From what I have been reading and hearing ... The use of borrowed capital (leverage) by big money is a contributing factor to the higher than normal stock market valuations we have had and currently have. Over the past couple of months stock market prices have been in decline due to leverage in the markets is being reduced by big money.
Seems to me, this party just might be winding down as the crowd seems to be thinning out. As a retail investor, I have been raising my cash position within my own asset allocation thus reducing the amounts of stocks and bonds held within my own portfolio.
I have not sold out of the capital markets but I have made some changes that have rebalanced my asset allocation within its allowable ranges that puts cash towards it's upper range of about 25% while causing a reduction in the others.
So, if I am making this rebalance move, perhaps others are too.

@hank, this year growth stocks has way outperformed value stocks, including health care and biotech. TRP Capital Appreciation and Mid Cap Growth have certainly benefited from it.

I think we're increasingly seeing hot money chase trends, driving sectors to unsustainable highs and lows. However, these trends persist for very long periods. Riding the trends if you're a smart (or lucky) momentum investor is very rewarding.
My biggest problem in the past has been bailing when something gets hot, believing that locking in a 10-20% gain was to my advantage. Of course, in a market where hot funds and sectors can tack-on 15-20% gains year after year, that's a self-defeating practice.
I'm increasingly moving to a buy and hold strategy focused mostly on good balanced and allocation funds. Some rebalancing, but less than in the past. 75% is so allocated to that strategy now and I'll likely raise it to 80% by year's end.

Oil News
Oil Price
FREE
WEEKLY REPORT oilprice.com Evan Kelly
News Editor, Oilprice.com
18/09/2015(excerpts)
The Fed cited strong consumer demand, solid job gains, declining unemployment – all reasons that a rate increase is likely sometime soon. When that increase does occur, it will be the first increase in almost a decade. Crude oil prices barely budged on the news, trading slightly down.
Goldman made headlines recently when it outlined a scenario in which oil prices would drop to $20 per barrel. Now the bank is outdoing itself with a prediction that oil will remain around $50 per barrel though 2030. For evidence, it points to the bust of the 1980s when oil prices did not rebound until the turn of the century.....there is a recipe for a rather strong rebound in oil prices in the coming years. Obviously, the big question is when that will happen. The glut could persist through this year and next, but calling for oil to remain near $50 per barrel for 15 years seems like a stretch.
The $70 billion takeover of BG Group (LON: BG) by Royal Dutch Shell (NYSE: RDS.A) ran into a road block in Australia this week. Australian regulators decided to push off a decision on the merger by two months due to a wave of opposition from Australian businesses worried about higher costs of natural gas.
Statoil (NYSE: STO) brought the first subsea compression plant in the world online this week. The subsea facility, located at Asgard in the Norwegian Sea, will increase production by around 306 million barrels of oil equivalent, boosting output from the aging field. ...the closer you can get to the well, the more oil and gas can be recovered. Usually, compression is done at the sea surface on a platform. This is the first gas compression facility at the sea floor. It is illustrative of an important emerging trend in the offshore oil industry.
The U.S. House of Representatives is moving on legislation to repeal the decades-old ban on crude oil exports. After previously passing a subcommittee vote, the full House Energy and Commerce Committee passed the bill this week by a 31-19 vote. Next up is the full House vote, which could take place in late September. The White House came out against the legislation this week, arguing that the decision to allow crude oil exports should be left to the Department of Commerce. The hotly contested issue has caused a clash between the upstream energy sector and downstream refiners.
WTI and Brent benchmarks. The spread between the two is narrowing, shrinking to its lowest level in eight months. For several years WTI had traded at a discount, owing both to the crude oil export ban in the United States as well as the resulting localized glut of oil trapped within its borders. Also, pipeline shortages led to oil being diverted into storage, pushing down WTI. But with new pipelines now in place, along with declining U.S. oil production, WTI is now converging towards Brent. And as the discount vanishes, so does the opportunity for U.S. oil exports. At the current spread, exports are largely uneconomical.
The state-owned Colombian oil company Ecopetrol and Occidental Petroleum (NYSE: OXY) have announced plans to invest $2 billion over the next 10 years to boost production at the onshore oil field La Cira-Infantas.
Finally, in a bit of natural gas news, this fall could see an uptick in natural gas consumption as several nuclear power plants go offline for refueling. The EIA projects that 9 percent of the U.S.’ nuclear power capacity is currently offline, a number that could grow this fall. Between September and December, around 30 reactors could undergo refueling maintenance
http://oilprice.com/newsletters/free/opintel18092015

