FYI: A rocky week for the broader stock market has inflicted serious damage to exchange-traded funds that track biotechnology stocks.
The $8 billion iShares Nasdaq Biotechnology ETF (IBB) fell 6.5% recent trading on Friday.
The ETF has fallen each day this week, bringing its total five-day decline to 14% — the biggest weekly drop since Oct. 2008, the height of the financial crisis.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2015/09/25/biotech-bombs-suffers-worst-weekly-decline-since-08/tab/print/

RPSIX is a fine fund. I keep a modest allocation in it - which replaced a similar allocation I kept in high yield bonds at an earlier stage of investing. The .67% ER Price lists on its website is a trite higher than I'd have guessed. It is, of course, based on the cost of the underlying funds, some of which have expenses in the 1% range.
When I want a "best guess" estimate how a find might perform over near-term time horizons, I look at Fund Max. Their calls aren't always right, but are interesting. For PRSIX they see a worst case of -15% over the next year and a best case of +11%. I'd say they are close - but erring on the cautious side. Keep in mind these are Best and Worst Case projections. Neither seems likely. (And I'll take exception to their overall score of "70". It's a better fund than that.) http://www.maxfunds.com/funds/data.php?ticker=RPSIX&pg=d
Price lists the fund's holdings in its annual and semi-annual reports available for download at T. Rowe. Notable are a potential weighting of as much as 25% in PRFDX (an equity fund) as well as substantial allocations to high yield and EM bond funds. Likely, it's these rather aggressive holdings which Fund Max thinks could pull the fund down in some sort of worst-case financial environment.

Unless someone can tell how the heck one invests in them, this is just noise. I think you can only purchase through financial advisors, or have to pay commission. Impractical for do it yourself investors unless they go NTF, which is unlikely methinks.

http://www.sec.gov/Archives/edgar/data/915802/000091580215000076/grandeurpeakglobalmicrocapsu.htm
497 1 grandeurpeakglobalmicrocapsu.htm
FINANCIAL INVESTORS TRUST
Grandeur Peak Global Micro Cap Fund
(the “Fund”)
SUPPLEMENT DATED SEPTEMBER 21, 2015 TO THE FUND’S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED JUNE 29, 2015
The distributor of the Fund, ALPS Distributors, Inc., is soliciting subscriptions for the Fund’s Institutional Class shares during an initial offering period to begin on September 21, 2015 and end the close of business on October 19, 2015 (the “Subscription Period”). The subscription price will be the Fund’s initial net asset value of $10.00 per share. Only those potential investors who have been given a specific share allocation of the Fund’s Institutional Class shares by the Fund’s investment adviser, Grandeur Peak Global Advisors, prior to October 20, 2015 will be allowed to purchase Institutional Class shares of the Fund beginning on October 20, 2015 (the date the Fund intends to commence operations) through October 30, 2015. Checks or drafts to purchase the Fund’s Institutional Class shares that are received during the Subscription Period will be held uninvested until October 20, 2015. The Fund’s Investor Class shares will remain unavailable for purchase.
Please contact Grandeur Peak at 1-855-377-PEAK(7325) for further information.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. YOU MAY DISCARD THIS SUPPLEMENT ONCE SHARES OF THE FUNDS ARE OFFERED FOR SALE.

