Sorry if i offended anyone. I was just a little surprised that 14 people viewed my post and not one made ANY comment whatsoever. I guess my expections were a little misguided!
I do appreciate the responses so far, thank you!!!
A little more info as requested. I hold this in a TAXABLE brakerage account at Fidelity. And I do make period additions, not monthly, maybe one or twice a year on average.
I did not know that FIDO can do the "exchange", I will have to look into that, thanks!! And yes, I would have LT cap gains if I have to sell than buy. BUT I do not think that is the case, I believe I can "exchange" w/o incurring the LtCG.
I do hold positions typically for much more than one year; I've had this postion for about 18 months.
Mark, I tried to research RMUIX on FIDO's website and it did not bring up a webpage. It could not find it. This has happend before with other Institutional funds and what I've been told it that this fund is "unavailable" to be purchased by a "retail" investor. I certainly can look into this again, though, thanks!!
To

Hi Guys,
My wife and I returned late yesterday from our combined Utah parks tour and attendance at the annual Las Vegas Money Show. Both were exceptional experiences. Zion, Bryce, and Arches parks remain surprising even after several visits.
At the Money Show we separately and together attended 25 presentations. A few disappointed, but overall, the material informed and the talks were superior. Away from the formal meetings, I managed to talk one-on-one with James Stack and Jack Ablin. Between sessions, I shared somewhat divergent opinions with three financial advisors from three separate parts of the US. Great fun.
This year, the Las Vegas edition of the Money Show attracted over 7,000 folks, mostly active traders. That’s down from a peak of over 10,000 attendees several years ago. The program organizers announced that individual stock ownership has dropped from about 65 % of the adult population to roughly 52 % currently. The memories of the 2008 meltdown have not yet been completely erased.
To observe that individual opinions are distinct and somewhat divergent is an understatement. The interpretations of identical data wildly diverged. There surely was not a universal consensus, and just as assuredly there were no Las Vegas eureka moments.
Since I believe in the inductive logic chain for decision making, I seek and evaluate diverse opinions. They contribute to my investment decisions. Majority perspectives should not automatically carry the day. To a scientist, a consensus is not necessarily a good thing. Challenging conventional wisdom can promote research and better understanding. In the investment world nothing is forever.
In the 1830s, after touring the US for several years, Frenchman Alex de Tocqueville wrote: “ The French, under the old regime, held at for a maxim that the King could do no wrong. The Americans entertain the same opinion with regard to the majority”. In his book, de Tocqueville purportedly formulated “The Tyranny of the Majority” rule. That is a very dodgy trait given the often demonstrated actions of crowd (mob) misbehavior.
Total consensus is also a hazardous thing. It is the stuff that directly leads to the tyranny of markets. If everyone simultaneously approaches a 100 % consensus that is the substance of panics and manias. Fortunately that happens infrequently in the pragmatic marketplace.
When everyone is on the same page, a dramatic change in direction is increasingly likely; essentially, it is an unstable equilibrium. If everyone is committed to equities, one minor event, rumor, or falsehood is likely to trigger a tipping point that cascades into an avalanche of either sells or buys. The direction doesn’t matter; the mob psychology carries the day.
Remember that’s what happened just before the Great 1929 stock market Crash when sophisticated market wizards like Irving Fisher and John Raskob made egregious misdirected predictions. Both these gentlemen had a lot of explaining to do to salvage their self-inflicted damaged reputations.
Forecasting is definitely a treacherous business. Nobody hits the mark consistently. On occasion, a random success leads to unwarranted adulation until the next forecast turns south.
As early as 1932, Alfred Crowles asked and answered the ubiquitous question within the investment community: “Can Stock Market Forecasters Forecast?”
Crowles performance data sets included individual market experts, media pundits, the Dow Theory itself, and insurance companies over an extended timeframe. His study findings were negative among all groups. He found little evidence of skill, and attributed its much fewer successes to luck. Financial forecasters in yesteryear share the same abysmal record as today’s experts.
