https://www.sec.gov/Archives/edgar/data/1587982/000139834418013653/fp0035850_497.htm
497 1 fp0035850_497.htm
(now Astoria Multi-Asset Risk Strategy Fund (MARZX))
PhaseCapital Dynamic Multi-Asset Growth Fund
Investor Class (Ticker Symbol: PHDZX)
Institutional Class (Ticker Symbol: PHDIX)
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated September 18, 2018 to the
Prospectus and Statement of Additional Information, each dated October 31, 2017, as supplemented;
and the Summary Prospectus dated February 7, 2018.
The Board of Trustees of the Trust has approved a Plan of Liquidation for the PhaseCapital Dynamic Multi-Asset Growth Fund (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. In order to perform such liquidation, effective immediately the Fund is closed to all new investment.
The Fund will be liquidated on or about September 27, 2018 (the “Liquidation Date”), and shareholders may redeem their shares until the Liquidation Date. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to its remaining shareholders equal to each 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 the Fund will be dissolved.
In anticipation of the liquidation of the Fund, PhaseCapital LP, the Fund’s advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact the Fund at 1-888-827-4273 if you have any questions or need assistance.
Please file this Supplement with your records

https://www.sec.gov/Archives/edgar/data/1593547/000139834418013655/fp0035871_497.htm
497 1 fp0035871_497.htm
THE ADVISORS’ INNER CIRCLE FUND III (the “Trust”)
NorthPointe Small Cap Value Fund (the “Fund”)
Supplement dated September 18, 2018 to the
Prospectus dated March 1, 2018 (the “Prospectus”) and
the Statement of Additional Information, dated March 1, 2018 (the “SAI”)
This supplement provides new and additional information beyond that contained in the Prospectus and SAI, and should be read in conjunction with the Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of NorthPointe Capital, LLC (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to new investments. The Fund is expected to cease operations and liquidate on or about October 26, 2018 (the “Liquidation Date”).
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Your Fund Shares” section of the Prospectus. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with the Fund’s stated investment strategies, which may prevent the Fund from achieving the Fund’s investment objective.
The liquidation distribution amounts will include any accrued income and capital gains, will be treated as a payment in exchange for shares, and generally will be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The net asset value of the Fund on the Liquidation Date, however, will reflect costs of liquidating the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
NPC-SK-005-0100

FYI: New data released this week from the Internal Revenue Service on Individual Retirement Accounts (IRAs) most notably includes who contributed to IRAs and how much for tax year 2015. Taxpayers contributed nearly $40 billion to IRAs in 2015, indicating that tax-neutral savings accounts will continue to be an important source of capital income. Expanding and simplifying their structure would broadly benefit many Americans.
Regards,
Ted
https://taxfoundation.org/new-irs-data-shows-ira-contributions-made-middle-class-taxpayers/

My coworkers been buying lots of old WW2 german luger guns. any ideas if these will go up in 5-10 yrs
https://www.legacy-collectibles.com/hand-guns/lugers

@Mfo Members: Actually there's is evidence that investing in the four "B" Booze, Bets, Bombs & Butts has paid off over the years. In fact Dan Ahrens former Vice Fund manager has written a book about investing in sin.
Regards,
Ted
https://www.amazon.com/Investing-Vice-Recession-Proof-Portfolio-Booze-ebook/dp/B003E4CYYO/ref=sr_1_fkmr0_1?ie=UTF8&qid=1537279123&sr=8-1-fkmr0&keywords=Dan+S.+Ahrens
M* Snapshot VICEX:
https://www.morningstar.com/funds/xnas/vicex/quote.html

@Catch22 - Point taken.
However, as I noted earlier, storing a few years supply of your favorite single-malt or blend is one investment to consider. I think a case can be made that the product, along with associated tariffs and taxes, will appreciate in value more quickly than cash. Heck, it might even do better than a 10-year treasury yielding 3%. In addition, many noted investors (like Peter Lynch and Warren Buffet) emphasize the importance of investing in something you know. Indeed, Buffet has long invested in his favorite beverage, CocaCola. Why should scotch whisky be accorded any less favorable treatment?
The linked article discusses 5 ways in which investors may profit from Scotch Whiskey. And, despite your preference for wine, I’d venture to guess that at least one of your mutual funds has exposure in some form (debt or equity) to Diageo.
Invest in Cask Schemes
Buy and Hold Rare Whisky
Buy Shares of Diageo
Invest in a Whisky Investment Fund
Treasure Hunt for Individual Bottles
“ Brands like Macallan, Glenlivet, and Highland Park are popular, as are lesser produced Scotches such as Mortlach, St. Magdalene, and Glenfarclas. While there is no guarantee it will continue to appreciate, The Rare Whiskey 101 Icon Index increased about 350% between 2008 and 2016.”
https://unusualinvestments.com/5-ways-invest-scotch-whisky/

