Part 1
OPTIONS. Suggested is putting 80-90% in bonds and 10-20% in selling puts on the blue-chips one would like to own. Any put assignments would be financed from the bond portion. Risk is if the 10-yr keeps rising (now 4.25%).
Part 2
FUNDS. Some funds are using AI for portfolio management – there are 11 AI-based ETFs such as DIP, QRFT, etc. But it is unlikely that AI will replace the managers of active or passive funds, and instead, may become another tool in managers’ toolbox. (By @lewisbraham at MFO)
FUNDS. Marty FLANAGAN, Outgoing CEO, Invesco/IVZ; Trustee SMU; Chairman, Engage Capital. He is stepping down as CEO of IVZ but will continue as an Advisor until 2024. The new CEO and President is Andrew SCHLOSSBERG. During Flanagan’s tenure, IVZ grew into AUM $1.54 trillion powerhouse. He expanded hugely into ETFs (PowerShares, 2006) and Asia (a joint-venture in China). He thinks that the US and China will find some common grounds on business. The recent US investment bans in China were defined quite narrowly; the Secretaries of State BLINKEN and Treasury YELLEN have visited China – these are positive signs despite some tough talk. The fund industry trend towards lower fees has benefitted retail investors. ACTIVE ETFs are a natural development. Key for ETFs is marketing and distribution (an interesting insight into exchange traded products). Interest rates have normalized and fixed-income has become attractive in a very long time. Technological changes happen in stair-steps, and we are seeing one in AI and generative AI.
EXTRA. FUNDS. BlackRock/BLK has supported only a few ESG proposals this year. It said that many were overreaching or redundant. In reality, FINK/BLK has gone quiet from being overly pushy on ESG. BLK was starting to get backlash in its businesses. The new trend is to follow ESG quietly.
INCOME. CREDIT QUALITY issues may show up first in low-rated leveraged FR/BL, then in HY (spreads now are too low), then in investment-grade, and may finally spillover into the equity market. Investors and savers are enjoying high interest RATES, but the flip side for the borrowers isn’t pretty. Many small/medium-size companies that rely on low-rates are facing high variable rates (the traditional fixed-rate bond market is out of their reach). BANKRUPTCY filings are rising, 400 YTD (!), such as Party City, Bed Bath & Beyond, Yellow. It will take just one major, well-known company bankruptcy to change the sentiment. DEFAULT rate for low-rated debt has risen to 3.8% (to 5.8% in 2024/Q1?; even that is low for recessions). But it’s early in the credit cycle and problems may surface in 2024-25. The FED may still raise rates and will keep them higher for longer. Don’t chase returns, be cautious and take some chips off the table. (There are now also investment-grade FR and top-quality Treasury FRNs).
OTHER VOICES. Eugene STEUERLE, Urban Institute (DC think tank) and Urban-Brookings Tax Policy Center. Interest RATES are at 16-yr high, and they will affect people, businesses and the government. The impact on the government will be mixed – increases in deficits and payouts, but reduction in the value of outstanding debt. Savers will benefit from inflation and higher rates, but lenders will see lesser values for their loans; those on fixed income will also suffer. With the end of the cheap money era, hopefully, the allocation decisions will become more rational. Keep in mind the real rates (TIPS rates) vs nominal rates (T-Bills/Notes/Bonds); positive real rates, as now, are restrictive for the economy. There will also be a reckoning for the government when its debt-servicing costs will keep rising.

