https://www.sec.gov/Archives/edgar/data/1283381/000139834417012114/fp0028112_497.htm
497 1 fp0028112_497.htm
September 19, 2017
TFS CAPITAL INVESTMENT TRUST
(the “Trust”)
TFS Market Neutral Fund (TFSMX)
TFS Small Cap Fund (TFSSX)
TFS Hedged Futures Fund (TFSHX)
Supplement to the Prospectuses dated March 1, 2017
Effective immediately, TFS Market Neutral Fund, TFS Small Cap Fund, and TFS Hedged Futures Fund (each a “Fund” and collectively the “Funds”) have terminated the public offering of their shares and will discontinue each Fund’s operations on or about October 27, 2017 (the “Liquidation Date”). Shares of the Funds are no longer available for purchase, including for purchases through Automatic Investment Plans. The Funds intend to make a final distribution of capital gains and income on or about September 29, 2017.
At a meeting of the Board of Trustees held on September 19, 2017 (the “Board Meeting”), the Board of Trustees, in consultation with the Trust’s investment adviser, TFS Capital LLC (the “Adviser”), determined, to liquidate the Trust based on, among other factors, the Adviser’s belief that it would be in the best interests of the Funds and their shareholders to discontinue each Fund’s operations. Through the Liquidation Date, the Adviser will continue to waive fees and reimburse expenses of each Fund, as necessary, to maintain each Fund’s fees and expenses at their current level, as specified in the Funds’ Prospectuses dated March 1, 2017.
At the Board Meeting, the Board of Trustees directed that with respect to each Fund: (i) all or substantially all of the Fund’s portfolio securities be liquidated in an orderly manner no later than September 29, 2017; and (ii) all or substantially all outstanding shareholder accounts on the Liquidation Date will be closed and the proceeds of each account would be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing fund accounts. Because of the liquidation of each Fund’s portfolio securities described above, each Fund’s normal exposure to its investment strategy will be reduced and eventually eliminated. Accordingly, shareholders should not expect any of the Funds to achieve its stated investment objective.
Shareholders may continue to freely redeem their shares of the Funds on each business day during the Trust’s liquidation process.
This transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns. In addition, shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. To avoid a potential tax issue, shareholders may choose to authorize, prior to the Liquidation Date, a direct transfer of their retirement account assets to another tax-deferred retirement account. Typically, shareholders have 60 days from the Liquidation Date to invest the proceeds in another IRA or qualified retirement account; otherwise the liquidation proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
If you have any questions regarding any Fund, please call 1-888-534-2001.
Investors Should Retain this Supplement for Future Reference

(middle of the screen)(similar to Ted's post)
https://www.sec.gov/Archives/edgar/data/1031661/000162612917000530/tat-497_091917.htm
...Reorganization of the Third Avenue International Value Fund into the Third Avenue Value Fund
On September 19, 2017, Third Avenue Management LLC announced that it intends to seek approval from the Boards of Trustees of the Third Avenue Value Fund (the "Value Fund") and the Third Avenue International Value Fund (the "International Value Fund"), and the shareholders of the International Value Fund, of an Agreement and Plan of Reorganization providing for the transfer of the International Value Fund's assets to the Value Fund in a tax-free exchange for shares of the Value Fund and the assumption by the Value Fund of the International Value Fund's stated liabilities, the distribution of such shares of the Acquiring Fund to Fund shareholders and the subsequent termination of the International Value Fund (the "Reorganization").
In anticipation of the Reorganization, effective on or about September 28, 2017 (the "Sales Discontinuance Date"), the International Value Fund will be closed to any investments for new accounts. Shareholders of the International Value Fund as of the Sales Discontinuance Date may continue to make additional purchases and to reinvest dividends and capital gains into their existing International Value Fund accounts up until the time of the Reorganization.
If the Boards approve the Agreement, a Prospectus/Proxy Statement with respect to the proposed Reorganization will be mailed prior to the meeting to International Value Fund shareholders. The Prospectus/Proxy Statement will describe the Value Fund and other matters. Investors may obtain a free copy of the Prospectus of the Value Fund by calling 1-800-443-1021...

