Grantham. Excellent reputation. But my own "cup of meat" is more along the lines of Barry Ritholtz and the ones connected to his firm. I know you cannot just OPINE your way into making things true, the way you want them to be. (Cue the QAnons in this slot, here.) But Ritholtz is refreshingly direct, savvy and with wisdom gained from a lot of experience:
• "And in the End . . . How does this spasm of speculation conclude? I have a high degree of confidence in my answer: The same way it always does.
There will be tears, massive losses by some and big gains by others. There will be lives ruined and lessons learned among the claims of a rigged market, insider trading, and fraud. Maybe even people go to jail (maybe not). As Wall Street runs red with proverbial blood, a few clever bastards will notice the “generational buying opportunity” — the fourth such rare entry point over the past 20 years."
https://ritholtz.com/

Stocks that are heavily shorted are most susceptible to Robinhood trading
ISTM the risk of a short squeeze (and manipulation thereof) increases rapidly as the magnitude of short positions increase. A stock that is shorted more than 100% (by one investor borrowing the stock to short, then another investor borrowing the same stock to short again) must almost surely experience a positive feedback loop if its price starts to rise significantly and investors attempt to buy "fictitious" shares to cover.
There's already Reg SHO in place to control shorting. Notably Rule 203 that requires short sellers to locate shares to short before shorting. It would not seem to be difficult to enhance this rule to require the location not only of shares to short, but shares of a company that has not been 100% shorted (or 50% shorted, or whatever threshold works).
https://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm
This wouldn't protect investors from getting squeezed, but it would seem to impede the feedback loop.
And how is RH trading different from free fast trading at ML or Fido ?
How is buying a lottery ticket different from investing in a stock? The recreation value of the former is greater while the expected return of the latter is greater. Robinhood as a platform offers more "fun".

They can browse the 100 most-held stocks among fellow users for inspiration. An entertainment ecosystem has risen up alongside Robinhood; TikTok videos under #robinhoodstocks have millions of views. In some ways, Robinhood reflects how Silicon Valley mastered the art of manufacturing behavioral loops, encouraging an app user to log back in one more time or spend one more minute engaged.

Same Bloomberg article, pick your source of choice:
https://www.bloomberg.com/news/articles/2020-12-19/robinhood-s-role-in-the-gamification-of-investing-quicktake
https://www.washingtonpost.com/business/robinhoods-role-in-the-gamification-of-investing/2020/12/19/83b310ca-41bf-11eb-b58b-1623f6267960_story.html

update:
https://www.sec.gov/Archives/edgar/data/915802/000139834421001868/fp0061770_497.htm
497 1 fp0061770_497.htm
FINANCIAL INVESTORS TRUST
Emerald Small Cap Value Fund
(the “Fund”)
Supplement dated January 29, 2021
to the Fund’s
Prospectus and Statement of Additional Information
dated August 31, 2020, as supplemented
As previously disclosed, on December 8, 2020, the Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Emerald Mutual Fund Advisers Trust (the “Adviser”), the investment adviser to the Fund, a series of the Trust, determined to close and liquidate the Fund on or about January 11, 2021. The date for such liquidation is now expected to be on or about February 12, 2021 (the “Liquidation Date”).
If the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date, 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.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

A few links related to Reg SHO, Shorting, and naked shorting.
What Is Regulation SHO?

Regulation SHO is a set of rules from the Securities and Exchange Commission (SEC) implemented in 2005 that governs short sale practices. Regulation SHO established "locate" and "close-out" requirements aimed at curtailing naked short selling and other practices. Naked shorting takes place when investors sell short shares that they do not possess and have not confirmed their ability to possess

SEC Key Pints of Reg SHO:
https://sec.gov/investor/pubs/regsho.htm
Naked Short Selling:

