Why is it people always remember the lower prices from the past, the music and young love, but so rarely the horrors? Wally and the Beave weren’t the 1950s reality for many if not most people who lived back then. I doubt it was even the reality for the actors playing Wally and the Beave. Yet half the nation wants to go back. Nor is this meant to pick on you. I have bouts of nostalgia too.

"(Remember 19 cent burgers?)" Of course. We used to get White Castle's for 8 cents and endless coffee for 5 cents a cup.

Short term CD rates of 5% are becoming more commonplace. My Capital One Bank has been offering 5% CDs for an 11 month period in recent weeks. Schwab has 4 banks offering 5% CDs for one year. If you go shorter for 6 to 9 months, you can get about 6 banks offering 4.9% CDs, and if you want to go a little longer to 18 months, there are about 4 banks offering 4.9% CDs at Schwab. I am expecting CD rates, for shorter term CDs, to approach 5.5% in the next 3 to 6 months. It is hard for a retired investor, to ignore 5%+ CDs, in very volatile markets. I am getting 4.62% Money Market rates at Schwab, in my IRA account, and I fully expect those rates to creep up to around 4.75% in the next 3 to 6 months--much better than my more liquid banking accounts at Capital One.

I was able to read it--- after I got past the stupid cookies page. God, there MUST be an app that can EFFECTIVELY block that crap. Anyway, it makes sense. Though ordinarily, there should not be much to worry about. Even so, we DO live in "interesting times."
Bloomberg is airing a Ukraine War special. Surely they'll replay it so the rest of you can see it. 11:40 p.m. here, 5 hours behind the East.

This filing affects 45 funds with "USAA" in their names and those will now have "Victory" instead. Other funds with Victory or franchisee names will not be affected. Example,
USAA Tax Exempt Long-Term Fund ==> Victory Tax Exempt Long-Term Fund

TRP sweep account. I've held very small amounts in it, and for just a little while, about $1k. I checked to see what it's giving me.
I initiated this position at the start of my brokerage account. June 24, 2021.
Up until tonight, 23 Feb, 2023, "Personal Rate Of Return":
Last calendar quarter: 2.93%
YTD: 0.37
1 year: 5.62
since inception: 3.22
**********************
Convenient, and a lot better than the standard savings account at the lovely credit union.
YMMV.

There is an interesting background story.
When USAA went back to its core business of serving military personnel and veterans, it sold its fund operations to Victory Capital/VCTR in 2018, & brokerage + wealth management operations to Schwab/SCHW in 2019.
These USAA funds at Victory have been losing AUM. One problem is that former the USAA advisors that are now with Schwab have stopped recommending them, or even pulling their clients' money out. So, after 5 yrs, Victory is rebranding (it is really a boutique of several brands, see link below).
By the way, soon after acquiring USAA funds, Victory Capital moved its HQ from Ohio into San Antonio, TX facility formerly owned by USAA.
https://www.vcm.com/

The collective group will give questionable or even incoherent investment choices a pass but doesn’t let bragging go unnoticed. That’s pretty good. How to deal with blatant bragging has been on my mind this week. Spoke to an old work colleague for the first time in a decade. He immediately told me he “bought $500,000 in one year treasurys that day. It wasn’t in the context of the conversation and I was speechless.

I took a scalpel to my O holding, sending half to RQI, and the balance to PDT. RQI is a current holding, and I expect a greater degree of growth plus enhanced distribution when compared to O. PDT is a new holding, 50% in stocks (primarily utilities and some energy) plus the balance in fixed income (mostly preferred holdings plus bonds and some cash). This may be a bit squirrelly over the next 6 months as rates peak then level off as with any fixed income holding, but currently trades at a discount with a 9.15% monthly distribution.

