T-Bill Coupon-Equivalent Yield
According to several web sources, Treasury simply uses this formula for Coupon-Equivalent Yield of T-Bills,
Coupon-Equivalent Yield = 100*[(Par Value - Purchase Price)/Purchase Price]* 360/d, where d = days to maturity.
So, Coupon-Equivalent Yield = Total Return * 360/d.
d must be counted properly taking into account specific T-Bill issue and maturity dates. Just because their name says 13-wk, 26-wk, 52-wk, that doesn't mean 13*7, 26*7, 52*7 days.
Don't ask my why the Treasury wants to put all T-Bills on 360 day standard.
The 52-wk T-Bill today (8/8/23) will be issued on 8/10/23 but will mature on 8/8/24, so that is 2-3 days less than a full year (or, 362-363 days). It seems that Treasury used d = 362.76.
Price was 94.883778, so TR = (100 - 94.883778)/94.883778 = 5.392%.
So, Coupon-Equivalent Yield = 5.392*360/362.76 = 5.351%. That is what Treasury provides, but I don't like this at all. It doesn't related to any realistic TR or YTM that one may calculate.
To me, if the TR is 5.392% for 362.76 days (implied by Treasury), I would annualize it as 5.392*365/362.76 = 5.425% annualized.
52-Wk T-Bill Auction on 8/8/23 https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230808_2.pdf
https://www.investopedia.com/terms/c/couponequivalentrate.asp
https://www.bogleheads.org/forum/viewtopic.php?t=248337

Additional info at MFO post: MARKETPLACE- For banks, the other shoe is dropping … in slow motion

".....During the second quarter and through August 2, 2023, the Company issued 780,222 shares of common stock through its at-the-market equity offering program for total gross proceeds of approximately $11.7 million at a weighted average price per share of $15.03...."
DILUTION.
https://www.morningstar.com/stocks/XNYS/PSTL/quote
David Sherman warned of this.
So, they authorized a scheduled dividend, but water-down its value. Stinky poopies.

https://www.sec.gov/Archives/edgar/data/722885/000110465923088681/tm2322079d13_497.htm
497 1 tm2322079d13_497.htm 497
PEAR TREE FUNDS
PEAR TREE AXIOM EMERGING MARKETS WORLD EQUITY FUND
Ordinary Shares: QFFOX Institutional Shares: QEMAX R6 Shares: QFFRX
Supplement dated August 7, 2023
To Summary Prospectus, Prospectus and Statement of Additional Information
dated August 1, 2023
At the request of Pear Tree Advisors, Inc. (the “Manager”), the investment manager to each of the separate series of Pear Tree Funds (the “Trust”), the Trustees (the “Trustees”) of the Trust have reviewed information relating to the Manager’s request to reorganize Pear Tree Axiom Emerging Markets World Equity Fund (the “Target Fund”) into Pear Tree Polaris International Opportunities Fund (the “Acquiring Fund”) in a transaction (the “Reorganization”) pursuant to a plan of reorganization (the “Plan”). Each of the Target Fund and the Acquiring Fund is a separate series of the Trust. Completion the Reorganization is subject to a number of conditions, including the receipt of approval by the shareholders of the Target Fund. No shareholder action, however, is necessary or being requested at this time.
Shareholders as of the record date (August 7, 2023) will receive a prospectus/proxy statement that contains important information about the Plan, the Reorganization and the Acquiring Fund, including comparative information with the Target Fund about investment strategies and risks, fees and expenses. The Plan generally provides for an exchange of shares of each issued and outstanding class of the Target Fund for shares of the corresponding class of the Acquiring Fund, which would then be distributed pro rata by the Target Fund to the holders of the shares of such class in complete liquidation of the Target Fund, and the Acquiring Fund’s assumption of all stated liabilities of the Target Fund. Shareholders of the Target Fund will receive shares of the Acquiring Fund equal in value to their shares of the Target Fund held prior to the Reorganization. The Reorganization is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes. More detailed information about the Reorganization and the changes that will result from the Reorganization will be provided in a prospectus/proxy statement, which is expected to be sent to Target Fund shareholders in the coming weeks.
Prior to the Reorganization, Target Fund shareholders may continue to purchase, redeem and exchange their shares subject to the limitations described in the Target Fund’s prospectus.
The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the Target Fund or the Acquiring Fund, nor is it a solicitation of any proxy. When it is available, please read the prospectus/proxy statement carefully before making any decision to invest or when considering the Reorganization. The prospectus/proxy statement also will be available for free on the SEC’s website (www.sec.gov).
* * *
Please retain this Supplement with your Summary Prospectus, Prospectus and SAI.

