https://www.sec.gov/Archives/edgar/data/734383/000093247118006377/globalcapitalcycles485a.htm
Investor Shares
Vanguard Global Capital Cycles Fund Investor Shares (VGPMX)*
(*Formerly known as Vanguard Precious Metals and Mining Fund)

https://www.sec.gov/Archives/edgar/data/751173/000119312518228850/d566740d497.htm
497 1 d566740d497.htm MANNING & NAPIER FUND, INC.
MANNING & NAPIER FUND, INC.
(the “Fund”)
Supplement dated July 27, 2018 to the Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) dated May 1, 2018 for the following Series and Classes of the Fund:
Strategic Income Conservative Series (the “Series”)
Class I and S
This supplement provides new and additional information beyond that contained in the Prospectus, Summary Prospectus, and Statement of Additional Information, and should be read in conjunction with those documents.
The Board of Directors of the Fund has voted to terminate the offering of shares of the Strategic Income Conservative Series and instructed the officers of the Fund to take all steps necessary to completely liquidate the Series. Accordingly, effective immediately, the Series will be closed to new investors. Effective August 31, 2018, the Series will stop selling its shares to existing shareholders and will no longer accept automatic investments from existing shareholders.
The Series will redeem all of its outstanding shares on or about September 27, 2018 and distribute the proceeds to the Series’ shareholders (subject to maintenance of appropriate reserves for liquidation and other expenses).
As is the case with other redemptions, each shareholder’s redemption, including a mandatory redemption, will constitute a taxable disposition of shares for those shareholders who do not hold their shares through tax-advantaged plans. Shareholders should contact their tax advisors to discuss the potential income tax consequences of the liquidation.
As shareholders redeem shares of the Series between the date of this supplement and the date of the final redemption, and as the Series increases its cash positions to facilitate redemptions, the Series may not be able to continue to invest its assets in accordance with its stated investment policies. Accordingly, the Series may not be able to achieve its investment objectives during the period between the date of this supplement and the date of the final redemption.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/809707/000080970718000027/fist1convertiblesoftclose072.htm
FIST1 P1 07/18
SUPPLEMENT DATED JULY 27, 2018
TO THE PROSPECTUS DATED MARCH 1, 2018
OF
FRANKLIN INVESTORS SECURITIES TRUST
(Franklin Convertible Securities Fund)
The prospectus is amended as follows:
I. The following paragraph is added to the “Fund Summary” and “Fund Details” sections for the Franklin Convertible Securities Fund to read:
Effective at the close of market (1:00 p.m. Pacific time or the close of the New York Stock Exchange, whichever is earlier) on August 29, 2018, the Fund will be closed to new investors. Existing investors who had an open and funded account on August 29, 2018 can continue to invest through exchanges and additional purchases. The following categories of investors can continue to open new accounts in the Fund: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on August 29, 2018; (2) employer sponsored retirement plans or benefit plans and their participants where the Fund was available to participants in such plans prior to the close of market on August 29, 2018; (3) employer sponsored retirement plans or benefit plans that approved the Fund as an investment option prior to the close of market on August 29, 2018, but that have not opened an account as of that date, provided that the initial account is opened with the Fund on or prior to February 28, 2019; (4) other Franklin Templeton Funds and Funds for which Franklin Templeton investment managers provide advisory or sub-advisory services upon prior approval by the Fund’s investment manager; (5) trustees and officers of the Trust; and (6) members of the Fund’s portfolio management team. The Fund may restrict, reject or cancel any purchase order, including an exchange request, and reserves the right to modify this policy at any time.
Please retain this supplement with your prospectus for future reference.

@bee, thanks for the update. This is only the early phase of tariffs and the impacts are felt across the board. Next is the threat of $500B tariffs.
With respect to the theft of intellectual property, this has been an on-going issue for a long time particularly with China. In addition, US government failed to have a comprehensive and consistent policy governing these matters and enforcement though the World Trade Organization. Companies are also to blame as well as they are so willing to compromise their own intellectual properties just to gain access to those countries who don't respect or enforce intellectual property. Below is a case of IBM for sharing the computer codes with Russia that enable them to hack the West.
https://reuters.com/article/us-usa-russia-tech-insight/under-pressure-western-tech-firms-bow-to-russian-demands-to-share-cyber-secrets-idUSKBN19E0XB
The ZTE case you pointed out is just disappointing all around.