http://www.sec.gov/Archives/edgar/data/935015/000119312515323911/d21853d497.htm
497 1 d21853d497.htm ARTISAN PARTNERS FUNDS, INC.
...ARTISAN PARTNERS FUNDS, INC.
SUPPLEMENT DATED SEPTEMBER 21, 2015
TO THE PROSPECTUS OF ARTISAN PARTNERS FUNDS, INC. (Investor and Institutional Shares)
DATED FEBRUARY 1, 2015
ARTISAN GLOBAL VALUE FUND
Artisan Global Value Fund will open to new investors on October 1, 2015. All references to the closure of Artisan Global Value Fund in Artisan Partners Funds’ prospectus are removed effective October 1, 2015.
--------------------------------------------------------------------------------
ARTISAN INTERNATIONAL FUND
Artisan International Fund (the “Fund”) will close to most new investors at the close of business on January 29, 2016. The Fund is expected to remain open to new employee benefit plans through September 30, 2016 and to other investors who meet Artisan Partners Funds’ eligibility criteria for investing in a closed Fund.
Effective February 1, 2016, the following paragraph is added under the heading “Purchase and Sale of Fund Shares” on page 25 of Artisan Partners Funds’ prospectus:
Artisan International Fund is closed to most new investors. See “Investing with Artisan Partners Funds – Who is Eligible to Invest in a Closed Fund?” in the Fund’s statutory prospectus for new account eligibility criteria.
Effective February 1, 2016, the following will replace the text under the heading “Who Is Eligible to Invest in a Closed Fund?” on pages 71 and 72 in Artisan Partners Funds’ prospectus in its entirety.
Artisan International Fund, Artisan International Small Cap Fund, Artisan International Value Fund, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Small Cap Fund and Artisan Small Cap Value Fund are closed to most new investors. The Funds do not permit investors to pool their investments in order to meet the eligibility requirements, except as otherwise noted below.
If you have been a shareholder in a Fund continuously since it closed, you may make additional investments in that Fund and reinvest your dividends and capital gain distributions in that Fund, even though the Fund has closed, unless Artisan Partners considers such additional purchases to be not in the best interests of the Fund and its other shareholders. An employee benefit plan that is a Fund shareholder may continue to buy shares in the ordinary course of the plan’s operations, even for new plan participants.
You may open a new account in a closed Fund only if that account meets the Fund’s other criteria (for example, minimum initial investment) and:
•you beneficially own shares of the closed Fund at the time of your application;
• you beneficially own shares in any of the Funds with combined balances of $250,000;
•you receive shares of the closed Fund as a gift from an existing shareholder of the Fund (additional investments generally are not permitted unless you are otherwise eligible to open an account under one of the other criteria listed);
•you are transferring or “rolling over” into a Fund IRA account from an employee benefit plan through which you held shares of the Fund (if your plan doesn’t qualify for rollovers you may still open a new account with all or part of the proceeds of a distribution from the plan);
•you are purchasing Fund shares through a sponsored fee-based program and shares of the Fund are made available to that program pursuant to an agreement with the Funds or Artisan Partners Distributors LLC and the Funds or Artisan Partners Distributors LLC has notified the sponsor of that program in writing that shares may be offered through such program and has not withdrawn that notification;
• you are an employee benefit plan (only available for investments in Artisan International Fund through September 30, 2016);
•you are an employee benefit plan and the Funds or Artisan Partners Distributors LLC has notified the plan in writing that the plan may invest in the Fund and has not withdrawn that notification;
• you are an employee benefit plan or other type of corporate, charitable or governmental account sponsored by or affiliated with an organization that also sponsors or is affiliated with (or is related to an organization that sponsors or is affiliated with) another employee benefit plan or corporate, charitable or governmental account that is a shareholder of the Fund at the time of application;
• you are a client of an institutional consultant or financial intermediary and the Funds or Artisan Partners Distributors LLC has notified that consultant or financial intermediary in writing that you may invest in the Fund and has not withdrawn that notification;
• you are a client of a financial advisor or a financial planner, or an affiliate of a financial advisor or financial planner, who has at least $2,500,000 of client assets invested with the Fund or at least $5,000,000 of client assets invested with the Funds or under Artisan Partners’ management at the time of your application;
• you are a client of Artisan Partners or are an investor in a product managed by Artisan Partners, or you have an existing business relationship with Artisan Partners, and in the judgment of Artisan Partners, your investment in a closed Fund would not adversely affect Artisan Partners’ ability to manage the Fund effectively; or
• you are a director or officer of the Funds, or a partner or employee of Artisan Partners or its affiliates, or a member of the immediate family of any of those persons.
A Fund may ask you to verify that you meet one of the guidelines above prior to permitting you to open a new account in a closed Fund. A Fund may permit you to open a new account if the Fund reasonably believes that you are eligible. A Fund also may decline to permit you to open a new account if the Fund believes that doing so would be in the best interests of the Fund and its shareholders, even if you would be eligible to open a new account under these guidelines.
The Funds’ ability to impose the guidelines above with respect to accounts held by financial intermediaries may vary depending on the systems capabilities of those intermediaries, applicable contractual and legal restrictions and cooperation of those intermediaries.
Call us at 800.344.1770 if you have questions about your ability to invest in a closed Fund.
Please Retain This Supplement for Future Reference

