https://www.sec.gov/Archives/edgar/data/99203/000110465920082874/tm2024548-1_497seq.htm
...Effective August 1, 2020, the following is added to the front page of the Prospectus:
Fund shares are presently offered for sale only to existing shareholders and to directors, officers and employees
of the Fund, the Fund’s Adviser, First Pacific Advisors, LP, and affiliated companies, and their immediate
relatives, and certain categories of shareholders.
Effective August 1, 2020, the section titled “Purchase and Sale of Fund Shares” on page 8 is replaced in its entirety with the following:
Purchase and Sale of Fund Shares
The Fund has discontinued indefinitely the sale of its shares to new investors, except existing shareholders, directors, officers and employees of the Fund, the Adviser and affiliated companies, and their immediate relatives. See the section entitled “Limited Availability to New Investors” for a description of shareholders eligible to purchase shares of the Fund. Investors may purchase or redeem Fund shares on any business day by written request, check, wire, ACH (Automated Clearing House), telephone, or through dealers as further described in this prospectus. You may conduct transactions by mail (FPA Funds, c/o UMB Fund Services, Inc., P.O. Box 2175, Milwaukee, Wisconsin 53201-2175, or 235 West Galena Street, Milwaukee, Wisconsin 53212), by wire, or by telephone at (800) 638-3060. Purchases and redemptions by telephone are only permitted if you previously established this option in your account. Eligible investors can use the Account Application for initial purchases.
Eligible investors can purchase shares by contacting any investment dealer authorized to sell the Fund’s shares. The minimum initial investment is $1,500, and each subsequent investment, which can be made directly to UMB Fund Services, Inc., must be at least $100. However, as described herein, no minimum investment amount is imposed for subsequent investments in retirement plans. All purchases made by check should be in U.S. dollars and made payable to the FPA Funds. Third party, starter or counter checks will not be accepted. A charge may be imposed if a check does not clear. The Fund reserves the right to waive or lower purchase and investment minimums in certain circumstances. For example, the minimums listed above may be waived or lowered for investors who are customers of certain financial intermediaries that hold the Fund’s shares in certain omnibus accounts, at the discretion of the officers of the Fund. In addition, financial intermediaries may impose their own minimum investment and subsequent purchase amounts.
Subsequent investments and redemptions can be made directly to UMB Fund Services, Inc.
Effective August 1, 2020, the following is added at the beginning of the section titled “Investing with the Fund” on page 23:
LIMITED AVAILABILITY TO NEW INVESTORS
The availability of shares of the Fund to new investors is limited. The Fund has discontinued indefinitely the sale of its shares to new investors, except existing shareholders, directors, officers and employees of the Fund, the Adviser and affiliated companies, and their immediate relatives. Affiliated companies include: current and former directors, officers and employees of the Adviser (and its predecessor firm and such predecessor firm’s parent firms) and its affiliates; current and former directors of, and partners and employees of legal counsel to, the investment companies advised by the Adviser; investment advisory clients of the Adviser and consultants to such clients and their directors, officers and employees; employees (including registered representatives) of a dealer that has a selling group agreement with UMB Distribution Services, LLC and consents to the purchases; any employee benefit plan maintained for the benefit of such qualified investors; directors, officers and employees of a company whose employee benefit plan holds shares of one or more of the FPA Funds; and directors, officers and employees of the Fund’s custodian and transfer agent.
In addition, the Fund will allow new investors to purchase shares if they fall into one of the following categories:
1. Clients of an institutional consultant, a financial advisor, a financial planner, or an affiliate of a financial advisor or financial planner, who has client assets invested with the Fund or the Adviser at the time of the investor’s application;
2. Investors purchasing Fund shares through a sponsored fee-based program where shares of the Fund are made available to that program pursuant to an agreement with FPA Funds or UMB Distribution Services, LLC, and FPA Funds or UMB Distribution Services, LLC has notified the sponsor of that program, in writing, that shares may be offered through such program and has not withdrawn that notification;
3. Investors transferring or “rolling over” into a Fund IRA from an employee benefit plan through which the investor held shares of the Fund (if an investor’s plan doesn’t qualify for rollovers an investor may still open a new account with all or part of the proceeds of a distribution from the plan);
4. Investors that are an employee benefit plan or other type of corporate or charitable account sponsored by or affiliated with an organization that also sponsors or is affiliated with (or is related to an organization that sponsors or is affiliated with) another employee benefit plan or corporate or charitable account that is a shareholder of the Fund; or
5. Investors participating in an employee benefit plan that is already a Fund shareholder.
The Fund may ask you to verify that you meet one of the categories above prior to permitting you to open 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. 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 guidelines.
The Fund’s ability to impose the guidelines above with respect to accounts held by financial intermediaries may vary depending on the systems capabilities of those intermediaries, applicable contractual and legal restrictions and cooperation of those intermediaries.
The Fund continues to reinvest dividends and capital gain distributions with respect to the accounts of existing shareholders who elect such options.
The Fund may recommence at any time the offering of shares to all investors if the Board of Directors believes it would be in the best interests of the Fund and its shareholders.
Federal regulations may require the Fund to obtain your name, your date of birth (for a natural person), your residential street address or principal place of business and your Social Security Number, Employer Identification Number or other government issued identification when you open an account. Additional information may be required in certain circumstances or to open accounts for corporations or other entities, and certain information regarding beneficial ownership will be verified, including information about beneficial owners of such entities. The Fund may use this information to attempt to verify your identity and, for legal entities, the identity of beneficial owners. The Fund may not be able to establish an account if the necessary information is not received. The Fund may also place limits on account transactions while it is in the process of attempting to verify your identity and, for legal entities, the identity of beneficial owners. Additionally, if the Fund is unable to verify the identity of you or your beneficial owners after your account is established, the Fund, the Fund's distributor and the Fund's transfer agent each reserve the right to reject further purchase orders from you or to take such other action as they deem reasonable or required by law, including closing your account. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated on the date your account is closed, and you bear the risk of loss.
Effective August 1, 2020, the section titled “How to Buy Fund Shares” on page 25 of the Prospectus is hereby deleted in its entirety.
PLEASE RETAIN FOR FUTURE REFERENCE.
FPA New Income, Inc. (FPNIX)
Supplement dated July 13, 2020 to the
Statement of Additional Information dated January 31, 2020
This Supplement amends information in the Statement of Additional Information (the “SAI”) for the FPA New Income, Inc. (the “Fund”), dated January 31, 2020. You should retain this Supplement and the Prospectus for future reference. Additional copies of the SAI may be obtained free of charge by visiting our web site at www.fpa.com or calling us at (800) 638-3060.
Effective August 1, 2020, on page 50 of the SAI, the following language is added to the section titled “Purchase, Redemption and Pricing of Shares”:
Limited Availability to New Investors. The availability of shares of the Fund to new investors is limited. See the section titled, “Limited Availability to New Investors” in the Prospectus for a complete description of categories of shareholders eligible to purchase shares of the Fund.
The Fund continues to accept additional investments from existing shareholders, and continues to reinvest dividends and capital gain distributions with respect to the accounts of existing shareholders who elect such options.
The Fund may recommence at any time the offering of shares to all investors if the Board of Directors believes it would be in the best interests of the Fund and its shareholders.
PLEASE RETAIN FOR FUTURE REFERENCE.

