https://www.sec.gov/Archives/edgar/data/912036/000119312523291825/d640668d497.htm
497 1 d640668d497.htm AMG FUNDS IV
Filed pursuant to Rule 497(e)
File Nos. 033-68666 and 811-08004
AMG FUNDS IV
AMG River Road International Value Equity Fund
Supplement dated December 8, 2023 to the Prospectus and Statement of Additional Information,
each dated March 1, 2023
The following information supplements and supersedes any information to the contrary relating to AMG River Road International Value Equity Fund (the “Fund”), a series of AMG Funds IV (the “Trust”), contained in the Fund’s Prospectus and Statement of Additional Information, dated as noted above.
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund (the “Liquidation”), which is expected to occur on or about February 9, 2024 (the “Liquidation Date”). Effective on or about December 11, 2023, it is expected that the Fund will begin selling its portfolio investments and will invest the proceeds in cash and cash equivalents, in anticipation of the Liquidation. Proceeds of the Liquidation are expected to be distributed to shareholders of the Fund promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
Effective prior to the open of business on December 11, 2023, the Fund will no longer accept investments, except for investments made through existing asset allocation programs investing in the Fund, and shares purchased pursuant to automatic investment programs, such as automatic investments through 401(k) plans and reinvestments of any dividends and distributions. Those shareholders investing in the Fund through one of the exceptions described above may continue to purchase shares of the Fund provided that such transactions settle prior to the Liquidation Date.
A letter will be sent to shareholders who hold shares directly with the Fund (“Direct Shareholders”) setting forth the various options and instructions with respect to the Liquidation and the distribution of Direct Shareholders’ redemption proceeds. Any Direct Shareholder may elect to have redemption proceeds sent to them via check. Direct Shareholders may also elect to exchange their Fund shares into the same share class of any other fund in the AMG Funds family of funds that is open to new investors (subject to minimum initial investment requirements as described in such fund’s prospectus). Shareholders who hold their shares in the Fund through a financial intermediary should contact their financial representative to discuss their options with respect to the Liquidation and the distribution of such shareholders’ redemption proceeds.
The Fund intends to distribute its accumulated net capital gains and net investment income, if any, to shareholders of record of the Fund as of the close of business on December 13, 2023; these distributions may be taxable to shareholders who do not hold their shares in a tax-advantaged account such as an IRA or 401(k).
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/879947/000119312523291826/d605591d497.htm
497 1 d605591d497.htm AMG FUNDS II
Filed pursuant to Rule 497(e)
File Nos. 033-43089 and 811-06431
AMG FUNDS II
AMG GW&K Global Allocation Fund
Supplement dated December 8, 2023 to the Prospectus and Statement of Additional Information,
each dated May 1, 2023
The following information supplements and supersedes any information to the contrary relating to AMG GW&K Global Allocation Fund (the “Fund”), a series of AMG Funds II (the “Trust”), contained in the Fund’s Prospectus and Statement of Additional Information, dated as noted above.
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund (the “Liquidation”), which is expected to occur on or about February 9, 2024 (the “Liquidation Date”). Effective on or about December 11, 2023, it is expected that the Fund will begin selling its portfolio investments and will invest the proceeds in cash and cash equivalents, in anticipation of the Liquidation. Proceeds of the Liquidation are expected to be distributed to shareholders of the Fund promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
Effective prior to the open of business on December 11, 2023, the Fund will no longer accept investments, except for investments made through existing asset allocation programs investing in the Fund, and shares purchased pursuant to automatic investment programs, such as automatic investments through 401(k) plans and reinvestments of any dividends and distributions. Those shareholders investing in the Fund through one of the exceptions described above may continue to purchase shares of the Fund provided that such transactions settle prior to the Liquidation Date.
