Here's a companion reading from JP Morgan:

At this interesting juncture, we are pleased to launch the 2024 edition of J.P. Morgan Asset Management’s Long-Term Capital Market Assumptions (LTCMAs). In our 28th year of producing capital market estimates, we incorporate more than 200 asset and strategy classes; our return assumptions are available in 17 base currencies.
Over the years, many investors and advisors have come to depend on our assumptions to inform their strategic asset allocation, build more resilient portfolios and establish reasonable expectations for risks and returns over a 10- to 15-year time frame. Additionally, with each passing year, we aim to readjust our long-run approximations, incorporating new information presented by markets, policymakers and economic data.
In this edition of our LTCMAs, our economic and asset class forecasts generally hold steady.
While the 60/40 stock-bond portfolio remains at the core, it requires extension, expansion and enhancement. The insights presented here aim to help clients identify the right adaptations for their risk and return objectives as they build smarter portfolios for a world in transition.

Assumptions on Bond Returns:
Fixed Income Return Projections
Outlook for Real Estate:

Despite some well-flagged issues in some segments of U.S. commercial real estate and persistent weakness in China, we believe that the outlook for core real estate is strong. In the wider real assets complex, the return outlook remains resilient, with core transport forecasts rising 20bps to 7.7% and core infrastructure up 50bps to 6.8%. In addition to attractive returns, real assets offer a diversifying potential that is especially welcome, given the greater volatility in inflation that we anticipate over our forecast horizon.

On Cash LT:

While high cash rates appear compelling, investors should remember that sitting in Treasury bills might mean collecting 5% for limited risk today, but it misses
out on compounding of returns over the longer run. In short, extending out of cash is imperative. We estimate that a dollar invested in cash will be worth, in real terms,
USD 1.04 a decade from now, whereas in a simple public market 60/40 it would grow to USD 1.54, and in a 60/40 with 25% alts it would be worth over USD 1.60.
So for investors that have already extended out of cash, the capacity to extend further within their asset opportunity set – factor allocation, international diversification, currency overlays, etc. – is not constrained by higher cash rates. Compared with last year, equity valuations are higher and translate to a modest cyclical headwind for stocks. By contrast, elevated starting
yields are a cyclical tailwind for bonds.

Capital & Active Management:

when capital is provided by asset buyers with a financial stability objective, they buy indiscriminately, but when capital is provided by investors with a return objective, they buy selectively. More selective investment means more differentiated asset performance and greater potential for active styles of investing.

Industrials:

The tax incentives in the U.S. Inflation Reduction Act (IRA) support greener commercial buildings and more efficient air conditioning units, which will benefit U.S. electrical and air conditioning companies. Electricity providers will also benefit from reshoring supply chain policies, as electric grids need to be strengthened. More broadly, reshoring supply chains will stimulate the use of U.S.-made inputs across the U.S. industrial sector, potentially benefiting U.S. manufacturers relative to their competitors in Europe and China. In addition, reshoring should fuel global spending on factory automation to offset higher domestic production costs, a boon to global suppliers of factory-automation software. Finally, rising geopolitical tension is increasing global spending on combat readiness, a clear benefit to defense companies.

Utilities:

The U.S. Inflation Reduction Act (IRA) will benefits renewable...most of the largest renewables developers in the U.S. are European.

Semi-Conductors:

Over the near term, expanding chip manufacturing should benefit the tech companies that provide the required equipment, software and design that support chip production. However, chip tech equipment companies may face competition in the longer term as Chinese companies are incentivized to develop their own equipment.

2024 Long-Term Capital Market Assumptions
Asset Allocation Chart:
Robust portfolio optimization

Sold PIMIX for modest positions in RSIIX, RCTIX, and the bulk of funds into VG mmkt. Shifted funds from a singular focus on income to funds that include capital appreciation/preservation.

https://www.sec.gov/Archives/edgar/data/1540305/000089418924001568/defianceevxx-liquidationst.htm
497 1 defianceevxx-liquidationst.htm 497
Filed Pursuant to Rule 497(e)
File Nos. 333-179562; 811-22668
Defiance Pure Electric Vehicle ETF (EVXX)
March 5, 2024
Supplement to the Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”), each dated June 7, 2023
The Board of Trustees of ETF Series Solutions, upon a recommendation from Defiance ETFs, LLC, the investment adviser to the Defiance Pure Electric Vehicle ETF (the “Fund”), has determined to close and liquidate the Fund immediately after the close of business on March 28, 2024 (the “Liquidation Date”). Shares of the Fund are listed on the NYSE Arca, Inc.
Effective on or about March 8, 2024, the Fund will begin liquidating its portfolio assets. This will cause the Fund to increase its cash holdings and deviate from the investment objective and strategies stated in the Fund’s prospectus.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. Distributions made to shareholders should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on a shareholder’s tax basis. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing the Fund, if any. Once the distributions are complete, the Fund will terminate. Proceeds of the liquidation will be sent to shareholders promptly after the Liquidation Date.
For additional information, please call 1-833-333-9383.
Please retain this Supplement with your Summary Prospectus, Prospectus, and SAI for future reference.
It didn't have enough charge....