https://www.sec.gov/Archives/edgar/data/1026977/000139834423015921/fp0084986-2_497.htm
497 1 fp0084986-2_497.htm
CITY NATIONAL ROCHDALE FUNDS
CITY NATIONAL ROCHDALE CALIFORNIA TAX EXEMPT BOND FUND
Servicing Class (CNTIX)
Class N (CCTEX)
Supplement dated August 25, 2023, to the Summary Prospectus, Statutory Prospectus and the
Statement of Additional Information, each dated January 31, 2023
The Board of Trustees of City National Rochdale Funds has approved a Plan of Liquidation for the City National Rochdale California Tax Exempt Bond Fund (the "Fund"), which authorizes the termination, liquidation, and dissolution of the Fund. In order to effect such liquidation, effective as of the close of business on September 15, 2023, the Fund will be closed to all investments by existing shareholders, and no new Fund accounts may be opened. Shareholders may redeem their shares until the date of liquidation.
The Fund will be liquidated on or about October 16, 2023 (the "Liquidation Date"), and shareholders may voluntarily redeem their shares until the Liquidation Date. Prior to the Liquidation Date, the Fund may declare and pay its shareholders of record one or more dividends or other distributions consisting of any undistributed income and net realized capital gains. 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.
In anticipation of the liquidation of the Fund, City National Rochdale, LLC, the Fund's adviser, 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 1-888-889-0799 if you have any questions.
Important Information for Shareholders with IRA Accounts
If you hold your shares in an IRA, you should consult your tax adviser regarding the liquidation of the Fund. You may have 60 days from the date you receive your proceeds to "roll over" your proceeds into another IRA and maintain their tax-deferred status. You must notify the Fund prior to the Liquidation Date of your intent to roll over your IRA account to avoid federal and potential state withholding deductions from your proceeds. If the Fund has not received your redemption request or other instruction, your shares will be liquidated on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
If you have questions or need assistance, please contact a shareholder services representative of the Fund at 1-888-889-0799.
*****
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

According to the fund page at Northern Trust, ARK was removed on Aug 22, 2022, with responsibility for managing the assets reallocated among the remaining five subadvisors on or about Aug 31, 2022.
https://www.northerntrust.com/united-states/what-we-do/investment-management/northern-funds/funds-and-performance/equity/NENGX
According to the fund fact sheet, Northern Trust replaced Strategic Global Advisors with Boston Common Asset Management on Dec 3, 2021. That appears to have been a straight swap; no reallocation is indicated.
https://cdn.northerntrust.com/pws/nt/documents/fact-sheets/mutual-funds/individual/nf_nengx_factsheet.pdf
According to an older (March 2021) version of the fact sheet, Segall Bryant & Hamill was terminated as a subadvisor on May 15, 2020 with assets reallocated among the remaining six subadvisors shortly thereafter.
https://web.archive.org/web/20210516141418/https://cdn.northerntrust.com/pws/nt/documents/fact-sheets/mutual-funds/individual/nf_nengx_factsheet.pdf?bc=25545033
The Northern Trust fund managers were changed in June 2022 (Diez replacing Hart) and in May 2023 (Finegan replacing Vella). Their responsibility is to oversee the fund. Perhaps Diez was responsible for dumping ARK, or perhaps Hart was replaced for supporting ARK too long. Who knows? I'm just looking at the timing.
However, the day to day management of the fund (what we typically think of as the "real" fund management) is handled by the subadvisors. One can't tell who the people are doing the day-to-day management by looking at the fund managers.
In contrast, when third party firms serve a fund advisors (not subadvisors), then it is the day-to-day managers who are listed as the fund managers. For example, VWIGX is advised (not subadvised) by Schroder and Baillie Gifford, and it is their people who are listed as the fund managers.
As one can see from the two NT manager changes, the "new team" did not "take the reins" in May 2023 as M* wrote. Rather, the change was piecemeal, with one change occurring in June 2022. M* suggests that because of this complete turnover of the two NT managers, the past record is now inapplicable - the strategy may have changed. Never mind that (aside from dropping ARK from 5% of the portfolio) the same subadvisor firms have been in place since the end of 2021.
The "people" section of the M* review was computer-generated (it is flagged with a 'Q'). Which just goes to show that humans still rule. Humans can go beyond what's input to the program to who is actually managing the funds. We can look beyond its "listed management team" changes (NT managers) to see that the subadvisor firms have been fairly stable, allocations have been fairly stable, suggesting that strategy has been stable. No subadvisor changes or reallocations have been made since this "new team" took "the reins."

