There is an interesting background story.
When USAA went back to its core business of serving military personnel and veterans, it sold its fund operations to Victory Capital/VCTR in 2018, & brokerage + wealth management operations to Schwab/SCHW in 2019.
These USAA funds at Victory have been losing AUM. One problem is that former the USAA advisors that are now with Schwab have stopped recommending them, or even pulling their clients' money out. So, after 5 yrs, Victory is rebranding (it is really a boutique of several brands, see link below).
By the way, soon after acquiring USAA funds, Victory Capital moved its HQ from Ohio into San Antonio, TX facility formerly owned by USAA.
https://www.vcm.com/

The collective group will give questionable or even incoherent investment choices a pass but doesn’t let bragging go unnoticed. That’s pretty good. How to deal with blatant bragging has been on my mind this week. Spoke to an old work colleague for the first time in a decade. He immediately told me he “bought $500,000 in one year treasurys that day. It wasn’t in the context of the conversation and I was speechless.

I took a scalpel to my O holding, sending half to RQI, and the balance to PDT. RQI is a current holding, and I expect a greater degree of growth plus enhanced distribution when compared to O. PDT is a new holding, 50% in stocks (primarily utilities and some energy) plus the balance in fixed income (mostly preferred holdings plus bonds and some cash). This may be a bit squirrelly over the next 6 months as rates peak then level off as with any fixed income holding, but currently trades at a discount with a 9.15% monthly distribution.

https://www.sec.gov/Archives/edgar/data/915802/000139834423004073/fp0082418-1_497.htm
497 1 fp0082418-1_497.htm
FINANCIAL INVESTORS TRUST
Grandeur Peak Emerging Markets Opportunities Fund
Grandeur Peak Global Contrarian Fund
Grandeur Peak Global Explorer Fund
Grandeur Peak Global Micro Cap Fund
Grandeur Peak Global Opportunities Fund
Grandeur Peak Global Reach Fund
Grandeur Peak Global Stalwarts Fund
Grandeur Peak International Opportunities Fund
Grandeur Peak International Stalwarts Fund
Grandeur Peak US Stalwarts Fund
(each, a “Fund”)
Supplement dated February 23, 2023 to the
Prospectus and Statement of Additional Information,
each dated August 31, 2022, as supplemented
The Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Grandeur Peak Global Advisors, LLC, the investment adviser to the Funds, approved the proposed reorganization of each Fund into correspondingly named series of Grandeur Peak Funds Trust (each, a “New Fund”), subject in each case to the approval of the shareholders of the relevant existing Fund (each, a “Reorganization”).
The Board also approved an Agreement and Plan of Reorganization and Termination (the “Plan”) that provides that each existing Fund will assign all of its assets to the corresponding New Fund, in exchange solely for (1) the number of the New Fund shares equivalent in value to shares of the relevant existing Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund’s assumption of all of the relevant existing Fund’s liabilities, followed by a distribution of those shares to such existing Fund’s shareholders so that the existing Fund’s shareholders receive shares of the corresponding New Fund equivalent in value to the shares of the existing Fund held by such shareholder on the closing date of the Reorganization. Each Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.
The Trust will hold a shareholder meeting on or about April 12, 2023, as may be adjourned, at which shareholders of each existing Fund as of February 22, 2023 will be asked to consider and vote on the Plan. If shareholders of each Fund approve the Reorganization with respect to that Fund, the Reorganizations are expected to take effect in or around June 2023.
Shareholders of each existing Fund will receive a combined prospectus/proxy statement with additional information about the shareholders meeting, the Reorganizations, and the New Funds. Please read these materials carefully, as they will contain a more detailed description of the Reorganizations.
Please retain this supplement with your Prospectus and
Statement of Additional Information.

https://www.sec.gov/Archives/edgar/data/915802/000139834423004075/fp0082418-3_497.htm
97 1 fp0082418-3_497.htm
FINANCIAL INVESTORS TRUST
Rondure New World Fund
Rondure Overseas Fund
(each, a “Fund”)
Supplement dated February 23, 2023 to the
Prospectus and Statement of Additional Information,
each dated August 31, 2022, as supplemented
The Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Rondure Global Advisors, LLC, the investment adviser to the Funds, approved the proposed reorganization of each Fund into correspondingly named series of Northern Lights Fund Trust III (each, a “New Fund”), subject in each case to the approval of the shareholders of the relevant existing Fund (each, a “Reorganization”).
The Board also approved an Agreement and Plan of Reorganization and Termination (the “Plan”) that provides that each existing Fund will assign all of its assets to the corresponding New Fund, in exchange solely for (1) the number of the New Fund shares equivalent in value to shares of the relevant existing Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund’s assumption of all of the relevant existing Fund’s liabilities, followed by a distribution of those shares to such existing Fund’s shareholders so that the existing Fund’s shareholders receive shares of the corresponding New Fund equivalent in value to the shares of the existing Fund held by such shareholder on the closing date of the Reorganization. Each Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.
The Trust will hold a shareholder meeting on or about April 12, 2023, as may be adjourned, at which shareholders of each existing Fund as of February 22, 2023 will be asked to consider and vote on the Plan. If shareholders of each Fund approve the Reorganization with respect to that Fund, the Reorganizations are expected to take effect in or around June 2023.
Shareholders of each existing Fund will receive a combined prospectus/proxy statement with additional information about the shareholders meeting, the Reorganizations, and the New Funds. Please read these materials carefully, as they will contain a more detailed description of the Reorganizations.
Please retain this supplement with your Prospectus and
Statement of Additional Information.
New filing:
https://www.sec.gov/Archives/edgar/data/1537140/000158064223000969/rondure_485a.htm

