Mitch, thanks for the 'heads up'.
First thing I did when I saw your post was to visit their website, to check out how the fund has deployed capital..
their website shows 181% allocated (?) I don't see any mention of how exactly they are managing that feat. Are they shorting cash? I've no idea. The website doesn't seem to say... Whoever set up their website should have that easily identifiable. I see too, its showing its price at a 0.45% premium as of 3/6 === which is not the last trading day. So its 'stale' info. An ETF's calling card is its webpage. This webpage seems to be a 'work inprogress.
The ER is 0.85% It looks like their big stock, bond holdings are other SPDR ETFs.. which are ETFs any DIY'er can buy themselves without paying ALLW for the 0.85% management.
Their fact sheet lays out the investment framework, which includes equities, nominal bonds, TIPs, commodities, and gold -- all in different admixtures, depending on what growth and inflation are doing.. Whether ALLW adds value is dependent on how well they react at inflection points in capital markets.
Just my 'first take'. Maybe they will prove themselves over the ensuing months.

There is no free lunch in high yield bonds. They fall much more in drawdown than that of treasury, for example. 2008 and 2020 drawdowns are good reminder.
On our fixed income bucket, we have 1/3 high yield, 1/3 IG bonds, and 1/3 cash. In recent weeks my bonds held up well. We trimmed back some bank loans and added to cash.

Regarding junk bonds in @hank post above. Just received the below in my emails today from Howard Marks positive on junk bonds even with the tight spreads, Seems many major Wall Street firms have been out there lately touting junk bonds while also explaining away the tight spreads. I would prefer to look elsewhere and agree with @hank on short duration albeit not CLOs. Junk YTD is definitely beating stocks, But then so is pretty much everything in Bondville. Tomorrow’s employment report is eagerly awaited. Saw the Challenger Report this morning where announced layouts were at highs not seen since July 2020.
https://www.oaktreecapital.com/insights/memo/gimme-credit

https://www.sec.gov/Archives/edgar/data/1587982/000121390025020768/ea0233229-01_497.htm
497 1 ea0233229-01_497.htm 497
AXS Market Neutral Fund
Class I Shares: (COGIX)
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated March 5, 2025 to the currently effective
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”).
The Board of Trustees of the Trust has approved a Plan of Liquidation for the AXS Market Neutral Fund (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. In order to perform such liquidation, effective immediately, the Fund is closed to all new investment.
The Fund will be liquidated on or about March 28, 2025 (the “Liquidation Date”), and shareholders may redeem their shares until the Liquidation Date. Redemptions made on or after the date of this Supplement will not be subject to any redemption fee that would otherwise be applicable. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and the Fund will be dissolved. Any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of the Fund, AXS Investments LLC, the Fund’s advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising 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.
Please contact the Fund at 1-833-AXS-ALTS (1-833-297-2587) if you have any questions or need assistance.
Please file this Supplement with your records.

Thanks guys. Good humor.
Here’s a few snippets characterizing the day’s trading -
Barron’s: “The stock market fell sharply on Tuesday, but some midday dip buying cut into the worst of the day’s declines. The Dow Jones Industrial Average was down 670 points, or 1.6%. The S&P 500 was down 1.2%. The Nasdaq Composite was down 0.4%. The Dow was down more than 800 points at its low, while the Nasdaq was down 2.1%.”
The WSJ: “Trump's Tariffs Spark Retaliation, Whipsawing Markets”
Reuters News: ”Investors say it's time to take Trump seriously as markets recoil.”
Bloomberg: ”Day One of Trump's Trade War Delivers Wild Ride for Wall Street”
Bill Fleckenstein (Fleckenstein Capital .com): “Wild Volatility Continues to Rule”

What was the news around 2:20 PM Central Eastern when the trapdoor opened?