American funds (Capital Group) and Franklin have launched a number of passive and active ETFs. @yogibb has it correct that these ETFs are cousins and their respective OEFs. If you compare them side by side on their top 10 holdings and sector weighting, there are sufficient differences. Thus, I don’t expect them to track each other closely.

@Jim0445, FWIW, I looked for some connection between your Prof Donald Tuttle and Jim Cramer or Tuttle Capital and I didn't find any. I think that was your worry.

@Jim0445, do you think that Donald Tuttle of CastlePoint is related to Matthew Tuttle of Tuttle Capital Management?
https://www.linkedin.com/in/donaldltuttle
https://castlepoint-inv.com/castlepoint-profile/
https://tuttlecap.com/our-team/

https://www.sec.gov/Archives/edgar/data/916620/000119312523217676/d530146d497.htm
497 1 d530146d497.htm NORTHERN FUNDS
SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION (“SAI”) SUPPLEMENT
NORTHERN FUNDS
SUPPLEMENT DATED AUGUST 22, 2023 TO
SUMMARY PROSPECTUS, PROSPECTUS AND SAI FOR THE NORTHERN ENGAGE360TM FUND DATED JULY 31, 2023
PENDING LIQUIDATION OF THE NORTHERN ENGAGE360TM FUND
The Board of Trustees (the “Board”) of Northern Funds (the “Trust”), upon the recommendation of Northern Trust Investments, Inc., investment adviser to the Trust, has determined that it is in the best interests of the Northern Engage360TM Fund (the “Fund”) and its shareholders that the Fund be liquidated and terminated on or about October 27, 2023 (the “Liquidation Date”) pursuant to a plan of liquidation and dissolution approved by the Board. The Liquidation Date may be changed at the discretion of the Trust’s officers.
The Fund will discontinue accepting orders by new investors for the purchase of Fund shares or exchanges into the Fund from other funds of the Trust after the close of business on August 23, 2023; provided, however, that existing shareholders of the Fund may continue to purchase, redeem and exchange Fund shares subject to the account policies described in the Fund’s prospectus until September 22, 2023. The Fund reserves the right, in its discretion, to modify the extent to which sales of shares are limited prior to the Liquidation Date. The plan of liquidation and dissolution for the Fund provides that the Fund will begin winding up its business and affairs and liquidating its assets in preparation for the liquidation.
Prior to the Liquidation Date, shareholders of the Fund may either: (1) redeem (sell) their shares at the Fund’s net asset value; or (2) exchange their shares at net asset value for shares of another fund of the Trust. Redemption and exchange orders should be submitted in the manner described in the Fund’s prospectus under “Account Policies and Other Information.” In connection with the liquidation, effective August 23, 2023, the redemption fee on the redemption of shares (including by exchange) held for 30 days or less is eliminated.
If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a cash distribution equal to the shareholder’s proportionate interest in the net assets of the Fund (a “liquidating distribution”) as of the Liquidation Date. Prior to that time, the proceeds from the liquidation of portfolio securities will be invested in cash equivalent securities or held in cash. During this time, the Fund may hold more cash, cash equivalents or other short-term investments than normal, which may prevent the Fund from meeting its stated investment objective.
The Fund may make distributions to the shareholders of certain ordinary income and/or capital gains on or before the Liquidation Date. In that event, the distributions will generally be taxable to shareholders who receive the distribution (aside from tax-exempt accounts). Also, an exchange by a shareholder of shares of the Fund for shares of another fund of the Trust, a redemption of shares of the Fund for cash, or a liquidating distribution made to a shareholder as of the Liquidation Date will, in each case, generally result in a capital gain or loss for the shareholder for federal income tax purposes (and for most state and local income tax purposes), based on the difference between the value received by the shareholder for the Fund shares and the shareholder’s tax basis in the Fund shares. Shareholders also may be subject to foreign taxes on the liquidating distributions received.
SHAREHOLDERS SHOULD CONSULT THEIR PERSONAL TAX PROFESSIONALS CONCERNING ALL TAX CONSEQUENCES APPLICABLE TO THEIR INVESTMENT IN THE FUND AND THE TAX IMPACT OF THE LIQUIDATION OF THE FUND.
The pending liquidation of the Fund may be terminated and/or abandoned at any time before the Liquidation Date by action of the Board of the Trust.
Please retain this Supplement with your Summary Prospectus, Prospectus and SAI for future reference.
50 South LaSalle Street
P.O. Box 75986
Chicago, Illinois 60675-5986
800-595-9111
northerntrust.com/funds
LOGO NF SPT E360 (8/23)

