@FD1000, Do you use those Pixels to access financial accounts , banks, brokerages, etc? Do you use any anti virus? Do you some how wipe those Pixels of all potential malware/ viruses before using?
I know you are an IT specialist. So, your practices with these purchases are good enough for me.
I was planning to buy an iPad from this site to gift to someone else and so I want to make sure I inadvertently do not harm them.
Thanks

I’ve done a full circle since moving from TRP’s in-house funds to a Fido brokerage. The freedom to own etfs, CEFs & stocks felt great for 2 or 3 years. But the gyrations during the day drove me crazy - though I realize you’re not supposed to look. So, except for one etf at Cambrea where they don’t offer OEFs and a small temporary slice of JAAA (mentioned in another thread) I’ve reverted back to all OEFs.
- You probably pay more for an OEF (a negative).
- There should be less money flowing in and out over shorter periods (a positive unless you like trading).
- Your manager has some discretion when to buy and sell during times of turmoil (a positive)
- Generally, I’d expect an OEF to have a more stable investor base (a positive).
- You’re probably less likely to get jerked around by emotions in an OEF - though it depends on its focus.
Not sure why firms are moving aggressively to etfs. I’d think it’s better for their bottom lines. Or, perhaps a way to attract more AUM in the race for assets? If held outside a tax deferred account they appear to have some tax benefits. The change doesn’t particularly sit well with myself and some older investors … It will be interesting to watch this development when the next 2000 “Tech Wreck” or 2008 “Financial Crisis” comes along. Possibly the rush for the exits and ease of so doing may exacerbate whatever crisis exists.
Did the SEC crackdown on frequent trading in the years following the Tech Wreck of 2000 contribute to the rise / popularity of etfs? Older ones here will recall that trading in OEFs had become excessive - often by organized participants in high quantity. The SEC determined this “skimming” of excess return by such parties by well timed frequent trading was harming smaller more stolid investors who hung on for the longer term. Ironically, one fund firm CEO (Richard Strong) became the center of attention, found to be gaming his own funds - though not the sole perpetrator. Strong was banned for life from the business. Afterward, fund management became much stricter in passing new regulations to prevent frequent trading, enforcing existing rules and blocking trades. Did this all serve to propel etfs to popularity which, of course, can be traded at any time?
A second contributing factor may have been the fhe slow and steady decline of the front-end load structure associated with many OEFs. In the early 70s that load was still very common across the OEF universe, adding to a firm’s bottom line. But investors wised up. With loss of this OEF profit motive, possibly the etf structure became easier or cheaper to operate.

"Vanguard Ultra-Short Treasury ETf (VGUS) and Vanguard 0-3 Month Treasury Bill ETf (VBIL)
are index ETFs that will offer low-cost Treasury exposure for individual investors and financial advisors."
"VGUS will hold Treasuries with maturities less than 12 months,
while VBIL will focus on Treasury bills maturing in three months or less."
The Ultra-Short Treasury ETf won't have the shortest maturity within Vanguard's Treasury ETf offerings.
In my opinion, Vanguard could have created a better fund name to prevent potential customer confusion!

"I do not currently have a single Agency bond as every one of them I bought got called."
"[A]gree, agency bonds never seem to get past the first call date for me . . ."
While that has been our collective experience, there is a non-zero probability that Agencies may not be called sometime in the future. I say this because some investors outside this forum have bet $Bs against long term bonds (or they are long interest rates).
I am asking myself, "if I would be OK if the bonds I am buying never get called?"
A corollary thought is, "Am I better off with an Agency that presumably gives me only a six month call protection than a corporate bond that might give me a longer period of call protection but of lower credit quality?"
Many factors go into answering these questions and every investor's situation is different from the next one.
In the few times I looked in the past couple of years, I have not seen a new issue Agency with a year or more call date. What is your experience? May be share when you see one.
Edit: Currently, there is a new issue single "A" corporate (Prudential Financial), non-callable, 5Yr, yielding 10 bps more than Treasuries. That is a scary spread.

JAAA - JanusHenderson / Investment grade rated collateralized debt etf. M* includes under Ultra-Short Bond. My reading has verifies that the underlying holdings are not 100 investment grade. Sounds like smoke & mirrors to an extent. Do not confuse with CMO (collateralized mortgage obligations) which was implicated in the 07-09 Financial crisis. CLOs invest in corporate debt.
I wouldn’t have considered it initially as a suitable cash substitute. Yet, having owned a small bit of JAAA for 6-8 weeks I’ve found it to be incredibly stable. Just a short term phenomenon? Or, a reasonably safe place to park cash? Appreciate thoughts. The unknown here is how this debt would react in a deep financial crisis. It’s not old enough to really know. If@Junkster is viewing please share your deep knowledge. Thanks.

