http://www.sec.gov/Archives/edgar/data/1590074/000143510915000941/outlook_497e.htm
497 1 outlook_497e.htm
3D PRINTING, ROBOTICS AND TECHNOLOGY FUND (the “Fund”)
Supplement dated October 15, 2015 to the Prospectus dated May 1, 2015, as supplemented July 9, 2015
On October 14, 2015, the Board of Trustees (“Board”) of Outlook Funds Trust (the “Trust”) approved a Plan of Liquidation and Dissolution (the “Plan”) pursuant to which the assets of the Fund will be liquidated and the proceeds remaining after payment of or provision for liabilities and obligations of the Fund will be distributed to shareholders. The Fund’s investment adviser (the “Adviser”) has recommended that the Board approve the Plan based on market conditions and economic factors adversely affecting the ability of the Fund to conduct its business operations in an economically efficient manner, and the Board concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund pursuant to the Plan.
In anticipation of the liquidation, the Fund will stop accepting purchases into the Fund on October 15, 2015. Thereafter, the Fund will begin its process of winding up and liquidating its portfolio assets as soon as reasonably practicable. As a result, the Fund will not be pursuing its investment objective after October 15, 2015. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
The Fund anticipates that it will complete the liquidation on or around the close of business on November 13, 2015 (the “Liquidation Date”). On the Liquidation Date, the Fund will make liquidating distributions to each remaining shareholder, equal to the 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 thereafter the Fund will be terminated and dissolved.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
* * *
For more information, please contact a Fund customer service representative toll free at
(855) 330-6225.
PLEASE RETAIN FOR FUTURE REFERENCE.
255-PSA-1015
3D PRINTING, ROBOTICS AND TECHNOLOGY FUND (the “Fund”)
Supplement dated October 15, 2015 to the Statement of Additional Information (“SAI”) dated May 1, 2015, as supplemented on July 9, 2015
On October 14, 2015, the Board of Trustees (“Board”) of Outlook Funds Trust (the “Trust”) approved a Plan of Liquidation and Dissolution (the “Plan”) pursuant to which the assets of the Fund will be liquidated and the proceeds remaining after payment of or provision for liabilities and obligations of the Fund will be distributed to shareholders. The Fund’s investment adviser (the “Adviser”) has recommended that the Board approve the Plan based on market conditions and economic factors adversely affecting the ability of the Fund to conduct its business operations in an economically efficient manner, and the Board concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund pursuant to the Plan.
In anticipation of the liquidation, the Fund will stop accepting purchases into the Fund on October 15, 2015. Thereafter, the Fund will begin its process of winding up and liquidating its portfolio assets as soon as reasonably practicable. As a result, the Fund will not be pursuing its investment objective after October 15, 2015. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
The Fund anticipates that it will complete the liquidation on or around the close of business on November 13, 2015 (the “Liquidation Date”). On the Liquidation Date, the Fund will make liquidating distributions to each remaining shareholder, equal to the 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 thereafter the Fund will be terminated and dissolved.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
* * *
For more information, please contact a Fund customer service representative toll free at
(855) 330-6225.
PLEASE RETAIN FOR FUTURE REFERENCE.

An interesting speculation that comes from UBS via Bloomberg through David Stockman (long ago, Reagan's budget guy):
if there's a liquidity crunch in the bond market, e.g., some sort of panic in high-yield debt, investors will begin redeeming their hybrid funds. If the bond market was acting irrationally, managers who needed to meet redemptions would be tempted to sell their most liquid-stocks because that's where they could quickly and easily raise cash. Most 60/40ish funds (collectively they hold $1.4 trillion in assets) have large cap, blue chip portfolios (Microsoft is the #1 holding in the aggregate), so a bond crisis might trigger disproportionate selling in U.S. large cap stocks.
I have some unresolved questions about the argument:

• do 60/40 funds invest much in the most vulnerable bonds? They have a 15-20% corporate stake but that doesn't directly address credit quality or duration.
• do panics in low-quality bonds typically spread to higher-quality ones or does the "flight to quality" impulse make it a wash?
• assuming that hybrid funds sell $100 billion in blue chips over the course of a week, would that be unmanageable? Microsoft trades 35-80 million shares a day and is currently priced in the mid-40s so $2-3 billion/day is normal.

