”This column should not be read as a criticism of low-risk investments. They aren’t required for younger investors, who need not worry about redeeming their funds at the wrong time (at least, if they are sensible), but they are critical for retirees who are withdrawing their assets. Ballast prevents them from entering a bear market spiral in which they spend ever-larger percentages of their portfolio to realize the same amount of money. Do that for long, and you are in real trouble.”
Do younger investors (ie ages 25-45) really pay much attention to portfolio construction / hedging? Sure, some do. And likely if they’re reading this board they pay greater attention than the average working stiff with a job, kids in school, a big mortgage and 25 + years to retirement.
Good article. Hopefully (as the author suggests) well considered portfolio specific hedging may reduce short term volatility for those already in the withdrawal stage. In no way, shape or form would I ever argue that hedging improves longer term performance. And … there’s always the option (hedge) of moving a big chunk into cash and / or CDs, as one well-heeled poster appears to have done recently. As a sometimes landscaper / gardener, I’m aware that hedges come in many different shapes and colors.

https://www.sec.gov/Archives/edgar/data/1141819/000089418924002467/pmcfunds497eliquidation.htm
497 1 pmcfunds497eliquidation.htm PMC FUNDS 497E
Filed pursuant to Rule 497(e)
Registration Nos. 333-62298; 811-10401
PMC Core Fixed Income Fund and
PMC Diversified Equity Fund
Each, a series of Trust for Professional Managers (the “Trust”)
Supplement dated April 23, 2024
to the Summary Prospectuses, Prospectus and Statement of Additional Information
dated December 29, 2023
The Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Envestnet Asset Management, Inc. (the “Adviser”), the investment adviser to the PMC Core Fixed Income Fund and PMC Diversified Equity Fund (each, a “Fund,” and collectively, the “Funds”), determined to close and liquidate each of the Funds. The Board concluded that it would be in the best interests of each Fund and its shareholders that each Fund be closed to new purchases, except for purchases made through an automatic investment program or the reinvestment of any distributions, as of the close of business on April 30, 2024 (the “Closing Date”) and liquidated as a series of the Trust effective as of the close of business on May 31, 2024 (the “Liquidation Date”).
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which each Fund will be liquidated. Pursuant to the Plan and in anticipation of each Fund’s liquidation, each Fund will be closed to new purchases, except for purchases made through an automatic investment program or a purchase exception that is approved by Trust officers, effective as of the close of business on the Closing Date, after which each Fund’s assets may be entirely invested in money market instruments or held in cash. Accordingly, each Fund will no longer pursue its investment objective and principal investment strategy. However, any distributions declared to shareholders of a Fund after the Closing Date and until the close of trading on the New York Stock Exchange on the Liquidation Date will be automatically reinvested in additional shares of the respective Fund unless a shareholder specifically requests that such distributions be paid in cash. Although each Fund will be closed to new purchases as of the Closing Date, you may continue to redeem your shares of a Fund until the Liquidation Date, as described in “How to Redeem Shares” in the Funds’ Prospectus.
Pursuant to the Plan, if a Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed and you will receive proceeds representing your proportionate interest in the net assets of the respective Fund as of the Liquidation Date, subject to any required withholdings. As is the case with any redemption of Fund shares, the liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed.
If the redeemed shares are held in a qualified retirement account such as an IRA, the redemption proceeds may not be subject to current income taxation. If you hold your shares in an IRA account, you have 60 days from the date you receive your proceeds to reinvest or “rollover” your proceeds into another IRA and maintain their tax-deferred status. If your IRA account is held directly with a Fund, you must notify the Fund’s transfer agent by telephone at (866) PMC-7338 prior to May 31, 2024, of your intent to rollover your IRA account to avoid withholding deductions from your proceeds. If a Fund does not receive a response prior to May 31, 2024, your investment in the respective Fund will be liquidated as an age-based distribution with 10% federal withholding on May 31, 2024. Please also note that state withholding may also apply. You should consult with your tax advisor on the consequences of the redemption to you.
The Adviser will bear all of the expenses incurred in carrying out the Plan.
Shareholder inquiries should be directed to the Funds at (866) PMC-7338.
Please retain this Supplement with your Summary Prospectus,
Prospectus, and SAI for reference.

