I am overweight CD’s and loving it. As an older middle aged dude it’s great not to think of the next 50% correction. The only thing I worry about is when to go out longer to lock in a living, risk free return. I think that life is cool at 5.5% and I have no FOMO at all.

Yep, I am also weighing my options of at least devoting part of my portfolio for longer CDs--maybe 2 or 3 year CDs. 2 year CDs have been the longest I have previously invested in, but with 3 year CDs over 5% now, it at least deserves some consideration. With my taxable account, I prefer limiting my CD terms to shorter options of 6 months to a yearfor liquidity purposes, but with my traditional IRA CDs, I am looking closely at longer terms. A 3 year laddering approach looks interesting to me in my IRA account.
For most of my retirement years, I had a target objective of 4 to 6% TR, using low risk bond oefs. It is a little strange to be able to get that so easily with CDs these days.

Madison Funds:
https://madisonfunds.com/resources/tax-center/
MainStay Funds:
https://www.newyorklifeinvestments.com/assets/documents/tax/cap-gains-estimate.pdf
Mairs and Power Funds:
https://www.mairsandpower.com/about-us/company-news/236-estimated-2023-capital-gains-and-dividends
Marisco Funds:
https://www.marsicofunds.com/investor-resources/content/distributions.fs
Matthews Asia Funds and ETFs:
https://us.matthewsasia.com/resources/distributions-tax/distribution-dates/
Meridian Funds:
https://www.arrowmarkpartners.com/wp-content/uploads/2023-Estimated-Distributions-Meridian-Funds-093023.pdf
MetWest Funds:
https://www.tcw.com/-/media/Downloads/com/Products/US-Funds/MetWest-Funds/Distribution-and-Tax-Information/MWFUNDsb-Estimates.pdf?rev=0fcc57ca2ea6486c9b562874c4687b01&sc_lang=en&hash=DBBBE57DD88C2F1638C71249410F1D6F
MFS Funds:
https://www.mfs.com/content/dam/mfs-enterprise/mfscom/backlot/mfs_cg_fly.pdf
Miller Family of Funds:
https://www.millerfamilyoffunds.com/wp-content/uploads/2023/10/Miller-Funds-Distribution-2023-Capital-Gains-NLD-Approved.pdf
Mondrian Funds:
https://www.mondrian.com/wp-content/uploads/2023/10/MIP-2023-Capital-Gains-Estimates.pdf
Monetta Funds:
https://monetta.com/dividend-distributions/
Morgan Stanley Funds:
https://www.morganstanley.com/im/publication/forms/tax/2023_estimated_year_end_distributions.pdf?1698627686410
Muhlenkamp Fund:
https://muhlenkamp.com/muhlx/distributions/
Muzinich Funds:
https://www.muzinichusfunds.com/docs/Capital-Gains-2023-DRAFT.pdf
Nationwide Funds:
https://nationwidefinancial.com/media/pdf/MFN-0435AO.pdf?_ga=2.26369085.1879655311.1698701773-68082289.1697814812&_gl=1*vmxaz4*_ga*NjgwODIyODkuMTY5NzgxNDgxMg..*_ga_GLJSQEPWL4*MTY5ODcwMTc3Mi4zLjAuMTY5ODcwMTc4MS41MS4wLjA.
Natixis Funds:
https://www.im.natixis.com/us/year-end-distribution-estimates
Navigator Funds:
https://navigatorfunds.com/capital-gains-2023/
Needham Funds (see middle of page for "Distributions"):
https://www.needhamfunds.com/mutual-funds/small-cap-growth-fund/
https://www.needhamfunds.com/mutual-funds/aggressive-growth-fund/
https://www.needhamfunds.com/mutual-funds/growth-fund/
Neuberger Berman Funds:
https://www.nb.com/handlers/documents.ashx?id=0754c012-575e-4460-b242-fa7500c7e1c5&name=2023 Distribution Estimates - Alternative Funds
https://www.nb.com/handlers/documents.ashx?id=d6aa8574-01c5-4990-a5f8-fe729032d6e2&name=2023 Distribution Estimates - Equity Funds
https://www.nb.com/handlers/documents.ashx?id=1519aa8e-9994-496b-8326-58dcc6fbec8c&name=2023 Distribution Estimates - ETF Funds
https://www.nb.com/handlers/documents.ashx?id=c8374b0b-8ba3-4901-a649-d5742de35337&name=2023 Distribution Estimates - Income Funds
Nicholas Funds (new):
https://www.nicholasfunds.com/Distribution-Information/2023-Distribution-Calendar.htm
North Star Funds:
https://nsinvestfunds.com/north-star-small-cap-value-fund-2023-capital-gains-distributions/
Northern Trust Funds:
https://www.northerntrust.com/content/dam/northerntrust/pws/nt/documents/white-papers/mutual-funds/individual/capital-gain-distributions-2023.pdf
Nuance Funds:
https://nuanceinvestments.com/mutual-fund-news/
Nuveen Funds:
https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=3c3be13d-d800-48e2-a537-c251162ab9f4
Nuveen TIAA-CREF retail:
https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=515c837a-4ef2-40d8-82bc-e1262fa46236
Nuveen TIAA-CREF retirement:
https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=5d983c27-f884-4d28-84e9-0c351c6b3c99
Nuveen TIAA-CREF premier:
https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=ec0496c5-dfbf-4049-b8c5-793687ef2445
Nuveen TIAA-CREF institutional:
https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=ba50839f-bfff-4f38-b947-bc44c28dc8f4
Nuveen TIAA-CREF (W):
https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=e7d4a114-d60d-400e-b429-354e0bb13537
Nuveen TIAA-CREF advisor:
https://documents.nuveen.com/Documents/Nuveen/Default.aspx?uniqueId=8e0484b8-cb12-4a4d-9d73-86967f57b5f9

