Indicative-value (IV) is that of the ETF trade-basket used by authorized-participants. It indicates real-time premium/discount for the ETF. For liquid ETFs, there isn't much difference from the trade-price, but for illiquid/less-liquid ETFs, it may matter. Of course, narrow/wide bid-ask spread will also provide related trade info. In the example below, see equal-weight SP500 RSP, an ETF of CEFs CEFS and TCAF (its IV-symbol isn't recognized).
https://finance.yahoo.com/quotes/RSP,^RSP-IV,CEFS,^CEFS-IV,TCAF/view/v1

yes and most here were safely positioned in tbills or cash. :)

+1
“… most here”? Doubtful. But cash certainly was front and center on the board much of the first half of ‘23. Wish it were possible to pull up individual pages of discussions to try and quantify the percentage of comments devoted to cash investments / ST treasuries / CDs etc. early in the year. A guess would be 25-35% some days.
Bonds of most colors (sovereign, corporate investment grade, junk) have had a great run the past 2-3 months. Don’t overlook much disparaged equities.
YTD (Bloomberg)
Dow +10.36%
S&P + 21.07%
NASDAQ +38.94%
(Now - Watch Chair Powell scare hell out of the markets later today and make an idiot out of me.)

contrary opinion. if I had to pick this or voo and hold for next ten years I would pick voo. qlty is a high cost index fund. over 15 years the spy beat it.

Taxation of ADR stocks and U.S. Investors
”Like regular U.S.-based stocks, ADRs that issue dividends are taxed in the same manner. However, the one caveat is that because it is considered a foreign investment, the foreign home country will typically have a withholding amount. Each country has a different withholding tax but typically the amount ranges from 15% to 20%. Some countries have a significant amount of withholding on their dividends, such as Chile and Switzerland – both of which withhold 35%. France, for instance, also has one of the highest withholding rates in the world. The initial base rate is 30% but if the investor is in a non-cooperative country of the European Union, the rate is 75%.
“Many countries around the world have set up tax treaties with the U.S. and Canada, which reduces the withholding rate for investors. Chile, Switzerland and France all have established tax treaties with both countries, so instead of the higher withholding rates listed above, U.S. and Canadian citizens only have to withhold a maximum of 15%. However, it is important to remember how ADRs work. ADRs are generally held in bulk by a foreign custodian, which may or may not have the residency information for each individual investor. In this scenario, the ADR custodian may reduce the dividend payment by the foreign domestic withholding tax.”
With apologies to @dtconroe - I agree there’s some thread drift here. A CD is not an ADR. But @Crash was reacting to the issue of timely payment of interest and / or dividends. Regardless of the source of those payments, failure to receive payment on time would unnerve me and many other investors.
@MikeM - The issue has been raised before. What I have surmised is: even if held in a tax exempt / tax deferred account, holders of an ADR will get hit with the foreign country’s tax on dividends. I experienced this for the first time a year ago. Everything I’ve read indicates that those taxes also apply to indirect ownership of foreign companies (ie through a fund). The tax is paid by the fund and comes out of “other fund expenses” so that holders are often not aware they are paying it. Yes, per @yogibearbull, there is a provision in the U.S. tax code that may allow someone to apply for / receive at least a partial reimbursement - but I have not looked into it further.
What ought not be overlooked (in my case anyway) - There is no capital gains tax. So one may trade in and out freely and perhaps recoup part or all of the income tax paid on dividends.

Pay Date is Thursday, 14 Dec.
Record date is 13th December. Per Morningstar:
Income: .1927 cents/share.
L/T: $1.3003
S/T: .0776
Total = $1.5706/share.

