https://www.sec.gov/Archives/edgar/data/890206/000110465916122596/a16-11831_1497.htm
497 1 a16-11831_1497.htm 497
PACIFIC GLOBAL FUND, INC.
D/B/A/ PACIFIC ADVISORS FUND INC.
SUPPLEMENT DATED MAY 23, 2016
TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 2016
This Supplement updates information contained in the Prospectus and Statement of Additional Information for Pacific Global Fund Inc. d/b/a Pacific Advisors Fund Inc. (the “Company”), dated May 1, 2016. Please keep this Supplement together with your Prospectus and Statement of Additional Information for future reference.
The Board of Directors of the Company has approved a Plan of Liquidation and Dissolution (the “Plan”) that, pending shareholder approval, provides for the liquidation of the Government Securities Fund (the “Fund”). It is anticipated that, if approved, the liquidation will be completed on or about June 24, 2016, subject to any necessary approval of the Fund’s shareholders and the satisfactory winding up of the Fund’s operations. The Plan is subject to approval by shareholders of the Fund at a Special Meeting of Shareholders to be held on June 20, 2016 or at any adjournments thereof.
In connection with the anticipated liquidation, the Board approved, effective May 23, 2016, the closure of each class of the Fund to new investments, including new investors, additional purchases from existing investors and purchases for exchange from other funds. The Board also approved, effective May 23, 2016, the closure of each class of the Fund to reinvestments of dividends and distributions. Therefore, the Fund will no longer offer shares for purchase. The Fund reserves the right to change this policy at any time. Of course, shareholders will continue to be able to exchange or redeem their shares in accordance with the policies in the Prospectus.
If shareholders of the Fund approve the Plan, the Fund will promptly begin liquidating its portfolio assets and will hold or reinvest the proceeds thereof in cash and such short-term securities as the Fund may lawfully hold or invest. As a result, the Fund will not be pursuing its investment objective.
The Fund anticipates that it will complete the liquidation on or around the close of business on June 24, 2016 (the “Liquidation Date”). On or before the Liquidation Date, the Fund will make liquidating distributions to each remaining shareholder, equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and thereafter the Fund will be terminated and dissolved.
Fund shareholders as of the close of business on the record date, May 31, 2016, will receive a Proxy Statement providing notice of the Special Meeting of Shareholders and details regarding the Plan. The Proxy Statement will also be available on the Securities and Exchange Commission’s website at http://www.sec.gov or by contacting the Fund at 800-282-6693.
For those shareholders with taxable accounts, the exchange, redemption or liquidation of their shares of the Fund will be considered a taxable transaction, and such shareholders may recognize a gain or loss for Federal income tax purposes. Shareholders should consult their tax advisers regarding the effect of the exchange, redemption or liquidation of their shares of the Fund in light of their individual circumstances...