I’m not aware of any particular news. Markets seemed to claw back much of the day’s losses around 2:00. As you say, trap door opened. But the real carnage must have been in the last hour ISTM.
I can’t recall this kind of volatility before. But, no doubt it has occurred. ”Recession Watch” I’d say. You can’t throw up 25% taxes everywhere (tariffs) and not brake the economy. *
* brake as in “rapidly decelerate”

Following are excerpts from a current report in The Guardian:
Prices ‘highly likely’ to rise almost immediately, retailers say, after 25% duty hits exports from Mexico and Canada

Americans have been warned to brace for higher prices within days of Donald Trump pulling the trigger on Monday, imposing US tariffs on goods from Canada and Mexico and hiking tariffs on China.
Global stock markets came under pressure again on Tuesday, with leading indices falling sharply – and the benchmark S&P 500 losing all its post-election gains – as Canada, Mexico and China vowed to retaliate, and investors balked at the prospect of an acrimonious trade war.
US retail giants predicted that prices were “highly likely” to start rising on shelves almost immediately after a 25% duty came into effect on exports from Mexico to the US.
Most Canadian exports to the US also now face a 25% duty, with a 10% rate for energy products. The Trump administration imposed a 10% levy on all Chinese exports to the US last month, which has now been doubled to 20%. With US retailers relying heavily on imports from Mexico and Canada to stock their shelves, top executives claimed they would have no choice but to increase prices.
Target, for example, relies heavily on Mexican produce during the winter months, and fruit and vegetable prices in its stores could rise as soon as this week, according to Brian Cornell, its CEO: “The consumer will likely see price increases over the next couple of days”, pointing to produce including strawberries, avocados and bananas. “If there’s a 25% tariff, those prices will go up.”
The consumer electronics retailer Best Buy said it expected the new tariffs to make their way along its supply chain. “We expect our vendors across our entire assortment will pass along some level of tariff costs to retailers, making price increases for American consumers highly likely,” CEO Corie Barry told investors.
The US’s largest trading partners have already hit back. Canada retaliated overnight with its own tariffs on US exports worth C$30bn ($20.71bn), from orange juice to motorcycles, and threatened to impose tariffs on a further C$125bn ($86.29bn) wave of US goods later this month. China plans to hit US farm products including chicken, beef, wheat and corn with 15% tariffs from next week. Mexico pledged to lay out its response on Sunday.
On Wall Street, the S&P 500 fell 1.22% and the Dow Jones industrial average fell 1.55%. The FTSE 100 retreated 1.27% in London.

Following are excerpts from a current NPR report:

The Consumer Financial Protection Bureau has dropped its lawsuit against the operator of payment platform Zelle and three of its parent banks, in the latest move by the Trump administration to undo actions of the bureau's prior leadership. The bureau had filed the lawsuit in late December against the operator of Zelle, Bank of America, JPMorgan Chase and Wells Fargo "for failing to protect consumers from widespread fraud." Customers of the top three banks lost more than $870 million over seven years due to the banks' failures to protect them, according to the CFPB.
"This is about financial institutions fulfilling their basic obligations to protect customers' money and help fraud victims recover their losses," then-CFPB Director Rohit Chopra said at the time. "These banks broke the law by running a payment system that made fraud easy, and then refusing to help the victims."
However, that was then. On Tuesday the administration dropped its case against Zelle, according to a filing in U.S. District Court in Arizona.
Zelle and its parent banks are just the latest enforcement target to be abandoned by the CFPB, which is currently led by acting director Russell Vought. Last week the bureau dropped cases it was litigating against five companies including Capital One, Rocket Homes and others. It had earlier dropped its case against online lending platform SoLo Funds.
The CFPB has also been decimated in a matter of weeks, with agency's employees ordered to stop essentially all work, while some 150 employees have been fired. The bureau's D.C. headquarters has also been shuttered.

”I meant that when you decide to cash out, you will still be getting dollars.”
Yes. I would hope so. After watching a cashier at Walmart try to count change for the $50 Bill I handed her yesterday, I shudder to think what she’d have done had I handed over a 1,000 Yen Note instead.
”The point would be to have other currencies as savings to protect against a dollar that could crash “
I don’t know why that wouldn’t work if you just kept the money in the currency ETF until you needed to spend it. Settlement period (from sale to usable cash) is now only 1 day.
Alternatively, you can go to a large bank / FX exchange inside the U.S. and trade dollars for a foreign currency. It might take a few days for them to fill the order and there would be a fee. For large orders there would be some government reporting as well. Wells Fargo will do it mail order. But, unless you flee the U.S. for a foreign country, spending the currency would seem problematic. If you do opt for paper currency you’ll want a good fireproof safe or bank vault. Not a big fan of gold at these prices, but it is often considered an alternative currency.
Buying a new car or truck? I don’t think it would take more than 24 hours to convert your investment in a foreign currency ETF into Dollars and be able to write a check to the dealership. Fido is very helpful in matters of that sort. I had to move dollars from a different account into my cash management account for that purpose recently and Fido accomplished it in a matter of minutes. Albeit, selling an etf and having proceeds available to spend would likely take an extra day.
* Gains from foreign currency investments are generally taxable as ordinary income. So it would be best to hold them in a tax-deferred / tax-except account.