@hank Some fund companies are more willing to subsidize a small fund than others. This is worth knowing before you buy if possible because those shops that liquidate small funds too quickly without really giving them a chance can be a nuisance for investors who suddenly have cash and capital gains taxes to pay instead of an investment. I'm not really sure of Oppenheimer's history on this front, but it may be the case they feel they need to have an emerging debt fund in their lineup as one of their product offerings to financial advisers, whether the fund is currently successful or not. Also, I noticed the fund has a new manager so they probably expressed their impatience with the fund that way instead of via a liquidation.

FYI: If you invest, you may have noticed that emerging-market stocks have done badly of late. The MSCI Emerging Markets Index, which did so well in the early 2000s, has been almost unchanged since the global financial crisis. Since this spring, though, the index has tanked.
Regards,
Ted
http://www.bloombergview.com/articles/2015-09-17/the-story-behind-the-emerging-market-meltdown

http://www.sec.gov/Archives/edgar/data/1368578/000116204415000977/amm497201509.htm
497 1 amm497201509.htm
AMM Funds
Fallen Angels Value Fund
Supplement dated September 17, 2015 to
the Prospectus and Statement of Additional Information dated December 1, 2014
The Board of Trustees of the AMM Funds (the “Trust”), with respect to the Fallen Angels Value Fund (the “Fund”), a separate series of the Trust, has concluded that it is in the best interests of the Fund and its shareholders that the Fund ceases operations. The Board has determined to close the Fund, and redeem all outstanding shares, on October 16, 2015 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Effective immediately, the Fund will not accept any new investments and will no longer pursue its stated investment objectives. The Fund will begin liquidating its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash.
After September 17, 2015 and prior to October 16, 2015, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. You may choose to redeem your shares as a “redemption in kind” as per the Prospectus. You may incur transaction expenses in converting these securities to cash if you choose to do an in-kind redemption. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT TRANSFERRED THEIR SHARES OF THE FUND PRIOR TO 4:00 P.M. EASTERN TIME ON OCTOBER 16, 2015, WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT EITHER BY CHECK TO THE ADDRESS OF RECORD OR VIA ACH TO THE BANK ACCOUNT ON RECORD. The Fund reserves its right to redeem large shareholder in kind. If you have questions or need assistance, please contact your financial advisor directly or the Fund at 1.858.755.0909.
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. 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.
This Supplement, and the existing Prospectus and Statement of Additional Information dated December 1, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated December 1, 2014 have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund at 1.858.755.0909.

FYI: The Federal Reserve on Thursday opted to keep interest rates steady, attributing the lack of a move to "global economic and financial developments" that in the central bank's dry language mean China's economic turmoil and U.S. stock-market volatility.
Regards,
Ted
http://www.marketwatch.com/story/federal-reserve-keeps-interest-rates-unchanged-but-forecasts-hike-this-year-2015-09-17/print

"As for "bugs", Bitcoin bugs share some similarities despite the item in question being quite different."
Yes, that's true, but I haven't picked up any real commercial effort to convince people that bitcoins will be their only salvation come the "inevitable financial Armageddon".
"That said, I'm not surprised by the bizarre level of hatred directed towards gold bugs by the financial media."
And to me, that's the difference. Many of the commercial gold-selling enterprises actively promote various scenarios of the forthcoming utter and complete collapse of financial civilization as we know it... "just a matter of time, folks! Bound to happen, and pretty soon, too! Save your butts... buy our stuff!!" Of course the financial media reacts in a negative and contemptuous manner. Nothing bizarre about that- pretty normal reaction, I'd say.