A little Retiree fiduciary math:
A retiree pays about 1% (plus or minus) advisor fee annually on their entire portfolio balance.
So, a $1M portfolio would net the advisor about $10K/year in advisor fees.
Let say, at retirement, a retiree decides to take a 4% "safe withdrawal" from that $1M portfolio. That would be a $40K withdrawal on that $1M portfolio.
Collectively - Advisor fee WD ($10K) + Retiree WD ($40K) equals $50K. So this retiree is actually taking a 5% withdrawal.
This advisor's 1% fee (on your total portfolio balance) is effectively 20% ($10K/$50K) share of your "retirement withdrawals" for the year. Or you could say that $1 dollar out of every $5 withdrawn ends up in your advisor's pocket. Of the $4 you are handed, $1 will go to Uncle Sam (@25% tax bracket).
For those with Advisor's:
How often does your advisor talk with you about their advisor? What risk does your advisor take compared to the the risk you take? Remember the advisor fee is paid on the portfolio total balance, not based on the gains (or losses) of the portfolio’s performance.
The math is even more depressing when you calculate the lost opportunity cost that these annual 1% advisor fees caused during your entire accumulation phase of life.
Here’s a 3 year old article from Robert Berger (who I have been following lately):
how-a-1-investment-fee-can-wreck-your-retirement

Even a 1% fee, over a lifetime of investing, can significantly reduce the value of a portfolio. Using Vanguard data, we know that from 1926 through 2019 an 80% stock and 20% bond portfolio returned 9.7% a year. Let’s imagine we invest $1,000 a month over a 40-year career. Using this savings calculator, we know that the portfolio would grow to about $5.8 million.
Yes, compounding is a beautiful thing.
Let's now assume we pay an advisor 1% of our investments for their services. That's a standard fee in the industry, although you can find less expensive and more expensive advisors. The result is that on an after fee basis, our returns drop from 9.7% to 8.7%. The result is a portfolio of just $4.3 million. The one percent fee cost us about $1.5 million, or 25% of our wealth.
Fees matter.

DOL Retirement Security Rule, 2024
New DOL Retirement Security Rule will require advisors to act as fiduciaries for retirement advice. Rule will affect 401k/403b to IRA transfers, high-fee products, purchases of annuities, etc. Starting from 9/23/24, advisors must disclose that they are acting as fiduciaries, and all aspects of the Rule must be implemented by September 2025. This may limit advisors who can provide retirement advice; e.g. RIAs must act as fiduciaries, but other licensed advisors/brokers can use diluted Reg BI or weak suitability standards.
News https://www.cnbc.com/2024/04/23/labor-department-issues-rule-to-crack-down-on-bad-retirement-savings-advice.html
News https://www.napa-net.org/news-info/daily-news/breaking-department-labor-releases-final-investment-advice-fiduciary-rule
News https://401kspecialistmag.com/dol-final-fiduciary-rule-released-set-to-become-effective-in-september/
News https://www.thinkadvisor.com/2024/04/23/dol-releases-final-fiduciary-rule/
DOL Retirement Security Rule (476 pages) https://www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/laws/erisa/retirement-security/final-rule.pdf

It seems I am using I bonds differently from several other people. So far, I haven't sold any, though I suggested a "swap" (buy new one with higher rate than an older one I would sell).
I regard them as long term cash, since they only accumulate interest, like a bank account or MMF. In this respect they differ from longer term treasuries (whether nominal or inflation-protected).
[snip]

I also regard I Bonds as long-term cash.
My I Bond holdings were accumulated over a number of years.
I haven't sold any of these bonds since they will be used for cash during retirement.

@Investor, long time no see. There was a long tread on Grandeur funds and many investors are disappointed. You may want to see the comments. I invested with GGSOX in the early days but found them to be very volatile and have consider risk.
https://mutualfundobserver.com/discuss/discussion/comment/165329/#Comment_165329

Hi Sven. I will check that discussion. I stayed with them in the earlier drawdowns, and they came back, and international small caps have been going through a tough period, but the management change is making me think twice this time around. I am also getting older and my tolerance to risk is getting a bit less, but I still have a decade in front of me (hopefully) before retirement.

Happy to find BIVRX open/available though state retirement plan option, started a position.
Adding to that and PVCMX next week while the market figures out how much to correct.

