https://www.bogleheads.org/forum/viewtopic.php?t=261718
Bogleheads debate on forever stamps humorously fluctuates between replacement to TIPS vs quality of glue on those stamps.

https://www.sec.gov/Archives/edgar/data/1593547/000139834423012759/fp0084056-1_497.htm
497 1 fp0084056-1_497.htm
THE ADVISORS’ INNER CIRCLE FUND III
(the “Trust”)
FS Chiron SMid Opportunities Fund
(the “Fund”)
Supplement dated July 7, 2023 to the Fund’s Prospectus (the “Prospectus”), Summary Prospectus
(the “Summary Prospectus”) and Statement of Additional Information (“SAI”), each dated
March 1, 2023, as supplemented
This supplement provides new and additional information beyond that contained in the Prospectus, Summary Prospectus and SAI, and should be read in conjunction with the Prospectus, Summary Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of Chiron Investment Management, LLC (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to investments from new and existing shareholders effective immediately. The Fund is expected to cease operations and liquidate on or about July 31, 2023 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Your Fund Shares” section of the Prospectus. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
The liquidation distribution amount will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. However, the net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CHI-SK-042-0100

Reits are investments people got into when rates were low for income because they couldn’t get it from bonds. There has been a phenomenal outflow from public reits in the last 12-18 months. Everyone must feel the pain. Even if it’s the post. Even if it’s rain or shine and they deliver their dividends on time. Down 10% @crash in a reit is not bad. Especially if you have done the research. Based on David Sherman’s note important to make sure the reit is not constantly diluting shareholders. Would check that.

@crash the real question on pstl is do your dividend go up everytime the cost of the forever stamp goes up

Tongue in cheek, @devo?
The stock is down -10.94% (M*) since I bought-in. But "Personal Rate Of Return" (TRP website after login) shows -8.19%. I suppose it's in the doldrums, a knock-on effect together with pretty much ALL Real Estate currently, eh? Dividends have indeed increased a tiny bit each year, between '22 and '23. I've owned it just less than a year. Not much history. In the end, I can't imagine the P.O. defaulting.
But Markets are never simple and straightforward. The only SIMPLE rule I've definitely observed in that Markets always overreact to data or events, both to the upside and the downside.

@Observant1 posted:
As such, the average bank loan and high-yield bond funds posted solid returns of 2.7% and 1.5%, respectively."

As of June 30, 2023, the total returns of my bank loan and high yield bond funds are doing a bit better than 2.7% and 1.5%, respectively. The conservative, short duration treasury bond funds are returning 2% while yielding 5% yield. (quite different from previous years). And that is good enough for us.

Many mutual fund companies are moving that direction in order to attract new asset. Franklin has consolidated other smaller funds but their funds are sold through advisors. David’s July commentary mentioned that Franklin is NOT growing asset while Vanguard (#1) and BlackRock (#2) are gaining.
I keep watching if Franklin’ ETFs are interesting to invest with.

Excerpt from article below:

The Food and Drug Administration has fully approved the first drug shown to slow down Alzheimer's disease.
The action means that Leqembi, whose generic name is lecanemab, should be widely covered by the federal Medicare health insurance program, which primarily serves adults age 65 and older. So more people who are in the early stages of the disease will have access to the drug – and be able to afford it.
"It's not something that's going to stop the disease or reverse it," says Dr . Sanjeev Vaishnavi, director of clinical research at the Penn Memory Center. "But it may slow down progression of the disease and may give people more meaningful time with their families."
One reason is the drug's potentially life-threatening side effects, Vaishnavi says.
"I think [patients] are a little wary because they hear about bleeding or swelling in the brain," Vaishnavi says. "They are concerned, and I think rightfully so."
Another limiting factor is that the U.S. healthcare system simply isn't prepared to diagnose, treat, and monitor a large number of Alzheimer's patients, Pike says.
Leqembi requires an initial test to determine amyloid levels in the brain, intravenous infusions every other week, and periodic brain scans to detect side effects.