Exited tiny position in TLH (10-20 year Treasuries) initiated a week ago. Good learning experience. Small gain. Proceeds used to establish a toe-hold in a domestic food stock I’ve owned before. Would add on weakness. Added a bit to CCOR where I’ve built a small position recently. May have bottomed sometime last week. Just “playing around the edges”. No changes to long term static allocation (80%), Cash position nominal at 10.5%.

+1.

Weekly 13-wk and 26-wk Auction was on Monday/YESTERDAY.
Once a month 52-wk Auction is TODAY. I have an order in.
Save/bookmark Auction schedule, https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf

Regional bank KRE is showing some damage in the pre-market (-2.7%). It has been rebounding from the May lows.
https://stockcharts.com/h-sc/ui?s=KRE&p=D&yr=1&mn=0&dy=0&id=p21145977994

Rest of the Story
M*, Yahoo Finance and Nasdaq are still showing Schnitzer Steel/SCHN.
Change to Radius Recycling/RDUS is supposed to be official in September 2023; RDUS ticker isn't yet recognized. Some sites may be jumping the gun on the name change. The company website shows the name change but ticker SCHN,
https://www.radiusrecycling.com/company/investors/stock-information
Looks like Schnitzer family sold much of its stake in SCHN/RDUS and is now well below 20%; nobody from the family is now involved with the management or the board. I suppose if the family had any say, they may have preferred Schnitzer Recycling.
But Schnitzer family name will live on around Portland, OR as the family has been into steel recycling, real estate, philanthropy. One descendent Jordan Schnitzer has been in the news, including for the steps he went through to get a son to carry his own family name through a surrogate and that turned into a legal mess.
https://www.wweek.com/news/2016/03/16/jordan-schnitzer-gets-a-son-and-a-court-battle/

The company's news release:
https://www.radiusrecycling.com/company/investors/news-release-details/22391

+1.

Oh, well .....
https://www.reuters.com/markets/us/moodys-downgrades-10-us-banks-warns-possible-cuts-others-2023-08-08/

Using Schwab as my source of CD rate data it seems as though a plateau may have been reached. Since July 10 rates have been essentially flat. I don’t think that these rates will last well into 2024. Now may be the time to lock in for longer.

My "guess"--I am expecting shorter term CD rates to rise a little more as we move through the rest of August. I am not expecting any major changes for the remainder of 2023. I am expecting 2024 to be flat to slightly lower for both shorter and longer term periods. I still think there is a chance for one more small rate hike this year, but we are moving into election season, and I just don't see the Feds doing anything signficant during the election period

Using Schwab as my source of CD rate data it seems as though a plateau may have been reached. Since July 10 rates have been essentially flat. I don’t think that these rates will last well into 2024. Now may be the time to lock in for longer.

Try CRV and then Accord will feel like a sports car. Now we have CRV and RDX. We have been a Honda/Acura family for many years.

+1 on Acura. After a decade of German engineering, I just bought my second MDX last month, actually ... luxury Honda engineering with fantastic AWD capabilities. And massaging seats, too. :)

Important point:
investors who trade directly with T. Rowe Price can open new accounts in the funds.
Don't look for these funds to be open via brokerages.

+1 @msf
I held PRHYX many years. When they announced the fund’s (second) closing over a decade ago, I sold 100%, believing they knew something I didn’t. I really thought it would reopen within a year or two after it had suffered a loss. Oops - it kept going strong, and they never did reopen it until now. At this stage of my life. I’ve got enough ”irons in the fire”. Somebody else can buy it now.
Smart move by TRP. Obviously they’re trying to retain existing or draw in new direct investors.
And nice catch by @msf to notice the limitation!