Not clear what one would do with this insight, even if true.
For what interest that holds,
David

I agree bonds usually protect value in bear markets and VWIAX has all of the advantages mentioned. As an acid test I look at the 2008 losses to see what happens in the "perfect storm" ... VWIAX lost about 18%. If this was the loss of your entire portfolio for a long term investor that is probably acceptable, but it would do little to mitigate the 45% loss of the SP500. The other unknown is what happens to the bonds in VWIAX going in a major downward trend starting at the prices most bonds command now

It's official
http://www.marketwatch.com/story/no-cost-of-living-increase-for-social-security-in-2016-2015-10-15

The Thread is now updated with 10/14 (Closing) & 10/15 (Opening & Mid Day) Data Links

@ibartman Thanks. Too many significant distractions this week for me; I'd have missed it.
I think Alex Bryan sorts it out pretty well, esp. his ending where he writes:
"While the large-cap multifactor strategy has merit, long-term investors should be wary of John Hancock’s four multifactor sector funds. There is no reason to believe the approach should work better when restricted to a single sector, and investors in these funds sacrifice diversification. Tactical sector investing might make sense for some, but not for the type of long-term investor Dimensional targets. Dimensional developed these strategies at the request of John Hancock."
On the other hand, give 'em 6,9,12 months to establish a working portfolio, and it might prove interesting to compare the composition of the healthcare fund, using the DFA multi-factor methodology, with that of other HC funds, both active and indexed.

a $25 dollar gift card will cost $4.95!! it's a 20% commission for a partial share! C'mon... it's cute, but not reasonable.

It's not good, but it is far better than the almost insane amount that services like giveashare are charging. There are a number of services like that where they are selling paper certificates and the end price is nuts. Abbott is about a $40 stock. The cheapest option on giveashare - registered share of Abbott in a paper frame - is $81.
http://gizmodo.com/5910225/buying-one-share-of-facebook-stock-is-a-total-rip-off
"Buying through a one-share site is generally more expensive for customers than buying through a broker. Both GiveAShare.com and OneShare.com charge a $39 fee for their services, which include buying the share and procuring the paper stock certificate."
So, while this isn't without issue, I think it's a far more appealing option than what already exists in terms of the "gift a share" services.

@briboe69
@jojo26
It is no different than someone allocating $5,500 a year ($458.33 per month(less than 50 yrs old)) or $6,500 a year ($541.67 per month(more than 50 years old)) for a roth retirement account. If you fully fund your self directed retirement account it amounts to about the same thing. It may be the poster's retirement account as he never mentioned what type of account he was subscribing for.
Plus, the poster mentioned that it was nice to invest up to $500 per month. If my memory serves me, Wasatch offered a similar option when it offered the International Opportunities fund years ago.
One of my retirement accounts is BRUSX.

$6,000/year seems kind of high for a micro cap allocation... Unless you have stockpiles of money that you don't know what to do with or like taking a lot of risk.

E.T.F. Specialist: A Closer Look at the New John Hancock ETFs | 10-14-2015
These funds effectively mimic Dimensional’s distinctive investment approach in an index format.
Morningstar's take: http://news.morningstar.com/articlenet/article.aspx?id=717639

Joe Deaux
Ranjeetha Pakiam
October 14, 2015 — 2:50 PM CDT
Updated on October 14, 2015 — 8:52 PM CDT Bloomberg