More on traveler credit cards (NYTimes, Nov 15th) along with the comments I posted
https://www.nytimes.com/2024/11/15/travel/choosing-the-best-travel-credit-card.html:
https://www.nytimes.com/shared/comment/439grp?rsrc=cshare&smid=url-share
Some places may not accept both Visa and MC. Costco is well known for taking only Visa, but this is also important when traveling. My tour company writes of Argentina:

Visa is commonly accepted, but MasterCard and American Express are not. In November 2022, the government of Argentina added a new financial exchange rate (known as “Dólar MEP” or “Mercado Electronico de Pagos”) for all travelers paying with credit cards issued outside of Argentina. This new exchange rate is higher than the official dollar, but is more convenient for travelers. It is essentially a tax on credit card use for travelers. We recommend that instead, you visit an exchange house with your Trip Experience Leader as dollars are appreciated and you will likely get a better exchange rate than paying with card

(I'm still trying to figure out Argentina pesos exchanges and rates:
https://solsalute.com/blog/money-in-argentina-currency-exchange/)

https://www.sec.gov/Archives/edgar/data/889284/000139834424021347/fp0091223-1_497.htm
497 1 fp0091223-1_497.htm
Filed pursuant to Rule 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED NOVEMBER 22, 2024
TO THE STERLING CAPITAL BEHAVIORAL INTERNATIONAL EQUITY FUND SUMMARY PROSPECTUSES,
CLASS A AND CLASS C SHARES PROSPECTUS,
INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS,
AND STATEMENT OF ADDITIONAL INFORMATION,
EACH DATED FEBRUARY 1, 2024, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary with respect to the Sterling Capital Behavioral International Equity Fund in the Class A, Class C, Institutional and Class R6 Shares Summary Prospectuses, 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, 2024, as supplemented:
The Board of Trustees of Sterling Capital Funds has approved the liquidation of the Sterling Capital Behavioral International Equity Fund (the “Fund”). The liquidation is expected to occur on or about January 24, 2025 (the “Liquidation Date”). As of the date hereof, shares of the Fund are no longer being offered for sale.
Prior to the Liquidation Date, you may sell your Fund shares, including reinvested distributions, in accordance with the “Selling Your Shares” section of the Fund’s prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. You may wish to consult your tax advisor about your particular situation.
Prior to the Liquidation Date, the Fund will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and may invest in cash, or cash equivalents such as money market funds, until all Fund shares have been redeemed and liquidation proceeds distributed to Fund shareholders.
ANY SHAREHOLDERS WHO HAVE NOT SOLD THEIR SHARES OF THE FUND PRIOR TO THE LIQUIDATION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD
Please contact your financial advisor or Sterling Capital Funds at 1-800-228-1872 if you have any questions about the liquidation.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares and any distributions from your retirement account. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement. For additional information regarding the liquidation, shareholders of the Fund may call 1-800-228-1872.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUSES AND THE STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
SUPP-11222024

Maybe all good card companies are like this, but I just had a huge plumbing emergency (over $35k of work, gah) and the company doing it takes cred cards ...
so while they were jackhammering in the basement and replacing legacy cast iron drainpiping I called Fido for an increase to $50k
They took some financial info (we ain't rich) and said We'll let you know by morning.
At 7a I got text saying yes, increase has been implemented.
Good service.