@little5bee

Exactly how I felt/feel about the Clintons. Yet despite his many faults, the economy boomed under Clinton

Will the false moral equivalencies and whataboutism between Trump and the Clintons ever end? During the Nixon era, Republican politicians finally turned against the president when they realized the evidence of corruption was too great and they decided to put country before party, but not today:

There are a handful of Republicans who represent the intellectual base of true conservatism like David Frum and Bill Kristol who recognize the threat he really poses to our democratic institutions: https://nytimes.com/2018/05/24/us/politics/republicans-democrats-coalition-trump.html
But the base remains diehard loyalists and the thing is so what if the economy is doing well? Economies have done well under other corrupt regimes. It doesn't paper over every other sin, and there is no real historical equivalent--certainly not the Clintons--with this kind of behavior. If the Clintons or Obama had behaved in this way during their tenure with this Congress they would not only have been impeached. They would be in jail right now.

GISOX pretty damn good vs. benchmark on chart at Morningstar. But compare PRIDX. (But PRIDX is put in GROWTH rather than BLEND, where GISOX is.)
GISOX is not quite 3 years old. YTD +3.15%. ..... PRIDX +3.77%.

@rforno,
I did compare PRCOX to a LCB fund I own (PARWX) which navigated '08 GFC much like PRWCX...down -29%, but then rocketed 62% on '09. PARWX tends to be an all equity fund with 31 holdings at present, half of these identified as Large and Mid Cap Value.
US News isn't kind to the fund ranking it 65th (PRCOX is 18th)
Admitly, PRCOX has out performed PARWX over the last year, but PARWX 3,5, & 10 year are as solid as it gets.

This fund's "year to year growth" over the last 10 years exactly 5 years above and 5 years below the the S&P 500 TR:

But it's trailing returns are much better...beating the S&P 500 TR for all time frames:

https://www.sec.gov/Archives/edgar/data/313212/000031321218000073/emsstatsticker72718-20183.htm
497 1 emsstatsticker72718-20183.htm
T. Rowe Price Emerging Markets Stock Fund
Supplement to Prospectus Dated March 1, 2018
Effective September 4, 2018, the T. Rowe Price Emerging Markets Stock Fund will close to new investors. Accordingly, the prospectus is supplemented as follows.
Under “Purchase and Sale of Fund Shares” on page 6, the following is added:
Effective at the close of the New York Stock Exchange on Tuesday, September 4, 2018, the fund will close to new investors and new accounts, subject to certain exceptions. Investors who already hold shares of the fund at the close of business on September 4, 2018 may continue to purchase additional shares.
On page 11, the information under “More Information About the Fund’s Principal Investment Strategies and Its Risks” is supplemented as follows:
Subject to certain exceptions, the fund will close to new investors and will no longer accept new accounts after the close of the New York Stock Exchange (normally 4 p.m. ET) on Tuesday, September 4, 2018.
After September 4, 2018, purchases will be permitted for participants in an employer-sponsored retirement plan where the fund already serves as an investment option. Additional purchases are permitted for an investor who already holds fund shares in an account directly with T. Rowe Price on September 4, 2018; however, purchases will be limited to that account and the investor may not open another account in the fund. Additional purchases will generally be permitted if you already hold the fund through a financial intermediary on September 4, 2018; however, you should check with the financial intermediary to confirm your eligibility to continue purchasing shares of the fund.
After September 4, 2018, investors will continue to be able to convert from one share class of the fund to a different share class of the fund, provided the investor meets the eligibility criteria for the new share class. New T. Rowe Price IRAs in the fund may be opened only through a direct rollover from an employer-sponsored retirement plan. If permitted by T. Rowe Price, the fund may also be purchased by new investors in intermediary wrap, asset allocation, and other advisory programs when the fund is an existing investment in the intermediary’s program.
The fund’s closure to new investor accounts does not restrict existing shareholders from redeeming shares of the fund. However, any shareholders who redeem all shares of the fund after September 4, 2018, will not be permitted to re-establish the account and purchase shares until the fund is reopened to new investors. Transferring ownership to another party or changing an account registration may restrict the ability to purchase additional shares after the close of the New York Stock Exchange on September 4, 2018.
The fund reserves the right, when in the judgment of T. Rowe Price it is not adverse to the fund’s interests, to permit certain types of investors to open new accounts in the fund, to impose further restrictions, or to close the fund to any additional investments, all without prior notice.
The date of this supplement is July 26, 2018.
F111-041 7/26/18
Institutional fund version closing:
https://www.sec.gov/Archives/edgar/data/852254/000085225418000044/iemstatsticker72718-20184.htm