http://www.bloomberg.com/news/articles/2015-10-14/gold-comes-back-to-life-as-prices-top-200-day-moving-average
Gold at Over 3-Month High on Bets Fed To Delay Rate Hike
Thomson Reuters | Last Updated: October 15, 2015 07:27 (IST)
Gold is a non-yielding asset and tends to benefit from ultra-low rates.
It also benefited as the dollar on Wednesday slumped to its lowest since late August against a basket of major currencies. A weaker dollar makes gold cheaper for holders of other currencies.
Elsewhere, Elliott Management Chief Executive Paul Singer said on Wednesday every institutional portfolio should be 5-10 percent invested in gold to protect against zero interest rates that are degrading the value of paper currency.
Among other precious metals, silver hit a 3-1/2-month high of $16.18 an ounce on Thursday before easing slightly. Platinum climbed to a five-week high of $999, before giving up gains to trade down 0.2 percent. Palladium edged up.
http://profit.ndtv.com/news/market/article-gold-at-over-3-month-high-on-bets-fed-to-delay-rate-hike-1232386

Sector Report
Guggenheim Partners
High-Yield and Bank Loan Outlook - October 2015
October 14, 2015
Report Highlights
The Credit Suisse High-Yield Bond and Leveraged Loan Indices posted losses of 5.2 percent and 1.2 percent for Q3 2015, respectively, the worst performance since Q4 2008 for high-yield bonds and since Q3 2011 for bank loans.
There may be some additional volatility ahead, but we are already seeing value that has resulted from spread widening over the past few months. The relative value of B-rated corporate bonds over higher quality credits looks especially attractive given our positive macroeconomic outlook.
Leverage ratios, which have returned to historical highs, are indicative of a rapidly advancing credit cycle, but debt burdens are manageable given low borrowing costs. We believe leveraged credit markets have room to run in the current cycle.
http://guggenheimpartners.com/perspectives/sectorreport/high-yield-and-bank-loan-outlook-october-2015

@briboe69
Congratulations! That was partially the reason why I initially called GP was to make sure my email address was legible and correct since I scanned it into a PDF file then emailed it. My handwriting is not the best.
I received my full allotment that was requested which will be for a taxable account. Did you receive your full amount or less?
@jojo26
It is no different than someone allocating $5,500 a year ($458.33 per month(less than 50 yrs old)) or $6,500 a year ($541.67 per month(more than 50 years old)) for a roth retirement account. If you fully fund your self directed retirement account it amounts to about the same thing. It may be the poster's retirement account as he never mentioned what type of account he was subscribing for.
Plus, the poster mentioned that it was nice to invest up to $500 per month. If my memory serves me, Wasatch offered a similar option when it offered the International Opportunities fund years ago.
One of my retirement accounts is BRUSX.

http://www.sec.gov/Archives/edgar/data/1261788/000089418915005215/sndpt-tap_497e.htm
497 1 sndpt-tap_497e.htm SUPPLEMENTARY MATERIALS (STICKER - 497E)
--------------------------------------------------------------------------------
SOUND POINT FLOATING RATE INCOME FUND
a series of
Trust for Advised Portfolios
Investor Class SPFRX
Institutional Class SPFLX
Supplement dated October 14, 2015
to the Fund’s Prospectus dated December 29, 2014
***********************************
We wish to inform you that the Board of Trustees of Trust for Advised Portfolios (the “Trust”) has approved a plan of reorganization whereby the Sound Point Floating Rate Income Fund (the “Sound Point Fund”) will reorganize into the American Beacon Sound Point Floating Rate Income Fund (the “American Beacon Fund”) (the “Reorganization”). The American Beacon Fund, a newly created series of American Beacon Funds, is designed to be substantially similar from an investment perspective to the Sound Point Fund. The Reorganization, which is expected to be tax free to the shareholders of the Sound Point Fund and which is subject to a number of closing conditions, including the approval of Sound Point Fund shareholders, will entail the transfer of all of the assets and liabilities of the Sound Point Fund to the American Beacon Fund in exchange for shares of the American Beacon Fund.
The Reorganization will shift investment management oversight responsibility for the Sound Point Fund from Sound Point Capital Management, LP (“Sound Point”) to American Beacon Advisors, Inc., an experienced provider of investment advisory services to institutional and retail investors. Sound Point, however, will continue to provide day-to-day portfolio management as the sub-adviser to the American Beacon Fund. This arrangement will allow for continuity of the portfolio management team that has been responsible for the performance record of the Sound Point Fund since its inception. The portfolio managers of Sound Point who are primarily responsible for the day-to-day portfolio management of the Sound Point Fund will remain the same.
If shareholders of the Sound Point Fund approve the Reorganization, the Reorganization is expected to take effect on or about December 11, 2015. At that time, the Investor Class and Institutional Class shares of the Sound Point Fund that you currently own would, in effect, be exchanged on a tax-free basis for, respectively, SP Class shares and Institutional Class shares of the American Beacon Fund with an aggregate value equal to the aggregate value of your Sound Point Fund shares.
In the next few weeks, Sound Point Fund shareholders of record will receive a proxy statement/prospectus that contains pertinent details regarding the upcoming Reorganization, including the Board’s reasons for approving the Reorganization. The proxy statement/prospectus will also provide shareholders an opportunity to vote on the proposed Reorganization.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
--------------------------------------------------------------------------------