@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: Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Wednesday that U.S. Treasury bonds look attractive because their yields have moved higher in recent weeks.
Regards,
Ted
http://www.reuters.com/article/2015/09/16/us-doubleline-gundlach-fed-idUSKCN0RG2VZ20150916

Fed Keeps Rate Unchanged: What Experts Say Thomson Reuters | Last Updated: September 18, 2015 01:24 (IST)© Thomson Reuters
Scott Wren, senior global strategist for Wells Fargo Investment Institute in St. Louis, Missouri
"...wage growth not hardly doing anything, when you look at almost 10.5 per cent of the working population is either unemployed or underemployed, that is why wages aren't going up. The labour market is not tight, inflation is nowhere near their target, it totally doesn't surprise me they didn't do that. Saying that, they almost backed themselves into a corner here, our call is they do make one move this year, it is going to be in December. It is going to be a 25 basis point move and it's basically a credibility, 'let's get the normalization ball rolling' here."
Steve Gutch, senior portfolio manager, Federated Investors, Rochester, New York
"In our view, they are going to wait until it's essentially crystal clear before they raise rates."Now it's a waiting game. In our view, we don't think this is material, and I would expect a volatile market to continue."
Omer Esiner, chief market strategist at Commonwealth Foreign Exchange Inc. in Washington
...a little surprised at the dovishness of the statement. I would have expected 'no move' to be accompanied by a slightly more upbeat assessment of the economy. Instead, what we got was more focus on macroeconomic uncertainties,..
Hugh Mcguirk, head of Municipal Bonds Team, T. Rowe Price, Baltimore, Maryland
"I'm a little disappointed. We've got to rip the Band-Aid off. Clearly they're being very cautious, as they have been all along. We'll just have to wait until October."
Gene Mcgillian, senior analyst, Tradition Energy in Stamford, Connecticut
... probably be neutral for oil, although maybe you could say it will weaken the dollar and that would be supportive to oil.
"But we've been at this level so long and this just moves the Federal Reserve watch to the next meeting. The oil market will go back to watching to see if the economic slowdown in China spreads to other economies and whether low oil prices start to lower US oil production significantly."
Bob Michele, global chief investment officer, head of global fixed income, JPMorgan Asset Management in New York,
I would have been shocked if the Fed raised rates because the market wasn't at all prepared for it. It's the first rate hike in nine years, they have to be careful. Do I think they should have raised rates? Yes I think they have had the opportunity, but they clearly decided that the international economic conditions warranted waiting for a while. I think they could have stuck to their guns. I think they need to get off the zero lower bound."
Brian Dolan, head market strategist, Drivewealth, New Jersey
"...did the right thing. There's no need to rock the boat right now. Again the disconcerting element is the downgrade to the interest rate trajectory, which could provide solace to investor sentiment overall. Given the global headwinds, the last thing we need right now was a hike in rates and any kind of hawkish projections."
http://profit.ndtv.com/news/global-economy/article-fed-keeps-rate-unchanged-what-experts-say-1218868
By James Picerno | Sep 18, 2015 at 04:45 pm EDT
The Capital Spectator
Investing, Asset Allocation, Economics & The Search For The Bottom Line
Negative US Interest Rates: A Primer (Just In Case)
The crowd is buzzing over the possibility that the Federal Reserve may be considering negative interest rates. Where did that notion come from? Well, from the horse’s mouth. As noted earlier, an unnamed FOMC member recommended—for the first time in Fed history in terms of a formal, public document—that the central bank’s policy rate be set slightly below zero for this year and in 2016, as per two dots in yesterday’s dot plot (see chart below). It’s an idea that seems to be catching on… again. The Bank of England’s Andy Haldane just outlined the case for going negative in the UK.
As for the Fed’s tentative foray into the concept of negativity, some wonder if yesterday’s below-zero advice constitutes some sort of monetary joke. Or is it an early clue that lays the groundwork for QE4 and yet another embrace of monetary stimulus that goes above and beyond the usual fare? Not so fast, said Fed Chair Janet Yellen, who was quick to dismiss the idea in yesterday’s press conference. When asked about the subject, she quickly sacked the issue: “Let me be clear that negative interest rates was not something that we considered very seriously at all today,” she insisted. “It was not one of our main policy options” under consideration. Ok, but is it under consideration going forward?
In any case, the rumor mill has been set in motion and the machinery of inquiry and analysis has been let loose on this formerly esoteric subject in the annals of US central banking. Is it ready for prime time? Maybe not, but to be fair it was the Fed that let this gnarly monetary cat out of the bag.
Lots of links on the topic.
Current News/Analysis on the Negative Rate Dots
General Research/Commentary On Negative Rates
Recent News Stories On Negative Rates
http://www.capitalspectator.com/negative-us-interest-rates-a-primer-just-in-case/

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.