FYI: For all the talk about how bad a month September has historically been for US equities, this September surely isn’t fitting the mold. Through Monday afternoon, the S&P 500 has gained 1.4%, which is a good return for the first half of any month, let alone the month that has historically been weaker than any other month. Looking a little bit deeper, though, it should be noted that the first half of September has historically been considerably stronger than the second half of the month. The chart below shows a distribution of the median returns for every stock in the S&P 500 during the first half of September over the last ten years. As you can plainly see, well over half of the stocks in the index have seen gains during the first half of the month; 359 to be exact. Overall, the median return for each stock in the S&P 500 is 1.02% with Ulta Beauty (ULTA) leading the way higher with a median gain of 18.43%, while Advanced Auto Parts (AAP) brings up the rear falling 3.07%.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/wasnt-september-supposed-to-be-a-bad-month-for-stocks/

https://www.sec.gov/Archives/edgar/data/1199046/000119312517282865/d287623d497.htm
497 1 d287623d497.htm UNIFIED SERIES TRUST
ROOSEVELT MULTI-CAP FUND
Supplement to the Prospectus
And Statement of Additional Information
dated March 30, 2017
Supplement dated September 12, 2017
The Board of Trustees has determined to cease operations of the Roosevelt Multi-Cap Fund (the “Fund”) due to the adviser’s business decision that it does not want to continue to manage the Fund because it is no longer economically feasible.
As of the date of this supplement, the Fund is no longer accepting purchase orders for its shares and it will close effective November 15, 2017. Shareholders may redeem Fund shares at any time prior to this closing date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” of the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to November 15, 2017 will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in a brokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for deposit into your brokerage account.
Effective immediately, the Fund is no longer pursuing its investment objective. All holdings in the Fund’s portfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
* * * * * *
This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information, dated March 30, 2017 has been filed with the Securities and Exchange Commission, and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (877) 322-0576 or visiting www.rooseveltinvestments.com.

https://www.sec.gov/Archives/edgar/data/1016073/000119312517278810/d456584d497.htm
497 1 d456584d497.htm 497
Driehaus Mutual Funds
Driehaus Micro Cap Growth Fund *DMCRX
(the “Fund”)
Supplement dated September 7, 2017 to
Prospectus for the Fund dated April 30, 2017 and
Summary Prospectus for the Fund dated April 30, 2017
The Board of Trustees of the Driehaus Mutual Funds has approved the closure of the Driehaus Micro Cap Growth Fund (the “Fund”) to new investors, except as described below. The closure will be effective immediately after 4:00 pm Eastern Time on September 29, 2017.
You may purchase Fund shares and reinvest dividends and capital gains you receive on your holdings of Fund shares in additional shares of the Fund if you are:
• A current Fund shareholder;
• A participant in a qualified retirement plan that offers the Fund as an investment option or that has the same or a related plan sponsor as another qualified retirement plan that offers the Fund as an investment option; or
• A financial advisor or registered investment adviser whose clients have Fund accounts.
You may open a new account in the Fund if you:
• Are an employee of Driehaus Capital Management LLC (the “Adviser”) or its affiliates or a Trustee of Driehaus Mutual Funds;
• Hold shares of the Fund in another account, provided your new account and your existing account are registered under the same address of record, the same primary Social Security Number or Taxpayer Identification Number, the same name(s), and the same beneficial owner(s); or
• Are a financial advisor or registered investment adviser whose clients have Fund accounts.
These restrictions apply to investments made directly through Driehaus Securities LLC, the Fund’s distributor, as well as investments made through intermediaries. Intermediaries that maintain omnibus accounts are not allowed to open new sub-accounts for new investors, unless the investor meets the criteria listed above. Once an account is closed, additional investments will not be accepted unless you meet the criteria listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before an investment is accepted. The Fund reserves the right to (i) eliminate any of the exceptions listed above and impose additional restrictions on purchases of Fund shares; and (ii) make additional exceptions that, in the Adviser’s judgment, do not adversely affect its ability to manage the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
For more information, please call Driehaus Mutual Funds at (800) 560-6111.

FYI: Like many active managers, Mark Yusko of Morgan Creek Capital Management LLC has some serious gripes about the rise of exchange-traded funds and the ascendancy of passive investing.
And like many of those managers, he’s also starting his own ETF to cash in on their popularity -- but with a twist.
Regards,
Ted
http://www.fa-mag.com/news/big-critic-of-etfs-planning-to-launch-one-of-his-own-34517.html?print

@bee - we've had exchanges on these things before. If these particular strategies work for you, more power to you. They do seem to carry some assumptions that may not apply to some other people, so they're worth pointing out.