Howdy folks,
Been pondering this risk since the Ides of November. In my not so humble opinion, the odds are greater than zero but not so high as to necessitate drastic action.
Rbrt has it down per the law. In addition, while Trump has the AG and the Senate he does NOT have the Supreme Court (ty Roberts) nor does he have the military.
Actually, the scenario I envision was posted earlier that Trump is tired of the BS and wants out. So, while he's making 'show moves' regarding the election, he's more interested in planning his Post presidency life. What does bother me, is all those MAGA hat wearing Nazi's running around with M-16s.
What the states need to do is pass referendums to ban assault weapons and high capacity magazines. SCOTUS ruled it's OK.
and so it goes,
peace,
rono

I think I found it after trying to figure out where an M* writer got off to.
Mike Lee? Stan Lee? Used to cover ETF's at M*. Wrote a couple of pieces here.
I don't follow ETF's. But I always enjoyed reading his stuff.

I believe you are referring to Sam Lee who is a talented writer. Like you, I also enjoyed reading his articles. After he left Morningstar, he founded SVRN Asset Management.

Cannot recall how I heard about RoyW and FAalarm, but was an avid reader by the mid-1990s, which must be about when it started. So almost from the getgo.

https://www.marketwatch.com/story/investors-face-a-scary-out-of-whack-scenario-just-look-at-this-chart-2020-07-12
Investors face ‘a scary, out-of-whack’ scenario — just look at this chart
‘Just as these stocks pulled up the entire market, they can pull down the entire market by their sheer weight’
Where we're headed, nobody knows.
AAPL
+0.24%
MSFT
-0.30%
AMZN
+0.54%
GOOG
+2.03%
FB
+0.23%
DJIA
+1.43%
If it weren’t for the “Giant 5,” your money would have been better off sitting in cash than the stock market over the past few years, according to Wolf Richter of the Wolf Street blog.
The Giant with moderate gains recently,
Interesting chart
Wondering if tech downfalls soon follow

duh
why are you posting this, ffs ?
yes, if I bought $10k of XVZ on March 1, when the whiffs of covid19 were rapidly spreading in the media, and sold them on the 18th, I woulda made $15k!
who did that? who does that? what is your point in posting this?
if I had sold them anytime in the last 3mos I woulda only doubled my money.
hmm, I wonder what the takeaway is from all of that.
apart from how to decompress after long days of working in the hc trenches. - ?