https://www.sec.gov/Archives/edgar/data/802716/000168386325001677/f40973d1.htm
497K 1 f40973d1.htm VICTORY RS SMALL CAP EQUITY FUND MEMBER CLASS
Victory Portfolios
Victory RS Small Cap Equity Fund
Class A, Class C, Class Y, and Member Shares
Supplement dated February 28, 2025
to each Prospectus and Summary Prospectus dated May 1, 2024
On February 25, 2025, the Board of Trustees of Victory Portfolios (“Trust”), upon the recommendation of Victory Capital Management Inc., the Trust’s investment adviser, approved a Plan of Liquidation (“Plan”) for the Victory RS Small Cap Equity Fund (the “Fund”). It is anticipated that the Fund will liquidate on or about April 29, 2025. On the liquidation date, the Fund will redeem all its outstanding shares at the net asset value of such shares.
In anticipation of the liquidation, at the start of business on March 3, 2025, the Fund will be closed to new investors and shareholder accounts. Through end of business on April 23, 2025, the Fund will continue to accept additional investments (including through the reinvestment of dividends and capital gains) from existing shareholders. In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches. It is anticipated that the Fund’s portfolio will be positioned into cash on or some time prior to the liquidation date.
The Fund may pay more than one liquidating distribution in more than one installment. Distribution of liquidation proceeds to Fund shareholders may result in a taxable event for shareholders, depending on their individual circumstances. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
If you wish to obtain more information, please call the Victory Funds at 800-539-3863.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

update:
https://www.sec.gov/Archives/edgar/data/802716/000168386325001676/f40974d1.htm
Victory Portfolios
Victory Special Value Fund
Class A, Class C, Class I, and Class R
Supplement dated February 28, 2025
to the Prospectus and Summary Prospectus dated November 1, 2024
On February 25, 2025, the Board of Trustees of Victory Portfolios (“Trust”), upon the recommendation of Victory Capital Management Inc., the Trust’s investment adviser, approved a Plan of Liquidation (“Plan”) for the Victory Special Value Fund (the “Fund”). It is anticipated that the Fund will liquidate on or about April 29, 2025. On the liquidation date, the Fund will redeem all its outstanding shares at the net asset value of such shares.
In anticipation of the liquidation, at the start of business on March 3, 2025, the Fund will be closed to new investors and shareholder accounts. Through end of business on April 23, 2025, the Fund will continue to accept additional investments (including through the reinvestment of dividends and capital gains) from existing shareholders. In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches. It is anticipated that the Fund’s portfolio will be positioned into cash on or some time prior to the liquidation date.
The Fund may pay more than one liquidating distribution in more than one installment. Distribution of liquidation proceeds to Fund shareholders may result in a taxable event for shareholders, depending on their individual circumstances. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
If you wish to obtain more information, please call the Victory Funds at 800-539-3863.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

https://www.sec.gov/Archives/edgar/data/866256/000119312525043635/d848679d497.htm
497 1 d848679d497.htm 497
Parnassus Fixed Income Fund
Investor Class PRFIX | Institutional Class PFPLX
March 3, 2025
Supplement to the Prospectus, Summary Prospectus and
Statement of Additional Information dated May 1, 2024
The Board of Trustees (the “Trustees”) of Parnassus Income Funds has determined that it is in the best interests of the shareholders of the Parnassus Fixed Income Fund (the “Fund”) to liquidate the Fund. The liquidation of the Fund is expected to be effective on Wednesday, April 30, 2025, or at such other time as may be authorized by the Trustees (the “Liquidation Date”).
Effective at market close on Friday, March 14, 2025, the Fund will cease accepting purchase orders from new and existing investors. The Fund anticipates making a distribution of any income and/or capital gains of the Fund in connection with its liquidation. The final tax year for the Fund will end on the Liquidation Date.
Shareholders of the Fund may redeem their shares at any time prior to the Liquidation Date. If a shareholder has not redeemed his or her shares as of the Liquidation Date, the shareholder’s account will be automatically redeemed and, as soon as practicable after the Liquidation Date, proceeds will be sent to the shareholder at their address of record. Liquidation proceeds will be paid in cash for the redeemed shares at their net asset value.
To prepare for the closing and liquidation of the Fund, the Fund’s portfolio managers will increase the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, after March 3, 2025, the Fund is expected to deviate from its stated investment strategies and policies and will no longer be managed to meet its investment objective.
The Fund may make one or more distributions of income and/or net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. Such distributions generally will be taxable to taxable shareholders. For taxable shareholders, the automatic redemption on the Liquidation Date generally will be treated like other redemptions of shares – that is, as a sale that may result in a gain or loss to shareholders for U.S. federal income tax purposes. Shareholders should consult their personal tax adviser concerning their particular tax situation.
All expenses of the liquidation of the Fund will be borne by Parnassus Investments.
******
Please Read Carefully and Keep for Future Reference

