III - Leland Real Asset Opportunities Fund Class A Shares
LDPAX - NORTHERN LIGHTS FUND TRUST III - Leland Thomson Reuters Private Equity Buyout Index Fund Class A
LDVAX - NORTHERN LIGHTS FUND TRUST III - Leland Thomson Reuters Venture Capital Index Fund Class A Shares
MVPFX - NORTHERN LIGHTS FUND TRUST III - Marathon Value Portfolio
NFMAX - NORTHERN LIGHTS FUND TRUST III - Newfound Multi-Asset Income Fund Class A
NFGAX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed Global Sectors Fund Class A Shares
NFDIX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed U.S. Growth Fund Class I Shares
NFDAX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed U.S. Sectors Fund Class A Shares
LSEIX - NORTHERN LIGHTS FUND TRUST III - Persimmon Long/Short Fund Class I Shares
APSHX - NORTHERN LIGHTS FUND TRUST III - Pinnacle Sherman Multi-Strategy Core Fund Class A
IPTRX - NORTHERN LIGHTS FUND TRUST III - Pinnacle TrendRating Innovative Equity Fund Class I
RQEAX - NORTHERN LIGHTS FUND TRUST III - RESQ Dynamic Allocation Fund RESQ Dynamic Allocation Class A Shares
RQIAX - NORTHERN LIGHTS FUND TRUST III - RESQ Strategic Income Fund Class A Shares
SDFAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Emerging Markets Fund Class A Shares
SDJAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Foreign Developed Fund Class A Shares
SDRAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Fund Class A Shares
SDAAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Growth Fund Class A Shares
SDAYX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Growth Fund Class Y Shares
SDCAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk U.S. Small Cap Fund Class A Shares
TCBAX - NORTHERN LIGHTS FUND TRUST III - The Covered Bridge Fund Class A Shares
TEBRX - NORTHERN LIGHTS FUND TRUST III - The Teberg Fund
Source: https://fintel.io/ff/1537140

@LewisBraham
I agree, at least in theory that commoditized product producers are probably more easily rewarded for such abuses if they improve the bottom line. But for companies with brand vale and pricing power to be different requires that their customers expect they will be different, are a tuned to the scandals and are ready to vote with their feet.
Apple's Foxconn factories abuses where well publicized, and I abhorred them, but I didn't switch to Android because of the switching costs etc. Ford was recently shown to sourcing their aluminum for the F-150 electric truck from an awful bauxite mine in Brazil with terrible human rights and environmental record. This may dent the stock a bit temporarily, but how many customers are likely to notice?
I think a big source of this abuse is the focus on pushing up the short term stock price, so all of the options based compensation management gets ( as an off the balance sheet expense BTW ) is vested. The buy backs people think are supporting their dividends and earnings do little to decrease the number of shares in most cases because of the volume of new shares created.
Oh and if your options still turn out to be underwater, we will just re-price them, as Apple did.

@Derf, that I don't know specifically about Rondure situation.
But this sort of stuff grows unwieldly and unexpectedly over time - like weeds. And firms try to streamline things at some point.
You will be surprised to know how some of Vanguard funds are internally organized. https://www.sec.gov/Archives/edgar/data/102909/000110465922102217/tm2226327d3_4017f2.htm
So, you and I may think of Vanguard Star Fund/VGSTX differently than how the Edgar/SEC thinks of Vanguard Star Funds (s bolded intentionally). I guess that commonality among them is that they are all funds-of-funds. To emphasize my earlier point, ticker VGSTX produces zero results at Edgar/SEC but we know that the fund exists. Vanguard TDFs (somewhat different kind of funds-of-funds with glide-paths) belong to something called VG Chester Funds - who could guess that name?
Vanguard STAR Funds:
Vanguard LifeStrategy Conservative Growth Fund
Vanguard LifeStrategy Growth Fund
Vanguard LifeStrategy Income Fund
Vanguard LifeStrategy Moderate Growth Fund
Vanguard STAR Fund
Fidelity funds are also organized as several trusts/series and some of their names are just related to the Fido location in the Boston area.

You're welcome @MikeM. I mentioned in the Buy/Sell/Why thread that I had taken a lite position as well. Besides the reasons mentioned there it's also a way for me to follow the stock/equity. Not much gets my attention more than watching a holding flounder.