I will have cash available after selling out of my Schwab intelligent portfolio account. I'd like to put at least most of it to work as soon as the transaction takes place. My thought was to put the money into an existing fund I already hold, CGBL, Capital Group Core Balanced ETF. It's a pretty new fund run by a very experienced management team and I've been very happy so far with this fund. Thanks to @Mark for bringing it to my attention a while back.
I thought I'd ask the question though, are there other ETF balanced funds out there in the 50-70% equity holding category that are worth comparing CGBL too?
A couple funds that popped out on an initial filter search:
OCIO ClearShares OCIO ETF
AOR iShares Core Growth Allocation ETF
RISN Inspire Tactical Balanced ETF
LEUTHOLD CORE ETF, LCR is also an option I'm considering for some of the $. I've held that one before.

Yes, I see that Schwab and TRP have some sort of affiliation. Dunno how old the arrangement is.

The T. Rowe deal went into effect "on or about Feb. 1" [2022]. ... [The annual fee paid by TRP, anticipated to be around $10M] far surpasses the fees that other firms pay to be part of Schwab's OneSource. ... A T. Rowe Price spokeswoman says ... "Our I Class is now available at no-transaction-fee for RIAs who custody with Schwab. This share class is not currently available commission-free at any other custodian."

RIABiz, April 22, 2022
More generally, Schwab has created a second, cheaper platform (12-19 basis point fee vs. 40 basis points for OneSource) called INTF that 18 families including TRP participate in.
https://advisorservices.schwab.com/institutional-no-transaction-fee
The actual fee that TRP paid in 2022 (partial year) to Schwab was $5.9M. This was in addition to the usual platform fees paid to Schwab for shelf space. What TRP gets from Schwab is promotion of "actively managed T. Rowe Price mutual funds and ETFs to Schwab's clients and the clients of Registered Investment Advisors that custody assets at Schwab, and ... additional mutual fund and ETF marketing support". Schwab acknowledges the arrangement creates a conflict of interest (it benefits from pushing TRP funds).
https://www.schwab.com/legal/financial-and-other-relationships#panel--text-44781

The fees and restrictions are different for each platform, but are expensive.

Unless a fund family is so popular that a brokerage finds value in offering the funds without charging a platform fee. Vanguard, D&C, Fidelity.

Caution: You may be limited to doing such a within-60-days rollover only once every 365 days. It depends on what form of IRA is moving to what form of IRA.
See pub 590a, p. 22. (Pub 590a for tax year 2022.)
A direct fund-to-fund transfer of proceeds from sale of shares is better.

The rule is actually pretty simple now. With the exception of Roth conversions, the one rollover a year limit is for all IRAs combined, regardless of form. Roth conversions are unlimited.

You can make only one rollover from an IRA to another (or the same) IRA in any 1-year period regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual's IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. However, trustee-to-trustee transfers between IRAs aren’t limited and rollovers from traditional IRAs to Roth IRAs (conversions) aren’t limited

Pub 590a, p. 24

In taxable accounts at least, without rebalancing your gains in successful positions can become so high that it is psychologically almost impossible to sell.
With a fund or ETF you have some automatic rebalancing (unless you own Barons Partners 50% TSLA) but with single stocks it becomes a problem.
I have owned Berkshire for decades and only sold it once. It is sorta another exception because it is so diversified. If I hadn’t “rebalanced” CSCO near the peak I would not be very happy.

