It is a difficult year, especially and the "bond ballast" has sunk.
My wife and my retirement accounts are up about 2.4% as we are overwieght energy and commodities, but still only 30% in equity positions. Recent Value focus helps too
Non-retirement accounts are up about 1.5%, a little more equities because I am cautious selling winners as the capital gains push our IRRMA up for Medicare, and are taxed at 12% in Massachusetts
I think the risk to the downside is far higher than risk of missing new bull market.

@Ben: I think the term « tax advantaged » would have been more precise as it covers all types of retirement savings instruments, including both common forms of the IRA.

https://www.sec.gov/Archives/edgar/data/1587551/000158064222001627/fullerthalersmcap497.htm
497 1 fullerthalersmcap497.htm 497
March 22, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund
A Shares – FTHAX
C Shares – FTYCX
Investor Shares – FTHNX
Institutional Shares – FTHSX
R6 Shares – FTHFX
A series of the Capitol Series Trust (the “Trust”)
Supplement to the Summary Prospectuses, Prospectus and Statement of Additional Information,
Each Dated January 28, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund – Limited Offering
Effective as of the close of business on May 23, 2022 (the “Closing Date”), the Fuller & Thaler Behavioral Small-Cap Equity Fund (the “Fund”) will become offered on a limited basis and investors will be eligible to purchase shares of the Fund only as described below. Certain types of investors will be allowed to invest in the Fund after the Closing Date without any additional authorization. Other types of investors may invest in the Fund after the Closing Date only if approved to do to so by Fuller & Thaler Asset Management, Inc. (the “Adviser”) and the Fund. Investors who fall in neither of these categories will not be allowed to invest in the Fund after the Closing Date:
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Without Additional Authorization
The following types of investors may invest in the Fund after Closing Date as specified without additional authorization:
Shareholders of record of the Fund as of the Closing Date may continue to purchase additional shares in their existing Fund accounts and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
If the shareholder of record is an omnibus account, beneficial owners in that account as of the Closing Date may also continue to purchase additional shares in their existing Fund accounts, may reinvest dividends or capital gain distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
Group Retirement Plans (and their successor, related and affiliated plans) which have the Fund available to participants prior to the Closing Date may continue to open accounts for new participants and may purchase additional shares in existing participant accounts. In addition, new Group Retirement Plans (and their successor, related and affiliated plans) may invest in the Fund after the Closing Date, may open accounts for new participants, and may purchase shares in such participant accounts. The term “Group Retirement Plans” refers to employer-sponsored retirement, deferred compensation and employee benefit plans, and includes without limitation: (a) group employer-sponsored 401(k) plans, (b) 457 plans; (c) employer-sponsored 403(b) plans; (d) profit-sharing and money purchase pension plans; (e) defined benefit plans; (f) retiree health benefit plans; (g) group annuity separate accounts offered to retirement plans; (g) non-qualified deferred compensation plans; (h) health savings plans; and (i) trusts used to fund any of the foregoing plans.
To establish eligibility as a Group Retirement Plan, the plan must satisfy the following requirements:
The plan must be a group plan (more than one participant);
The shares cannot be held in a commission-based brokerage account; and
Shares must be either held at a plan level or at the Fund level through an omnibus account of a retirement plan recordkeeper
Consequently, the term “Group Retirement Plans” does not include traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans.
Existing fully discretionary fee-based advisory programs, where investment discretion (fund and investment allocations) solely resides with the Financial Intermediary’s home office and where the Financial Intermediary’s home office has full authority to make investment changes without approval from the shareholder, may continue to utilize the Fund for new and existing program accounts;
Registered Investment Advisory firms that have included the Fund in their discretionary models by the Closing Date and utilize an approved clearing platform may continue to make Fund shares available to new and existing accounts;
Principals and employees of Fuller & Thaler Asset Management, Inc. and their immediate family members, may utilize the Fund for both new accounts and existing Fund accounts; and
Fuller & Thaler Asset Management, Inc. may utilize the Fund in new and existing fund accounts.
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Only With the Approval of the Adviser and the Fund
The following types of investors may invest in the Fund after Closing Date only with the prior approval of the Fund’s Adviser and the Fund:
Institutional Investors (including successor, related, or affiliated accounts) may establish a new account with the Fund only if the account has been accepted for investment by the Fund’s Adviser and the Fund. The term “Institutional Investors” includes, but is not limited to, corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, governmental entities (including states, counties and other municipalities, or any instrumentality, department, authority or agency thereof), and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients. The term “Institutional Investors” also includes fee-based “wrap” account sponsors that offer discretionary and non-discretionary arrangements (provided they have an agreement covering the arrangement with the Fund) where the financial advisor or client, as applicable, has investment discretion;
After the Closing Date, new fully discretionary (including rep as portfolio manager) and non-discretionary (including rep as advisor) fee-based advisory programs may utilize the Fund for program accounts only with the approval by the Fund’s Adviser and the Fund;
Third party investment manager model portfolios will be able to open new program accounts after the Closing Date only if approved by the Fund’s Adviser and the Fund.
Except as permitted above, investors will not be permitted to invest in the Fund after the Closing Date. If the Fund receives a purchase order directly from an investor who is not eligible to purchase shares of the Fund after the Closing Date, the Fund will attempt to contact the investor to determine whether he or she would like to purchase shares of another Fund advised by Fuller & Thaler Asset Management, Inc. or would prefer that the investment be refunded. If the Fund cannot contact the investor within 30 days, the entire investment will be refunded.
* * *
2
The Fund in its sole discretion reserves the right at any time to change these policies, including limiting new purchases into the Fund or otherwise modifying the closure policy based on the Fund’s net asset levels and other factors.
Please refer to the Prospectus of the Fuller & Thaler Behavioral Small-Cap Equity Fund for additional information regarding buying and selling shares.
Further Information
For further information, please contact the Fund toll-free at 1-888-912-4562. You may also obtain additional copies of the Fund’s Summary Prospectuses, Prospectus and Statement of Additional Information, free of charge, by writing to the Fund c/o Ultimus Fund Solutions, LLC at P.O. Box 46707, Cincinnati, Ohio 45246-0707, by calling the Fund toll-free at the number above or by visiting the Fund’s website at www.fullerthalerfunds.com.
3