I have a few personal strategy for dealing with RMDs. Consider strategically spending down these taxable IRA dollars first rather than raiding taxable accounts, Roth accounts or Health Savings Accounts, especially between the years of 59.5 and 70.5.

I'm guessing you're doing this to keep RMDs manageable, i.e. not growing so large that they kick you into a higher tax bracket.
Say you need $20k/year. You seem to be suggesting that you withdraw approx $23.5K (so that after paying 15% tax, you've got your $20K for expenses). If your taxable account is generating no income (just cap gains when you sell), that works fine for you, since you'd be paying no cap gains tax in that tax bracket.
An alternative for some would be to tap the taxable account for the $20K in expenses, withdraw the same $23.5K from the IRA (pay the same $3.5K taxes on that), and put the rest ($20K) into a Roth as a conversion.
Comparing the two strategies - either way, you get $20K to spend, and you've reduced your traditional IRA by $23.5. The difference is that the first way left you with $20K in the taxable account (you spent the IRA distribution), the second way let you move $20K into a Roth (you spent money from a taxable account).

Fund an H.S.A:
-Between the age of 59.5 and 65 (when you become medicare eligible) distribute a portion of your tax deferred IRA yearly equal to your maximum H.S.A contribution. This will provide a funding source for my H.S.A as well as make these IRA distributions tax free since there tax liability will be offset by the H.S.A contribution (income tax credit) for that same year.

You're get an income reduction for the HSA contribution regardless of what's generating the income. That taxable income could be coming from taxable investments or from IRA distributions, or even from a Roth conversion. What matters is that you've got a fixed size "deduction" (the HSA contribution). So the IRA distribution is tax-free (due to the HSA) only to the extent that you have no other ordinary (taxable) income.
For example, if you contribute $4K to your HSA, and have $1K in taxable income, then only the first $3K of IRA distributions will be tax-free. If you withdraw $4K, then your total taxable income is $5k, and $1k of that is taxable after subtracting off the $4K HSA contribution.

Fund Itemize Medical Expenses:
- Between ages (65 -70.5) track medical expenses that are eligible as an itemized tax deduction. Do not use your H.S.A dollars during this time frame to pay for these medical costs. Instead, pay all of these medical expenses with yearly IRA distributions. Using IRA distributions as the funding source for medical related expenses may potentially lowering your taxes on these taxable distributions.

You can use medical expenses as itemized deductions (subject to a floor of 7.5% or 10% of AGI). To do that, you're right, you can't pay them out of an HSA. This works for some people, but only if they've got really high expenses (relative to their AGI), and if they've got enough other itemized deductions to get them above the standardized deduction. At least I think that's what you're writing about here.
Each person's situation is different. This strategy seems to work fine for yours.

FYI:
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2017-09-04/safe-havens-maintain-gains-as-korea-threats-linger-markets-wrap
Reuters:
http://www.reuters.com/article/us-usa-stocks/wall-street-falls-more-than-1-percent-on-rising-north-korea-worries-idUSKCN1BG1LB
MarketWatch:
http://www.marketwatch.com/story/wall-street-stocks-set-for-downbeat-open-as-north-korea-standoff-intensifies-2017-09-05/print
IBD:
http://www.investors.com/market-trend/stock-market-today/stocks-down-but-nasdaq-shows-a-bullish-trait-3-reasons-why-apple-is-fine/
CNBC:
https://www.cnbc.com/2017/09/05/us-stocks-north-korea-economy.html
AP:
http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS_ASOL-?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT
Bloomberg Evening Briefing:
https://www.bloomberg.com//news/articles/2017-09-05/your-evening-briefing-pay-gaps-daca-and-irma
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: Negative
https://finviz.com/futures.ashx