https://www.sec.gov/Archives/edgar/data/1644419/000158064223004331/long-cramer_497.htm
497 1 long-cramer_497.htm 497
Long Cramer Tracker ETF
LJIM
A series of Northern Lights Fund Trust IV (the “Funds”)
Shares of the Funds are listed and traded on Cboe BZX Exchange, Inc. (the “Exchange” or “CBOE”)
Supplement dated August 21, 2023 to the
Prospectus, Summary Prospectus and Statement of Additional Information (the “SAI”) of the Funds dated February 21, 2023
The Board of Trustees of the Northern Lights Fund Trust IV (the “Board”) has authorized an orderly liquidation of the Fund. On August 17, 2023, the Board determined that closing and liquidating the Fund was in the best interests of the Fund and its shareholders.
The last day of trading of the Fund’s shares on CBOE will be September 11, 2023 (“Closing Date”), which will also be the last day the Fund will accept creation units from authorized participants. Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. Authorized Participants may redeem baskets of shares for a pro rata portion of the Fund’s portfolio on hand through the Closing Date.
The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on September 21, 2023 (the “Liquidation Date”).
From the Closing Date (September 11, 2023) through the Liquidation Date (September 21, 2023), 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 this time period. Between the Closing Date and the Liquidation Date, the Fund will be in the process of closing down and liquidating its portfolio. This process will result in the Fund increasing its cash holdings and, as a consequence, not tracking its underlying index.
Shareholders remaining on September 21, 2023 will receive cash at the net asset value of their shares as of that date, which will include any capital gains and dividends as of such date. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of the Fund’s shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation. Once the distributions are complete, the Fund will terminate.
______________________________________________________________________
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus, and SAI and should be read in conjunction with those documents. The Summary Prospectus, Prospectus and SAI have each been filed with the Securities and Exchange Commission and are incorporated by reference. Copies of these documents may be obtained without charge by visiting www.crameretfs.com or by calling 1-888-723-2821 (toll-free). For additional information regarding the liquidation, shareholders of the Funds may call 1-888-562-8880 (toll-free).
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Nice @Junkster.
If I had any loose cash I’d buy some longer dated bonds. 4.34% on a 10-year ain’t chump-change. Rates drop and snatch some cap gain. It’s amazing people put so much stock in what Larry Summers says!
I also get the sense watching things that the equity markets are poised to rally. Must be a lot of traders laying back in the lead up to Labor Day. Maybe it will take a significant drop in longer term rates to spark a rally. Perhaps another 5% or so on top of the current gains by year’s end.
Guess I’m shouting into the wind, as most all the “experts” are calling for down markets the rest of the year..

It would seem that with MM, CDs, and T-bills getting all the inflows and monopolizing the discussion boards that there has to be a contrarian play out there. Like bond funds. There are many bond funds that are on track for their best year since their inception. There are floating rate funds on track for double digit annual gains. There are bond funds out there that have had but a couple down days in the past several months. There are bond funds out there in various bond categories with a heavy concentration in commercial real estate that have the tightest rising channels. There is newer bond fund out there that is simply tearing it up with its double digit yield and almost zero volatility (but unfortunately with limited brokerage availability) My point is there have been opportunities out there beyond the obvious cash. I still use Morningstar’s free Fund Quickrank tool and go from there. I am sure there are other and better tools out there. It is just a matter of doing the necessary research yourself and not relying on others to do the research for you.
Edit: And no, I am not suggesting there is anything wrong with capitalizing on the highest yields in over a decade and a half in MM, CDs, and TBills.