I assembled this brief history as prologue to my informal survey conducted at the annual Las Vegas event.
My burning question when joining the conference was “what are the likely equity market rewards for the remainder of the year”?
Not unexpectedly a consensus was not reached. In a restricted sense, that’s goodness since it shows independent thinking and some distancing from any group-think mentality.
The overarching summary is that a much more numerous cohort, using economic, political, and financial convictions, anticipate a continuing bull market.
The optimistic side team members include Steve Forbes, James Stack, Ron Muhlencamp, Hillary Kramer, Louis Navellier, Jack Ablin, John Buckingham, and a host of others. The May 13 issue of Barron’s headlined “This Bull has Room to Run”. The Investor’s Business Daily also currently rates the equity markets as a “confirmed uptrend”. All these positive outlooks cautioned against sudden political and economic reversals so they seem timid when contrasted against the other side’s views.
The pessimistic group is vigorously represented by a numerically smaller, but more firmly committed, cohort that includes Alex Merk and Peter Schiff. Based on his assessment, Peter Schiff has replaced Nouriel Roubini as the new Doctor Doom.
Everyone sees a long-term financial crisis caused by excessive government printing money without commensurate productivity gains. This is not a Black Swan event; it is foreseeable. The pessimists predict a cliff. The optimists allow for a gradual descent, with demographics and productivity growth mitigating the downturn. Construct your own scenario.
A sector rotation strategy appears to be the composite wisdom of the professionals. Many money managers emphasize sector rotation to enhance returns during different segments of a maturing bull market. Most concurred that the present equity markets are getting late in the bull cycle.
Given its current age, James Stack recommends a rotation into the Healthcare, Consumer Staples, and Utilities sectors. Historically these play solid defense coupled into a safety-first strategy.
Still market positive, but also in a defensive framework, economist Mark Skousen endorsed the Baron Growth (BGRFX) and the Permanent Portfolio (PRPFX) mutual funds, and the Aberdeen Asia Global Partners Income Fund (FAX) and the Eaton Vance Floating Rate Income Trust (EFT) as part of an income protection portfolio. I have not researched these recommendations myself.
Louis Navellier is the single, most impressive stock-picker I currently follow. Mark Hulbert has evaluated Navellier’s newsletters and mutual fund performance for years. He has consistently scored Navellier highly both on an absolute returns basis and on a risk-adjusted scale. Let me report two takeaways from his Las Vegas talk.
First, Navellier recommends to stay completely away from International holdings. The risk-reward tradeoffs are far too asymmetrical. In a relative sense, the US equity marketplace is in a sweet-spot with an accommodative Fed and a strong US dollar.
Second, you can get free access to Navellier’s stock judgments. He assesses countless stocks and his website includes a comprehensive set of data and astute scoring. His web address is:
http://navelliergrowth.investorplace.com/
Enter the stock symbol (or symbols with a space between them) in the screen place indicated. That will get an overall score. For a more detailed profile, click on the symbol in the overall score box. The assessment as a function of time is particularly useful to establish a trend.
Another separate aspect of the Money Show is the numerical distribution of sponsors. One way to gauge the current investment climate is to simply count the number of presenters in any investment category, and the number of stalls purchased in the main exhibit hall.
Energy exploration and pipeline Limited Partnerships were plentiful. Natural gas was heavily supported. A few Real Estate outfits were represented. A larger than usual number of wealth management services were proffered. In general, these varied investment “opportunities” increased over last year’s Money Show sponsors.
That’s my incomplete summary of the Vegas sessions. Given the communities uneven forecasting record, a vigilant investor must receive their projections with measured skepticism.
It’s always a prudent policy to put things in context. Mark Twain cautioned that “whenever you find yourself on the side of the majority, it is time to pause and reflect”.
I hope this summary is useful.
Best Regards.

