https://www.sec.gov/Archives/edgar/data/1614812/000116204418000369/avon497201806.htm
Avondale Core Investment Fund
(COREX)
a Series of Avondale Funds
Supplement dated June 5, 2018
to the
Prospectus and Summary Prospectus dated February 28, 2018
____________________________________________________________________________
This Supplement to the Prospectus (the “Prospectus”) and Summary Prospectus for Avondale Core Investment Fund (the “Fund”), a series of Avondale Funds (the “Trust”), dated June 5, 2018, updates certain information found in the Prospectus and Summary Prospectus of the Fund dated February 28, 2018, as amended through June 5, 2018 as described below.
The Board of Trustees of the Avondale Funds has determined that it is in the best interests of the Fund and its shareholders to close the Avondale Core Investment Fund effective June 15, 2018 (“Liquidation Date”).
Effective immediately, the Fund, pursuant to a Plan of Liquidation (“Liquidation”) approved by the Board of Trustees, will not accept any new investments and will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will invest in cash equivalents 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. Shares of the Fund are otherwise not available for purchase.
Accordingly, the prospectus has been amended:
Suspension of Sales. Effective immediately, the Fund will no longer accept orders to buy shares of the Fund from any new investors or existing shareholders.
Prior to June 15, 2018, you may redeem your investment in the Fund, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. 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 EXCHANGED OR REDEEMED THEIR SHARES OF THE FUND PRIOR TO JUNE 15, 2018 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. If you have questions or need assistance, please contact your financial advisor directly or the Fund at 1-800-564-3899.
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.
**********************
Shareholders should read this Supplement in conjunction with the Prospectus, as well as the Fund’s Statement of Additional Information, each as supplemented from time to time. These documents provide information that you should know before investing, and should be retained for future reference. These documents are available upon request and without charge by calling Mutual Shareholder Services at 1-800-494-2755.
Investors should retain this supplement for future reference.

Well, if we have a 2000-2002 kind of market, value will earn positive returns. Of course, that time and leading up to the financial crisis, "value" basically meant "financial". So we will figure out what it means this time around assuming the same situation comes to pass.
Anyways, like I said I use indexing along with my ANALysis which keeps me invested in market to various degrees or not. I venture outside indexing only if I end up making a sale within time limits so I can't buy again. Then I use long dated target funds. I'm good without either explicit "value" or "growth" or even small/mid/international in my portfolio.

Well, automation drives savings in operational expenditure for an organization. If TRP can leverage their "robo advisers" to help garner assets just like they would their "human advisors", then can pass on the savings by firing the "human advisor" to the customer, and yet, collect their fees at the same level. Perhaps even more. Then they benefit themselves as well as their customers.
So it is sad for the "human advisors". However, I'm not going to feel too sad for them because IMO this is one of the most abused/unnecessary professions. In my experience, Financial Asset Management and Information Technology (please make note I did not say Computer Science) are too professions with the highest percentage of Bullshit Artists. Their jobs will and should be the first to get "automated away". The fact that robo-advisors are so rampant right now is because asking a few questions and coming up with an asset allocation does not take rocket science, and if this is what human advisors were doing for most part, then they were not doing much.
In other areas, Automation will HELP. Like maybe help Surgeon perform operations, maybe even enhance their abilities. However, replacing the Surgeon herself with a Robot? Now we are talking Star Trek which is a long way away. But then, in the Star Trek era, poverty has been eradicated and neither human nor robotic financial advisors exist.
I hope those 150 who were unfortunate to not find re-assigned jobs at TRP, are able to find similar jobs elsewhere. I know how hard it is to find job when you lose it, especially when you get older. If I were to lose my job to automation, I would mind it less than if I did for other reasons. As long as automation is helping mankind and not simply making other people rich by foisting their toys on us.

