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

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

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

Not to be too pedantic here, but isn't it a bit premature to say "That excise tax has been repealed"? I seem to recall a Rose Garden celebration when the ACA was similarly "repealed" by one house of Congress.
That's not to say that I don't expect the tax to be repealed. After all, its repeal has been supported in the past by the likes of Senators Elizabeth Warren, Al Franken, and Amy Klobuchar.
Aside from the old chestnut "buy on rumor, sell on news", how much impact would a repeal of a 2.3% tax, one that's already suspended until 2020, really have on company profits (and hence valuation)?
Medical device demand should be pretty inelastic. So the calculation may be simple - this could boost top line revenue by 2.3% (with tax revenue merely shifting to company revenue). With large medical device company profit margins in the 20-30% range, that's around a 10% increase in profits a couple of years down the road.
In the meantime, these companies are facing higher costs due to tariffs on steel and aluminum. Again, assuming inelastic demand, that's a significant hit, now, on profits.
Then there are the tariffs on medical devices imported from China (which seem to change month to month):

Several companies, including Medtronic and Zimmer Biomet, have orthopedic device factories in China that export goods to the United States. ... Any products shipped from those operations to the United States would be subject to the tariffs. Medtronic declined to comment, saying it was still reviewing the proposal. ...
By Friday [April 6, after the initial announcement on tariffs], the major medical device company stocks had dipped along with the overall market. Medtronic shares were 2.7 percent lower for the week, and Zimmer Biomet was down 2.4 percent.

https://www.nytimes.com/2018/04/06/health/trump-tariffs-china-devices-drugs.html
I doubt there were many people expecting the excise tax to ever go into effect again, so this is likely already priced in. Meanwhile, there are those tariffs. They're also likely priced in, though IMHO there's a lot more uncertainty with these - timing, magnitude, duration.

Since, the stock market now sits towards all time highs perhaps some other retail investors that went through the Great Recession will comment on how they tranversed it. I am sure there were more ways than just one to do this with good success. A point of infomation about my above post. I did very little selling in my mine and my wife's IRAs and they recovered just fine although I did go towards a more aggressive equity asset allocation in them as the market began to recover. Note, we were not taking distributions from the IRAs when the Great Recession came upon us; but we were taking from the inheritance account to improve our standard of living. My answer now being in retirement is to hold more cash and take no more than one half of what my five year average total return is in my portfolio and to reduce spending during periods of market declines. In this way my portfolio grows over time so when a good market dip or swoon does come and the portfolio loses value my valuation drop want sting as bad as it otherwise would had I not grown its valuation. I'd sincerely be interested in learning what other retail investors did (within their own portfolio) to navigate their way through the Great Recession. Perhaps, we will hear from some that were taking distributions during this period and some that were within a few years of retirement as I was. With my current asset allocation I figure I can weather a 25% decline in the equity markets pretty well and have a portfolio decline of about eight to twelve percent perhaps no more than fifteen. Interestingly, this seems to be the amount of cash I currently hold (15%). Again, I'd reduce withdrawals along with spending. RMD's could if necessary get reinvested in mine and my wife's joint taxable account. My current withdrawal rate is about 2% of all the portfolios combined investment value. The portfolios generate income at about 3% plus any capital gain income distribution when combined bumps the total income yield upwards toward the 4% to 5% range. Again, an interestingly, I am holding about three to four years of portfolio income generation in cash.

@BrianW,
Thanks for your question as to how I transversed the market swoon during the "Great Recession."
Without going into great detail; but, explaing what I did and why. My parents passed in 2004 so I got step ups on the assets I received from their estates. When 2008 came and the market began to pull back I was at about 70% equity at the time and I sold down when a position developed a 10% loss and continued to do so until I was about 40% equity. Since, a good bit of my investment wealth was in a taxable account this put a sizeable loss on my books. Also, I was at about 40% equity when the S&P 500 turnned upward at the "Devil's Number 666" and sitting on a wad of cash. As the market turned up I began to average back in asset classes that had the faster moving currents. Having a sizeable loss on my books I was able to reposition from time-to-time booking profit and using the losses to cover my gains. I was able to do this for a good number of years and getting my portfolios position pretty much like I wanted them. In time, I started reducing equity and again selling down equities as the markets continued to advance keeping my asset allocation in mind. In addition, I made some nondeductable contributions to mine and my wifes IRAs. Today, these nonductable contributions help as we take RMDs as they are not fully taxable due to the nondeductable contributions made. My accountant deals with this.
Currently, in retirement, my family's portfolios combined bubble at about 15% cash, 35% domestic equity, 15% foreign equity, 25% fixed (bonds) and the rest in other assets such as convertibles, perferreds, commodities, etc. For what it may be worth I consider this to be an all weather asset allocation. In the past several years I have not done the buying and selling (repositioning) that I once did as I have fully used the losses. However, I still do some selling to harvest some of the gains over time but keeping joint income (husband and wife) back of the threshold for higher medicare premium assesments.
There you have it ...
Old_Skeet

PQIDX which I finally sold. Actually I think the fund symbol translated to Pathetically Qualified Investors Destroying eXcess capital!