https://www.dodgeandcox.com/individual-investor/us/en/investing/our-funds/funds-at-a-glance.html#tabs-a253429a7a-item-70c7a4a33c-list
Here is the prior discussion:
https://www.mutualfundobserver.com/discuss/discussion/60640/anybody-know-when-the-2022-december-22-annual-report-for-dodbx-will-be-available

I thought it interesting that the article notes that some fund managers from other houses are using Blackrock’s bond ETFs as part of their broader portfolios - and in some cases placing short bets against them.
However, the FT ran another article a day or two later titled:
Bond ETFs Can Drain Liquidity During a Crisis, Study Warns
I don’t know whether the above link will work or not. I’ll say the article looks at both sides of the question. My uneducated guess is yes - as they’re easier to buy and sell than bonds held inside a mutual fund, I would guess they could more easily cause liquidity issues under certain (panic) conditions.

In several European countries, wealth tax above certain asset levels, or on selected assets, ranges from 0.20-3.75%.

msf : You mentioned VUSXX in above post. What % is tax exempt from state taxation ?
Another question while I have your ear. Tax info from Van Guard shows % of treasury dividend from a fund. If I take qualified & non qualified dividends & add them together times percentage, would that be the correct state exemption ?
Thank you for your time, Derf

Usually VUSXX is 100% exempt from state taxation, or at least close to that. In 2022, it was 100% exempt.
https://www.vanguard.com/pdf/USGOIN_2023.pdf
This is how Vanguard chooses to run the fund (and AFAIK has, for years). Per prospectus, the fund is allowed to invest also in "repurchase agreements fully collateralized by U.S. Treasury securities." But it usually doesn't use repurchase agreements. This is important because "Income generated from investments in repurchase agreements with the federal reserve are generally subject to state and local income taxes."
https://investor.vanguard.com/investment-products/mutual-funds/profile/vusxx#overview
In contrast, Fidelity's Treasury (as opposed to "Treasury Only") MMF, FZFXX, currently has 85% of its portfolio invested in (state-taxable) repurchase agreements. And in 2022, only 23.6% of its income was state tax-exempt. This is doubly important; not just because of the low percentage generally, but because so little was invested in Treasuries that none of the income was state tax-exempt in NY, Calif. or Conn. (special laws in those states).
You are correct that total divs (qualified + non-qualified) x exempt percentage = state exemption (but see NY, Calif., Conn.). It is sometimes easier just to read the total div figure off of box 1a on the 1099-Div form. But if you have multiple holdings in a brokerage, you'll have to handle each fund separately (different percentages for each fund).

I'm following a similar allocation strategy, though with VUSXX (yielding 4.52%, insignificantly safer [Treasury assets]), and short term T-bills (similar yield to CDs); both fund and T-bills are state and local tax exempt.
The situation with MMFs is fluid. For a long time, VUSXX paid so much less than some other funds (not just prime but even government MMFs) that using it made no sense. Also, it used to have a $50K min; Vanguard reduced that some time ago to $3K.
Like you, I've played the game of meeting a MMF's initial min and then reducing my position. Though nowhere near $1M. FZDXX (4.47% yield) has a $100K min in taxable accounts, but by prospectus can be reduced to a $10K maintenance amount. Since I use this as my checking account (and can let the balance drop even lower), I'm willing to give up a few basis points in after-tax performance for the convenience.
In an IRA, FZDXX requires only $10K to bootstrap. I've done that, leaving just 80¢ or so in the position.

There are some asset taxes in the U.S.—estate taxes for the extraordinarily wealthy, low capital gains taxes 20% for investors who choose to sell, local property taxes to pay for schools in some states. All of the above taxes have proven evadable in various ways, and in the estate and capital gains cases have actually declined over time. My point is as our population has aged and inequality grown, more money has been accumulated on the asset side than on the income side of our finances. My impression is about 10% of the population controls about 75% of our household net worth, upwards of $105 trillion of our $143 trillion total. (Note: I corrected this number as it turns out the wealthy control even a greater percentage than I thought.) There is no reason we can’t have a wealth tax to help pay down the national debt. Yet GDP does not recognize all of those accumulated assets. So brandishing the debt to GDP ratio makes it seem like there are no means to pay the debt and the government is overspending.