https://www.sec.gov/Archives/edgar/data/915802/000139834423004073/fp0082418-1_497.htm
497 1 fp0082418-1_497.htm
FINANCIAL INVESTORS TRUST
Grandeur Peak Emerging Markets Opportunities Fund
Grandeur Peak Global Contrarian Fund
Grandeur Peak Global Explorer Fund
Grandeur Peak Global Micro Cap Fund
Grandeur Peak Global Opportunities Fund
Grandeur Peak Global Reach Fund
Grandeur Peak Global Stalwarts Fund
Grandeur Peak International Opportunities Fund
Grandeur Peak International Stalwarts Fund
Grandeur Peak US Stalwarts Fund
(each, a “Fund”)
Supplement dated February 23, 2023 to the
Prospectus and Statement of Additional Information,
each dated August 31, 2022, as supplemented
The Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Grandeur Peak Global Advisors, LLC, the investment adviser to the Funds, approved the proposed reorganization of each Fund into correspondingly named series of Grandeur Peak Funds Trust (each, a “New Fund”), subject in each case to the approval of the shareholders of the relevant existing Fund (each, a “Reorganization”).
The Board also approved an Agreement and Plan of Reorganization and Termination (the “Plan”) that provides that each existing Fund will assign all of its assets to the corresponding New Fund, in exchange solely for (1) the number of the New Fund shares equivalent in value to shares of the relevant existing Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund’s assumption of all of the relevant existing Fund’s liabilities, followed by a distribution of those shares to such existing Fund’s shareholders so that the existing Fund’s shareholders receive shares of the corresponding New Fund equivalent in value to the shares of the existing Fund held by such shareholder on the closing date of the Reorganization. Each Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.
The Trust will hold a shareholder meeting on or about April 12, 2023, as may be adjourned, at which shareholders of each existing Fund as of February 22, 2023 will be asked to consider and vote on the Plan. If shareholders of each Fund approve the Reorganization with respect to that Fund, the Reorganizations are expected to take effect in or around June 2023.
Shareholders of each existing Fund will receive a combined prospectus/proxy statement with additional information about the shareholders meeting, the Reorganizations, and the New Funds. Please read these materials carefully, as they will contain a more detailed description of the Reorganizations.
Please retain this supplement with your Prospectus and
Statement of Additional Information.

https://www.sec.gov/Archives/edgar/data/915802/000139834423004075/fp0082418-3_497.htm
97 1 fp0082418-3_497.htm
FINANCIAL INVESTORS TRUST
Rondure New World Fund
Rondure Overseas Fund
(each, a “Fund”)
Supplement dated February 23, 2023 to the
Prospectus and Statement of Additional Information,
each dated August 31, 2022, as supplemented
The Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Rondure Global Advisors, LLC, the investment adviser to the Funds, approved the proposed reorganization of each Fund into correspondingly named series of Northern Lights Fund Trust III (each, a “New Fund”), subject in each case to the approval of the shareholders of the relevant existing Fund (each, a “Reorganization”).
The Board also approved an Agreement and Plan of Reorganization and Termination (the “Plan”) that provides that each existing Fund will assign all of its assets to the corresponding New Fund, in exchange solely for (1) the number of the New Fund shares equivalent in value to shares of the relevant existing Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund’s assumption of all of the relevant existing Fund’s liabilities, followed by a distribution of those shares to such existing Fund’s shareholders so that the existing Fund’s shareholders receive shares of the corresponding New Fund equivalent in value to the shares of the existing Fund held by such shareholder on the closing date of the Reorganization. Each Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.
The Trust will hold a shareholder meeting on or about April 12, 2023, as may be adjourned, at which shareholders of each existing Fund as of February 22, 2023 will be asked to consider and vote on the Plan. If shareholders of each Fund approve the Reorganization with respect to that Fund, the Reorganizations are expected to take effect in or around June 2023.
Shareholders of each existing Fund will receive a combined prospectus/proxy statement with additional information about the shareholders meeting, the Reorganizations, and the New Funds. Please read these materials carefully, as they will contain a more detailed description of the Reorganizations.
Please retain this supplement with your Prospectus and
Statement of Additional Information.
New filing:
https://www.sec.gov/Archives/edgar/data/1537140/000158064223000969/rondure_485a.htm

https://www.dodgeandcox.com/individual-investor/us/en/investing/our-funds/funds-at-a-glance.html#tabs-a253429a7a-item-70c7a4a33c-list
Here is the prior discussion:
https://www.mutualfundobserver.com/discuss/discussion/60640/anybody-know-when-the-2022-december-22-annual-report-for-dodbx-will-be-available

I thought it interesting that the article notes that some fund managers from other houses are using Blackrock’s bond ETFs as part of their broader portfolios - and in some cases placing short bets against them.
However, the FT ran another article a day or two later titled:
Bond ETFs Can Drain Liquidity During a Crisis, Study Warns
I don’t know whether the above link will work or not. I’ll say the article looks at both sides of the question. My uneducated guess is yes - as they’re easier to buy and sell than bonds held inside a mutual fund, I would guess they could more easily cause liquidity issues under certain (panic) conditions.