https://www.sec.gov/Archives/edgar/data/1545440/000158064223004946/smcapgrowth497.htm
September 15, 2023
WESTWOOD SMALLCAP GROWTH FUND
TICKER SYMBOL: WSCIX
A Series of Ultimus Managers Trust
Supplement to the Prospectus, Summary Prospectus and
Statement of Additional Information, each dated February 28, 2023,
as supplemented on September 6, 2023
Effective immediately, Westwood SmallCap Growth Fund (the “Fund”), a series of Ultimus Managers Trust (the “Trust”), has terminated the public offering of its shares and will discontinue its operations effective October 20, 2023. Shares of the Fund are no longer available for purchase and, at the close of business on October 20, 2023, all outstanding shares of the Fund will be redeemed at net asset value (the “Transaction”).
The Board of Trustees of the Trust (the “Board”), in consultation with the Fund’s investment adviser, Westwood Management Corp. (the “Adviser”), determined and approved by Written Consent of the Board on September 14, 2023 (the “Written Consent”) to discontinue the Fund’s operations based on, among other factors, the Adviser’s belief that it would be in the best interests of the Fund and its shareholders to discontinue the Fund’s operations. Through the date of the Transaction, the Adviser will continue to waive investment advisory fees and reimburse expenses of the Fund, if necessary, in order to maintain the Fund at its current expense limit, as specified in the Fund’s Prospectus and Summary Prospectus.
Through the Written Consent, the Board directed that: (i) all of the Fund’s portfolio securities be liquidated in an orderly manner not later than October 20, 2023; and (ii) all outstanding shareholder accounts on October 20, 2023 be closed and the proceeds of each account, less any required withholding, be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing accounts. As a result of the Transaction, the Fund’s portfolio holdings will be reduced to cash or cash equivalents. Accordingly, going forward, shareholders should not expect the Fund to achieve its stated investment objective.
Shareholders may redeem all or a portion of their shares of the Fund on any business day prior to the Transaction as specified in the Fund’s Prospectus.
The Transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns. In addition, shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. In order to avoid a potential tax issue, shareholders generally have 60 days from the date that proceeds are received to re-invest or “rollover” the proceeds into another IRA or qualified retirement account; otherwise the proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
If you have any questions regarding the Fund or the Transaction, please call the Fund toll free at 1-877-FUND-WHG (1-877-386-3944).
Investors Should Retain this Supplement for Future Reference.

