Just moved a hefty chunk of VTSAX and VDADX to VUSFX to take some gains off the table for 2022. I continue to work with a 33-36% stock allocation range, but am considering a reduction to 30-33%.

Recent activities? I been watching capital gains distributions and its' been a wild ride in the markets as well. I put 10% of my 401k into ASDVX for near term yield instead of earning 'zilch' in a Money Market Fund. Recently purchased TRAIX as part of the new TRP Summit Program...put 10% of my Rollover in that fund. I have added DSCPX to my small cap allocation...
Other moves I'm considering and would like some feedback on...May sell LBSAX and buy SCHD. .90 bps difference in ER and SCHD has beaten LBSAX on YTD, 1, 3, 5, and 10 year time periods. I also like Schwab's new offering, SCHY, because not many investors allocate to Int'l Value or they don't speak about that style often. The style has been challenged long term as has US Value (until recently)

I wonder if this might be a potential strategy regarding capital tax losses and Roth conversions.
Let say I want to manage Roth conversions during market sell offs (think back to March 2020).
the-case-for-roth-conversions-in-market-downturns
Let's say I have two accounts, A T-IRA and a taxable brokerage account. They are both invested in the S&P 500 On Jan 1. 2020. Each has $10K as a starting balance. By Mar 31, 2020 they are both worth $8,037.
I take the following actions:
I convert the T-IRA to a Roth and lock in the March 31, 2020 value of $8037. On April 1, 2020 the T-IRA is now in Roth Status (conversion competed) and New Roth account continues to be invested in the S&P500. By years end the Roth value is $11,825. In April of 2021, I will owe taxes on the conversion ($8037 * my tax bracket)
In the 12% bracket I will owe $964.44
In the 22% bracket I will owe $1768.14
In the 24% bracket I will owe $1928.88
In a separate taxable account, I sell the very same investment on the same day I completed the Roth conversion and book a $1963 tax loss on that sale. On Apr 1, 2020, I re-invest back into the Total Stock Market (or appropriate wash-sale security). My $8037 by years end grows to $1287. Obviously this works perfect in hindsight. Equity markets can endure long stretches of under performance.
In April of 2021, I have a tax loss of $1963 that I can apply to my 2020 tax year or carry forward to future tax years...future Roth conversions.
tax-loss-carryforward
If I had I done nothing , both accounts would have lost and subsequently regained their losses. But by timing both a Roth conversion in the T-IRA and harvesting a tax loss in a taxable account at a pull back in the market", I have used a tax loss to "pay for" a Roth conversion.

For anyone considering recognizing more gain or doing more Roth conversions this year, I ran across a couple of quirks in the way gains may be taxed.
Suppose you have short term gains (say, $3000) and long term losses (say -$1000), so that you're net positive (+$2,000 short term). Not a common situation, but here added long term gains can get taxed at short term (ordinary income rates).
In this example, if you generate an extra $500 in long term gains, that reduces the LT loss by $500, thus increasing the net short term gains by $500: Net LT loss = $500, net gain (short term) = $3000 - $500 = $2500.
----
If your income is in the region where some but not all cap gains are taxed at 0%, then adding $1 of ordinary income can increase your taxes by 27¢, i.e. it's taxed at 27%. Kitces has an excellent piece on this; see examples 3 and 4.
https://www.kitces.com/blog/long-term-capital-gains-bump-zone-higher-marginal-tax-rate-phase-in-0-rate/
He discusses how in this situation it is preferable to generate long term gains (even if taxed at 15%) as opposed to doing Roth conversions (even if nominally taxed at 12%). Going further, if one doesn't have much in cap gains/qualified divs, ISTM that it can still make sense to convert all the way up to the next tax bracket. A small amount will get taxed at 27%, but with little in cap gains, most will get taxed "normally". But if one has lots of cap gains that would get pushed into the 27% bracket, it pays to defer converting.
This suggests a multiyear strategy for planning periodic sales of assets and Roth conversions. It can be advantageous to lump them into alternating years. One year you take two year's worth of gains (taxed at 0% or 15%). The next year you work to minimize your cap gains (so there are few gains to get taxed at 27%) and convert more retirement money. Even if those conversions push you into the 22% bracket, that's still better than having a lot of cap gains taxed at 27%.
One needs to look at how much in gains one expects to recognize (including fund distributions), how much one wants to convert, other ordinary income, to see if this lumping strategy helps.