In all our accounts, ie retirement and non retirement about 31% stocks, mostly US
YTD up 1.5% with almost all gains of course in Large Caps. Rotation to my Energy, International etc has stalled out

Goldman Sachs says this tech stock rally is grounded in reality
https://www.marketwatch.com/story/goldman-sachs-says-this-tech-stock-rally-is-grounded-in-reality-9ee03ea6
David Kostin, in a note to clients, says companies that have an enterprise value-to-sales ratio of at least 10 account for 24% of the total U.S. stock market cap, versus 28% in 2021 and 35% in the late 90s tech bubble.
...
Kostin notes the number of stocks with those elevated valuation ratios has declined very sharply. “Unlike the broad-based ‘growth at any cost’ in 2021, investors are mostly paying high valuations for the largest growth stocks in the index. This dynamic more closely resembles the Tech Bubble than 2021. However, in contrast with the late ’90s, we believe the valuation of the Magnificent 7 is currently supported by their fundamentals

(he also says the cost of capital is lower now, which is good for stocks)
... that said, my reading is that they're essentially saying "this time is different" -- which often are the 4 most dangerous words in investing & finance. And this being a prognostication by Goldman, my continuing reaction is to 'fade' such advice if I want to preserve capital and/or make money for ME.
My own sense? There's a bullish euphoria starting to build in the markets/financialp0rn punditry -- FOMO is keeping stocks elevated these days and my sense* is that this run doesn't go on too much longer before consolidation. IMO, the only thing that will goose stocks significantly higher is if/when rates come down and the purported trillions in cash and cash-like assets move back into equities. But Valuation? WCoC? Not going to do it by itself.
* somewhat more accurate than a 'Magic Eight Ball'

I recently added FETKX-Fidelity Equity Dividend Income (K shares) to broaden my holdings which I felt were getting too concentrated. To complement the following (K shares):
FGCKX-Fidelity Growth Company
FCNKX-Fidelity Contrafund
FLPKX-Fidelity Low Priced Stock
Outside Fido:
VMNFX-Vanguard Market Neutral Fund
TRAIX-TRP Capital Appreciation (I shares)

Barron’s BEST FUND FAMILIES. They were evaluated in 5 categories to produce overall weighted scores – US equity, world equity, mixed assets, taxable bonds, muni bonds. Only active funds were considered, but that meant factor- and active- ETFs. Excluded were Janus Henderson, Dodge & Cox, etc, as they didn’t have enough funds within the 5 categories. Some funds from last year were merged into others, so skipped (but Putnam/Franklin Templeton was too recent). Listed here are Annual and 5-yr rankings; see the online/paper issue for 10-yr and category-wise rankings.
ANNUAL Ranking: #1-Putnam, #2-Fidelity, #3-PGIM, #4-Virtus, #5-Touchstone, #6-Nuveen/TIAA, #7-Rowe Price,…, #10-BlackRock,…, #12-Pimco, #13-State Street, #14-Vanguard,…,#17-DFA,…, #26-Morgan Stanley,…, #30-BNY Mellon,…, #32-Franklin Templeton,…, #34-Capital Group/AF,…, #38-Invesco,…, #45-J P Morgan.
5-YEAR: #1-Putnam, #2-Fidelity, #3-Sit, #4-Amundi, #5-Virtus, #6-State Street, #7-DFA, #8-Nuveen/TIAA,…, #10-Pimco,…, #13-PGIM, #14-J P Morgan,…, #17-Vanguard,…, #25-Morgan Stanley, #26-BlackRock, #27-Rowe price,…, #29-BNY Mellon, #30-Capital Group/AF,…, #39-Invesco,…, #43-Franklin Templeton.
LINK1 LINK2

Hi guys!
Hope all is well with you and yours.
So, what a run since 23, no?
Finally, healthcare rises this year. Fido numbers say FSMEX 6.39%, FSPHX 5.49%. These funds I wanted to sell but they were so bad. So now they rise in a bad time....the election.....but this time, I hope it's different....lol. Bigger things to worry about.
All I hear about is AI. So tired of it, really. Have we nothing else but the 7? Really, I guess not since we're back to the 2020 election. Have we no one else??? Anyway, back to topic...have any of you kept your holdings in healthcare??? I know some sold. I understand that. I stand at 11% in the space, so I hope for a turn. It's something that I thought was core to hold to the end with the aging boomers and all. Saying that, does anyone know any retirement home REITs?
The Brown One on our walks is very pro health, saying, "You people will spend what it takes to stay alive." Yes, I said, it would stand to reason. No one wants someone to die. At that point, money is not important.
What the Dukester said next stunned me. "Would you spend money on me to save me to live longer, Pudd?" Being out in the cold and having 2 cups of coffee, I said, "Yes" right away. With a smile looking back at me, he said, "Now, tell me why healthcare is not core forever?"
I hate long cold walks in the morning with Brown. It tends to not end well. Drats! Drats! and double Drats!!!!
God bless
the Pudd