“100k is not meaningful to change someone’s life”. I am sure all of us here disagree but that money could pay for life saving medical treatment,,,, put your kid thru four years at a decent enough state school, free a family from debt,, have a down payment and closing costs on a house in some places. Start a retirement account for a young person that will grow over the next 40 years. We all know this with the exception of one person here so I thought I might give him a few reasons why he is so wrong.

CDs at Schwab Brokerage are slowly seeing ongoing rate increases--some short term CDs are now at 5.6s, with most inching up above 5.4%. It is very encouraging for me personally, and anytime I get a "spare" $100k, it appears I will have some very attractive retirement options to consider. I do see some positives in a few bond oefs that I follow, but I am not quite ready to shift away from CD options for now.

I read this thread as NOT a general question about investing, but just a very individual question, that each investor will answer for any reason they choose. I hope it does not regress into which decision is "better", or which is likely to make the most money. I don't personally care to take the risk to "potentially" make the most money, and the best decision for me, is to preserve principal, make a respectable total return, so I can enjoy my retirement with minimal stress.

Well, again, it depends on someone's age, goals, and risk.
I know the following several investors
1) 90+% in Munis: This guy sold his company in the 90s for several million and since then he is in 90+% muni, the rest in stocks.
2) 90+% in CD: This guy has "only" one million
3) 85% in stocks: This guy has over 10 million and has been invested like this for decades and is now at retirement.
4) This guy shorted the market, but only at 2-3%.
5) This couple in their 80s invested it all in stocks since retirement in their early 60s. Why? because their pension + SS is over $25K per month.
6) Several investors in their 30s are all at high% in stocks
As you can see numbers 3,5 and 6 are invested highly in stocks but are different. Each of the above has a unique case.
Without the right context(age, goals, and risk), you can't learn much in depth. Even that isn't enough. Suppose someone says, I like treasuries right now. Well, what % do you own? is it 5% or 20%? The % you committed to anything you posted you own makes a difference.
$100K out of 10 mill is only 1%. I doubt this investor would make any significant change to her portfolio. A $100K to someone without saving matters a lot more than the 10 mill.
Lastly, when I read dtconroe's post I got the context pretty well.

Doesn't really matter at all how it affects anything. It is HOW YOU WOULD invest it. If I had $10m I would go buy something nice.
C'mon FD....you never once said how YOU would invest it.

I trade only bond funds because of their persistency of trend combined with their lack of volatility. There are exceptions, but since 2000 there has always been a bond category that has beaten the S@P annually. Of course those exceptions are pretty glaring ala 2013, 2017, 2019, 2021, and so far this year. So with an extra $100,000 would just add it to the bond category that is far ahead of the bond pack this year. That would be bank loans/floating rate which I have mentioned previously, Some are already ahead double digits YTD. Aside of March they have been as steady a trender as you could want. They are massively overbought, ripe for a correction, and with fears of rising defaults. But, ( and I have to continually remind myself of this) overbought in Bondland can stay overbought for long periods of time. Then again, this wouldn’t be an investment just a trade. Investment is a foreign term to me. I think the only time I was ever in a position since the 1990s for more than four to six months was in IOFIX in 2020/2021.

Junkster, you are the most prominent trader on these forums. I find it very interesting to see what you are trading, but I know I don't have the skill set to "successfully" trade and risk my lifetime retirement accumulations, trying to emulate your investing approach.

Well, again, it depends on someone's age, goals, and risk.
I know the following several investors
1) 90+% in Munis: This guy sold his company in the 90s for several million and since then he is in 90+% muni, the rest in stocks.
2) 90+% in CD: This guy has "only" one million
3) 85% in stocks: This guy has over 10 million and has been invested like this for decades and is now at retirement.
4) This guy shorted the market, but only at 2-3%.
5) This couple in their 80s invested it all in stocks since retirement in their early 60s. Why? because their pension + SS is over $25K per month.
6) Several investors in their 30s are all at high% in stocks
As you can see numbers 3,5 and 6 are invested highly in stocks but are different. Each of the above has a unique case.
Without the right context(age, goals, and risk), you can't learn much in depth. Even that isn't enough. Suppose someone says, I like treasuries right now. Well, what % do you own? is it 5% or 20%? The % you committed to anything you posted you own makes a difference.
$100K out of 10 mill is only 1%. I doubt this investor would make any significant change to her portfolio. A $100K to someone without saving matters a lot more than the 10 mill.
Lastly, when I read dtconroe's post I got the context pretty well.