In several European countries, wealth tax above certain asset levels, or on selected assets, ranges from 0.20-3.75%.

msf : You mentioned VUSXX in above post. What % is tax exempt from state taxation ?
Another question while I have your ear. Tax info from Van Guard shows % of treasury dividend from a fund. If I take qualified & non qualified dividends & add them together times percentage, would that be the correct state exemption ?
Thank you for your time, Derf

Usually VUSXX is 100% exempt from state taxation, or at least close to that. In 2022, it was 100% exempt.
https://www.vanguard.com/pdf/USGOIN_2023.pdf
This is how Vanguard chooses to run the fund (and AFAIK has, for years). Per prospectus, the fund is allowed to invest also in "repurchase agreements fully collateralized by U.S. Treasury securities." But it usually doesn't use repurchase agreements. This is important because "Income generated from investments in repurchase agreements with the federal reserve are generally subject to state and local income taxes."
https://investor.vanguard.com/investment-products/mutual-funds/profile/vusxx#overview
In contrast, Fidelity's Treasury (as opposed to "Treasury Only") MMF, FZFXX, currently has 85% of its portfolio invested in (state-taxable) repurchase agreements. And in 2022, only 23.6% of its income was state tax-exempt. This is doubly important; not just because of the low percentage generally, but because so little was invested in Treasuries that none of the income was state tax-exempt in NY, Calif. or Conn. (special laws in those states).
You are correct that total divs (qualified + non-qualified) x exempt percentage = state exemption (but see NY, Calif., Conn.). It is sometimes easier just to read the total div figure off of box 1a on the 1099-Div form. But if you have multiple holdings in a brokerage, you'll have to handle each fund separately (different percentages for each fund).

I'm following a similar allocation strategy, though with VUSXX (yielding 4.52%, insignificantly safer [Treasury assets]), and short term T-bills (similar yield to CDs); both fund and T-bills are state and local tax exempt.
The situation with MMFs is fluid. For a long time, VUSXX paid so much less than some other funds (not just prime but even government MMFs) that using it made no sense. Also, it used to have a $50K min; Vanguard reduced that some time ago to $3K.
Like you, I've played the game of meeting a MMF's initial min and then reducing my position. Though nowhere near $1M. FZDXX (4.47% yield) has a $100K min in taxable accounts, but by prospectus can be reduced to a $10K maintenance amount. Since I use this as my checking account (and can let the balance drop even lower), I'm willing to give up a few basis points in after-tax performance for the convenience.
In an IRA, FZDXX requires only $10K to bootstrap. I've done that, leaving just 80¢ or so in the position.

There are some asset taxes in the U.S.—estate taxes for the extraordinarily wealthy, low capital gains taxes 20% for investors who choose to sell, local property taxes to pay for schools in some states. All of the above taxes have proven evadable in various ways, and in the estate and capital gains cases have actually declined over time. My point is as our population has aged and inequality grown, more money has been accumulated on the asset side than on the income side of our finances. My impression is about 10% of the population controls about 75% of our household net worth, upwards of $105 trillion of our $143 trillion total. (Note: I corrected this number as it turns out the wealthy control even a greater percentage than I thought.) There is no reason we can’t have a wealth tax to help pay down the national debt. Yet GDP does not recognize all of those accumulated assets. So brandishing the debt to GDP ratio makes it seem like there are no means to pay the debt and the government is overspending.

Takes a million dollars to get into SNAXX, so you often must give up about .15% yield and settle for its sibling SWVXX. I was able to buy SNAXX, in one of my accounts, in March of 2022, when I sold/reduced OEFs, but since then I have been able to retain SNAXX, at much lower amounts. With interest rates continuing to rise, I choose to own both SNAXX and some short term CDs paying 5%.

For the week ending on 2/22/23, neutral remained the top sentiment (39.8%; high) & bullish became the bottom sentiment (21.6%; very low); bearish became the middle sentiment (38.6%; above average); Bull-Bear Spread collapsed to -17.0% (very low). Investor concerns: Inflation (moderating but high); economy; the Fed; dollar; cryptos; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (52+ weeks, 2/24/22- ); geopolitical. For the Survey week (Th-Wed), stocks were down sharply, bonds down, oil down sharply, gold down, dollar up. BIDEN visited Ukraine; PUTIN withdrew from SALT nuclear treaty. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/942