Certainly an article with a point of view to advance using selected (possibly incomplete) examples, as Edmund alluded to.
Clicking the "About" section on Ted's source reveals that "Fund Reference" is owned and operated by Poseidon Financial, a publishing company with offices in Chicago and Fort Worth.
(I've found other information stating that Poseidon Financial was actually founded by Andy Haggens in Holland, MI. - so am unsure as to whether this is the same company that published this article.)

Hi, Vintage. Your comments on companies getting too big, getting bought out by bigger fund companies, and not being able to do what made them good in the first place...these are quite good. The best example that I see is MFLDX, which is still run by a gifted manager. The fund did exceedingly well for a number of years, added more assets, still did well, then was bought by Mainstay. Once that happened, it seems the trolley went off the tracks. Assets more than tripled in one year, and the management team let their risk parameters shift. Performance tanked, then assets fled (typical), the fund now has fewer dollars than it did before the takeover, and performance is still bad.
I do take exception to your comments about Thornburg. I have made a number of visits at their headquarters and believe they are one of the very few truly independent fund groups, both in terms of how they treat their fund shareholders, and their investment philosophy. Being isolated from the noisy financial centers of the world, they really do take a long-term view of things. Their basic fixed-income offerings are run with a barbell style, very unusual, but successful. Their Income Builder TIBIX has one of the very best long-term records, and it has been totally consistent in its investment approach since the beginning. In fact, just about all of their funds have strikingly good long-term records. If they launch a new fund and it does not pan out, they waste no time in closing it, unlike a lot of shops that work to take in more and more assets in the hopes that asset size alone will somehow make things right. It will be interesting to see what happens to THDIX now that star manager Kaufman was lured away by more money at Artisan. Assets are less than half of what they were prior to his leaving.
We use several of their funds in our client models, mostly because we know what we are getting.

Personally, I think the metals are more an insurance for certain scenarios. I do think that there is a desire from some to put all their eggs in one basket, but I think there are a number of things that provide some level of protection against various scenarios. As for "bugs", Bitcoin bugs share some similarities despite the item in question being quite different.
That said, I'm not surprised by the bizarre level of hatred directed towards gold bugs by the financial media.

Forget the September ’15 Fed Tightening – There Has Been a
Stealth Tightening Since September of ’14!
The Econtrarian September 2, 2015 (Closing Thoughts)
The Fed’s creation of thin-air credit likely financed,
directly or indirectly, increased purchases of riskier financial assets, which, in turn, boosted the prices of these riskier assets.
If so, then the Fed’s cessation of securities purchases and contraction in its contribution to thin-air credit would reduce the
demand for riskier assets, which would have an adverse effect on their prices. So, why did I wait until now, after the recent
swoon in the stock market, to tell you that the Fed’s cessation of QE would have an adverse effect on the stock market? Well,
truth be told, I did alert you to this probability back on November 17, 2014, in a commentary entitled “2015 Is Shaping Up
to Be a ‘Turkey’ of a Year for the U.S. Economy and Stock Market” {read now}.http://www.lptrust.com/wp-lptrust/uploads/2014/12/Paul-Kasriel-Commentary-Nov-19-2014.pdf
But the truth also be told, I had no idea that a stock market swoon would occur in August 2015. In fact, I had no idea a stock
market swoon would occur at any time in 2015. But it did appear to me back in November 2014 that thin-air credit growth
was likely to decelerate sharply in 2015 compared to 2014. And that a sharp deceleration in thin-air credit growth would
have adverse effects on nominal aggregate demand and the value of risk assets. The adverse effect on the value of risk assets
appears to be upon us. Of course, the collapse of the Chinese stock market has played a large role in the decline in prices
of U.S. risk assets, perhaps a larger role than the sharp deceleration in U.S. thin-air credit. Weather-adjusted, U.S. aggregate
demand has held up relatively well. I suspect that will change in the fourth quarter of this year.
In the face of very low goods/services price inflation and weak wage growth, the recent U.S. stock market rout is likely to
postpone the previously-anticipated September 2015 Fed rate hike. It is too early to expect QE4. But the Fed certainly has
the leeway to restart securities purchases if need be. In other words, take some comfort in a Yellen put. n
The Econtrarian
© 2015 Legacy Private Trust Company®. All rights reserved.
Two Neenah Center | Fifth Floor | Neenah, WI 54956 | 920-967-5020 | www.lptrust.com
Forget the Sept. ’15 Fed Tightening – There Has Been a Stealth Tightening Since Sept. ’14!
Paul L. Kasriel Senior Economic and Investment Advisor Econtrarian, LLC
http://www.lptrust.com/wp-lptrust/uploads/2015/09/Paul-Kasriel-Commentary-September-2-2015.pdf
http://www.lptrust.com/people/paul-l-kasriel/