How fast do you want people to respond? You didn't really describe the situation fully, as I'll explain.
Short answer, yes.
Longer answer - you talk about doing an exchange, but you also talk about a $75 fee. Every post I've ever seen about doing swaps at Fidelity has said that if they do the exchange for you (as opposed to doing a buy/sell yourself) is done without a transaction fee. So it would appear that you're thinking about doing the swap by placing the orders yourself.
Since the minimum for RSMCX in a Fidelity IRA is $500, we can reasonably assume you're talking about a taxable account. In a taxable account, there could be tax implications if you did a buy/sell yourself. Might not be - we don't know if you've got unrealized gains. Would make a difference in the answer.
So let's say you were in error about being charged $75 for the initial exchange, and were thinking about Fidelity doing the exchange for you. Have you checked with Fidelity - do you know whether they are able to execute this as a tax-free exchange? That requires cooperation and coordination between the brokerage and the fund family. Sometimes it can be done, sometimes not. I recently asked Fidelity about an exchange that would save me many fewer basis points than you're talking about, and they told me that they couldn't do a tax-free exchange (yet), but that I was hardly the first to ask about that particular exchange - they were working on it.
Would you be planning to purchase more? If so, in lump sums, or a few bucks at a time? In the former case, you could easily absorb the $5/trade that it would cost using their automated investment system. In the latter case, you might be better off keeping the more expensive share class, or perhaps setting up two positions - one with the shares exchanged, and one to hold new purchases.
You also didn't say how long you typically hold positions. If it's under a year, the answer would likely be no - you'd be at best saving a few bucks, at the cost of your time and effort. Of course, if you're retired/unemployed, and value your time so cheaply, the answer might again be different.
So now you've got 15 views and one response.

Dividends have been spotty with that fund; maybe look at holdings and recent reports to figure out what they're doing in that regard. Cap gains? Haven't been any since 2008, and with the price runup since then, the recent Japan uptick, & the 40-whatever percent turnover, I wouldn't bet against a cg distribution this December.

http://www.sec.gov/Archives/edgar/data/1105128/000145079113000102/rule497e.htm
Scout Funds
Scout International Discovery Fund
Supplement dated May 16, 2013 to the Prospectus dated October 31, 2012, as revised April 11, 2013
Upon the recommendation of Scout Investments, Inc. (the “Advisor”), the Scout Funds Board of Trustees has adopted a Plan of Liquidation to cease operations of the Scout International Discovery Fund (the “Fund”) and liquidate the Fund. The Advisor has determined that it is no longer economically viable to continue operating the Fund in view of its size and future prospects for growth. The liquidation is expected to be completed on or about June 28, 2013.
The Fund will be closed to new investors effective May 17, 2013. After May 17, 2013, if you sell all of the Fund’s shares in your account, you will not be able to buy additional shares of the Fund. Shareholders may sell Fund shares or exchange Fund shares for shares of other Scout Funds at any time prior to the liquidation date. Procedures for selling or exchanging your shares are contained in the “Selling Shares” and “Exchanging Shares” sections of the Fund’s Prospectus. Any shareholders that have not sold or exchanged their shares of the Fund prior to the liquidation date will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record.
All holdings in the Fund’s portfolio are being liquidated. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have requested payment in cash.
The liquidation of the Fund will constitute a taxable event for purposes of federal income taxes, except to the extent the Fund’s shares are held in a tax-advantaged product, plan or account. You also may be subject to state, local or foreign taxes on any liquidation proceeds you receive. By the liquidation date, the Fund expects to declare and pay one or more dividends to its shareholders to the extent necessary to avoid entity level tax. You should consult your financial or tax advisor for further information about the impact any tax consequences may have to your own circumstances.
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 hold shares in a tax-deferred account, please consult with your retirement account trustee or custodian to determine how you may be able to re-invest your liquidation proceeds on a tax-deferred basis. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 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 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.
You should keep this Supplement for future reference. Additional copies of the Prospectus may be obtained free of charge by calling (800) 996-2862.