@Hank & @FD1000 - Point taken. Guilty as charged :)
All I can suggest for investing in this very uncertain environment is to follow David's sage advice from February 1:
1. Do not count on the stock market – valuations are at epic levels, with speculative funds like ARK Innovation ETF popping up 10% in the month of January, far more than the 2-3% gains of more mainstream market indexes. Such markets tend to be incredibly fragile.
2. Prefer quality over momentum – “momentum” comes down to “what was working will continue working,” which has been an intermittently disastrous assumption. While quality rarely soars, it also is typically underpriced and resilient.
3. Consider a small position in a hedge-like fund – they tend to be expensive and few have justified their existence, but we’ve tracked a handful of well-run funds that have succeeded with hedged equity positions or with a managed futures strategy that uses very short-term signals to short falling classes while investing in rising ones. Standpoint Multi-Asset charges 1.49% with a five-year return of 12%, a beta of 23, and a downside capture of 22. Dynamic Alpha Macro, meanwhile, weighs in with a 1.98% e.r. but booked top percentile returns in its Morningstar peer group during its first year of operation. The argument here is simple: it’s far easier to remain calm and focused when something in your portfolio is holding up as the little voice in your head shouts “run! Run! Runnnnn!”
4. Do not rule out bonds as a competitor to stocks – while I’m skeptical of debt-weighted bond index funds, Lynn makes a strong argument for the asset class just now.
5. Fund your emergency account – really, knowing that you’ve got the next two to three months’ worth of bills covered buys a lot of peace of mind. My portfolio uses RiverPark Short Term High Yield for that role, but Schwab has a bunch of money market funds yielding over 4% just now.

From Oaktree Capital - CLO Myth-Busting: The Top Three Misconceptions
From Wharton - Why Collateralized Loan Obligations Will Not Cause the Next Financial Crisis
From Clarion Capital - Collateralized Loan Obligations (CLOs), which use corporate debt instead of mortgages, performed well through the financial crisis; it remains a vibrant market today.
From Wealth Management - Unlike CDOs, which collapsed during the housing crisis, not a single AAA CLO has defaulted since the inception of the asset class 30 years ago
From Lord Abbett - We think CLOs are particularly effective for balancing fixed income portfolios because both the credit orientation and the floating rate feature help diversify the rate exposure that is often the most dominant risk in most fixed income portfolios.
From VanEck - Don’t mistake CLOs for CDOs—CLOs invest in senior secured loans and have built-in risk protections that have been tested through two major market crises.
From PineBridge - Among even sophisticated investors – and certainly in business press coverage – the complexity of collateralized loan obligations (CLOs) creates a sense of wariness. All too often, people confuse them with a similar sounding security: collateralized debt obligations, or CDOs.

Not sure with so many expecting a rerun of 2008 if that is a possibility. Black swans come out of nowhere not when it seems to be the consensus, I have been hearing for 15 years or longer about the demise of the junk bond market because of the “debt wall”. Still waiting. Going into this year the pundits were all onboard that the 10 year at 5% was a sure thing because of tariffs, etc. Now suddenly 4% is in sight. Because of Trump’s affinity for crypto, bitcoin was suppose to be the place to be in 2025. We see how that has worked out YTD. Opinions get you nowhere. I would be dead broke working as a 78 year old security guard at the local nursing home if I traded based on my mostly incorrect opinions over the years, Investing/trading is counterintuitive. What seems logical and well thought out and researched doesn’t always pan out in real time. As for CLOs, especially the below investment grade, after being “the” trade the past two years they are suddenly way behind the pack in a year with so many bond funds on pace for double digit gains. Sorry for the rambling.
I am a bit bummed mentioning the unassuming, rarely mentioned, but stellar tight rising channel bond fund CBRDX. From emails I received far too many said thanks we are joining the party. Yikes, never a good thing. Hope I didn’t jinx it.