Apparently this was serious enough that TIAA had to file prospectus supplements. They're all pretty much the same; here's the one for its VUL policies:

Filed Pursuant to Rule 497(e)
...
PROSPECTUS SUPPLEMENT NUMBER (7)
Dated November 13, 2023 ...
The purpose of this prospectus supplement is to notify contract owners and policyholders that a vendor for TIAA Life is currently experiencing a cyber security event, and the systems are unavailable. We are working with the vendor to resolve this issue as quickly as possible and resume operations.
This event has resulted in a temporary suspension of our ability to process contract transactions, including but not limited to, premium payments, investment allocation changes, cash withdrawals, systematic withdrawals, loan processing, beneficiary changes, death claim payments, dollar cost averaging, and rebalancing. The event has also affected on-line services, which are unavailable. We are unable to receive any requests submitted on-line until on-line services have resumed.
We are continuing to investigate the scope and impact of the event. Currently, there is not an estimated timeline for service restoration. Any pending transactions will be completed as quickly as possible in the order in which they were received. By the time this supplement has been delivered to you, service and transaction processing may have already been restored.
...
Please keep this supplement with your prospectus for future reference.

https://www.sec.gov/Archives/edgar/data/1067490/000119312523275816/d302845d497.htm
I'm now able to get current total balance (an improvement) but little else - no details, no ability to transact. IOW anything that entails interacting directly with its third party vendor.

The Week in Charts (12/11/23)
The most important charts and themes in markets, including...
00:00 Intro
00:12 199k More Jobs (Jobs Report)
03:31 A Looser Labor Market (Job Openings)
05:52 Housing Market in 2024 (Redfin Forecast)
08:11 Major Equity Market Trends (Large vs. Small, US vs. International, etc.)
14:51 Moving in Tandem (Stocks & Bonds)
18:42 A Product of Our Experiences (Asset Allocation by Generation)
24:05 Fed on Hold (Fed Policy)
27:23 More Affordable Cars (Prices Moving Lower)
Video
Blog

Like @stillers, I jumped on new issue CDs when rates topped 5%, and I’m glad that I did. I’ve got CD ladders extending out 5 years in several IRAs and our taxable savings, with an overall yield about 5.1%. The last issues I bought were 4 and 5 year terms yielding 5.05 to 5.1%, and the best yields in that range have dropped 0.5-0.8% over the past couple weeks. All my CDs are non-callable except for a few shorter term issues that are unlikely to be called.

Old_joe,
You can invest as you wish, I never said that CD or TR are bad or I will never invest in them.
I know 3 investors with millions, one has over 90% in Munis + 10% stocks, the second has over 90% in stocks, the third has 50% in MSFT, all have been doing it for decades and are very pleased.
In the last 1.5 years I posted many times that ST CD didn't make sense because MM has been doing very well and similar. About several weeks ago I posted that 3-5 years CDs make more sense to me because inflation is coming down, rates are likely to come down and these CDs will still pay nicely and much better than MM.
BTW, looks like several CDs had problems in the past.

There is lot of conduiting going on: Bank==>DTC/DTCC==>Broker==>Customer.
But the broker is charging 25-50 bps to list CDs on its platform. Customers don't see this fee, but banks pay high prices to quickly raise funds via brokered-CD channel. Only the brokers have customers' info - banks and DTCC have no clue as to who these customers are.
IMO, the brokers should be more helpful to the customers when something breaks in this conduiting than they appear to be from what has been reported. Broker is the loser if a customer is frustrated and walks away or swears off the brokered-CDs entirely.
I have said elsewhere, report payment delays to the FDIC. While FDIC coverage won't kick in from delayed CD interest payments, it is valid to ask if the bank involved is in any kind of trouble. Both FDIC and the Fed watch banks who top the lists of banks offering top CD rates week after week as that is a typical pattern before the bank failures.
https://www.fdic.gov/resources/consumers/consumer-assistance-topics/complaint-information.html

@Baseball_Fan - I don’t think you’ll get many affirmatives here on your annuity question. I’m sure they have a place for some people. But haven’t been mentioned much by board members. Dunno … Maybe …
@FD - I posted the advice of Buffett to his wife’s financial administrator to put 90% of her wealth upon his passing into a low cost S&P 500 index fund because that seemed closest to your “WTF” proposition. Indeed, she will likely need to withdraw less than the 3% annually you mention to afford a decent living standard. I think I get it. “WTF” means you’re so rich you can afford to take big chances. It really won’t affect you much if the S&P falls 50% or more. You’ll still be fine.

