https://www.sec.gov/Archives/edgar/data/918294/000091829416000073/hsfhsihsphsvstatsticke-20162.htm
497 1 hsfhsihsphsvstatsticke-20162.htm
T. Rowe Price Health Sciences Fund
T. Rowe Price Health Sciences Fund—I Class
T. Rowe Price Health Sciences Portfolio
T. Rowe Price Health Sciences Portfolio—II
Supplement to Prospectuses Dated May 1, 2016
Effective September 1, 2016, the T. Rowe Price Health Sciences Fund, T. Rowe Price Health Sciences Fund—I Class, T. Rowe Price Health Sciences Portfolio, and T. Rowe Price Health Sciences Portfolio—II (Funds) will resume accepting new accounts and purchases from most new direct investors. The Funds were closed to new investors on June 1, 2015, due to significant purchases and asset growth, which created challenges for the portfolio manager to invest fully in the health sciences industry. Given changed market conditions, the Funds’ investment adviser and Boards of Directors concluded it was in the shareholders’ best interests to reopen the Funds to new accounts.
Accordingly, effective September 1, 2016, the first sentence under “Purchase and Sale of Fund Shares” in Section 1, and the first four paragraphs under “More Information About the Fund and Its Investment Risks” in Section 3, are deleted in their entirety from each prospectus.
Financial intermediaries, insurance companies, and other institutional clients should contact T. Rowe Price Financial Institution Services or their relationship manager to determine eligibility to open new accounts and purchase shares of the Funds.
The date of this supplement is August 10, 2016.

FYI: Offerings from Fidelity, Columbia, Janus and others look for inflection points of maximum pessimism about a particular stock or industry.
Regards,
Ted
http://www.investmentnews.com/article/20160808/FREE/160809951?template=printart

FYI: Auto enrollment without auto escalation of default contribution rate is part of the problem.
Regards,
Ted
http://www.marketwatch.com/story/401k-balances-increased-very-little-in-the-last-10-years-2016-08-10/print

Wasn't there similar "investor concerns" floated in the media when Ebola resurfaced globally a few years ago? And then H1N1, SARS, and whatever else in recent years, too? Unless it's the zombie apocalypse (think: 'Resident Evil' movies) it won't impact my current portfolio positioning any, and won't factor into my investing decisions in the future either.
That said, mosquitoborne illnesses -- which I agree can be frightening -- are nothing new to much of the world....but Zika's impact on births, mothers, and pregnancies indeed is scary.
I remember stepping off the plane in Brasilia on a State Dept junket 12+ years ago and before I got out of the jetway the embassy staffer was spraying me down with DEET because of a Dengue outbreak in the country. That kind of scared me ... as did the mosquito I killed 3 days later in my hotel room, which thankfully didn't bite me. I played tourist anyway, albeit dying while wearing DEET-soaked long sleeves and jeans as i climbed Corcovado in 95F and uber-high humidity. ;/ (For years later, every time I got an ache or pain I couldn't account for I thought it might be delayed-action dengue. ;/)

I use RYPMX through Scottrade. It seems to track GDX closely. It has no transaction fee to buy and no short-term redemption fee. I can buy it one day and sell it the next without paying a penalty. Its gross expense ratio of 1.27% is relatively low for a gold fund.

FYI: I have a confession to make: the Zika virus scares me.
I don’t feel like it’s under control or that we’ve seen the worst of it. This week, the Florida situation became a national story and a baby in Texas just died of a Zika-related birth defect. Next week, as a half million people return to every corner of the globe from the Rio games, we would hear even worse things. I’m not comfortable about any of it, frankly. Spend a few moments watching Florida Governor Rick Scott in front of a TV camera and you won’t be either.
But are there investment related implications?
Regards,
Ted
http://thereformedbroker.com/2016/08/09/should-you-hedge-your-portfolio-against-zika/

Why would Vanguard offer VMFXX (gov't) at a 0.30% yield and Fidelity's best gov't fund is FDRXX at .11%?

Because Fidelity is a profit making organization and Vanguard isn't? Fidelity is actually outperforming before taking out its expenses (profits):
- VMFXX: 0.30% + 0.11% (ER) = 0.41%
- FDRXX: 0.11% + 0.37% (ER) = 0.48%
Note that Fidelity has a higher yielding government MMF available at the retail level ($500 min in IRAs): FZCXX, yielding 0.14%.

Three times the difference. Why doesn't Fido have a competitive offering in the gov't space?

Fidelity does have competitive funds - FDRXX shows up in the top ten retail government MMFs. Vanguard is the outlier.
http://www.imoneynet.com/retail-money-funds/government-retail.aspx

I need to change my brokerage MM to a gov't option or ultra short CD soon to avoid the pitfalls of the new law.