A letter will be sent to shareholders who hold shares directly with the Fund (“Direct Shareholders”) setting forth the various options and instructions with respect to the Liquidation and the distribution of Direct Shareholders’ redemption proceeds. Any Direct Shareholder may elect to have redemption proceeds sent to them via check. Direct Shareholders may also elect to exchange their Fund shares into the same share class of any other fund in the AMG Funds family of funds that is open to new investors (subject to minimum initial investment requirements as described in such fund’s prospectus). Shareholders who hold their shares in the Fund through a financial intermediary should contact their financial representative to discuss their options with respect to the Liquidation and the distribution of such shareholders’ redemption proceeds.
The Fund intends to distribute its accumulated net capital gains and net investment income, if any, to shareholders of record of the Fund as of the close of business on December 13, 2023; these distributions may be taxable to shareholders who do not hold their shares in a tax-advantaged account such as an IRA or 401(k).
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/1089951/000119312523291827/d614129d497.htm
497 1 d614129d497.htm AMG FUNDS
Filed pursuant to Rule 497(e)
File Nos. 333-84639 and 811-09521
AMG FUNDS
AMG GW&K Emerging Markets Equity Fund
Supplement dated December 8, 2023 to the Prospectus and Statement of Additional Information,
each dated March 1, 2023
The following information supplements and supersedes any information to the contrary relating to AMG GW&K Emerging Markets Equity Fund (the “Fund”), a series of AMG Funds (the “Trust”), contained in the Fund’s Prospectus and Statement of Additional Information, dated as noted above.
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund (the “Liquidation”), which is expected to occur on or about February 9, 2024 (the “Liquidation Date”). Effective on or about December 11, 2023, it is expected that the Fund will begin selling its portfolio investments and will invest the proceeds in cash and cash equivalents, in anticipation of the Liquidation. Proceeds of the Liquidation are expected to be distributed to shareholders of the Fund promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund.
Effective prior to the open of business on December 11, 2023, the Fund will no longer accept investments, except for investments made through existing asset allocation programs investing in the Fund, and shares purchased pursuant to automatic investment programs, such as automatic investments through 401(k) plans and reinvestments of any dividends and distributions. Those shareholders investing in the Fund through one of the exceptions described above may continue to purchase shares of the Fund provided that such transactions settle prior to the Liquidation Date.
A letter will be sent to shareholders who hold shares directly with the Fund (“Direct Shareholders”) setting forth the various options and instructions with respect to the Liquidation and the distribution of Direct Shareholders’ redemption proceeds. Any Direct Shareholder may elect to have redemption proceeds sent to them via check. Direct Shareholders may also elect to exchange their Fund shares into the same share class of any other fund in the AMG Funds family of funds that is open to new investors (subject to minimum initial investment requirements as described in such fund’s prospectus). Shareholders who hold their shares in the Fund through a financial intermediary should contact their financial representative to discuss their options with respect to the Liquidation and the distribution of such shareholders’ redemption proceeds.
The Fund intends to distribute its accumulated net capital gains and net investment income, if any, to shareholders of record of the Fund as of the close of business on December 13, 2023; these distributions may be taxable to shareholders who do not hold their shares in a tax-advantaged account such as an IRA or 401(k).
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE

@hank
I stumbled across the idea that you start retirement with a low equity allocation and increase it as you age ten or so years ago, although I forgot the source. It avoids loosing 45% of your assets in a massive bear market just as you retire.
Of course this requires you to have enough income from SS a pension etc to survive early years without being forced to withdraw capital to live on.
I felt like a genius when I retired equity light in 2019, as the Covid Bear market hit. The problem now is to decide how soon and how much to increase my equity exposure. I have a much better feeling for our expenses and SS income now than I did in 2019, but domestic equities seem rather overpriced now.
A lot of people unfortunately have to take out a substantial % of their retirement account to survive.

Another excerpted comment from the thread I previously referenced, this one straight to the point(s) by the venerable "dickoncapecod":
Well, you shouldn't be surprised that the financial relationship is between you and the bank that YOU deposited money at. If it is FDIC insured (or even not) institution, you'll surely receive what you are due eventually. However, the smaller the bank and higher the rate, the more likely the bank has antiquated systems and annoyances like this occur. Sometimes it's worth actually computing the dollars and cents gained by chasing "opportunities" in the risk-free rate world versus a good old (floating rate) money market funds.
====================
I responded to Dick's post:
To dick's very worthy point about "chasing 'opportunities'":
Per Fido (bold added):
Fidelity offers a wide range of issues, rates, and maturities to help you find the certificate of deposit (CD) that fits your needs. If a fixed income security is sold or redeemed before maturity, it may be subject to substantial gains or losses. Your ability to sell a CD on the secondary market is subject to market conditions. Fidelity doesn’t decide the creditworthiness of the issuing institution.
Read: If the bank defaults on the interest or principal, it's the account holder's ultimate responsibility to do the FDIC filing.
==============================
Dick's first comment should answer the question being kicked around here.
If it's me in the OP's position, I would ask Schwab if they have a policy like Fido does related to issuing a brokerage "service request" at the 10-day mark if the interest still has not been received.
I would also obtain the best phone number possible and speak directly to a person at the bank who is directly involved/has direct knowledge of the interest payment in question.
I would NOT blow this out of proportion and would NOT start to doubt CDs.
As Dick noted, you WILL get your principal repaid timely.
As my scenario played out, I learned that this is a possible issue at the BOY and the EOY, every year.
And if there is an issue, it is usually the normal, possibly slow payment cycling related to the BOY or EOY, or there is a specific reason why the interest payment was missed.
In my case, the bank manager I spoke directly to was very helpful, NOT aware of the issue yet and thanked me for calling it to the bank's attention. She also immediately remedied the issue. She even gave me her direct phone number in the event it was not resolved.

We humans struggle with the “buy & hold” investing adage.
JP Morgan confirms your researcher’s finding:

Finally, we continue to believe stocks are the drivers of long-term capital appreciation. Bonds certainly have a greater role to play in portfolios today, but we are also reminded that stocks have outperformed bonds 85% of the time on a rolling 10-year basis since 1950.

I do believe holding a small percentage of less volatility (cash, bonds) during the withdrawal phase helps a retiree “withdrawal cash/bonds and hold a higher percentage of equities” in retirement.
Sited article:
https://jpmorgan.com/insights/outlook/market-outlook/five-considerations-for-investors-in-2024

T Rowe Price has posted more information about PRCFX on its website. Although detailed holdings are not yet available, the asset allocation is posted. Currently, it’s holding 51% in domestic bonds, 40% in domestic stocks, 5% cash, 4% foreign bonds and less than 1% in foreign stocks. Dividends will be paid monthly and capital gains annually.

I like that distribution scheme. On my larger IRA stakes I reinvest the dividends and realize the cap gains for shopping around.

T Rowe Price has posted more information about PRCFX on its website. Although detailed holdings are not yet available, the asset allocation is posted. Currently, it’s holding 51% in domestic bonds, 40% in domestic stocks, 5% cash, 4% foreign bonds and less than 1% in foreign stocks. Dividends will be paid monthly and capital gains annually.

So many interesting nuggets at this story, which is not behind a paywall.
My favorite:

From 2012 to 2022, investment in private U.S. startups ballooned eightfold to $344 billion. The flood of money was driven by low interest rates and successes in social media and mobile apps, propelling venture capital from a cottage financial industry that operated largely on one road in a Silicon Valley town to a formidable global asset class akin to hedge funds or private equity.
During that period, venture capital investing became trendy — even 7-Eleven and “Sesame Street” launched venture funds — and the number of private “unicorn” companies worth $1 billion or more exploded from a few dozen to more than 1,000.

Lots of dreary nuggets too. But nothing about the folks that gave that cash away suffering any pain themselves.