https://npr.org/sections/health-shots/2023/07/06/1186225580/alzheimers-drug-leqembi-gets-full-fda-approval-medicare-coverage-lecanemab#:~:text=The%20Food%20and%20Drug%20Administration%20has%20fully%20approved%20the%20first,adults%20age%2065%20and%20older.
Leqembi, from Japanese drugmaker Eisai and U.S.-based drugmaker Biogen, targets a type of protein in the brain called beta-amyloid, long thought by scientists to be one of the underlying causes of Alzheimer’s disease.
The treatment is $26,000 per year. Will see if and when insurance companies cover the medication and at what level of coverage.
https://nbcnews.com/health/health-news/leqembi-alzheimers-drug-fda-approval-eisai-biogen-rcna92377#

https://www.sec.gov/Archives/edgar/data/1317474/000089843223000450/form497-nbaf.htm
497 1 form497-nbaf.htm
Neuberger Berman Alternative Funds® (“Alternative Funds”)
Neuberger Berman U.S. Equity Index PutWrite Strategy Fund
Supplement to the Summary Prospectuses and Prospectuses, each dated February 28, 2023, as supplemented, and the Statement of Additional Information, dated February 28, 2023, as amended and restated March 3, 2023, as may be further amended and supplemented
The Board of Trustees of the Alternative Funds approved the conversion of the Neuberger Berman U.S. Equity Index PutWrite Strategy Fund (the “Mutual Fund”) to a newly organized series of Neuberger Berman ETF Trust (the “ETF”) (the “Conversion”).
The Conversion will be effected through the reorganization of the Mutual Fund into the ETF.
After the Conversion, it is anticipated that the ETF will continue to have the same portfolio managers and will be managed in a substantially similar manner as the Mutual Fund.
The ETF will not commence investment operations prior to its Conversion and the ETF’s shares are not currently being offered to the public, nor have they been approved for listing on any exchange. It is anticipated that the Conversion will occur during December 2023 or January 2024.
Prior to the Conversion, existing shareholders of the Mutual Fund will receive a combined information statement/prospectus describing in detail both the Conversion and the ETF involved in the Conversion. It is anticipated that the Conversion will not require shareholder approval. After the Conversion, it is anticipated that the ETF’s shares will be offered to the public and traded on an exchange.
It is anticipated that the Conversion will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Conversion, except to the extent that they receive cash in connection with the liquidation of any fractional shares received in the Conversion.
Effective as of June 30, 2023, Rule 12b-1 fees on all applicable share classes for the Mutual Fund are waived.
The date of this supplement is July 7, 2023.
Please retain this supplement for future reference.
Neuberger Berman Investment Advisers LLC
1290 Avenue of the Americas
New York, NY 10104
Shareholder Services
800.877.9700
Institutional Services
800.366.6264
www.nb.com

I do not have access to WSJ but it would be interesting to know if Covid had anything to do with this behavior.
For example, many retired (or forced to retire) suddenly, with no immediate plan to retire when Covid struck. These retired folks need something to do with their time.
Also, a lot of Baby Boomers (among my friends and family) with more wealth than they need are investing for their kids many of whom find it stressful to invest large sums. I know many at 100% equity.

So much negative news the last couple of years regarding FI. I believe that many just hve learned to dislike bonds and want to be where the action is in equities. While we may not be at the bottom it is certainly a good time to buy discounted bond funds now. I have several in the 3-4% TR range for YTD. At least buy some treasuries.

https://www.sec.gov/Archives/edgar/data/38721/000174177323002301/c497.htm
497 1 c497.htm FCF P2 SA1 0723
FCF P2 07/23
SUPPLEMENT DATED JULY 6, 2023
TO THE PROSPECTUS DATED FEBRUARY 1, 2023
OF FRANKLIN FOCUSED GROWTH FUND
(a series of Franklin Custodian Funds)
At a meeting held on June 30, 2023, shareholders approved the reorganization of the Franklin Focused Growth Fund (the “Mutual Fund”) into the Franklin Focused Growth ETF (the “ETF”), a newly-organized series of the Franklin Templeton ETF Trust, pursuant to an Agreement and Plan of Reorganization. The reorganization of the Mutual Fund will consist of (1) the transfer of the Mutual Fund’s assets, subject to its liabilities, to the ETF in exchange for shares of the ETF; and (2) the distribution of the ETF shares to the Mutual Fund shareholders in complete liquidation of the Mutual Fund. The reorganization for the Mutual Fund is scheduled to occur on or about November 3, 2023. Shareholders of the Mutual Fund will become shareholders of the ETF on or about November 3, 2023, and will no longer be shareholders of the Mutual Fund.
Now that the Agreement and Plan of Reorganization has been approved by shareholders, this communication provides important information about the timeline for the reorganization and actions that shareholders may need to take in advance of the reorganization....
(see above link for table)

