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).

http://www.sec.gov/Archives/edgar/data/1498498/000119312515314419/d34943d497.htm
497 1 d34943d497.htm ASHMORE FUNDS
Filed pursuant to Rule 497(e)
File Nos. 333-169226 and 811-22468
ASHMORE FUNDS
Supplement dated September 8, 2015
to the Statutory Prospectus for Class A, Class C and Institutional Class Shares
of Ashmore Emerging Markets Currency Fund
On September 4, 2015 the Board of Trustees of Ashmore Funds approved a plan of liquidation (the “Plan of Liquidation”) for the Ashmore Emerging Markets Currency Fund (the “Fund”), with such liquidation scheduled to take place on or about October 9, 2015 (the “Liquidation Date”). On or before the Liquidation Date, the Fund will seek to convert substantially all of its portfolio securities and other assets to cash or cash equivalents. Therefore, the Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, the Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of the Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund.
The Fund may make one or more distributions of income and/or net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. For taxable shareholders, the automatic redemption on the Liquidation Date generally will be treated like other redemptions of shares generally – that is, as a sale that may result in a gain or loss to shareholders for U.S. federal income tax purposes.
Effective as of the close of business on September 8, 2015, Class A, Class C and Institutional Class Shares of the Fund will no longer be available for purchase by new or existing investors or be available for exchanges from the other series of Ashmore Funds, except for shares that may be purchased as a result of dividend reinvestments.
At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund pursuant to the procedures set forth under “How to Sell or Exchange Shares” in the Fund’s Prospectus. Effective September 8, 2015, or as soon as practicable thereafter, the Fund will waive any contingent deferred sales charges that may be applicable to the redemption of the Fund’s Class A or Class C Shares, respectively.
Shareholders may also exchange their shares for shares of a different series of Ashmore Funds, subject to any investment minimums and other restrictions on exchanges as described under “How to Sell or Exchange Shares” in the Fund’s Prospectus.
Investors Should Retain This Supplement for Future Reference

The short version:
talked a bit about the piece on a family's first fund and the notion of slow, steady, manageable gains. Highlighted the James Balanced: Golden Rainbow profile that Charles did and TIAA-CREF Lifestyle Conservative piece of mine.
in the "hold it or fold it" segment (viewer requests about individual funds):
Akre: great fund, distinct biases, a manager who's younger than Buffett but ...
Driehaus Emerging Growth: great fund but I'd look at their Emerging Small Cap Growth first. Two reasons - more interesting asset class and the presence of an options hedge that has reduced its volatility below the large cap fund's.
Vanguard Selected Value: it delivers what Litman Gregory promises, a collection of distinctive outside managers whose styles are complementary. Really nice risk-return profile, low expenses.
Manor Growth: meh. Seems risk-conscious, okay returns, nothing to write home about, nothing to flee.
Mentioned after the break: Diamond Hill Small Cap. They're in the red zone for closure. Over $1.6 billion with a strategy capacity in the $1.5-2.0 billion range. I have no inside information or special insight here but ...
David

Wellesley is generating income from taxable bonds, taxable as ordinary income. VTMFX is generating income from tax-free munis, and qualified dividends taxed at lower cap gains rates. So its $2K of income is worth more after tax than the first $2K of income from Wellesley. That narrows the gap, even for current income. And VTMFX should have more long term growth (higher percentage of equity).
I'm offering no opinion (in this post) on which fund is the better choice. Just commenting on the figures. The quality of the distributions (ordinary income, qualified income, or tax free) for the funds are different. Enough so that for any tax bracket one ought to take a closer look at the perceived income gap.
In addition, M* reports trailing twelve month yield from Wellesley as 3%, not 5% (VTMFX's trailing yield is indeed 2%). So even pre-tax, the gap may not be as wide as suggested.
I believe that claimui's 5% figure comes from the 2% of cap gains that Wellesley distrbuted last year. So one fund recognizes 2% in cap gains, while the other "lets it ride". You should be able to get similar (capital gain) income out of VTMFX by selling the shares when you want. If you need that gain as current income then sell shares periodically, otherwise the deferral of gain may be an advantage.

They're going to have to prove something before they get my money. I'd much rather entrust my capital with a more talented group of investors at a cheaper rate. Grandeur.

I concur that the "all or nothing" seems over the top. I always make my moves in increments. -- But then I may lack the confidence, competence (or hubris) of others. -- Then again, staying fully invested, regardless of price also does not strike me as a strategy to follow if risk/avoiding major capital drawdowns is important to an investor.
As for the sell signal on that Monday (made the weekend before), anybody selling stocks/ETF should ALWAYS use limit orders (OEFs, will of course fill at EOD, which was far above the day's lows).
One follow-up re the "best days" myth -- This week on Moraif's radio program (which is podcasted on his website) he specifically addressed this matter -- and amplified it somewhat. He recently did some research, and determined that the top 60 "up" days occurred during bear markets. --- So ginormous "up" days in the current market environment may not be reason for glee... (unless 'its different this time'...)

It is unlikely in the extreme that an investor would be invested in the stock market virtually all the time, but then haplessly trade OUT of the market just prior to a giant up day, only to then re-enter the market --- and then repeat that same error again and again...
Much more likely: If you are "unlucky enough" to miss most of these big up days, its probably because you also missed a a good piece of the major down moves during which these brief counter-trend rallies occur --- and are thus well ahead of the buy-and-holders.
A good primer on this fallacy is explained in more eloquent detail in the book "Buy Hold and Sell" by financial advisor Ken Moraif (he repeatedly makes the annual Barron's Top Advisor list)

And if I'm not mistaken, Ken Moraif managed to do just that 2 weeks ago when he gave his "sell everything" order after the market closed on Friday so that anyone who followed his advice sold all their stocks on Monday morning at virtually the worst point possible and all their mutual funds at the close on Monday, not far from the worst, just to miss the crazy rally on Wednesday and Thursday. Of course it's always possible that the trend has changed and this little mishap will be lost in the details, but the taxes those people had to pay on their gains will require a bit more downside before they get back to even.
Much has been made about the difficulty of timing the market, but this guy isn't "just" a timer, he's an "all-or-nothing" timer. That's strikes me as more than a bit risky for the average investor.