https://www.sec.gov/Archives/edgar/data/770540/000119312523289796/d390237d497.htm
497 1 d390237d497.htm NATIXIS FUNDS TRUST I
Supplement dated December 6, 2023 to the Mirova U.S. Sustainable Equity Fund’s Summary
Prospectus, Prospectus and Statement of Additional Information, each dated May 1, 2023, as
may be revised or supplemented from time to time.
Mirova U.S. Sustainable Equity Fund
On December 6, 2023, the Board of Trustees of Natixis Funds Trust I (the “Trust”), on behalf of the Mirova U.S. Sustainable Equity Fund (the “Fund”), upon the recommendation of the Fund’s adviser, Mirova US LLC, approved a Plan of Liquidation for the Fund pursuant to which the Fund will be liquidated (the “Liquidation”) on or about December 28, 2023 (“Liquidation Date”). Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed on that date.
Effective December 6, 2023, purchases made by existing shareholders will not be subject to front-end sales charges. No commission payments will be made to intermediaries on purchases effective this date. In addition, redemptions made by existing shareholders will not be subject to any sales charges, including contingent deferred sales charges. The proceeds from any such redemption will be the net asset value of the Fund’s shares after expenses and liabilities of the Fund have been paid or otherwise provided for. Lastly, 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.
On or before the Liquidation Date, the Fund’s affairs shall be wound up and its securities and other assets shall be sold for cash or cash equivalents. The Fund shall have the authority to engage in such transactions as may be appropriate to its dissolution, winding up, liquidation, and termination. In connection with the liquidation, the Fund may deviate from its investment strategies disclosed in its Prospectus and intends to invest all of the Fund assets in short-term cash equivalent securities starting in mid-December, to facilitate the payment of distributions, if required, and an orderly liquidation on or about December 28, 2023. For federal income tax purposes, the automatic redemption on the Liquidation Date will generally be treated like other redemptions of shares and may result in a gain or loss for federal income tax purposes. If Fund shares are capital assets in the hands of a shareholder, such gain or loss, if any, generally will be taxed as short- or long-term capital gain or loss depending on how long the shareholder held the shares.
At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund pursuant to the procedures set forth under “How to Redeem Shares” in the Fund’s Prospectus. Shareholders may also exchange their shares, subject to investment minimums and other restrictions on exchanges as described under “Exchanging or Converting Shares” in the Fund’s Prospectus. For federal income tax purposes, an exchange of the Fund’s shares for shares of another Natixis Fund is generally treated as a sale on which a gain or loss may be recognized. Each shareholder should consult with his or her tax adviser for more information on his or her own situation.
Absent an instruction to the contrary prior to the Liquidation Date, for shares of the Fund held in custodial accounts within an IRA, Roth IRA or plans such as SEP, SIMPLE, SARSEP or 403(b), or in certain other accounts, Natixis Distribution, LLC (“Natixis Distribution”) will exchange any shares remaining in the Fund on the Liquidation Date for shares of the Loomis Sayles Limited Term Government and Agency Fund at net asset value. Please refer to your plan documents or contact your plan administrator, plan sponsor, or other financial intermediary that maintains your account to determine whether the preceding sentence applies to you.
Effective December 6, 2023, Natixis Distribution will no longer accept investments in the Fund from new investors (subject to intermediary discretion). Effective December 13, 2023, Natixis Distribution will no longer accept additional investments in the Fund from current shareholders of the Fund, including additional investments through automatic or systematic investment plans.

M* has a list of ETFs paying high CG distributions in 2023. They are expected to be tax-efficient but sometimes that doesn't work - very high outflows, illiquid areas, etc.
https://www.morningstar.com/etfs/few-etfs-are-paying-out-capital-gains-2023

M* has a list of ETFs paying high CG distributions in 2023. They are expected to be tax-efficient but sometimes that doesn't work - very high outflows, illiquid areas, etc.
https://www.morningstar.com/etfs/few-etfs-are-paying-out-capital-gains-2023

Always trying to learn more here - to go beyond simply looking at a fund’s 10 year track record and assuming it’s a relatively profitable / safe / predictable investment.

Most of us MFO regulars certainly do that. But the average person probably doesn't, and probably only looks at the chart before making a decision -- heck, how many actually even look at a fund's holdings viz-a-viz their other holdings to see if they're overweighted anywhere in their accounts?
Speaking of which, remember those 'principal protected notes' sold to Joe/Jane Public going into the GFC? Folks only saw "won't loose money" and piled into those things, not reading the fine print in their prospectuses (not just the retail-grade marketing slicks) about when their 'profits' might kick in (or what probably would invalidate them) and especially counterparty risks. A $2500 initial investment into these eclectic 'private' funds smacks of that kind of target audience, imho ... but provides these firms a source of 'cheap' locked-up capital to play with. Caveat very emptor!!!!