Already explained the WTF portfolio. If you need less than 3%(2.5% is...I need under 2%) annual withdrawal, then you can do whatever.
Someone who doesn't have enough must take a lot more risk than the above.
I always found better ST trade in bond OEFs and the rest is in MM. MM gives me more flexibility and is easier to trade than CD/TR.
As usual, the red zone DEPENDS. There is a difference between retirement at age 55, 65, or 70.
Never in my life, have I owned a CD or US treasury, as you see at https://fixedincome.fidelity.com/ftgw/fi/FILanding.
From retirement in 2018 to 2022(5 years), I was at 10/90 (stocks/bond OEFs) and did well. In 2023, I'm at 100% bond OEFs doing pretty well. I keep changing my style according to the market. When MM pays over 5%, even 4%, all I need is 3 trades at 2+% to have a great return with very low SD/risk. Owning 2-3 funds makes my life easier.

Prudential offers this PDF on The Red Zone: https://www.prudential.com/media/system/cda/rrz/downloads/redzone_brochure.pdf
Many refer to The (Investor) Red Zone as the 5 years prior to retirement. Others, like me, refer to it as the 5 years prior to and after retirement.
We had never owned a dedicated bond fund and were always 95%-99% in stocks until entering The Zone pre-retirement. We bought our first allocation and dedicated bond funds when we entered The Zone pre-retirement. If we had it to do all over again, we would have not bought any dedicated bond funds - for us, a waste of time, money and effort. The only bonds we hold now are via three allocation funds with bonds being less than 5% of total portfolio. We do own a 5-yr CP CD ladder in lieu of any individual bonds or dedicated bond funds.
I think there is likely a tendency of many to become TOO conservative in The Zone, but the prevailing theme of it is better to be safe than sorry, though one's choice may be for one and end up resulting in the other.
Pulp Fiction is oft referred to as a cult classic of director Quentin Tarantino.
https://www.imdb.com/title/tt0110912/
Musta seen it at least 15 times by now. Stellar cast offers up stellar performances. One iconic scene after another. Not recommended for the faint of heart.

a comment and a question....
Not sure if it was Pfau who stated this...but there's a concept that the riskiest time for investors are 5 to 7 years prior to retirement and 5 to 7 years after retirement...the ole' sequence of return risk...so thinking is to be extremely "safe" positioned in your portfolio during those times...as you can really get dinged with your funds at the worst possible time with no time for portfolio to recover
Also, curious if any of the class annuitized any of their portfolio going into retirement? and please also indicate if you are comfortable doing so if you have a gov't or other pension (reason being is that I consider a govt pension a better than equivalent of an annuity) I also do believe that Pfau has mentioned annuitizing part of one's portfolio going into retirement.
btw..never saw the movie Pulp F...only have seen snippets and always had no idea what if was about or what was going on, LOL!
Best Regards,
Baseball Fan