Hi Guys,
The Simons' interview does not reveal any practical investment insights that individual investors can exploit.
The guts of the Simons approach was to collect, slice, and dice countless financial data using computers and thousands of candidate correlations. His team exploited the transient market anomalies. They were traded away and his team needed to discover replacements.
His success was due to his deep research, but also due to the thin competition that existed at the time he initiated his strategy. Nowadays, other professional firms use similar methods and have neutralized the Simons' advantage. Today, all these investment outfits access high speed computers that are programmed by. science and math experts. Simons benefitted by being early into his game.
Most of us do not have direct access to that game or the team needed to execute his transient market dislocation discoveries. For an active investor, investing is a tough nut,especially when competing against the institutional firms that now dominate the trading volume.
Given those circumstances, passive Index investing is an attractive alternative.
Best Wishes.

When half the Chinese market was halted, I thought, wow this is a great way to increase panic because when you close doors, it's just going to make people that much more tense and really start moving towards what exits are available.
Ultimately, you have to make redemptions easier in times of panic because when you show people that the exits are clearly available, they're not going to panic and those who do will result in the panic working itself out quicker. If institutions can't handle redemptions, then that's a real problem that has to be addressed. We give financial institutions all the leeway in the world after 2008 (because if we didn't, the sun wouldn't have risen the next morning, or so I'm told), then when there's the potential of panic, the solution is to have them suddenly charge for redemptions?
Gee,glad we bailed out the financial industry so that they can continue to bend over investors, savers and whoever else while regulators still coddle them.

FYI: Stock market volatility has sent taxable-bond CEF share prices spiraling downward, but is this the best deal since the financial crisis?
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=713949

FYI: Are dangerous cracks already appearing in the foundations of the world’s bond markets? In a rare interview, financial historian and bond market analyst James Grant, publisher of Grant’s Interest Rate Observer warns of the building investment fault lines.
Regards,
Ted
http://wealthtrack.com/recent-programs/grant-market-dangers/

Beware what is in your target date funds.

The trend is mainly apparent among smaller players—companies including Manning & Napier Inc., Principal Financial Group and AllianceBernstein LP—that are seeking to “differentiate themselves and find a place in a market that is dominated by just a few players,” says Lori Lucas, defined-contribution practice leader at investment consulting firm Callan Associates Inc.