@davidmoran,
The Chivas is smooth tasting. But doesn’t taste like a true scotch IMHO. Suspect it’s more of a cross-over which non-scotch drinkers also enjoy. At $30-$35 a very attractive choice for some.
I don’t buy the $40 Black Label often enough to have a firm opinion - but I’d say it’s the best of the lot I’ve sampled (after you acquire a taste for it).
Dewars (black label) was a recent surprise find. It wears very well (you don’t tire of it). Close to JW Black in flavor. A cut above their better known White Label.
Haven’t tried Ballentine. Hear it’s decent. I’ll buy an occasional Cutty or J&B. Can’t complain of either at the $20 price point. Another decent one in the $25 area is Ruffled Grouse. And at $25 Dewars White is pretty good.
A few low end single malts around here sell for $30-$40. Have tried a couple. Not bad.
Dewars White Label is reportedly the best seller domestically. J&B holds top spot in Europe.

Washington Post: (subscription only):
BBC:
Some other items, The higher import taxes will apply to more than 5,000 items, marking the biggest round of US tariffs so far.
Handbags, rice, and textiles will be included, but some items expected to be targeted such as smart watches and play pens have been excluded.

And a bit more from The Wall Street Journal, (subscription only):
"WASHINGTON—The Trump administration will impose tariffs on about $200 billion in Chinese goods as part of its campaign to pressure Beijing to change its commercial practices, it said Monday, escalating trade tensions between the world’s two largest economies.
The 10% tax on Chinese imports will take effect on Sept. 24 and will rise to 25% at the end of the year, according to administration officials. The tariffs will affect thousands of goods ranging from luggage to seafood, extending the impact of Mr. Trump’s aggressive tariff policy for the first time to a broad population of American consumers."

And here it is. Excerpts from coverage in The Washington Post:
"President Trump threw his biggest punch yet at China, imposing tariffs on an additional $200 billion worth of Chinese imports and gambling that American consumers are willing to pay more for popular products to wring trade concessions from Beijing.
With Monday’s announcement, roughly half of the $505 billion in goods that Americans buy annually from Chinese firms will face new import levies.
Unlike the $50 billion in Chinese products that Trump hit in the first tariff wave in July — which fell mainly on industrial goods — Monday’s action will affect consumer products such as air conditioners, spark plugs, furniture and lamps.
Starting Sept. 24, American importers will pay an extra 10 percent tariff for the affected items, rising to 25 percent at the end of the year, according to senior administration officials, who briefed reporters on the condition that they not be identified by name."

1) The author of the linked article wrote
" The only thing that will cash a bond fund’s price to increase is declining interest rates. This means in an extended period of rising rates; bond fund investors will see their principal decline without the possibility of a recovery."
I assume that the 5th word "cash" is a typo for "cause". But even when the typo is corrected the sentence does not square with what I've observed over time. When interest rates rise the bond fund will invest in the higher yielding bonds that appear. The investor in the bond fund gets a higher interest rate on these bonds. While there have been years of loss ("negative return") I have never had my principal decline in a bond fund. For one thing all interest and capital gains are being used to automatically buy more shares in the fund. I invest in bond funds as a counter-balance to investments in stock funds. I'd be wary about using a bond fund to generate income. For that I have bought single bonds through a reliable broker.
2) The title of this post was sufficient for me to get an inkling of what the linked article was about. For me, unattributed replication of the first lines of an article is not more helpful than no blurb at all. Ted copies and pastes the first sentences of the linked articles. As often as not these first sentences have been written to establish a basis for understanding the main thrust of the article. They are not a synopsis of what follows.
3) None of the above should be taken to mean that I have not benefited from some of the articles linked by Ted, John, or others. I have. And I appreciate the public service, and the time & effort . It would be even better if when someone posts a link they write a few words of their own about what the article is about and why they find it worthy of attention.

@hank, what blends?

I’ve thus far identified 3 decent blends at / under $40. These all go well with a splash of water & ice:
#1 JW Black - Always $40 here in Michigan
#2 Dewars 12-Year (Black label) - Usually $35-40. Dropped to $30 briefly this spring
#3 Chivas Regal 12-Year - Usually $35 Ocassionally drops to $30
Always open to suggestions. Bear in mind we “conservative leaning” investors don’t have 60 or 80 bucks to throw at a bottle of spirits as some of you guys do. :)

https://www.investorsalley.com/avoid-these-3-bond-funds-when-interest-rates-rise/?t=tdhlandjoe36mtmc&utm_source=marketcap&utm_medium=article&utm_campaign=tdh36monthplan
"Avoid These 3 Bond Funds When Interest Rates Rise
Bonds, Interest Rates, Stocks to Avoid
September 17, 2018 6:15 am by Tim Plaehn
Are bond funds a safe haven if the stock market crashes?
With interest rates about to rise, is it a good time to invest in a bond fund?
These are questions investors may be asking themselves as the stock market may be peaking and the Fed keeps jacking up interest rates. If you are fearful of what may happen in the stock market, you may also be considering putting money into one of the popular bond ETFs. Read further to understand that a bond fund comes with its own set of risks, ones that the financial services industry won’t tell you about."