Might be of Interest:
https://podcasts.apple.com/us/podcast/episode-5-secondary-retirement-income-styles-part-1/id1611091157?i=1000554071026

https://www.sec.gov/Archives/edgar/data/1342947/000089109222001046/bbh497ssta-rf.htm
497 1 bbh497ssta-rf.htm PROSPECTUS AND SAI SUPPLEMENT
BBH TRUST
BBH PARTNER FUND – SELECT SHORT TERM ASSETS
(BBSTX)
SUPPLEMENT DATED MARCH 28, 2022 TO THE
PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 1, 2022
The following information supplements, and, to the extent inconsistent therewith, supersedes, certain information in the Prospectus and Statement of Additional Information. Unless otherwise noted, capitalized terms used in this supplement have the same meaning as defined in the Prospectus and Statement of Additional Information.
I. FUND LIQUIDATION
On March 28, 2022, the Board of Trustees of BBH Trust (the “Trust”) approved a Plan of Liquidation for the BBH Partner Fund – Select Short Term Assets (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about the earlier of (i) April 13, 2022 and (ii) the date on which all shareholders that are not affiliated with the Adviser have redeemed their respective shares of the Fund (the “Liquidation Date”). Shareholder approval of the Liquidation is not required.
Beginning on March 28, 2022 through the Liquidation Date, the Fund may depart from its stated investment objective and policies as it liquidates holdings in preparation for the distribution of assets to investors. During this time, the Fund may hold more cash or cash equivalents than normal, which may prevent the Fund from meeting its stated investment objective. Shareholders of record as of the close of business on the Liquidation Date will receive their proportionate interest in all of the net assets of the Fund in complete cancellation and redemption of all the outstanding shares of the Fund. Payment will be made in accordance with instructions from each shareholder. If a shareholder has not provided instructions by the time proceeds are distributed, that shareholder’s liquidation proceeds shall be distributed based on the payment instructions on file for such shareholder with the Fund’s Transfer Agent. For those accounts with no bank instructions on file with the Fund’s Transfer Agent, the Transfer Agent shall issue a check. If required by the Internal Revenue Code of 1986, the Fund will make an income distribution prior to the Liquidation Date.
Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus prior to the Liquidation Date. If the Fund has not received your redemption request or other instruction by the Liquidation Date, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
The Adviser will bear all expenses of the Liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses. However, the Fund and its shareholders will bear transaction costs and any potential tax consequences associated with turnover of the Fund’s portfolio.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. The tax year for the Fund will end on the Liquidation Date. Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
II. CLOSURE OF THE FUND TO PURCHASES
Effective as of the close of business on March 28, 2022, the Fund will be closed to purchases of Fund shares; however, the closure to purchases of Fund shares does not restrict any shareholders from redeeming shares of the Fund.
The Fund’s ability to enforce the closure of the Fund to purchases with respect to certain retirement plan accounts and accounts held by financial intermediaries may vary depending on systems capabilities, applicable contractual and legal restrictions, and cooperation of those retirement plans and intermediaries.
Please contact the Fund at 1-800-575-1265 if you have any questions.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

