Summary prospectus. A $20.00 FEE if acct. is less than $10,000.00. What about retirement shares? Are those the "Advisor Class?"
https://prospectus-express.newriver.com/summary.asp?doctype=spro&clientid=trowepll&fundid=872803101
From the full prospectus: R Class
"The R Class is designed to be sold through financial intermediaries for employer-sponsored defined contribution retirement plans and certain other accounts. The R Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price)."
Could you be any more VAGUE? Does my Rollover IRA count for anything, here?
.....Otherwise, I might be interested in this fund, just to simplify, and put more of my stuff under the TRP roof.

http://www.investinganswers.com/financial-dictionary/investing/return-capital-roc-914
PREMX pays monthly, anyhow. And in my tax bracket, I don't pay tax on div or cap gains. But the footnoted notation at the TRP year-end estimated pay-out page (footnote number 5 for PREMX) leaves me wondering.
https://individual.troweprice.com/public/Retail/Planning-&-Research/Tax-Planning/Dividend-Distributions/2016-Preliminary-Year-End-Distributions

Hello!
What on earth does this MEAN?
"Based on current estimates, all or a significant portion of dividends paid in 2016 may be reclassified from income to return of capital or long-term capital gain. The tax character of dividends will be determined at year end and will be reported in January on your Form 1099-DIV."
OK, I found THIS: "With mutual funds, Return Of Capital is usually done because their underlying investments have not generated the annual income necessary to make the expected dividend payments to investors in a year. This essentially forces the manager to dip into the fund/trust/partnership's principal to come up with the money."
...That can't be good. Does this change the nature, the character, of this investment for me? I've been in PREMX since July, 2010.

I believe the ticker is TOTLX. $11MM (yes, eleven million) in AUM per M*. The fund opened in 2009.
E/R of 1.92% (OUCH !) Its a 'fund of funds'. Despite positioning its AUM in (presumably) the 'best' funds, it still only generated a 3-star (i.e. average) rating from M*.
Probably a good decision for the fundholders that it liquidates.

@johnN:: Here is the original 11/23/16 Bloomberg article. Thanks for linking !
Regards,
Ted
https://www.bloomberg.com/features/2016-jack-bogle-interview/?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social

http://www.investmentnews.com/article/20161128/FREE/161129955/jack-bogle-looks-back-on-the-40th-anniversary-of-the-index-fund&ct=ga&cd=CAEYFSoUMTQzNzE0Mjc0NzAzMDc5Mzg5NDIyGmMyMzg1NDkwM2MxMDlmMjY6Y29tOmVuOlVT&usg=AFQjCNEyGZzb2gaiFnAKxOfVgY526uF21A
Vanguard's founder weighs in on the future of index funds, his critics, robo-advisers, Donald Trump and the fiduciary rule

https://www.sec.gov/Archives/edgar/data/1602508/000089418916013244/fundx-ftrf_497e.htm
497 1 fundx-ftrf_497e.htm SUPPLEMENTARY MATERIALS
FUNDX FLEXIBLE TOTAL RETURN FUND
Supplement dated November 30, 2016, to
Statutory Prospectus and Summary Prospectus
dated January 30, 2016
FundX Investment Group, LLC (the “Advisor”) to the FundX Flexible Total Return Fund (the “Fund”), has recommended, and the Board of Trustees has approved, the liquidation and termination of the Fund. The Advisor’s recommendation was primarily based on its review of its entire fund lineup, the unfavorable economies of operating the Fund at its current size and the unlikelihood that the Fund would experience any meaningful growth in the near future based on the current investment climate. The liquidation is expected to occur after the close of business on January 6, 2017. Pending liquidation of the Fund, investors will continue to be able to reinvest dividends received in the Fund.
Effective November 30, 2016, the Fund will no longer accept purchases of new shares. In addition, after December 29, 2016, the Fund’s Advisor will no longer be actively investing the Fund’s assets in accordance with the Fund’s investment objective and policies and the Fund’s assets will be converted into cash and cash equivalents. Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus. Accounts not redeemed by January 6, 2017 will automatically be closed and liquidating distributions, less any required tax withholdings, will be sent to the address of record.
If you hold your shares in an IRA account directly with U.S. Bank, you have 60 days from the date you receive your proceeds to reinvest your proceeds into another IRA account and maintain their tax-deferred status. You must notify the Fund or your financial advisor prior to January 6, 2017 of your intent to reinvest your IRA account to avoid withholding deductions from your proceeds.
Please contact the Fund at (866) 455-FUND [3863] or your financial advisor if you have questions or need assistance.
Please retain this Supplement with the Statutory Prospectus and Summary Prospectus.