@Crash."it leaves me breathless and horrified that so many voters chose the trumpster." Me too. But how do you feel about about them now after everything that has happened and the still support him? That is even scarier. And the fact that the repuglicans are unwilling to put the country first. It's amazing those folks think they own patriotism. Hardly a time to feel good about putting new capital to work.

https://www.sec.gov/Archives/edgar/data/811030/000089418918003839/pmp-bpcap_497e.htm
497 1 pmp-bpcap_497e.htm SUPPLEMENTARY MATERIALS
BP Capital TwinLine energy fund
BP capital TwinLine MLP Fund
(“BP Capital Funds”)
Supplement dated July 20, 2018 to the
Prospectus and Statement of Additional Information, each dated March 30, 2018
At the request of BP Capital Fund Advisors, LLC (“BP Capital”), the Board of Trustees (the “Board”) of Professionally Managed Portfolios (“PMP”) has reviewed information relating to BP Capital’s request to reorganize the above BP Capital Funds (the “Target Funds”) into newly created funds (the “Acquiring Funds”) of Hennessy Funds Trust (each, a “Reorganization” and together, the “Reorganizations”). Each Acquiring Fund will have the same investment objectives, strategies, and policies as the corresponding Target Fund. Each Reorganization will be structured as a tax-free reorganization for federal tax purposes and is subject to a number of conditions, including the receipt of approval by the shareholders of the Target Funds.
The proposed Reorganizations will result in a change in the BP Capital Funds’ management arrangements. The Acquiring Funds will be advised by Hennessy Advisors, Inc. (the “New Advisor”). The proposed New Advisor has represented to the Board that it will employ BP Capital as the sub-adviser to the Acquiring Funds. Therefore the same portfolio management team will be responsible for day-to-day investment management of the Acquiring Fund as was responsible for the corresponding Target Fund. There will also be no change in advisory fees for the Acquiring Fund compared to the corresponding Target Fund. The Acquiring Funds will be overseen by a different Board of Trustees as it will not be a part of PMP, but will instead be part of Hennessy Funds Trust. The Acquiring Funds will have the same service providers (other than the distributor) as the Target Funds.
Based on the material provided to the Board, the Board determined at a meeting on July 19, 2018 to approve an Agreement and Plan of Reorganization (the “Plan”) whereby each Target Fund would reorganize out of PMP and into the corresponding Acquiring Fund. The Plan provides for an exchange of shares of each class of each Target Fund for shares of new classes of the corresponding Acquiring Fund, which would be distributed pro rata by the Fund to the holders of the shares of such class in complete liquidation of the Fund, and the Acquiring Fund’s assumption of all liabilities of the Fund. Shareholders of each Target Fund will receive shares of the corresponding Acquiring Fund equal in value to the shares of the Fund held by the shareholders prior to the Reorganizations.
More detailed information about the Reorganizations and the changes that will result from the Reorganizations will be provided in a proxy statement that is expected to be sent to shareholders in the coming weeks. When you receive your proxy statement, please review it and cast your vote to avoid any future solicitations.
Please retain this Supplement with the Prospectus.

From the prospectus link above:
(1) ‘‘Acquired Fund Fees and Expenses’’ are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
(2) The Fund’s Advisor, Shelton Capital Management, has contractually agreed to reimburse expenses incurred by the Fund to the extent that total annual fund operating expenses (excluding acquired fund fees and expenses, and extraordinary expenses such as litigation or merger and reorganization expenses, for example) exceed 1.25% and 1.50% until May 1, 2019. This agreement may only be terminated with the approval of the Board of Trustees of the Fund. Shelton may be reimbursed for any foregone advisory fees or unreimbursed expenses within three fiscal years following a particular reduction or expense, but only to the extent the reimbursement does not cause the Fund to exceed applicable expense limits, and the effect of the reimbursement is measured after all ordinary operating expenses are calculated. Any such reimbursement is subject to the review and approval of the Fund’s Board of Trustees.