Excellent reply @msf. Thanks.
The only fund of funds I ever considered buying was CTFAX (but did not buy). During my review, I called the fund and asked among other things about duplication of management fees and the rep who I spoke with said NONE. We can forgive him for a 10 bps error. I have found most reps are limited in their knowledge - may be they are over worked or may be they hold temporary jobs to invest their time! Talking to the managers / fund investment professional is the best but usually one has to be an RIA or a big investor in the fund before that access is given.
Good to know this year NICHX expenses have come under the cap - efficiencies of scale I suppose going from $550M AUM at Oct 2020 to $1.35B at Nov 2021. Nice of them not to use up the disclosed cap. (I used to work in professional services and my team never gave any part of the fee cap back to the clients!) Given the current year claw back was only 0.07% and the charged expenses were below the cap, is it reasonable to assume that all the previous waivers are now clawed back and no claw back of historic waiver would be needed in the future years? I am guessing yes, but thought I would ask in case you know the answer off hand.
More importantly, thank you for bringing to light Vanguard's clever way to charge fees (I am sure they disclosed!), considering how much chest thumping it does about fees. Thankfully, I never invest at Vanguard for their presumed low fees; high fees never stopped me from an investment, though I like to know / understand how much I am paying.

Un-Intuitively, the fund did not lose until March 23, 2020 when both monetary and fiscal stimulus was announced. It lost about 1% TR Which it did not recover from until sometime in May 2020 - it was down for 2 months.
At inception, each manager invested between $5 and 15 million. Forms 4 are posted on the fund website. May be they started the fund to invest their own money and then must have attracted clients from their previous job where all three managers worked concurrently for a number of years. Manager bios are on the fund website - seems they have always been outsourcing managers, rather than being selectors of securities and trading them.

The immediate consequences of switching index provider is that VIGI distributed 6.5% cap gains. Luckily, the switch did not result in VIG needing to trigger any cap gains or it had sufficient prior cap losses to soak up any cap gains triggered from the switch. VIG has net realized (and unused) cap losses as of 11/30/2021 which as a percentage of NAV amounted to 2.65%. Any ETF other than the ones that are tracking broad indices like SPY, QQQ, etc. always runs the risk of triggering cap gains because the sponsor can switch the underlying index provider (and shareholders vote in favor without recognizing the cost to them). This happened to me on another ETF 5-6 years ago. In any case, I will not be adding to VIG / VIGI anymore or for that matter buy any new Vanguard ETFs that are just a different class of their mutual funds because cap gains triggered by mutual fund redemptions can be allocated to the separate class ETFs.
Below is the M* article re the switch.
https://www.morningstar.com/articles/1040749/dissecting-vanguards-new-dividend-indexes
Note: M* quote page for VIGI has inaccurate info for December 2021 distributions. It overstates dividend (income) distribution by approx the size of the cap gain. Per share total distribution for December quarter per Vanguard is approx $5.4; whereas, M* shows $10.6

I own the institutional class (COTZX). Frankly, its the only fund I am thinking about adding to prior to year-end.
It all comes down to one's view of the market though. If one is eager to embrace risk of one's capital in pursuit of another 20% up year in 2022, CTFAX would NOT be the place to be.
OTOH, if one is risk-averse, and is seeking a disciplined approach to adding risk (i.e. it buys more as the market crashes), then CTFAX would be ideal. --- Just don't buy before it goes ex-div!