From M* VDIGX / People:
Peter C. Fisher Senior Managing Director, Partner, and Equity Portfolio Manager Peter is a portfolio manager on the Dividend Growth Team. He manages equity assets on behalf of our clients, drawing on research from Wellington Management’s global industry analysts, equity portfolio managers, and team analysts. He manages the Global Dividend Growth approach and works closely with Don Kilbride on other Dividend Growth approaches. He works in our London office. Prior to joining Wellington Management in 2005, Peter worked as an equity research analyst at MFS Investment Management, where his coverage included the consumer staples, energy, and technology sectors (2000 – 2005). Peter earned his MBA from the University of Chicago (2000) and his BA in economics from Davidson College (1993).
Gender: Male
M.B.A. University of Chicago, 2000
B.A. Davidson College, 1993
Current Investments Managed
Jul 2022— Vanguard Dividend Growth Inv
Apr 2021— Brighthouse/Wellington Core Eq Opps A
Apr 2021— Brighthouse/Wellington Core Eq Opps B
Apr 2021— Brighthouse/Wellington Core Eq Opps E
Apr 2021— Bridge Builder Large Cap Value
Aug 2020— MassMutual International Eq A
Aug 2020— MassMutual International Eq Adm
Aug 2020— MassMutual International Eq I
Aug 2020— MassMutual International Eq R3
Aug 2020— MassMutual International Eq R4
Aug 2020— MassMutual International Eq R5
Aug 2020— MassMutual International Eq Svc
Aug 2020— MassMutual International Eq Y
May 2020— Hartford Stock HLS IA
May 2020— Hartford Stock HLS IB

a married couple filing jointly may exclude twice the given limit.
This makes it sound as if a couple gets a combined exclusion that's double the individual exclusion. That's not quite accurate.

The exclusion is available for the taxpayer and his/her spouse; however, each must qualify on a separate basis.

From instructions for GA state income tax Schedule 1 subtractions.
https://dor.georgia.gov/document/document/2022-it-511-individual-income-tax-booklet/download
More importantly, the Feb 3, 2023 report puts this tax break in perspective by identifying the taxpayers targeted for this benefit:"PUBLIC BENEFIT  The exclusion provides relief to lower-income retiree households..."
No matter. There are lots of people who don't benefit from this break - because they're not lower income, or because they're not over age 62 (retired or not), or maybe they don't live in Georgia all the time if at all.
Even if the difference is 0.2-0.4% annually why bother?
Good question. Why bother making a point of such a small difference?

Looking at treasuries at Schwab with a maturity of 9/15 to 9/30 and I see YTM of 4.09 to 5.066. I will stick with my Schwab Treasury Obligations Money Fund – Ultra Shares (SCOXX) that pay "only" 5.2%

The idea is to make meaningfully more money and not concentrate on 0.2-0.4% more per year. I just don't like the inconvenience of CD and treasuries. I want to own funds+MM that I can trade any day when I see an opportunity. Several days of investing in my bond mutual funds on one trade can make much more than 0.4%. If I wanted to use treasuries I may consider something like TBIL where it's easier to trade.
I used my real tax software. I entered $140K as capital gains, no other income(just kept $1 for SS and $1 for conversion since I want to keep these entries), and both of our ages 65.
You can see below that each one of us got a $65K Retirement Income Exclusion.
When I entered $140K capital gains, Fed taxes came at $15,720...GA taxes=0. Basically, $140K FEDERAL ADJUSTED GROSS INCOME (AGI) = $10K GEORGIA ADJUSTED GROSS INCOME (AGI)
When I entered $150K capital gains, Fed taxes came at $17,920...GA taxes=$48. Basically, $150K FEDERAL ADJUSTED GROSS INCOME (AGI) = $20K GEORGIA ADJUSTED GROSS INCOME (AGI).
Looking at big numbers shows that it's a sweet deal, most retirees filing jointly with age greater than 65 wouldn't pay GA taxes on income close to $150K.

