This ad-hoc feature returns this week with several related stories. LINK1 LINK2 BarronsLINK
FORSYTH is a fan of CEFs at discount. He now likes muni MYD, VFL, LEO; options-writing equity GDV, ECF, AOD, AGD; term-trusts FTHY, BSL.
FUNDS. Cash/cash-equivalents won’t be attractive for long. Consider extending maturities with ultra-, short- and intermediate- term bond funds (ICSH, MINT, JAAA; BSV; BND). Multisector bond funds (OSTIX, TSIAX), and dividend-stock funds (VYM, XLV).
FUNDS. Thematic AI-ETFs are hot now, but those may include all sorts of related techs: BOTZ, AIQ, TECB, IGPT, CHAT, etc. Be aware that tech ETFs QQQ, XLK, etc have related tech exposures; SP500 (IVV, VOO, SPY) is also heavy in techs.
Q&A/Interview. Alesia HAAS, Coinbase/COIN CFO. The US-based Coinbase has been very volatile. It ran up on the excitement related to the SEC approval of several physical/spot-Bitcoin ETFs (iShares IBIT, Fidelity FBTC, Grayscale GBTC, etc), but then sold off when investors became concerned that its new Bitcoin ETF custody business was a low-margin business that may hurt its retail business. COIN has diverse businesses – exchange, broker-dealer, custody; recent rate hikes helped with higher interest income. It has also increased its global presence. The legal fight with the SEC continues. These new Bitcoin ETFs will appeal to institutions, pension funds, RIAs. This will be a long-term positive for the industry, and for COIN, despite some short-term concerns. Congress needs to pass new crypto legislations, but it has been bogged down with other pressing matters.
RETIREMENT. Homeowners may tap home-equity loans (HELOCs). Typical rates are variable, now around 9.27%. Beware of teaser rates and conditions that may trigger credit line reduction or cancellation. Of course, it’s a loan that has to be repaid, so discipline is required.
Supplement GUIDE TO WEALTH
In this expensive market, consider DIVIDEND-paying stocks. Only funds are mentioned below, but several stocks are also included in the article.
US: VYM, SCHD
Consumer-Staples: XLP
Financials: XLF
MLPs: SMAPX
Real Estate: VNQ, XLRE
Utilities: XLU, UTG
Foreign: IEFA, IEMG
Cash-Equivalents: in limited amounts.
Variations of BENGEN’s (1994) 4% initial withdrawal with COLA are discussed. Bengen himself says that 4.7% w/COLA is fine now; some advisors say that 6% w/COLA but annual monitoring may work. Others say to skip COLA in down years. Another variation is to just take 4% of the yearend balances – it removes the SOR risk, but annual withdrawals may vary widely. Immediate-annuities transfer longevity risks to insurance companies for fees. Keep in mind that increasing RMDs are also required from T-IRA and 401k/403b; Roth Conversions will reduce the RMDs.

Alternatively, you could buy it directly on the London Exchange (PSH:GB). But not in a retirement account.
Fidelity charges £9 for the London Exchange transaction. At the current exchange rate of $1.26, that's around $11.35 - a lot cheaper than $50. Though I don't know what sort of stock price you'd get through each mechanism.
https://www.fidelity.com/stock-trading/faqs-international
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Brokerage_Commissions_Fee_Schedule.pdf
https://www.reddit.com/r/fidelityinvestments/comments/pjvwvg/why_fidelity_charges_5000_foreign_settlement_fee/

GQG Partners US Quality Dividend Income Investor Class. GQHPX. Hello, Rajiv Jain.
I see good things, upon examination. But the portfolio is super-dooper concentrated. Dividends, quarterly. So, we get cap gains opportunity and the income. This would be a replacement for BRUFX (T-IRA,) which has fallen down on the job. Not serving our purposes anymore.
The folks at Murklestar do have compliments for the firm. The fund is quite young, still. LOTS of portfolio turnover. Probably best in a retirement account?
https://www.morningstar.com/funds/xnas/gqhpx/quote

Feb 3 Episode:

We speak with Christine Benz, Morningstar’s personal finance guru, about the significant impact of higher yields on retirement planning. Benz discusses the potential benefits of adding a basic fixed immediate annuity to retirement plans, the importance of asset location for higher-yielding assets, and the advantages of investing in defined maturity bond funds. She also shares insights on the iShares I bond Term TIPS ETFs and the implications of higher interest rates on portfolio returns.