Anyone else pondering this risk?

Yes. I’ve pondered it since roughly November 9, 2016. But I ponder a whole lot of things. Folks ponder all sorts of solutions to vexing issues. So the options Larry tossed out are no doubt being considered by some. He left out shifting to foreign equities / currencies which some (self included) have also pursued.
Gold often reacts to fear, Some of the run-up in price from around $1500 to today’s $1800 over the past 2 years has likely been influenced by the fear Larry voiced. But gold is an extremely thin market. Easy for the big players to manipulate. And it can turn on a dime. Just when you think you understand why it’s behaving the way it is, it will turn on you and make you an idiot. I think it will continue moving higher the next several months or longer and draw in a lot of new (unsuspecting) money. But as demonstrated back in March, it’s fully capable of falling 15-20% in a matter of days and taking down the miners along with it. And in a real bear market, it can be a “white knuckle” ride you won’t soon forget.
Here’s a vexing dilemma. Say you buy those hedges which are rising (and have been for some time) out of political anxiety. Then, surprisingly, the perceived “problem“ fails to materialize (crisis averted). What do you think is going to happen to the value of those hedges? While theoretically cash can’t fall in (nominal) value, should other alternatives (like equities) surge ahead while you’re sitting in cash you have, effectively, held a losing position. All motion is relative. :)

@Old_Skeet: SHE was just repeating long discredited anti-Democratic blather. Forbes, that well-known anti-capitalist organ of the Democratic Party, has a different take. Some excerpts from a Forbes article on the subject:

Looking at ... total returns for the S&P 500 during presidencies since 1929, it is clear that U.S. stock returns have been much better when a Democrat was the president; however, it would be a mistake to conclude that stock returns were higher because a Democrat held the presidency.
There is no conclusive evidence suggesting the president’s party has any statistically significant impact on U.S. equity market returns. Intuitively this makes sense, because stock returns are influenced by a myriad of factors such as valuations, corporate profits, business cycles, monetary policy, etc. In addition, the increasingly global economy (the S&P 500 generates more than 50% of revenues outside the U.S.) makes the actions of a single government less important.
The stock market is a complex adaptive system in which cause and effect are not easy to link. Market movements, particularly over short periods such as a presidential term (yes, four years is a short-term investment period), are random.

But a word from the White House: This is just more PHONY FAKE NEWS from Forbe's with their long history of promoting left-wing hate-America HOAXES. They should go back wherever they came from since they obviously don't like it here.
@Old_Skeet- I was afraid that you might be uncomfortable with the actual facts as mentioned by Forbes, so I included a softened-down Trumpian rant to make you feel a little more at home.

@johnN: Having spent my last twenty years of employment as a radio tech for San Francisco's 911 I'd really like to hear the details of 911 "not showing up", John. Or is this just more of your usual line of BS?

https://money.usnews.com/investing/etfs/slideshows/best-performing-etfs
10 Best-Performing ETFs of 2020
In the first half of the year, volatility funds and internet plays soared.
Amplify Online Retail ETF (IBUY)
ARK Innovation ETF (ARKK)
O'Shares Global Internet Giants ETF (OGIG)
ARK Next Generation Internet ETF (ARKW)
ProShares Long Online/Short Stores ETF (CLIX)
WisdomTree Cloud Computing Fund (WCLD)
ARK Genomic Revolution ETF (ARKG)
ProShares VIX Mid-Term Futures ETF (VIXM)
iPath S&P 500 Dynamic VIX ETN (XVZ)
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX)

Hi guys, I'm thinking that he might be somewhat right in making this call. Remember, in the last election what was considered a business and economy friendly candicate was elected President. If memory is correct, the S&P 500 Index was up nicely after the November election which Trump won even before Trump took office. If it is viewed that an unfriendly business and economy candicate might get elected President then why would it not stand to reason that the markets might be in for a good pull back? Besides the S&P 500 Index's valuation being streached as I write with a TTM P/E Ratio of about 30; and, the outcome of the upcoming Presidential election being uncertain is another reason that Old_Skeet is trimming his equity allocation. Plus, there is the COVA 19 issue as well.
To play it from a conserative approach ... I trimmed some from my equity allocation this past week and I plan to trim some more in the coming weeks.

