FUNDS. Another piece on high yearend CG distributions. (This piece by Lauren Foster seems to be based on a longer piece by @LewisBraham in the Guide to Wealth supplement, see below)
INCOME from EM dividend-stocks – CEMDX / CEMIX with holdings in Brazil, China, Greece, Mexico.
RETIREMENT. The good news is that Americans have $39 trillion in RETIREMENT ACCOUNTS. But the bad news is that only 54.3% have defined-contribution (DC) retirement accounts, 13% have traditional defined-benefit (DB) pensions, and accounting for overlaps, that leaves lots of Americans without ANY retirement funds beyond Social Security (1935- ). The average balance in DC accounts is only $86K. In the very old days, people worked until they died. Pensions were a creation of Industrial Revolution to make room for younger employees by luring older workers to “retire”, and the first retirement fund was by American Express in 1875. It didn’t catch on right away, and then the Great Depression came (1930s), and the SSA was created. Employees liked old pensions, but employers saw them as growing liabilities. According to the father of 401k, Ted BENNA, 401k was by accident from the short 869-word section (subtitled 401k) in the 1978 revenue Act that allowed pretax employer and employee contributions for retirements (unclear who slipped that in). Companies caught on to this quickly, and by 1983, there were already 7.1 million 401k accounts, now 60 million accounts. The great shift from old pensions to 401k/403b also started. But 401k/403b aren’t perfect, and while auto-signups and auto-escalations have helped, that hasn’t been enough (especially for lower-income and self-employed groups and small businesses). (By Kenneth Pringle who has authored some great historical pieces)
Supplement, GUIDE TO WEALTH.
Yearend tips for portfolios: Max 401k/403b, make IRA contributions and/or Roth conversions, payoff high-rate debt, deploy some tech profits into bonds, rebalance if far from targets, consider alternatives, keep cash in higher-rate money-market funds. Some stock and bond ideas are also included.
Several high 2023 yearend mutual fund distributions are mentioned: IYVAX, KLCKX, FMXKX, CREEX, DHSCX, JPDEX (tax-aware!), BTIIX (SP500!). Heavy outflows and/or manager change are reasons. The ETFs avoid this problem due to their tax-efficient design. There are also direct-indexed accounts that can do TLH; some of these accept mutual funds (in-kind) that they can slowly adjust with TLH. Mutual fund holders with huge CG distributions may also sell them ahead if their unrealized gains are not large. For individuals, excess TLH net losses beyond $3K/yr offset of ordinary income can be carried over to future years. Tax issues don’t matter in tax-deferred/free accounts. Charitably inclined may contribute highly appreciated securities to DAFs or directly to charities (but one has to itemize to claim charitable deductions). (By @LewisBraham at MFO)
Top yearend ideas from 5 financial pros:
Cheryl HOLLAND/Abacus: Family talks about finances around holidays.
Patrick FRUZZETI/Rose-Hightower: TLH, QCDs, CRTs from IRAs, DAFs.
Matthew SPRADLIN/Godfrey & Spradlin-Steward Partners: 529s – split w/spouse to max state tax benefits; use 5-yr forward for 5x annual contributions (but cannot contribute more for 5 years), individual 401k for proprietors.
Indrika ARNOLD/Colony Group: Gifting with purpose – it’s a good feeling when gift recipients benefit from gifts while you are around.
Mark MUMFORD/Hollow Brook: TLH, gifts.
LINK
Those interested may also check the International Roundtable in Part 1.

Love to you all. You have been so good to this troll over the years.

I’ve been buying longer term CDs (3-5 years) lately based on my presumption that rates were peaking. I was able to buy a number of call protected issues with yields all exceeding 5%, but available yields have dropped to 4.5-4.7% over the past couple weeks, so I’m glad that I acted when I did. However, I have a number of Treasuries maturing from December through March, and I’m afraid that yields exceeding 5% will not be available by then.