By all accounts, Gross did what he wanted when he was at PIMCO, so regardless of any alleged bench strength he could still have made the same decision. Also he is now "unconstrained" only. Not sure if he ran that strategy at PIMCO as well and if he was still there would also have been responsible for that funds performance.
All I'm saying is Bill took ALL credit at PIMCO, he should take ALL blame at Janus. And unfortunately now there is nowhere to hide for him since he is not managing multiple funds at Janus. IMO let's stick to the facts. No one is genius. Everyone makes mistakes. I'm not going to try and find something wrong in the personal life of Berkowitz to explain why FAIRX is sucking wind either.
Basically I'm saying let's put financial pron writers out of business. Doing soap opera reporting after affairs and divorces have occured is not intelligent. They were so smart they should have published article "Beware, Bill is in middle of bitter divorce and that may affect his ability to manage his fund". They didn't.

Looks like they finally cut Wells Fargo from its otherwise excellent holdings recently -- which now (on principle) puts the fund back 'in play' for me both in taxable and retirement accounts I used to hold it in my Roth, but swapped it for TWEIX a few years ago.
From their 3/31 commentary...
The Fund remains underweight financial services because most companies offer inadequate upside potential at current valuations. That said, proceeds from the Wells Fargo sale were invested into two competitively advantaged financial institutions. The first is American Express, the world’s largest card issuer by purchase volume. American Express has built a global payments network that generates high returns on equity and maintains its prestigious brand through its best-in-class customer service, innovative digital platform and strong security.
First Republic, a private bank focused on attractive markets, such as San Francisco, New York City, Los Angeles and Boston, was the Fund’s second addition. The bank’s excellent customer service attracts affluent individuals and successful small businesses, which leads to outsized loan growth with pristine credit quality. First Republic’s recent rollout of an innovative student loan refinancing program should attract the next generation of affluent customers and accelerate the bank’s growth.

Gold has been in a horrendous bear market from 2011 to 2015, and all that selling is behind us. So I don’t think there is a lot of selling pressure, and I think the downside risk is very minimal because we’ve been through that bear market.
Huh? Forget Secretary of Education, I want this guys job. And also the job of the Barron's interviewer. Why isn't second question WTF something going down suddenly will go up?
Oh wait...this is why...part 2 of the answer convenient before immediately going into discussing the holdings.

Secondly, I think things are changing that favor gold. We are seeing elevated levels of geopolitical risk, a lot of uncertainty around the Trump presidency, and more recently there are early worries of inflationary pressures. ... blah, blah, blah...
Inflationary pressures. So Gold will return how much over next 5 years?
In the next year or two, we are going to be faced with an economic downturn and probably a general stock market downturn that will bring out a lot of the warts in the financial system—and that could propel gold much higher.
We have a rising rate environment which should put a floor under the dollar. How's that for ANALysis. Then WTF should Gold skyrocket?
Seriously, how do I find period of sustained downturn against how Gold did well AND also when Interest Rates are rising?

Just back from 6 day trip for funeral......but, this is my quick take without much news sourcing for me: Italian gov't. (newly elected) formation problems.
Can't form a government.
https://www.thelocal.it/20180528/whats-next-for-italy-political-crisis
Other arse kicking indicated here:
https://www.barchart.com/etfs-funds/etf-monitor?orderBy=percentChange&orderDir=desc
I recall a verbal blip on radio regarding anti-Euro policy and monetary austerity.
Keep in mind that the Euro central bank doesn't have the same legal mandates as is formed with our Fed.Res. or Treasury.
IMHO, there remains a lot of financial slop remaining from the 2008 melt.
Financial is financial and gets the shakes thinking about monetary problems; and yes, U.S. govt issues are having their day. Been a long time that money has actually run to this area. Perhaps all of this is overblown or a new beginning of phase 2. I don't know.
Outta time here.
Take care,
Catch

FYI: I OFTEN RECEIVE letters and emails from retired individuals in need of financial advice. Many of their queries mention that they attended one of those ubiquitous free lunch seminars offered by investment advisors and estate planners.
Regards,
Ted
http://www.humbledollar.com/2018/05/taking-shelter/