FYI: (The Linkster has always favored funds with a single manager, you know 'to many cooks", but in this case you've must give the devil its do.) If you manage $28 billion in client money, you may find it hard to beat benchmark indexes because of the sheer scale of investments you must buy.
That’s why some fund-management firms have started “index-plus” funds, which essentially replicate the benchmarks for most of their holdings. The secret sauce is stock selection around the edges in an attempt to outperform the benchmark but, more importantly, never underperform.
T. Rowe Price Group’s TROW, -2.04% version of such a fund is the $720 million T. Rowe Price Capital Opportunity Fund PRCOX, +0.89% overseen by Ann Holcomb and three other portfolio managers. In an interview July 24, she explained that a total of $28 billion is managed, mostly for institutional clients, using the fund’s “index-plus” strategy.
Regards,
Ted
https://www.marketwatch.com/story/these-four-fund-managers-and-30-analysts-figured-out-how-to-consistently-beat-the-sp-500-2018-07-26/print
M* Snapshot PRCOX:
https://www.morningstar.com/funds/xnas/prcox/quote.html
PRCOX Is Ranked #18 In The (LCB) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/large-blend/t-rowe-price-capital-opportunity-fund/prcox

I understand, @little5bee. Go BLUE! ..... And yet, facts are facts. A great deal of my own angst comes from: either some folks are deliberately disregarding facts, or they acknowledge facts, but do not let new facts (information) impact their own understanding. On the other hand, there is Barry Goldwater, after his final luncheon at the White House with Dick Nixon. Goldwater came out to the street to face reporters. And at long last, after a lot of the Watergate mess had already played-out, Goldwater said plainly, on tv, to the whole country, that he told Nixon: "I said to him that the only thing for him left to do was to resign." (paraphrase, there.) Uncle Barry was not afraid of facts, in the end. And he was a Republican. (As opposed to current-day Repugnants.)

Howdy,
There have been problems with international trade FOREVER. Every country protects certain industries in various ways at different times. Geez, we've been subsidizing our sugar industry for ~200 years. This is why you have organizations like the WTO to resolve these ongoing differences.
Ergo, while much of his rationale is true, I disagree with Trumps tactics, which are sort of a "kill 'em all and let God sort 'em out" approach. Whether it develops into an all out trade war or not, doesn't lessen the negative impacts this is having on our economy. Coke just raised prices to cover the aluminum tariff increase.
It is never good when the government intervenes in the economy as it cause distortions and interferes with the functioning of the free market. The steel industry being protected will continue to be fat, lazy and non-competitive. In fact, it will get worse. The jobs created in steel number ~28K while the jobs lost already are pushing 500K. If you want to protect these workers, you Educate them to take other jobs. Find me a coal miner that wouldn't rather be making wind turbines or solar panels.
Oh, and while we're currently blaming Trump, this craps been going on in Washington for decades by BOTH parties with officials so busy lining their pockets and selling us out.
and so it goes,
peace,
rono

@carew388, good catch with VDC as an alternative...I would be short VCSAX's minimum as well. PGLOX is a short lived fund from (17 $M AUM), but a great pedigree mutual fund house. Thanks.
Even with its 1.05 % ER, PGLOX has clocked VDC:

perhaps already posted (?)
https://www.morningstar.com/articles/874395/profiting-from-investment-regret.html