A fair assembly. Saira Malik, Nuveen CIO, is somewhat at odds with Christopher Ailman, Chief Investment Officer of the California Teachers Retirement System (CALSTRS). The former is bullish on equities; the latter more cautious. Ailman also remarks that his system has the lowest allocation to fixed income in its history.

https://www.sec.gov/Archives/edgar/data/793769/000119312522079147/d310611d497.htm
497 1 d310611d497.htm HARBOR STRATEGIC GROWTH FUND SAI SUPPLEMENT
111 South Wacker Drive, 34th Floor
Chicago, IL 60606-4302
harborcapital.com
Supplement to Statement of Additional Information dated March 1, 2022
March 18, 2022
On March 15, 2022, the Board of Trustees of Harbor Funds approved the reorganization of the Harbor Strategic Growth Fund (the “Fund”) into the Mar Vista Strategic Growth Fund (the “Acquiring Fund”), a newly created series of Manager Directed Portfolios. The Acquiring Fund will have the same investment objective as the Fund and substantially similar principal investment strategies and limitations. Mar Vista Investment Partners, LLC, the Funds’ subadviser, will continue to act as subadviser to the Fund until the closing of the reorganization and will serve as the investment adviser to the Acquiring Fund.
The reorganization will allow Fund shareholders to retain access to the Fund’s investment strategy and maintain continuity of portfolio management. Under the terms of the agreement and plan of reorganization approved by the Board of Trustees, the Fund will transfer all of its assets and known liabilities to the Acquiring Fund in exchange for shares of the Acquiring Fund. Institutional Class, Investor Class and Retirement Class shareholders of the Fund will receive shares of equivalent share classes of the Acquiring Fund. Administrative Class shares of the Fund will be converted to Institutional Class shares of the Fund at the time of or shortly prior to the closing of the reorganization. Administrative Class shareholders will receive Institutional Class shares of the Acquiring Fund. The reorganization will not affect the value of your account in the Fund at the time of the reorganization. The reorganization is expected to be treated as a tax-free reorganization for U.S. federal tax purposes.
A shareholder meeting for the purpose of voting on the agreement and plan of reorganization is scheduled to be held in June 2022. Assuming shareholders approve the reorganization, the closing of the reorganization is expected to occur in July 2022. Shareholders of record will receive a prospectus/proxy statement prior to the meeting, which will provide further details about the Acquiring Fund, the meeting and the reorganization.
Investors Should Retain This Supplement For Future Reference
S0322A.SAI.HF
Back in 2016, Mar Vista Strategic Growth Fund was reorganized into Harbor Strategic Growth Fund.
https://www.sec.gov/Archives/edgar/data/1359057/000089418916013517/marvista_497e.htm

+1 @Junkster
You are correct re my status. Pension and SS cover basic needs. I had a better than average retirement package I guess. So the IRAs allow for travel, etc. and serve as reserves in case a large unexpected outlay comes along.
Still, I keep an open mind on the subject. Good to hear the higher interest rates have led to better annuity payouts.. In the past, I couldn’t see any financial advantage - albeit one might increase their living standard a bit on the payments.
Good thread.