FYI:
Regards,
Ted
http://video.cnbc.com/gallery/?video=3000519775&play=1

https://www.sec.gov/Archives/edgar/data/1047712/000119312516598592/d191660d497.htm
Revised filing as of 5/23/16:
497 1 d191660d497.htm UNDISCOVERED MANAGERS FUNDS
UNDISCOVERED MANAGERS FUNDS
Undiscovered Managers Behavioral Value Fund
(All Shares Classes)
Supplement dated May 23, 2016
to the Prospectuses dated December 29, 2015, as supplemented
Effective as of the close of business on June 17, 2016, the limited offering provisions for the Undiscovered Managers Behavioral Value Fund will be revised. As of the Revised Closing Date, the current limited offering provisions in the section titled “How to Do Business with the Funds — Purchasing Fund Shares — What does it mean that the Behavioral Value Fund is publicly offered on a limited basis?” will be removed and replaced with the following disclosure:
Effective as of the close of business on June 17, 2016, (the “Revised Closing Date”) the Behavioral Value Fund will be offered on a limited basis and investors are not eligible to purchase shares of the Behavioral Value Fund, except as described below. In addition, both before and after the Revised Closing Date, the Behavioral Value Fund may from time to time, in its sole discretion based on the Behavioral Value Fund’s net asset levels and other factors, limit new purchases into the Behavioral Value Fund or otherwise modify the closure policy at any time on a case-by-case basis.
The following groups will be permitted to continue to purchase Behavioral Value Fund shares. Except as otherwise described below, shareholders of record are permitted to continue to purchase shares; if the shareholder of record is an omnibus account, beneficial owners in that account as of the applicable closing date are permitted to continue to purchase:
•Shareholders of the Behavioral Value Fund as of the Revised Closing Date are able to continue to purchase additional shares in their existing Behavioral Value Fund accounts either through J.P. Morgan Funds Services or a Financial Intermediary and may continue to reinvest dividends or capital gains distributions from shares owned in the Behavioral Value Fund;
•Shareholders of the Behavioral Value Fund as of the Revised Closing Date are able to add to their existing Behavioral Value Fund accounts through exchanges from other J.P. Morgan Funds;
•Approved fully discretionary fee-based advisory programs, where investment discretion (fund and investment allocations) solely reside with the firm’s home office and where the firm’s home office has full authority to make investment changes without approval from the shareholder, may continue to utilize the Behavioral Value Fund for new and existing program accounts. These programs must be accepted for continued investment by the Behavioral Value Fund and its distributor by the Revised Closing Date. Additionally, after the Revised Closing Date, new fully discretionary fee-based advisory programs may utilize the Behavioral Value Fund for program accounts only with the approval by the Behavioral Value Fund and its distributor;
•Other fee-based advisory programs (including Rep as Advisor and Portfolio Manager programs) may continue to utilize the Behavioral Value Fund for existing program accounts, but will not be able to open new program accounts after the Revised Closing Date;
•Group employer benefit plans, including 401(k), 403(b) and 457 plans and health savings account programs (and their successor plans), utilizing the Behavioral Value Fund on or before the Revised Closing Date can continue to invest in the Behavioral Value Fund. Additionally, after the Revised Closing Date, new group employer benefit plans may utilize the Behavioral Value Fund for their accounts only with the approval of the Behavioral Value Fund and its distributor; and
• Current and future J.P. Morgan Funds which are permitted to invest in other J.P. Morgan Funds may purchase shares of the Behavioral Value Fund;
If all shares of the Fund in an existing shareholder’s account are voluntarily redeemed or involuntarily redeemed (due to instances when a shareholder does not meet aggregate account balance minimums or when participants in Systematic Investment Plans do not meet minimum investment requirements), then the shareholder’s account will be closed. Such former Fund shareholders will not be able to buy additional Fund shares or reopen their accounts in the Fund unless a former shareholder makes his or her repurchase within 90 days of the redemption. Repurchases during this 90 day period will not be subject to any applicable sales charges if such sales charges are normally waived for repurchases within 90 days of the redemption as described in the “Waiver of the Class A Sales Charge” or “Waiver Applicable Only to Class C Shares” sections below. These repurchase restrictions, however, do not apply to participants in groups listed above as eligible to continue to purchase even if the plan, program or fund would liquidate its entire position. If shares are purchased through a Financial Intermediary, contact your investment representative for their requirements and procedures.
If the Behavioral Value Fund receives a purchase order directly from an investor who is not eligible to purchase shares of the Fund, J.P. Morgan Funds Services will attempt to contact the investor to determine whether he or she would like to purchase shares of another J.P. Morgan Fund or would prefer that the investment be refunded. If J.P. Morgan Funds Services cannot contact the investor within 30 days, the entire investment will be refunded.
The Behavioral Value Fund reserves the right to change these policies at any time.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES FOR FUTURE REFERENCE

FYI: After falling 26% from its high last June through February 11th, the Russell 2,000 index of smallcap stocks is now up 20.5%. That 20.5% gain means the index has entered a new bull market.
Regards,
Ted
https://www.bespokepremium.com/chart-of-the-day/chart-of-the-day-smallcaps-enter-new-bull-market/

FYI: Fund managers are pulling cash out of European equity and debt markets in response to concerns about the continent’s fractious politics, ultralow interest rates and weak banks, and relentless economic malaise.
Regards,
Ted
http://www.wsj.com/articles/investors-check-out-of-europe-1463951411