https://www.sec.gov/Archives/edgar/data/751173/000119312518225607/d568611d497.htm
497 1 d568611d497.htm MANNING & NAPIER FUND, INC.
MANNING & NAPIER FUND, INC.
(the “Fund”)
Supplement dated July 25, 2018
to the Prospectus, Summary Prospectus,
and Statement of Additional Information (“SAI”) dated May 1, 2018
for the following Series of the Fund:
World Opportunities Series
This supplement provides new and additional information beyond that contained in the Prospectus, Summary Prospectus, and SAI, and should be read in conjunction with those documents.
The Board of Directors (the “Board”) of Manning & Napier Fund, Inc. (the “Fund”) has approved an Agreement and Plan of Reorganization (the “Plan of Reorganization”) that would provide for the reorganization of the World Opportunities Series into the Overseas Series, a separate series of the Fund. The investment objective, investment policies, principal investment strategies and principal risks of the Overseas Series are substantially similar to those of the World Opportunities Series. In addition, the portfolio holdings of the Overseas Series and the World Opportunities Series have historically been very similar, and currently differ only with respect to position sizes.
The Plan of Reorganization approved by the Board sets forth the terms by which the World Opportunities Series will transfer its assets and liabilities to the Overseas Series in exchange for shares of the Overseas Series, and subsequently distribute those Overseas Series shares to shareholders of the World Opportunities Series (the “Reorganization”). After the Reorganization is consummated, shareholders of the World Opportunities Series will be shareholders of the Overseas Series. The Reorganization is anticipated to be a tax-free transaction, meaning that World Opportunities Series shareholders will become shareholders of the Overseas Series without realizing any gain or loss for federal tax purposes.
The Reorganization is subject to approval by the shareholders of the World Opportunities Series. Shareholders of record of the World Opportunities Series on July 23, 2018 will receive a proxy statement/prospectus that describes the investment objective, strategies, expenses and risks of an investment in the Overseas Series and provides more detailed information about the Reorganization. If shareholders approve the Reorganization and other closing conditions are met, the Reorganization is anticipated to close on or about September 24, 2018.
The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the Fund, nor is it a solicitation of any proxy. When it is available, please read the proxy statement/prospectus carefully before making any decision to invest or when considering the Reorganization. The proxy statement/prospectus will be available for free on the SEC’s website (www.sec.gov).
Supp EXWAX 07/25/2018

https://www.sec.gov/Archives/edgar/data/874964/000093041318002333/c91708_497.htm
497 1 c91708_497.htm
THE LAZARD FUNDS, INC.
Lazard US Realty Income Portfolio
Supplement to Current Summary Prospectus and Prospectus
The Board of Directors of The Lazard Funds, Inc. (the "Fund") has approved, subject to shareholder approval, a Plan of Reorganization (the "Plan") with respect to Lazard US Realty Income Portfolio (the "Acquired Portfolio") and Lazard US Realty Equity Portfolio (the "Acquiring Portfolio"), each a series of the Fund. The Plan provides for the transfer of the Acquired Portfolio's assets to the Acquiring Portfolio in a tax-free exchange for shares of the Acquiring Portfolio and the assumption by the Acquiring Portfolio of the Acquired Portfolio's stated liabilities, the distribution of such shares of the Acquiring Portfolio to Acquired Portfolio shareholders and the subsequent termination of the Acquired Portfolio (the "Reorganization").
Shareholders of the Acquired Portfolio as of March 29, 2018 (the "Record Date") will be asked to approve the Plan on behalf of the Acquired Portfolio at an adjourned special meeting of shareholders scheduled to be held on July 27, 2018 (the "Meeting"). Currently, preliminary voting results indicate that sufficient affirmative votes have been received to approve the Plan on behalf of the Acquired Portfolio, although shareholders still may vote, or change previously-submitted votes, through the time of the Meeting so that the preliminary voting results remain subject to change between the date hereof and the date of the Meeting. These preliminary voting results also remain subject to confirmation by Broadridge Financial Solutions, Inc., the Acquired Portfolio's proxy voting tabulator. If the Plan is approved at the Meeting, the Reorganization currently is anticipated to become effective on or about August 17, 2018 (the "Closing Date").
In anticipation of the Reorganization, effective March 2, 2018 (the "Sales Discontinuance Date"), the Acquired Portfolio was closed to any investments for new accounts, although shareholders of the Acquired Portfolio as of the Sales Discontinuance Date may continue to make additional purchases and to reinvest dividends and capital gains into their existing Acquired Portfolio accounts up until the Closing Date.
A Prospectus/Proxy Statement with respect to the proposed Reorganization was mailed to Acquired Portfolio shareholders as of the Record Date. The Prospectus/Proxy Statement describes the Acquiring Portfolio and other matters relevant to the Reorganization. Acquired Portfolio shareholders may obtain a free copy of the Prospectus/Proxy Statement at www.lazardassetmanagement.com/docs/-m0-/67038/LazardUSRealtyIncomePortfolioProxyStatement.pdf or by calling (800) 823-6300.
Dated: July 25, 2018

Of the more than 300 ETFs that TD offers commission-free, Mr. Hockey said, "five of those ETFs hold 20% of the assets."
"There does get to a point where it gets to be too much," he added.