Those who followed Marsico Flexible Capital (MFCFX) remember its beautiful performance, but then its manager Douglas Rao left Marsico and joined Chautauqua Capital Management, http://www.prnewswire.com/news-releases/chautauqua-capital-management-names-a-douglas-rao-partner-and-co-portfolio-manager-166119886.html
It seems that he decided to return to fund management, at Janus. This is from M*:
The firm also has hired Douglas Rao to manage Janus Forty, which should differentiate it in the future from the previously identical Janus Twenty. Rao worked at Marsico Capital Management (founded by former Janus manager Tom Marsico) as an analyst and manager from 2005-12, steered Negative-rated Marsico Flexible Capital (MFCFX) to a fine record in a five-year tenure, and comanaged Neutral-rated flagships Marsico Growth (MGRIX) and Marsico Focus (MFOCX) for 2.5 years. Janus Forty is now expected to have a larger stake in non-U.S. stocks than Janus Twenty.
I wonder what do you think about it, in view of many recent manager departures from Janus, see http://news.morningstar.com/articlenet/article.aspx?id=597235

from John Park, half of Jackson Park Capital LLC, the advisors:
Hi David,
Thanks for the email. Our first holdings report, as of March 31, 2013, should be filed toward the end of this month. We plan on having a fact sheet up shortly thereafter that will be downloadable on the website. The semi-annual report is likely to be July or August, but I'm not yet sure of the exact time frame since this is our first year and the fund board will determine the precise timing.
Hopefully this is helpful. Thanks so much for your interest and please feel free to contact us any time.
Best regards,
JP

Thanks Flack for your response and Charles for asking the question.
If I undertand Margin usage, let's say I have $1,000 to invest at a brokerage (and in the market). I can "borrow" 50% more money or $500 dollars and add to my market positions so I now have $1500 invested. If all market participates were using (50%) margin the market would be leveraged (50%). That's pretty powerful stuff.
Now if the market responds positively, these leveraged particpates have help to goose the market up to 50% more due to leverage. Hard to believe that the enitre market could be 50% leveraged but theoritically it could. Maybe more depending on what markets we speak of...currency markets can leveraged 100:1 verses the equity market's 2:1.
So now, I am a bank and I am able access zero percent interest rate loans. Let's say this bank is the one that has borrowed and margined the $1500 (add more zeros if you wish). The borrowed money is invested in the market. 2/3 is borrowed from Uncle Sam at zero percent and 1/3 is borrowed from the brokerage house which I own so I get pretty good rates here too). This investment moves positively upwards as the market responds to all this new money.
I wonder what percentage of the market is "margined"? I wonder what percentge of the market is invested with borrowed money at zero percent interest rate that is then further margined?
I ask these questions because, theroetically, in a highly margined market, half the market gains could be assiosiated with "margined debt". In a zero interest rate environment, borrowed money that is further margined (borrowed margin debt) could really be significant.
Will Mom and Pop join the party so these positions can be unwound and risk tranferred at higher market levels?
Am I making any sense here?
Professional traders look at leverage in very positive ways...I came across these points on the importance of leverage.
Leverage is Good, and More Leverage is Very Good:
Leverage is Good
and,
Trading Using Leverage

Reply to @hank: We'll have to agree to disagree. To me, moving towards fixed income as you get closer to retirement is certainly a 'sound' principle. But I guess my first point was 1) these funds are no more risky than a self guided portfolio of the same equity/FI distribution, and 2) they are perfect for the 'financially challenged', which the general population is (maybe not our MFO crowd as Joe pointed out). The caveat for these funds is that they probably should be chosen by there % equity distribution, not necessarily by their retirement date. If you are retiring in 2020 and are not comfortable holding 70% equities as the TRP 2020 fund does, pick something closer to your risk tolerance, say 2010 at a 60/40 mix. But then again, that would take some financial knowledge that most don't have.
By the way, I also hold TRRIX. Take care.

Reply to @MoneyGrubber: Certainly brave. Congrats on your gains in these categories.