https://www.sec.gov/Archives/edgar/data/1089951/000119312523291824/d488384d497.htm
497 1 d488384d497.htm AMG FUNDS
Filed pursuant to Rule 497(e)
File Nos. 333-84639 and 811-09521
AMG FUNDS
AMG GW&K Emerging Wealth Equity Fund
Supplement dated December 8, 2023 to the Prospectus and Statement of Additional Information,
each dated March 1, 2023
The following information supplements and supersedes any information to the contrary relating to AMG GW&K Emerging Wealth Equity Fund (the “Fund”), a series of AMG Funds (the “Trust”), contained in the Fund’s Prospectus and Statement of Additional Information, dated as noted above.
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund (the “Liquidation”), which is expected to occur on or about February 9, 2024 (the “Liquidation Date”). Effective on or about December 11, 2023, it is expected that the Fund will begin selling its portfolio investments and will invest the proceeds in cash and cash equivalents, in anticipation of the Liquidation. Proceeds of the Liquidation are expected to be distributed to shareholders of the Fund promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
Effective prior to the open of business on December 11, 2023, the Fund will no longer accept investments, except for investments made through existing asset allocation programs investing in the Fund, and shares purchased pursuant to automatic investment programs, such as automatic investments through 401(k) plans and reinvestments of any dividends and distributions. Those shareholders investing in the Fund through one of the exceptions described above may continue to purchase shares of the Fund provided that such transactions settle prior to the Liquidation Date.
A letter will be sent to shareholders who hold shares directly with the Fund (“Direct Shareholders”) setting forth the various options and instructions with respect to the Liquidation and the distribution of Direct Shareholders’ redemption proceeds. Any Direct Shareholder may elect to have redemption proceeds sent to them via check. Direct Shareholders may also elect to exchange their Fund shares into the same share class of any other fund in the AMG Funds family of funds that is open to new investors (subject to minimum initial investment requirements as described in such fund’s prospectus). Shareholders who hold their shares in the Fund through a financial intermediary should contact their financial representative to discuss their options with respect to the Liquidation and the distribution of such shareholders’ redemption proceeds.
The Fund intends to distribute its accumulated net capital gains and net investment income, if any, to shareholders of record of the Fund as of the close of business on December 13, 2023; these distributions may be taxable to shareholders who do not hold their shares in a tax-advantaged account such as an IRA or 401(k).
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/912036/000119312523291825/d640668d497.htm
497 1 d640668d497.htm AMG FUNDS IV
Filed pursuant to Rule 497(e)
File Nos. 033-68666 and 811-08004
AMG FUNDS IV
AMG River Road International Value Equity Fund
Supplement dated December 8, 2023 to the Prospectus and Statement of Additional Information,
each dated March 1, 2023
The following information supplements and supersedes any information to the contrary relating to AMG River Road International Value Equity Fund (the “Fund”), a series of AMG Funds IV (the “Trust”), contained in the Fund’s Prospectus and Statement of Additional Information, dated as noted above.
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund (the “Liquidation”), which is expected to occur on or about February 9, 2024 (the “Liquidation Date”). Effective on or about December 11, 2023, it is expected that the Fund will begin selling its portfolio investments and will invest the proceeds in cash and cash equivalents, in anticipation of the Liquidation. Proceeds of the Liquidation are expected to be distributed to shareholders of the Fund promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
Effective prior to the open of business on December 11, 2023, the Fund will no longer accept investments, except for investments made through existing asset allocation programs investing in the Fund, and shares purchased pursuant to automatic investment programs, such as automatic investments through 401(k) plans and reinvestments of any dividends and distributions. Those shareholders investing in the Fund through one of the exceptions described above may continue to purchase shares of the Fund provided that such transactions settle prior to the Liquidation Date.
A letter will be sent to shareholders who hold shares directly with the Fund (“Direct Shareholders”) setting forth the various options and instructions with respect to the Liquidation and the distribution of Direct Shareholders’ redemption proceeds. Any Direct Shareholder may elect to have redemption proceeds sent to them via check. Direct Shareholders may also elect to exchange their Fund shares into the same share class of any other fund in the AMG Funds family of funds that is open to new investors (subject to minimum initial investment requirements as described in such fund’s prospectus). Shareholders who hold their shares in the Fund through a financial intermediary should contact their financial representative to discuss their options with respect to the Liquidation and the distribution of such shareholders’ redemption proceeds.
The Fund intends to distribute its accumulated net capital gains and net investment income, if any, to shareholders of record of the Fund as of the close of business on December 13, 2023; these distributions may be taxable to shareholders who do not hold their shares in a tax-advantaged account such as an IRA or 401(k).
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/879947/000119312523291826/d605591d497.htm
497 1 d605591d497.htm AMG FUNDS II
Filed pursuant to Rule 497(e)
File Nos. 033-43089 and 811-06431
AMG FUNDS II
AMG GW&K Global Allocation Fund