“Naked” short selling is not necessarily a violation of the federal securities laws or the Commission’s rules. Indeed, in certain circumstances, “naked” short selling contributes to market liquidity. For example, broker-dealers that make a market in a security[4] generally stand ready to buy and sell the security on a regular and continuous basis at a publicly quoted price, even when there are no other buyers or sellers. Thus, market makers must sell a security to a buyer even when there are temporary shortages of that security available in the market. This may occur, for example, if there is a sudden surge in buying interest in that security, or if few investors are selling the security at that time. Because it may take a market maker considerable time to purchase or arrange to borrow the security, a market maker engaged in bona fide market making, particularly in a fast-moving market, may need to sell the security short without having arranged to borrow shares. This is especially true for market makers in thinly traded, illiquid stocks as there may be few shares available to purchase or borrow at a given time.

Is SEC Effective in Regulating Naked Shorts?
part-6-illegal-naked-shorting-the-secs-regulation-sho-is-intended-to-prevent-illegal-naked-shorting-but-is-ineffective?
Patrick Bryne's Deep Capture Blog:

In 2005, Patrick began a vigorous campaign against corruption in our capital markets through securities manipulation. His stance quickly caught the attention of Wall Street analysts and reporters and remains a point of high controversy today. The Deep Capture website grew out of this campaign.

https://deepcapture.com/2019/11/the-sec-me-metoo-part-i/
Deep Capture Presentation:

Unlike Grantham, I feel hopeless at predicting where things will stand in a day, a week, or a quarter. But a little voice keeps reminding me that "buy low, sell high" is what I'm "supposed" to do, and when I look at the current value of my investments I definitely see "high" so I'm taking some of those gains. One thing he says is indisputably true: the higher the price one pays for an investment, the lower its future return.

Rambling interview and that's being charitable. He has been a debby downer on the market since 2019 and prior. . . perhaps preparing for his book release "waiting for the last dance"
Using his words ... "if the Fed continues to be favorable" and the U.S. comes out of the Covid and we're past vaccinations this summer. . . Do you really believe the US stock market is going to implode? With all of the pent up demand? Travel, consumer discretionary / spending?
Appreciate the share of the interview. Interesting to see all sides. I'm just not buying the "impending" crash. I didn't buy it in April 2020 or on 1/27/21 and I'm not buying it today. But I don't have a magic 8 ball either.

This is not the first time Kiplinger has recommended DFDMX. DF Dent has some very good funds and its managers write some of the best reports available. For trivia fans, Brown Capital, Brown Advisory, Dent and TRP are all in Baltimore. If Legg Mason weren't there also, one could say pick any Baltimore asset manager and it would be a good choice.

https://www.sec.gov/Archives/edgar/data/891079/000119312521020228/d160564d497.htm
497 1 d160564d497.htm HIGHLAND FUNDS II
HIGHLAND FUNDS II
Highland Socially Responsible Equity Fund
Supplement dated January 31, 2021 to the Summary Prospectus, Prospectus and Statement
of Additional Information (“SAI”) each dated January 31, 2021, as supplemented from time to time
This Supplement provides new and additional information beyond that contained in the Summary Prospectuses, Prospectus and Statement of Additional Information and should be read in conjunction with the Summary Prospectuses, Prospectus and Statement of Additional Information.
IMPORTANT NOTICE
The following information supplements and supersedes any information to the contrary contained in the Summary Prospectus, Prospectus and/or Statement of Additional Information of Highland Socially Responsible Equity Fund, a series of Highland Funds II (the “Trust”), each dated and supplemented as noted above.
As previously disclosed, on October 28, 2020, the Board of Trustees (the “Board”) of Highland Funds I (the “HFI”) and Highland Funds II (the “HFII”) unanimously approved an Agreement and Plan of Reorganization (the “Plan”) for the reorganization of Highland Socially Responsible Fund (the “Acquired Fund”) into NexPoint Merger Arbitrage Fund (the “Acquiring Fund,” and together with the Acquired Fund, the “Funds”). Under the Plan, the Acquired Fund would be reorganized into the Acquiring Fund on or around February 26, 2021 (the “Closing Date”). Shareholders of record as of January 8, 2021, will be entitled to vote on the Plan.
At any time prior to the Reorganization, shareholders may redeem shares of the Acquired Fund. Such a redemption would likely result in the recognition of gain or loss by the shareholder for U.S. federal income tax purposes, which would be taxable to a shareholder that holds the shares in a taxable account. Additionally, Acquired Fund shareholders will not incur any sales load or similar transaction charges as part of the Reorganization. Please contact the Adviser at 1-877-665-1287 if you have questions about the Reorganization or your account.
A special meeting of shareholders during which shareholders of the Acquired Fund will be asked to consider and vote on the Plan has been scheduled to be held on February 26, 2021. If shareholders of the Acquired Fund approve the reorganization, the reorganization is expected to take effect on or about February 26, 2021.
Shareholders of record of the Acquired Fund will receive a prospectus/proxy statement that will include important information regarding the Reorganization. Those shareholders should read that prospectus/proxy statement carefully when it is available. The prospectus/proxy statement, and any other documents filed by the Funds with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov or the Funds’ Web site at www.highlandfunds.com/literature or www.nexpointgroup.com/nexpoint-merger-arbitrage-fund/. For more information regarding the Acquired or Acquiring Fund please call 1-877-665-1287 or visit the Funds’ Web site listed above.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
HFII-HPE-SUPP-0121