All comments below are about CP, brokerage CDs, 2-5 year durations.
VG: Bought a New Issue CD last week that met my hurdle. No worthy Secondary Issue opportunities at the time of my BUY.
Fido: Bought a New Issue CD Monday that met my hurdle. There were some worthy Secondary Issue opportunities available then but none that were good enough to best the New Issue. Still looking to add one more rung and may well go the Secondary Issue route on it. Have been trying some low-ball offers to juice the effective APY but so far no takers
Overall: I've been building CP CD ladders for 15 years. HUGE drops in inventory from the BIG 10-year event earlier this month that only happen with BIG events like that. Some significant drops from the peak at the 3-5 year levels. HUGE amount of BUYing New Issue as they came on line yesterday. We appear to be past the peak. If you snoozed, you losed!

I don’t know why so many seem to assume that investors are selling stocks to put in money markets. I’ve been holding steady on stock allocations but selling bonds funds to invest in MMs, Treasuries and CDs. What are often called “plain vanilla bond funds “ are the biggest disasters in my portfolio over the past two years. I expect stock funds to fluctuate a lot in value. I did not expect my “safe” bond funds to crater. How many years will it take for investors to recover from losses in bond funds? It’s not like they’re known for 20-30% returns in a year, like stock funds.
I still have substantial money in short-term and multi-sector bond funds that have fared less poorly, but I’ll keep buying Treasuries and CDs as long as the generous yields hold up. I’ll take a guarantee 5% return any day over bond funds that continue to lose money. At some point I’ll start buying bond funds again, particularly if CD and Treasury yields drop a lot. However, my CD/Treasury ladder will take me out five years.

@Mark said, ”Small investors playing the FOMO game will be left w/o a chair when/if the music stops”
ISTM Mark feels big money has been selling equities and moving to cash while smaller retail investors are still throwing money into stocks due to FOMO (”fear of missing out”).
I’d agree that’s the way investor cycles typically work. Big money leads the way and than flees early. Smaller investors come late to the party and stay too long. Not sure that describes the entire picture now. If you look beyond the NASDAQ (+36% YTD) and the cap-weighted S&P (+18.7% YTD) some markets (notably small caps) haven’t participated in the rally. And the DJI is up only a modest 6.4% YTD. That’s well below its 37,000+ high reached roughly 2 years ago.

Yogi - You think there’s been more positive chatter here over the years about VFINX rather than PRWCX? Could be. Not my impression. Both mutual funds. Yes, VFINX is older.
Regardless of whether one likes Ramsey or not, I don’t know how you can argue with his point that most retail investors are better off with a long term “buy and hold” approach rather than frequently trading. That would go against most everything ever professed by the greats like Bogle, Templeton, Marks, Buffett.

It occurs to me that the most widely admired, favored, tracked and discussed fund on this forum (over the years) is a mutual fund. One conceived back in the ”dark ages” (1986).
Dave Ramsey voices some opinions on investors and ETFs.
Excerpt - ”Ramsey sometimes gets painted with the ‘anti-ETF’ brush. But to be clear, Ramsey’s all in favor of using ETFs when used properly. For investors who can use ETFs as part of a long-term, buy-and-hold investment program, rather than as trading vehicles, Ramsey has nothing bad to say about them.”

@hank: it may be too early to judge whether the ETF will outperform. In the case of Capital Group, the marketing materials discourage comparison with the OEFs, pointing out that the teams of managers are not the same and that the ETF is a new vehicle and is not intended to replicate an existing MF. I looked at the respective managers of CGGR and CGDV and discovered that each of the four have other MF assignments, but not necessarily in the same niche. In other words, the team members for CGGR, the growth vehicle, don’t work only on growth funds. Nor do the team members of CGDV work only on OEF dividend strategies. The teams represent diverse investment approaches and they appear to have many years of experience. From what M* says, each team member manages a slice of the pie, resulting in separate concentrated portfolios. Maybe other fund companies do something similar; in any event, the American/Capital record over the years inspires confidence. It may be a few years before we know how the transparent active fund performs in up and down market cycles compared to other funds structured traditionally.