You got me poking around on the topic of average...
"In 1971, Batterymarch Financial Management of Boston independently decided to pursue the idea of index investing. The developers were Jeremy Grantham and Dean LeBaron, two of the founders of the firm. Grantham described the idea at a Harvard Business School seminar in 1971, but found no takers until 1973. For its efforts, Batterymarch won the prize for the "Dubious Achievement Award" from Pensions & Investments magazine in 1972.** It was two years later, in December 1974, when the firm finally attracted its first client.
By the time American National Bank in Chicago created a common trust fund modeled on the S&P 500 Index in 1974 (requiring a minimum investment of $100,000), the idea had begun to spread from academia—and these three firms that were the first professional believers—to a public forum."
The Indexing Story:
vanguard.com/bogle_site/lib/sp19970401.html
NAESX seems to be the oldest Mutual fund Index offered by Vanguard. Here's what 42 years of indexing (average returns looks like):

Also, things have gotten to the point, IMO, where it is difficult to accurately take a measure of CEF valuations in the fixed income categories ...

Heezsafe, I don't think there's ever been, or ever will be, an exact way to pin down CEF valuations. You could look at adjusted price over time, absolute premium/discount to nav, relative (to history) p/d to nav, the recent direction of price vs. the recent direction of nav, on and on, some of the above or all of the above. A CEF investment is entirely subject to the whims of trading ... but then that's not all that different from straight equities.
I started out thinking people who invest in them must evaluate them primarily in terms of p/d relative to history (since some cef's tend to have relatively persistent premiums, others relatively persistent discounts) but learned that some? many? people who invest in cef's pretty much trade on absolute p/d, so you have to take that into account in your thinking, too.
On DSL, the 28.5% loss you quote is on price alone, not including div payouts. I didn't take the time to look at since-inception returns, but M* shows a 3y total return of -2% on price (and +1% on nav, FWIW) so the actual TR to an investor is close to flat over that time, with the divs making up for most of the price drop (the div amounts come out of the price when paid out) - same effect as occurs in some HY open-end funds, but magnified by leverage.
Edit: Just went to the spiffy new Db'line site, and the current fact sheet shows a since-inception total return of -7% (nav = -3%), with a little less than 20% in IG as of the end of Feb.
I'm not a fan of DSL, and probably would never own it. It's junky, of course leveraged, and you'd need to buy & sell at ~ the right times to make anything out of it. Munis and BBB-ish taxables (like the article says, there aren't many, maybe any, high-quality taxables out there) are easier to deal with. For junk FI, oef's are plenty adventurous for me.

Also, things have gotten to the point, IMO, where it is difficult to accurately take a measure of CEF valuations in the fixed income categories, as mentioned here:
http://fmdcapital.com/no-formula-cef-overvaluation/
Last sentence of the IBD article:

A third holding is DoubleLine Income Solutions CEF (DSL), which is up 16% this year.

I haven't kept track of the DoubleLine CEFs for awhile, so I was surprised by what I found when I checked for an update. In contrast to the uniformly good performance of DoubleLine MFs since inception, it looks like we may have our first misstep. DSL may be up 16% YTD, but that is coming off a pretty deep bottom. Current NAV of 18.91 and market price of 17.88. At the February nadir, market price declined to 14.71. Wow. Considering the fund opened at its Apr 2013 inception at 25/share, that "suggests" to me the fund ain't doing a terrific job of holding its value. Buying at inception and selling on Friday, you'd have been looking at a 28.5% loss on those shares. For those who have been invested in DSL recently, has there been any attribution given by DoubleLine in conference calls for the drop in NAV over the 3 year history? Misplaced leverage at the wrong time in the wrong places, on numerous occasions, or what?
http://www.morningstar.com/cefs/xnys/dsl/quote.html

FYI: Looking for income? The yield on 10-year Treasury notes is paltry 1.75%. One-year certificates of deposit pay an anemic 1.11% on average, according to Bankrate.com.
Closed-end funds (CEFs) can be one solution, with yields averaging 6.73%.
Their yields range from 6.32% on average for bond CEFs to 7.22% for the average stock CEF, according to Lipper Inc
Regards,
Ted
http://www.investors.com/etfs-and-funds/mutual-funds/want-income-closed-end-funds-offer-yield-but-beware-of-the-risks/
M* CEF Fund Returns 9Click On Show All)
http://news.morningstar.com/CELists/CEReturns.html