A finer detail on F-class shares. The original F class shares (now F-1) include a 12b-1 fee. These trailing fees (as well as any "fee offset" arrangement) "do not meet the NAPFA definition of Fee-Only practice."
https://www.napfa.org/membership/OurStandards.asp
(Anyone remember the 100% No-Load Mutual Fund Council? That vanished about the time American Funds brought out class F shares. It seems the trend at the time was not as simple and "pure" one might wish it were.)

I haven't followed this stick of dynamite (PRLAX) since I took a 30% quick profit April 15.
Nice run-up early in year.
Those kinds of opportunities don't come along often. I couldn't recommend the fund for the average investor. Can double one year and loose 70% the next.
That said, these Latin American funds are very highly cyclical and the up/down cycles tend to persist for a number of years. Today's 7-8% jump in crude is certain to push them up near-term.
EM has been hammered by a number of factors lately - especially strong dollar and speculation that DT will impose trade barriers making it harder for the EMs to export. I think that's a reasonable short term outlook. But I agree with M Möbius that EMs will do relatively well over the next several years. However, I wouldn't invest in a single region.

"Their introduction of F-class shares came about 10 years ago when they realized they were being shut out of many fee-only accounts established by RIAs."
Most load funds enable brokers to sell their funds without loads so long as the brokers collect fees in some other way. Often, funds will simply waive their loads for fee-based (aka "wrap") accounts. This has been going on since the last century, not just the past decade.
American Funds did this until 2002. Read an older prospectus. It says "Investments made by investors in certain qualified fee-based programs ... may also be made with no sales charge and are not subject to a CDSC".
Read a current prospectus: "You may generally open an account and purchase Class F
shares only through fee-based programs of investment dealers .... These intermediaries typically charge ongoing fees for services they provide. Intermediary fees are not paid by the fund and normally range from .75% to 1.50% of assets annually, depending on the services offered."
Pre-2002, post-2002, same intermediaries, same charges by American Funds. Only the letter attached to the shares changed - from A to F.
So it doesn't look introducing F shares changed anything substantial.
I do agree that, to use a word now in vogue, the "optics" changed. American Funds seems to like the unix philosophy of KISS as much as unix zealots. By that I mean they take it to the extreme. (See, e.g. Rob Pike's "Cat -v Considered Harmful", advocating simple separate programs rather than multiple options on a given program.)
American Funds seems to have taken this approach to heart - instead of having class A shares with different load options (beyond breakpoint pricing), it separated out a no load option into a new share class. Instead of having different options for different uses (retirement plans, 529 plans, retail purchases), it has different groups of shares (R shares, 529 shares, letter shares).
Timing suggests that the introduction of the F shares was a response to the Merrill Lynch Rule (1999-2007) facilitating wrap accounts without holding their reps to a fiduciary standard, but that's purely circumstantial and I can't show a direct link.