The percentages cited in the story from 2024 are interesting. The S&P 500 bested active management with a 25% gain. I hadn’t realized what a hot run it had.
And a snippet quoted from the referenced article:
”Overall, it wasn’t a shabby year to be an investor, no matter where you were. According to LSEG Lipper data, the average U.S. equity fund rose 17.4%, while world equity funds gained 7.3%. Taxable bond funds rose 5.7%, while municipal bond funds returned 2.9%. Mixed-asset funds rose 10.7%. Cash did well, as Lipper data show that taxable money-market funds returned 4.9%; about $6.4 trillion remains in those accounts, close to 2023’s level.”
Not much discussion on the board lately about C/Ds, Treasury Bills or even money market funds. Curious. You’d think people would be locking in 2024 gains (offered up “tongue-in-cheek”). Personally, I don’t have a single dime invested with any of the 50 “winners” - except for a minuscule investment in one Gugenheim CEF (#48 on the list) and a small sum in Fido’s money market fund. But won’t loose any sleep over this! There’s always next year. :)

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in the US. Only 10 of them earn our greatest conviction and are awarded a High Parent rating."
"Analysts consider a variety of factors in their Parent assessments, including a firm's ability to attract, develop, and retain investment talent; approach to succession planning; risk management; product development;
and fee philosophy, among other things."
Firms With High Parent Pillar Ratings
Vanguard
Capital Group
T. Rowe
Dimensional
MFS
Dodge & Cox
Baird
Primecap
Fiduciary Mgmt.
Jensen
https://www.morningstar.com/lp/fund-family-150
Note: Email address must be provided to download Morningstar Fund Family Digest PDF.

https://www.sec.gov/Archives/edgar/data/22370/000119312525042403/d652018d497.htm
497 1 d652018d497.htm JOHN HANCOCK INVESTMENT TRUST
 
Prospectus Supplement
John Hancock Investment Trust
John Hancock ESG International Equity Fund
Supplement dated March 1, 2025 to the current Prospectus, as may be supplemented (the Prospectus)
At its meeting held on December 10-12, 2024, the Board of Trustees (the Board) of John Hancock Investment Trust, of which John Hancock ESG International Equity Fund (ESG International Equity) is a series, voted to recommend that the shareholders of ESG International Equity approve a reorganization, that is expected to be tax-free, of ESG International Equity into John Hancock Global Environmental Opportunities Fund (Global Environmental Opportunities, and together with ESG International Equity, the funds), also a series of John Hancock Investment Trust, as described below (the Reorganization). Shareholders of record as of February 5, 2025, are entitled to vote on the Reorganization.
Under the terms of the Reorganization, subject to shareholder approval at a shareholder meeting scheduled to be held on or about April 3, 2025, ESG International Equity would transfer all of its assets to Global Environmental Opportunities in exchange for corresponding shares of Global Environmental Opportunities. Global Environmental Opportunities would assume substantially all of ESG International Equity’s liabilities. The corresponding shares of Global Environmental Opportunities would then be distributed to ESG International Equity’s shareholders, and ESG International Equity would be terminated. If approved by ESG International Equity’s shareholders, the Reorganization is expected to occur as of the close of business on or about April 25, 2025 (the Closing Date). Further information regarding the proposed Reorganization is contained in a proxy statement and prospectus, which became available February 14, 2025.
ESG International Equity will remain open to purchases and redemptions from existing shareholders until the Closing Date. ESG International Equity no longer accepts orders from new investors to purchase shares of ESG International Equity. However, discretionary fee-based advisory programs, certain retirement accounts and/or model portfolios that include ESG International Equity as an investment option as of the close of business January 13, 2025, may continue to make ESG International Equity shares available to new and existing accounts.
Prior to the Reorganization, any dividends paid will be paid in accordance with the current dividend option of an account; accounts in which the dividend reinvestment option has been chosen will receive any dividends in the form of additional shares of ESG International Equity.
To satisfy an Internal Revenue Service requirement, ESG International Equity hereby designates the maximum amount of the net long-term gains earned, if any, as a capital gain dividend, with respect to ESG International Equity’s final taxable year. Please refer to Form 1099-DIV for tax reporting purposes.
The foregoing is not an offer to sell, nor a solicitation of an offer to buy, any shares in connection with the Reorganization, nor is it a solicitation of any proxy. For important information regarding ESG International Equity or Global Environmental Opportunities, or to receive a free copy of the proxy statement/prospectus relating to the proposed merger, once it is available, please call the funds’ toll-free telephone number: 800-225-5291 (Class A) or 888-972-8696 (Class I and Class R6). The proxy statement/prospectus contains important information about fund objectives, strategies, fees, expenses, risks, and the Board’s considerations in approving the Reorganization. The proxy statement/prospectus also will be available for free on the SEC’s website (www.sec.gov). Please read the proxy statement/prospectus carefully before making any decision to invest in any shares in connection with the Reorganization or when considering whether to vote for the Reorganization.
You should read this supplement in conjunction with the Prospectus and retain it for your future reference.