Just purchased a 6 figure CD for my IRA, paying 5.2%, over an 18 month term--my first CD with a Maturity Date in 2025. I have 3 more CDs maturing in 2023, and 9 CDs maturing in 2024. When these remaining CDs mature, I will seriously consider buying replacement CDs, if they are paying 5+%. If CD rates start tanking before my remaining CDs mature, I will have to carefully evaluate my options at that point in time. "Making a lot more money in bonds than CDs" is not very important to me, as long as CDs pay a rate I consider attractive. Low risk and low stress are very important to me in retirement, but I do prefer at least a 4% to 6% TR, to replace RMD distributions, and I will look for the lowest risk investment options to meet that objective.

So my question is: why would you prefer to own bond funds to a longer term CD when rates are falling?

You changed what we are talking about. We were discussing shorter-term CD that matures in 3-6-12 months. I already posted that 3-5 years CD makes more sense because rates will fall in months to come, and the 3-5 years CDs will pay more months after that. Why would you sell these longer-term CDs? Usually, CD holders hold to the end + they pay a penalty if they sell early.
MM and Mutual funds give me a lot more flexibility. Investors who bought CD months ago are paid less than MM today. But again, the difference is peanuts in performance.
When rates start going down, my longer term funds will make more money in weeks-months.
Basically for me, when CD pays close to MM, I would never go with CD because CD has more constraints.
If rates are stabilized my bond funds will definitely make more money. Sure, bond funds are riskier, but I can make a lot more too. When markets turn around, you can make several % in funds within weeks. I call it the big money.
Example: look at a chart of 10 years treasury (https://schrts.co/YZrChyJi)
Now look at ORNAX(https://schrts.co/RarenBFS). See how nicely ORNAX made on 11/2022, 01/2023, 03/2023.
But, if someone just wants to make 5%, then CDs are OK, but inflation is still high. I want to make 3% above inflation. It's all correlated. Inflation is lower, CD pays lower.
CDs can't compensate you enough after inflation and why 3-5 years CDS may be a better choice if inflation goes to 3%.

https://www.sec.gov/Archives/edgar/data/754915/000174177323002524/c497k.htm
497K 1 c497k.htm
T. Rowe Price High Yield Fund
T. Rowe Price Institutional High Yield Fund
Supplement to Prospectuses and Summary Prospectuses dated October 1, 2022
T. Rowe Price International Discovery Fund
Supplement to Prospectus and Summary Prospectus dated March 1, 2023
Effective September 1, 2023, the funds will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price.
Accordingly, effective September 1, 2023, the first sentence under “Purchase and Sale of Fund Shares” in each summary prospectus and section 1 of each prospectus is deleted in its entirety. In addition, the section entitled “Closed to New Investors” in Section 2 of the prospectus is deleted in its entirety.
The date of this supplement is August 7, 2023.
G49-041 8/7/23
Recent email I received:
T. Rowe Price Log in to your account T. Rowe Price
Fund Name Ticker CUSIP
T. Rowe Price High Yield Fund — Investor Class PRHYX 741481105
T. Rowe Price High Yield Fund — I Class PRHIX 741481303
T. Rowe Price International Discovery Fund — Investor Class PRIDX 77956H302
T. Rowe Price International Discovery Fund — I Class TIDDX 77956H377
Dear Client,
We’re writing to inform you that effective September 1, 2023, the purchase restrictions on the T. Rowe Price High Yield Fund and the T. Rowe Price International Discovery Fund will be removed. As a result of this change, investors who trade directly with T. Rowe Price can open new accounts in the funds.
The fund(s) had previously been restricted for all investors over concerns that significant cash flows could make it difficult to identify securities that fit our investment process. In addition to this, market conditions have changed, and following a thorough review of net inflows and other factors related to the strategy, we believe that we can accommodate controlled asset growth over time.
Thank you for investing with T. Rowe Price. If you have any questions about these changes, please contact us.
For more information, please download a prospectus for the T. Rowe Price High Yield Fund and T. Rowe Price International Discovery Fund.
All funds are subject to market risk including possible loss of principal.
This communication does not undertake to give investment advice in a fiduciary capacity. T. Rowe Price Associates, Inc., and/or its affiliates receive revenue from T. Rowe Price investment products and services.
This email may be considered advertising under federal law.