Hi Guys,
Great stuff! Yet another insightful article from the fertile mind of Ben Carlson. The graph that compares the S&P 500 with the Russell 2000 drives the main point home with conviction.
No pain, no gain is applicable in the investment world. Small Caps have delivered higher historical returns than their big brothers for a reason. The high Small Cap volatility and failure rates signal the risk that is coupled to their excess returns.
There are always costs when squeezing that little extra out of the marketplace. Is the reward worth the incremental risk? Each investor's assessment is reflected in his portfolio construction.
In the design of a new product, the successful Lockheed-Martin leader Norn Augustine had a law. It seems as if he had a law for most everything. His law said that "the last 10% of performance generates one-third of the costs and two-thirds of the problems". It doesn't take much imagination to extend that bit of wisdom to investing.
If you are motivated, you might want to check Augustine's book that summarizes his numerous insights. The book was published in the 1980s, but is still relevant. It is titled, not surprisingly, "Augustine's Laws". It is a breezy read being full of interesting stories told in a very humorous way. I recommend it. Enjoy.
Best Wishes.

Hi, Alban. This is not related to your question, but I am wondering what your plan for buying American Funds is. Given the options available to you, such as T. Rowe Price, Vanguard and many other no-load fund companies, I am simply curious why you have selected American Funds. American Funds has for decades been the go-to company for the commission reps and their broker-dealers, paying big bucks to get on the b-d's approved list, where the reps get a larger cut of the commission. They added B and C-class shares with their very expensive fees and back-end loads to further hang on to commission reps. Their introduction of F-class shares came about 10 years ago when they realized they were being shut out of many fee-only accounts established by RIAs. Now, they are coming out with a no-load retail share class, but only after the DOL rule pretty much kills the rollover business of the commission reps. American Funds are a huge marketing machine, very astute about where the future of sales is heading. The addition of no-load products is simply another marketing strategy. They have some great management teams. But they are even better at determining where their next dime of income will originate. Why else would they have 18-20 share classes of the same funds? American Fund is not alone in their marketing history, but no other fund company has managed to create a fund class for every sales opportunity like the folks in Los Angeles.

Thanks, all! I think this structure is different. I think that the three equity investment groups are at the level of sub-advisors, which could explain why they file separate 13F reports. Also, the names of the three investment groups do not suggest a separation by investment objective. I think that this is perhaps a way to better manage team dynamics (i.e., keep equity research teams smaller) and continue to scale up (it appears AF have never closed a fund). I am still surprised by the fact that AF do not articulate the reasons for such a structure. More transparency would be useful for financial advisors, who would be able to better explain to clients what sets American Funds apart.

I don't think this article helps too much, but here's a 2013 article describing Capital Group's reorganization into multiple groups:
http://www.fa-mag.com/news/capital-group-will-restructure-based-on-investment-objectives-13699.html
Ignoring for the moment that little of the verbiage in the article or prospectus is particularly clear, what I would have guessed is: many mutual fund companies have multiple equity teams where each team manages multiple funds. Those teams tend to be theme based, e.g. large cap, small cap, international, etc. While the names of Capital's equity groups don't suggest that, it is at least consistent with the FA article, that talks about organizing these groups around particular investing objectives.
Regarding AF having "now" introduced no-load shares. They've had no-load shares for many years. What changed is that you're now finding a way to purchase them. But no-load R4 and R5 shares for retirement plans have been around for what seems like forever, with R6 and R5E being added more recently. The F share class (renamed F-1 in 2008) has been around for a couple of decades.
You can get F-2, and sometimes even cheaper R5 or R6 shares through HSA accounts. For example, the HSA Authority offers RERFX.

I think I read a Matthews Asia commentary recently that said dividends are more common for small Asian companies and GPMCX has half their investments in Asia.
For all intents and purposes the fund was hard closed before it opened. You had to 'apply' to invest at inception and GP allocated the $25MM or so they were willing to take to those who applied. After that existing investors were able to add $6K per year and they increased that to $6500 a few months ago. I'm not sure why the prospectus says the fund will hard close at the end of this year because previous ones said it was officially hard closed at the end of 2015 but regardless... it was never really open.