https://www.sec.gov/Archives/edgar/data/1016073/000139834424021060/fp0091087-1_497.htm
497 1 fp0091087-1_497.htm
25 East Erie Street
Chicago, Illinois 60611
1-800-560-6111
DRIEHAUS SMALL CAP GROWTH FUND
Investor Shares: *DVSMX
Institutional Shares: *DNSMX
(the “Fund”)
SUPPLEMENT DATED NOVEMBER 21, 2024
TO THE PROSPECTUS AND SUMMARY PROSPECTUS FOR THE FUND DATED APRIL 30, 2024
(the “Prospectus” and “Summary Prospectus,” respectively)
On September 17, 2024, the Board of Trustees of the Driehaus Mutual Funds approved the closure of the Driehaus Small Cap Growth Fund (the “Fund”) to certain investors, as further described below. This change, referred to as a “soft-close,” will be effective immediately after 4:00 pm Eastern Time on December 2, 2024.
You may purchase Fund shares and reinvest dividends and capital gains you receive on your holdings of Fund shares in additional shares of the Fund if you are:
·A current Fund shareholder;
·A participant in a qualified retirement plan that offers the Fund as an investment option or that has the same or a related plan sponsor as another qualified retirement plan that offers the Fund as an investment option; or
·A financial advisor or registered investment adviser whose clients have Fund accounts.
You may open a new account in the Fund if you:
·Are an employee of Driehaus Capital Management LLC (the “Adviser”) or its affiliates or a Trustee of Driehaus Mutual Funds;
·Exchange your shares of another Driehaus Mutual Fund for shares of the Fund;
·Hold shares of the Fund in another account, provided your new account and your existing account are registered under the same address of record, the same primary Social Security Number or Taxpayer Identification Number, the same name(s), and the same beneficial owner(s); or
·Are a financial advisor or registered investment adviser whose clients have Fund accounts.
These restrictions apply to investments made directly through Foreside Financial Services LLC, the Fund’s distributor, as well as investments made through intermediaries. Intermediaries that maintain omnibus accounts are not allowed to open new sub-accounts for new investors, unless the investor meets the criteria listed above. Once an account is closed, additional investments will not be accepted unless you meet the criteria listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before an investment is accepted. The Fund reserves the right to (i) eliminate any of the exceptions listed above and impose additional restrictions on purchases of Fund shares; and (ii) make additional exceptions that, in the Adviser’s judgment, do not adversely affect its ability to manage the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
For more information, please call the Driehaus Mutual Funds at 1-800-560-6111

@catch22, I was being lazy. Thought through your statement above, I find each ETF and bookmark their links. From there I am able to obtain the up to date YTD return and daily price change. Yahoo financial does not provide the most updated yields. Thank you again.

Nov 9 Episode:

Part 2 - Veteran portfolio manager and strategist Bob Doll reflects on what’s changed and what still works in the rapidly changing markets of his forty-plus-year career.

ONE INVESTMENT
DOLL: QUALITY WITH A MOAT
Financial transactions: Mastercard Inc Class A (MA)
Defense: Lockheed Martin Corp (LMT)
Technology: Apple Inc (AAPL)

Not knowing what "ATP" was, I found this information from Fidelity. It may be useful for others also-

Active Trader Pro is a dynamic trading platform that provides you with customizable tools to help you trade, track the market, see the latest financial news, monitor your portfolio, and more. You can customize your Active Trader Pro experience to adapt to a layout that works best for you.
Active Trader Pro is automatically available to customers who trade 36 times or more in a rolling 12-month period. If you don't meet this criteria but would like to request access, please call Active Trader Services at 800-564-0211.

Drill baby drill will definitely be a theme for the incoming administration. Any suggestions on how best to capitalize on that?

Fill up the tank and go for a drive?
Gas is under 3 bucks for the first time since we moved to the Phoenix metro eight years ago. Under the circumstances, why would they want to drill?

Exactly the point. Why don't the Saudis pump more? Why do they host summits to set limiting output figures? They're trying to keep prices up on the commodity. If the price drops, a lot of production becomes financially imprudent. Add to that, there is only so much refining capacity available; oil is of little use without refining. People have naive notions of what is helpful and what is not, and often overlook financial restraints.

Since when have mutual funds in their prospectuses felt a need to caution investors that domestic political events might result in loss of money?
”Some political leaders around the world (including in the U.S. and certain European nations) have been and may be elected on protectionist platforms, raising questions about the future of global free trade. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Fund and its investments.”
Principal Risks of Investing in the Fund / Geopolitical Risk
@bee / The concern noted would seem to be right down your pipe. Obviously Cohen & Steers felt a need to caution investors that politics might indeef “interfere with your investing.”
(Duly warned, I went ahead and initiated an investment in this fund today.)
@Baseball_Fan - You have in the past invested with John Hussman. Has he had any comments lately re the election outcome and how it may affect the investment landscape? Just curious if you happen to know. I don’t know if you still read Bill Fleckenstein. I continue to, despite being miles apart politically. I do learn a lot about investing from him. I mention this, because some of your wild assertions like ”you have yellen issuing multiplies of standard deviation of short term tbills to keep bond volatility and rates suppressed to allegedly get her gal elected” appear to be right out of Bill’s playbook.
(Generally, we capitalize the first letter of a proper noun. So your “yellen” is an unusual departure from standard English - whether intentional or by oversight.)

I also uncovered the fact that PIAMX is CLOSED---- though wonderful M* asserts it is open.
M* also asserts that DFA OEF funds are open. And they are. Though you need to go through a DFA-approved financial advisor. At a cost, of course.
Similarly, you can buy the PIA MACS funds through wrap accounts that are subadvised by PIA. "PIA currently participates in approximately 30 Retail Wrap-Fee Programs as a sub-adviser or under a dual contract arrangement."
https://www.morganstanley.com/content/dam/msdotcom/en/wealth/investmentsolutions/pdfs/adv/pacificincomeadv.pdf
M* doesn't say that buying shares is easy or cheap. Just that new positions can be opened.