Ever wonder what it would be like to live in a world where being secure in your old age wasn’t dependent on complete randomness and luck? Linking retirement to the stock market is a bit like linking it to a roulette wheel.

+1. MOST people can't even dream of having the sort of modest portfolio I've got. And it's not even my doing: I INHERITED the biggest slice. The rest has been my own decisions about what to do with it all, yes. My in-laws in that shit-hole country overseas go hand-to-mouth. How poor ARE they? When we send boxes of stuff, it includes LAUNDRY DETERGENT. Anyone who needs THAT sent to them is in a bad way. Just like everywhere else, they can't get out of their own way politically----- allowing for corrupt assholes to run the country. And part of that picture is the CULTURE, too. As long as things just don't move without a bit of bribery here and a bit of bribery there, nothing will ever change. To say nothing of the fact that (very much like HERE) very few have an inkling about how to grow their money and invest.

I've been in the habit of rebalancing once a year, when things were allegedly more predictable. Current circumstances equate to a flying circus. I still have not put money into any commodities funds or single stocks. I figure that train has already pulled out of the station. ..... I'd been aiming for a "safer," less volatile portfolio, given that I'm in retirement and am not getting younger. But Mr. Market has other ideas at the moment. I don't want to be the last one caught tilting at windmills. So, very quickly, in just the last couple of days, my bonds have dropped to 44 from 60 percent and stocks are back up to 48 percent of portfolio. The cash portion is mostly all in the sweep account now: standing at 13% of total portfolio.
Domestic equities: 34%
Foreign: 14%
This past week has halved my unrealized losses for 2022, so far. Much easier to swallow, now. There might even be some GROWTH, this year. But don't quote me. That will jinx the whole thing. ;)

would expect a ruling before this issue becomes a class action law suit
The suit was filed as a class action lawsuit. The cited piece reads: "The plaintiffs ... seek compensation for the alleged harm on behalf of a class of similarly situated investors nationwide."
What is the problem with that? This seems to be exactly the type of suit for which class actions were created - large number of plaintiffs, similarly situated, a common transaction, and not worth most people's time and money to sue on their own.
Assuming the court finds that some duty was breached by Vanguard, calculating damages will be interesting, since tax liabilities would seem to be more a matter of when a taxpayer owes taxes (i.e. when a taxpayer recognizes gain) than if a taxpayer owes the taxes. It could be a question of time value of money, not added tax liability.
The duty question: Vanguard has tax-managed funds. These were not promoted as such. Did Vanguard have any duty to consider tax implications?
Tax recognition timing: a plaintiff might argue that the recognition of gain was not certain - the fund shares could be bequeathed or donated to charities. So the damages should be the full amount of taxes due. OTOH, these are funds marketed as retirement funds, i.e. funds expected to be sold down during retirement. Arguably while other dispositions are possible, they might be considered speculative while gradual disinvestment would be considered the norm.
If it does come down to a question of timing (recognizing gain now rather than say, from age 65 to 95, then the damages might be just the time value of the taxes paid now rather than over those 30 years. Current discount rate (even with the 0.25% fed hike) is pretty low.
Lowering the institutional series' minimum was a stupid thing for Vanguard to do, given that it was going to merge the institutional and retail series of funds a few months later. But stupid and negligent are not the same, and in any case, the tax bills would have come due sooner or later.
See also
https://www.thinkadvisor.com/2022/03/15/vanguard-hit-with-class-action-suit-over-target-date-fund-tax-bills/

At close on 3/15: Thought I'd update progress on some of these benchmarks. Over all I'm at about -6.5% YTD with about 45% in equities. My total is spilt between the hands-off robo, Schwab Intelligent Portfolio, -6.0%, and my self-managed, -7.1%. It appears I'm not as intelligent as Schwab. Go figure...
FWIW, TRP retirement funds YTD 3/15:
TRRIX 38% stock = -7.0%
TBLPX 41% stock = -7.3
TBLQX 45% stock = -7.8
TBLSX 48% stock = -8.2
TSBAX 52% stock = -8.6
TBLVX 60% stock = -9.6
VTWAX vanguard total world stock index -12.9%

Ever wonder what it would be like to live in a world where being secure in your old age wasn’t dependent on complete randomness and luck? Linking retirement to the stock market is a bit like linking it to a roulette wheel.