(https://www.audits2.ga.gov/reports/summaries/retirement-income-exclusion/)
Published: February 3, 2023.. QUOTE: "In 1981, Georgia enacted an income tax exclusion for retirement income received by taxpayers aged 62 years and over. Currently, taxpayers aged 65 and over may exclude up to $65,000, while those 62 to 64 (as well as those permanently and totally disabled) may exclude up to $35,000. The exclusion applies to retirement income such as capital gains, interest, and pensions, as well as up to $4,000 of earned income. Limits apply to individual taxpayers, so a married couple filing jointly may exclude twice the given limit. The exclusion is intended to induce retirees to live in Georgia and provide a boost to economic growth."
=================
Even if the difference is 0.2-0.4% annually why bother? I look for an easy way to trade without any hurdles. MM is a great holding place until the next trade and when I'm in, I invest at 99+%.
Most of our money is in IRAs (Roth+Rollover) anyway.

The first trading book I ever read, “How I Made $2,000,000 In The Stock Market” by Nicolas Darvas, taught me the precept of always cutting my losses and letting my profits run as well as the power of trading momentum, The book had a huge impact on my life so I am a believer. But……. Please note the article linked by the OP was written by a founding member of Long Term Capital Management. We all know how that turned out. Probably explains why he then took a 10 year sabbatical from the markets.
Also regarding hedge funds who are are glorified for employing the strategy of cutting losses letting profits run and momentum trading. Their long term performance compared to simply buying and holding the S@P is beyond woeful. See the link below to where depending on the time period the S@P won by a 3x to 4x margin. Bear markets, which are few and far between are where the hedge funds win. Even though even then they are still losers.
https://www.aei.org/carpe-diem/the-sp-500-index-out-performed-hedge-funds-over-the-last-10-years-and-it-wasnt-even-close/