Bank stocks like Citi and Bank of America have done terrible the past few years. Jamie and Jeff as in bezos selling stocks in their companies...why?? Not a good sign when banks struggle....
Cramer is a clown. Watching his comedy show is painful and is a great way to lose monies.
Big inflows into us stocks the past few weeks..who knows right? Still can get 5% plus and hike the trails or walk the beach for the next couple years without the excitement of the markets...
Good luck to all

https://www.sec.gov/Archives/edgar/data/889284/000139834423020930/fp0086050-1_497.htm
497 1 fp0086050-1_497.htm
Filed pursuant to 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED NOVEMBER 21, 2023
TO THE CLASS A, CLASS C, AND INSTITUTIONAL SHARES SUMMARY PROSPECTUS, THE CLASS A AND CLASS C SHARES PROSPECTUS, THE INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS, AND THE STATEMENT OF ADDITIONAL INFORMATION,
EACH DATED FEBRUARY 1, 2023, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary in the Class A, Class C, and Institutional Shares Summary Prospectus, the Class A and Class C Shares Prospectus, the Institutional and Class R6 Shares Prospectus (collectively, the “Prospectuses”), and the Statement of Additional Information (“SAI”) each dated February 1, 2023, with respect to Sterling Capital SMID Opportunities Fund:
Sterling Capital SMID Opportunities Fund
The Board of Trustees of Sterling Capital Funds has given approval to a proposal by Sterling Capital Management LLC (“Sterling Capital”), the investment adviser to Sterling Capital SMID Opportunities Fund (the “Acquired Fund”), to effect the merger of the Acquired Fund into the Sterling Capital Mid Value Fund (“Acquiring Fund”) (the “Merger”) on or about January 26, 2023 (the “Merger Date”).
The Merger is expected to be a tax-free reorganization for federal income tax purposes. On the Merger Date, any investment in the Acquired Fund will, in effect, be exchanged for an investment with an equal aggregate net asset value in the Acquiring Fund. Therefore, as a result of the Merger, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund. Acquired Fund shareholders will not pay any sales charges, purchase premiums, or redemption fees as a result of the Merger. Prior to the consummation of the Merger, the Acquired Fund expects to reposition certain of its portfolio holdings and expects that it will dispose of approximately 50% of its investments and invest the proceeds of such dispositions in securities currently held by the Acquiring Fund, or in other securities, cash and/or cash equivalents. Accordingly, the Acquired Fund may no longer be implementing its investment strategy in the time period leading up to the Merger. The Acquired Fund will incur transaction costs in connection with this repositioning, and the repositioning is expected to result in the recognition of net capital gains and the distribution of net capital gains to Acquired Fund shareholders. These distributions would be taxable to shareholders. You can find information about the Acquiring Fund and its investment policies and risks, including a prospectus, summary prospectus and Statement of Additional Information, online at sterlingcapital.com/investments/mutual-funds/. You can also get this information at no cost by emailing a request to [email protected], by calling 1-800-228-1872 or by asking your financial representative.
Acquired Fund shareholders will receive shares of the Acquiring Fund’s corresponding share class as part of the Merger. Each Fund’s Class C Shares are subject to a Contingent Deferred Sales Charge (CDSC) of 1.00% on such shares held for less than two years. Each Fund’s Class A Shares purchased in the amount of $1 million or more for which a front-end sales load waiver was received at the time of purchase also are subject to a CDSC of 1.00% on such shares held for less than two years. Class A Shares and Class C Shares received as a result of the Merger will continue to be subject to the CDSC schedule of the shares of the Acquired Fund you originally purchased.
Shareholder approval of the Merger is not required. At any time before the close of the Merger, you may redeem your shares as described in the Prospectuses. Such redemptions may be taxable transactions.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
-1-
STAT-SUP-1123

@FD1000: thanks for your comment about Liberty Mutual. I had been a long-time Amica customer, but left them when I found they were completely inflexible on the premium. LM offered a decent deal to grads of my university, so I switched. After 15 years, I’m still satisfied but 2023 sticker shock lingers. Time to call a customer rep to see if they have some flexibility.

Be sure to ask for 'Bee-bu.' :)

@FD1000: thanks for your comment about Liberty Mutual. I had been a long-time Amica customer, but left them when I found they were completely inflexible on the premium. LM offered a decent deal to grads of my university, so I switched. After 15 years, I’m still satisfied but 2023 sticker shock lingers. Time to call a customer rep to see if they have some flexibility.