Takes a million dollars to get into SNAXX, so you often must give up about .15% yield and settle for its sibling SWVXX. I was able to buy SNAXX, in one of my accounts, in March of 2022, when I sold/reduced OEFs, but since then I have been able to retain SNAXX, at much lower amounts. With interest rates continuing to rise, I choose to own both SNAXX and some short term CDs paying 5%.

For the week ending on 2/22/23, neutral remained the top sentiment (39.8%; high) & bullish became the bottom sentiment (21.6%; very low); bearish became the middle sentiment (38.6%; above average); Bull-Bear Spread collapsed to -17.0% (very low). Investor concerns: Inflation (moderating but high); economy; the Fed; dollar; cryptos; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (52+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were down sharply, bonds down, oil down sharply, gold down, dollar up. BIDEN visited Ukraine; PUTIN withdrew from SALT nuclear treaty. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/942

COWZ. I suppose the attraction there is dividends WITH growth prospects? But I see it framed as mid-cap Value, overall. Oops, my bad. In 6 years, it's up +93.51%. Not shabby.

”Enthusiasm for bonds is proving to be a bonanza for BlackRock’s fixed-income exchange traded funds, which have attracted more investor cash since US interest rates started rising than all their competitors combined.BlackRock, the world’s largest money manager, is capitalising on growing interest among wealth managers and other asset managers in using ETFs instead of or in addition to buying bonds directly. From March last year to the end of January, there were $146bn net flows into BlackRock’s fixed-income ETFs, while competitors took in $134bn.
“Bond ETFs have been a bright spot for BlackRock after a year when its overall assets under management shrank by nearly 15 per cent to $8.6tn. Chief executive Larry Fink considers them a main driver of revenue growth. BlackRock predicts that bond ETF assets industry-wide will more than double from $1.8tn now to $5tn in 2030. The increases are being driven by regulatory changes, investors’ growing comfort with the way they perform in volatile markets and creative uses of them by wealth managers and even other bond funds.”

Financial Times - February 17, 2023
I was able to access the article one time online using my DuckGo browser. Good luck. As I posted in OT, a subscription to the Financial Times via Amazon’s Kindle service can now be had for a modest $7.99 monthly. I am a subscriber. ISTM the articles in the Kindle edition publish a day or two later than they appear online, however.

https://www.sec.gov/Archives/edgar/data/1559992/000119312523044909/d462582d497.htm
497 1 d462582d497.htm STONE RIDGE TRUST U.S. HEDGED EQUITY FUND
STONE RIDGE TRUST
STONE RIDGE U.S. HEDGED EQUITY FUND
SUPPLEMENT DATED FEBRUARY 22, 2023
TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION,
DATED MARCH 1, 2022
On February 21, 2023, the Board of Trustees of Stone Ridge Trust approved a plan of liquidation and dissolution for the Stone Ridge U.S. Hedged Equity Fund (the “Fund”). The liquidation of the Fund is expected to take place on or about March 27, 2023 (the “Liquidation Date”). Effective after the close of business on March 9, 2023, the Fund’s shares will generally no longer be available for purchase.
Stone Ridge Asset Management LLC (the “Adviser”) expects to operate the Fund pursuant to its stated investment strategy through the close of business on March 24, 2023. After March 24, 2023, the Adviser will reduce the Fund to cash in preparation for the Liquidation Date. Proceeds of the liquidation of the Fund are expected to be distributed to shareholders in cash. The liquidation proceeds are expected to be distributed promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
Please retain this Supplement with your records for future reference.

This live StockCharts shows all of the major averages (max 5). Default to post is 1 yr, but change timeframe to YTD and click Update. I could also post screenshot if there is some issue.
https://stockcharts.com/h-perf/ui?s=$INDU&compare=$COMPQ,$SPX,$TRAN,IWM&id=p93462951093

I admit I am cynical about the goals of the CEOs of corporate America, but there are lots of small efforts that make a huge difference if focused. Look at "Judd at Popular Information"
Impressive results from Green Century.
Also interesting and impressive is "Engine No 1" a hedge fund that manages ETFs focused on "decarbonization" NETZ and influencing better practices among SP500 companies VOTE
They are the group that got three activists on the board of Exxon to force Exxon to deal with climate change, and are now working to stop methane leaks.

https://www.ytdreturn.com/on-s-p-500/
Above link is a handy reference showing *total return* for various indexes. S@P still ahead for the year by 4.36%. Russell 2000 and NASDAQ 100 still comfortably ahead. Dow barely positive. Recent declines in stocks and bonds have severely shaken the confidence of the bulls.