So much depends on housing there. If you've owned your home for many years, you've got no mortgage and likely a tax bill of just a few $K/year courtesy of Prop 13, so you're likely well able to afford that $5 gallon of milk. (If you've got the $4M portfolio mentioned in the article, you could even afford milk baths.)
Under the old tax laws, you could have even downsized, say moving from Palo Alto to SF "for free". That is, back when you could transfer your basis rather than paying cap gains on appreciation over $250K/$500K, swapping homes in general wasn't a problem. And California still gives a one-in-a-lifetime opportunity to retirees to transfer their low tax base to their new home when downsizing.
There's even a new ballot proposition that would extend this tax break to older homeowners who want to trade up rather than down.
NYMag: California Ballot Initiative to Expand Property Tax Breaks for Wealthy Seniors Could Be Another Boon to GOP
http://nymag.com/daily/intelligencer/2018/05/ca-property-tax-initiative-could-be-another-boon-to-gop.html

@Ted makes a good point. It continues to amaze me that smaller fund shops, that may have had some success in one domestic niche, make forays into international investing seemingly for the sake of having another fund. Brown Capital surprised me with BCSVX because the same management team had been running a large-cap international fund that is mediocre. The small-cap fund has far exceeded my expectations.

FYI: ( You don't have be crazy to believe the S&P 500 at 3,000 either,only 6.6% away)
The Dow Jones Industrial Average has struggled for five months to hold onto gains past 25,000. Economist Dennis Gartman says 30,000 is the real milestone to watch.
Regards,
Ted
https://www.fa-mag.com/news/dow-30-000--you-don-t-have-to-be-crazy-to-believe--gartman-says-39804.html?print

https://www.sec.gov/Archives/edgar/data/809586/000089271218000338/hgi497.htm
497 1 hgi497.htm
Registration No. 33-11371
1940 Act File No. 811-4982
Filed Pursuant to Rule 497(e)
HEARTLAND GROUP, INC.
Heartland International Value Fund
Investor Class Shares (HINVX)
Institutional Class Shares (HNNVX)
Supplement dated July 18, 2018 to
Prospectus and Summary Prospectus,
each dated May 1, 2018
The Board of Directors (the “Board”) of Heartland Group, Inc. (the “Company”) has approved the liquidation of the Heartland International Value Fund (the “Fund”), subject to shareholder approval. Upon the recommendation of Heartland Advisors, Inc. (“Heartland”), the investment adviser to the Fund, the Board approved a Plan of Liquidation (the “Plan”) for the Fund on July 18, 2018. After considering a variety of factors, the Board concluded it was in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Company.
The Board also determined to close the Fund to purchases and incoming exchanges after market close on July 18, 2018. Exceptions may be made in limited circumstances when approved by the officers of the Company where it is not operationally possible or otherwise impracticable to prohibit new purchases by an account.
Although the Fund will be closed to purchases, you may continue to redeem your shares of the Fund as provided in the Fund’s prospectus or exchange your shares of the Fund for other Heartland Funds, as provided in the Fund’s prospectus. No redemption fees will be imposed by the Fund in connection with such redemptions or exchanges; however, please note that your financial intermediary may charge fees in connection with such redemptions or exchanges.
You should note that on or about July 19, 2018, the Fund will no longer actively pursue its stated investment objectives and Heartland will begin to liquidate the Fund’s portfolio. The Fund’s portfolio managers will likely increase the Fund’s assets held in cash and cash equivalents in order to prepare for the orderly liquidation of the Fund and to meet anticipated redemption requests.
Shareholders will receive a proxy statement discussing the Board’s decision to recommend the liquidation of the Fund and requesting that shareholders vote to approve the liquidation of the Fund pursuant to the Plan at a special meeting of shareholders. If the Plan is approved by shareholders, the Fund will be liquidated on or after the date of the shareholder meeting (the “Liquidation Date”). Any shareholders who have not redeemed their shares prior to the Liquidation Date will have their shares redeemed in cash and will receive one or more payments representing their proportionate interest in the net assets of the Fund as of the Liquidation Date, after the Fund has paid or provided for all taxes, expenses and any other liabilities, subject to any required withholdings. The automatic redemption of shares on the Liquidation Date will generally be treated the same as any other redemption of shares for tax purposes, so that shareholders (other than tax-qualified plans or tax-exempt accounts) will recognize gain or loss for federal income tax purposes on the redemption of their Fund shares in the liquidation. In addition, the Fund and its shareholders will bear transaction costs and tax consequences associated with the disposition of the Fund’s portfolio holdings prior to the Liquidation Date. The Fund expects to have declared and paid, by the Liquidation Date, a distribution or distributions, which, together with all previous such distributions, will have the effect of distributing to the Fund’s shareholders all of the Fund’s investment company taxable income and net capital gain, if any, realized in the taxable years ending at or prior to the Liquidation Date. The distribution or distributions may be reduced for any available capital loss carryforward and will include any additional amounts necessary to avoid federal excise tax. Shareholders should consult their tax adviser for further information about federal, state and local tax consequences relative to their specific situation. Because the Fund has been closed to new investments, including those made through the automatic reinvestment of Fund distributions, all distributions made after the date of this prospectus supplement will be paid 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 hold your Fund shares through a tax-deferred retirement account, you should consult with your tax adviser or account custodian to determine how you may reinvest your redemption proceeds on a tax-deferred basis. If you will receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA that is terminating as a result of the liquidation of the Fund, you must either 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 applicable, or request the distribution be made directly to another IRA or eligible retirement plan. Please note you can make only one tax-free rollover of a distribution you receive from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. If you receive a distribution from a 403(b)(7) custodial account (tax-sheltered account) or a Keogh account, you must roll the distribution into an eligible retirement plan within 60 days in order to avoid disqualification of the plan and inclusion of 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) custodial account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.