@BenWP CXO Advisory gives Birinyi a 52% average well above the norm.
Regards,
Ted
Laszlo Birinyi Bemusings:
http://www.cxoadvisory.com/2738/individual-gurus/laszlo-birinyi/#more-2738

Nice fund. It looks like it's tightening the closure by tweaking language in some of the exceptions to closure and by eliminating two previous exceptions: for 529 plans and for "approved brokerage platforms where the fund is on recommended list. (Why yes, this has been an NTF/NL fund on Schwab's One Source list. Why do you ask?)
David

Barrons discussed this in today's edition. You should be fine with your bank loan fund. They are yielding 5%. But they have been on a relentless roll since February with but a couple down days ala SAMBX (my favorite) and EVFAX. Even better have been LSFYX, JFIIX and HFRZX which has some exposure to equities. Most are already up 5% YTD. Not sure about why you want short duration. That was last year's trade and the short duration funds in categories such as high yield have been the worst performers in 2016 by a wide margin. I am around 50% in bank loan, 35% in junk munis and 15% in corp junk. If the junk munis falter in even the slightest will be rolling them into more bank loan. Junk munis are way overbought and their recent outperformance has been almost entirely due to tobacco bonds. See link below.
http://blogs.barrons.com/incomeinvesting/2016/05/19/tobacco-bond-risks-grow-fitch-loses-confidence-pulls-ratings/?mod=BOLBlog

With the upcoming anticipated rate increase(s) I have kept the duration towards the short end within my income sleeve along with maintaining a well diversified income selecton of mutual funds ranging from a high yield fund with a short duration, a bank loan fund, a couple limited term investment grade bond funds along with several strategic income funds. In addition, I am thinking of adding a mortgage backed securities fund (BMPAX) with a duration of 2.7 years along with a limited term duration muni income fund (LTEBX)) with a duration of 3.0 years. The current duration found in my fixed income sleeve is about 3.0 years. With this, I am looking to stay with good funds that have a short duration and maturity.
I do not have the investment depth and knowledge in the fixed income area of my portfolio that I have on the equity side. With this, I am wondering what other seasoned or accredited investors might be doing to better manage the income side of their portfolio. I can raise my allocation on the fixed income side by a couple of percent and still be towards it's low allocation range of about 25%.
According to a recent Xray analysis study my planned additions would result in an new overall asset allocaton of about 25% cash, 25% bonds, 45% equity and 5% other for the portfolio. This will leave me with enough cash to raise the equity allocation when I feel warranted while still holding an ample cash position to reestablish a CD ladder when interest rates reach a more attractive level.
I just do not want to walk into a rate increase storm and get hammered when I can still hold the cash now targeted to go towards adding these two new fixed income positions.
Any thoughts from others on fixed income funds that are anticipated to fair well during a rising interest rate environment would be appreciated?
Thanks again for your comments and suggestions.
Old_Skeet

FYI: (Click On Article Title At Top Of Google Search)
For four decades, Laszlo Birinyi has scoured the stock market for clues about where it is headed, focusing especially on sentiment indicators that suggest how investors feel about the Standard & Poor’s 500 index and individual equities. That has made his stock market research a must-read for many big investors, who also appreciate the dollops of market history he doles out with his investment forecasts.
Regards,
Ted
https://www.google.com/#q=The+Stock+Market+Will+Make+New+Highs+This+Year++Barron's