update:
https://www.sec.gov/Archives/edgar/data/889284/000139834421024111/fp0071142_497.htm
497 1 fp0071142_497.htm
STERLING CAPITAL FUNDS
SUPPLEMENT DATED DECEMBER 20, 2021
TO THE
CLASS A AND CLASS C SHARES PROSPECTUS AND THE
INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS,
EACH DATED FEBRUARY 1, 2021, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary in the Class A and Class C Shares Prospectus and the Institutional, Class R6 Shares Prospectus, each dated February 1, 2021 (collectively, the “Prospectuses”), with respect to Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund:
Sterling Capital Special Opportunities Fund
Effective immediately, George Shipp will cease to serve as co-portfolio manager of the Fund, due to his upcoming retirement from the Adviser as disclosed July 12, 2021. Accordingly, the “Management—Portfolio Managers” section in the Prospectuses with respect to Sterling Capital Special Opportunities Fund is hereby deleted and replaced with the following:
Portfolio Managers
Joshua L. Haggerty, CFA
Executive Director of Sterling Capital and Co-Portfolio Manager
Since July 2021
(formerly, Associate Portfolio Manager from February 2016 – July 2021)
Daniel A. Morrall
Executive Director of Sterling Capital and Co-Portfolio Manager
Since December 2021
(formerly, Associate Portfolio Manager from July 2021 – December 2021)
Sterling Capital Equity Income Fund
Effective immediately, George Shipp will cease to serve as co-portfolio manager of the Fund, due to his upcoming retirement from the Adviser as disclosed July 12, 2021. Accordingly, the “Management—Portfolio Managers” section in the Prospectuses with respect to Sterling Capital Equity Income Fund is hereby deleted and replaced with the following:
Portfolio Managers
Adam B. Bergman, CFA
Executive Director of Sterling Capital and Co-Portfolio Manager
Since July 2021
(formerly, Associate Portfolio Manager from February 2016 – July 2021)
Charles J. Wittmann
Executive Director of Sterling Capital and Co-Portfolio Manager
Since December 2021
(formerly, Associate Portfolio Manager from July 2021 – December 2021)
The following replaces the description of the Portfolio Managers set forth under “Fund Management—Portfolio Managers” in the Prospectuses with respect to the Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund:
Special Opportunities Fund and Equity Income Fund. Joshua L. Haggerty, CFA, Executive Director, joined the CHOICE Asset Management team of BB&T Scott & Stringfellow in 2005, which integrated with Sterling Capital in January 2013. He has investment experience since 1998. He has been Co-Portfolio Manager of the Special Opportunities Fund since July 2021 and was Associate Portfolio Manager of the Special Opportunities Fund from February 2016 to July 2021. Josh is a graduate of James Madison University where he received his BBA in Finance. He holds the Chartered Financial Analyst® designation.
Adam B. Bergman, CFA, Executive Director, joined the CHOICE Asset Management team of Scott & Stringfellow in 2007, which integrated with Sterling Capital Management in January 2013. He has investment experience since 1996. He has been Co-Portfolio Manager of the Equity Income Fund since July 2021 and was Associate Portfolio Manager of the Equity Income Fund from February 2016 to July 2021. Adam is a graduate of the University of Virginia’s McIntire School of Commerce where he received his BS in Commerce. He holds the Chartered Financial Analyst® designation.
Charles J. Wittmann, CFA, Executive Director, joined Sterling Capital Management in 2014 and has investment experience since 1995. He has been Co-Portfolio Manager of the Equity Income Fund since December 2021 and was Associate Portfolio Manager of the Equity Income Fund from July 2021 to December 2021. Prior to joining Sterling Capital, he worked for Thompson Siegel & Walmsley as a portfolio manager and (generalist) analyst. Prior to TS&W, he was a founding portfolio manager and analyst with Shockoe Capital, an equity long/short hedge fund. Charles received his B.A. in Economics from Davidson College and his M.B.A. from Duke University's Fuqua School of Business. He holds the Chartered Financial Analyst® designation.
Daniel A. Morrall, Executive Director, joined Sterling Capital Management in 2014 and has investment experience since 2001. He has been Co-Portfolio Manager of the Special Opportunities Fund since December 2021and was Associate Portfolio Manager of the Special Opportunities Fund from July 2021 to December 2021. Prior to joining Sterling Capital, he worked as an equity analyst for Harber Asset Management and S Squared Technology LLC, technology-biased long/short funds. Dan received his B.S. in Business and Economics from Washington and Lee University, his M.B.A. from Columbia Business School, and his M.S.I.T. from Capella University.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES FOR FUTURE REFERENCE.
SUPP-1221
-2-