You know it's been a tough year when this fund turns green. Today's +0.56% gain puts it ahead at about +0.34% YTD. The contrarian fund is still in the red over 1, 3, 5 and 10 year periods. (I like to track a few that I don't own every day just to get a better feel for what's happening.)
Not much else was up today. BEARX did well. High-quality bond funds showed small gains.
Board favorite PRWCX (I own this one) lost 1%. We'll see how long these guys (PRWCX) can continue to walk on water.

Simple answer - assuming all dividends were reinvested, M*'s pages give you the pre-tax, total return (including dividends and price depreciation) numbers I think you are looking for:3.86% in 2011, 4.20% in 2012, 3.39% in 2013, 2.65% in 2014, and a less impressive 0.91% YTD (through Sept 3, 2015).
Depending on whether this is in a taxable account, what tax rates you apply to ordinary income and capital losses, this may or may not have beaten inflation. Eyeballing the figures (see the first graph in linked paged above), it is pretty clear that even after tax everyone came out ahead except possibly in 2011, where the net gain was 3.86%, while inflation was 3.0%. If you were taxed at 25%, your after tax return was under the 3.0% inflation rate.

@msf: As of 9/3 rphyx adjusted close up 6 cents from the new year. I'm ahead of the game, or not ?
Derf

Yahoo hasn't incorporated the August dividend:
http://www.riverparkfunds.com/downloads/Distributions/RiverPark_Short-Term-High-Yield-Retail-Distributions-history.pdf
The fund opened the year at $9.89, and closed yesterday at $9.79. That's a loss of "just" 10c. In the meantime, it has distributed $0.1901/share.
If your total (combined fed/state) tax bracket is under 47%, then your after tax earnings on that 19.01c is greater than a dime, so you made money even if you don't get any writeoff on the 10c capital loss.
How much ahead you come out depends on tax brackets, if/when you sell shares, and so on. But there's virtually no way you've lost money so far this year, after taxes.

I'm having difficulty making a fund selection and hope to tap the wisdom of this group for any thoughts you may have, particularly since many of you are Vanguard investors and may be familiar with the nuances of the two funds I'm contemplating.
Here's the situation: in order to simplify my financial life, I recently moved our "emergency fund" (equivalent to about 6 months of our living expenses) to a new and separate brokerage account at Vanguard. One reason is the ability to add small amounts to Vanguard funds on a regular basis--this is not an account we are looking to drastically grow, but still would like to pop in a few bucks a month.
Half the funds are kept in cash; the other half will be in a conservative Vanguard fund. I'm really torn between the Wellesley Income fund and the Tax Managed Balanced fund, mostly because of taxes since it is in a taxable account. How worried should I be about this? VWINX has high portfolio turnover, and is certainly not as tax-efficient as VTMFX. However, Wellington Management is without a doubt stellar, and I think there is an opportunity for downside protection. VWINX held up quite nicely in 2008 and 2011. I also prefer the more conservative allocation of VWINX.
I anticipate this to be a *very* long-term holding, so I'm not concerned with short-term gains, but should I be considering the tax equation more and opt for VTMFX? Your thoughts are greatly appreciated.

@msf: "The ability to apply capital losses against ordinary income is capped at $3K" *per federal tax year* With any excess being carried over to the next tax year.
And for an individual looking for current fairly stable income, gains/losses tend to be a moot point.

And if you have no capital gains at all, you also get full credit against your ordinary income.

I understand your point, but this is not entirely correct. :-)
The ability to apply capital losses against ordinary income is capped at $3K. While you might not have any capital gains, you might have capital losses elsewhere bringing your total losses to over $3K. Or you might recognize losses in RPHYX itself above $3K.
That could happen if you let those losses pile up for several years before recognizing them.
Point taken, though.

That's because the interest dividends are taxed at, say, 25%, while you only get tax credit for 15% of the capital loss.

I understand your point, but this is not entirely correct. If you have long term capital gains that are taxed at 15%, and your losses on RPHYX offset those long capital gains, then yes you are only getting 15% credit for those losses. But if your losses on RPHYX offset short term capital gains that are taxed at ordinary income, then you get full credit. And if you have no capital gains at all, you also get full credit against your ordinary income.

I could have sworn I posted this already somewhere:
Unfortunately, when current yield equals current cap gain loss, one comes out a loser. That's because the interest dividends are taxed at, say, 25%, while you only get tax credit for 15% of the capital loss. One winds up down 10% or so.

I own both funds as a sort of '401K Stable Value Fund' replacement and a source of current income. I'm on the slightly positive side of Happy with it, with the current LT Capital Loss :-( being offset by the Current Yield. It's not great, but it's better than a CD...

Catch, Thanks for the chuckle. We've been negative for awhile now - if it makes you feel any better.
I've always felt subjecting one's life savings to the vicissitudes of the markets was a bit of a gamble. But bear in mind the old: "No pain. No gain."
With short term bonds yielding what? (1% or something like that) ... is it any wonder that it's becoming harder to extract big gains from riskier assets.