@MFO Members: I don't know about the end of 2019, but I am convinced the S&P 500 wiil close above 3,000 in 2018.
Regards,
Ted

Here is a little crystal ball gazing that suggests there may be good reasons to think the party can continue for a while longer....Will the S&P 500 be at 3,350 by the end of 2019?
https://www.reuters.com/article/us-usa-stocks-valuation/high-u-s-stock-valuations-hinge-on-inflation-interest-rates-idUSKCN1LX09O

If you click on a members name you will see his/her role either just member or member premium. Premium means that at some point $100 was contributed to MFO.

@Ted. Hate to say you are wrong (again). But you are wrong again. Like many, I’ve made several contributions to MFO since its inception, including the contribution tendered January 18 of this year as documented by the attached cut and paste from my Pay Pal account. Although curious why my member designation didn’t change from “member” to “premium member”, it hardly seemed worth mentioning to anyone (and I didn’t) - until you raised the issue.
-
Paid with
VISA x-****
You'll see "PAYPAL *MUTUALFUNDO" on your card statement.
Category
Donations
Transaction ID
*****************
Seller info
Mutual Fund Observer
309-794-7581
http://www.mutualfundobserver.com
[email protected]
Purchase details
Access to Group: NonRecurring (1 year)$100.00
Item #Temp
-
Likely, a great many others have contributed financially to MFO over the years in accordance with their means, needs and situation without receiving special recognition. And it is blatantly inaccurate of you to in any way suggest otherwise.

FYI:
Regards,
Ted
https://www.mutualfundobserver.com/2018/09/september-15-2018/

FYI: Clunkers provide a teaching moment.
Wall Street has terrific deals these days: commission-free trading at JP Morgan, zero-expense funds from Fidelity, ETFs so cheap they have negative holding costs.
And then it has some deals that are not terrific. We went hunting for disappointments and mishaps and found seven funds that stand out. They all have lessons for investors.
Regards,
Ted
https://www.forbes.com/sites/baldwin/2018/09/12/the-seven-worst-funds-lessons-for-investors/#59689591491b

https://www.barrons.com/articles/marijuana-stocks-drop-canada-1536875117?mod=trending_now_1
I've been watching these stocks since @rono asked the question, "anyone investing". Partook a little in my college days, maybe I can partake in a different way now :) They dropped a lot this week (maybe this signals why). Maybe getting back to a good entry point(?) Still watching.

Cannabis-related stocks dropped in after-hours trading Thursday following a report that the U.S. may bar Canadians who invest in the companies from entering the U.S.
Politico reported Thursday afternoon that an official with the U.S. Customs and Border Protection agency said that Canadians who smoke marijuana, work in the industry or invest in the companies could be permanently banned from the U.S.
“Facilitating the proliferation of the legal marijuana industry in U.S. states where it is deemed legal or Canada may affect an individual’s admissibility to the U.S.,” Todd Owen, executive assistant commissioner for the Office of Field Operations at the CBP, told Politico.

https://www.sec.gov/Archives/edgar/data/1005942/000092881618001879/a_emisupp.htm
497 1 a_emisupp.htm PUTNAM FUNDS TRUST
Prospectus Supplement September 14, 2018
Putnam Emerging Markets Income Fund
Prospectus dated March 30, 2018
At a meeting held on September 14, 2018, the Board of Trustees of Putnam Emerging Markets Income Fund (the “Fund”) approved a plan to liquidate the Fund upon recommendation by Putnam Investment Management, LLC, the Fund’s investment adviser. The liquidation of the Fund is expected to occur on or about November 16, 2018 (the “Liquidation Date”).
Effective as of November 2, 2018, the Fund will be closed to new purchases, other than the reinvestment of dividends, in anticipation of the liquidation. Shareholders can redeem their shares from the Fund at any time on or before the close of business on November 16, 2018 (the “Record Date”) at the then-current net asset value.
On the Liquidation Date, the Fund will liquidate its remaining assets and distribute cash pro rata to all remaining shareholders as of the Record Date, after the payment of (or provision for) all charges, taxes, expenses and liabilities, whether due or accrued or anticipated of the Fund, who have not previously redeemed all of their Fund shares or exchanged their Fund shares for those of another Putnam fund.
Shareholders should consult their tax advisors about the tax implications of the liquidation of the Fund.
313341 9/18