https://www.sec.gov/Archives/edgar/data/802716/000168386325001616/f40816d1.htm
497 1 f40816d1.htm VP FUND LIQUIDATIONS LEGACY FUNDS AND RS FUND
Victory Portfolios
Victory Special Value Fund
Class A, Class C, Class I, and Class R
Supplement dated February 28, 2025
to the Prospectus and Summary Prospectus dated November 1, 2024
On February 25, 2025, the Board of Trustees of Victory Portfolios II (“Trust”), upon the recommendation of Victory Capital Management Inc., the Trust’s investment adviser, approved a Plan of Liquidation (“Plan”) for the Victory Special Value Fund (the “Fund”). It is anticipated that the Fund will liquidate on or about April 29, 2025. On the liquidation date, the Fund will redeem all its outstanding shares at the net asset value of such shares.
In anticipation of the liquidation, at the start of business on March 3, 2025, the Fund will be closed to new investors and shareholder accounts. Through end of business on April 23, 2025, the Fund will continue to accept additional investments (including through the reinvestment of dividends and capital gains) from existing shareholders. In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches. It is anticipated that the Fund’s portfolio will be positioned into cash on or some time prior to the liquidation date.
The Fund may pay more than one liquidating distribution in more than one installment. Distribution of liquidation proceeds to Fund shareholders may result in a taxable event for shareholders, depending on their individual circumstances. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
If you wish to obtain more information, please call the Victory Funds at 800-539-3863.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