https://www.sec.gov/Archives/edgar/data/1480207/000119312523215984/d505325d497.htm
DoubleLine Multi-Asset Growth Fund
DoubleLine Funds Trust (the “Trust”)
DoubleLine Multi-Asset Growth Fund (the “Fund”)
Supplement dated August 18, 2023 to the Fund’s Summary Prospectus (the “Summary Prospectus”), Prospectus (the “Prospectus”) and Statement of Additional Information (the “SAI”), each dated August 1, 2023
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
The Board of Trustees of DoubleLine Funds Trust has approved a plan of liquidation for the Fund. The liquidation of the Fund is expected to take place on or about October 31, 2023 (the “Liquidation Date”). Effective after the close of business on September 1, 2023, the Fund’s shares will no longer be available for purchase by new investors or existing investors (other than qualified plans). Dividend reinvestments (where applicable) will continue until the Liquidation Date.
The proceeds per share to be distributed to each shareholder of record on the Liquidation Date will be the net asset value per share of the relevant class of shares of the Fund less any required tax withholdings, after all expenses and liabilities of the Fund have been paid or otherwise provided for. For U.S. federal income tax purposes, the receipt of liquidation proceeds will generally be treated as a taxable event and may result in a gain or loss. At any time prior to the Liquidation Date, shareholders of the Fund may redeem or, subject to investment minimums and other applicable restrictions on exchanges, exchange their shares of the Fund for shares of the appropriate class of another DoubleLine fund (if available) pursuant to the procedures set forth under “Other Account Policies—Exchange Privilege” in the Prospectus.
In anticipation of the liquidation of the Fund, DoubleLine Capital LP, the Fund’s investment adviser, may manage the Fund in a manner intended to facilitate its orderly liquidation and the Fund’s portfolio may be reduced to cash, cash equivalents or other short-term investments on or prior to the Liquidation Date. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with the Fund’s stated investment strategies, which may prevent the Fund from achieving its investment objective.
The sale of portfolio holdings will result in the Fund realizing gains or losses, and the proceeds payable to shareholders will generally be subject to federal (and state or local, if applicable) income taxes if the redeemed shares are held in a taxable account and the proceeds exceed your adjusted basis in the shares redeemed. The Fund may also make a distribution of undistributed net income or capital gains prior to the Liquidation Date.
If the redeemed shares are held in a qualified retirement account, your account may not be subject to tax withholdings if you take certain actions. For example, if you hold your shares in an individual retirement account (an “IRA”), you have 60 days from the date you receive your proceeds to reinvest or “roll over” your proceeds into another IRA to maintain their tax-deferred status and avoid any required tax withholdings. You must notify the Fund’s
transfer agent at 877-DLine11 (877-354-6311) prior to the Liquidation Date of your intent to roll over your IRA account to avoid the automatic deduction of tax withholdings from your proceeds. If you do not notify the Fund’s transfer agent of your intent to roll over your IRA account prior to the Liquidation Date, the Internal Revenue Service requires that U.S. federal income tax of 10% be withheld from your account proceeds, and your account may also be subject to state or local required withholdings. You should consult with your tax advisor on the consequences of the redemption to you and any actions you may need to take.
Please contact DoubleLine Funds Trust at 877-DLine11 with any requests for additional information.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
-2-
==================================================================
https://www.sec.gov/Archives/edgar/data/1480207/000119312523215986/d514005d497.htm
DoubleLine Real Estate and Income Fund
497 1 d514005d497.htm 497
DoubleLine Funds Trust (the “Trust”)
DoubleLine Real Estate and Income Fund (the “Fund”)
Supplement dated August 18, 2023 to the Fund’s Summary Prospectus (the “Summary Prospectus”), Prospectus (the “Prospectus”) and Statement of Additional Information (the “SAI”), each dated August 1, 2023
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
The Board of Trustees of DoubleLine Funds Trust has approved a plan of liquidation for the Fund. The liquidation of the Fund is expected to take place on or about October 31, 2023 (the “Liquidation Date”). Effective after the close of business on September 1, 2023, the Fund’s shares will no longer be available for purchase by new investors or existing investors (other than qualified plans). Dividend reinvestments (where applicable) will continue until the Liquidation Date.
The proceeds per share to be distributed to each shareholder of record on the Liquidation Date will be the net asset value per share of the relevant class of shares of the Fund less any required tax withholdings, after all expenses and liabilities of the Fund have been paid or otherwise provided for. For U.S. federal income tax purposes, the receipt of liquidation proceeds will generally be treated as a taxable event and may result in a gain or loss. At any time prior to the Liquidation Date, shareholders of the Fund may redeem or, subject to investment minimums and other applicable restrictions on exchanges, exchange their shares of the Fund for shares of the appropriate class of another DoubleLine fund (if available) pursuant to the procedures set forth under “Other Account Policies—Exchange Privilege” in the Prospectus.
In anticipation of the liquidation of the Fund, DoubleLine Alternatives LP, the Fund’s investment adviser, may manage the Fund in a manner intended to facilitate its orderly liquidation and the Fund’s portfolio may be reduced to cash, cash equivalents or other short-term investments on or prior to the Liquidation Date. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with the Fund’s stated investment strategies, which may prevent the Fund from achieving its investment objective.
The sale of portfolio holdings will result in the Fund realizing gains or losses, and the proceeds payable to shareholders will generally be subject to federal (and state or local, if applicable) income taxes if the redeemed shares are held in a taxable account and the proceeds exceed your adjusted basis in the shares redeemed. The Fund may also make a distribution of undistributed net income or capital gains prior to the Liquidation Date.
If the redeemed shares are held in a qualified retirement account, your account may not be subject to tax withholdings if you take certain actions. For example, if you hold your shares in an individual retirement account (an “IRA”), you have 60 days from the date you receive your proceeds to reinvest or “roll over” your proceeds into another IRA to maintain their tax-deferred status and avoid any required tax withholdings. You must notify the Fund’s
transfer agent at 877-DLine11 (877-354-6311) prior to the Liquidation Date of your intent to roll over your IRA account to avoid the automatic deduction of tax withholdings from your proceeds. If you do not notify the Fund’s transfer agent of your intent to roll over your IRA account prior to the Liquidation Date, the Internal Revenue Service requires that U.S. federal income tax of 10% be withheld from your account proceeds, and your account may also be subject to state or local required withholdings. You should consult with your tax advisor on the consequences of the redemption to you and any actions you may need to take.
Please contact DoubleLine Funds Trust at 877-DLine11 with any requests for additional information.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
-2-