http://www.sec.gov/Archives/edgar/data/1047712/000119312516597275/d196409d497.htm
497 1 d196409d497.htm UNDISCOVERED MANAGERS FUNDS
UNDISCOVERED MANAGERS FUNDS
Undiscovered Managers Behavioral Value Fund
(All Shares Classes)
Supplement dated May 20, 2016
to the Prospectuses dated December 29, 2015, as supplemented
Effective as of the close of business on June 17, 2016, the limited offering provisions for the Undiscovered Managers Behavioral Value Fund will be revised. As of the Revised Closing Date, the current limited offering provisions in the section titled “How to Do Business with the Funds — Purchasing Fund Shares — What does it mean that the Behavioral Value Fund is publicly offered on a limited basis?” will be removed and replaced with the following disclosure:
Effective as of the close of business on June 17, 2016, (the “Revised Closing Date”) the Behavioral Value Fund will be offered on a limited basis and investors are not eligible to purchase shares of the Behavioral Value Fund, except as described below. In addition, both before and after the Revised Closing Date, the Behavioral Value Fund may from time to time, in its sole discretion based on the Behavioral Value Fund’s net asset levels and other factors, limit new purchases into the Behavioral Value Fund or otherwise modify the closure policy at any time on a case-by-case basis.
The following groups will be permitted to continue to purchase Behavioral Value Fund shares. Except as otherwise described below, shareholders of record are permitted to continue to purchase shares; if the shareholder of record is an omnibus account, beneficial owners in that account as of the applicable closing date are permitted to continue to purchase:
• Shareholders of the Behavioral Value Fund as of December 31, 2015 are able to continue to purchase additional shares in their existing Behavioral Value Fund accounts either through J.P. Morgan Funds Services or a Financial Intermediary and may continue to reinvest dividends or capital gains distributions from shares owned in the Behavioral Value Fund;
•Shareholders of the Behavioral Value Fund as of December 31, 2015 are able to add to their existing Behavioral Value Fund accounts through exchanges from other J.P. Morgan Funds;
• Approved fully discretionary fee-based advisory programs, where investment discretion (fund and investment allocations) solely reside with the firm’s home office and where the firm’s home office has full authority to make investment changes without approval from the shareholder, may continue to utilize the Behavioral Value Fund for new and existing program accounts. These programs must be accepted for continued investment by the Behavioral Value Fund and its distributor by the Revised Closing Date. Additionally, after the Revised Closing Date, new fully discretionary fee-based advisory programs may utilize the Behavioral Value Fund for program accounts only with the approval by the Behavioral Value Fund and its distributor;
•Other fee-based advisory programs (including Rep as Advisor and Portfolio Manager programs) may continue to utilize the Behavioral Value Fund for existing program accounts, but will not be able to open new program accounts after the Revised Closing Date;
• Group employer benefit plans, including 401(k), 403(b) and 457 plans and health savings account programs (and their successor plans), utilizing the Behavioral Value Fund on or before the Revised Closing Date can continue to invest in the Behavioral Value Fund. Additionally, after the Revised Closing Date, new group employer benefit plans may utilize the Behavioral Value Fund for their accounts only with the approval of the Behavioral Value Fund and its distributor; and
•Current and future J.P. Morgan Funds which are permitted to invest in other J.P. Morgan Funds may purchase shares of the Behavioral Value Fund;
If all shares of the Fund in an existing shareholder’s account are voluntarily redeemed or involuntarily redeemed (due to instances when a shareholder does not meet aggregate account balance minimums or when participants in Systematic Investment Plans do not meet minimum investment requirements), then the shareholder’s account will be closed. Such former Fund shareholders will not be able to buy additional Fund shares or reopen their accounts in the Fund unless a former shareholder makes his or her repurchase within 90 days of the redemption. Repurchases during this 90 day period will not be subject to any applicable sales charges if such sales charges are normally waived for repurchases within 90 days of the redemption as described in the “Waiver of the Class A Sales Charge” or “Waiver Applicable Only to Class C Shares” sections below. These repurchase restrictions, however, do not apply to participants in groups listed above as eligible to continue to purchase even if the plan, program or fund would liquidate its entire position. If shares are purchased through a Financial Intermediary, contact your investment representative for their requirements and procedures.
If the Behavioral Value Fund receives a purchase order directly from an investor who is not eligible to purchase shares of the Fund, J.P. Morgan Funds Services will attempt to contact the investor to determine whether he or she would like to purchase shares of another J.P. Morgan Fund or would prefer that the investment be refunded. If J.P. Morgan Funds Services cannot contact the investor within 30 days, the entire investment will be refunded.
The Behavioral Value Fund reserves the right to change these policies at any time.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES FOR FUTURE REFERENCE

Hi Guys,
This Hulbert article seems to add further evidence for the frequent appearance of the 80/20 rule that I discussed in a recent MFO exchange. Here is the internal Link to that discussion:
http://awealthofcommonsense.com/2016/05/the-sp-500-is-the-worlds-largest-momentum-strategy/
It's frightful how so many diverse happenings and opinion surveys fall victim (not sure that's the correct word) to the .80/20 or is it the 20/80 Principle?
Best Wishes.