https://www.sec.gov/Archives/edgar/data/889284/000139834425004334/fp0092518-1_497.htm
497 1 fp0092518-1_497.htm
Filed pursuant to 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED FEBRUARY 28, 2025
TO EACH OF THE CLASS A, CLASS C, INSTITUTIONAL SHARES, AND CLASS R6 SUMMARY PROSPECTUS, THE CLASS A AND CLASS C SHARES PROSPECTUS, THE INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS, AND THE STATEMENT OF ADDITIONAL INFORMATION, each DATED FEBRUARY 1, 2025, as supplemented
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary in each of the Class A, Class C, Institutional Shares, and Class R6 Summary Prospectus, the Class A and Class C Shares Prospectus, the Institutional and Class R6 Shares Prospectus (collectively, the “Prospectuses”), and the Statement of Additional Information (“SAI”) each dated February 1, 2025, with respect to Sterling Capital Mid Value Fund:
Sterling Capital Mid Value Fund
The Board of Trustees of Sterling Capital Funds has approved a proposal by Sterling Capital Management LLC (“Sterling Capital”), the investment adviser to Sterling Capital Mid Value Fund (the “Acquired Fund” or the “Fund”), to effect the merger of the Acquired Fund into the Sterling Capital Mid Cap Relative Value Fund (“Acquiring Fund”) (the “Merger”) on or about May 12, 2025 (the “Merger Date”).
The Merger is expected to be a tax-free reorganization for federal income tax purposes. On the Merger Date, any investment in a share class of the Acquired Fund will, in effect, be exchanged for an investment in a corresponding share class with an equal aggregate net asset value in the Acquiring Fund. Therefore, as a result of the Merger, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund. Acquired Fund shareholders will not pay any sales charges, purchase premiums, or redemption fees as a result of the Merger. Prior to the consummation of the Merger, the Acquired Fund expects to reposition certain of its portfolio holdings and expects that it will dispose of approximately 89% of its investments and invest the proceeds of such dispositions in securities currently held by the Acquiring Fund, or in other securities, cash and/or cash equivalents. Accordingly, the Acquired Fund may no longer be implementing its investment strategy in the time period leading up to the Merger. The Acquired Fund will incur transaction costs in connection with this repositioning, and the repositioning is expected to result in the recognition of net capital gains and the distribution of net capital gains to Acquired Fund shareholders. These distributions would be taxable to shareholders. You can find information about the Acquiring Fund and its investment policies and risks, including a prospectus, summary prospectus and Statement of Additional Information, online at sterlingcapital.com/investments/mutual-funds/. You can also get this information at no cost by emailing a request to fundinfo@sterling-capital.com, by calling 1-800-228-1872 or by asking your financial representative.
Acquired Fund shareholders will receive shares of the Acquiring Fund’s corresponding share class as part of the Merger. The Acquired Fund and the Acquiring Fund pay the same annual management fee rate. Each class of shares of the Acquiring Fund currently bears Total Annual Fund Operating Expenses that are lower than the Total Annual Fund Operating Expenses of the corresponding class of shares of the Acquired Fund. Each Fund’s Class C Shares are subject to a Contingent Deferred Sales Charge (CDSC) of 1.00% on such shares if they are redeemed within one year of purchase. Each Fund’s Class A Shares purchased in the amount of $1 million or more for which a front-end sales load was not charged at the time of purchase also are subject to a CDSC of 1.00% if such shares are redeemed within two years after purchase. Class A Shares and Class C Shares received as a result of the Merger will continue to be subject to the CDSC schedule of the shares of the Acquired Fund you originally purchased.
Shareholder approval of the Merger is not required. At any time before the close of the Merger, you may redeem your shares as described in the Prospectuses. Such redemptions may be taxable transactions.
In addition, effective immediately Andrew T. DiZio is appointed as co-portfolio manager of the Mid Value Fund, joining William C. Smith and Lee D. Houser as co-portfolio managers of the Fund. Effective April 1, 2025, Messrs. Smith and Houser will no longer serve as co-portfolio managers of the Fund, and Mr. DiZio will be the sole portfolio manager of the Fund.
Mr. DiZio is an Executive Director of Sterling Capital and Portfolio Manager and currently serves as portfolio manager of the Mid Cap Relative Value Fund (the Acquiring Fund), and information regarding Mr. DiZio can be found in the prospectuses and statement of additional information relating to the Mid Cap Relative Value Fund.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
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STAT-SUP-MVSUPP22025

Barron's Best Fund Families, 2024
https://www.barrons.com/articles/best-fund-families-nvidia-market-810af9e6?refsec=mutual-funds&mod=topics_mutual-funds
Top Families for 2024: #1-Lord Abbett, #2-Sit, #3-Fidelity, #4-PGIM, #5-Nuveen/TIAA, #7-Capital Group/American Funds, #8-JPM, #10-MS, #12-DFA, #14-T Rowe Price, #20-Invesco, #23-BlackRock, #30-Pimco, #31-BNY Mellon, #36-Franklin Templeton, #37-Vanguard,...to #50.
Top Families for 5 Years: #1-SIT, #2-Fidelity, #3-DFA, #4-Pimco, #5-Thrivent, #7-Nuveen/TIAA, #9-Capital Group/American Funds, #12-JPM, #21-BNY Mellon, #24-MS, #26-T Rowe Price, #29-BlackRock, #30-Vanguard, #36-Invesco,...to #50.
In 2024, most active equity funds lagged major indexes. Those without much exposure to Magnificent 7 also lagged. But there are a few strong performers beyond the Magnificent 7. Securitized debt did the best among fixed-income, but bonds did fine too. Most investors had decent returns (and if they lagged major indexes, so what?).
Eligible fund families required at least 3 active equity OEFs/ETFs (including smart-beta), 1 global equity fund, 1 allocation/hybrid fund, 2 bond funds and 1 national muni fund. Scores in each of these categories were combined using category asset weights to determine the overall rankings. Shown above are the rankings for 2024 and 5 years (all #1 to #5, then only selected families). There are also tables for 10 years and for each category - 5 best and 5 worst.