Ultra-short bond funds still have one of the "pitfalls" of some of the new MMFs - a floating NAV.
What pitfall are you trying to avoid, and what's your risk tolerance? The fact that you've been using MMFs says that you've been willing to accept the possibility of losing money, perhaps because you felt the risk of breaking a buck was sufficiently low that you'd take that gamble rather than keep money in an insured bank account.
The new MMF rules are designed to reduce that risk further. But if we have another 2008, you might have to wait a couple of weeks to get your cash if it's not in a government MMF. Do you need faster access to all your cash, or can you accept that risk with some portion of your money?

People are saying there is a bank account option in some brokerage accounts. Do they mean CD's? If not, what bank account options do they mean?

They mean using a bank account as your transaction/core account, which is where cash awaiting investment is kept for you in a brokerage. That transaction account can be structured one of three ways (not all of which are available for all accounts at all brokerages):

• cash account (the brokerage holds your money and may or may not pay you interest; if the brokerage goes bust, you stand in line with its other creditors)
• MMF (your brokerage "checking" account is a government MMF that has a remote possibility of breaking a buck)
• Bank sweep (money is moved automatically between one or more bank checking accounts and your brokerage account so that it "feels" like your transaction account really is the bank checking account)

Scottrade does a pretty good job of describing how a bank sweep account in general, and theirs in particular works. Here's itsdisclosure statement as well.
Similarly, here's Fidelity's description of its bank sweep feature (note that Fidelity only makes this available on CMA, IRA, and HSA accounts), and its disclosure statement.
AFAIK, Vanguard does not provide a bank sweep option.

Bought TGLDX long time back. Like I do with almost every fund, I never reinvest distributions. Helps when fund yields 80% one year and makes distribution and stinks up the next year. Now again seems to be yielding 100%...waiting for distribution.
Bought FSAGX last year, after seeing TGLDX tank. Any tax loss I have will be offset by FSAGX sale this year. Some HSGFX shares probably. To cut a long story short, I invest in Gold like I do in anything else. A bird in hand...

Why would Vanguard offer VMFXX (gov't) at a 0.30% yield and Fidelity's best gov't fund is FDRXX at .11%? Three times the difference. Why doesn't Fido have a competitive offering in the gov't space? I need to change my brokerage MM to a gov't option or ultra short CD soon to avoid the pitfalls of the new law. People are saying there is a bank account option in some brokerage accounts. Do they mean CD's? If not, what bank account options do they mean?

$2.1M AUM two years after inception

For long term investing, I can easily automated DCA additions to mutual funds. ETFs or stocks I need to do manually, and incur a commission. Plus, I am not comfy with how ETF shares are constructed/redeemed. As such, my only ETF trading are options on highly liquid index ETFs to speculate on short ideas -- which I tend to suck at anyway. :) IMHO they were designed for short-term trading ... although certainly many services/people hold them for prolonged periods, too.
Plus, OEFs, since they price only once per day, are harder to 'trade' (and thus less attractive to many) than ETFs so that helps keep volatility down on them somewhat, too --- I think.
I like my long- long- long-term investment positions to be boring and plodding, both in growing returns responsibly over time and in their construction. The OEFs that I hold fit that bill nicely and allow me to sleep well at night.
WhaI do NOT like about OEFs: loads, 12(b)-1 fees, and in some cases (*cough* American, looking at you) the insane number of meaningless moneygrubbing share classes. Accordingly, i refuse to pay loads or (usually) 12(b)-1 fees on the OEFs I might consider owning. (I don't worry much about taxes on them, since I can offset those gains elsewhere.)
Amonst my various taxable and non-taxable accounts, OEFs are about 30% of my total assets.

@MFO Members:
Regards,
Ted
Ouote:
“We founded Cupps Capital Management with the vision of building an investment firm the right way. We have three priorities: pursuit of superior investment performance, constant innovation in the investment process and cultivation of long term relationships.” — Andrew Cupps
Cupps All Cap Growth Fund
Percentile Ranking: YTD 98 Percentile, 1Yr. 99 Percentile
http://www.cuppsfunds.com/performance.php