FYI: U.S. stocks were poised to open lower on Tuesday, as investors returned from a long weekend and got their first chance to respond to the heightened tensions between the West and North Korea.
Regards,
Ted
U.S.: (MarketWatch)
http://www.marketwatch.com/story/wall-street-stocks-set-for-downbeat-open-as-north-korea-standoff-intensifies-2017-09-05/print
U.S.: (IBD)
http://www.investors.com/market-trend/stock-market-today/these-2-top-rated-techs-put-w-in-winning-bases-sp-500-futures/
Europe: (MarketWatch)
http://www.marketwatch.com/story/european-stocks-push-higher-as-deal-news-eclipses-north-korea-worries-2017-09-05/print
Europe: (Reuters)
http://www.reuters.com/article/europe-stocks/european-shares-up-led-by-financials-health-stocks-aveva-gains-on-schneider-deal-idUSL8N1LM10O
Europe: (CNBC)
https://www.cnbc.com/2017/09/05/europe-markets-ftse-cac-dax-north-korea-tensions-nafta.html
Europe-Asia: (Bloomberg)
https://www.bloomberg.com/news/articles/2017-09-04/safe-havens-maintain-gains-as-korea-threats-linger-markets-wrap
Asia: (MarketWtch)
http://www.marketwatch.com/story/wary-investors-weigh-on-asian-markets-after-north-korean-nuclear-test-2017-09-03/print
Asia: (Reuters)
http://www.reuters.com/article/japan-stocks-close/nikkei-falls-to-1-week-lows-as-north-korea-tensions-persist-idUSL4N1LM2FQ
Asia: (CNBC)
https://www.cnbc.com/2017/09/04/asia-markets-focus-on-north-korea-gold-yen-china-caixin-services-pmi.html
Current Futures: (Negative)
https://finviz.com/futures.ashx

https://www.sec.gov/Archives/edgar/data/1500604/000119312517273155/d447144d497.htm
497 1 d447144d497.htm 497
Janus Detroit Street Trust
The Health and Fitness ETF
Supplement dated August 30, 2017
to Currently Effective Prospectus and
Statement of Additional Information (“SAI”)
The Board of Trustees of Janus Detroit Street Trust (the “Trust”) approved a plan to liquidate and terminate The Health and Fitness ETF (the “Fund”), effective on or about October 2, 2017 (the “Liquidation Date”). After the close of business on or about September 26, 2017, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on or about September 27, 2017. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about October 3, 2017. Termination of the Fund is expected to occur as soon as practicable following the liquidation.
Prior to and through the close of trading on The NASDAQ Stock Market LLC (“NASDAQ”) on September 26, 2017, the Fund will undertake the process of closing down and liquidating its portfolio. This process may result in the Fund holding cash and securities that may not be consistent with its investment objective and strategies. During this period, the Fund is likely to incur higher tracking error than is typical for the Fund. Furthermore, during the time between market open on September 27, 2017 and the Liquidation Date, because shares will not be traded on NASDAQ, there may not be a trading market for the Fund’s shares.
Shareholders may sell shares of the Fund on NASDAQ until the market close on September 26, 2017 and may incur typical transaction fees from their broker-dealer. Shares held as of the close of business on the Liquidation Date will be automatically liquidated for cash at the current net asset value. Proceeds of the liquidation will be paid through the broker-dealer with whom you hold shares of the Fund. Shareholders will generally recognize a capital gain or loss on the liquidation proceeds. The Fund may or may not, depending upon the Fund’s circumstances, pay one or more dividends or other distributions prior to or along with the liquidation payments. Please consult your personal tax advisor about the potential tax consequences.
After the Liquidation Date, all references to the Fund will be deemed to have been removed from the SAI.