FYI: While money managers from Goldman Sachs Group Inc. to UBS Wealth Management still tout investing opportunities in emerging markets, the asset class has one notable critic: Harvard professor Carmen Reinhart.
The Cuban-born economist points to mounting debt loads, weakening terms of trade, rising global interest rates and stalling growth as reasons for concern. In fact, developing nations are worse off than during their two most recent moments of weakness: The 2008 global financial crisis and 2013 taper tantrum, when equities endured routs of 64 percent and 17 percent respectively.
Regards,
Ted
https://www.fa-mag.com/news/harvard-s-reinhart-says-emerging-markets-worse-than--08-crisis-38723.html?print

Kenneth Weiss coined the term, but two factor authentication goes back at least as far as the mid 60s, when James Goodfellow patented the combined use of "what you know" (a PIN) and "what you have" (a physical object) to conduct secure financial transactions. Aka ATM machines.
https://www.theguardian.com/money/2016/apr/29/who-invented-cash-machine-james-goodfellow-first-atm-pin

This token took the form of a plastic card with holes punched in it. The patent documents proposed a system incorporating a card reader and buttons mounted in an external wall of the bank, and stated: “When the customer wishes to withdraw a pack of banknotes from the system he simply inserts his punched card in the card reader of the system, and operates the set of 10 push-buttons in accordance with his personal identification number.” Aside from the cards with punched holes, that pretty much describes today’s ATM.

Arguably, even earlier examples (that use an alternative factor: "what you are") include charge cards (the card itself, and your signature as a prehistoric biometric) and passbook bank accounts (the passbook, and your signature or perhaps facial recognition by the banker).
Multifactor authentication has been grasped intuitively by people for many decades. It is interesting to think about how how readily it was discarded for the sake of electronic convenience (or for getting gasoline at the pump).
Here's an interesting site that will tell you what websites support what types of two factor authentication:
https://twofactorauth.org/

@Maurice
When I receive these, I discover as much as possible (curious) about the firm and the person. This includes a FINRA broker check. A few times over the years I have found negative data about a person; and of more interest is that some folks have switched jobs often.......not necessarily a bad sign, but interesting.
I imagine that the business cost of such events are anticipated to be overwhelmed from monies from new clients. The majority of these I receive are folks who have passed "x" number of insurance level exams (read annuity) without other attributes; although about 1/4 are indeed accredited financial planners.
Have not had a dinner.

Many thanks to bee and bk2000p.
It does seem that fed financial aid is impacted less (much less) if a parent owns rather than gparent. No other advantages that I can see except that I will be mercifully divested of 3 accounts to oversee

Looks like the devil is in the details:

529 account penalty and financial aid
Families, however, can encounter problems when grandparents withdraw the money to pay for college expenses. The 529 withdrawals must be reported on financial aid applications as the student's income. The financial aidformula assesses student income at a stiff 50 percent.
Here's an example: If the grandmother withdrew $20,000 from a 529, that money would be assessed at 50 percent. ($20,000 X 50 percent = $10,000.) The grandmother's withdrawal would reduce the grandchild's chances for need-based financial aid by up to $10,000.
Disabling a 529 financial aid time bomb
One way to disable this financial aid time bomb is for the grandparent to transfer the ownership of a 529 to a parent. Assets in a 529 account owned by the parent are only assessed at 5.64 percent for financial aid purposes. In the case of a $20,000 withdrawal, a potential financial aid award would only shrink by a maximum of $1,128.
Grandparents can avoid any hit to financial aid awards by timing their 529 withdrawals. Ideally a grandparent will wait until after the parents have filed for financial aid for the last time -- in the winter or early spring of the college student's junior year. This would be the last financial aid form the parents file (covering the child's senior year), so the parents and child's finances after that filing would be irrelevant.

https://cbsnews.com/news/time-bomb-grandparents-529-college-contributions/
Similar Take with more details:
https://wsj.com/articles/when-grandparents-and-529-plans-for-college-savings-clash-1408747176
and,
https://money.usnews.com/money/personal-finance/mutual-funds/articles/2015/09/08/grandparents-dont-make-a-529-plan-mistake