@Crash If you were intrigued by PIAMX, you might want to investigate PHYSX. According to MFO Premium, the two funds have the same managers and very similar portfolios, although PIAMX has an expense ratio of .20% versus .86% for PHYSX.

Glad for all the inputs. I'll check out PHYSX. :)
...Surprised Institutional shares cab be had with $1k minimum.
...But Schwab lists minimum entry at $2.5k.
And there is the transaction fee. The yield is about a half percent higher than my largest junk holding. Not worth it. But "keep those cards and letters coming." ---Dean Martin.

Portfolio Visualizer shows the two funds very much in sync, though there is a distinct drop in correlation (still at the 99%+ level) in the first half of 2023. It's as if one fund dropped a particular holding or swapped one out for another.
PV also shows that the two funds' returns over the lifetime of PIAMX (the shorter-lived fund) differ by 0.66%, exactly the difference in the funds' ERs. Though PHYSX is slightly more volatile and has a worse max drawdown.
PHYSX is available NTF with a $100 min at Firstrade. At least that's what it says on my trade entry page (I've a closed account so I can't enter a test trade).

Sorry! Try TRTY
Link to this fund
This is a unique fund from what M* would call a small ”niche” etf provider. Not for everyone or for growth oriented investors. At a bit over $1 Mil $100 Mil AUM, it is one of Cambrea’s larger funds. And please read my earlier cautionary notes.
Since I raised the stewardship issue prior, it seems fitting here to quote the essence of Morningstar’s primary criticism in that regard directly from Morningstar:
”Cambria added Toroso Investments as a subadvisor to its suite of ETFs in September 2023. Toroso quickly morphed into Tidal Investments, a subsidiary of Tidal Financial Group, following a private equity deal in November 2023. Toroso and Tidal's co-founder and CIO Michael Venuto had been an independent trustee on Cambria's three-person ETF board since 2019. Venuto abstained from voting on the Toroso hire and resigned from the board. Although Cambria's choice of subadvisor is reasonable, the decision nonetheless raises questions.”

I view prospectuses as notorious for obfuscation, aiming at ambiguity and saying as little as possible. Are there really five co-managers here? If so, then how many co-managers are there on PRWCX? Its prospectus has nearly identical wording aside from the names of the putative co-managers:

T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee chair is ultimately responsible for the day-to-day management of the fund’s portfolio and works with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: David R. Giroux, chair, Paul Cho, Donald J. Easley, Matthew Frustaci, Steven D. Krichbaum, Kevin Patrick Loome, Simon Paterson, Sal Rais, Vivek Rajeswaran, Farris G. Shuggi, Mike Signore, Brian Solomon, Matthew Stevenson, Chen Tian, Jon Davis Wood, and Ashley R. Woodruff.

https://prospectus-express.broadridge.com/summary.asp?doctype=pros&clientid=trowepll&fundid=77954M105
In contrast, Giroux and Shuggi are listed as equal co-managers of PRCFX in the Management section of the prospectus. Later, in the "More About the Fund" section, one finds the committee verbiage:

T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee cochairs are ultimately responsible for the day-to-day management of the fund’s portfolio and work with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: David R. Giroux and Farris G. Shuggi, cochairs, Paul Cho, Gregg Gola, Kevin Klassen, Steven D. Krichbaum, Chase Lancaster, Amanda Ludwitzke, Jordan M. McKinnie, Justin Eric Olsen, Vivek Rajeswaran, Nikhil Shah, Mike Signore, Latika Signorelli, Brian Solomon, Matthew Stevenson, Chen Tian, Tamara P. Wiggs, and Jon Davis Wood.

https://prospectus-express.broadridge.com/summary.asp?doctype=pros&clientid=trowepll&fundid=77954M402
If PRCFX has but two day-to-day managers, and if Giroux is the manager of PRWCX, then Giroux is also the sole manager of this new ETF. Conversely, if this ETF has five managers, then PRWCX has 16 and PRCFX has 19 (if I've counted correctly).
As to AUM, M* reports Giroux manages ten funds, including variable annuity portfolios. PRCFX is the only one where there is a co-chair listed. He is sole manager (depending on how one defines "manager") of the other nine funds. Total AUM is just under $100B, per M* and Financial Times current data.
Capital Appreciation Premium Income ETF is different from the existing funds, at least if one can glean anything from prospectus tea leaves. Its objective is "to provide regular distributions while aiming for capital preservation with potential for capital appreciation." Most of Giroux' funds' objectives are capital appreciation (or capital growth) only.
Arguably Penn Mutual's Flexibly Managed Fund comes closer to this ETF with its objective "to seek to maximize total return (capital appreciation and income)." But investing for total return is not the same as investing for income.
Further, only Capital Appreciation Premium Income explicitly calls out stock dividends as a component of its investment strategy. "Specifically, the fund seeks to provide regular distributions that may consist of dividends and cash from the covered call option premiums." This sounds more like an equity-income fund with a covered call overlay than a typical Giroux fund.
Still, Flexibly Managed Fund is permitted "to a limited extent" to write covered calls "primarily in an effort to protect against downside risk or to generate additional income"
Then again, it's all tea leaves and slideware at this point.