https://www.sec.gov/Archives/edgar/data/1217286/000119312521020134/d53492d497.htm
497 1 d53492d497.htm JPMORGAN TRUST I
J.P. MORGAN INTERNATIONAL EQUITY FUNDS
(JFTAX)
JPMorgan International Advantage Fund
(the “Fund”)
(All Share Classes)
(a series of JPMorgan Trust I)
Supplement dated January 28, 2021
to the Summary Prospectuses, Prospectuses and Statement of Additional Information
dated March 1, 2020, as supplemented
NOTICE OF LIQUIDATION OF THE JPMORGAN INTERNATIONAL ADVANTAGE FUND. The Board of Trustees (the “Board”) of JPMorgan Trust I has approved the liquidation and dissolution of the Fund on or about February 26, 2021 (the “Liquidation Date”). Effective immediately, the Fund may depart from its stated investment objective and strategies as it increases its cash holdings in preparation for its liquidation. On the Liquidation Date (for settlement the date after the Liquidation Date), the Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for any proceeds from any securities that cannot be liquidated on the Liquidation Date, cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate subject to ratification by the Board. Income dividends and capital gain distributions, if any, may be paid on or prior to the Liquidation Date. If you have a Fund direct IRA account, your shares will be exchanged for Morgan Shares of the JPMorgan U.S. Government Money Market Fund unless you provide alternative direction prior to the Liquidation Date. For all other IRA accounts, the proceeds will be invested based upon guidelines of the applicable Plan administrator.
Upon liquidation, shareholders may purchase any class of another J.P. Morgan Fund for which they are eligible with the proceeds of the liquidating distribution. At the time of the purchase you must inform your Financial Intermediary or the J.P. Morgan Funds that the proceeds are from the Fund.
PURCHASES OF FUND SHARES FROM NEW SHAREHOLDERS WILL NO LONGER BE ACCEPTED ON OR AFTER FEBRUARY 1, 2021.
PURCHASES OF ADDITIONAL SHARES FROM EXISTING SHAREHOLDERS WILL NO LONGER BE ACCEPTED ON OR AFTER FEBRUARY 24, 2021.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE SUMMARY
PROSPECTUSES, PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION
FOR FUTURE REFERENCE
SUP-IA-LIQ