Not a bad idea to get off the FR/BL train soon. When rates stop going up, these act just as short-term HY from low-rated companies that cannot access the normal bond market. There is a recession risk too, but the is consensus that it has been cancelled. Bankrate is showing 30-yr mortgage at 7.40%, so at least the housing may be cooked.
BTW, Treasury 2-yr FRNs are different - they yield 3m T-Bill yield plus a spread; they reset weekly.

My research on FR/BL, has indicated they do well in "both" flat and rising interest rate environments. They performed very well for me in the from about 2010 through 2017, when rates hovered around zero for many years. They started struggling more when rate hike fears started getting serious in the 2018 and later years, and then like a lot of junk bond funds, they did not do well when bonds as a whole tanked in 2020, but as rates started rising rapidly after the 2020 crash, they started being one of the strongest bond oef categories. They may not perform as strongly now that rate hikes "appear" to be flattening out, and other bond categories may started performing better, but I am not in the camp that says FR/BL will not still offer some attractiveness. The real threat is if the FEDs start cutting rates, but as long as inflation is still relatively higher than the FEDs desire, I am not expecting any aggressive rate cutting actions. I am in the camp that we may bump around for the next year, without any strong rate hike or rate cut direction.
Just My Opinion, and I do not currently own any FR/BL funds, and haven't for a few years.

Treasury FRNs
There is growing interest in Treasury FRNs. These didn’t do much during the ZIRP, 2020-22, but have done well after 2022 as interest rates rose.
The 2-yr Treasury FRNs pay the yield of 3-mo T-Bills (reset weekly) plus spread (set at the Auction). The interest accrues daily but is paid quarterly. These require less frequent rolling than 3-mo T-Bills. Auctions (original issue or reopening) are monthly. Among the brokers, Schwab accepts online orders, but you will have to call Fidelity’s fixed-income desk to enter Auction or secondary market orders.
The next Treasury FRN Auction (reopening) is on Wednesday, 8/23/23.
The ETFs are TFLO, USFR; both have 15 bps ERs
These can be good supplements for T-Bills or money-market funds.
Don’t confuse these with regular FR/BL funds that are junk-rated/HY. In between are the investment-grade corporate floating-rate notes.

I would appreciate the tickers for those 5 to 6 bond ETFs. I'm perplexed as to bonds. Long end ticking up, 10 year clinging to 4.2 but corporate spreads tight so you don't seem to get much extra with IG intermediates. My SMA folks advised me to move from floating rate corporates to a longish duration intermediate when SVP went under, probably thinking Fed was done and had broke something - shortly thereafter a decent amount of gains evaporated and now I'm below my original investment cost from a year ago. Supposed to be so superior to mutual funds . . . .

"Get real."
[I disapprove of your comment] very much, @Old_Joe.
Did you really think I'm so naive? Get real.
The system we live with (and under) is capitalism. Greedy, conscience-less capitalism. Where anything you can get away with in order to make a buck is ok. Just don't get caught. If you have to bury the tools of your ill-gotten gains in the fine print, go ahead. No one will stop you. Least of all, government--- which is SUPPOSED TO protect the interests of the public, so people don't get screwed the way they so often do. But governments everywhere are "captured," in the sense of "regulatory capture," to borrow Noam Chomsky's phrase. The ones who are supposed to tell the Robber Barons, "No, you can't do that" are in fact in the Robber Barons' pocket.
Which is why people take it in the shorts, just the way @hank mentioned in the post just above your latest, here.

Interestingly, there was a lot of discussion on ZEOIX back in 2020 as a "cash alternative". It was being compared to RPHYX in a positive manner. Coincidently, RPHYX was re-opening at that time after being closed for quite a while.
Type ZEOIX into the search bar and review all the chatter just a few years ago.