Click on the WSJ link above.
wsj.com/articles/target-date-401-k-s-get-a-taste-of-hedge-funds-1442001842

http://www.sec.gov/Archives/edgar/data/1318342/000139834415006178/fp0015970_497.htm
1 fp0015970_497.htm
361 Managed Futures Strategy Fund
Investor Class (AMFQX)
Class I (AMFZX)
A series of Investment Managers Series Trust
Supplement dated September 9, 2015
to the Summary Prospectus and Prospectus
dated March 1, 2015
IMPORTANT NOTICE ON PURCHASE OF FUND SHARES
Effective as of the close of business on September 30, 2015 (the “Closing Date”), the 361 Managed Futures Strategy Fund (the “Managed Futures Strategy Fund”) will be publicly offered on a limited basis.
After the Closing Date, only certain investors will be eligible to purchase shares of the Fund, as described below (the “closure policy”). In addition, both before and after the Closing Date, the Fund may from time to time, in its sole discretion based on the Fund’s net asset levels and other factors, limit the types of investors permitted to open new accounts, limit new purchases into the Fund or otherwise modify the closure policy at any time on a case-by-case basis.
The following groups will be permitted to continue to purchase Fund shares after the Closing Date:
1. Shareholders of record of the Fund as of the Closing Date are able to continue to purchase additional shares in their existing Fund accounts either directly through the Fund or through a financial intermediary and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund;
2. Existing registered investment advisor (RIA) and bank trust firms that have an investment allocation to the Fund in a fee-based, wrap or advisory account, can continue to add new clients, purchase shares, and exchange into the Fund. The Fund will not be available to new RIA and bank trust firms.
3. Approved discretionary fee-based advisory programs, in which the program’s sponsor has full authority to make investment changes without approval from the shareholder, may continue to utilize the Fund for new and existing program accounts.
4. Approved brokerage programs where the Fund is currently included in a model portfolio may continue to utilize the Fund for new and existing program accounts.
5. Fund of mutual fund sponsors that have an investment in the Fund as of the Closing Date can continue to purchase shares of the Fund.
6. Certain financial intermediaries may continue to open new underlying customer accounts provided the platform on which they offer access to the Fund has an existing funded position.
7. An institutional consulting firm that has previously directed client assets into the Fund may be allowed to recommend the Fund to its new and existing clients who may in turn purchase shares of the Fund, provided that, in the judgment of 361 Capital, LLC, the Fund’s investment adviser, the proposed investment in the Fund would not adversely affect the investment adviser’s ability to manage the Fund effectively.
8. Group employer benefit plans, including 401(k), 403(b), 457 plans, and health savings account programs (and their successor, related and affiliated plans), which make the Fund available to participants on or before the Closing Date, may continue to open accounts for new participants in the Fund and purchase additional shares in existing participant accounts. New group employer benefit plans, including 401(k), 403(b) and 457 plans, and health savings account programs (and their successor, related and affiliated plans), may also establish new accounts with the Fund, provided the new plans have approved and selected the Fund as an investment option by the Closing Date and the plan has also been accepted for investment by the Fund by the Closing Date.
9. Members of the Fund’s Board of Trustees and persons affiliated with the Fund’s investment adviser and their immediate families will be able to purchase shares of the Fund and establish new accounts.
In general, the Fund will rely on a financial intermediary to prevent a new account from being opened within an omnibus account established at that financial intermediary if the account would not otherwise satisfy the conditions outlined above. The Fund’s ability to monitor new accounts that are opened through omnibus accounts or other nominee accounts is limited and the ability to limit a new account to those that meet the above criteria with respect to financial intermediaries may vary depending upon the capabilities of those financial intermediaries. Investors may be asked to verify that they meet one of the exceptions above prior to opening a new account in the Fund. The Fund may permit you to open a new account if the Fund reasonably believes that you are eligible. If a shareholder opens a new account in the Fund and is later determined to be ineligible for investment, the Fund reserves the right to redeem the shares at their original NAV. The Fund also may decline to permit you to open a new account if the Fund believes that doing so would be in the best interests of the Fund and its shareholders, even if you would be eligible to open a new account under these exceptions. If all shares of the Fund in an existing account are redeemed, the shareholder’s account will be closed. Such former shareholders will not be able to buy additional shares of the Fund or reopen their account.
Please file this Supplement with your records.