FYI: In many ways the stock market makes no sense. You would assume that half of all stocks would outperform a market index while the other half would underperform. Then all you would have to do is pick from the top half and avoid the bottom half, make massive amounts of money and go buy an island somewhere.
Regards,
Ted
http://awealthofcommonsense.com/2016/05/the-sp-500-is-the-worlds-largest-momentum-strategy/

, my downside feel is like 55% at the moment.

A decline of 55%?!!

Ha, no! I sure hope not. My thought when writing this was that there was only a slightly better chance of a major decline as compared with the current range-bound market or rally to the upside. Taking account of today's action, I'd reduce the odds to 50% or less. Today was the day I would have expected the gutting, but the turn was encouraging. Hit some stops during the worst of it, moving some of my best wins to the side (10% or so of PDT UTG VNQ). My gut right now is we drive to new highs against the odds.

So, you're saying ... stocks could go up or they could go down.

, my downside feel is like 55% at the moment.

A decline of 55%?!!

Ha, no! I sure hope not. My thought when writing this was that there was only a slightly better chance of a major decline as compared with the current range-bound market or rally to the upside. Taking account of today's action, I'd reduce the odds to 50% or less. Today was the day I would have expected the gutting, but the turn was encouraging. Hit some stops during the worst of it, moving some of my best wins to the side (10% or so of PDT UTG VNQ). My gut right now is we drive to new highs against the odds.

http://www.sec.gov/Archives/edgar/data/793769/000119312516594564/d359875d497.htm
497 1 d359875d497.htm HARBOR FUNDS
111 South Wacker Drive, 34th Floor
Chicago, IL 60606-4302
harborfunds.com
Supplement to Statement of Additional Information dated March 1, 2016
Harbor Unconstrained Bond Fund
Harbor Funds’ Board of Trustees has determined to liquidate and dissolve the Harbor Unconstrained Bond Fund. The liquidation of the Fund is expected to occur on July 29, 2016. The liquidation proceeds will be distributed to any remaining shareholders of the Fund on the liquidation date.
Shareholders may exchange shares of the Fund for another Harbor fund, or redeem shares out of the Fund, in accordance with Harbor’s exchange and redemption policies as set forth in the Fund’s prospectus, until the date of the Fund’s liquidation.
In order to ready the Fund for liquidation, the Fund’s portfolio of investments will be transitioned prior to the planned liquidation date to one that consists of all or substantially all cash, cash equivalents and debt securities with remaining maturities of less than one year. As a result, shareholders should no longer expect that the Fund will seek to achieve its investment objective of seeking total return.
Because the Fund will be liquidating, the Fund is now closed to new investors. The Fund will no longer accept additional investments from existing shareholders beginning on July 22, 2016.
May 18, 2016
Harbor Bond Fund
Effective June 1, 2016, Harbor Bond Fund shall have additional flexibility to invest in securities rated below investment grade. The percentage of the Fund’s total assets that may be invested in securities rated below investment grade is increasing from 15% of total assets to 20% of total assets. In addition, the minimum credit quality rating applicable to securities rated below investment grade is being removed.
Accordingly, effective June 1, 2016, the first paragraph on page 5 within the “Below Investment-Grade Fixed Income Securities” section under Investment Policies is hereby replaced in its entirety with the following:
Harbor Convertible Securities Fund and Harbor High-Yield Bond Fund invest primarily in below investment-grade securities. Harbor Global Growth Fund, Harbor Commodity Real Return Strategy Fund, Harbor Unconstrained Bond Fund, Harbor Bond Fund and Harbor Real Return Fund may invest up to 5%, 10%, 40%, 20% and 10%, respectively, of its assets in below investment-grade securities, commonly referred to as “high-yield” or “junk” bonds. For all securities other than mortgage-related securities, the investments of Harbor Commodity Real Return Strategy Fund and Harbor Real Return Fund in below investment-grade securities are limited to those rated B or higher by S&P, Moody’s or Fitch Ratings, or, if unrated, determined to be of comparable quality. For mortgage-related securities, these Funds may invest in securities of any credit quality, including those rated below B.
May 17, 2016
Investors Should Retain This Supplement For Future Reference