Explore This Episode - additional information and content related to this episode.
retirement-planning

"Portfolio" as opposed to "fund" in a name is often a signal that the vehicle is designed for annuities. Nevertheless, aside from their names, they are still referred to as "funds", as in "AMT Funds".
From the SAI: "Shares of the Funds are sold to insurance company separate accounts, so that the Funds may serve as investment options under variable life insurance policies and variable annuity contracts issued by insurance companies (each, a “variable contract”). Shares of the Funds are also offered to certain qualified pension and other retirement plans (each, a “qualified plan”)."
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/736913/000120677423000503/nb4183681_485bpos.htm
Here's the International Equity Portfolio fact sheet (Dec 2023), w/$34.8M AUM.
https://www.nb.com/handlers/documents.ashx?item_id=80aa402f-390a-4524-a1bf-e08863ea55ad&usg=AOvVaw2t510MsI7uum0NaGaTeGZq&opi=89978449
And a M* summary page from last June for the PutWrite Strategy Portfolio w/$39.69M AUM
https://www.pacificlife.com/public/portfolios_and_managers/portfolio_updates/msfs_neuberger_berman_absolute_return_multimanager.pdf
I'm sure one could find more recent data, but with both funds under $40M, does it really matter?

VPMAX is arguably Primecap's premier fund; I'd do it, especially in a retirement account (mixed in with the total market fund).

Stable-Value (SV) Rates, 2/1/24
TIAA Traditional Annuity (Accumulation) Rates
No changes
Restricted RC 6.25%, RA 6.00%
Flexible RCP 5.50%, SRA 5.25%, Newer IRAs 5.20%
TSP G Fund hasn't updated yet (previous monthly rate was 4.00%).
Edit/Add. February rate 4.125%
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#StableValue #401k #403b #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/1335/thread

https://www.sec.gov/Archives/edgar/data/725781/000119312524020451/d615312d497.htm
SUPPLEMENT DATED JANUARY 31, 2024 TO THE CURRENT
SUMMARY AND STATUTORY PROSPECTUSES FOR:
Invesco Small Cap Value Fund
(the “Fund”)
This supplement amends the Summary and Statutory Prospectuses for the above referenced Fund and is in addition to any other supplement(s), unless otherwise specified. You should read this supplement in conjunction with the Summary and Statutory Prospectuses and retain it for future reference.
The Fund will close to new investors, other than in the circumstances outlined below, effective as of the open of business on April 1, 2024.
The following sentences are added to the front cover of the Summary Prospectus:
As of the open of business on April 1, 2024, the Fund will limit public sales of its shares to certain investors. Please see the ‘Other Information – Limited Fund Offering’ section of the Statutory Prospectus for further information.
The following sentence is added on the front cover of the Statutory Prospectus:
As of the open of business on April 1, 2024, the Fund will limit public sales of its shares to certain investors.
The following information is added under the heading “Other Information” of the Statutory Prospectus:
Limited Fund Offering
Effective as of the open of business on April 1, 2024, the Fund will close to all new investors, except in the limited circumstances described below. Investors should note that the Fund reserves the right to refuse any order that might disrupt the efficient management of the Fund.
Investors who were invested in the Fund before March 29, 2024, may continue to make additional purchases and exchanges in their accounts. During this limited offering, the Fund reserves the right, in its discretion, to accept purchases and exchanges: from certain investors which may include, among others, corporations, endowments, foundations and insurance companies; from registered investment advisor (RIA) or bank trust firms with eligible assets described above that launch a new offering platform or move assets from an existing platform to a new platform; and in other limited circumstances after a determination by the Adviser that such action is not detrimental to the Fund and its shareholders. The Fund reserves the right to change this policy at any time.
Any Employer Sponsored Retirement and Benefit Plan or its affiliated plans may continue to make additional purchases and exchanges of Fund shares and may add new accounts at the plan level that may purchase Fund shares if the Employer Sponsored Retirement and Benefit Plan or its affiliated plan had invested in the Fund before March 29, 2024. Existing RIA and bank trust firms that have an investment allocation to the Fund in a fee-based, wrap or advisory account, can continue to add new clients, purchase shares, and exchange into the Fund. The Fund will not be available to new RIA and bank trust firms. The Fund may also accept investments by 529 college savings plans managed by the Adviser during this limited offering.
The Fund may resume sale of shares to new investors on a future date if the Adviser determines it is appropriate.
VK-SCV-SUMSTAT-SUP 013124