This Omicron situation reminds everyone when the 2020 pandemic started. Even with the COVID vaccines, antibody and antiviral treatments, one would expect we would be in a much better situation but sadly we are not. I am not surprised that market futures are all red, indicating there is more downside to come in 2022.
Not so pretty on Monday morning. Holland has imposed lockdown while the rest of Europe has restricted travel across the boarder. Other part of the world is undergoing similar measures. Will have to wait if this take the same path as 2020. It took about a month to cut interest rate to 0.25% and buying $bullion of bonds monthly. Question is what is left in the tank?

No problem or offense taken. While Vanguard utilized Chartwell at one time, Chartwell funds has been sold possibly for monetary and marketing reasons. Chartwell acquired Berwyn which was a growing advisory firm until it was sold. The discussion has shown how an actively managed fund advisory has sold out to a firm for possibly monetary and marketing reasons.
Hancock Whitney Corp. is a BHC which sold its mutual funds earlier this year. Chartwell Funds was a subsidiary of TriState Capital Holdings, Inc, a BHC in PA.

too many! All VG active funds (33% of VG business) have outside advisors

Could you source this figure? Vanguard suggests a much lower percentage for its whole business. $1.6T/$7.2T = 22%.

Few people realize we’re among the world’s largest active investment managers with more than $1.6 trillion entrusted to us by investors [as of 12/31/2020]

https://institutional.vanguard.com/VGApp/iip/site/institutional/investments/AlphaActive

About $7.2 trillion in global assets under management, as of January 31, 2021

https://about.vanguard.com/who-we-are/fast-facts/
It's possible that Vanguard is presenting only domestic actively managed AUM and that the global figure (and thus overall percentage) is higher.
M* looked more narrowly at just US equity funds, where the fraction of assets that are actively managed is even lower (1/8):

Counting both their mutual fund and exchange-traded fund versions, Vanguard’s U.S. stock index funds amount to a collective $2.2 trillion--7 times the total for the active funds [as of mid 2020].

https://www.morningstar.com/articles/994649/whither-vanguards-active-us-equity-funds
Regarding active fixed income funds (including MMFs) Wellington is the sole advisor for VFIIX / VFIJX and VWEHX / VWEAX. The Vanguard Fixed Income Group manages all the other active Vanguard fixed income funds (including MMFs) alone, except for VWESX / VWETX where Wellington helps out.
Aside from Vanguard's fixed income funds and funds of funds, there are a number of other active funds that Vanguard manages alone. The more vanilla of them are VMVFX / VMNVX, VFMFX, VSEQX, and VSTCX. Alternative strategy funds include VASFX and VMNFX. Vanguard's commodities fund VCMDX is run jointly by its quant group and its fixed income group.

Same thing here. The download continues to work, but all of the dividend and cap gains reinvestments are labled "bought" and there is a separate line with a transaction labeled "ReinvestInt" for int, st div, st and lt cap gains.
On my Schwab accounts there are two transactions for each re investment, one with the source and dollar amount and a separate with "Reinvest shares

Fund turnover is low. M* Quote page is not showing major outflows? So, why the huge CG distribution?
M* analyst report notes that its longtime manager left at 2020 yearend. Of course, a manager change caused a complete makeover of portfolio and huge CG distributions.

