https://www.sec.gov/Archives/edgar/data/822977/000119312520248949/d90165d497.htm
497 1 d90165d497.htm GOLDMAN SACHS TRUST
GOLDMAN SACHS TRUST
Goldman Sachs International Equity Insights Funds
Class A, Class C, Institutional, Investor, Class P and Class R6 Shares of the
Goldman Sachs International Small Cap Insights Fund (the “Fund”)
Supplement dated September 18, 2020 to the
Prospectuses, Summary Prospectuses and Statement of Additional Information (“SAI”),
each dated February 28, 2020, as supplemented to date
Effective October 19, 2020, the Fund will reopen for investment by new investors for such period as Goldman Sachs Trust and Goldman Sachs & Co. LLC deems appropriate based on various considerations, including the Fund’s capacity. Exchanges into the Fund from other Goldman Sachs Funds will also be permitted. Goldman Sachs Trust and Goldman Sachs & Co. LLC reserve the right to close the Fund without prior notice.
This Supplement should be retained with your Prospectuses, Summary Prospectuses and SAI for future reference.
INTINS3OPSSTK 09-20

@davidrmoran, MNWAX, a very conservative L/S fund. My expectations are 3-5% per year from it so that is why I'm referring to it as a bond alternative. Seems to have low correlation to equity and bonds. I first saw this in one of David's commentaries on top 25% list for LS funds. Not for everyone I'm sure.

CDs (3.0 to 3.55% APY rolling off in ~3.5 years), 77%
on line savings, 5%, currently paying 0.60% APY
Dominion DERI account, 6%, currently paying 1.75% APY
IQDAX, Infinity Q, 5%
FPFIX, FPA Flexible Income Fund, 2%
ROSOX, Rondure Overseas Fund, 2%
AKREX, AKRE Focus Fund, 1%, phasing out aggressively
TGUNX, TCW Premier New America, 1%, phasing in during down days, will take this up to ~5% of portfolio
AWK, American Water, 1%
Obviously very conservative, current portfolio supports lifestyle/expenses, me thinks current market is a complete farce due to gov't intervention/manipulation and that within 5 years we will all be "investing" in sports gambling thru our phones to fund our retirement
Do own two homes clear, likely going to sell home in high tax, mis managed Illinois within a year or two, maybe much sooner and move to other home in the mountains of NC
Younger wife still working, good salary, me...not sure if I'm retired or not, not working, not looking but kind of miss the corporate battles but then during a nice day hiking or on the beach don't miss it at all, I'm in my late 50s
Posting for entertainment purposes only.
Good Luck, Good Health to all, go Vote as you see fit,
Baseball_Fan

John Dessauer’s market review and update as of Wednesday September 23, 2020
The political bias is frightening. Voters need factual information to guide them when they vote.
The median household income for Americans grew at a 6.8% rate last year, the largest annual increase on record. In dollar terms, U.S. household income rose $4,379 last year to $68,709. This is nearly 50% more that during the eight years of Barack Obama’s Presidency. Obviously, that is what so many in the media don’t want you to know. Whether you like President Trump or not, his policies work, meaning benefit almost all Americans. Minorities did especially well. Median household incomes increased 7.1% for Hispanics, 7.9% for Blacks and 10.6% for Asians. That compares with a 5.7% increase for whites.
Income inequality, a big political issue, also declined in 2019. The bottom quintile’s share of income grew 2.4%, with many lower earners rising into the middle class.
“These income gains weren’t magical. Policy changes mattered. The Obama Administration’s obsession with income redistribution and regulation retarded business investment and economic growth.
https://johndessauerinvestments.com/weekly-hotline