https://www.sec.gov/Archives/edgar/data/889284/000139834424004960/fp0087395-1_497.htm
STERLING CAPITAL FUNDS
SUPPLEMENT DATED FEBRUARY 29, 2024
TO THE
CLASS A AND CLASS C SHARES PROSPECTUS AND THE
INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS,
EACH DATED FEBRUARY 1, 2024
This Supplement provides new and additional information beyond that contained in the Class A and Class C Shares Prospectus (the “Retail Prospectus”) and the Institutional and Class R6 Shares Prospectus (the “Institutional Prospectus”), each dated February 1, 2024:
On February 2, 2024, Guardian Capital Group Limited (“Guardian”) announced that it had entered into a unit purchase agreement under which Guardian’s wholly owned subsidiary, Guardian Capital LLC, will acquire 100% of the ownership interests of Sterling Capital Management LLC (“Sterling Capital”) from Truist Financial Corporation (“Truist”) (the “Acquisition”). The closing of the Acquisition (the “Closing”) is subject to certain conditions and is expected to take place in the second quarter of 2024.
Guardian has indicated that, following the Closing, it plans to operate Sterling Capital as a standalone entity, led by the current team of management and senior professionals, providing continuity, stability and continued excellence for Sterling clients.
The Acquisition will result in a change of control of Sterling Capital effective as of the Closing. Pursuant to the terms of the current investment advisory agreement between Sterling Capital and Sterling Capital Funds, on behalf of each of its series (the “Funds”), the Acquisition may be deemed an assignment of the investment advisory agreement and result in its automatic termination. In anticipation of the termination of the existing investment advisory agreement, it is expected that the Board will consider a new investment advisory agreement containing substantially similar terms as the current investment advisory agreement with Sterling, including identical advisory fees.
At a special meeting of shareholders of the Funds expected to be held prior to the Closing, shareholders will be asked to consider and approve the new investment advisory agreement. Shareholders of record of each Fund as of the record date will be entitled to vote at the meeting and should expect to receive a proxy statement providing more information about the Acquisition and the new investment advisory agreement.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.

Debt/Capital Ratio. M* Quote/Portfolio tab has this info.
https://www.morningstar.com/funds/xnas/mrfox/portfolio

AAII Sentiment Survey, 2/28/24
BULLISH remained the top sentiment (46.5%; above average) & bearish remained the bottom sentiment (21.3%, low); neutral remained the middle sentiment (32.2%, above average); Bull-Bear Spread was +25.2% (high). Investor concerns: Elections, budget, inflation, economy, the Fed, dollar, Russia-Ukraine (105+ weeks), Israel-Hamas (20+ weeks), geopolitical. For the Survey week (Th-Wed), stocks were up, bonds up, oil up, gold up, dollar flat. Sentiments remain good & stable. Markets may digest gains since 10/2023. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1370/thread

Link to the annual report.
https://prospectus-express.broadridge.com/summary.asp?doctype=ann&clientid=trowepll&fundid=77954M105
Giroux discusses AI and utilities.
Sees value in:
1) GARP stocks.
2) Utilities
3) High quality high yield and loans.
4) Software.
5) Healthcare.
6) Energy. (Unusual for the fund)
Does not see value in:
1) Growth & tech that does not benefit from AI.
2) Staples. He REALLY dislikes staples.

NOTE: This fund (PRCFX & PRCHX) was only recently available in December, 2023.
PDF Report

https://www.sec.gov/Archives/edgar/data/897111/000089843224000164/form497.htm
497 1 form497.htm FORM 497
CARILLON SERIES TRUST
Carillon Chartwell Short Duration Bond Fund
SUPPLEMENT DATED FEBRUARY 26, 2024 TO
THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION DATED
MAY 1, 2023, AS PREVIOUSLY AMENDED OR SUPPLEMENTED
The Board of Trustees of Carillon Series Trust has approved a Plan of Liquidation and Dissolution pursuant to which the Carillon Chartwell Short Duration Bond Fund (“Fund”) will be liquidated and terminated on or about April 19, 2024 (the “Liquidation Date”) based upon the recommendation of Carillon Tower Advisers, Inc. (“Carillon”), the Fund’s investment adviser.
In anticipation of the liquidation, effective on or about April 5, 2024, the Fund will be closed to new shareholders. To prepare for the liquidation, Carillon and/or Chartwell Investment Partners, LLC, the Fund’s subadviser, may need to increase the portion of the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and to meet redemption requests. As a result, the Fund may no longer be pursuing its investment objective during this transition. The Fund will distribute cash pro rata to all remaining shareholders who have not previously redeemed or exchanged all of their shares on or about the Liquidation Date. These distributions may be taxable events. Once the distributions are complete, the Fund will terminate.
Liquidation proceeds will be delivered in accordance with the existing instructions for your account. No action is needed on your part.
Please note that you may exchange your shares of the Fund at net asset value at any time prior to the Liquidation Date for the Class Chartwell shares of the Carillon Chartwell Income Fund, Carillon Chartwell Short Duration High Yield Fund, Carillon Chartwell Mid Cap Value Fund, Carillon Chartwell Small Cap Value Fund or Carillon Chartwell Small Cap Growth Fund. You may also redeem your shares of the Fund at any time prior to the Liquidation Date. No sales charges, redemption or termination fees will be imposed in connection with such exchanges and redemptions. In general, exchanges and redemptions are taxable events for shareholders.
In connection with the liquidation, the Fund may declare taxable distributions of its net investment income and net capital gains in advance of the Liquidation Date, which may be taxable to shareholders.
You should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
For more information, please contact us at 1.800.421.4184.
* * * * *
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT OF ADDITIONAL
INFORMATION FOR FUTURE REFERENCE