Be very careful out there when soliciting quotes.. I once asked an Allstate rep for a quote. Came in $300-400 less than State farm. Put it under the microscope. Asked why they left off uninsured motorist or something....oh we don't offer that in your area. Hmm
First point compare apples vs apples very carefully and second why switch if you're happy with the service to save a couple hundo? I'd have to save several hundo to even consider it
Lastly I did ask for Amica quote a few years back. Couldn't come anywhere close to state farm
Ymmv
Baseball fan

american family, I think it is, fka ameriprise, via costco
wait, maybe it's now called connect
v good, for many years (auto,home,umbrella), but thinking I shd get a quote from amica
also state farm
boy, are there a lot of comparison sites out there

CEFs But where do the perpetual type derive their value? (I’ve read the prospectuses on several and have owned both types.) If the assets will never be marketed (ie held into perpetuity) how can you or I know what our shares are really worth? It is, of course, common for CEFs to trade above or below their NAV. But in the case of “limited term” CEFs there is the assurance those assets will be put on the market some day. A perpetual CEF could in theory go on for 100 years just trading on some market determined value which might have little resemblance to the worth of its underlying assets. Nuts on the surface.
Maybe it’s the same as with common stocks. One does not “plan” for a company to be broken up and sold off in pieces. However, there is often a breakup value or book value to help support the share price. Is that the part I’m missing with perpetual CEFs?

These CEFs with special term-structures have evolved over 2-3 years. In about 12.0-13.5 years after inception, these CEFs will liquidate, but smaller residual CEFs may continue AFTER all shareholders who want to redeem have been redeemed. Prices will be whatever they are at the time of liquidation, but premiums/discounts should disappear. But in the recent bond selloff, these have been sold indiscriminately along with others. One problem is that many think of them as new CEFs, but they have much older perpetual CEF cousins, often run by the same managers.
Many firms have both - perpetual and special term CEFs. Several examples of CEFs with special term-structures:
Pimco PDO, PAXS
Nuveen NDMO, NMCO, NPFD
Thornburg TBLD
More info
https://ybbpersonalfinance.proboards.com/thread/22/funds-series?page=1&scrollTo=436
https://ybbpersonalfinance.proboards.com/thread/515/cefs-newer-term-structures-nuveen?page=1&scrollTo=1214

Having trouble getting my head around how the intrinsic “value” (now or in the future) to shareholders of perpetual CEFs works. In recent years there’s been a number of limited term CEFs opened (purely by way of example): Blackrock’s BCAT. The prospectus for this type of CEF sets a “liquidation date” in the future (perhaps 10 years) when the fund’s assets will be sold off and the shareholders paid based on NAV at that time. Usually there’s language to the effect that the board of directors / shareholders may at such time decide to extend the date of fund’s liquidation a number of years.
OK - That all makes sense to me. No matter how far above or below NAV the CEF is trading at any given time, shareholders know that if they hang on until the liquidation date they will receive the actual NAV of shares owned. But what about the other (perpetual) type? Is there any intrinsic value in the asset base / shares outstanding that is transferable to shareholders, or is it a game of charades? I’m sure someone smarter than me can answer that. Also, perhaps voice a preference for one type CEF or the other.
Thanks!

We have excellent insurance and credit rating. 2 cars ,home and umbrella is what we have. Was with Metropolitan for 20 years with multiple discounts. For curiosity got multiple quotes 7 years ago. Erie came out on top and always cheaper than Amica, State Farm, Allstate , Liberty Mutual, when checking yearly since then. Have been satisfied with Erie but they have stricter underwriting than the big guys as noted above.

Heard a bit about AMICA for insurance. Comments?

Amica has been rated by Consumer Report as the best insurance for decades now. I tried them several times. We have 3 insurance products auto, home, and umbrella and I need one company to handle all of them.
We had State Farm for 10+ years but they wanted to triple our auto insurance when the kids started to drive. I changed to Liberty for "only" 50% increase. My kids had several accidents and 3 totals, and Liberty was great. Liberty raised my auto insurance only once for 6 months. Every 3-5 years my agent was able to keep it low by writing a new auto policy, but Liberty got rid of the local agents and I had to fight myself.
Earlier this year, Liberty wanted to increase our auto insurance by 50%, after about 20 years I changed to Allstate at only a 20% increase.
Every time I called Amica, they could match only the Umbrella(which is the simplest) but not the auto + home insurance (at least double +).