STREETWISE. EUROPE (IEV) has underperformed the US (IVV) for quite a while, but that may be changing, according to JPM. Be selective – AZN, DT, UBS, as there is no point going from the US to expensive European stocks – EADSY, ASML, NVO. Elsewhere, analysts are mixed on the outlooks for TSLA (the 2nd worst SP500 stock that reports on 4/23/24) and GL (the worst SP500 stock that was hit by a negative report from a short-selling firm on 4/11/24).
FUNDS. There will be opportunities in bond funds when the interest rate decline (in 2024 or 2025).
Short-Term: VCSH, JPLD, MINT
Intermediate Core-Plus: BYLD, FBND
HY: ANGL, BHYAX, CSOAX, FAGIX (18% equity)
Floating Rate: FLOT (investment-grade), BKLN (junk)
Muni: MUB
Individual corporate bonds are also attractive (from JPM, BOA, WFC, C,PNC, USB, etc)
(Consider this list by Barron’s as a sampling only. There are many more choices in each category, e.g. Treasury FRN USFR in both Short-term/Floating Rate, Fido SPHIX as pure HY, etc.)
FUNDS. They may be tempting now, but don’t overstay in the MONEY-MARKET funds. Most economists and strategists think that the Fed is done tightening, and its next move(s) will be cut(s), although there are some who think that the Fed may surprise by raising rates. Rate cuts will benefit various credits and equities and it’s best to position ahead for possible fast moves.
FUNDS. High-quality (moat), growth-value NRAAX (ER 1.06%; no-load/NTF at Fidelity and Schwab) has a concentrated portfolio with reasonable valuations (so, no NVDA, TSLA, or META). Manager HANSON uses a barbell approach for growth and value, and focuses on customer-centric companies. Fund has “sustainability” in its name, but that is considered much more than ESG.
INCOME. T-Bills ETF BOXX uses options to avoid taxable income and its AUM has grown to $2.3 billion. It uses box-spreads that allow long-term holders to pay only capital gains on sale. There are no income distributions or CG distributions (exploiting ETF’s in-kind transactions). Tax experts doubt that the strategy may withstand IRS and/or SEC scrutiny because, generally, taxes must be paid on imputed income even when not distributed. There are also doubts whether complex options strategies can work in all environments. So, +1 for creativity, 0 for true investor benefits.
Q&A/Interview. Imaru CASANOVA, VanEck. GOLD-bullion (GLD, GLDM, IAU, OUNZ, etc) has rallied on geopolitical tensions, but gold-miners have lagged (GDX, GDXJ, INIVX, etc). This gold rally isn’t being driven by retail, investment demand, or the ETFs, but by central banks (China, India, Turkey, etc). The Western investors are still on the sidelines but may be drawn in as the gold rally continues to $2,600 and beyond. Gold took off after the Russia-Ukraine war as several countries started diversifying away from dollar (due to the US dollar-diplomacy). The Fed is also near the tail end of monetary tightening. However, lately, the historical correlations among gold, rates and dollar have broken down. Gold-miners are lagging badly, but with their average production costs around $1,400, high gold prices will just flow into their bottom lines (earnings, free cash flows). Young investors seem to prefer cryptos over gold, but she thinks that overall, the gold and crypto investors are different. She suggests core gold-bullion and gold-mining holdings in 5-10% range. (VanEck has products for gold-bullion, gold-mining, Bitcoin, cryptos).
RETIREMENT. Consider ROTH CONVERSIONS ahead of the expiration in 2025 of the 2018 Tax Cuts and Jobs Act. Unless extended or replaced by Congress, higher tax brackets will go up in 2026 and beyond. A sweet spot for Conversions is between early retirement (when income may be low) and age 73 when the RMDs kick in. Also take into account the impact of Medicare IRMAA at high income levels. Benefits of Roth Conversions include tax-free withdrawals in retirement (for any purpose), reduced RMDs and less tax burden for heirs.
EXTRA. Final FIDUCIARY rules for retirement accounts will be released by the DOL soon. Currently, the fees are hidden within the wrap fees or bonuses or commissions and lead to potential conflicts. Critics (IRI, etc) say that the new rules may reduce consumer access to financial advice.
From open LINK1 LINK2
For Barron's subscribers https://www.barrons.com/magazine?mod=BOL_TOPNAV

Thanks, yogi.
Another mention of still another exception: there is a separate and more generous IRS RMD Table which is to be used by spouses who inherit an IRA, when the surviving spouse is at least 10+ years younger than the deceased.
Table II (2) through this link: (LOTS of scrolling down in order to find it!)
https://www.irs.gov/retirement-plans/plan-participant-employee/ira-required-minimum-distribution-worksheet-spouse-10-years-younger