Of course, so much depends on one's financial situation, proximity to retirement, etc.
That said, here's one idea.
$20k - Treasuries or LCORX.
$25k - Fine Swiss timepieces (2-3 from the IWC, Breguet, Piaget, DeBethune families)
$20k - VGWLX
$20k - PRWCX / FPACX
$15k - FMIMX
Wear the watches now. At least one of the watches should be an IWC Portugieser. Fun to wear, and will always have a market.

@Sma3
I included a Figure #1 in the August 2022 issue that calculated Federal Taxes Plus Medicare Premiums + the Net Investment Income Tax. The spreadsheet was easy for my particular circumstances. My intent was to estimate the optimum Roth Conversion.
https://www.mutualfundobserver.com/2022/08/retirement-planning-in-the-shadow-a-recession/
I started to update the spreadsheet to be more generic, but as @msf said,

The complexity of this surcharge alone illustrates why building a spreadsheet that handles the short term effects of one rule is difficult, let alone a spreadsheet showing long term effects or the interplay between different rules.

Here is a document describing how to calculate how much of Social Security Benefits are taxable:
https://www.irs.gov/pub/irs-pdf/p915.pdf
Here is an article describing how IRA withdrawals may impact the NIIT.
https://www.kitces.com/blog/how-ira-withdrawals-in-the-crossover-zone-can-trigger-the-3-8-medicare-surtax-on-net-investment-income/
Here are the Medicare Premium rates:
https://www.medicare.gov/Pubs/pdf/11579-Medicare-Costs.pdf
As I started to update my spreadsheet to be more generic, it became complex. What I decided was to look for a spreadsheet much like you are looking for. What I found is a Spreadsheet that contains templates needed to complete the 1040 and follow the instructions in the 915 document. I downloaded the spreadsheet and it is comprehensive, although most is not relevant to me:
https://sites.google.com/view/incometaxspreadsheet/home/download
One note is that the spreadsheet only has 15 formulas. It uses several hundred named ranges and it will be helpful but perhaps not necessary to know how these work. The spreadsheet is protected so you can't modify the existing formulas, but you can add a sheet and write new formulas.
My approach will be to replicate my latest taxes to get familiar with the forms and then update it for this year. The final step will be to add in a sheet on Medicare Premiums. I can then play what if scenarios.
Cheers,
Lynn

Lots to comment on here.
- RMDs now begin at age 73, giving an extra "golden year".
- Several states give capped exclusions for retirement income including conversions; this is a consideration in deciding whether to exhaust the Trad IRA (via conversions) or spread out conversions & withdrawals past age 73 to benefit from lower (state) taxes.
https://rpea.org/resources/retirement-information/pension-tax-by-state/
(See, e.g. Arkansas and Colorado; there are others.)
- Couples are often (usually?) not the same age. So a couple may be assessed a single IRMAA surcharge (if only one person is on Medicare) while still getting the benefit of broader (couple) tax brackets. This effectively halves the impact of IRMAA.
For example, in the first IRMAA bracket, a couple (same age) would pay $1874 more, while being able to increase income by $52K before crossing into the next bracket. That's an effective surcharge rate of 1874/52,000 = 3.6%.
Similarly, a single would pay half as much IRMAA, while being able to add only half as much income before reaching the next IRMAA level, so the single would also have an effective surcharge rate of 3.6%. But a couple with one IRMAA would pay just $1874 more while being able to add $52K of income, for an effective surcharge rate half as much, "just" 1.8%.
- RMDs aren't necessarily subject to tax. They can be used for QCDs. If the T-IRA balance is low enough that RMD does not exceed cash needs plus intended charitable contributions, there is less value in converting more (especially if the additional amount pushes income into a higher tax bracket).
- Cash flow is a limiting factor, though the broader constraint is the amount of cash available, regardless of whether it comes from income or taxable account assets. The object of the game, so to speak, is to move everything into tax-sheltered accounts.
Once taxable assets are consumed, there is less value in doing further conversions.
Optimizing a Roth Conversion probably means converting as much as possible because the IRMAA decreases above $750,000 and the federal tax rates increase by small increments above $340,100
It is true that taking a big IRMAA hit one year is better than taking smaller IRMAA hits in multiple years, all else being equal. The problem is that converting more in higher brackets can subject that conversion income to taxes (aside from IRMAA) that are much higher than they would be if spread out over multiple years.
It may be better to convert a little bit each year even before the "golden years", and then increase the conversion amounts as income drops in retirement. This is especially true if one is comparing small conversions at one's working year tax rate with a one-time conversion getting taxed at an even higher rate.
IOW, it can be rather painful to take a one-time hit in a 32%-37% bracket, especially compared with paying taxes at 22%-24% for several years of conversions (whether while working or in retirement).