@MikeM and @Mark: I'm an adherent of the CG ETFs, also. CGGR, CGGO, and CGDV in three different family accounts. I never owned American MFs, probably because of loads, altho I do have access to Washington Mutual in my retirement account. Capital Group seems to know how to select effective teams.
I like what Harbor Funds has done in the past in choosing outside managers for actively managed funds. With their ETF lineup, a Jennison Associates group runs WINN and a team of Europeans at CWorldWide Asset Management has OSEA. FWIIW, Harbor did not do well with MFs run by a single or star manager (such as Marsico). For ETFs following an index, it may be that a single person can handle the job.

Are the CG ETFs transparent or non-transparent ETFs? Only if you know off hand. TIA

https://www.sec.gov/Archives/edgar/data/1355064/000158064224000502/swbc_497.htm
MUTUAL FUND SERIES TRUST
AlphaCentric SWBC Municipal Opportunities Fund
Class A: MUNAX Class C: MUNCX Class I: MUNIX
(the “Fund”)
Supplement dated January 26, 2024 to the Prospectus, Summary Prospectus and Statement of Additional Information, each dated August 1, 2023.
______________________________________________________________________________
The Board of Trustees of Mutual Fund Series Trust has concluded that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on or about February 27, 2024 (“Liquidation Date”).
Effective immediately, the Fund will not accept any new investments and may no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will invest in cash equivalents until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED OR EXCHANGED THEIR SHARES OF THE FUND PRIOR TO FEBRUARY 27, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OR ACCOUNT OF RECORD. If you have questions or need assistance, please contact the Fund at 1-844-223-8637.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
You should read this Supplement in conjunction with the Prospectus, any Summary Prospectus and the Statement of Additional Information for the Fund, each dated August 1, 2023, as supplemented, which provide information that you should know about the Fund before investing. These documents are available upon request and without charge by calling the Fund toll-free at 1-844-223-8637 or by writing to 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022.
Please retain this Supplement for future reference.

My wife's retirement, my retirement and our non retirement accounts are all down about the same 0.5%
No NVDA

All good points but there are some rather peculiar tweaks I have found since my wife and I stopped getting paychecks. I get SS but not till the last of the month, and it generally is not enough to pay for big ticket items like estimated taxes, April trip to Africa, etc.
So for the first time I am taking money out of our investment accounts. With interest rates up so much, we are making a goodly amount on treasuries and MMF I use as our safe cash to avoid loosing a ton this early in retirement.
We like having a B+M local bank but it pays little on a checking account so I try to leave money in the MMF as long as possible. For the same reason I have not set up automatic seeps of the dividends and interest to our bank.
While it easy to move the money, Schwab requires you sell the MMF first, and it takes a couple of days to clear, so a fair amount of planning is involved. This to me is the major disadvantage to using Schwab.
To avoid always using our cash cushion for expenses, (as it is intended for DCA and increasing equities when they go on sale), I am selling some of our appreciated stocks, but trying to do so in a proportional manner.
Once my wife is on SS ( and I have to take RMDs) it will be a little more manageable.

You have to look at your total portfolio. A total 20% loss, is just 20% regardless of how you spin it. The bucket system adds complexity to an already complex retirement situation compared to accumulation. You can achieve the same goals by using several funds without all the moving parts. The bucket system isn't logical. It's just a way to trick your brain...or...if you don't have a real excuse = I sleep better at night.