https://www.sec.gov/Archives/edgar/data/788606/000168386320013403/f6980d1.htm
497 1 f6980d1.htm VANGUARD PENNSYLVANIA MUNICIPAL MONEY MARKET 497
Vanguard Pennsylvania Municipal Money Market Fund
Supplement to the Prospectus and Summary Prospectus Dated March 27, 2020
Important Changes to Vanguard Pennsylvania Municipal Money Market Fund
On September 24, 2020, the board of trustees for Vanguard Pennsylvania Municipal Money Market Fund (the Fund) approved a proposal to liquidate and dissolve the Fund on or about November 24, 2020 (the liquidation date). In anticipation of the liquidation and dissolution, the Fund will be closed to new investors at the start of business on September 25, 2020, and will be closed to new investments at the start of business on November 5, 2020.
On the liquidation date, the Fund will redeem all of its outstanding shares at the net asset value of such shares. On this same date, all outstanding shares of the Fund will be canceled and the Fund will cease operations as a mutual fund.
In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches.
Prior to the liquidation date, the Fund will declare and pay its shareholders of record one or more dividends, other distributions of its investment company taxable income, if any, and/or net realized capital gains.
The liquidation and dissolution is not expected to result in income tax liability for the Fund. The Fund may pay more than one liquidating distribution in more than one installment. Distribution of liquidation proceeds, if any, to Fund shareholders may result in a taxable event for shareholders, depending on their individual circumstances. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
© 2020 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.

https://www.sec.gov/Archives/edgar/data/821404/000168386320013400/f6985d1.htm
497 1 f6985d1.htm NEW JERSEY MUNICIPAL MONEY MARKET FUND
Vanguard New Jersey Municipal Money Market Fund
Supplement to the Prospectus and Summary Prospectus Dated March 27, 2020
Important Changes to Vanguard New Jersey Municipal Money Market Fund
On September 24, 2020, the board of trustees for Vanguard New Jersey Municipal Money Market Fund (the Fund) approved a proposal to liquidate and dissolve the Fund on or about November 24, 2020 (the liquidation date). In anticipation of the liquidation and dissolution, the Fund will be closed to new investors at the start of business on September 25, 2020, and will be closed to new investments at the start of business on November 5, 2020.
On the liquidation date, the Fund will redeem all of its outstanding shares at the net asset value of such shares. On this same date, all outstanding shares of the Fund will be canceled and the Fund will cease operations as a mutual fund.
In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches.
Prior to the liquidation date, the Fund will declare and pay its shareholders of record one or more dividends, other distributions of its investment company taxable income, if any, and/or net realized capital gains.
The liquidation and dissolution is not expected to result in income tax liability for the Fund. The Fund may pay more than one liquidating distribution in more than one installment. Distribution of liquidation proceeds, if any, to Fund shareholders may result in a taxable event for shareholders, depending on their individual circumstances. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
© 2020 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor. PS 014A 092020
Vanguard Pennsylvania Municipal Money Market Fund
Vanguard New Jersey Municipal Money Market Fund
Supplement to the Statement of Additional Information Dated March 27, 2020
Important Changes to Vanguard Pennsylvania Municipal Money Market Fund and Vanguard New Jersey Municipal Money Market Fund
On September 24, 2020, the board of trustees for each of the Vanguard Pennsylvania Municipal Money Market Fund and the Vanguard New Jersey Municipal Money Market Fund (the Funds) approved a proposal to liquidate and dissolve the Funds on or about November 24, 2020 (the liquidation date). In anticipation of the liquidation and dissolution, the Funds will be closed to new investors at the start of business on September 25, 2020, and will be closed to new investments at the start of business on November 5, 2020.
On the liquidation date, each Fund will redeem all of its outstanding shares at the net asset value of such shares. On this same date, all outstanding shares of each Fund will be canceled and each Fund will cease operations as a mutual fund.
In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, each Fund may deviate from its investment objective and strategies as the liquidation date approaches.
Prior to the liquidation date, the Fund will declare and pay its shareholders of record one or more dividends, other distributions of its investment company taxable income, if any, and/or net realized capital gains.
The liquidation and dissolution is not expected to result in income tax liability for either Fund. Each Fund may pay more than one liquidating distribution in more than one installment. Distribution of liquidation proceeds, if any, to Fund shareholders may result in a taxable event for shareholders, depending on their individual circumstances. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
© 2020 The Vanguard Group, Inc. All rights reserved.