VDIGX
VWELX
VWINX
VEIPX
Capital Opportunity, which is opened recently (Any Prime Cap fund is fine)

Did sell my position in AEP (American Electric Power) after seeing a 21% rise since December 13 and traded NLY for more of IYR, which is more diversified. The only thing I bought was an opening position in Costco. I will dollar cost average the rest of the purchases. Haved some stop losses in on two of my biotechs which have seen huge gains recently, but only for 1/3 of the positions. Will keep the rest. Added to cyclicals a bit last week. Not adding to funds right now, Im about 2:1 stocks and etfs to equity funds.

rbc investment wkly commentary
Market Week: May 6, 2013
The Markets
Records were made to be broken: Despite some volatility, generally positive earnings reports and a better-than-expected employment picture helped equities continue to power upward. The jobs report sent the S&P 500 to a new record close above 1,600 on Friday. The Dow industrials briefly topped 15,000 but couldn't quite hang on to that gain, though it also ended the week at a record level. And for a change, the tech sector helped the Nasdaq take the lead for the week.
Market/Index 2012 Close Prior Week As of 5/3 Week Change YTD Change
DJIA 13104.14 14712.55 14973.96 1.78% 14.27%
Nasdaq 3019.51 3279.26 3378.63 3.03% 11.89%
S&P 500 1426.19 1582.24 1614.42 2.03% 13.20%
Russell 2000 849.35 935.25 954.42 2.05% 12.37%
Global Dow 1995.96 2151.66 2189.49 1.76% 9.70%
Fed. Funds .25% .25% .25% 0 bps 0 bps
10-year Treasuries 1.78% 1.70% 1.78% 8 bps 0 bps
Equities data reflect price changes, not total return.
Last Week's Headlines
The unemployment rate continued to inch downward in April. The 165,000 new jobs created during the month cut the unemployment rate to 7.5%--the lowest level since December 2008--and the February and March new jobs figures were revised upward. The loss of 11,000 government jobs partly offset the private sector's 176,000 new jobs, where the biggest gains were in professional/business services, leisure and hospitality, and education.
Americans' incomes rose in March, but the extra money didn't stay in bank accounts for long. Both personal incomes and consumer spending were up 0.2% for the month, according to the Bureau of Economic Analysis. The rise in spending was the smallest in three months, and higher utility bills caused by unseasonably cold weather were responsible for part of the increase. The savings rate remained at 2.7% of income for a second month.
As expected, the Fed will continue its bond purchases, though it may increase or decrease the amount depending on economic performance. The Fed's statement also blamed current tax and spending policies for restrained economic growth. Meanwhile, as eurozone unemployment hit a record 12.1%, the European Central Bank will attempt to stimulate the contracting economy there by cutting its key interest rate to 0.5%, and ECB President Mario Draghi hinted that it might go still further.
A 0.3% increase in home prices during February helped put prices in 20 cities measured by the S&P/Case-Shiller index 9.3% higher than a year earlier. It was the second straight month of year-over-year increases in all 20 cities.
U.S. manufacturing slowed for the fifth straight month, according to the Institute for Supply Management. The ISM's gauge of manufacturing activity hit 50.7%; though that still indicates growth, slipping below 50% would represent contraction. Meanwhile, the ISM's services index also showed slowing growth as it hit 53.1%.
A 48% drop in the volatile nondefense aircraft sector helped cut new factory orders for manufactured goods by 4% in March, according to the Commerce Department.
The U.S. trade deficit fell by 11% in March, its second major decline in four months. While exports were down, they fell less than imports, especially imports of consumer goods. However, part of the decline in imports may be tied to the Chinese lunar new year holiday and could be temporary.
The Treasury Department said reduced federal spending and higher tax receipts, in part from seasonal income tax filings, will enable it to pay off $35 billion in bonds this quarter. It's the first such payment on the national debt in six years, and could help delay another battle over the debt ceiling, though the reduction is seen as temporary.
Construction spending fell 1.7% in March, according to the Commerce Department, though it was still almost 5% higher than a year earlier. Private construction was down slightly, by 0.6%, but public construction fell 4.1% during the month.
Eye on the Week Ahead
In a week that's practically bereft of economic data, investors may focus on the few earnings reports that are left, since there will be little else to guide them in trying to assess the chances of equities continuing their spectacular run. The G8 nations are scheduled to meet Friday, and demand at two U.S. Treasury auctions will be watched.
Key dates and data releases: consumer credit use (5/7); 10-year Treasury note auction (5/8); 30-year Treasury bond auction (5/9).