@msf: A big yes to the 1/3 distribution coming from income. I believe if you set up auto deposits you can add after this year. Maybe I'm wrong or there has been a change
Derf

Each AF manager is responsible for a given 'sleeve' of the portfolio based on their expertise and have the discresion to act independently of the other managers. (I think ... think .... they only really compare notes when there may be the potential for a major overlap in holdings b/c several managers all like the same stock.) But that independent approach is the major 'feature' or 'attraction' of AF's conservative reputation for fund management.
I'm not sure how these 3 firms relate to the overall AF environment, and I'm not sure my comment helps, but hey it works, because I've been a happy AF fundowner for the past 10+ years.

update:
https://www.sec.gov/Archives/edgar/data/890540/000113542816001881/frost-497.txt
497
1
frost-497.txt
THE ADVISORS' INNER CIRCLE FUND II (THE "TRUST")
FROST KEMPNER TREASURY AND INCOME FUND (THE "FUND")
SUPPLEMENT DATED NOVEMBER 29, 2016
TO THE INSTITUTIONAL CLASS SHARES PROSPECTUS AND THE INVESTOR CLASS SHARES
PROSPECTUS, EACH DATED NOVEMBER 28, 2016 (THE "PROSPECTUSES") AND THE STATEMENT
OF ADDITIONAL INFORMATION, DATED NOVEMBER 28, 2016 (THE "SAI")
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED
IN THE PROSPECTUSES AND SAI, AND SHOULD BE READ IN CONJUNCTION WITH THE
PROSPECTUSES AND SAI.
The Board of Trustees of the Trust, at the recommendation of Frost Investment
Advisors, LLC (the "Adviser"), the investment adviser of the Fund, has approved
a plan of liquidation providing for the liquidation of the Fund's assets and the
distribution of the net proceeds PRO RATA to the Fund's shareholders. In
connection therewith, the Fund is closed to new investments. The Fund is
expected to cease operations and liquidate on or about December 30, 2016 (the
"Liquidation Date").
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in
the manner described in the "How to Redeem Fund Shares" section of the
Prospectuses. For those Fund shareholders that do not redeem (sell) their shares
prior to the Liquidation Date, the Fund will distribute to each such
shareholder, on or promptly after the Liquidation Date, a liquidating cash
distribution equal in value to the shareholder's interest in the net assets of
the Fund as of the Liquidation Date.
The liquidation distribution amount will include any accrued income and capital
gains, will be treated as a payment in exchange for shares and will generally be
a taxable event. You should consult your personal tax advisor concerning your
particular tax situation. Shareholders remaining in the Fund on the Liquidation
Date will not be charged any transaction fees by the Fund. However, the net
asset value of the Fund on the Liquidation Date will reflect the costs of
liquidating the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
FIA-SK-040-0100

Folks,
I am exploring the possibility of investing in American Funds now that they have introduced no-load shares. As am I trying to do my due diligence, I came across the following statement from the website of Capital Group "The Capital Group companies manage equity assets through three investment groups. These groups make investment and proxy voting decisions independently...."
After doing some digging in the fund prospectuses, I found out that the name of the adviser company is Capital Research and Management and the names of the three investment groups are 1) Capital World Investors, 2) Capital Research Global Investors, and 3) Capital International Investors. I think that these three investment groups are separate legal entities, but I am not sure. There does not appear much information on them, other than that they appear to file 13F reports separately.
My question is: why is the adviser structured into three equity investment groups? And why are these groups structured to make independent decisions? I have not seen a structure like this before, but could be wrong. Perhaps other mutual fund companies are using similar structures.
I would appreciate any insights that any of you might have. I find this very confusing.
Thanks,
Alban

I agree that it's percentages that matter, not absolute numbers.
It looks like the fund has taken in almost no money in the past six months (thus failing to broaden the base receiving those early realized gains).
AUM at the end of April was $30.735M @$10.38/sh; currently it is $32.5M (5.7% increase) @ $10.90 (5.0%), showing that virtually all the increase in AUM came from appreciation, not inflows.
(Current data as of 11/28/16 from M*; April 30 data from annual report.)
Two things that strike me as curious, since Derf is pointing out oddities:
- 1/3 of distribution coming from income; I thought microcaps don't often generate dividends;
- Despite having no inflows and just modest appreciation, the fund will have a hard close at the end of this year (prospectus)