Did not intend to mislead or confuse; Fidelity e.g. makes little distinction.
Create future retirement income
This Fidelity Viewpoints article explains how deferred annuities work and the role they play in a retirement income plan.

which is the teaser for
https://www.fidelity.com/viewpoints/retirement/deferred-income-annuities
Am not thoroughly familiar w the sets and subsets. SP is nowhere mentioned here:
https://www.investopedia.com/terms/d/deferredannuity.asp
but (of course) income is.
Some of the comments at
https://humbledollar.com/2022/03/paying-for-aging/
dive a little deeper than the article.
The general Partnership link (I believe!) is
https://www.aaltci.org/long-term-care-insurance/learning-center/long-term-care-insurance-partnership-plans.php

DS:
The purpose of MSTR [[ in-house synonym: 'MSTR seeks to invest in “non-market sources of return,” that is, returns that can be delivered whether the market rises or not. That’s possible by choosing investments that are intrinsically uncorrelated ... ' ]] is to diversify your portfolio, not be your portfolio. Many investors overdiversify, adding one stock (or bond) fund after another with each new addition adding less and less to the robustness of the entire portfolio. At base, investors just add more exposure to the same sets of risks and the same return drivers. MSTR diversifies by tapping into other sources of alpha which is reflected in its relatively low correlation to the S&P 500 (0.58), very low correlation to the bond market (0.16), and low downside capture ratio (0.12) against the S&P 500.

Investors looking for a way out of high levels of volatility and inconsistent returns should add T. Rowe Price Multi-Strategy Total Return to their due-diligence list, just as many investment professionals at Price itself seem to have done.

By way of full disclosure: I reallocated a substantial fraction of my retirement investments to TMSRX in May 2020 and disclosed that allocation in our June 2020 issue.
underlining added
Wonder if DS has bailed too.

Though the old chart tabs don't chart multiple tickers, they do still chart multiple benchmarks. Admittedly not the most useful feature since the "appropriate" benchmark is already added automatically.
The problem with the purchase tabs isn't that they don't work but that their data is not always accurate.
Case in point: they list Vanguard Admiral class shares (e.g. VEIRX) as available at Schwab All (Retail, Instl, Retirement), Schwab Institutional Only, and Merrill Edge. While it is available at Schwab Institutional, it is not available at Schwab All (Retail) or at Merrill Edge.

One thing on the benchmark TBLQX. I compare to it "now" because it has a very similar equity percentage for where I want to be, where I've been the past couple years. The stated year makes no difference to me.

I don't use a bench mark & find my account continues to grow. I'm not trying to keep up with the Jones or Smiths , just sleep good !

@Derf, try a comparison. Just give it a look. What do you have to lose?
If I found that over the years I was substantially behind a benchmark I would just buy the benchmark. In fact, that was the purpose of putting a good chunk of money, over 1/2 my retirement savings, into Schwab's robo account. Most of us don't trail a benchmark because of the funds we choose or investments we make. I contend fund selection is secondary to portfolio management. We trail because humans tend to be undisciplined and move in and out of funds at the most inopportune times. Benchmarks don't, and they exceedingly win the race over time. I know @hank has mentioned over the years, it is hard to beat a benchmark. But I concede it is fun to try.

Mona, look up TDF retirement & their 2020 TDF. You could use one or the other or split the two. I believe the 2015 TDF is close to rolling into the Retirement fund. You will get tips also. I haven't checked Life Strategy allocation. The 34% cash maybe a problem to find a bench marking fund. If you combine cash & bonds as one , you could luck out & find one.
FWIW, Derf

Which Vanguard Target Retirement or Life Strategy Fund is best to use as a benchmark for a portfolio that is 34% Cash, 34% US Stocks, 6% Non-US Stocks, and 26% Bonds?
Thanks!

@msf,
Nice summary of Fidelity and T. Rowe Price retirement funds.
I agree that it's challenging to keep track of all these series!