https://www.sec.gov/Archives/edgar/data/1137761/000110465921008273/a21-4007_1497.htm
97 1 a21-4007_1497.htm 497
SUPPLEMENT DATED JANUARY 28, 2021
TO THE PACIFIC FUNDS PROSPECTUS DATED AUGUST 1, 2020
FOR CLASS A, CLASS C, CLASS I, CLASS R6 AND ADVISOR CLASS SHARES
This supplement revises the Pacific Funds Prospectus dated August 1, 2020 for Class A, Class C, Class I, Class R6 and Advisor Class Shares, as supplemented (the “Prospectus”), and must be preceded or accompanied by the Prospectus. This supplement applies to Pacific Funds Large-Cap Value only. Remember to review the Prospectus for other important information. Capitalized terms not defined herein are as defined in the Prospectus.
NOTICE OF LIQUIDATION OF PACIFIC FUNDSSM LARGE-CAP VALUE
On January 25, 2021, the Board of Trustees of Pacific Funds Series Trust (the “Trust”) approved a plan of liquidation (the “Plan”) for Pacific Funds Large-Cap Value (the “Fund”), a series of the Trust. The liquidation of the Fund is expected to occur on or about March 1, 2021, or such other date as any officer of the Trust shall determine (the “Liquidation Date”). The Liquidation Date may be accelerated if all shareholders of the Fund have redeemed their shares prior to that date.
In order to convert all portfolio securities of the Fund to cash or cash equivalents in preparation for the liquidation, the Fund is expected to deviate from its investment goal and investment strategies until it is liquidated on the Liquidation Date. For example, short-term money market or other instruments may be held by the Fund in anticipation of its liquidation and these investments will not perform in the same manner as investments held by the Fund under normal circumstances.
No new shareholders into the Fund were accepted after December 1, 2020. Investments from existing shareholders of the Fund will no longer be accepted after February 5, 2021. Shareholders holding shares subject to a contingent deferred sales charge (“CDSC”) as of February 5, 2021 will not incur a CDSC on any redemptions on or after February 5, 2021, nor on any amounts distributed on the Liquidation Date. Shareholders may exchange shares of the Fund for another Fund of the Trust at any time prior to the Liquidation Date pursuant to the exchange provisions described in the Prospectus.
Plan of Liquidation. Pursuant to the Plan, on the Liquidation Date the Fund will distribute to its shareholders of record, as of the close of business on the Liquidation Date, all of the remaining assets of the Fund in complete cancellation and redemption of all of the outstanding shares of the Fund, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s book on the Liquidation Date, including, but not limited to, income, dividends, and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the Board shall reasonably deem to exist against the assets of the Fund on the Fund’s book.
Disclosure Changes. All references to and related to the Fund in the Trust’s registration statement (including the Prospectus and Statement of Additional Information) will be deleted effective upon the Liquidation Date. No further notification regarding the liquidation of this Fund will be provided, unless circumstances change from those described above.
SUPPLEMENT DATED JANUARY 28, 2021
TO THE PACIFIC FUNDS PROSPECTUS DATED AUGUST 1, 2020
FOR CLASS P SHARES
This supplement revises the Pacific Funds Prospectus dated August 1, 2020 for Class P Shares, as supplemented (the “Prospectus”), and must be preceded or accompanied by the Prospectus. This supplement applies to Pacific Funds Large-Cap Value only. Remember to review the Prospectus for other important information. Capitalized terms not defined herein are as defined in the Prospectus.
NOTICE OF LIQUIDATION OF PACIFIC FUNDSSM LARGE-CAP VALUE
On January 25, 2021, the Board of Trustees of Pacific Funds Series Trust (the “Trust”) approved a plan of liquidation (the “Plan”) for Pacific Funds Large-Cap Value (the “Fund”), a series of the Trust. The liquidation of the Fund is expected to occur on or about March 1, 2021, or such other date as any officer of the Trust shall determine (the “Liquidation Date”).
In order to convert all portfolio securities of the Fund to cash or cash equivalents in preparation for the liquidation, the Fund is expected to deviate from its investment goal and investment strategies until it is liquidated on the Liquidation Date. For example, short-term money market or other instruments may be held by the Fund in anticipation of its liquidation and these investments will not perform in the same manner as investments held by the Fund under normal circumstances.
Plan of Liquidation. Pursuant to the Plan, on the Liquidation Date the Fund will distribute to its shareholders of record, as of the close of business on the Liquidation Date, all of the remaining assets of the Fund in complete cancellation and redemption of all of the outstanding shares of the Fund, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s book on the Liquidation Date, including, but not limited to, income, dividends, and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the Board shall reasonably deem to exist against the assets of the Fund on the Fund’s book.
Disclosure Changes. All references to and related to the Fund in the Trust’s registration statement (including the Prospectus and Statement of Additional Information) will be deleted effective upon the Liquidation Date. No further notification regarding the liquidation of this Fund will be provided, unless circumstances change from those described above.