IRS Waiver of Annual RMD for Inherited Retirement Accounts
STRETCH went away (SECURE Act) for most INHERITED retirement accounts; there are important exceptions for ELIGIBLE beneficiaries that include spouses & minors. There was initial confusion for the new 10-yr Rule to empty most inherited retirement plan balances whether the annual RMDs will be still required. The IRS flip-flopped on this & now has resorted to ad-hoc annual WAIVERS. So, we now have a waiver for 2024 RMDs from inherited accounts for the 4th year. What a joke!
https://www.thinkadvisor.com/2024/04/17/irs-waives-2024-rmds-for-ira-beneficiaries-under-10-year-rule/
https://www.irs.gov/pub/irs-drop/n-24-35.pdf

https://www.sec.gov/Archives/edgar/data/1612930/000089418924002314/angeloakliquidationsupplem.htm
497 1 angeloakliquidationsupplem.htm ANGEL OAK FINANCIALS INCOME IMPACT FUND 497E
Filed Pursuant to Rule 497(e)
Registration No. 333-197427; 811-22980
ANGEL OAK FINANCIALS INCOME IMPACT FUND
Class A | Class C | Institutional Class
a series of Angel Oak Funds Trust
Supplement to the Prospectus, Statement of Additional Information (“SAI”) and Summary Prospectus, each dated May 31, 2023, as supplemented to date
April 12, 2024
This supplement provides new and additional information beyond that contained in the Prospectus, SAI and Summary Prospectus, and should be read in conjunction with the Prospectus, SAI and Summary Prospectus.
At a meeting held on April 10, 2024, the Board of Trustees (the “Board”) of Angel Oak Funds Trust determined that it was in the best interests of the shareholders of the Angel Oak Financials Income Impact Fund (the “Fund”) to liquidate the Fund and approved the liquidation of the Fund pursuant to a Plan of Liquidation (the “Plan”).
Accordingly, effective on or about April 12, 2024, shares of the Fund will no longer be available for purchase. All shares of the Fund will be liquidated in accordance with the Plan on or about May 24, 2024 (the “Liquidation Date”).
On or about the Liquidation Date, the Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of the Fund in cash, after paying, or setting aside the amount to pay, any liabilities. At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund and receive the net asset value thereof in cash or in‑kind, as provided in the Fund’s Prospectus. Shareholders may also exchange their shares for shares of the same class of another Angel Oak mutual fund at net asset value without imposition of a sales load. If shareholders of Class C Shares redeem their shares, no contingent deferred sales charge will be imposed on those redemptions.
As soon as practicable after the date of this supplement, the Fund will wind up its business and affairs, and the Fund will cease investing its assets in accordance with its stated investment strategies and policies. On or before the Liquidation Date, all portfolio holdings of the Fund will be converted to cash or cash equivalents. As a result, the Fund will not be able to achieve its investment objective and will deviate from its investment strategies and policies during the period between the date of this supplement and the Liquidation Date.
If a shareholder remains invested in the Fund as of the Liquidation Date, the shareholder’s shares will be redeemed automatically, on or promptly after the Liquidation Date, at net asset value per share as of the Liquidation Date. Redemption of shares by a shareholder as part of a liquidation generally will be considered a taxable event. Prior to the liquidation, the Fund may make distributions of income and capital gains. You should consult your tax advisor for information regarding all tax consequences applicable to your investment in the Fund. Shareholders who own Fund shares in a tax deferred account, such as an individual retirement account, should consult their tax advisors regarding the tax consequences applicable to the reinvestment of the proceeds of the liquidating distribution.
Shareholders may redeem all or a portion of their shares of the Fund before the Liquidation Date, and as a result the Fund and its remaining shareholders may experience adverse effects. These shareholder redemptions may also negatively impact the Fund’s net asset value per share.
Please retain this Supplement with your Prospectus, SAI and Summary Prospectus for future reference.

https://www.sec.gov/Archives/edgar/data/1295908/000158064224002124/dcm-innova_497.htm
497 1 dcm-innova_497.htm 497
DCM/INNOVA HIGH EQUITY INCOME INNOVATION FUND
A Series of Centaur Mutual Funds Trust
Supplement dated April 11, 2024, to the Summary Prospectus, Statutory Prospectus and
Statement of Additional Information, each dated February 28, 2024
Effective immediately, the DCM/INNOVA High Equity Income Innovation Fund (the “Fund”), a series of Centaur Mutual Funds Trust (the “Trust”), has terminated the public offering of its shares and will discontinue its operations effective May 24, 2024. Shares of the Fund are no longer available for purchase and, at the close of business on May 24, 2024, all outstanding shares of the Fund will be redeemed at net asset value (the “Transaction”).
The Board of Trustees of the Trust (the “Board”), at the recommendation of the Fund’s investment advisor, DCM Advisors, LLC (the “Adviser”), determined and approved by Written Consent of the Board on April 10, 2024 (the “Written Consent”), to discontinue the Fund’s operations based on, among other factors, the Advisor’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 Advisor 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.
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 May 24, 2024; and (ii) all outstanding shareholder accounts on May 24, 2024, be closed and the proceeds of each account 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 equivalent securities. Accordingly, going forward, shareholders should not expect the Fund to achieve its stated investment objectives. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
Shareholders may continue to freely redeem their shares on each business day prior to the Transaction. Procedures for redeeming your account, including reinvested distributions, are contained in the section “Redeeming Your Shares” in the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to May 24, 2024, will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer or other financial intermediary and are held in a brokerage or other investment account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer or other financial intermediary for deposit into your brokerage or other investment account.
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.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
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 in 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, please call 1-888-484-5766.
Investors Should Retain this Supplement for Future Reference