As a long term owner of two Primecap funds (at either end of the so-called risk spectrum) I have some concerns. The obvious one is relative performance: all of the Primecap funds seem to have under-performed their benchmarks -- as well as "the market" -- over the past five years, some over the past ten (especially when taxes are taken into account). I regard that as a moderate length of time, sufficient to capture my attention. When it comes to the riskier funds (in my case POAGX), I seem to see some very off-beat names in the top 25 holdings, although I'm certainly not privy to the research resulting in those buy decisions. Of far greater concern to me is the fact that the team at Primecap appears to lack any notion of a "sell" discipline. The concept of a "target price" seems alien to them. On many occasions in the recent past the market has literally gifted stocks in the portfolios with sudden, unwarranted, and ultimately temporary price increases that Primecap rarely takes advantage of. (Examples include BABA, BIIB, NKTR, SGEN, but there are quite a few in addition.) What to do? I decided to take this year's hefty capital gains distributions (attributable to shareholder redemptions) in cash. Based on preliminary information, it looks like most Odyssey fund shareholders did the same thing yesterday. The Vanguard funds haven't made their distributions yet.

Actually, and as noted in the SEC proposal, "Government funds are [currently] permitted, but not required, to impose fees and gates." So technically some parts of the SEC proposal have scope beyond prime & muni m-mkt funds.
Pragmatically, I doubt that any government MMF adopted¹ fees or gates. But by the same token, I'm not aware of any MMF that ever actually imposed them. Not that I've looked that hard though.
The SEC proposal notes that "during the period of market stress in March 2020 ... no money market fund imposed a fee or a gate."
¹ The distinction I am drawing between "adopting" and "imposing" can be understood from a footnote in a Fidelity explanation of the current rules. I use "imposing" to mean "actually charging a fee or actually restricting withdrawals" as opposed to merely allowing a fund to do this. By default, government funds were not allowed to impose fees or gates unless they explicitly adopted them. From Fidelity:

The final rules are clear that liquidity fees and/or redemption gates do not apply to U.S. Treasury or government money market mutual funds. The SEC is allowing U.S. Treasury or government money market mutual funds to add liquidity fees and/or redemption gates to a fund, but only after shareholders receive 60 days’ written advance notice.

For interested holders of BIAWX I received this message in my Fidelity account: A short-term capital gain of 0.14699 per share and long-term capital gain of 0.76367 per share, declared on 12/14/2021, is pending on this position."

yogibearbull +1 I also got trapped in 2020 & decided not to reverse RMD . It cost be around $900. Live & learn, Derf

I used to be in take-RMD-early camp. But then 2020 happened. When the RMD was reversed at first, it didn't apply to me because I took it too early. But later, it was reversed to include everybody and I took advantage of it. And I also joined the camp of take-RMD-later (Nov/Dec). So, this year, I took it in November.
But potential yearend CG distributions had no impact on my timing.
Of course, if you are planning to do Roth Conversions, then take care of RMDs before that.

This year's RMD is based on 12/31/2020 ending balance. So let's say that prior to December 31st, 2020 you took distributions for income. Those T-IRA distributions would have lowered your 2020 end of year T-IRA balance impacting your RMD calculation.
I am assuming you are referring to ST/LT capital gains distributions which often happen in December. If those distributions remain in T-IRA status then I would say, "no, there is no advantage".
This article might be of help:

Required minimum distributions (RMDs) are calculated off of last year’s end of year value and need to be taken out by the end of the year. That means you could take the RMD out as early as January 1st or as late as December 31st, but when should you?
There are a lot of differing opinions when it comes to this question. Most articles on the subject definitively say either “you should take it early in the year” or “you should take it late in the year” with no qualification and not much justification. In reality, the answer is: it depends.

the-complete-guide-to-timing-your-rmd