I took a quick look at the M* info on POPFX. One question that I have is how large a cash position did the fund have from inception in 2007 and through 2008, the period for which performance appears so good compared to peers? While it may be stating the obvious, only long-term investors have been rewarded for the risk-averse investing of the managers. Finally, I was struck by the high percentage (53%) of holdings in Financial Services (including a position in TRP and in White Mountains, both companies where managers previously worked) and by the low allocation (10%) to Technology. Mid-Cap Blend is the inevitable bogey, but this fund also has both Giant and Micro stocks. The fund itself uses both the Russell 2000 Total Return and the Russell Mid-Cap Total Return indices for comparison. I grew up not far from the fund's headquarters, so I hear these managers' New-England accents and I am very familiar with the Connecticut scenes depicted on their web site. They are quite apologetic in the annual report about missing out on 2017's rally.

I'm with @PRESSmUP here. While an independent FP may accurately state that there's no obligation if one attends, that disclaimer pertains to becoming a client. There is an obligation, whether legal or moral, to be attentive and to consider what is being presented. That's the quid pro quo. If you're more interested in checking out the restaurant than in the presentation, then IMHO you're not holding up your end of the bargain.
Like PRESmUP, I'll attend the infrequent (and getting more infrequent by the year) events sponsored by financial institutions where I invest significant assets. What they are getting from me is my continued business, which I could take elsewhere.
Finally, I do not feel that the occasional ethical lapse renders one a bad person. The first is about individual actions, the other about the intrinsic nature of a person. Relax, enjoy the chicken if you must :-)

I raised this topic before. It may have been quite some time ago. Perhaps as long ago as the FundAlarm days.
As many of you probably do, I get periodic invites in the mailbox from financial planners. The invite stipulates that the financial planner is having an informational lunch or dinner, and I am invited, if I RSVP in time. No obligations are required. My belief is that, as a Do-It-Yourself'er (DIY) investor, I don't have a need for a financial planner. Or perhaps I am wrong. Perhaps I should attend and will find the services to be of value. And if I do go, is it ethical in this circumstance to attend more than one? How many lunches are reasonable?
If my memory serves me correctly, it was the discussion board's posters, who are financial planners, that thought it was unethical of me to attend, unless I am open to giving serious weight to consider the services of such planners. To their credit, I never did respond back with an RSVP to attend. Their basic objection was that the cost of the lunch comes out of the pocket of the financial planner, and not from the firm that they are employed by.
Usually the invitation is on expensive stationary and is delivered by USPS. Today I received the following email from my credit union.

Register Today! Retirement Planning Lunch & Learn
Join us on [date deleted] for this FREE Retirement Planning Lunch & Learn at the [location deleted]! [Name deleted], Financial Advisor and Registered Principal at [firm name deleted], will discuss critical factors in planning your retirement years, including:
What are my biggest retirement risks?
Will I ever be able to retire?
Will my money last through retirement?
Is it okay to carry some debt into retirement?
Where can I get help?
This seminar is free of charge and lunch will be provided. Seating is limited and advanced reservations are REQUIRED so reserve your place today!

So am I a bad person if I RSVP, because I'm curious. I'll disclose to you that I might be as curious about the restaurant as I am about the informational topic. If okay, how many of these can I attend before I cross a red line in the sand that makes me the moral equivalent of a dictator in the Middle East, not to be named?

Infinite. Attend as many as you want, no problem. They're effectively trying to buy your business. That, to me, is more unethical than attending with little intention of picking up their services.

I regularly get invited to a local expensive restaurant for a free seminar of financial planning. Since there is no free lunch so to speak, I passed on a number of occasion. Even one of coworker who changed career and became a financial planner, I went just for his support.
However, we did went to a dinner invite for a time share condo, and they really tried hard to convince us what a great deal these products are. We decided to pay as we go to any hotel of our choice and time period we wish.

There are also "Special Opportunity" funds. I own one - BOPAX.
And I stopped thinking Royce was special the day I discovered they are owned by Please break-a-leg-no-I-mean-really Mason. The cynic in me will never believe Royce operates independently. And the fact they used to keep creating funds in a crowded small cap market annoyed my no end. Wonder if they thought if that was a such a good idea why they closed so many of them after the financial crisis.
They were adding "Value". They they were adding "Value Plus". All a big Minus for me.