I would not expect an index fund/ETF to outperform its benchmark/index. We always have the losses due to friction, e.g. the "E" of "ER", and taxes on capital gains. Just hope the index does well and believe in regression to the mean.

This is a column not about moves to make, but simply bookkeeping (if you're going to sell shares, which shares of a particular holding to sell for tax purposes).
Much of what Jaffe's written is simplistic. People here know I'm a fan of Kaye Thomas, at Fairmark.com. You'll find a much better description of how some of this works here:
http://fairmark.com/investment-taxation/capital-gain/stocks-and-other-securities/how-to-identify-shares/
A move that seems to be rarely discussed (and isn't in this one of Jaffe's columns) is using market swoons as an opportunity to reposition taxable accounts. This is the time when your capital gains will be at their lowest, so it's less painful to switch horses in midstream :-) If you're riding a former thoroughbred that's now ready for the glue factory, this can be a good time to place your money on that promising yearling.
And thus exhausts my woefully sparse knowledge of horses.

I've decided that I've developed the mutual fund sickness of being a fund collector. I'm sure there are others who suffer from this malady. The first step is admitting to the problem, so.....with that in mind, I've decided to consolidate my portfolio so it's more manageable and not duplicative. The first step is to whittle down some of my balanced funds, which are numerous. Currently, I hold VWENX, VTMFX in taxable accounts and FBALX, JABAX and GAOAX in tax-deferred accounts. The tax deferred accounts are easier to deal with, but VWENX poses more of a problem because I've amassed considerable capital gains and a sale would trigger a big tax bill. OTOH, VWENX is not a tax efficient holding to begin with, but I purchased it many years ago when I knew nothing about the concept of tax efficient holdings. I do hold VTMFX in a taxable account due to the municipal income generated by it. Any suggestions for consolidating these funds? Holding five balanced funds seems a bit much to me. Thanks in advance.

FYI: When Petroleo Brasileiro SA sold 100-year bonds in June, the move was largely seen as a sign the corruption-tainted oil producer had put the worst of its problems behind it.
For investors like Pacific Investment Management Co., Fidelity Management & Research Co. and Capital Group Inc. -- the three biggest holders of the securities -- that turned out to be a costly miscalculation. Since the $2.5 billion offering, the bonds have tumbled 15 percent. That’s four times the average loss for emerging-market company debt.
Regards,
Ted
http://www.bloomberg.com/news/articles/2015-09-14/pimco-fidelity-stung-by-collapse-of-petrobras-s-100-year-bond?cmpid=yhoo

Those interested - such as Jerry - might recheck the link above. Acorn will distribute $8 per share in cap gains this December. It will be interesting to see the impact of M* lowered rating & repeated concern about the fund shedding $8 billion in asset value as shareholders dump it.

I am uncertain if what caused their problems was greed .I.e not closing the fund when it started getting really large. Still . even though recent quarterly reports have been fairly candid about poor performance they have not suggested size as a key problem. They have talked about GARP (growth at reasonable price not being in favor ) and about a need to reduce the number of positions. One would have thought that they might have done fairly well this summer since a large cash position would have been appropriate given the large amount of redemptions. As a taxable shareholder I am concerned about a large capital gains distribution this winter but because of performance I am likely to take the distribution in cash and put it to work elsewhere. Surprisingly the fund did not do badly after Ralph wagner left but fall of 2007 would have been a great time to sell and not get back in (to that fund )