Maybe, if you’ve lived long enough you’ve come to recognize the value & importance of equities in a portfolio.
Agree - 90% at 81 sounds a little goofy … Of course, Buffett is 92 and his lieutenant, Charlie Munger, is 99. Suspect they both own some stocks.

Why are bank loans projected to be effected by maturity / refinance in 2024 if they are already making their interest payments through at least 9-12 months of 5% fed fund rates? Presumably they are floating rate loans and the rates have already been reset to the higher rates. I would think the general economy or the sector in which the debtor operates has to tank for the bank loan borrower to default. They have already shown they could manage the current interest rates, unless they borrowed more than needed for their business and are currently making the interest payments from that excess cash. This excess borrowing can not be a systemic problem in the bank loan area as much as it is in the HY area which tapped the public markets.

a contrary opinion to the property doom and gloom is found in this :
https://www.baronfunds.com/sites/default/files/Baron-Real-Estate-Fund-Quarterly-Letter-3.31.23.pdf
The results of the fund BREIX in multiple periods means the manager knows what they are talking about.

I do not have access to WSJ but it would be interesting to know if Covid had anything to do with this behavior.
For example, many retired (or forced to retire) suddenly, with no immediate plan to retire when Covid struck. These retired folks need something to do with their time.
Also, a lot of Baby Boomers (among my friends and family) with more wealth than they need are investing for their kids many of whom find it stressful to invest large sums. I know many at 100% equity.

Thanks
A description of each of the 11 shows can be found here - https://www.marketplace.org/shows/
(Not from the drop down "Shows" menu on the main page)

@BenWP and @Observant1 : Thank you for ideas. I appreciate it.
I am in the process of unwinding my (rather small, especially after 2022) position in GGSYX. Have been with Artisan from the get-go.

Good story.
It appears FOMO may have influenced several of the profiled investors.
I was surprised by the number of Vanguard investors over age 74 who had nearly all their money in stocks.
"In taxable brokerage accounts at Vanguard, one-fifth of investors 85 or older have nearly all their money in stocks, up from 16% in 2012. The same is true of almost a quarter of those ages 75 to 84."

https://www.reuters.com/markets/default-wave-imminent-will-peak-2024-deutsche-bank-2023-05-31/
From the end of May a very ominous forecast for the default rate on both junk bonds and loans in late 2024. If the default rates of 9% and 11.3% comes anywhere close to reality it would be one bad bear market for junk and bank loans. One positive is I have a treasure trove of such predictions over the past decade of the eventual demise of these markets based on default rates, debt maturity walls etc. that haven’t come close to reality.

+1

Then I will just note that SEMMX/SEMPX is having an excellent year in the nontraditional category--focusing on junk mortgages. I know this fund scares investors because of its recent downmarket performance, but it sure seems to be doing well this year.

Right, @dt, Semper is back. Haven't taken the plunge myself, still watching, and today's selloff might help evaluating it. A lot of the mortgage focus in the media has been on agencies, but they're not so hot now - the iShares etf is only barely positive ytd (but actively managed agencies seem to be doing a bit better than that.)

Hate to see this mentioned (the jinx effect) as it is among my favorites this year. MBS offers a lot of value and some even say it is a screaming buy. SEMPX has 13% in commercial and commercial ex office buildings is performing well this year. Considering how poorly the 10 year has performed recently it is a bit surprising how well the MBS market has held up. If there is one caveat about the MBS market it is if there is some surprise spike in the 10 year. Lots working in Bondland this year besides the obvious of bank loans. Tomorrow is yet another bond moving event with the June employment report.
Edit: Not among my favorites but a bond fund in the MBS category with about as tight a rising channel as you will see this year is BDKAX/NX