497 1 e37607_res-rgv497.htm
The Royce Fund
Supplement to the Investment, Service, and Institutional Class Shares Prospectus Dated May 1, 2015
Supplement to the Consultant, R, and K Class Shares Prospectus Dated May 1, 2015
Royce European Small-Cap Fund
Royce Global Value Fund
The Board of Trustees of The Royce Fund recently approved the fund reorganizations described below.
Target Fund Acquiring Fund
Royce European Small-Cap Fund, Royce International Premier Fund,
a series of The Royce Fund a series of The Royce Fund
Royce Global Value Fund, Royce International Premier Fund,
a series of The Royce a series of The Royce Fund
The above fund reorganizations are separate transactions and are subject to approval by shareholders of the Target Funds. Only shareholders of Royce European Small-Cap Fund will vote in connection with the reorganization transaction involving that Fund. Likewise, only shareholders of Royce Global Value Fund will vote in connection with the reorganization transaction involving that Fund. Completion of each reorganization transaction is also subject to the satisfaction of certain customary closing conditions, including the receipt of an opinion of special tax counsel to the effect that the reorganization transaction will not result in any adverse federal income tax consequences to the Acquiring Fund, the applicable Target Fund, or their respective shareholders.
The assets and liabilities of a Target Fund would be exchanged for shares of the Acquiring Fund as part of each reorganization, with shareholders of the Target Fund becoming shareholders of the Acquiring Fund. No sales charges or redemption fees would be imposed in connection with either reorganization. The Acquiring Fund shares to be received by shareholders of a Target Fund in a reorganization will be equal in value to the Target Fund shares held by such shareholders immediately prior to the reorganization.
Shareholder approval of one reorganization transaction is not contingent upon, and will not affect in any way, shareholder approval of the other reorganization transaction. In addition, the consummation of one reorganization transaction is not contingent upon, and will not affect in any way, the consummation of the other reorganization transaction.
It is anticipated that a prospectus/proxy statement relating to the reorganization transactions will be mailed to Target Fund shareholders during the fourth calendar quarter of 2015 and that each special meeting of Target Fund shareholders will be held during the first calendar quarter of 2016. Assuming receipt of the required shareholder approval and satisfaction of the relevant closing conditions for a reorganization transaction, it is expected that such reorganization would be completed during the first half of 2016.
October 14, 2015
REORGSUP-1015

The Great Owls, Three Alarm, and Profiled Funds Dashboard pages have been updated with data from Lipper Data Feed Service for U.S. Open End funds. Risk Profiles and Miraculous Multi Search will be updated shortly.
Risk and return metrics have been updated through September 2015 on the MFO Search Tools pages, including Great Owls, Three Alarm and Honor Roll funds, Risk Profiles, Multi-Search, and Dashboard of profiled funds.
Later this month, we will update the 3Q ratings using a Lipper provided fund database, as described in our recent commentary MFO Switches To Lipper.