@RandiVooDoo. Thanks. Several of us suffered on that one.
I'd say in March 2020, both price and flow happened simultaneously. A perfect storm really.
And I think Garrison Point, which I like, regrouped and recovered well.
But in February 2022, as soon as price rolled again, even a very small amount, there was a massive exit and outflows just continued.
One of the things I've learned is that when a fund does not behave the way investors expect it to, they exit ... FAIRX, AQRIX, WBMIX, IOFIX, ZEOIX, TILDX to name a few.

Boston Trust funds https://www.bostontrustwalden.com/wp-content/uploads/2023/11/Boston-Trust-Walden-2023-Capital-Gain-Summary-10.31.2023.pdf

A bond trader doesn't care what happened, only how to make money in the future.
Examples
PIMIX made 8-10% for several years with low SD.
IOFIX fell 45% in 03/2020, but after that it exploded 40-50%.
Cat bonds did not make much in previous years but did well in 2023 with a very low SD.
HY munis made several times 3+% during 2022-23 and much more in Nov 2023.
Woohoo.

The WSJ today reports that "557 stocks stocks listed on US exchanges were trading below $1 a share, up from fewer than a dozen in early 2021" (Alexander Osipovich, "Hundreds of NASDAQ stocks have fallen below $1," WSJ, 12/4/2023). Of those, 464 are NASDAQ stocks. A total of 583 NASDAQ stocks are listed as "non-compliant" with one listing requirement or another. One-sixth of NASDAQ stocks are at risk of being delisted. The article suggests that the SPAC boom in 2020 brought to market a bunch of stocks that should never have seen the light of day.
S. Ghon Rhee of the U of Hawaii notes that such stocks are "much more vulnerable to catastrophic losses" and that unwary investors "could have their entire investment wiped out."
Being de-listed means back to the speculative realm of penny stocks and pink sheets, a fate that those companies are struggling to avoid.
All of which is masked by the obsession with The Magnificent Seven.
For what interest it holds, David

Professor Snowball wrote an article about PRCFX in the December MFO issue.
https://www.mutualfundobserver.com/2023/12/launch-alert-t-rowe-price-capital-appreciation-income-fund/

A minor nitpick ... Prof. Snowball writes that PRWCX is " (b) closed tight." Elsewhere (in discussing closed funds) he has noted that there are ways to get into some of these funds. Specifically, that T. Rowe Price Summit Select investors (those with over $250K at TRP) have access to PRWCX. And existing investors can add to their accounts.
In contrast, TREMX is closed really tight.

The fund is currently closed to all purchases from new and existing shareholders. Even investors who already hold shares of the fund either directly with T. Rowe Price or through a retirement plan or financial intermediary may no longer purchase additional shares.

Prospectus
Now that's what I call a hard close. Weird timing, too.
Had it closed in early 2022 around the time the Ukraine war began and it lost 86% of its value in three weeks, that might have made sense. Closing it a year later, and so severely, doesn't. No significant in/outflows since mid 2022.
Closure announcement, Feb 17, 2023.

Professor Snowball wrote an article about PRCFX in the December MFO issue.
https://www.mutualfundobserver.com/2023/12/launch-alert-t-rowe-price-capital-appreciation-income-fund/

Fund managers are more adept with callable bonds.
FWIW, one common strategy by "income funds" is to buy premium bonds to boost the current income. But this is at the expense of declining value to par.
The "total return" funds may buy discount bonds to bet on capital appreciation to par, but the current income is low.
Both are valid strategies for proper bond funds.

Yogi,
For the benefit of the readers,
I think the premium bonds mentioned in your post are those issued at a premium and thus issued with coupons higher than prevailing interest rates. The bonds currently trading a premium mentioned in my post are referring to bonds that moved to premium (over stated maturity price) because of decrease in interest rates since the issue date.