https://www.sec.gov/Archives/edgar/data/1272950/000089710117001041/rbc172312_497.htm
RBC FUNDS TRUST
RBC BlueBay Absolute Return Fund
RBC BlueBay Emerging Market Corporate Bond Fund
RBC BlueBay Global Convertible Bond Fund
RBC BlueBay Emerging Market Unconstrained Fixed Income Fund
(All Share Classes)
Supplement dated August 25, 2017 to the RBC BlueBay Funds’ Prospectus and Statement of Additional Information dated January 27, 2017 (as may be supplemented from time to time)
Notice of Liquidation of the RBC BlueBay Absolute Return Fund, RBC BlueBay Emerging Market Corporate Bond Fund, RBC BlueBay Global Convertible Bond Fund and RBC BlueBay Emerging Market Unconstrained Fixed Income Fund (the “Funds”). The Board of Trustees of the Funds has approved the liquidation and dissolution of the Funds on or about September 28, 2017 (the “Liquidation Date”). Effective immediately, the Funds may depart from their stated investment objectives and strategies as they increase their cash holdings in preparation for their liquidations. Each Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate, subject to ratification by the Board. Capital gain distributions, if any, may be paid on or prior to the Liquidation Date.
Effective on or about August 28, 2017, the Funds will suspend all purchases and exchanges into the Funds other than purchases through dividend reinvestment, in order to facilitate an orderly liquidation. You may redeem your Fund shares at any time before the liquidation, as the Fund will continue to process redemptions in the ordinary course until the Liquidation Date. No sales charge, contingent deferred sales load or redemption fee will be imposed in connection with a redemption. If you do not redeem your Fund shares prior to the Liquidation Date, the Fund will automatically redeem your shares and forward the proceeds to you based on the instructions listed on your account.
If you are invested in the Fund through a tax-deferred account (e.g., an IRA) and you do not arrange to liquidate the shares held in such account prior to the Fund liquidation date, the liquidation proceeds will be reinvested in shares of the U.S. Government Money Market Fund, the shares of which will continue to be held in the tax-deferred account until you provide instructions. You should consult your personal tax advisor concerning your particular tax situation.
The sale, exchange or liquidation of your shares will generally be a taxable event. You should consult your personal tax advisor concerning your particular tax situation.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
-------------------------------------------------------------------------------------------------------
https://www.sec.gov/Archives/edgar/data/1272950/000089710117001040/rbc172308_497.htm
497 1 rbc172308_497.htm 497
RBC FUNDS TRUST
RBC Mid Cap Value Fund
(All Share Classes)
Supplement dated August 25, 2017 to the RBC Equity Funds’ Prospectus and Statement of Additional Information dated January 27, 2017 (as may be supplemented from time to time)
Notice of Liquidation of the RBC Mid Cap Value Fund (the “Fund”). The Board of Trustees of the Fund has approved the liquidation and dissolution of the Fund on or about September 28, 2017 (the “Liquidation Date”). Effective immediately, the Fund may depart from its stated investment objective and strategy as it increases its cash holdings in preparation for its liquidation. The Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate, subject to ratification by the Board. Capital gain distributions, if any, may be paid on or prior to the Liquidation Date.
Effective on or about August 28, 2017, the Fund will suspend all purchases and exchanges into the Fund other than purchases through dividend reinvestment, in order to facilitate an orderly liquidation. You may redeem your Fund shares at any time before the liquidation, as the Fund will continue to process redemptions in the ordinary course until the Liquidation Date. No sales charge, contingent deferred sales load or redemption fee will be imposed in connection with a redemption. If you do not redeem your Fund shares prior to the Liquidation Date, the Fund will automatically redeem your shares and forward the proceeds to you based on the instructions listed on your account.
If you are invested in the Fund through a tax-deferred account (e.g., an IRA) and you do not arrange to liquidate the shares held in such account prior to the Fund liquidation date, the liquidation proceeds will be reinvested in shares of the U.S. Government Money Market Fund, the shares of which will continue to be held in the tax-deferred account until you provide instructions. You should consult your personal tax advisor concerning your particular tax situation.
The sale, exchange or liquidation of your shares will generally be a taxable event. You should consult your personal tax advisor concerning your particular tax situation.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Preferred stocks are said to be targeted at institutions if they have a $1k par value? These just sound like vanilla bonds, most of which have a $1K face value.
Admittedly most preferred stocks, unlike most bonds, are for smaller denominations. But the vitality of the bond market, especially munis where individual investors tend to dominate, illustrates that a $1K denomination isn't really much of a deterrent to individual investors seeking income streams.
Institutional preferreds tend to be sold OTC, just like bonds, not via private placements. From the summary prospectus: "Institutional preferred securities are targeted to institutional, rather than retail, investors, are generally traded over-the-counter and may also be known as “$1,000 par preferred securities.”
FWIW, what came to my mind is that the tax treatment for corporate investors in preferreds is usually more favorable than the tax treatment to individual investors. In that sense, one can say that most preferreds are targeted to institutional investors (like insurance companies and banks).
An insurance company in the 35% tax bracket would pay only 10.5% tax on the dividends, because 70% are excluded. In contrast, the typical individual investor would pay 15%, 25%, 28% or even more. Just as munis are "targeted" to high income investors (because they get a bigger tax advantage from the tax-free nature of munis), vanilla preferreds may be said to target institutional investors, since institutions get a bigger tax advantage than individuals.
Piper Jaffray, Prfeferred Stock: Stocks That Act Like Bonds
There's a relatively new type of preferred (about a quarter century old) that does puts individuals on a level playing field. It's sometimes called a hybrid preferred stock and more formally called a fixed rate capital security (FRCS). No 70 percent exclusion here. I'd guess that this fund stays away from these preferreds.
Here's an old AAII article describing the structure of FRCSs noting that "Monthly income preferred securities (MIPS) are geared as a fixed-income alternative for retail investors."
AAII Journal (July 1997), Hybrid Securities: A Basic Look at Monthly Income Preferred Stock