Thanks for the info, its position was way too large, but I bet those with the fund in a taxable account should be aware of potentially large cap gains fr 2018. This fund is my third largest position in portfolio

FYI: For U.S. equity investors, 2017 was about as good as it gets. The S&P 500 Index generated a return of 19.42 percent, posting gains in every single month of the year while avoiding any meaningful pullbacks. Furthermore, volatility, as measured by the VIX, was at historically low levels for much of the year. Thus far, the market environment in 2018 has proven significantly more difficult, and your clients may have questions about how to respond. In a time of lower returns and higher volatility, I believe absolute return strategies may offer an answer.
Regards,
Ted
https://www.fa-mag.com/news/two-absolute-return-strategies-for-uncertain-markets-39763.html?print

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1.85%, is that really the best one can do on a Savings/MM account? Missing from the list is Salem Five Direct, which yields 2.05%. The site also omits a couple of well known banks, Ally and Syncrony, that offer the same 1.75% as the second best yielding bank of those that are listed.
Nor does it show the superior savings account rate of 1.90% of a bank that even advertises on the site: PurePoint Financial. Maybe PurePoint only paid to be listed with CD rates. Or maybe the banks shown on the savings account page paid to keep the higher rate off.
(It's not PurePoint's $10K min that's the problem, because the savings account page lists Capital One, that also has a $10K min. Nor it is that PurePoint is not included in BankRate.com's site, which is the source of the data.)
It doesn't even get the comparisons with TBTF banks correct. It shows them all yielding 0.01%. BankRate reports Citibank at 0.04% and BofA 0.03%.

"Both came to prominence in the 1970s".
A nice sound bite, but a bit simplistic. Vanguard didn't even exist until 1975, and at that time it was a load family.
From Forbes (Ferri): "The Vanguard Index Trust was launched in early 1976 and received a tepid response. In the early days, the fund was a 'load fund,' sold exclusively through brokers. ... To add insult to injury, John Bogle, the founder of Vanguard and the brainchild behind the fund, was ridiculed by the fund industry."
From Vanguard: "As the 1970s turned into the 1980s, the news about Vanguard started to get around."
Regarding Fidelity, start with the sentiment in the Barron's piece attributed to Wiener and Lowell: “'Buy the manager, not the fund,' the astute, straight-talking duo likes to say."
Going back to the 60s, who was the manager, the original gunslinger? Gerald Tsai, with the Fidelity Capital Fund, until he left in 1965 to form his own fund (Manhattan Fund). So famous was he over his career that

He was also idolised by younger tycoons, including Donald Trump.
When Tsai was named CEO of Primerica, "I went out the same day and bought stock", Trump told Fortune magazine. "I made a big bet on Gerry. Life is people and Gerry's a champ."

https://www.scmp.com/news/world/article/1503697/gerald-tsai-playboy-financier-who-seduced-america
Certainly Fidelity became even more well known in the 1970s, but it first came to prominence before Lynch.
What Wiener and Lowell (as opposed to Barron's) have to say in the article is much more sensible. No great surprises. A lot of the usual suspects, though well reasoned, and sensible:

What’s your view on the stock market?
Wiener: It will go up and down.

Capital Appreciation is Closed. Income is open. Capital Appreciation And Income is necessary why?
This is why I hate(d) Royce. They allege(d) to be on the side of the shareholder and closed funds only to open near clones, some of them of course where ground to the dust in the wake of the financial crisis.
I really think TRP has enough funds. I can understand if they want to start TRP Energy Fund or TRP Materials Fund since they also have some other sector funds. But THIS?!

https://www.sec.gov/Archives/edgar/data/836267/000139834418006368/fp0032968_485bpos.htm
Found this fund while looking at some of Shelton Capital Management Funds.