The time between retirement and taking Required Minimum Distributions (Age 72) is often called the "Golden Years" because income for retirees is lower than in the future. Deferring Social Security increases this effect. Federal Taxes cuts in 2017 are set to expire in 2026 which means taxes are likely to be a little higher in the future increasing the benefit of a Roth Conversion.
Below are the Income Adjustments (2023) based on the Modified Adjusted Income including tax exempt income for Medicare known as IRMAA. Couple is calculated on an annual basis. Note that if one's MAGI crosses the $194,000 threshold, IRMAA for a couple goes up by $1,874 for a couple for that year. Crossing the $306,000 and $366,000 thresholds increases a couple's IRMAA by $5,669 for the year.
Part B Part D
Individual Individual Couple Incremental
0 $164.90 $ 0.00 $ 3,958
194,000 $230.80 $12.20 $ 5,832 $1,874
246,000 $329.80 $31.50 $ 8,671 $2,839
306,000 $428.60 $50.70 $11,503 $2,832
366,000 $527.50 $70.00 $14,340 $2,837
750,000 $560.50 $76.40 $15,286 $ 946
Below are the Federal Tax thresholds (2023). There is a jump from 24% to 32% by crossing the $340,100 threshold.
Lower Upper Marginal
$ 0 $ 20,550 10%
$ 20,550 $ 83,550 12%
$ 83,550 $178,150 22%
$178,150 $340,100 24%
$340,100 $431,900 32%
$431,900 $647,850 35%
$647,850 + 37%
Optimizing a Roth Conversion probably means converting as much as possible because the IRMAA decreases above $750,000 and the federal tax rates increase by small increments above $340,100. However, when you take into account the additional taxes that have to be paid for both Federal Taxes and IRMAA it becomes more of a cash flow constraint. As a recent retiree, I have three years before Federal Tax rates sunset, and four years until reaching 72. This three-to-four-year window is the optimum time to do Roth Conversions. Using municipal bonds, tax-efficient accounts, tax loss harvesting, and deferring Social Security are useful methods for targeting Federal and Medicare thresholds.

Stable-Value (SV) Rates, 9/1/23
TIAA Traditional Annuity (Accumulation) Rates
No changes.
Restricted RC 6.75%, RA 6.50%
Flexible RCP 6.00%, SRA 5.75%, Newer IRAs 5.20%
TSP G Fund hasn't updated yet (previous monthly rate was 4.125%).
Edit/Add, 9/2/23. September rate is 4.25%.
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/1161/thread

A real story: in 2000, 2 retirees from GE and Lucent came to work on my team just for another 3-4 years.
Both invested all/most of their money in their company stocks. The GE guy had about $360K in GE stock and the Lucent guy had about $300K. The market started going down and they started losing a lot of money, I begged them to sell but they didn't.
The GE kept saying that GE is diversified and the other guy couldn't believe it will go longer.
The Lucent guy lost everything. The GE guy lost a lot too. 10 years later they still worked and postponed their retirement. GE lost about 60% from 2000 to 2010(https://schrts.co/HEVxxEdE)