@mcmarasco Zhao has actually been in charge since middle of 2019. He overlapped with Dance. It’s a strong fund with a long history of superior performance vs. peers. For the most part (not all cases) I have less concern with Fidelity manager changes than some other fund families. They have a strong bench. Fine rebound from corona early 2020.
But as I said... you picked a fine fund. I’ve been thoroughly impressed with MS and am so fortunate to have a few of their funds.
https://seekingalpha.com/article/4360861-2-international-selections-will-profit-from-falling-u-s-dollar

I just took a flying leap into MSAUX (pj) to “compliment” MGGPX and augment my Minuscule foreign investment.
I still believe the US is where to invest, but a little International might be advantageous and a provide a smidgen of “diversification”.
I chose it over FSEAX because of the tax efficiency. Outside of FSEAX this ms fund beats just about all peers in metrics and returns.
My major trepidation is 2019 & 2020 were very good years. Is 2021 and beyond going to be sub-par, if not negative?
Of course, this is a planned long-term investment, but ........
Any thoughts, suggestions or opinions?
Thx. Matt

@BenWP
I don't believe ARTTX and VLSAX have similar strat's. I like ARTTX as it is a "risk-aware, not specifically L/S" fund and the way I understand it is there is an associate on board whose role in managing the portfolio is focused on risk management thru use of options or other, etc. The fund is run using a very process oriented approach and has out performed the SP500 by a substantial margin since inception. I like his pedigree from where he used to work at a couple hedge funds, likely learned quite a bit and took away "best practices" experience.
VLSAX, run by KAR investments out of LA focuses long high quality, high ROIC, history of resilient earnings growth, minimal debt stock, short, low quality, high leverage, poor cash flow, declining financial metrics stocks
per July 2020 Value Investor (apologies to you and the board as I can't seem to get the linking thing down, argh, I kept looking for a post on how to do that from the past, can't find it). Another good article about ARTTX if you Google, morningstar, an up and comer from top notch fund group, July 2019
Lineage
While each successive manager typically customizes along the way, it’s not
uncommon in the investment business
for strategies to be passed from generation to generation. Christopher Smith of
Artisan Partners provides a representative case in point. The founding portfolio manager of the firm’s Focus Fund –
which was launched in 2017 and now
manages $1.3 billion in assets – Smith
takes an “industry-first” approach to
identifying attractive equity opportunities, looking initially for industries with
what he believes are accelerating profit
cycles and then for the companies that
are priced right and best positioned to
profit from them. He learned the basics
of the approach from Karsch Capital's
Michael Karsch [VII, March 31, 2010],
who learned it from Duquense Capital’s
Stanley Druckenmiller.
With three years under his belt at Artisan, Smith's rendition of a thematic
approach since its April 2017 launch
has earned a net annualized 23.8%, vs.
10.9% for the S&P 500
Good Luck to All,
Baseball Fan

'Course, it you're inside the Robinhood and Reddit twitter feeds or posts, you could be having an 1,800% gain this AM, from 12 days ago in GME, GAMESTOP. All one has to do is grab one of these stocks at the right buy and right sell and if your bet is large enough for your portfolio; you won't have to take risk evermore.
And you thought COVID was disruptive.
The more traditional funds and etf's that hold some of the targeted stocks for the past 12 months may indicate over-sized gains; whether from luck or choice for inclusion by a manager. If one of your funds or etf is performing really well, be sure to discover what is pushing the holdings.
Global etf's, real time
Star Trek investment moments for the RobinHood alert: SHIELDS UP !!!
Bumpy ride ahead.....; depends where one's money currently resides.
Take care,
Catch

Hopefully, FPA Capital and Queens Road Small Cap Value will merge finally provided they receive enough shareholder votes ratifying the merger. The shareholder meeting, adjourned several times for not receiving enough approval votes, is tomorrow.