https://www.sec.gov/Archives/edgar/data/1558107/000104916916000045/sticker-cuppsallcapgrowthfun.htm
497 1 sticker-cuppsallcapgrowthfun.htm
ALPS SERIES TRUST
CUPPS ALL CAP GROWTH FUND AND CUPPS MID CAP GROWTH FUND
Supplement dated August 9, 2016 to the
Prospectus and Statement of Additional Information, each dated January 28, 2016 and as supplemented on June 28, 2016, for the Cupps All Cap Growth Fund and Cupps Mid Cap Growth Fund, series of ALPS Series Trust (the “Trust”)
On August 9, 2016, the Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Cupps Capital Management, LLC (the “Adviser”), the investment adviser to the Cupps All Cap Growth Fund and the Cupps Mid Cap Growth Fund (the “Funds”), series of the Trust, determined to close and liquidate the Funds. The Board concluded that it would be in the best interests of the Funds and their shareholders that the Funds be closed and liquidated as series of the Trust effective as of the close of business on August 31, 2016.
The Board approved a Plan of Termination, Dissolution and Liquidation (the “Plan”) that determines the manner in which the Funds will be liquidated.
Pursuant to the Plan and in anticipation of the Funds’ liquidation, the Cupps All Cap Growth Fund will be closed to new purchases effective as of the close of business on August 9, 2016. However, any distributions declared to shareholders of the Fund after August 9, 2016, and until the close of trading on the New York Stock Exchange on August 31, 2016 will be automatically reinvested in additional shares of the Funds unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of August 9, 2016, you may continue to redeem your shares of the Fund after August 9, 2016, as provided in the Prospectus. Please note, however, that the Fund will be liquidating its assets as of the close of business on August 31, 2016.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the close of business on August 31, 2016, the effective time of the liquidation, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of August 31, 2016, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
Shares of the Cupps Mid Cap Growth Fund have not previously been made available to the public.
All expenses incurred in connection with the transactions contemplated by the Plan, other than the brokerage commissions associated with the sale of portfolio securities, will be paid by the Adviser.
Please retain this supplement with your Prospectus and Statement of Additional Information.

FYI:(I have owned PFF since 3/11/09, with a monthly dividend of between 5 and 6% year in year out.)
Investing can be a tricky dance between sometimes dueling aims. An ETF investor may look for ways to earn stock-like returns with less risk or to balance growth and income needs.
Those conflicting goals have come more sharply into focus in today's challenging markets. And that's helping some exchange traded funds to make nimble-footed moves on the floor of the stock market.
Regards,
Ted
http://www.investors.com/etfs-and-funds/etfs/convertible-funds-beckon-with-growth-potential-and-safer-yields-up-to-5/

FYI: It’s often said the exchange-traded funds have “democratized” various investment strategies, meaning that they’ve given ordinary Joes and Janes access to leveraged strategies, commodities, and factor-based “smart-beta” methodologies that were previously limited, until recently, to big institutions.
This democratization means different things to wholly different types of people: “traders” and “investors.” Which are you?
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2016/08/08/are-you-an-etf-trader-or-an-etf-investor/tab/print/

ACMVX is open to new investors. From the summary prospectus:
"As of November 1, 2013, the fund is generally closed to new investors other than those who (i) invest directly with American Century (where American Century is listed as the dealer of record); (ii) invest through certain financial intermediaries selected by American Century; or (iii) otherwise qualify for an exemption under American Century’s closed fund policy."
If you don't already have an account with AC, you can open one here.

Good to know for some investors. I purchase through Fidelity and Vanguard only, so it's not available with them at the moment.

This year it has climbed from 21 to 25. That would seem to limit potential for future gains. The highest it's been since 2003 (excepting 2008-9 when the denominator approached zero). How does the p/e affect your investing decisions?

Mutual funds have helped introduce the masses to stocks and have played a big role in portfolios for individual investors. However, they appear to be well past prime time.
http://www.cnbc.com/2016/08/08/why-you-should-ditch-your-mutual-funds-now.html
Thoughts?

Hi @JohnChisum,
Thanks for the heads up on AMJVX (broker sold ticker AMJAX). Although, it is a relative new fund I like it's sector allocation with it's top three sectors being real estate (43%), energy (15%) and financials (12%). With this, I think it is well position and I am thinking that it can adjust it positioning form time-to-time as to how its managers are reading the markets. In addition, I like its overall asset allocation and style mix.
I have started building another portfolio which is being funded from distributions from mine and my wife's self directed IRA accounts. We are not wanting the balances in these IRA accounts to keep growing. With this, we have started taking all mutual funds distributions (interest, dividends and capital gains) in the form of IRA distributions. While these IRA distributions are taxable as income we are putting these monies to work in some hybrid mutual fund selections held in a joint account that in return will generate a good deal of income while providing for some capital appreciation. I am currently, two years into the development of this joint account and it is already putting a little jingle in our pockets.
I am in the process of expanding three of my twelve sleeves found in my portfolio sleeve management system from six funds to nine funds each with the addition of this account since it will be comprised of mostly hybrid funds found in the hybird income sleeve, domestic hybrid growth & income sleeve and global hybird growth & income sleeve. AMJVX will become an addition to one of these sleeves. I might, in time, add a couple of equity funds such as TWEIX, FDSAX and SVAAX to the joint account's fund mix but most likely I will not be expanding the number of funds within the sleeve that holds these three funds which now has a total of six funds.
Thanks again for the heads up on AMJVX.
It is indeed appreciated.
Cordially,
Old_Skeet