https://www.sec.gov/Archives/edgar/data/1359057/000089418923005902/vertetfconversion497e.htm
Filed pursuant to Rule 497(e)
Registration Nos. 333-133691; 811-21897
VERT GLOBAL SUSTAINABLE REAL ESTATE FUND
a series of Manager Directed Portfolios (the “Trust”)
Supplement dated August 21, 2023 to the
Summary Prospectus, Prospectus, and Statement of Additional Information
dated October 31, 2022, as supplemented
At a meeting held on August 17, 2023, the Board of Trustees (the “Board”) of the Trust approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”) which provides for the conversion of the Vert Global Sustainable Real Estate Fund (the “Fund”), a mutual fund series of the Trust, from a mutual fund to an exchange-traded fund (an “ETF”) through the reorganization of the Fund into the Vert Global Sustainable Real Estate ETF (the “Acquiring Fund”), a newly-created ETF series of the Trust (the “Reorganization”). Because applicable legal requirements do not require shareholder approval of the Reorganization and the Board has determined that the Reorganization is in the best interests of the Fund and the Acquiring Fund, shareholders of the Fund are not being asked to vote on the Reorganization.
Vert Asset Management, LLC (“Vert”), the Fund’s investment adviser, recommended the Reorganization to the Board and has agreed to assume all of the costs of the Reorganization. Vert believes the Reorganization will provide numerous benefits to Fund shareholders, including lower expenses, enhanced investor and financial intermediary access to the Fund as an ETF and the potential for greater tax efficiency. The Reorganization is expected to occur in the fourth quarter of 2023.
A combined Form N-14 information statement/prospectus (the “Information Statement”) providing information on the Reorganization, and including the Plan of Reorganization, is anticipated to be mailed to shareholders of the Fund during the fourth quarter of 2023. Under the Plan of Reorganization, shareholders of the Fund will receive shares of the Acquiring Fund having the same aggregate net asset value as the shares of the Fund they hold on the date of the Reorganization. The Reorganization is expected to be treated as a tax-free reorganization for federal income tax purposes. Shares of the Acquiring Fund are not issued in fractional shares. As a result, some shareholders who hold fractional shares of the Fund may have such fractional shares redeemed at NAV immediately prior to the Reorganization resulting in a small cash payment, which may be taxable.
Prior to the Reorganization, Vert and Dimensional Fund Advisors Fund Advisors LP (“DFA”), the Fund’s investment sub-adviser, will continue to manage the Fund in accordance with the Fund’s investment objective and principal investment strategies. After the Reorganization, Vert will serve as investment adviser for the Acquiring Fund and DFA will serve as investment sub-adviser for the Acquiring Fund. Mr. Samuel Adams, of Vert, is a portfolio manager for the Fund and will serve as a portfolio manager for the Acquiring Fund. Mr. Jed S. Fogdall, Mr. Allen Pu, and Mr. William Collins-Dean, each of DFA, are currently responsible for providing portfolio management and trading services for the Fund with respect to securities identified as eligible for the Fund by Vert, and will provide the same portfolio management services to the Acquiring Fund. Joseph F. Hohn, also of DFA, is not currently a portfolio manager of the Fund but will be added as a portfolio manager of the Acquiring Fund.
The Acquiring Fund will have the same investment objective and fundamental investment policies as the Fund nearly identical investment strategies and substantially similar risks as the Fund, all as set forth in the Fund’s current Prospectus and SAI. The Acquiring Fund will also be subject to certain risks unique to operating as an ETF. A comparison of the investment policies, strategies and risks of the Fund and the Acquiring Fund will be provided in the Information Statement.
Shareholders who hold Fund shares through an IRA or other retirement plan whose plan sponsor does not have the ability to hold shares of ETFs on its platform may need to redeem their shares prior to the Reorganization, or your broker or intermediary may transfer your investment in the Fund to a different investment option prior to or at the time of the Reorganization. If you hold shares of the Fund in an account with the Fund’s transfer agent, U.S. Bancorp Fund Services, LLC (the “Transfer Agent”), or another financial intermediary that only allows you to hold shares of mutual funds in the account, you will need to contact the Transfer Agent or your financial intermediary to transfer your shares to a brokerage account that permits investment in ETF shares. Please contact your broker or intermediary for additional information.
Fund shareholders may continue to redeem shares of the Fund until several days prior to the closing of the Reorganization. Shareholders may purchase shares of the Fund in a brokerage account through a broker, until several days prior to the closing of the Reorganization, which date will be included in the Information Statement mailed to shareholders.
1
Filed pursuant to Rule 497(e)
Registration Nos. 333-133691; 811-21897
Effective immediately, shares of the Fund are no longer available for purchase directly from the Transfer Agent. All references in the Fund’s Prospectus and SAI to purchasing shares directly from the Transfer Agent are hereby removed. After the Reorganization, shares of the Acquiring Fund may only be purchased and sold in a brokerage account through a broker who will execute your trade on an exchange at prevailing market prices.
Please retain this Supplement for future reference.