Schwab Securities Lending
https://www.schwab.com/securities-lending
From related Schwab FAQs,
https://www.schwab.com/securities-lending/faqs
"Currently, most accounts are eligible. However, it should also be noted that employer‑sponsored retirement plan accounts like 401(k)s are not eligible under ERISA rules."

Do you by any chance have an advisory account with Schwab?
No, but its part of a state retirement plan.

I continue to use CDs as long as they keep paying 5% or more. Currently at Schwab, they have a significant number of non-callable CDs. For me in retirement, it is a very comfortable, no risk way, to make the 4 to 6% TR that I seek in retirement. I maintain about a dozen CDs in an 18 month ladder, with a preference for 12 month CDs I also use the Schwab Money Market funds, SNAXX and SWVXX, for those assets I need for liquidity.

This is also reflected in the Price TDFs (old Retirement 20xx, newer & tamer Target 20xx) that are among the most aggressive. Fidelity TDFs are tamer, Vanguard TDFs in the middle.
Fed TSP TDFs (with limited choices) are superconservative.

Here’s the LINK
Offers only a simplistic approach which does not take into consideration one’s circumstances, knowledge base, experience or predilection for risk taking. Nonetheless, I thought it might be helpful for some - or a starting point for further discussion.
Price’s recommendations appear on the aggressive side compared to most other age related recommendations I’ve come across. I’m in-line with their 70+ age tier, being currently 40% equities, 40% bonds, 10% cash and 10% “other” (probably metals, real estate, derivatives). Always second-guessing that. A bit of reassurance that TRP lends some support.

@fred495, to add to the conversation and add to your post, which I think is a good one, I'm wondering if others, especially those near or in retirement, own or are looking at alternative type 'absolute return' funds in their portfolio. I actually like the idea of some percentage of these to smooth out the ride. Problem (maybe) is that there are so many in the alternative section to choose and they can be vastly different.
So, I'll give the ones I'm using. If others want to chime in that would be great.
I hold:
JHQAX, at about 10%, an options fund recently discussed in this month's commentary by @Devo
BLNDX/REMIX at about 5%, a multi asset fund, labeled as a L/S by M* (I don't agree)
LCR, which can be closer to a balanced fund, at about 5%
By the way, to give an opinion on your starting post, I do thing QDSNX would be as good a choice as others available to accomplish the "smoother" portfolio ride.

@MikeM - those are great ideas for the "smoother ride" approach. I have a few more suggestions:
-PSFF - FOF for options - prefer it to JHQAX, but really the same space.
-RSIVX Lower SD than LCR, but also lower Returns. Very conservative.

@fred495, to add to the conversation and add to your post, which I think is a good one, I'm wondering if others, especially those near or in retirement, own or are looking at alternative type 'absolute return' funds in their portfolio. I actually like the idea of some percentage of these to smooth out the ride. Problem (maybe) is that there are so many in the alternative section to choose and they can be vastly different.
So, I'll give the ones I'm using. If others want to chime in that would be great.
I hold:
JHQAX, at about 10%, an options fund recently discussed in this month's commentary by @Devo
BLNDX/REMIX at about 5%, a multi asset fund, labeled as a L/S by M* (I don't agree)
LCR, which can be closer to a balanced fund, at about 5%
By the way, to give an opinion on your starting post, I do thing QDSNX would be as good a choice as others available to accomplish the "smoother" portfolio ride.

https://www.sec.gov/Archives/edgar/data/1314414/000158064224001994/equity-hedged_497.htm
497 1 equity-hedged_497.htm 497
Navigator Equity Hedged Fund
Class A Shares NAVAX
Class I Shares NAVIX
Class C Shares NAVCX
(a series of Northern Lights Fund Trust)
Supplement dated April 4, 2024 to
the Prospectus and Statement of Information dated February 28, 2024
The Board of Trustees of Northern Lights Fund Trust (the “Board”) has determined based on the recommendation of the investment adviser of the Navigator Equity Hedged Fund (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on May 24, 2024.
Effective at the close of business April 4, 2024, the Fund will not accept any purchases and may no longer pursue its stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to May 24, 2024, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO MAY 24, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-877-766-2264.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus dated February 28, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated February 28, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-877-766-2264.