In my case it started in the way back era of Roy and FundAlarm. I held only a 25- fund portfolio and was choosing those funds on a performance mo-mo basis by and large. I read an article mentioning FundAlarm and the 3-Alarm rating which suggested considering selling such a fund and I was hooked. Roy's biting monthly commentary was worth the price of admission. Today I hold a 5-6 fund portfolio, none of which I held back then, and in total they account for possibly 10-12% of my total portfolio value.

Hi @LarryB- It's very easy to post a link- all you need do is go to the page of interest- in this case, the Atlantic article- and copy the URL (address) of the article. Again in this case, that would be:
https://www.theatlantic.com/ideas/archive/2020/07/presidents-leave-czars-stick-around/614029/
If you then just paste that into your post, as I did here, it should work just fine. The software that powers MFO is smart enough to recognize it as an internet link, and will format it automatically for you.
OJ

Hi sir Old_joe,
Just list several events we've seen recently. 3.9 millions new gun applications in June was record number. Lots folks we talked to [mostly business owners] are looking into buying guns; gun supplies also dried up when wd went gun stores and there back logged
Covid also released many individuals in correctional facilities; courts are closed again. Crimes rate also edging up across many large metropolitans cities... i also talked to several law enforcement officers when are contemplating changing careers because of high risks low reward work
Met several person had real emergencies at home but police did not show when they called 911
Of course these are stories that we encountered and we don't have actual facts
https://www.google.com/amp/s/www.marketwatch.com/amp/story/gun-stocks-rally-as-continued-surge-in-background-checks-street-violence-stoke-demand-2020-06-02
Swbi stock went up tremendously recently
https://www.google.com/amp/s/www.fool.com/amp/investing/2020/07/04/why-sturm-ruger-is-up-62-in-first-half-of-2020.aspx
https://www.google.com/amp/s/abcnews.go.com/amp/US/us-cities-increase-violent-crime-police-group/story?id=71411919
Pls do stay safe sir
Regards

Do nothing and stop being emotional and dramatic.

I kind of agree with 1k. Perhaps for somewhat different reasons. This and many other scenarios have long been contemplated and factored into investment positioning by investors with far longer time horizons than 4 or 5 months. Doing something now in a panic-driven frenzy would be unwise. How many other black swan scenarios should we than prep for? Earth being slammed by an asteroid? Some nut touching off an A-bomb somewhere on the planet - maybe 2 or 3? Killer plague wiping out large segments of the population? How about an evil genius hacking the electrical grid and knocking out all power and communications coast-to-coast? How would (the now darkened) stock market like that?
If you worried about all these possibilities all the time you’d never invest. Instead, you’d be proud bearer of a Treasury money fund cranking out something like .09% annual interest. My point isn’t that the possibilities Larry listed couldn’t happen. To the contrary. I’m suggesting that to invest is to accept this and a wide array of dangers. There’s nothing “safe” about investing.
-
We are indebted to @JohnN for highlighting that this is a silly question for a broad based investment forum like this to attempt to answer and doesn’t warrant our energy being so expended. (But it would make an intriguing subject for law students or those doing graduate work in history / poly-sci.)

Qqq or covid related biotechnology hospitals may hold up/go up for 3-18 months until covid19 issues stabilized/ceasing

@FD1000..... PS. Please check outthe author of the above mentioned article... Mr. Allison is extremely credible.......

@FD1000. Thanks for your response. I don’t know how to share links but you might check out The Atlantic,,, July 12th. A Decidedly non emotional and not dramatic article “ Trump Might Not Want to Relinquish Power” by Graham Allison. All I will say is that after everything that has happened during this presidency nothing would shock me now.

I shouldn’t respond — I think it could be messy with both parties suing different states for irregularities but things will be resolved before Jan 20, 2021. If by chance that is not the case the 20th amendment offers some clues.
Section 1
The terms of the President and Vice President shall end at noon on the 20th day of January, and the terms of Senators and Representatives at noon on the 3d day of January, of the years in which such terms would have ended if this article had not been ratified; and the terms of their successors shall then begin.
Section 3
If, at the time fixed for the beginning of the term of the President, the President elect shall have died, the Vice President elect shall become President. If a President shall not have been chosen before the time fixed for the beginning of his term, or if the President elect shall have failed to qualify, then the Vice President elect shall act as President until a President shall have qualified; and the Congress may by law provide for the case wherein neither a President elect nor a Vice President elect shall have qualified, declaring who shall then act as President, or the manner in which one who is to act shall be selected, and such person shall act accordingly until a President or Vice President shall have qualified.