One only needs to consider GE to see the risk of only holding one or a few stocks. This was the only stock we owned for many years, a gift from my wife’s grandfather.Twenty-five years ago, it was the largest company in the world by stock value. Now, it’s worth a small fraction of that. Fortunately, we sold portions of it during its heyday, for down payments on houses. Plus, we’ve only invested in stocks through mutual funds in our retirement savings. GE was by far our largest asset when we married; now it’s less than 0.5% of our savings.

ERISA/DOL no longer allow limiting company retirement plans to company stocks.
Companies may still use their stocks in special profit sharing and incentive plans, etc. They may also require high-level executives and board members to have sufficient skin in the game. But for most employees, it's good advice NOT to use much of company stock in their retirement plans.

I want to own funds+MM that I can trade any day when I see an opportunity.
Treasuries are just as liquid as funds. Though convenience can be subjective.
You can see below that each one of us got a $65K Retirement Income Exclusion.
Actually from what you posted I can't see that you're not being taxed on marginal SCOXX income (well, the non-Treasury part of it anway). That's because you put in just a $1 placeholder for your conversions. If you're really converting more than $7100, then each marginal dollar of SCOXX income got taxed at 5.75% x (1 - 18.2%) as I described previously.
If this exclusion works for you, great. That doesn't mean it works for most people.
In the end, this exclusion applies to a sliver of a sliver of a sliver of taxapayers. As stated in the piece you cited, they are those taxpayers who are (i) lower income (ii) retiree households (iii) in Georgia.
https://www.kiplinger.com/retirement/602202/taxes-in-retirement-how-all-50-states-tax-retirees

a married couple filing jointly may exclude twice the given limit.
This makes it sound as if a couple gets a combined exclusion that's double the individual exclusion. That's not quite accurate.

The exclusion is available for the taxpayer and his/her spouse; however, each must qualify on a separate basis.

From instructions for GA state income tax Schedule 1 subtractions.
https://dor.georgia.gov/document/document/2022-it-511-individual-income-tax-booklet/download
More importantly, the Feb 3, 2023 report puts this tax break in perspective by identifying the taxpayers targeted for this benefit:"PUBLIC BENEFIT  The exclusion provides relief to lower-income retiree households..."
No matter. There are lots of people who don't benefit from this break - because they're not lower income, or because they're not over age 62 (retired or not), or maybe they don't live in Georgia all the time if at all.
Even if the difference is 0.2-0.4% annually why bother?
Good question. Why bother making a point of such a small difference?

Looking at treasuries at Schwab with a maturity of 9/15 to 9/30 and I see YTM of 4.09 to 5.066. I will stick with my Schwab Treasury Obligations Money Fund – Ultra Shares (SCOXX) that pay "only" 5.2%

The idea is to make meaningfully more money and not concentrate on 0.2-0.4% more per year. I just don't like the inconvenience of CD and treasuries. I want to own funds+MM that I can trade any day when I see an opportunity. Several days of investing in my bond mutual funds on one trade can make much more than 0.4%. If I wanted to use treasuries I may consider something like TBIL where it's easier to trade.
I used my real tax software. I entered $140K as capital gains, no other income(just kept $1 for SS and $1 for conversion since I want to keep these entries), and both of our ages 65.
You can see below that each one of us got a $65K Retirement Income Exclusion.
When I entered $140K capital gains, Fed taxes came at $15,720...GA taxes=0. Basically, $140K FEDERAL ADJUSTED GROSS INCOME (AGI) = $10K GEORGIA ADJUSTED GROSS INCOME (AGI)
When I entered $150K capital gains, Fed taxes came at $17,920...GA taxes=$48. Basically, $150K FEDERAL ADJUSTED GROSS INCOME (AGI) = $20K GEORGIA ADJUSTED GROSS INCOME (AGI).
Looking at big numbers shows that it's a sweet deal, most retirees filing jointly with age greater than 65 wouldn't pay GA taxes on income close to $150K.