Better off going to cash than investing with Hussman.

This is very good financial advice!
"Obviously, Hussman turned into a 'perma-bear,' calling for disaster constantly (and wrongly). Hussman still insists that he will be vindicated, and criticizes those who would 'declare victory at halftime.' He criticized 'declaring victory at halftime' previously six full years ago (that’s one long halftime). Hussman wants us to believe that he’s not wrong, merely right but early. However, if you keep making the same wrong call over and over, you don’t get any credit for it when you’re (eventually) right."
"Through 2019, Hussman’s Strategic Growth fund has suffered a 10-year average annual 'return' of -7.54 percent, compared to a 13.24 percent average annual gain by its benchmark, the S&P 500. Despite exceptional early returns, the fund not only badly trails the S&P since inception, it is now a money loser since inception. Notwithstanding this terrible performance, Hussman keeps charging investors 1.25 percent annually to lose their money."
Link

Aside from an outstanding 2020, SVARX has ebb above and below a multi-sector fund like PTIAX. When I see these two charted together I am reminded that owning an equal share of both helps smooths things even further than one alone if low volatility is your goal.
Here's the two individually and then combine (50/50):
Individually and Equal Weighted

It is so hard to convey irony or whimsy via electronic posts. Lewis does not want your address @Baseball_Fan, but he does want you to lighten up a little. All of us need to lighten up, especially with respect to those who draw conclusions from scant evidence.
Some recent reading I’ve been doing about the rise of Hitler points out the crucial role played by various conspiracy theories that greatly benefitted the National Socialists’ takeover of the entire government and economy of Germany in a relatively short time. My take on the current state of affairs in our country suggests that many of us, regardless of our belief systems, can be victimized by falling for stories that we should be able to reject without a second thought. In my own case, on very little concrete evidence, I have come to mistrust my neighbor because he replaced his Trump 2020 flag with a Don’t Tread on Me flag and left for recycling a box that enclosed a new Sig Saur pistol, price tag still attached. My neighbor has never exhibited any untoward behavior towards me, yet I now am inclined to believe he might be a danger because of what I have seen on TV. Good time for the Serenity Prayer if there ever was one. Whatever Tito’s motives may have been, his country managed to produce the all-time joke of a car, the Yugo.

T. Rowe Price Blue Chip Growth ETF
https://www.sec.gov/Archives/edgar/data/1795351/000174177321000034/c497.htm
497 1 c497.htm
T. Rowe Price Blue Chip Growth ETF
Supplement to Prospectus Dated June 23, 2020
In section 1, the portfolio manager table under “Management” is supplemented as follows:
Effective October 1, 2021, Larry J. Puglia will step down as a portfolio manager and Chair of the fund’s Investment Advisory Committee. Paul D. Greene II will succeed Mr. Puglia to become portfolio manager of the fund and Chair of the fund’s Investment Advisory Committee. Mr. Greene joined T. Rowe Price in 2006.
In section 2, the disclosure under “Portfolio Management” is supplemented as follows:
Effective October 1, 2021, Larry J. Puglia will step down as a portfolio manager and Chair of the fund’s Investment Advisory Committee. Paul D. Greene II will succeed Mr. Puglia to become portfolio manager of the fund and Chair of the fund’s Investment Advisory Committee.
During the past five years, Mr. Greene has served as a portfolio manager for other
T. Rowe Price Funds and has assisted the portfolio manager in managing the fund since inception as an associate portfolio manager. He joined the Firm in 2006 and his investment experience dates from that time.
The date of this supplement is January 26, 2021.
ETF785-041 1/26/21