I did some math for my state Massachusetts, which taxes income and LT Cap Gains at 5% but ST cap Gains at 12% !!!
If you hold BOXX for over a year there is a small benefit; you pay 15% plus 5% vs 22or 24% etc ( depending on income)
IF you sell before a year, you get hosed, as pay both ST federal tax and ST State tax.
This would only make sense if you plan to hold them for at least a year.
The % differences even so are small unless you are in a very high bracket

I took a brief look at this last night and have to read more about how the mechanism works, associated risks, etc.
1. One man's tax dodge is another man's smart investing. In theory, ETFs don't have an advantage over mutual funds - the statute that makes cap gains disappear in a puff of smoke (via in-kind distributions) originally applied to corporations as well as mutual funds. Decades ago it was rewritten, maintaining the break for mutual funds while excluding corporations from this benefit.
This all happened before ETFs existed. ETFs benefit because they just happen to be a form of mutual fund. In practice, ETFs have the advantage because they redeem shares in-kind, while OEFs rarely do so.
That said, my personal feeling is that this dodge "provides an unfair tax subsidy for ETFs and encourages the transfer of capital from other kinds of investment vehicle to ETFs." This has got little to do with Washington scrounging up extra dollars - a fix could be revenue neutral. IMHO it's a matter of providing a level playing field.
Jeffrey M Colon, The Great ETF Tax Swindle: The Taxation of In-Kind Redemptions, Penn State Law Review (2017)
There are lots of loopholes begging for attention, such as carried interest. And one that seems to curry favor here - unrestricted Roth conversions - a way of getting around income restrictions intended to limit tax benefits that higher earners receive. As the saying goes, it all depends on whose ox is being gored.
2. NYC is unusual in that it has both a high tax rate (combined NYS + NYC) and that rates go up pretty fast with income. This combination makes it quite possible for one to owe more taxes if the income is treated as cap gains (state/local taxable) than if it is treated as Treasury interest (ordinary tax, but only at federal level).
For example, in 2023 a couple with taxable income of $90K would pay 22% on ordinary income and 15% on cap gains. That 7% savings by treating the Treasury interest as cap gains would be more than offset by an added NYS tax of 5.5% plus a NYC tax of 3.876%.
Now this assumes that the taxpayer can't deduct the NY taxes due to SALT limits on deductions. That may change in 2026. In this particular example, even with a SALT deduction (worth 22% x 9.376% or about 2.06%), one would still pay more in net state and local taxes (7.3%) than one would save in fed taxes (7%). But it is close and one can easily conceive of other brackets where deductibility of SALT would make a difference.
In California, look at a couple with taxable income of $110K. As with the $90K NY couple, they'd be paying 22% fed tax on ordinary income and 15% on cap gains - a 7% difference. At the state level, they'd be paying 0% on Treasury interest but 8% on cap gains. Same problem.
This transmutation of Treasury interest into cap gains works very well for high earners - where the cap gains rate (even at 20%) is well below the fed rates of 35% or 37%. Of course it also works well for the hoi polloi in states with low or no local income taxes.

@rforno, I thought options income was short-term CGs, not ROC. May be will double-check.

I double-checked as well just to make sure my info was still current. Per Kiplinger:

Option-income funds designate much of their distributions as a "return of capital," a phrase that suggests you're not getting a true dividend. But just as there is good cholesterol and bad cholesterol, there are good and bad returns of capital. Cash inflows from option sales are repeatable and sustainable. So, unless an options-based fund is mismanaged, it shouldn't suffer the long-term erosion of NAV that plagues CEFs that regularly liquidate assets to maintain high payouts.
(src: https://www.kiplinger.com/article/investing/t052-c003-s001-option-income-cefs-may-be-a-smarter-choice.html0