VanEck just informed shareholders of recent changes in the M* Wide Moat Focus Index. Stocks labeled as "value" now comprise 55.8% of the index, the highest ever allocation to value in its history. I have owned MOAT through thick and thin ever since it debuted and I consider it a core holding. The ETF seeks to replicate the performance of the index. Performance is entirely satisfying to me.
https://mail.google.com/mail/u/0/#inbox/FMfcgxwJXxwWrRBZCrbmmbtwtQkHjBSH

Maybe value will have its day in the sun.

I've been hoping that for the last 5 years...I've never been so wrong!

I’m not sure what value, if any, this has for others, since they are unaware of the other holdings, how the portfolio is constructed or the age and other circumstances of the individual. To wit: A newly married 25 year old male might invest completely differently from an 80 year old widow. Neither would be “wrong.” Just entirely different circumstances.

Good point Hank! I was primarily looking for investment ideas for all to consider. (For instance, I like the idea the first 2 you listed). I had thought about phrasing it as something like *what funds do you have the most confidence in.*. Which would not necessarily be your largest holdings. C’est la vie.

Sure I can sell shares but there are no guaranties that I will always be selling them at an advantage.
Whether you sell or not, that's effectively what's happening when a fund pays a dividend. Generally when funds receive dividends and interest from their underlying stocks and bonds they plow that money back into their portfolios. They don't hold that money as cash for their next periodic (e.g. quarterly) dividend payment.
They may gradually build up cash near the end of the quarter (for quarterly divs), but that's still basically selling off holdings for cash. There's no guarantee that they are raising cash when their holdings are richly priced. Just as you wrote.
There are a very few exceptions, a handful of archaic ETFs structured as unit investment trusts. By law, UITs do not reinvest their interest and dividends when received, but hold that money as cash to pay all dividends. This creates a cash drag.
Ironically, both SPY and QQQ are UITs. So unlike the vast majority of funds, they never have to sell their holdings to pay their dividends. You may get slightly more stability, but on average it's a loser. This is one reason why I prefer VFIAX (better performance than SPY without a cash drag).

1. PRPFX
2. TMSRX
3. DODLX
4. DODBX
5. PBDIX
6. RPGAX
The two largest holdings (top) exceed 10%.
I’m not sure what value, if any, this has for others, since they are unaware of the other holdings, how the portfolio is constructed or the age and other circumstances of the individual. To wit: A newly married 25 year old male might invest completely differently from an 80 year old widow. Neither would be “wrong.” Just entirely different circumstances.

@FD1000 - How do you know that everyone else isn't investing for TR as well using their dividends as just one piece of the equation? What if they aren't comfortable or knowledgeable enough to be trading in and out of positions? Or simply don't have the time? It doesn't necessarily have to be all or nothing you know. Their are infinite ways to climb the mountain.

It's TR first and yield second. 6.5% TR difference is pretty substantial to be worried about 2% yield. The other variable is catching all parts of the market in SPY.

https://www.sec.gov/Archives/edgar/data/945908/000137949120004667/filing712.htm
Fidelity Growth Opportunities ETF
Fidelity Magellan® ETF
Fidelity Real Estate Investment ETF
Fidelity Small-Mid Cap Opportunities ETF

Long discussion from the guys that run the equity sleeve at VWINX and part of the portfolio at VEIRX.
Corrected thanks to @Sven.

Dalio:What’s going on is an economic downturn together with a large wealth gap and the rising power of China challenging the existing power of the United States.

The world is more global which means efficiency. If you are educated in STEM you are likely to make more no matter what country. American capitalism always took it to the extreme and high tech founders got very rich. I agree but I don’t know how to solve it. In the 80” CEOs were making about 30 times their average employees and now they make 250-300 times. These top managers are part of the board of directors and help each other without shame. This is why Toyota upper managers make much less than GM,Ford,Chrysler while Toyota is a better and more profitable.
Raising taxes by a lot on the rich will not solve the big problems, see Europe.
China is the big offender stealing secrets from the west. Let me know if you have a great solution.
BTW Dalio, in order to close the gap why not send billions to the IRS, after all, government know how to spend money very wisely.