http://www.sec.gov/Archives/edgar/data/709364/000094937715000317/e36935_roh-isi.htm
497 1 e36935_roh-isi.htm
The Royce Fund
Supplement to the Investment, Service, and Institutional Class Shares
Prospectus Dated May 1, 2015
Royce 100 Fund
(to be renamed Royce Small-Cap Leaders Fund effective September 15, 2015)
The Board of Trustees of The Royce Fund has approved the following name and related investment policy changes for Royce 100 Fund, to become effective as of September 15, 2015.
Royce 100 Fund
Royce 100 Fund will be renamed Royce Small-Cap Leaders Fund.
Principal Investment Strategy
The first and second paragraphs in this section are deleted in their entirety and replaced with the following:
Royce & Associates, LLC (“Royce”), the Fund’s investment adviser, invests the Fund’s assets primarily in a limited number (generally up to 100) of equity securities of small-cap companies with stock market capitalizations up to $3 billion. Royce selects securities of “leading” companies—those that in its view are trading at attractive valuations that also have excellent business strengths, strong balance sheets, and/or improved prospects for growth, as well as those with the potential for improvement in cash flow levels and internal rates of return.
Normally, the Fund invests at least 80% of its net assets in equity securities of companies with stock market capitalizations up to $3 billion at the time of investment. Although the Fund normally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries. The Fund may invest in other investment companies that invest in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what Royce deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio.
Primary Risks for Fund Investors
The first sentence of the second paragraph in this section is deleted in its entirety and replaced with the following:
The prices of equity securities of companies with market capitalizations up to $3 billion are generally more volatile and their markets are less liquid relative to larger-cap securities.
The operations of the Fund will not change except as specifically described above.
September 11, 2015

As I've noted before, the guy seems problematic. Mr. Calamos's decision to reconfigure his executive team struck me at the time as unwise (see Gary Black as savior? Really?, September 2012) since he was bringing in a guy around whom lawsuits, controversy, and negative press swirled. Yesterday Calamos filed the following announcement with the SEC:
"Effective immediately, Gary Black will no longer be a member of the investment team managing any of the series of the Calamos Investment Trust other than the Calamos Long/Short Fund where he will remain a Co-Portfolio Manager. Accordingly, all references to Mr. Black’s position of Global Co-CIO and his involvement with all other series of the Calamos Investment Trust except for the Calamos Long/Short Fund shall be deemed deleted from the Summary Prospectuses, Prospectuses, and Statement of Additional Information of the Calamos Investment Trust. "
The Long/Short fund was Black's project before he joined Calamos. The press release merely says that Mr. Black "will transition from the firm by October 31, 2015." His bio now reads:
"Gary D. Black. Gary D. Black serves as a Co-Portfolio Manager as of September 2015. Between August 31, 2012 and September 2015 he was the Executive Vice President and Global Co-CIO of CALAMOS ADVISORS. Mr. Black served as Chief Executive Officer and Chief Investment Officer, and was a Founding Member of Black Capital LLC from July 2009 until August 2012. Prior thereto, Mr. Black served as Chief Executive Officer of Janus Capital Group from January 2006 through July 2009."
His fund, CALSX, seems to offer elevated volatility with average returns.
I've dropped Calamos a note, asking what led to the changes and what happens to CALSX after Halloween. Firm representatives, citing what they believe to be unprofessional behavior in our earlier coverage, are reluctant to provide additional comment now. That's understandable. The official word on the change is available at the Calamos website.
As ever,
David

Hi bee,
you will notice below that ETGLX has a somewhat greater return than POAGX
but for taxable accounts it is more tax efficient.
prinx
Tax Analysis
1-Mo 3-Mo 6-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr 15-Yr Since Inception
(08/31/2015)
Pretax Return
POAGX -5.70 -5.43 -4.78 0.97 4.16 22.83 22.41 13.08 — 13.17
ETGLX -8.43 -10.43 -4.13 1.17 8.11 24.61 22.79 — — —
Tax-adjusted Return *
POAGX -5.70 -5.43 -4.78 0.97 2.81 22.10 21.72 12.70 — 12.82
ETGLX -8.43 -10.43 -4.13 1.17 8.08 24.52 22.19 — — —
% Rank in Category 23 32 49 34 20 1 1 1 —
Tax Cost Ratio
POAGX — — — — 1.30 0.59 0.56 0.34 — —
ETGLX — — — — 0.03 0.07 0.49 — — —
Potential Cap Gains Exposure
POAGX 32.94
ETGLX 11.25

The stock market is absolutely one of those places where you need to check your ego outside the door. Even when you may be right about an investment it won't matter if the collective market disagrees with you. Above all else, learn to protect your principal/capital.

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.

+1 for Sven.
Remember, investors cannot buy low if their capital is all, already deployed. (Unless of course they use margin, which is not my recommendation).