This is nonsensical for so many reasons.
At best, it's an argument for TDA to prune junk ETFs from its NTF list. It says nothing about what fraction of ETF assets reside in TF funds such as VT, VTI, BND, IVV, AGG, etc. All of these were NTF at TDA until eight months ago.
What matters is not how much junk TDA is offering for purchase without a fee, but how much of substance it is charging fees for.
Even accepting the faulty reasoning that what matters is the concentration of NTF assets in five ETFs, is 20% really so concentrated? By this reasoning, Will Danoff is also at the "point where it gets to be too much."
The top five holdings of FCNTX amount to about 25% of the fund, and the fund has 330+ holdings, a tad more than TDA has fee-free ETFs. Does that mean that he shouldn't consider buying a new security if it is a good one?
TDA made a decision to drop many popular, low cost funds. Vanguard offering nearly 2,000 ETFs NTF just months later makes TDA look like a piker.
ETFs dropped from TDA's NTF list last November:
https://www.tdameritrade.com/retail-en_us/resources/pdf/TDA1000834.pdf

FYI: (T hit my stock portfolio, down 4.3%, VZ another big holding minus 1.17%)
All major U.S. benchmarks traded higher Wednesday, with the Dow bouncing back from earlier losses, as second-quarter results point to strength in swath of American corporations. However, a handful of disappointing results—including from notable names like Boeing Co., General Motors Co., and AT&T Inc.—capped Wall Street optimism.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-07-24/asia-stocks-point-to-gains-treasuries-steady-markets-wrap
Reuters:
https://www.reuters.com/article/us-usa-stocks/tech-stocks-lead-wall-street-higher-boeing-weighs-on-dow-idUSKBN1KF1NQ
IBD:
https://www.investors.com/market-trend/stock-market-today/stock-market-rallies-late-trade-deal-small-caps-lag/
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-in-holding-pattern-as-analysts-brace-for-trump-juncker-fireworks-2018-07-25/print
CNBC:
https://www.cnbc.com/2018/07/25/us-stock-index-futures-bumper-earnings-in-focus.html
Bonds:
https://www.cnbc.com/2018/07/25/us-bonds-and-fixed-income-fresh-economic-data-in-focus.html
Currencies:
https://www.cnbc.com/2018/07/25/dollar-euro-in-focus-ahead-of-trump-juncker-meet.html
Oil:
https://www.cnbc.com/2018/07/25/oil-markets-fall-in-us-inventories-in-focus.html
Gold:
https://www.cnbc.com/2018/07/25/gold-prices-softer-dollar-in-focus.html
WSJ: Markets At A Glance:
http://markets.wsj.com/us
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Mixed
https://finviz.com/futures.ashx

You're quoting from the same NY Times article as I did. Brilliant minds think alike :-)
Since you raised the issue of medical devices, I ignored the section on drugs. China doesn't export many drugs to the US. Right about now, it looks like there's a very good reason for that.
https://www.theatlantic.com/science/archive/2018/07/chinas-vaccine-scandal/565943/
Top line vs. bottom line - My understanding (see, e.g. the Brookings link I provided above) is that the tax was treated as a sales tax. To me that means the customer pays it. Assuming the customers continue to buy the same number of devices and pay the same total amount (including sales tax), then the manufacturers' revenue increases as that 2.3% is now received by the company instead of the government. Since the manufacturers are not the ones paying the tax, their costs are not affected.
This differs from the Cadillac tax, where (again as I understand it), the tax is on the insurers providing the policies. Of course they pass that expense through, just as they pass their administrative costs and other costs through. There, I'd say that eliminating the Cadillac tax would reduce insurers' expenses (as opposed to increase their revenues).
Is there a CPA in the house?

Hi Guys,
Year after year for many decades now, study after study have reinforced a very consistent finding: active trading is a loser's game. Here is a Link to one of these research findings:
https://www.umass.edu/preferen/You Must Read This/Barber-Odean 2011.pdf
You need not read the entire article. The summary paragraph paints the predictable dismal outcome for most individual investors:
"This research documents that individual investors (1) underperform standard benchmarks (e.g., a low cost index fund), (2) sell winning investments while holding losing investments (the “disposition effect”), (3) are heavily influenced by limited attention and past return performance in their purchase decisions, (4) engage in naïve reinforcement learning by repeating past behaviors that coincided with pleasure while avoiding past behaviors that generated pain, and (5) tend to hold undiversified stock portfolios. These behaviors deleteriously affect the financial well being of individual investors."
Wow!! All bad outcomes for the investor who trades frequently. There's an easy lesson from these data that is all to frequently ignored. Too, too bad.
Best Wishes