This time of year these five guys (SPY, IWM, HYG, AGG, GLD) are best digested with a burger and fries from a different Five Guys washed down with a chocolate shake.

From David Fabian and FMD Capital:

The summer is rapidly closing and a new season will shortly be upon us. The seasonality of the markets this time of year has always been a tricky proposition as well. With that in mind, I’m going to outline my current thoughts on some of the big picture charts.

state-market-5-charts-august-2017

FYI: A reader asks:
I wanted your advice about when do you recommend one sells holdings that have appreciated? I understand the concept of buying low but would appreciate your advice on when to sell. I understand reversion to the mean and have been guilty in the past of holding on too long, only to see all the gains melt away as the market corrected.
This is a topic that probably doesn’t get enough time share for investors. All of investing is more of an art than a science but there are plenty of books and research papers written about what to buy but very few about when to sell.
Regards,
Ted
http://awealthofcommonsense.com/2017/08/when-to-sell-your-investments/

@AndyJ, Concur with your assessment. USD has been declining versus other currencies since Jan 2017 and it negatively impact funds which use currency hedging strategy for this year.
Last I reviewed VWVFX, it has over 30% allocated to mid- and small-cap and the median market capitalization is lower than ACWV, which is dominated by large caps. Similar investment strategy used in both fund/ETF, but the approaches are not equivalent. For maximum tax efficiency, ACWV create little or no long term capital gain since the benchmark is revised once a year; thus more suitable for taxable accounts. VWVFX is actively managed that generated small capital gain (turnover is in the teens) in the last several year.

FYI: One of the most profitable quant money managers may soon be taking a dive into the hot exchange-traded fund industry.
AQR Capital Management, the $195 billion firm co-founded by Cliff Asness, last week asked the Securities and Exchange Commission for what’s called exemptive relief for index-based and transparent actively managed ETFs -- the first step necessary to start a fund. If the permission is granted, the firm would have the legal go-ahead to offer the ETFs at any point in the future.
Regards,
Ted
http://www.fa-mag.com/news/aqr-capital-management-seeks-approval-from-sec-to-sell-etfs-34333.html?print

If you're young, willing to stay in a fund for a long time despite volatility, and can sleep well at night after a potential significant decline, you could add Capital Opportunity. If it were me, I'd be happy with POGRX, and just sit tight. If you overlay these funds on the same graph, you'll see they all have very similar performance profiles. The two that are somewhat different are Capital Opportunity, and Primecap Odyssey Aggressive Growth, which I would characterize as being more aggressive (and therefore somewhat more volatile) than the others (which are very similar to each other). I was fortunate to open an account in POAGX several years ago, and am very happy with it; I plan to hold it for a long time.

I currently own shares in POGRX (PrimeCap Odyssey Growth), and recently got Flagship status with Vanguard which now gives me the opportunity to purchase their PrimeCap managed funds (VPCCX, VPMCX, VHCOX). It looks like they all have a good deal of overlap, but wondered if anyone thought it was worth it to put some money in the Vanguard funds, or just continue to contribute to my Odyssey Growth fund? If I was, I've considered going with Capital Opportunity (VHCOX) as I've read that it's the closest comparison to PrimeCaps's Aggressive Growth fund (POAGX), which I've wanted to get in to, but it's closed. Do you think that VHCOX is different enough from POGRX (or close enough to POAGX) that it's worth it?