FOMC Statement, 11/7/24
https://www.federalreserve.gov/newsevents/pressreleases/monetary20241107a.htm
Video - Powell's presser starts at 59:00

Notes by YBB
Rates were cut 25 bps - fed funds 4.50-4.75%, bank reserves rate 4.65%, discount rate 4.75%. Treasury QT continues at the reduced level of -$25 billion/mo, but MBS QT remains at -$35 billion/mo.
Rates are on a declining path to a lower but unknown "neutral" rate, but rate cuts cannot be projected beyond that, nor could rate increases be ruled out. The current rates are restrictive - the labor market has cooled down, but inflation remains problematic when looking at 3m, 6m, 12m PCE changes (i.e. don't just focus on 12m changes). There are catchups in prices in housing services, insurance premiums, some wages, etc, so those are affecting some inflation readings. The Fed wants to avoid stagflation (slow growth, high inflation, high unemployment); it will also not persistently undershoot its +2% average inflation target.
Higher bond and mortgage yields after the last Fed rate cut may be due to strong economy and/or investors' concerns about high annual deficits and total debt. He said that those may be manageable now, but their rising trend is unsustainable.
The US economy is in a good shape now. But many people are not happy with their financial situations. It may take some time to adjust to higher prices and to realize that lower inflation doesn't mean lower prices.
Powell didn't want to comment on elections. But he said that elections don't affect the Fed policy in the near-term. The administration and congressional policies may affect Fed's actions in the long-term. The Fed has a large economic model and many inputs go into it including fiscal and tax policies. He said that he won't resign if asked and said further that any such efforts would not be permitted under the law. He also declined to address the issue of Fed independence.
Geopolitical risks remain although those haven't impacted the US economy so far.
Note - Due to a prior commitment, these notes were prepared by watching the tape of Powell's presser after the event, so they weren't posted as timely as is typical.

https://www.sec.gov/Archives/edgar/data/1683471/000089418924006631/roundhillluxxlngg497eliqui.htm
497 1 roundhillluxxlngg497eliqui.htm 497 ROUNDHILL LUXX & LNGG SUPPLEMENT
Filed pursuant to Rule 497(e)
Registration Nos. 333-215588; 811-23226
Supplement dated November 6, 2024
to the
Roundhill S&P Global Luxury ETF (LUXX)
Roundhill Alerian LNG ETF (LNGG)
Summary Prospectus, Prospectus, and Statement of Additional Information,
each dated April 30, 2024, as supplemented
each, a series of Listed Funds Trust
After careful consideration, and at the recommendation of Roundhill Financial Inc., the investment adviser to the Roundhill S&P Global Luxury ETF and the Roundhill Alerian LNG ETF (each, a “Fund,” and collectively, the “Funds”), the Board of Trustees of Listed Funds Trust approved the closing and subsequent liquidation of the Funds pursuant to the terms of a Plan of Liquidation. Accordingly, the Funds are expected to cease operations, liquidate their assets, and distribute the liquidation proceeds to shareholders of record on or about November 29, 2024 (the “Liquidation Date”). Shares of the Funds are listed on the NYSE Arca, Inc.
Beginning on or about November 6, 2024 and continuing through the Liquidation Date, the Funds will liquidate their portfolio assets. As a result, during this period, the Funds will increase their cash holdings and deviate from their investment objectives, investment strategies, and investment policies as stated in the Funds’ Prospectuses and SAI.
The Funds will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date (November 27, 2024), and trading in shares of the Funds 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 Funds’ shares during that time period. Customary brokerage charges may apply to such transactions.
If no action is taken by a Fund shareholder prior to the Liquidation Date, each Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder’s applicable Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Funds on the Liquidation Date will not be charged any transaction fees by the Funds. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of your shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call (800) 617-0004 for additional information.
Please retain this supplement with your Summary Prospectus, Prospectus, and
Statement of Additional Information for future reference.