The author disagrees with the often recommended notion of stashing away 3, 5 or 10 years spending in cash or short term treasuries to ride out potential market downturns. It’s a popular notion often recommended here and across the financial press.
His investment portfolio: ”Beyond cash, all a retiree needs is one ‘bucket’ for investments. The portfolio would hold between 50 and 75% in equities for those following the 4% rule or similar retirement spending strategies. The remaining 25 to 50% would be held in intermediate term Treasuries and TIPS.”
I’m pretty much in agreement with @Crash. I generally don’t bother to maintain a bucket at all, but sell / withdraw from investments “across the board” two or three times during the year for basic needs or major expenses. If the markets get a little “crazy” on the upside, I may pull out an entire year’s spending ahead of time to lock in that extra return. During withdrawals I also rebalance, taking a higher percentage from those assets that have appreciated the most. (I am aware that some here refute the notion of rebalancing at all. )
But your position is probably different. My pension (with some limited cola) and SS (inflation adjusted) could probably cover basic necessities (but not infrastructure maintenance, travel, new vehicles). So I can’t put myself in the position of those who live entirely off investments. It’s a huge difference and so “buckets galore” might well be the preferred route for them.
FWIW - I only started keeping accurate year-by-year records in 2007 (but have some generalized averages from before). Beginning with 2007 (the past 17 years) I’ve had three “down” years. Two resulted in single-digit losses. But ‘08 was nasty with a loss of over 20%. That suggests to me, anyway, that a large cash stash isn’t warranted. To wit - this simplistic analysis overlooks both the magnitude and the duration the market downturn that began in 1929. A multi-year downdraft in equities of that magnitude would inflict greater pain. (But there’d be other more serious issues to worry about.) Recent downturns have been much shorter and may have given some of us a false sense of security. Also, the Japanese experience in the 90s and afterwards should sober any who look at it.

The 3 bucket strategy increases complexity and requires too much maintenance.
The author's recommended approach seems prudent:
"Beyond cash, all a retiree needs is one 'bucket' for investments.
The portfolio would hold between 50 and 75% in equities for those
following the 4% rule or similar retirement spending strategies.
The remaining 25 to 50% would be held in intermediate term Treasuries and TIPS."

Harold EVENSKY, the originator of the bucket system, had just 2 buckets - one for short-term money that didn't belong in the market, and another that was in the market for long-term. It just formalized the idea that the money one needed soon didn't belong in the market.
But his followers, especially Christine BENZ at M*, "refined" it into 3 or more buckets. Then elaborate systems followed to fill them up.
So, this 2010 interview of Evensky by Benz is interesting.
https://www.morningstar.com/articles/330323/the-bucket-approach-for-retirement-income
Edit/Add. Also found a related MFO thread from 2021, https://mutualfundobserver.com/discuss/discussion/58461/cash-flow-strategy

There are many varying components, regarding the CDs that fit your personal situation, whether you are talking about CDs for taxable assets vs. retirement assets, what kind of termination fee components work for you, etc. etc. I prefer Bank CDs for my taxable assets, where liquidity is not as impacted by early termination fees, and where taxable accounting can easily be spread across multiple bank accounts. With my IRA assets, liquidity and early termination fee components are not as relevant, and it makes my life "simpler" by having all retirement investments in one brokerage--easy end of year accounting with one brokerage, that provides instant RMD and "taxable consequences" for account withdrawals. I am willing to invest in lower yielding CDs in my IRA brokerage account, where I use more of a laddering system of CD selection, and not concerned as much about liquidity and early termination.

@Sven Yes. Current Income Sources: defined benefit pensions = 45%, taxable investment account = 30%, social security = 25%. (Also have two smaller Roths that are not being tapped.) Taxable investment account has grown substantially since retirement. Exhausting it is not a significant concern (wife and I also have good long term care policies taken out during pre-retirement planning phase). Just don't appreciate fluctuations in account balance in years account balance does not end at new high. Restricting annual withdrawals to some or all of the dividend income already sitting in the account at end of year helps keep those fluctuations in perspective. It also simplifies the year end review.

@davfor ...in an ideal world, the dividends/distributions generated in your IRA would sufficiently cover your RMDs as well.

I'll take you word for it. But, I don't face any RMD requirements. So, that's an uncharted world to me. About 90% of my investment $'s are invested in a taxable account. That account is the focus of my annual withdrawal ruminations. During most of my working years, available cash was funneled into a weekend real estate investing hobby. The limited $'s that were set aside in a tax deferred retirement account were withdrawn in annual steps from the age of 55 when I retired until the age of 62 when I began to collect social security.