Dalio:It’s a fact that there has been a weakening of the competitive advantages of the United States over the last couple of decades. For example, the United States lost a lot of the education advantage relative to other countries, our share of world GDP is reduced, the wealth gap has increased which has contributed to our political and social polarization

The world got smarter and many learned it here in the US where you can find great Master and PHD degrees but our elementary+high school deteriorated. It's time to take the power from the teachers' union, pay better teachers more, fire the bad ones and open other competing schools and let the parents decide.
Another idea is to encourage technical skills such as welding, AC, mechanics where you can get paid pretty well without a university degree.
To encourage more technical skills universities should charge lower tuition for STEM.

Dalio:But we haven’t lost all of our competitive advantages. For example in innovation and technology, the United States is still the strongest, but China is coming on very strong and at existing rates will surpass the United States. Militarily, the U.S. is stronger but China also has come on very strong and is probably stronger in the waters close to China that include Taiwan and other disputed areas. Finances for both countries are challenging, but for the U.S. more so.
….If the U.S. loses that ability and it doesn’t force itself to be more productive, one day it will lose that ability to borrow and then will have to cut spending, which is painful.

Again Dalio, I’m looking for great solutions, we already know the problems. One example: US companies are very productive, the first thing companies do is cut their employees + move jobs overseas, that increase profits and their salary and bonus. Let me know the solution.

Curiously, I ran across this family in looking at SCG funds that market themselves as value funds. That came up in another thread.
Comparing Virtus KAR Small-Cap Value Fund's (PQSAX) prospectus with this one shows how worthless stated strategies often are. These two are cut from the same boilerplate. Below are the lead paragraphs in their respective Principal Investment Strategies section.
The main difference is only in market cap (small/mid vs. small). Both this "growth" fund and the other "value" fund say they invest in companies believed to be "undervalued" relative to their "growth" potential. I've tried to highlight the market cap differences between the two funds.
Small-Mid Cap Growth Fund
The fund seeks long-term capital appreciation by investing in small- and mid-capitalization stocks with lower overall risk characteristics. The fund invests in a select group of small- and mid-market capitalization companies believed to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and American Depositary Receipts.
Small-Cap Value Fund
The fund pursues long-term capital appreciation in the small market capitalization sector while seeking to incur less risk than the small capitalization value market. The fund invests in a select group of small market capitalization believed by the fund’s subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and depositary receipts.companies.
Small Cap Value prospectus (and prospectus for the family's other funds):
https://www.sec.gov/Archives/edgar/data/34273/000110465920006713/tv536302_485bpos.htm

QQQ pays much lower than SPY
10 year average annually...SPY 13.5%...QQQ 20%.
I only believe in TR(TOTAL RETURNS) which includes all parts.
Even as a retiree I still look at TR because I can always sell something when I need cash.

Hi @hank
Note: msf posted while I was writing this; but I'll keep my write in place.

normally pegged at $5.00 But has managed somehow to creep all the way up to $5.09

TRBUX started life in 2012 with a NAV of $4.50. There is no normal NAV peg with a bond fund, eh?; only that some NAV's may remain in a tighter NAV range, which would likely be the case with the shortest of duration.
During the credit lock up period of March, this fund's NAV moved to $4.80.
'Course, if one wants to ride a wide pony in bonds, there is always ZROZ (long duration zero coupon bonds). In the month of March, the ride in two weeks was from a NAV high of $188 through a NAV low of $148..........a 21% swing.
On the other hand, since inception in late 2009; the annualized 10 year return of ZROZ is 11%. Not unlike equity, one must pay attention with this etf; unless one chooses a buy and hold position to be maintained.
Take care,
Catch

Self managed:
PRWCX
MNWAX
ARTYX
VLAAX
AKREX
TMSRX
In that order.
Edit: Just to add, the top 6 is about 50% of my total self managed account.