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Reuters, Aug 29, 2013, OppenheimerFunds settles crisis-era muni fund lawsuits for $89.5 mlnShareholders accused OppenheimerFunds, a New York-based unit of Massachusetts Mutual Life Insurance Co, of misleading them about the safety of six funds, ignoring the funds’ stated objectives and risk guidelines, and inflating asset values. ...
The six funds were: AMT-Free Municipals, Rochester Fund Municipals, Rochester AMT-Free New York Municipal, New Jersey Municipal, Pennsylvania Municipal and Rochester National Municipals.
Rochester National specialized in high-yield securities, and remains one of the biggest funds in its class, with about $5.7 billion of assets as of July 31.
The other five funds were designed to preserve shareholder principal by investing in high-quality securities.
According to Morningstar Inc, the six funds’ Class A shares fell between 29 percent and 48.9 percent in 2008, ranking near the bottom of their respective categories.
https://www.investmentnews.com/article/20130414/REG/130419957/mlps-in-mutual-funds-pose-hazardsOnce MLPs are wrapped in a mutual fund or an ETF, their distributions are taxed at the fund's corporate rate, and what is left is paid to shareholders as a distribution. That payment then is taxed as dividend income, thereby effectively nullifying the main reason for investing in an MLP in the first place.
Emphasis added.The Fund [i.e. the Mutual Series Funds, collectively] began offering multiple classes of shares on November 1, 1996: Mutual Shares Fund - Class Z, Mutual Shares Fund - Class I, Mutual Shares Fund - Class II, Mutual Qualified Fund - Class Z, Mutual Qualified Fund - Class I, Mutual Qualified Fund - - Class II, Mutual Beacon Fund - Class Z, Mutual Beacon Fund - Class I, Mutual Beacon Fund - Class II, Mutual European Fund - Class Z, Mutual European Fund - Class I, Mutual European Fund - Class II, Mutual Discovery Fund - Class Z, Mutual Discovery Fund - Class I, and Mutual Discovery Fund - Class II. All shares purchased before Novembe 1, 1996, are considered Class Z shares.
Now that passive stock fund assets have exceeded active for first time it is anecdotal evidence you should be moving money away from the herd into active managers who can beat the index. There are thousands of funds which have beaten the index over multiple time frames. As an investor of 40+ years this concept seems totally logical to me.@Simon, how does using indexes as a contrarian indicator work? If most managed funds mimic or can't beat an index, why is that a buy signal for managed funds?
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