Supplement dated December 8, 2023 to the Prospectus and Statement of Additional Information,
each dated May 1, 2023
The following information supplements and supersedes any information to the contrary relating to AMG GW&K Global Allocation Fund (the “Fund”), a series of AMG Funds II (the “Trust”), contained in the Fund’s Prospectus and Statement of Additional Information, dated as noted above.
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund (the “Liquidation”), which is expected to occur on or about February 9, 2024 (the “Liquidation Date”). Effective on or about December 11, 2023, it is expected that the Fund will begin selling its portfolio investments and will invest the proceeds in cash and cash equivalents, in anticipation of the Liquidation. Proceeds of the Liquidation are expected to be distributed to shareholders of the Fund promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
Effective prior to the open of business on December 11, 2023, the Fund will no longer accept investments, except for investments made through existing asset allocation programs investing in the Fund, and shares purchased pursuant to automatic investment programs, such as automatic investments through 401(k) plans and reinvestments of any dividends and distributions. Those shareholders investing in the Fund through one of the exceptions described above may continue to purchase shares of the Fund provided that such transactions settle prior to the Liquidation Date.
A letter will be sent to shareholders who hold shares directly with the Fund (“Direct Shareholders”) setting forth the various options and instructions with respect to the Liquidation and the distribution of Direct Shareholders’ redemption proceeds. Any Direct Shareholder may elect to have redemption proceeds sent to them via check. Direct Shareholders may also elect to exchange their Fund shares into the same share class of any other fund in the AMG Funds family of funds that is open to new investors (subject to minimum initial investment requirements as described in such fund’s prospectus). Shareholders who hold their shares in the Fund through a financial intermediary should contact their financial representative to discuss their options with respect to the Liquidation and the distribution of such shareholders’ redemption proceeds.
The Fund intends to distribute its accumulated net capital gains and net investment income, if any, to shareholders of record of the Fund as of the close of business on December 13, 2023; these distributions may be taxable to shareholders who do not hold their shares in a tax-advantaged account such as an IRA or 401(k).
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/1089951/000119312523291827/d614129d497.htm
497 1 d614129d497.htm AMG FUNDS
Filed pursuant to Rule 497(e)
File Nos. 333-84639 and 811-09521
AMG FUNDS
AMG GW&K Emerging Markets Equity Fund
Supplement dated December 8, 2023 to the Prospectus and Statement of Additional Information,
each dated March 1, 2023
The following information supplements and supersedes any information to the contrary relating to AMG GW&K Emerging Markets Equity Fund (the “Fund”), a series of AMG Funds (the “Trust”), contained in the Fund’s Prospectus and Statement of Additional Information, dated as noted above.
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund (the “Liquidation”), which is expected to occur on or about February 9, 2024 (the “Liquidation Date”). Effective on or about December 11, 2023, it is expected that the Fund will begin selling its portfolio investments and will invest the proceeds in cash and cash equivalents, in anticipation of the Liquidation. Proceeds of the Liquidation are expected to be distributed to shareholders of the Fund promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
Effective prior to the open of business on December 11, 2023, the Fund will no longer accept investments, except for investments made through existing asset allocation programs investing in the Fund, and shares purchased pursuant to automatic investment programs, such as automatic investments through 401(k) plans and reinvestments of any dividends and distributions. Those shareholders investing in the Fund through one of the exceptions described above may continue to purchase shares of the Fund provided that such transactions settle prior to the Liquidation Date.
A letter will be sent to shareholders who hold shares directly with the Fund (“Direct Shareholders”) setting forth the various options and instructions with respect to the Liquidation and the distribution of Direct Shareholders’ redemption proceeds. Any Direct Shareholder may elect to have redemption proceeds sent to them via check. Direct Shareholders may also elect to exchange their Fund shares into the same share class of any other fund in the AMG Funds family of funds that is open to new investors (subject to minimum initial investment requirements as described in such fund’s prospectus). Shareholders who hold their shares in the Fund through a financial intermediary should contact their financial representative to discuss their options with respect to the Liquidation and the distribution of such shareholders’ redemption proceeds.
The Fund intends to distribute its accumulated net capital gains and net investment income, if any, to shareholders of record of the Fund as of the close of business on December 13, 2023; these distributions may be taxable to shareholders who do not hold their shares in a tax-advantaged account such as an IRA or 401(k).
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE

FD - Is this what you mean by the WTF plan?
https://www.investopedia.com/articles/personal-finance/121815/buffetts-9010-asset-allocation-sound.asp

hank

Portfolio risk late in retirement? It’s a personal matter, I think, based more on temperament than anything else. If you still don’t have “enough” to survive on for the rest of your life when you reach 75 - 85 may God help you

Unfortunately, most/many retirees are in that situation.