Thanks to @Old_Skeet who I believe first mentioned this website:
funds-newsletter.com/
I receive free updates through email and October's updates just hit my inbox so I thought I'd share it with members with the hopes that others could share some of their portfolio challenges as well as some of your successes.
I try to track my portfolio by personally creating a spreadsheet using MS Excel. I import data from places like Yahoo Finance (daily price changes) as well as from my brokerage houses where I can update share transactions (buys, sells, exchanges, dividend re-investments, etc.) to my spreadsheet. Almost as infrequently as I floss, I attempt to run an analysis of my overall portfolio through M* Portfolio Manager. This tool is available through my brokerage house (TR Price) for free. Having a single spreadsheet helps update all of this more easily as well as pool together lots of accounts into one place. The hope is to be able to identify the good, the bad, and hopefully to improve the ugly.
YTD my portfolio experienced losses in the months of May - Sept (totaling about -6.5%). Gains in others months offset those losses leaving my portfolio where it started in January of 2015. From the perspective of my portfolio experiencing losses from new highs I sit about 4% away from that new high mark which was set in May of 2015. All hell broke loose as the S&P tried climbing above 2130.
I try to reference portfolio highs and lows on a monthly basis. Portfolio lows are a good representation of the negative side of volatility (risk) and for me a more realistic view of my portfolio's overall success. As a rule, I try to discipline myself to consider new highs as an opportunity to raise cash. A harder discipline to follow for me is during periods of negative volatility. Negative volatility is the precise time to put cash to work yet it emotionally doesn't feel that way. This is always a work in progress for most investors.
This process is an attempt to get rid of some of the emotional decision making I face by establishing actionable rules. I'm not there yet, but I thought my journey worth sharing.

What are your thoughts though on QMNIX which has delivered an 18% return over the past year? Can that really be market neutral?

If you're curious, wxman, look at the prospectus and the quarterly fact sheets for both funds to see what they're doing. Short answer for Equity Market Neutral: it's neutral over a cycle, not all the time. It was slightly net long earlier this year, and from the NAV movement lately, appears to be net short now (waiting for the 9/30 fact sheet to confirm).
Other things to know about the approach (both funds): it's global and extremely diversified. The two funds are very similar, the difference apparently being that L/S is biased slightly long and M/N is biased in the direction of (but not exactly) zero net equity exposure.

Covered in today's briefing:
WSJ: S&P 500 Dragged Down by Losses in the Healthcare Sector
http://www.wsj.com/articles/stocks-fall-as-concerns-over-global-growth-continue-to-weigh-1445417465
Companies Reporting Earnings Thursday (10/22/2015)
http://biz.yahoo.com/research/earncal/20151019.html
WSJ: The Markets at a Glance
http://markets.wsj.com/usoverview
FINVIZ: The Futures
http://finviz.com/futures.ashx
FINVIZ: The News
http://finviz.com/news.ashx
Market Recap 10/21/2015 ... A recap from a traders perspective.
https://www.stocktrader.com/
I decided to continue with this thread a while longer due to Ted's illness which has no doubt taken him away from the board. Get well soon, @Ted ... and, hurry on back as there is just no replacing the "Linkster." Perhaps, others can step-up and provide links to articles they might come across from time-to-time. We need to keep the board as active as possible with up-to-date postings so it will continue to draw readers.
I will be gone, and off the board, myself for the next few days. Hopefully, I will be back by Monday.
Have a great day.
Old_Skeet

Morningstar Fund Spy | Russel Kinnel | 10-13-2015
http://news.morningstar.com/articlenet/article.aspx?id=717290

The SEC has been shining a light on a dark corner of mutual fund expenses--sub-transfer-agency fees. Recently, the SEC sanctioned one firm, First Eagle, for unlawfully accounting for what, in fact, were sales and marketing expenses as sub-transfer-agency fees. If reports are to be believed, the SEC has had other firms in its sights...

And check out comments to above on the M* site.

DSPPs are out there already, for a great many companies. Find one of the better ones, and the manufactured-by-fiat fees are paid by the company you're investing in. I pay .06 cents per share. In order to SELL, it's .12 cents, plus transaction fee. Different for limit orders or market orders, etc. ...Buy at the supermarket? OK, sure...