Active managment--The closed Primecap Core ( VPCCX) if available in your plan. Otherwise consider 1.) Capital Opportunity (VHCOX), 2.) Selected Value (VASVX), and one of either Dividend Growth (VDIGX), or Equity Income (VEIPX) . All have been on tremendous runs lately as has the market so decide whether to " average in" over a long period of time or wait until we have a significant correction. Personally I'm not a fan of Vanguard's bond index funds and am trying to decide between the cap weighted equity index funds of Vanguard and the equal weighted alternatives available elsewhere. Some of the Vanguard funds have etf counterparts if etf's are available in your plan.

Unemployment continues to decline.
Monetary policy encourages lending, which means lower mortgage payments and more investment capital.
Company balance sheets are strong and earnings generally up.
Market does not seem over-valued (see below).
Congress slowly starting to work together, finally.
World seems in relative state of peace.
Housing market recovering, finally...people selling homes quickly that have been unable to sell for years.
Auto industry having best performance in years.
Banks cleaning-up their toxic loans.
AIG, GM, others paying back government bail-outs.
Gasoline prices stable.
Education levels remain high...US holds largest number of institutions of higher education. While formal degree costs are increasing, access to subject matter material is more abundant than ever via free links, like Academic Earth.
Yankees are in 2nd place, despite injuries to Jeter, Teixeira, Granderson, and A-Rod.
Granddaughter on the way.
We're in a bull market...reluctant and gets no respect, but bull nonetheless...Dow just crossed 15,000!
What's not to be optimistic about? (I know...the "3D" hurricane. It's true that some believe we are not in a bull market at all but instead in the 12th year of a secular bear.)
AAPL is paying a dividend. And, dividends in generally seem to be on the rise and many companies buying back stock (eg., BRK, GE).
People living longer than ever before, thanks to amazing technology and procedures, like carotid artery stenting.
US recently paid down some of its national debt, can you believe?
Honestly, I would rather see continued steady growth, lower volatility than another 2008 "opportunity."

"As the new year unfolds, Giroux considers equities to be more attractive than other asset classes and sees limited value and real risk of losses in traditional fixed income securities. He has positioned the fund to benefit from businesses that allocate capital wisely, to reduce the impact of rising interest rates on shareholders, and to own companies that may unlock value for shareholders through a corporate event."
T.-Rowe-Price-Insights/Fund-Manager-Views/Capital-Appreciation-Fund

Sorry, the above comment is for Hiyield007. Do hope you're not licensed to kill my investment gains.

Reply to @scott:
If NIRP does happen VUSTX will enjoy another (maybe last) round of capital appreciation. LT treasuries still serves as a flight to safety and responds positively if rates fall further.

At the end of a slightly-punchy day, I looked at Morningstar's report on YTD returns. The top 12 funds have earned between 28 - 66% YTD. Eleven of the 12 are some flavor of Japan (3) or biotech/health (8). The remaining one is leveraged short on gold. Six of the 12 appear to be leveraged.
The top unleveraged, diversified performer? You might think it's GMO Flexible Equities III (GFEFX), but apparently that's a covert Japan fund. No, with a slight shudder I note that it's Legg Mason Capital Opportunity (LMOPX), a one-star fund that represents Bill Miller's last stand. 98th percentile over the past decade and it's still got $1.2 billion in AUM.
David

A month ago I reallocated some PONDX profits and took a position in PETDX. I bought this fund due to its consistent long term performance and momentum since 2009. Here the two are charted over the last 4.5 years:

Over the last month PETDX has gained almost 10 %. Regardless of timeframe I try to discipline myself to take 10% gains from funds I own. For me, selling actualizes those gains. It forces me to have performance goals rather than timeframe goals. It forces me to have a game plan in place for where these profits go. It force me to have an overall long term investing strategy.
In the past, I have actualized gains and added to :
- cash,
- non-correlated funds (sell equities...buy bonds),
- uderperforming funds I hold long term (sell over performers...buy underperformers),
- my shifting need for income generating investments,
- a new position in a new asset class that hopefully further diversifies my overall portfolio.
You may have your own method of reallocating profits...sharing of any strategies would be appreciated.